Mr. Vernon Baker reports

JAGUAR MINING ANNOUNCES NON-CASH ROYALTY EXCHANGE AGREEMENT WITH ANGLOGOLD ASHANTI ON CPA ROYALTIES

Jaguar Mining Inc. has reached an agreement with a subsidiary of AngloGold Ashanti Ltd. for a non-cash royalty exchange on royalties previously attached to its Paciencia gold mining complex (CPA) under a historical accord, in exchange for another two mining rights (Carancas and Pacheca), located close to AngloGold's other operating assets (Lamego and Corrego do Sitio).

CPA is located close to two of the Company's operating assets (Caete and MTL Complexes) in the prolific Iron Quadrangle area of Minas Gerais, Brazil (Figures 1 & 2). The complex is comprised of two underground mines, Santa Isabel and Margazao, and a processing plant with capacity to treat approximately 1,750 tpd within approximately 9,000 Ha of contiguous permitted mining tenements. The CPA Plant was commissioned in April 2008 and commercial production was declared in December 2008. Total production during this period is estimated at approximately 1,755 Mt at an average grade of 3.06 g/t Au containing approximately 154,000 ounces of gold. The operation has been on care and maintenance since 2012.

In the Company's most recent NI43-101 disclosure published in May 2023 (available on Sedar), CPA has an estimated Inferred Mineral Resource of 1.80 Mt at an average grade of 4.06 g/t Au, containing approximately 235,000 ounces of gold.

In 2003, the Company executed a sale purchase agreement with AngloGold covering the three main individual tenements related to CPA. The agreement included payment, related commitments, and a up to 4.5% NSR Royalty that was payable to AngloGold from production at a gold price above US$510 per ounce. The two companies have been in ongoing discussions regarding restructuring the NSR which, in its original form, did not reflect current or projected market conditions.

Vern Baker, President and CEO of Jaguar Mining stated: "We are very pleased to announce that we have reached this agreement with AngloGold. The removal of the royalty attached to our CPA asset coupled with the large additional contiguous tenements package (previously under joint venture) recently acquired from IAMGOLD allows us to proceed with an in-depth evaluation of potential redevelopment opportunities. CPA consists of two mines and a mill which have the potential to produce with minimal refurbishment capital investment. We also believe we can grow the current Mineral Resource inventory materially in size and quality to support the investment necessary to achieve this objective. Along with the recently announced full acquisition of the Acurui properties, this announcement is another step supporting our ongoing strategy to increase the utilization of our existing processing capacity, both through exploration on our land and potential arrangements with neighbors to fill our mills."

Historical mining activity at CPA has been focused on a relatively short 1.5 km strike length of Jaguars overall extensive tenement package which covers a highly prospective, 15 km strike segment of the regionally significant Sao Vicente/Paciencia Lineament. This Lineament is a crustal scale shear zone that extends some 60 km across the Iron Quadrangle. Numerous gold deposits and prospects are spatially related along the entire length of this structure.

Gold mineralization is manifested as a regular series of shallowly dipping tabular sheets composed of quartz veins hosted in an altered matrix comprised of sericite/chlorite/carbonate schist with higher grades concentrated along structurally controlled plunging "oreshoots". The length of these individual shoots varies between 10 m and 200 m along strike and can extend greater than hundreds of metres following the down plunge direction of continuity. (Figure 3).

The mineralization is free milling with gold occurring as discrete, visible grains hosted by quartz veins and/or veinlets, or as tiny inclusions within sulphide crystals, mainly pyrite and arsenopyrite. Historical metallurgical recoveries have averaged 92.4%.

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 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, Cuiaba, and Sao Bento.

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.

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