Jaguar Mining Reports Solid Q2 2026 Results: Production Grows 19% Driven by the Turmalina Mine Ramp-up & Consistent Pilar Mine Performance
Jaguar’s Q2 production rose 19% as Turmalina restarted, though declining grades at Pilar pressured margins.
Jaguar Mining Inc. (JAG) reported second-quarter 2026 consolidated gold production of 13,057 oz, a 19% year-over-year increase that exceeded internal budget by 306 oz, or 2.4%.
The Turmalina mine contributed 3,994 oz, representing 31% of total production, during its first full quarter since restarting in March 2026. The operation achieved a grade of 2.94 g/t Au with 84% recovery. Meanwhile, the Pilar mine produced 9,063 oz, a 16% decline year-over-year driven by lower head grade of 3.30 g/t compared to 4.04 g/t in Q2 2025 and an increase in development ore. Despite the grade decline, throughput at Pilar increased by 3%.
The company’s cash position rose to $74.8M, with net cash standing at $68.5M, up from $72.1M in the previous quarter. This improvement was supported by an average realized gold price of approximately $4,506/oz. Jaguar Mining reaffirmed its full-year 2026 production guidance at 50,000–60,000 oz, with no cost guidance provided.
Jaguar Mining Inc. (JAG) reported a marginal quarterly production beat, a result already priced into the stock following the well-telegraphed restart of the Turmalina mine. The company’s shares have declined approximately 45% since their February highs.
The release did not disclose new financial metrics, such as AISC or margins, and reaffirmed existing guidance. Management also highlighted improving liquidity, figures that align with prior public statements.
Jaguar Mining Inc. (JAG) is a gold producer operating in Brazil’s Iron Quadrangle, managing the Caeté Complex, which includes the Pilar mine, and the MTL Complex, home to the Turmalina mine. The company is currently preparing to restart its third asset, the Paciência Complex (Santa Isabel mine), with operations expected to resume by the end of 2026.
As of December 2025, Jaguar Mining holds proven and probable reserves of 858,000 ounces, comprising 286,000 ounces at Pilar and 572,000 ounces at MTL. The company also controls more than 46,000 hectares of exploration ground.
Production in 2025 totaled 40,254 ounces, all sourced from the Pilar mine following the suspension of operations at Turmalina. The company has issued guidance for 2026 production to range between 50,000 and 60,000 ounces.