Jaguar Mining Reports Third Quarter 2026 Results with 67% Growth in Adjusted Net Income and 46% Higher Adjusted EBITDA

Rhea-AI Summary

Jaguar Mining (JAGGF) reported third-quarter 2026 revenue of $60.8 million, up year over year as gold sales and realized prices increased. Adjusted net income rose 67% to $13.0 million, or $0.15 per share. Adjusted EBITDA, a measure of earnings before interest, taxes, depreciation and amortization with further adjustments, reached $23.791 million versus $15.523 million. Gold production increased 30% to 12,981 ounces.

Higher costs and investment weighed on cash generation. All-in sustaining costs rose to $3,164 per ounce from $2,063, and free cash flow was negative $15.125 million. Cash fell to $47.8 million from $74.0 million at June 30, excluding a receivable collected in October. Jaguar maintained its 50,000–60,000-ounce annual production outlook but expects the lower end. Environmental authorities denied the Onças de Pitangui licence application; construction remains blocked pending an installation licence.

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0 major · 22 points

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Positive

• Moderate pointQ3 revenue increased 79% to $60.8 million, supported by higher gold sales and realized prices.
• Moderate pointQ3 adjusted net income rose 67% to $13.0 million; adjusted EPS increased to $0.15 from $0.10.
• Moderate pointQ3 adjusted EBITDA reached $23.791 million, compared with $15.523 million a year earlier.
• Moderate pointQ3 gold production increased 30% to 12,981 ounces, including 8,549 from Pilar and 4,432 from Turmalina.
• Moderate pointNine-month net income rose to $33.026 million; EPS increased to $0.39 from $0.06.
• Moderate pointNine-month operating cash flow increased to $25.666 million from $19.129 million.
• Moderate pointProven and probable reserves increased 12% to 858,000 ounces at December 31, 2025, net of mining depletion.

21 minor points

• Minor pointQ3 EBITDA increased to $24.662 million from $18.227 million a year earlier.
• Minor pointQ3 gross profit increased to $24.169 million from $17.416 million a year earlier.
• Minor pointQ3 gold sales increased 46% to 14,259 ounces; realized prices rose 23% to $4,262 per ounce.
• Minor pointNine-month gold production increased 15% to 35,668 ounces; sales reached 35,101 ounces versus 30,329.
• Minor pointNine-month revenue reached $156.724 million, versus $97.124 million in 2025.
• Minor pointNine-month adjusted net income reached $40.750 million, versus $24.959 million; adjusted EPS rose to $0.48 from $0.31.
• Minor pointNine-month EBITDA reached $64.916 million, versus $20.546 million; adjusted EBITDA reached $78.249 million versus $59.808 million.
• Minor pointNine-month realized gold prices reached $4,465 per ounce, compared with $3,196.
• Minor pointSatinoco event expenses declined to $0.7 million in Q3, from $6.1 million a year earlier.
• Minor pointQ3 non-sustaining capital expenditure declined to $7.264 million from $8.211 million.
• Minor pointTurmalina production increased 11% sequentially during its ramp-up following regulatory approval to resume operations.
• Minor pointQ3 drilling increased to 13,486 metres from 5,774; nine-month drilling reached 30,465 metres versus 16,968.
• Minor pointFaina drilling intersected 5.39 metres at 11.88 g/t gold and 3.13 metres at 22.46 g/t gold.
• Minor pointA/SE2 underground drilling commenced, testing an upper-level extension of Turmalina's Orebody A.
• Minor pointPilar proven and probable reserves increased 49% to 286,000 ounces at December 31, 2025.
• Minor pointMeasured and indicated resources increased 8% to 1,797,000 ounces at December 31, 2025.
• Minor pointInferred resources increased 2% to 1,709,000 ounces at December 31, 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.Santa Isabel rehabilitation and development are advancing; Jaguar plans a feasibility study with updated estimates by mid-2027.
• Minor pointPaciência Phase 1 drilling confirmed an approximately 15-kilometre mineralized corridor; follow-up drilling has commenced.
• Minor pointTurmalina recovery studies are underway, including evaluation of a potential flotation circuit.
• Minor point. Forward-looking: it has not happened yet and may not happen.Onças de Pitangui licensing work will continue; Jaguar plans to correct identified deficiencies and resubmit its study.

