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Jaguar Mining Inc. reports news on its gold mining, development, and exploration business in Brazil, with principal assets in the Iron Quadrangle of Minas Gerais. Company updates commonly cover operating results, gold production, sales, costs, and mine activity at the MTL Complex, including the Turmalina mine and plant, and the Caeté Complex, including the Pilar and Roça Grande mines and Caeté plant.
Recurring developments also include mineral resource and reserve updates, exploration drilling at Pilar and other Brazilian targets, technical disclosure under NI 43-101, and regulatory matters tied to mine operations, tailings management, safety, and environmental approvals. News may also address care-and-maintenance assets such as Roça Grande and the Paciência Complex, along with corporate presentations and strategy updates.
Jaguar Mining (TSX:JAG, OTCQX:JAGGF) has provided an update on development and drilling activities at its Faina deposit, part of the MTL mining complex in Minas Gerais, Brazil. Key highlights include:
- First tonnage from Faina processed at Turmalina plant, producing 414 gold ounces in Q2 2024
- Probable Mineral Reserves at Faina: 132 koz (787 kt @ 5.22 g/t Au)
- 4,439m of primary access development completed since 2022
- High-grade intersections in recent drilling, including 8.95 g/t Au over 14.29m and 5.44 g/t Au over 18.23m
- Planned production increase to +300,000 tonnes per year from 2026 onwards
The company expects continuing development and first stope production from Faina in H2 2024, with strong growth anticipated in 2025.
Jaguar Mining reported strong financial results for Q2 2024. Gold production was 16,829 ounces, slightly higher than Q2 2023. Gold sales increased 12% to 19,022 ounces, with realized prices up 20% to $2,354/oz. Revenue jumped 35% to $44.8 million, while net income reached $13.5 million ($0.17/share). Cash operating costs decreased 9% to $1,046/oz, and AISC fell 15% to $1,517/oz. Free cash flow surged to $15.2 million ($801/oz sold). The company ended Q2 with $37.4 million in cash, up $15.4 million from year-end 2023. Both Pilar and Turmalina mines saw increased grades, with Turmalina achieving first production from the new Faina zone.
Eric Sprott, through his company 2176423 Ontario , has increased his stake in Jaguar Mining Inc. (JAGGF). The company purchased 750,000 common shares on the Toronto Stock Exchange at an average price of $3.50 per share, for a total investment of approximately $2,625,000. This acquisition represents about 1.0% of Jaguar Mining's outstanding shares on a non-diluted basis.
Following this purchase, Sprott now beneficially owns 37,108,711 shares, representing approximately 46.9% of the outstanding shares on a non-diluted basis. This marks an increase of about 2.1% in his holdings since the last early warning report filing. Sprott views this as a long-term investment and may consider further acquisitions or dispositions in the future.
Jaguar Mining has reported its preliminary production results for Q2 2024, with gold production totaling 17,244 ounces, marking a 7% increase from Q1 2024 and a 3% rise year-over-year.
This increase includes 414 ounces from the newly contributing Faina project. Consolidated tonnage processed was 170,150 tonnes at an average grade of 3.59 g/t, reflecting an improvement in grade control and the addition of high-grade ore from Faina.
Exploration and development activities showed mixed results, with primary development at 1,273 meters and secondary development at 1,130 meters, both down compared to Q2 2023. However, exploration development rose to 679 meters, driven by Faina. The company's cash position rose significantly by 42% to $37.4 million due to higher gold prices and positive margins.
Jaguar Mining expects these development efforts to support stronger performance in the year's second half.
Jaguar Mining announced the results of its Annual General Meeting held on June 21, 2024. All nominees listed in the May 15, 2024 management circular were elected as directors. Key voting results included Benjamin Guenther (96.4% for), Luis Ricardo Miraglia (96.2% for), and Vernon Baker (96.4% for), among others. Additionally, shareholders approved the appointment of the auditors, with 96.1% voting in favor. Full voting results are available on Jaguar's profile at www.sedarplus.ca.
Jaguar Mining has announced significant progress in its Faina Project, part of the MTL Mining Complex in Minas Gerais, Brazil. Recent diamond drilling and channel sampling have intersected high-grade gold mineralization. Key drilling results include 20.17 g/t Au over 6.62m and 8.54 g/t Au over 4.72m in the J lens, and 14.42 g/t Au over 6.75m and 13.31 g/t Au over 6.40m in the H lens. The company plans further development and production ramp-up through 2024, aiming for production by 2025. Jaguar has invested $15 million in Faina since 2022. As of the latest update, Faina has Probable Mineral Reserves of 132 koz, Measured and Indicated Mineral Resources of 233 koz, and Inferred Mineral Resources of 232 koz. The ongoing exploration aims to expand resources and upgrade classifications, with mined material to be processed at the MTL mill.
Jaguar Mining Inc. reported financial results for Q1 2024, showing 16,177 ounces of gold produced, revenue of $32.6 million, net income of $2.8 million, and a cash position of $26.4 million. Despite lower production and sales, the company managed to increase cash position and working capital. The President and CEO expressed satisfaction with progress in advancing mining projects despite production challenges and a Dengue epidemic.
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