Mr. Vern Baker reports

JAGUAR MINING REPORTS UPDATED MINERAL RESERVES AND MINERAL RESOURCES

Jaguar Mining Inc. has released its mineral reserves and mineral resources (MRMR) statement for 2023. Proven and Probable (2P) Mineral Reserves and Measured, Indicated and Inferred Mineral Resources figures are reported for Jaguar's two operating mining and production complexes, Turmalina and Caete, and for the Paciencia complex, currently on care and maintenance. The Turmalina complex is comprised of the Turmalina mine, the Faina and Oncas de Pitangui growth projects as well as the Zona Basal and Pontal deposits. The Caete complex is comprised of the Pilar mine, the Roca Grande mine (on care and maintenance) and the Corrego Brandao deposit. The Paciencia complex is comprised of the Santa Isabel and Margazao mines (both on care and maintenance) and the Bahu deposit.

Detailed tabulations and discussion of this 2023 MRMR disclosure may be found within the company's AIF Document which will be uploaded to SEDAR+ on or before the March 31, 2023. An updated NI 43-101 Technical Report for the Turmalina complex was uploaded to SEDAR+ on the February 2, 2024.

HIGHLIGHTS

• Consolidated Proven and Probable Mineral Reserves show additions of 132,000 ounces reflecting the addition of reserves at the Faina project, offset by mined depletion at Pilar and Turmalina of 88,000 ounces and removal of remnant material from inventory at Turmalina of 28,000 ounces for a net increase of 4 per cent to 470,000 ounces, (4,015,000 tonnes at 3.64 g/t Au).
• Faina Probable Mineral Reserves added 132,000 ounces (787,000 tonnes at 5.22 g/t Au) to Jaguar's 2P Mineral Reserves inventory.
• Consolidated Measured and Indicated Mineral Resources increased by 27 per cent to 1,676,000 ounces, (12,633,000 tonnes at 4.12 g/t Au), reflecting the addition of measured and indicated mineral resources from the Oncas de Pitangui project.
• Oncas de Pitangui Indicated Mineral Resources added 448,000 ounces, (3,423,000 tonnes at 4.07 g/t Au) to Jaguars Mineral Resources inventory.
• Consolidated Inferred Mineral Resources increased by 41 per cent to 1,628,000 ounces, (14,175,000 tonnes at 3.58 g/t Au), driven by the addition of inferred mineral resources from the Oncas de Pitangui project.
• Oncas de Pitangui Inferred Mineral Resources added 379,000 ounces, (3,343,000 tonnes at 3.53 g/t Au) to the company's inventory.
• Life of Mine (LOM) plans at the Pilar operation forecast production at current rates into 2028. At the Turmalina complex, with Faina ramping up from this year through 2026, the LOM extends at increased production rates beyond 2030. The company continues to progress project work required to support the publication of initial mineral reserves for the Oncas de Pitangui project (current Indicated and inferred mineral resource at Sao Sebastiao) in the fourth quarter of 2024.

Vern Baker, CEO of Jaguar Mining stated, " This year's Mineral Reserve and Mineral Resource update further advances our organic growth strategy, especially with the initial disclosure of probable Mineral Reserves from our Faina project and the addition of 800,000 ounces of Mineral Resources added from the acquisition of Iamgolds Sao Sebastiao deposit and Oncas de Pitangui project . A net increase of 4 per cent in Mineral Reserves along with the material increases in Mineral Resources is a very positive driver underpinning the long-term future of the company.

2023 MINERAL RESERVES AND MINERAL RESOURCES

Mineral Reserves

During the year, the company's consolidated Proven and Probable Mineral Reserves showed additions of 132,000 ounces at the Faina project, partly offset by mined depletion at Pilar and Turmalina of 88,000 ounces and the removal of remnant material from inventory at Turmalina of 28,000 ounces, for a net increase of 4 per cent to 470,000 ounces (4,015,000 tonnes at 3.64 g/t Au).