Negative

• Moderate pointQ3 free cash flow turned negative $15.125 million, versus positive $8.178 million a year earlier.
• Moderate pointCash declined to $47.8 million at September 30 from $74.0 million at June 30.
• Moderate pointQ3 cash operating costs rose to $2,120 per ounce from $1,374; total costs reached $30.224 million.
• Moderate pointQ3 all-in sustaining costs rose to $3,164 per ounce from $2,063.
• Moderate pointQ3 adjusted net income declined sequentially to $13.0 million from $17.4 million.
• Moderate pointNine-month free cash flow declined to $3.244 million from $16.941 million.
• Moderate pointNine-month cash operating costs rose to $1,880 per ounce from $1,223.
• Moderate pointNine-month all-in sustaining costs rose to $2,873 per ounce from $1,844.
• Moderate pointNine-month sustaining capital expenditure increased to $23.580 million from $11.410 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 production is expected near the lower end of Jaguar's maintained 50,000–60,000-ounce guidance.
• Moderate pointOnças de Pitangui's licence application was denied October 30, 2026; installation approval is required before construction.

11 minor points

• Minor pointQ3 operating cash flow turned negative $4.637 million, versus positive $7.049 million.
• Minor pointQ3 operating asset and liability changes used $20.8 million, including an $11.7 million receivable collected in early October.
• Minor pointLegal and other provision payments used $9.1 million, mainly associated with the Satinoco incident.
• Minor pointQ3 sustaining capital expenditure increased to $10.201 million from $4.431 million, mainly at MTL.
• Minor pointQ3 depreciation increased to $6.385 million from $3.128 million.
• Minor pointQ3 net income slipped to $12.899 million from $12.998 million; EPS fell to $0.15 from $0.16.
• Minor pointQ3 production slipped sequentially to 12,981 ounces from 13,057 ounces.
• Minor pointNine-month non-sustaining capital expenditure increased to $21.687 million from $13.406 million.
• Minor pointMTL ramp-up costs remain incompletely absorbed by production volumes, contributing to higher unit costs.
• Minor point. Forward-looking: it has not happened yet and may not happen.Onças de Pitangui's licence timing cannot be determined; control systems require re-evaluation and additional documentation.
• Minor point. Forward-looking: it has not happened yet and may not happen.Paciência follow-up drilling assays remain pending; reported continuity observations are visual.

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TORONTO, ON / ACCESS Newswire / November 12, 2026 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG)(OTCQX:JAGGF) is pleased to report its financial and operational results for the third quarter ended September 30, 2026. Higher gold sales, supported by the contribution of the Turmalina Mine during its ramp-up phase and continued production at the Pilar Mine, together with higher realized gold prices, drove a 79% increase in revenue and a 46% increase in Adjusted EBITDA compared to the third quarter of 2025, partially offset by higher operating costs and increased capital expenditures.

The interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and accompanying management's discussion and analysis can be accessed by visiting the Company's website at https://jaguarmining.com or its profile page on SEDAR+ at www.sedarplus.ca. All figures are in US Dollars, unless otherwise expressed.

