Mr. Vern Baker reports

JAGUAR MINING REPORTS SECOND QUARTER 2023 RESULTS AND PROVIDES CORPORATE UPDATE

Jaguar Mining Inc. has released its financial and operating results for the second quarter ended June 30, 2023. All figures are in US Dollars, unless otherwise expressed.

Second Quarter Highlights

Operating cash flow was $10 million, compared to $9.4 million in the second quarter of 2022, mainly due to an increase of 6% in the average realized gold price1, combined with an 8% decrease in operating costs, and lower cash income taxes paid of $1.9 million, compared to $2.4 million in the second quarter of 2022. This was partially offset by a 17% decrease in ounces of gold sold from 20,482 ounces the second quarter of 2022 to 16,917 ounces in the second quarter of 2023.Free cash flow Superscript 1 of $2.4 million and was based on operating cash flow plus asset retirement obligation expenditures, less capital expenditures, compared to $5.5 million in Free Cash Flow in the second quarter of 2022. Free cash flow was $141 per ounce of gold sold compared to $270 per ounce of gold sold in the second quarter of 2022.Total capital expenditures were 4% or $0.43 million higher in the second quarter compared to the same period in 2022 with sustaining capital expenditures $3.7 million higher offset by non-sustaining capital expenditures which were $3.3 million lower. Sustaining capital expenditures of $8.3 million in the quarter consisted of $5.5 million in primary development, $2.2 million in equipment, $0.5 million in brownfield exploration, and $0.1 million of other sustaining capital.Revenue decreased 12% to $33.2 million compared with $37.9 million in the second quarter of 2022, mainly due to a decrease in ounces produced, which resulted in lower ounces of gold sold of 16,917 ounces as compared to 20,482 ounces in the second quarter of 2022, partially offset by an increase in the average realized gold price of $1,962 per ounce compared to $1,852 per ounce in the second quarter of 2022.Gold production decreased 24% to 16,750 ounces compared to 22,028 ounces in the second quarter of 2022, due to a 15% decrease in the average head grade, combined with an 11% decrease in tonnes of ore processed.Operating costs decreased 8% to $19.5 million compared to $21.1 million in the second quarter of 2022. The decrease in operating costs was predominantly the result of decrease in tonnes mined compared to second quarter of 2022.Cash operating costs Superscript 1 increased 12% to $1,150 compared to $1,029 per ounce of gold sold in the second quarter of 2022 due to a 17% decrease in ounces of gold sold compared to the second quarter of 2022.All-in sustaining costs Superscript 1 increased to $1,781 compared to $1,366 per ounce of gold sold in the second quarter of 2022 due to the cash cost increase as explained above, combined with higher sustaining capital expenditures the result of a 20% increase in primary development plus exploration development in the quarter of 1,955 metres compared to 1,627 metres in the second quarter of 2022.Net loss of $1.1 million, compared to Net Income of $9.5 million in the second quarter of 2022. Major variances included a $4.7 million decrease in revenue, a $5.6 million increase in foreign exchange expenses, an increase of $1.3 million in income tax expense, offset by $1.6 million decrease in operating costs.

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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.

Cash Position and Working Capital1As of June 30, 2023, the Company had a cash and cash equivalents position of $23.9 million, compared to $25.2 million on December 31, 2022.As of June 30, 2023, working capital was $17.5 million, compared to $19.5 million on December 31, 2022, which includes $3 million in short term loans from Brazilian banks.

Vern Baker, President and CEO of Jaguar Mining stated: "The Company faced another difficult quarter as both mines encountered issues with dynamic orebodies leading to lower grades and tonnes than was expected in the areas we mined. At the Pilar mine, both tonnes and grade were impacted by rapid geometry changes in the main orebody. The Pilar mining team has adapted plans to flatter dips, narrower ore widths, and extended strike lengths. At the Turmalina mine, the team has increased sampling and drilling to improve the grade mined. Development rates continued to be strong at both mines during the quarter as we are working to position the mines with an increasing number of headings to drive production up.

We have also implemented cost reduction measures which have begun to take effect reducing our operating costs. These initiatives will continue in the second half of the year.

While the strengthening Brazilian Real impacted our costs and income during the quarter, we continue to have a strong balance sheet and are well positioned to execute our improvement plans.

Finally, I am very excited to announce the appointment of Alfred Colas as Chief Financial Officer of Jaguar Mining. His background and extensive experience in mining and project development makes him a good fit for our Company. We know Alfred will be a great contributor to unlocking the value of our gold assets".

Corporate UpdatesOn August 1, 2023, the Company announced it had entered into a share purchase agreement to purchase and assume from a subsidiary of IAMGOLD Corporation, the Pitangui Project and the remaining interest in the Acurui Project, two gold mineral exploration projects located in Brazil which are close in proximity to the Company's MTL Complex and Paciencia Complex. Following completion of the Transaction, the Company will hold a 100% ownership in the Pitangui Project and the Acurui Project.The Company is also pleased to announce the appointment of Mr. Alfred Colas as Chief Financial Officer. Mr. Colas is a seasoned finance executive with over 20 years of experience with publicly listed mining and forestry companies and five years of experience in private-equity real estate. Mr. Colas spent over 13 years in progressively senior finance roles with Barrick Gold Corp, culminating in his 2007 assignment as finance manager at the Veladero Mine in Argentina, where he was a seminal part of the team that successfully turned around the operation. From 2010-2013, he was controller of Rainy River Resources, following which he was VP and CFO of FNI Mining. In 2015, Mr. Colas joined Potenia Solar as CFO and, after its sale, he continued as CFO of a family office focusing on senior-care investments. Later, Mr. Colas served as CFO of dual-listed silver producer, Excellon Resources, and most recently, he was CFO of GreenFirst Forest Products. Mr. Colas holds a Bachelor of Commerce degree from the University of Toronto, and he obtained his CA/CPA designation in 1995, having started his career in 1992 as an auditor with Price Waterhouse.

Qualified Person

Scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, BSc (Hons) (Economic Geology - UCT), FAUSIMM, Vice President Geology and Exploration, who is also an employee of Jaguar Mining Inc., and is a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

The Iron QuadrangleThe 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, Cuiaba, and Sao Bento. Jaguar holds the third largest gold land position in the Iron Quadrangle with just over 25,000 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 Turmalina Gold Mine Complex and Caete Mining Complex (Pilar and Roca Grande Mines, and Caete Plant). The Company also owns the Paciencia Gold Mine Complex, which has been on care and maintenance since 2012. The Roca Grande Mine has been on temporary care and maintenance since April 2019. Additional information is available on the Company's website at www.jaguarmining.com.

We seek Safe Harbor.