Mr. Vern Baker reports

JAGUAR MINING REPORTS UPDATED MINERAL RESERVES AND MINERAL RESOURCES FOR ITS MTL COMPLEX INCLUDING FAINA AND PITANGUI PROJECTS

Jaguar Mining Inc. has released updated mineral reserves and mineral resources (MRMR) for its MTL complex, a group of mineral deposits with the potential to provide feed to the Turmalina processing plant. The MTL complex mineral deposits include the Turmalina mine, the Faina project, the Pontal deposits, the Zona Basal open-pit deposit and the Pitangui project -- Sao Sebastiao mineral resource, acquired as part of Jaguar's recent acquisition of Iamgold's Brazilian assets (see press release dated Aug. 2, 2023).

Mineral reserves and mineral resources for the MTL complex are reported net of depletion by the Turmalina mine as of July 31, 2023.

An updated National Instrument 43-101 technical report for the MTL complex will be published on SEDAR+ within 45 days of this press release.

Highlights:

• Consolidated proven and probable mineral reserves for the MTL complex are reported as 324,000 ounces (2,472,000 tonnes at 4.08 grams per tonne gold).
• Consolidated measured and indicated mineral resources for the MTL complex are reported as 1,155,000 oz (8,495,000 tonnes at 4.23 g/t Au).
• Inferred mineral resources for the MTL complex are reported as 881,000 oz (7,644,000 tonnes at 3.58 g/t Au).
• Probable mineral reserves for the Faina project are reported as 132,000 oz (787,000 tonnes at 5.22 g/t Au).
• Indicated mineral resources for the recently acquired Pitangui project added 448,000 oz (3,423,000 tonnes at 4.07 g/t Au) to the company's inventory.
• Inferred mineral resources for the recently acquired Pitangui project added 379,000 oz (3,343,000 tonnes at 3.53 g/t Au) to the company's inventory.

Vern Baker, president and chief executive officer of Jaguar, stated: "We are pleased to provide this updated MRMR for the MTL complex which incorporates the work we have completed to access the Faina mineral resource area and our recently acquired Pitangui project -- Sao Sebastiao mineral resource. We expect this new mineral resource base to provide the foundation for increasing production rates at the MTL complex with additional long-term potential. By year-end we expect to have completed approximately 1,800 metres of access drift to reach the Faina area. In 2024, we expect to begin developing within the gold-bearing structures as well as continuing infrastructure development, and by the second half of 2024, we expect to start some test stoping. We are confident in our ability to grow the Faina mineral resource both to depth and along trend towards Pontal.

"At our Pitangui project, work has already begun to continue the permitting process started by Iamgold. In this updated MRMR, the Sao Sebastiao mineral resource (the basis for the Pitangui project) is included in our portfolio of mineral resources and is being included in our long-term life of mine planning. We believe underground development could potentially start within two years and with processing capacity available at the Turmalina plant, we are optimistic about the opportunity to develop this new project at low capital costs."

2023 consolidated MTL complex mineral reserves and mineral resources

Mineral resources and mineral reserves are reported for the MTL complex as of July 31, 2023, and are net of mined depletion for the Turmalina mine, include the first disclosure of mineral reserves and restated mineral resources for the Faina project, the first disclosure of mineral resources for the Pitangui project -- Sao Sebastiao deposit, updated mineral resources for the Pontal deposits, and restated mineral resources for the Zona Basal deposit.

The consolidated mineral reserves and mineral resources reported for the MTL complex are supported by a National Instrument 43-101 technical report which will be published on SEDAR+ within 45 days of this press release.

Mineral reserves

Consolidated proven and probable (2P) mineral reserves for the MTL complex are reported as 324,000 oz (2,472,000 tonnes 4.08 g/t Au).

The above mineral reserves contain a net addition of 111,000 oz over the prior disclosure (Dec. 31, 2022), reflecting the addition of 132,000 oz of probable mineral reserves from the Faina project offset by mined depletion (to July 31, 2023) of 21,000 oz from the Turmalina mine.

