Jaguar Mining Delivers Strong Second Quarter 2026 Results Reflecting Increased Production at the Turmalina Mine, Minas Gerais, Brazil
Turmalina’s restart boosted output by 19% while its all-in sustaining costs surged 57% year-on-year.
Jaguar Mining Inc. reported full second-quarter 2026 earnings showing revenue of $51.4 million, a 43% increase year over year. This growth was driven primarily by a 35% rise in the realized gold price to $4,391 per ounce.
The company posted a net income of $15.5 million, or $0.18 per share, compared to a net loss of $6.6 million in the same period last year. Adjusted net income reached $17.4 million, or $0.20 per share, which was only modestly above the $16.3 million adjusted result recorded in Q2 2025.
Consolidated gold production totaled 13,057 ounces, representing a 19% year-over-year increase. Output from the Pilar mine was 9,063 ounces, while Turmalina produced 3,994 ounces. Ore processed rose 58% to 146,210 tonnes, with an average head grade of 3.17 g/t Au. Recovery rates were 89% at Pilar, where the head grade was 3.30 g/t, and 84% at Turmalina, which had a head grade of 2.94 g/t.
Free cash flow came in at $6.6 million, down 35% from the $10.1 million generated in Q2 2025. The company’s cash position increased to $74.0 million, and working capital stood at $23.2 million. Jaguar Mining reaffirmed its 2026 production guidance at 50,000 to 60,000 ounces.
Jaguar Mining Inc. (JAG) saw its shares climb approximately 41% from about $4.96 on July 15 to $7.00 by August 13, a rally that largely preannounced the positive production story released on July 15-16, 2026.
Full financials confirm strong revenue and net income, but they also reveal material cost creep: cash operating costs rose 54% year over year and AISC rose 57% year over year. Adjusted EBITDA increased only 4% year over year despite a 43% revenue increase, and free cash flow fell 35%, showing that the gold price tailwind is being partly absorbed by higher operating and sustaining capital costs.
Jaguar Mining Inc. is a Canadian-listed junior gold producer operating in Brazil’s Iron Quadrangle in Minas Gerais. The company’s principal assets include the MTL Mining Complex (Turmalina mine and plant), the Caeté Mining Complex (Pilar and Roça Grande mines, Caeté plant), and the Paciência Mining Complex (Santa Isabel mine and plant).
Roça Grande has been on care and maintenance since April 2019, while Paciência is being prepared for a potential restart targeted for the end of 2026 or early 2027. Jaguar Mining holds a large land package in the Iron Quadrangle, described in the release as the second-largest gold land position with over 42,000 hectares. Management includes Luis Albano Tondo, CEO, and Armando Massucatto, General Manager of Exploration.