Third Quarter 2026 Highlights

• Adjusted Earnings: Delivered Adjusted Net Income¹ of $13.0 million ($0.15 per share), a 67% increase compared to $7.8 million ($0.10 per share) in Q3 2025 and compared to $17.4 million ($0.20 per share) in the previous quarter. Net income for the quarter was $12.9 million ($0.15 per share), in line with $13.0 million ($0.16 per share) in Q3 2025, which included an $8.0 million unrealized gain on financial instruments.
• Adjusted EBITDA¹: Adjusted EBITDA of $23.8 million ($0.28 per share) was 46% higher than the $16.3 million ($0.21 per share) recorded in Q3 2025, while EBITDA rose 30% to $24.7 million from $19.0 million in the prior-year quarter. Satinoco event expenses declined to $0.7 million, compared to $6.1 million in Q3 2025.
• Revenue Growth: Revenue increased 79% to $60.8 million, compared to $34.0 million in Q3 2025, driven by a 46% increase in gold ounces sold to 14,259 ounces following the resumption of operations at the MTL Mining Complex (the "MTL Complex"), together with a 23% increase in the average realized gold price¹ to $4,262 per ounce.
• Production Increase: Consolidated gold production totalled 12,981 ounces (Q2 2026 - 13,057 ounces), comprising 8,549 ounces from the Pilar Mine and 4,432 ounces from the Turmalina Mine. This represents a 30% increase compared to the 10,002 ounces produced in Q3 2025. Year-to-date production totalled 35,668 ounces, a 15% increase compared to 30,898 ounces in the first nine months of 2025.
• Consolidated ore processed increased 69% to 159,399 tonnes at an average head grade of 3.16 g/t Au. Pilar processed 108,255 tonnes at 2.76 g/t Au with an 89% recovery rate, with the lower grade reflecting a higher contribution of development ore and mining sequence adjustments, while Turmalina processed 51,144 tonnes at 4.00 g/t Au with a 67% recovery rate, reflecting the higher proportion of Faina ore in the feed, contributing approximately 34% of consolidated production.
• Free Cash Flow¹: Free cash flow¹ for the quarter was negative $14.6 million (negative $1,021 per ounce sold), reflecting cash used in operating activities of $4.1 million, which included a $20.8 million outflow from changes in operating assets and liabilities, mainly an $11.7 million receivable from a gold sale completed at the end of September and collected in early October and $9.1 million in payments related to legal and other provisions, mainly associated with the Satinoco incident, and sustaining capital expenditures¹ of $10.2 million. Year-to-date free cash flow¹ was $3.8 million ($107 per ounce sold).
• Cash and cash equivalents totalled $47.8 million at September 30, 2026 (June 30, 2026 - $74.0 million), excluding the $11.7 million receivable collected in early October.
• Working capital¹ was $21.8 million, in line with $21.8 million at December 31, 2025. This liquidity supports the self-funding of the 2026 exploration program, the ongoing dewatering and underground rehabilitation work at the Santa Isabel Mine, and the permitting process at the Onças de Pitangui development project.
• Cost Profile: Cash operating costs were $30.2 million ($2,120/oz), compared to $13.5 million ($1,374/oz) in Q3 2025. All-in sustaining costs¹ were $3,164 per ounce (Q3 2025 - $2,063 per ounce), reflecting higher sustaining capital expenditures¹ of $10.2 million (Q3 2025 - $4.4 million), mainly at the MTL Complex. The increase in unit costs primarily reflects the resumption and ramp-up of operations at the MTL Complex and fixed costs not yet fully absorbed by production volumes. The Company's operating margins remain positive, with a cash operating margin of $2,142 per ounce and an all-in sustaining margin of $1,098 per ounce.
• Exploration Momentum: Definition, infill and exploration drilling totalled 13,486 metres in the quarter (Q3 2025 - 5,774 metres), bringing the year-to-date total to 30,465 metres (8,126 metres at Turmalina and 5,360 metres at Pilar in the quarter). Drilling at the Faina orebody intersected multiple high-grade zones, including 5.39 m @ 11.88 g/t Au (FAI0178) and 3.13 m @ 22.46 g/t Au (FAI0182), and a new underground drilling program commenced at the A/SE2 lens, an untested upper-level extension of Turmalina's Orebody A, reinforcing the Company's strategy to convert its promising gold endowment into mineral reserves. Proven and probable mineral reserves increased 12% to 858,000 ounces (6,861 kt at 3.89 g/t Au) as at December 31, 2025, net of mining depletion, with Pilar 2P Reserves up 49% to 286,000 ounces (2,494 kt at 3.57 g/t Au), while Measured and Indicated Mineral Resources as at December 31, 2025 increased 8% to 1,797,000 ounces (13,575 kt at 4.12 g/t Au) and Inferred Mineral Resources increased 2% to 1,709,000 ounces (14,732 kt at 3.61 g/t Au)².

2026 Guidance

With year-to-date production of 35,668 ounces, Jaguar maintains its full year 2026 guidance, projecting gold production in the range of 50,000 to 60,000 ounces from its current assets and is more likely to achieve the lower end of that range.

