Mr. Vern Baker reports

JAGUAR MINING REPORTS FOURTH QUARTER AND FULL YEAR 2023 PRODUCTION RESULTS AND PROVIDES OUTLOOK FOR 2024

Jaguar Mining Inc. has released preliminary production results for the fourth quarter and full-year 2023. Full financial results for the quarter and full year will be reported and filed on SEDAR+ on or before March 28, 2024. All figures are in U.S. dollars, unless otherwise expressed.

Fourth quarter and full-year 2023 operating highlights:

• Fourth quarter production increased 6.7 per cent over the previous quarter, continuing the positive trend of increasing production established in the third quarter, as modifications to mining methods and an emphasis on efficient operation continued to take effect.
• Fourth quarter consolidated gold production was 18,481 ounces, compared with 17,316 ounces produced in the third quarter, and 21,116 ounces produced in the fourth quarter of 2022. Annual consolidated gold production for 2023 was 70,702 ounces compared with 2022 production of 80,968 ounces.
• Fourth quarter consolidated tonnage processed was 195,595 tonnes at 3.35 grams per tonne (g/t) compared with 209,000 tonnes at 3.61 g/t in the fourth quarter of 2022. Annual consolidated tonnage processed was 812,954 tonnes at 3.09 g/t, compared with 837,000 tonnes at 3.43 grams g/t in 2022.
• In the fourth quarter, the company completed primary development of 1,123 metres, secondary development of 1,157 metres and exploration development of 513 metres; totalling 2,793 metres compared with the fourth quarter of 2022 where development totalled 3,103 metres. For the full-year 2023, development completed was 4,959 metres of primary, 5,219 metres of secondary and 1,655 metres of exploration for a total of 11,833 metres, compared with the full-year 2022 total development of 11,570 metres. These development rates provide sustainable progress on the ramp, ore development as well as exploration drives.
• Diamond drilling completed during the fourth quarter was 10,271 metres compared with the fourth quarter of 2022 drilling of 11,570 metres. Diamond drilling completed in 2023 was 44,843 metres compared with 88,150 metres drilled in 2022. The reduction in drilling year-over-year was the result of reduced contracted diamond drill metres, as several major drilling programs (including Faina surface drilling) were finished, and prudent cash management resulted in the company minimizing then eliminating underground contractor diamond drilling.
• The company's cash position as at Dec. 31, 2023, was $22.3-million compared with cash of $20-million as at Sept. 30, 2023. During the fourth quarter, the company benefited from higher realized gold prices which was the main driver of the increase in cash.

Vern Baker, president and chief executive officer of Jaguar, stated: "I am pleased to report our fourth quarter and full-year production results for 2023. With almost 18,500 ounces produced in the quarter, we are seeing the benefits from adjustments and work that started earlier in the year. Increases in production over the last two quarters and a higher realized gold price in the fourth quarter resulted in a strong year-end cash position of over $22-million.

"In 2023, we funded the continued development to access the Faina resource. That focus on the development of Faina will continue in 2024 as both infrastructure and ore development will continue throughout the year. Our first stoping at Faina is expected to occur in the second half of the year and ounce production will begin increasing at that point. We are confident in our ability to continue current production levels and to generate cash while we develop Faina and expect to see production increases beginning in the second half of the year."

2024 outlook

In 2024, the company expects production levels at Turmalina and Pilar to be consistent with the fourth quarter of 2023. It is expected that Faina will contribute to production in the second half of the year, resulting in an increase in overall production from 2023 levels. All-in costs are expected to improve throughout 2024, with higher production in the second half pushing unit costs per ounce down. The company expects to provide more formal guidance once it has further visibility on the timing and ramp-up of production at Faina.

Qualified person

Scientific and technical information 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.

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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