Northwire Canada EditionMonday, November 2, 2026
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Gold 3,957.20 +1.5% Silver 50.59 +2.7% Copper 6.54 +0.8% Oil 95.92 −7.9% Palladium 959.50 −2.9% BTT 0.110 +4.8% MUX 19.76 +1.9% SCD 0.150 +0.0% PPX 0.220 +0.0% CDA 0.940 +14.6% SGML 7.17 −24.5% REC 0.075 +36.4% MOLY 1.41 +3.7% NIM 0.610 +1.7% GMX 1.97 −1.5% LEGY 0.800 +0.0% LIB 0.620 −4.6% NOBL 0.075 +0.0% GER 0.005 + BOL 0.050 −9.1% ECR 0.180 −5.3% Gold 3,957.20 +1.5% Silver 50.59 +2.7% Copper 6.54 +0.8% Oil 95.92 −7.9% Palladium 959.50 −2.9% BTT 0.110 +4.8% MUX 19.76 +1.9% SCD 0.150 +0.0% PPX 0.220 +0.0% CDA 0.940 +14.6% SGML 7.17 −24.5% REC 0.075 +36.4% MOLY 1.41 +3.7% NIM 0.610 +1.7% GMX 1.97 −1.5% LEGY 0.800 +0.0% LIB 0.620 −4.6% NOBL 0.075 +0.0% GER 0.005 + BOL 0.050 −9.1% ECR 0.180 −5.3%
Drill Results Routine +

Jaguar Mining Inc. Accelerates 5-Year Exploration Plan with Tier 1 Drilling Partnerships

Jaguar’s exploration execution remains on track despite cost creep and price weakness impacting near-term valuation multiples.

By The Northwire Desk — AI Analysis Jun 10, 2026 · 07:00 JAG · 5.45 Jaguar Mining Inc.
Executive Summary
  • Jaguar Mining announced a major expansion of its 5-Year Exploration Plan, securing Tier 1 drilling contractors (Major Drilling Group International Inc. and GEOSOL Geologia e Sondagens S.A.) to execute over 227,000 meters of drilling.
  • The program targets the Chamé and Bahú Corridor in Brazil's Iron Quadrangle, located within 1 km of the existing Santa Isabel Mine and Processing Plant (Paciência Complex).
  • Estimated capital expenditure for the drilling program is US$43 million.
  • Early drilling at Chamé commenced in December 2025, with initial results pending.
  • The announcement reinforces Jaguar's land position (46,000+ hectares) and aligns with the company's strategic goal to convert inferred resources into defined reserves and support future production growth.
  • Operational context notes the Paciência Complex is under review to restart in 2026.
Material Impact
  • This is an exploration update, not an earnings release. It does not contain new production, cost, or financial results.
  • The 227,000-meter drilling plan and $43M budget were telegraphed in the September 2025 5-Year Exploration Plan. The engagement of Tier 1 contractors is a positive operational step but does not change near-term cash flows or production profiles.
  • The market's reaction (price declining from ~$9.46 in Feb 2026 to $5.45 in June 2026) indicates investors are pricing in near-term cost headwinds, FX volatility, and the lag between exploration spending and reserve replacement.
  • Strategic implication: De-risks long-term resource growth but adds to sustaining/near-term capex pressure. No immediate re-rating catalyst.
JAG · Price
Company Overview
  • Jaguar Mining Inc. is a producing gold mining company operating in Brazil's Iron Quadrangle, Minas Gerais.
  • Flagship Assets:
  • Pilar Mine (Caeté Complex): Primary producer, high-grade underground operations.
  • Turmalina Mine (MTL Complex): Recently restarted after Satinoco tailings incident; ramp-up underway.
  • Santa Isabel Mine (Paciência Complex): Under review for 2026 restart.
  • Onças de Pitangui: Advanced-stage underground project targeting Installation License in H2 2026.
  • Land Position: Over 46,000 hectares, the second-largest gold land package in the Iron Quadrangle.
  • Strategic Focus: Converting inferred resources into reserves, extending mine life, and scaling production through organic exploration and asset restarts.
Read the original news release →

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Drill Results Jul 15, 2026 · 07:00

Jaguar’s Q2 production rose 19% as Turmalina restarted, though declining grades at Pilar pressured margins.

Production / Operations