Mr. Vernon Baker reports

JAGUAR MINING COMPLETES STRATEGIC ACQUISITION OF THE BRAZILIAN ASSETS OF IAMGOLD

Jaguar Mining Inc. has closed its previously announced acquisition of the Pitangui project and the remaining interest in the Acurui project from a subsidiary of Iamgold Corp., AGEM Ltd. (the vendor).

As consideration for acquiring a 100-per-cent interest in the Pitangui project and the vendor's interest in the Acurui project, the company issued 6,331,713 common shares in the capital of the company, having an aggregate value of $9-million (U.S.) based on the volume weighted average closing price per share for the 30 calendar days preceding the date of the definitive agreement for the transaction, which was $1.873 per share. The vendor has agreed to hold and to not transfer or trade the consideration shares for a period of 12 months following the closing date of the transaction, subject to certain conditions. In addition, the vendor has agreed to notify and inform Jaguar if the vendor intends to sell all or any of the consideration shares.

In connection with the transaction, the company also granted to the vendor a net smelter returns royalty. For additional information regarding this royalty, please see the company's press release dated Aug. 2, 2023, which is available for review under the company's profile on SEDAR+.

Vern Baker, president and chief executive officer of Jaguar, stated: "We are very pleased to have completed this transaction to purchase Iamgold's Brazilian assets. The transaction increases our resource base and furthers our corporate strategy to leverage our extensive existing infrastructure to drive production growth through increased plant throughput. Going forward, our plan is to focus on permitting the Pitangui project and move it into development as quickly as is possible. The Acurui project complements our Paciencia property and will be considered a part of the exploration and development package we have available to restart production at Paciencia in the future."

The Iron Quadrangle

The Iron Quadrangle has been an area of mineral exploration dating back to the 16th century. The discovery in 1699 to 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 multimillion-ounce gold deposits such as Morro Velho, Cuiaba and Sao Bento. Jaguar holds the third largest gold land position in the Iron Quadrangle with over 50,000 hectares.

About Jaguar Mining Inc.

Jaguar Mining 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.

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