Jaguar Mining produces 40,254 ounces Au in 2025

Executive Summary

• Jaguar Mining Inc. reported preliminary operating results for the fourth quarter and full year 2025, highlighting a strategic focus on safety and the gradual resumption of operations at its MTL complex following a December 2024 incident.
• The company achieved a strong net cash position of $60.3 million as of December 31, 2025, driven by favorable gold prices and operational discipline, while completing necessary remediation work at the Satinoco dry-stacked facility.
• Regulatory approval was received on January 7, 2026, from the National Mining Agency (ANM) to lift operational restrictions at the MTL complex, allowing the company to proceed with stages 3, 4, and 5 of its restart plan for the Turmalina mine.

Key Details

• Gold Production (Q4 2025): Consolidated production was 9,356 ounces, all from the Pilar mine. This is a decrease from 14,787 ounces in Q4 2024, which included production from both Pilar and Turmalina.
• Gold Production (Full Year 2025): Total consolidated gold production was 40,254 ounces. This includes 40,012 ounces from Pilar and 242 ounces from Turmalina (flotation concentration tests on Faina ore shipped in 2025). This result slightly exceeded the expected production level of approximately 40,000 ounces.
• Pilar Mine Performance (Q4 2025): Produced 9,356 ounces from 96,177 tonnes at a head grade of 3.41 g/t and 89% recovery. This compares to Q4 2024 production of 10,511 ounces from 100,959 tonnes at 3.65 g/t and 89% recovery. The decrease is attributed to development sequencing and upgrades to the exhaust/cooling system.
• Development Activity (Q4 2025): Completed 1,248 metres of primary, secondary, and exploration development at Pilar, plus 150 metres of primary development at Turmalina (totaling 1,398 metres). This is below the 2,941 metres achieved in Q4 2024.
• Drilling Progress (Q4 2025): Diamond drilling totaled 3,846 metres at Pilar, compared to 5,881 metres in Q4 2024. A seven-day planned shutdown for ventilation upgrades affected drill rig utilization.
• Drilling Progress (Full Year 2025): Diamond drilling increased 17% to 20,814 metres, up from 17,746 metres in 2024, reflecting improved productivity and resource reallocation.
• Turmalina Restart Status: On January 7, 2026, the ANM lifted restrictions on the MTL complex. Underground preparation work began in August 2025, focusing on emergency escapeways and ventilation raises at Faina.
• Satinoco Facility: Work completed in 2025 ensured the dry-stacked pile presents no further geotechnical risks. Activities will continue through 2026 toward facility closure.
• Financial Position: Net cash stood at $60.3 million as of December 31, 2025 (up from $45.1 million in Q3 2025 and $43 million in Dec 2024). The company now reports net cash (excluding Brazilian export credit loans).
• Gold Prices: Average gold price was $4,170 per ounce in Q4 2025 and $3,421 per ounce for the full year 2025.
• 2026 Outlook: The company intends to provide formal production guidance once operations resume at the MTL complex. Priorities include resuming MTL operations (pending NEA clearance), sustaining Pilar production, and rehabilitating/restarting the Santa Isabel mine.

Notable Quotes

• "This quarter reflects the strength of our people and the culture we are building, grounded in safety, accountability and operational discipline." — Luis Albano Tondo, CEO
• "Importantly, in early January, 2026, we received ANM authorization to lift the operational restriction at the MTL complex. We view this as a meaningful milestone and a reflection of the progress achieved through a rigorous review process." — Luis Albano Tondo, CEO
• "For the full year, gold production from Pilar totalled 40,012 ounces... bringing total 2025 gold production to 40,254 ounces. This result was slightly above our expected production level of approximately 40,000 ounces, reflecting disciplined execution and the resilience of our operating teams." — Luis Albano Tondo, CEO