Growth Projects and Exploration

• MTL Complex: Following regulatory approval from the Environmental Emergency Office on March 9, 2026 to resume operations at the MTL Complex, the Turmalina Mine, processing plant, paste fill plant and filtration unit have been ramping up towards planned production levels. In Q3 2026, the MTL Complex produced 4,432 ounces, an 11% increase over Q2 2026, with the higher-grade Faina orebody accounting for approximately 67% of ore processed. To improve metallurgical recovery of Faina ore, the Company is conducting studies evaluating changes to the Turmalina plant, including the potential installation of a flotation circuit.
• CPA Complex: Dewatering, underground rehabilitation, drift development and an underground diamond drilling program are advancing at the Santa Isabel Mine. The Company is preparing a Feasibility Study, incorporating a new Mineral Resource and Mineral Reserve estimate for Santa Isabel and Marzagão, planned for release by mid-2027. The Paciência Mining Complex holds Inferred Resources of 189,000 ounces at 4.14 g/t Au. The Feasibility Study will evaluate two processing alternatives: mining and hauling ore for processing at the Caeté (CCA) plant or refurbishing the Paciência (CPA) plant to operate in conjunction with the Santa Isabel and Marzagão mines.
• Paciência Gold District: The Company's Phase 1 drilling campaign totalled 3,764 metres over 17 holes (8 holes / 2,245 metres at Chamé and 9 holes / 1,518 metres at Santa Isabel and Marzagão), confirming a mineralized corridor of approximately 15 kilometres linking Chamé, Santa Isabel, Marzagão and Bahú. In Q3 2026, follow-up diamond drilling commenced, with two holes totalling 647.65 metres completed to date. Assay results are pending, while visual observations from the drill core indicate continuity of the Chamé mineralization.
• Onças de Pitangui: On October 30, 2026, the Unidade Regional de Regularização Ambiental Alto São Francisco (the "URA") of the Fundação Estadual do Meio Ambiente ("FEAM"), the environmental authority of the State of Minas Gerais, issued a decision denying the Company's application for a concurrent Preliminary Licence and Installation Licence ("LP+LI") for the Company's Onças de Pitangui Project (the "Project"). The reasons cited in the decision include the insufficiency of certain technical data submitted in support of the application. The decision does not contain a finding that the Project is environmentally unfeasible; rather, it states that environmental viability was "not demonstrated at this time". The decision concludes that the Project's control systems must be re-evaluated and provides that a new application, supported by the required documentation, may be submitted. Construction of the Project cannot begin until the Installation Licence is granted. An estimated date to receive the licence cannot be determined at this stage. The Company remains committed to the development of the Project and to constructive engagement with the authorities and the communities close to the Project. The Company will correct the deficiencies identified in the Environmental Impact Study, resubmit it, and continue to advance the Project's licensing.

The Company will provide further updates as the process advances.

"Turmalina's ramp up production alongside Pilar lifted gold production by 30% and gold sales by 46% year-over-year" commented Luis Albano Tondo, CEO of Jaguar Mining. "This was a quarter of deliberate investment. We increased primary and secondary development across all our mines, with 2,099 metres in the quarter, up 20% year-over-year, because that is what prepares the ground for future production. Higher sustaining capital and a $9.1 million outflow to settle Satinoco obligations weighed on free cash flow, and unit costs rose as fixed costs are not yet absorbed by our current production base. Looking ahead, we are preparing a Feasibility Study for the Paciência Complex and a Feasibility Study for Onças de Pitangui, while we consider our next steps on that project's licensing. Together with the drilling that will tell us how much of our land package can be converted into reserves, these are the building blocks of our next phase of growth."

¹ This is a Non-GAAP financial performance measure with no standard definition under IFRS. For more details, refer to the Non-GAAP Performance Measures section of the MD&A

² Mineral Reserve and Mineral Resource estimates as at December 31, 2025 are sourced from the Company's NI 43-101 technical reports and the Company's Mineral Reserve and Mineral Resource update news release dated March 31, 2026.

