Jaguar Mining Reports Updated Significant 49% Increase in Mineral Reserves at Pilar Mine, Reinforcing Long Term Growth Strategy

Executive Summary

• Jaguar Mining announced a 94,000 oz net increase in Proven & Probable Mineral Reserves at the Pilar Mine (now 286,000 oz) following successful infill and step‑out drilling and geological model reinterpretation completed in 2025.
• Consolidated Proven & Probable Mineral Reserves across all assets rose 12% to 858 koz as of December 31 2025.
• 2025 production at Pilar was 40,012 oz gold with ~89 % recovery; a 5,000 m directional drilling program is planned for 2026 to test depth extensions and continuity.

Key Details

• Pilar Mine Reserve Increase
• New total: 286,000 oz (2,494 kt @ 3.57 g/t Au) – up from 192,000 oz.
• Net increase: 94,000 oz Proven & Probable reserves.

• Orebodies breakdown:

  • BA: 66 koz (514 kt @ 3.98 g/t Au)
  • BFs: 141 koz (1,211 kt @ 3.62 g/t Au)
  • SW: 33 koz (312 kt @ 3.27 g/t Au)
  • Torre: 18 koz (173 kt @ 3.24 g/t Au)
  • Other: 29 koz (285 kt @ 3.14 g/t Au)

• Consolidated Reserve Summary (Dec 31 2025)

• Total Proven & Probable Reserves: 858 koz (12% increase YoY).
• MTL Complex: 572 koz (Turmalina Mine A‑C, Faina zone, Onças de Pitangui project).

• Caeté Complex (Pilar): 286 koz (as above).

• Resource Updates

• Measured & Indicated Resources (all assets) increased 8% to 1,797 koz (13,575 kt @ 4.12 g/t Au).
• Inferred Resources increased 2% to 1,709 koz (14,732 kt @ 3.61 g/t Au), a net gain of 34 koz.

• Pilar Mine Measured & Indicated: 573 koz; Inferred: 369 koz.

• 2025 Operational Performance – Pilar

• Gold production: 40,012 oz.
• Metallurgical recovery: ~89 %.

• Underground infrastructure upgrades (ventilation, exhaust, safety) completed.

• Exploration Plans for 2026

• Targeted ≈5,000 m of directional drilling at Pilar.
• Objectives: depth extension of BA orebody, continuity within BFs, and geological confidence in deeper zones.

• Conceptual target: >500 koz gold (non‑binding, exploratory).

• Technical Review

• NI 43‑101 Technical Report for Caeté Complex (Dec 31 2025) filed on SEDAR+.

• Qualified Persons: Jason Cox, P.Eng.; Jeff Sepp, P.Eng.; Reno Pressacco, P.Geo.; Pierre Landry, P.Geo.; Anderson Candido; Dorota El‑Rassi; Elias Andrade (MRMR Manager).

• Assumptions Used

• Long‑term gold price for reserve estimation: US$2,500/oz (Pilar) and US$1,900/oz (other complexes).
• Exchange rate: R$5.50/USD (Pilar) and R$5.20/USD (others).
• Cut‑off grades: 2.59 g/t Au (Turmalina A‑C), 2.45 g/t Au (Pilar), etc.

Notable Quotes

• Luis Albano Tondo, CEO: “The substantial reserve growth at Pilar underscores the effectiveness of our disciplined drilling program and reinforces our confidence in delivering long‑term value for shareholders.”

All forward‑looking statements are subject to risks and uncertainties detailed in the release.