As of July 31, 2023, proven and probable (2P) mineral reserves for the Turmalina mine are reported as 192,000 oz (1,685,000 tonnes at 3.55 g/t Au).

At the Turmalina mine, 2P mineral reserves can be divided between orebody A (53,000 oz, 377,000 tonnes at 4.37 g/t Au), orebody B (34,000 oz, 321,000 tonnes at 3.34 g/t Au) and orebody C (105,000 oz, 988,000 at 3.30 g/t Au).

Mineral resources

Consolidated MTL complex mineral resources are reported for the Turmalina mine (net of mined depletion), restated mineral resources for the Faina project, newly included mineral resources for the Pitangui project -- Sao Sebastiao deposit, updated mineral resources for the Pontal deposits and restated mineral resources for the Zona Basal deposit.

As of Nov. 30, 2023, consolidated measured and indicated mineral resources (underground) for the MTL complex are reported as 1,155,000 oz (8,495,000 tonnes at 4.23 g/t Au).

Consolidated measured and indicated mineral resources reported above reflect a net addition of 377,000 oz with respect to prior reporting (Dec. 31, 2022). The net addition is attributable to the addition of 448,000 oz indicated mineral resources from the Pitangui project -- Sao Sebastiao mineral resource offset by mined depletion at the Turmalina mine, and a reduction in reported mineral resources for the Pontal deposits resulting from remodelling, changes to grade estimation parameters and a change to the reporting cut-off grade for these deposits.

As of Nov. 30, 2023, inferred mineral resources for the MTL complex are reported as 881,000 oz (7,644,000 at 3.59 g/t Au) which reflects a 387,000 oz net increase from prior reporting (Dec. 31, 2022) mainly attributable to the addition of 379,000 oz inferred mineral resources from the Pitangui project -- Sao Sebastiao mineral resource.

The Pitangui project -- Sao Sebastiao mineral resource block model was completed by SRK in 2019 and was modified by SLR for current reporting in accordance with Canadian Institute of Mining, Metallurgy and Petroleum estimation of mineral resource and mineral reserve best practices guidelines. The mineral resources endorsed by SLR herein have been reported within panels measuring five m by five m by two m, based on a 2.25 g/t Au cut-off grade, satisfying the reasonable prospects for eventual economic extraction by reporting within a potentially minable shape.

Underground mineral resources:

• Turmalina mine measured and indicated mineral resources are reported as 445,000 oz (3,379,000 tonnes at 4.10 g/t Au).
• Turmalina mine inferred mineral resources are reported as 133,000 oz (1,272,000 tonnes at 3.25 g/t Au).
• Faina measured and indicated mineral resources are reported as 233,000 oz (1,427,000 tonnes at 5.08 g/t Au).
• Faina inferred mineral resources are reported as 232,000 oz (1.42 million tonnes at 5.09 g/t Au).
• Pitangui project -- Sao Sebastiao measured and indicated mineral resources are reported as 448,000 oz (3,423,000 tonnes at 4.07 g/t Au).
• Pitangui project -- Sao Sebastiao inferred mineral resources are reported as 379,000 oz (3,343,000 tonnes at 3.53 g/t Au).
• Pontal measured and indicated mineral resources are reported as 29,000 oz (266,000 tonnes at 3.44 g/t Au) which reflects a reduction of 33,000 oz due to changes in the orebody model and reporting at an increased cut-off grade (2.1 to three g/t Au).
• Pontal inferred mineral resources are reported as 24,000 oz (159,000 tonnes at 4.72 g/t Au), an increase of 3,000 oz due to changes in the orebody model and reporting at an increased cut-off grade (2.1 to three g/t Au).
• Pontal South inferred mineral resources are reported as 81,000 oz (669,000 tonnes at 3.76 g/t Au), an increase of 5,000 oz due to changes in the orebody model and reporting at an increased cut-off grade (2.1 to three g/t Au).

Open pit mineral resources:

• Zona Basal inferred mineral resources (open pit) are reported as 32,000 oz (781,000 tonnes at 1.28 g/t Au), unchanged from previous disclosure (Dec. 31, 2022).