Third Quarter 2026 Results

($ thousands, except where indicated)		Three months ended								Nine months ended
		September 30								September 30
		2026				2025				2026				2025
Financial Data
Revenue		$	60,778			$	34,009			$	156,724			$	97,124
Operating costs			30,224				13,465				65,982				37,093
Depreciation			6,385				3,128				13,139				9,119
Gross profit			24,169				17,416				77,603				50,912
Net income			12,899				12,998				33,026				4,760
Per share ("EPS")			0.15				0.16				0.39				0.06
Adjusted Net income 1,3			12,999				7,774				40,750				24,959
Adjusted EPS 1,3			0.15				0.10				0.48				0.31
EBITDA			24,662				18,227				64,916				20,546
Adjusted EBITDA 1,2			23,791				15,523				78,249				59,808
Adjusted EBITDA per share 1,2			0.28				0.20				0.92				0.75
Cash operating costs (per ounce sold) 1			2,120				1,374				1,880				1,223
All-in sustaining costs (per ounce sold)1			3,164				2,063				2,873				1,844
Average realized gold price (per ounce)1			4,262				3,465				4,465				3,196
Cash generated from operating activities			(4,637	)			7,049				25,666				19,129
Free cash flow1			(15,125	)			8,178				3,244				16,941
Free cash flow (per ounce sold)1			(1,061	)			835				92				559
Sustaining capital expenditures1			10,201				4,431				23,580				11,410
Non-sustaining capital expenditures1			7,264				8,211				21,687				13,406
Total capital expenditures			17,465				12,642				45,267				24,816
1 Average realized gold price, sustaining and non-sustaining capital expenditures, cash operating costs and all-in sustaining costs, free cash flow, EBITDA and adjusted EBITDA, adjusted net income and adjusted EPS are non-GAAP financial performance measures with no standard definition under IFRS. Refer to the Non-GAAP Performance Measures section of the MD&A.
2 Adjusted EBITDA excludes non-cash items such as foreign exchange, stock-based compensation, fair value adjustments and write downs. For more details refer to the Non-GAAP Performance Measures section of the MD&A.
3 Net income was adjusted by $0.1 million and $6.4 million for Q3 2026 and YTD 2026, respectively (Q3 2025 and YTD 2025: $5.2 million and $20.2 million), to exclude non-recurring items and related income tax effects, as follows: (i) Satinoco incident expenses of $0.7 million and $5.8 million (2025: $6.1 million and $35.3 million); (ii) an unrealized gain of $0.6 million in Q3 2026 and an unrealized loss of $0.6 million YTD 2026 on fair value adjustment of short-term investments and warrants (2025: gains of $8.0 million and $9.0 million); and (iii) in 2025 only, $2.9 million in recoveries from reversals of civil litigation provisions in both periods and $0.4 million and $3.2 million in income tax expenses.

		Three months ended								Nine months ended
		September 30								September 30
		2026				2025				2026				2025
Operating Data
Gold produced (ounces)			12,981				10,002				35,668				30,898
Gold sold (ounces)			14,259				9,799				35,101				30,329
Primary development (metres)			973				735				2,341				1,802
Exploration development (metres)			77				-				77				-
Secondary development (metres)			1,126				1,007				2,988				2,721
Definition, infill, and exploration drilling (metres)			13,486				5,774				30,465				16,968

Non-GAAP performance measures

The Company has included the following Non-GAAP performance measures in this news release: cash operating costs per ounce of gold sold, all-in sustaining costs per ounce of gold sold, average realized gold price (per ounce of gold sold), sustaining capital expenditures, non-sustaining capital expenditures, free cash flow, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA and working capital. These Non-GAAP performance measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies.

The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. More specifically, Management believes that these figures are a useful indicator to investors and management of a mine's performance as they provide: (i) a measure of the mine's cash margin per ounce, by comparison of the cash operating costs per ounce to the price of gold; (ii) the trend in costs as the mine matures; and (iii) an internal benchmark of performance to allow for comparison against other mines. The definitions of these performance measures and reconciliation of the Non-GAAP measures to reported IFRS measures are outlined below.

Reconciliation of Sustaining Capital and Non-Sustaining Capital expenditures¹

($ thousands)		Three months ended								Nine months ended
		September 30								September 30
		2026				2025				2026				2025
Sustaining capital1
Primary development		$	5,155			$	2,255			$	13,614			$	6,435
Exploration - Brownfield			470				146				1,116				578
Mine-site sustaining			3,777				1,704				7,054				3,684
Other sustaining capital			799				326				1,796				713
Total sustaining capital1			10,201				4,431				23,580				11,410
Non-sustaining capital (including capital projects)1
Mine-site non-sustaining		$	5,313			$	2,596			$	17,080			$	4,099
Asset retirement obligation (Dam closing project)			-				5,560				-				9,222
Others non-sustaining capex			1,951				55				4,607				85
Total non-sustaining capital1			7,264				8,211				21,687				13,406
Total capital expenditures		$	17,465			$	12,642			$	45,267			$	24,816
1 Sustaining and non-sustaining capital are non-GAAP financial measures with no standard definition under IFRS. Refer to the non-GAAP Performance Measures section of the MD&A. Capital expenditures are included in the calculation of all-in sustaining costs and all-in costs.

