Jaguar Mining Reports Financial Results for the Fourth Quarter and Full Year 2025

Executive Summary

• Jaguar Mining reported FY 2025 revenue of $135.2 M (‑15% YoY) and a net loss of $15.8 M ($0.20 per share). Adjusted net income was $18.5 M (+$23.3 M vs. prior year) after excluding $51.2 M of non‑recurring Satinoco incident expenses.
• Q4 2025 gold production fell to 9,356 oz (down from 14,787 oz YoY) with cash operating costs of $1,456/oz and AISC of $2,268/oz; realized price was $4,170/oz. Full‑year production was 40,254 oz at $1,277/oz cash cost and $1,931/oz AISC.
• The company ended FY 2025 with $66.5 M in cash & equivalents, supporting a controlled restart of the Turmalina mine after the Satinoco dry‑stack incident. 2026 production guidance is 50,000–60,000 oz of gold.

Key Details

• Revenue: Q4 $38.0 M; FY $135.2 M (‑10% Q4 YoY, ‑15% FY YoY).
• Gold Production & Sales:
• Q4 9,356 oz produced / 9,124 oz sold.
• FY 40,254 oz produced / 39,453 oz sold.
• Cost Metrics:
• Q4 cash operating cost $1,456/oz; AISC $2,268/oz.
• FY cash operating cost $1,277/oz; AISC $1,931/oz.
• Realized Gold Price: Q4 $4,170/oz; FY $3,421/oz.
• Operating Expenses: Q4 $13.3 M (‑25% YoY); FY $50.4 M (‑31% YoY).
• Net Loss / Adjusted Net Income:
• Q4 net loss $20.5 M ($0.24/share); adjusted loss $3.3 M ($0.04/share).
• FY net loss $15.8 M ($0.20/share); adjusted net income $18.5 M ($0.23/share).
• Non‑Recurring Adjustments:
• Satinoco incident expenses: $15.9 M (Q4) and $51.2 M (FY).
• Recoveries, short‑term investment gains/losses, tax impacts totalling ~$5–6 M.
• Free Cash Flow: Q4 $0.7 M; FY $16.6 M (per ounce $73 Q4, $422 FY).
• Liquidity: Cash & cash equivalents $66.5 M at year‑end; short‑term investments $9.9 M.
• Capital Expenditures:
• Sustaining capex FY $8.2 M (↑ from $4.8 M Q4).
• Non‑sustaining capex FY $3.3 M.
• Guidance for 2026: Expected gold production 50,000–60,000 oz from existing assets.

Notable Quotes

“Fiscal 2025 was a year that illustrates the resilience exhibited by the teams at Jaguar Mining… our cost‑reduction initiatives and the robust gold price environment allowed us to maintain a strong liquidity position…” – Luis Albano Tondo, CEO

Materiality Assessment: Material – Negative (significant revenue decline, net loss, and operational disruption, but also material non‑recurring adjustments and guidance for future production.)