Qualified persons

The scientific and technical information contained in this press release has been reviewed and approved (i) in respect of the estimated mineral reserves by Jeff Sepp, PEng, and (ii) in respect of the estimated mineral resources by Pierre Landry, PGeo (Turmalina, Faina, Zona Basal, Pontal and Pitangui project -- Sao Sebastiao) of SLR Consulting (Canada), 55 University Ave., suite 501, Toronto, Ont., M5J2H7. SLR is an independent mining consultancy and Mr. Sepp and Mr. Landry are each qualified persons within the definition of NI 43-101.

All remaining scientific and technical information (other than described above) contained in this press release has been reviewed and approved by Jonathan Victor Hill, BSc (honours) (economic geology -- UCT), FAUSIMM, vice-president, geology and exploration, who is also an employee of Jaguar Mining, and is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

Quality control

All sampling and samples utilized at Jaguar for mineral resource and or mineral reserves estimation use a quality control program that includes insertion of blanks and commercial standards in order to ensure best practice in sampling and analysis.

HQ-, NQ- and BQ-size drill core is sawn in half with a diamond saw. Samples are selected for analysis in standard intervals according to geological characteristics such as lithology and hydrothermal alteration. Rock channel sampling of the underground development follows the same standard intervals as for the drill core.

Half of the sawed sample is forwarded to the analytical laboratory for analysis while the remaining half of the core is stored in a secure location. The drill core and rock chip samples for resource-reserve conversion and grade control samples are transported for physical preparation and analysis in securely sealed bags to the Jaguar in-house laboratory located at the company's Caete complex, Caete, Minas Gerais. Growth exploration samples are sent to the independent ALS Brazil (subsidiary of ALS Global) laboratory located in Vespasiano, Minas Gerais, Brazil. The analysis of these exploration samples is conducted at ALS Global's respective facilities (fire assay is conducted by ALS Global in Lima, Peru, and multielementary analysis is conducted by ALS Global in Vancouver, Canada). ALS has accreditation in a global management system that meets all requirements of international standards ISO/IEC 17025:2005 and ISO 9001:2015. All major ALS geochemistry analytical laboratories are accredited to ISO/IEC 17025:2005 for specific analytical procedures.

For a complete description of Jaguar's sample preparation, analytical methods and quality assurance/quality control procedures, please refer to "Technical Report on the Turmalina Mining Complex, Minas Gerais, Brazil," a copy of which is available on the company's SEDAR+ profile.

Mineralized material for each orebody was classified into the measured, indicated or inferred mineral resource categories based on the search ellipse ranges obtained from the variography study, the observed continuity of the mineralization, the drill hole and channel sample density, and previous production experience from these orebodies.

The mineral resources are inclusive of mineral reserves. For those portions of the mineral resources that comprise the mineral reserve, stope design wireframes were used to constrain the mineral resource reports.

With respect to the Pitangui project -- Sao Sebastiao mineral resource, SLR has reviewed and verified the database used to complete the mineral resource estimate reported herein, and has expressed the opinion that the exploration data are sufficiently reliable for the purpose of supporting a mineral resource estimate.

The sampling and analysis of drill core used to support the Pitangui project -- Sao Sebastiao mineral resource estimate were monitored through the implementation of a quality assurance/quality control program designed to follow industry best practice. Drill core (HQ and NQ size) samples were selected by Iamgold geologists and cut lengthwise with a diamond saw at the project site. Half of the core is retained on site for future reference. Sample intervals range between 0.4 and one metre in length. Samples were submitted to either ACME Analytical Laboratory or ALS Ltd., and assayed for gold using a standard fire assay procedure with an atomic absorption finish (FA-AA) and a multielement inductively coupled plasma mass spectrometry analysis. From 2015 onward a percentage of pulps were also sent to SGS GEOSOL as an umpire laboratory for gold (FA-AA) and multielement ICP-MS analyses.

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 Mining is the second-largest gold producing company tenement holder in the Iron Quadrangle, holding approximately 69,000 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 covering an area of approximately 69,000 hectares. 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 gold mine complex. The company also owns the Paciencia gold mine complex, which has been on care and maintenance since 2012.

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