Reconciliation of Free Cash Flow¹

($ thousands, except where indicated)		Three months ended							Nine months ended
		September 30							September 30
		2026				2025			2026				2025
Cash (used in) provided by operating activities		$	(4,637	)		$	7,049		$	25,666			$	19,129
Adjustments
Asset Retirement Obligation			(287	)			5,560			1,158				9,222
Sustaining capital expenditures2			(10,201	)			(4,431			(23,580	)			(11,410	)
Free cash flow		$	(15,125	)		$	8,178		$	3,244			$	16,941
Ounces of gold sold			14,259				9,799			35,101				30,329
Free cash flow per ounce sold		$	(1,061	)		$	835		$	92			$	559
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
2 Further detail on the sustaining capital expenditures composition can be found on the reconciliation of sustaining capital and non-sustaining capital expenditures in the Non-GAAP reconciliation.

Reconciliation of Cash Operating Costs, All-In Sustaining Costs and All-In Costs per Ounce Sold¹

($ thousands, except where indicated)		Three months ended								Nine months ended
		September 30								September 30
		2026				2025				2026				2025
Operating costs		$	30,224			$	13,465			$	65,982			$	37,093
General & administration expenses 3			4,805				2,198				10,677				6,749
Corporate stock-based compensation			120				159				798				777
Sustaining capital expenditures1			10,201				4,431				23,580				11,410
All-in sustaining cash costs			45,350				20,253				101,037				56,029
Reclamation (operating sites)			(233	)			(36	)			(186	)			(92	)
All-in sustaining costs		$	45,117			$	20,217			$	100,851			$	55,937
Non-sustaining capital expenditures			7,264				1,146				21,687				2,679
Exploration and evaluation costs (greenfield)			801				687				2,412				1,725
Reclamation (non-operating sites)			(54	)			4,483				1,344				5,789
Care and maintenance (non-operating sites) 4			2,135				9,847				5,040				27,961
All-in costs		$	55,263			$	36,380			$	131,334			$	94,091
Ounces of gold sold			14,259				9,799				35,101				30,329
Cash operating costs per ounce sold2		$	2,120			$	1,374			$	1,880			$	1,223
All-in sustaining costs per ounce sold2		$	3,164			$	2,063			$	2,873			$	1,844
All-in costs per ounce sold2		$	3,876			$	3,713			$	3,742			$	3,102
Average realized gold price		$	4,262			$	3,465			$	4,465			$	3,196
Cash operating margin per ounce sold		$	2,142			$	2,091			$	2,585			$	1,973
All-in sustaining margin per ounce sold		$	1,098			$	1,402			$	1,592			$	1,352
1 Capital expenditures are included in our calculation of all-in sustaining costs and all-in costs.
2 Cash operating costs, all-in sustaining costs and all-in costs are all Non-GAAP Performance Measures with no standard definition under IFRS. Result may not calculate exactly due to rounding.
3 Excludes G&A expenses related to Onças de Pitangui (Q3 2026: $21, Q3 2025: $119 and YTD 2026: $21, YTD 2025: $167), classified as exploration and evaluation costs. YTD 2026 also excludes $1,235 of non-recurring bonus recorded in Q1 2026. No bonus provision was recorded in 2025.
4 Q3 2025 and YTD 2025 Includes care and maintenance for Turmalina (resumption expenses, disbursements related to environmental and communities and land acquired as part of the indemnization and another one acquired as part of 'Esperança' TSF) and care and maintenance costs. 2026 includes care and maintenance expenditures for Paciência and Roça Grande mines.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA¹

