Jaguar gains partial approval to restart MTL complex

Executive Summary

• Jaguar Mining Inc. has obtained a partial suspension of the interdiction order on the Satinoco pile at its Turmalina mine, marking a critical step toward resuming operations at the MTL complex.
• The partial lifting allows access to specific areas near the paste fill plant and maintenance workshops, enabling essential preparatory work such as maintenance and safety assessments.
• Restrictions remain in effect for other sections of the Satinoco pile, and the company continues working with authorities to address remaining requirements for a full restart.

Key Details

• Regulatory Action: Received a "Termo de Suspensao de Interdicao" (Partial Suspension of Interdiction Order) from the Brazilian Ministry of Labour and Employment in Minas Gerais.
• Legal Basis: The lifting follows a decision by the Regional Labour Court affirming that labor auditors may lift interdictions when safety conditions are met, without requiring prior external authorization.
• Specific Areas Released: The order applies to two distinct regions of the Satinoco pile:
  • One area near the paste fill plant and effluent treatment facilities.
  • Another area near maintenance workshops and a building designated for offices.
• Remaining Restrictions: The suspension is partial; restrictions remain in effect for all other areas not explicitly covered by the order.
• Operational Impact: The release of these areas allows Jaguar to advance essential preparatory work, including maintenance, infrastructure assessments, and safety enhancements, which are prerequisites for a phased restart.
• Strategic Context: This development derisks the overall restart timeline for the MTL complex (Turmalina mine and processing plant) and reinforces the company's commitment to operational integrity and regulatory compliance.
• Company Assets: Jaguar holds the second-largest gold land position in the Iron Quadrangle with over 46,000 hectares. Principal assets include the MTL complex and the Caete complex (Pilar and Roca Grande mines). The Roca Grande mine has been on care and maintenance since April 2019, and the Paciencia complex is under review for a potential 2026 restart.

Notable Quotes

• Luis Albano Tondo, Chief Executive Officer: "The receipt of this partial suspension order for the Satinoco waste/tailings pile represents a highly encouraging and concrete step forward in our plan to resume operations at the Turmalina mine and broader MTL complex. While this is a partial lifting, it provides critical access to key operational areas, including the Paste Fill plant, allowing us to accelerate preparations for a safe and full restart. We remain fully focused on fulfilling all outstanding requirements and are confident that this progress further solidifies our path to bringing the Turmalina mine back into production, ultimately delivering enhanced value to our shareholders."