Jaguar Mining Inc. Reports First Quarter 2026 Operating Results

Q1 2026 Operating Results Summary

• Production: Total gold production for Q1 2026 was 9,630 ounces (8,776 oz from Pilar Mine; 854 oz from MTL Complex).
• Comparison: Slightly below Q1 2025 production of 9,924 oz, primarily due to the Turmalina suspension in early 2025.
• Operational Status: Successfully resumed operations at the Turmalina Complex (MTL) on March 9, 2026, following regulatory clearance.
• Financials: Closing cash as of March 31, 2026, was $72.1 million with net cash of $65.3 million.
• Guidance: Maintained 2026 production guidance targeting between 50,000 and 60,000 ounces of gold.
• Drilling: Total diamond drilling completed was 6,018 metres (an 11% increase over Q1 2025).

Key Operational Metrics

• Pilar Mine Performance: Tonnes processed: 79,154 t; Average head grade: 3.87 g/t Au; Metallurgical recovery: 89%. Infrastructure upgrades for air chilling completed in phase one.
• Turmalina Mine Performance: Gold produced: 854 oz since restart on March 9. Operations resumed following regulatory clearance related to the Satinoco tailings pile event.
• Development: Total development completed was 1,275 metres at Pilar.

Execution of Restart Plan

• The Q1 results confirm the successful execution of the restart plan announced in January and February 2026. The Turmalina Complex is now contributing to production (854 oz), validating the regulatory approvals received earlier in the year.
• While total ounces are slightly below Q1 2025, this is consistent with expectations given the operational suspension during that period last year and the March restart date for Turmalina.
• The maintenance of the 50,000-60,000 oz guidance indicates management confidence in achieving full-year targets despite the ramp-up phase at Turmalina.

Liquidity Position

• Closing cash of $72.1 million provides a robust buffer for operations and further exploration without immediate need for dilutive financing. This is an improvement over previous quarters where liquidity was tighter due to incident-related costs.
• Net cash position ($65.3M) suggests manageable debt levels, reducing financial risk in the near term.

Market Expectations vs. Reality

• The news aligns with previous guidance and regulatory milestones (ANM/NEA approvals). It does not introduce new upside surprises but confirms the "turnaround" narrative established by the Oct 2025 financing and Jan/Feb 2026 regulatory updates.
• Given that the restart was a known catalyst priced into the stock over recent months, this release is viewed as execution confirmation rather than a fundamental shift in valuation drivers.

Corporate Profile

• Jaguar Mining Inc. is a Canadian-based gold mining company focused on assets in Brazil's Iron Quadrangle.
• Land Position: Holds over 46,000 hectares in the region, one of the largest land packages in the area.

Flagship Projects

• Pilar Mine (Caeté Complex): The primary production engine. Currently producing ~8,776 oz in Q1 2026 with strong grades (~3.87 g/t). Reserve growth (+94koz PP) announced in March 2026 extends mine life.
• Turmalina Mine (MTL Complex): Previously suspended due to the Satinoco tailings incident. Now operational since March 9, 2026. Targeted as a key production contributor for 2026-2030.
• Santa Isabel Mine (Paciência Complex): Under development/rehabilitation with exploration targets like Chame.