($ thousands, except where indicated)		Three months ended								Nine months ended
		September 30								September 30
		2026				2025				2026				2025
Net income		$	12,899			$	12,998			$	33,026			$	4,760
Income tax expense			1,841				1,135				8,701				2,266
Finance costs			3,582				934				9,485				4,298
Depreciation and amortization			6,340				3,160				13,704				9,222
EBITDA1		$	24,662			$	18,227			$	64,916			$	20,546
Legal, recoverable tax and other provisions expenses			(295	)			(3,050	)			(544	)			403
Satinoco event			717				6,127				5,843				35,333
Foreign exchange loss			(796	)			2,108				6,633				11,783
Stock-based compensation			120				159				798				777
Financial instruments (gain) loss			(617	)			(8,048	)			603				(9,034	)
Adjusted EBITDA1		$	23,791			$	15,523			$	78,249			$	59,808
Weighted average outstanding shares			85,366,839				79,313,603				85,334,550				79,343,786
Adjusted EBITDA per share1		$	0.28			$	0.20			$	0.92			$	0.75
1 This is a non-GAAP performance measure with no standard definition under IFRS.

Working Capital¹

		September 30				December 31
		2026				2025
($ thousands)						Adjusted
Cash and cash equivalents		$	47,767			$	66,526
Non-cash working capital
Other current assets:
Accounts receivable			11,657				-
Short term investment			5,637				9,883
Restricted cash			1,174				812
Inventory			18,271				12,852
Recoverable taxes			2,770				2,235
Other accounts receivable			1,712				834
Prepaid expenses and advances			5,844				1,284
Current liabilities:
Accounts payable and accrued liabilities			(31,206	)			(19,976	)
Notes payable			(2,109	)			(6,112	)
Lease liabilities			(438	)			(383	)
Current tax liability			(1,258	)			-
Reclamation provisions			(11,380	)			(9,643	)
Warrant liabilities			(279	)			(378	)
Legal and other provisions			(26,366	)			(36,099	)
Working capital1		$	21,796			$	21,835
1 This is a non-GAAP financial performance measure with no standard definition under IFRS.
2 Further information regarding the adjustment as of January 1, 2025, is provided in Note 5 - Inventory to the Interim Condensed Consolidated Financial Statements.

Qualified Person

Scientific and technical information contained in this press release has been reviewed and approved by Luis Albano Tondo (CEO) and Armando Massucato (GM, Exploration), both employees of Jaguar Mining Inc. and each a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

The Iron Quadrangle

The Iron Quadrangle has been an area of mineral exploration dating back to the 16th century. The discovery in 1699-1701 of gold contaminated with iron and platinum-group metals in the southeastern corner of the Iron Quadrangle gave rise to the name of the town Ouro Preto (Black Gold). The Iron Quadrangle contains world-class multi-million-ounce gold deposits such as Morro Velho, Cuiabá, and São Bento. Jaguar holds the second largest gold land position in the Iron Quadrangle with over 42,000 hectares.

About Jaguar Mining Inc.

Jaguar Mining Inc. is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes and a large land package with significant upside exploration potential from mineral claims. The Company's principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the MTL Mining Complex (Turmalina mine and plant) and Caeté Mining Complex (Pilar and Roça Grande mines, and Caeté plant). The Roça Grande mine has been on temporary care and maintenance since April 2019. The Company also owns the Paciência Mining Complex (Santa Isabel mine and plant), which had been on care and maintenance since 2012 and is undergoing development work for a potential reopening by the end of 2027. Additional information is available on the Company's website at www.jaguarmining.com.

For further information please contact:

Luis Albano Tondo
Chief Executive Officer
Jaguar Mining Inc.
investors@jaguarmining.com

Naomi Nemeth
Vice President Investor Relations
Jaguar Mining Inc.
investors@jaguarmining.com
+1 647 882 4257

Forward-Looking Statements

Certain statements in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking information made in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada.

Forward-looking information contained in forward-looking statements can be identified by the use of words such as "are expected," "is forecast," "is targeted," "approximately," "plans," "anticipates," "projects," "continue," "estimate," "believe" or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will" be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to be or include forward-looking information.

This news release contains forward-looking information regarding, any information and statements related to expected growth, sales, production statistics, ore grades, tonnes milled, recovery rates, cash operating costs, definition/delineation drilling, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, potential increases in mineral resources and mineral reserves, currency fluctuations, capital requirements, project studies, mine life extensions, restarting suspended or disrupted operations, continuous improvement initiatives, resolution of pending litigation, the ramping up to planned production at the Turmalina Mine, improved metallurgical recoveries, the Company's 2026 production guidance, advancing the development of the Onças de Pitangui project, including the appeal of the licensing decision and the resubmission of the licence application, the updated Feasibility Studies for the Onças de Pitangui project and the Santa Isabel Mine, the potential restart of production at the Santa Isabel Mine, the conversion of inferred resources, exploration results and potential mineralization, and drill results.

The Company has made numerous assumptions with respect to forward-looking information contained herein, including, among other things, estimated timeline for the development of the Company's mineral properties; the supply and demand for, and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits on a timely basis, including the environmental licence for the Onças de Pitangui project; market competition; ongoing relations with employees and impacted communities; political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any potential power rationing, tailings facility regulation, exploration and mine operating licenses and permits being obtained and renewed and/or there being adverse amendments to mining or other laws in Brazil and any changes to general business and economic conditions.

Forward-looking information involves a number of known and unknown risks and uncertainties, including among others: the risk of Jaguar not meeting the forecast plans regarding its operations and financial performance; operations at the Turmalina Mine ramping up to planned production in line with the Company's expectations; the impact, on the Company's growth plan, of the recent decision of the state environmental agency denying the Company's combined Preliminary and Installation Licence with respect to the Onças de Pitangui project; the timing of obtaining, and the possibility of not obtaining, the environmental and other permitting required for the development of the Onças de Pitangui project; potential unforeseen long-term consequences of the Satinoco incident that may require additional mitigation measures or lead to further liability; foreign currency exchange and interest rate fluctuations; inflation; uncertainties with respect to the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in environmental legislation and regulation, weather delays and increased costs or production delays due to natural disasters, power disruptions, procurement and delivery of parts and supplies to the operations; uncertainties inherent to capital markets in general (including the sometimes volatile valuation of securities and an uncertain ability to raise new capital) and other risks inherent to the gold exploration, development and production industry, which, if incorrect, may cause actual results to differ materially from those anticipated by the Company and described herein. In addition, there are risks and hazards associated with the business of gold exploration, development, mining and production, including environmental hazards, tailings dam failures, industrial accidents and workplace safety problems, unusual or unexpected geological formations, pressures, cave-ins, flooding, chemical spills, procurement fraud and gold bullion thefts and losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Accordingly, readers should not place undue reliance on forward-looking information.

For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Annual Information Form (dated March 31, 2026) and Management's Discussion and Analysis, as well as other public disclosure documents that can be accessed under the issuer profile of "Jaguar Mining Inc." on SEDAR+ at www.sedarplus.ca. The forward-looking information set forth herein reflects the Company's reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

The mineral resource and mineral reserve figures referred to in this news release are estimates and no assurances can be given that the indicated levels of gold will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices, and may change significantly when new information becomes available. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Statements concerning mineral resource and mineral reserve estimates are also deemed to constitute forward-looking information to the extent that they involve estimates of mineralization that will be encountered if the relevant project or property is developed or mined.

SOURCE: Jaguar Mining, Inc.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Jaguar Mining's Q3 2026 adjusted earnings?

Jaguar Mining reported adjusted net income of $13.0 million, or $0.15 per share, up 67% from $7.8 million, or $0.10 per share, in Q3 2025. Adjusted net income is a non-GAAP measure without a standardized IFRS definition.

What is Jaguar Mining's 2026 gold production guidance?

Jaguar maintained full-year 2026 production guidance of 50,000 to 60,000 ounces from current assets but expects to achieve the lower end. Production for the first nine months totalled 35,668 ounces.

Why was Jaguar Mining's Onças de Pitangui licence application denied?

The environmental authority cited insufficient technical data supporting the application for concurrent preliminary and installation licences. Its decision said environmental viability was “not demonstrated at this time,” rather than finding the project environmentally unfeasible. A new application may be submitted with the required documentation after re-evaluation of the project's control systems.

What processing options is Jaguar Mining evaluating for the Paciência project?

The feasibility study will evaluate hauling ore to the Caeté plant or refurbishing the Paciência plant to operate with the Santa Isabel and Marzagão mines. Jaguar plans to release the study by mid-2027, incorporating updated mineral resource and reserve estimates for those mines.