Turmalina complex Proven and Probable (2P) Mineral Reserves of 276,000 ounces, (2,109,000 tonnes at 4.07 g/t Au) reflects a net increase of 62,000 ounces from the prior year. Mining in 2023 depleted 42,000 ounces from the Mineral Reserve and a further 28,000 ounces of Mineral Reserves attributed to remnant material was re-evaluated, proved to be uneconomic, and removed from inventory. At Faina, an initial Mineral Reserve was estimated, as detailed in a NI 43-101 Technical Report for the Turmalina complex.

The 2P Mineral Reserves at Turmalina (excluding Faina) can be separated between Orebody A (24,000 ounces, 177,000 tonnes at 4.16 g/t Au), Orebody B (32,000 ounces, 302,000 tonnes at 3.33 g/t Au), and Orebody C (88,000 ounces, 843,000 tonnes at 3.24 g/t Au).

At Pilar, 2P Mineral Reserves are reported as 194,000 ounces, (1906,000 tonnes at 3.17 g/t Au) which reflects a net decrease of 46,000 ounces by mined depletion.

At Pilar, a 17 per cent reduction in the Mineral Reserve grade year-over-year from 3.81 g/t Au to 3.17 g/t Au was reported. This difference largely reflects the impacts of geometrical and grade challenges associated with unexpected geological complexity encountered in early 2023, especially on level 15. The average produced grade in the first and second quarter of 2023 of 3.26 g/t Au is consistent with this reduced Mineral Reserve grade reported in this disclosure. It is important to note that modifications to mining methodology and grade control protocols implemented late in the second quarter to mitigate these reconciliation and geometrical / grade challenges saw the produced grade at Pilar increase to 3.68 g/t Au by the fourth quarter of 2023. However, due to timing constraints, the database cut-off date for the Mineral Reserves disclosure presented here was July 31, 2023, which did not capture any drilling (77 holes) or productive development sampling results (approximately 1,000 metres) achieved subsequent to July 31, 2023, in the remainder of 2023. The results from this incremental drilling and development sampling were generally higher grade than the areas mined in the first and second quarter. The company also reported higher grades in production during the fourth quarter of 2023 and expects these grade improvements to be incorporated in the next MRMR estimation cycle, through which Pilar mine inventories can be expected to return to pre-2023 levels.

2P Mineral Reserves at Pilar can be divided between Orebody BA (26,000 ounces, 237,000 tonnes at 3.36 g/t Au), Orebodies BFs (92,000 ounces, 869,000 tonnes at 3.29 g/t Au), Orebody SW (54,000 ounces, 550,000 tonnes at 3.05 g/t Au), Orebody Torre (12,000 ounces, 127,000 tonnes at 2.98 g/t Au) and others (11,000 ounces, 122,000 tonnes at 2.77 g/t Au).

Consolidated Turmalina complex (Measured and Indicated) Mineral Resources (Underground) are reported as 1,143,000 ounces (8,411,000 tonnes at 4.23 g/t Au) and Inferred Mineral Resources 881,000 ounces, (Underground, 6,862,000 tonnes at 3.85 g/t Au and Open Pit, 781,000 tonnes at 1.28 g/t Au) subdivided as follows:

Underground Mineral Resources

• Turmalina mine Measured and Indicated Mineral Resources are reported as 432,000 ounces (3,295,000 tonnes at 4.08 g/t Au).Turmalina mine Inferred Mineral Resources are reported as 133,000 ounces (1,271,000 tonnes at 3.26 g/t Au).
• Faina project Measured and Indicated Mineral Resources of 233,000 ounces (1,427,000 tonnes at 5.08 g/t Au). Unchanged from the prior year's disclosure.
• Faina project Inferred Mineral Resources are reported as 232,000 ounces (1,420,000 tonnes at 5.09 g/t Au). Unchanged from the prior year's disclosure.
• Pontal deposit Measured and Indicated Mineral Resources are reported as 29,000 ounces (266,000 tonnes at 3.44 g/t Au).
• Pontal deposit Inferred Mineral Resources are reported as 24,000 ounces (159,000 tonnes at 4.72 g/t Au)
• Pontal South deposit Inferred Mineral Resources are reported as 81,000 ounces (669,000 tonnes at 3.76 g/t Au).

Open Pit Mineral Resources

Initial Zona Basal deposit Inferred Mineral Resources (Open Pit) are reported as 32,000 ounces (781,000 tonnes at 1.28 g/t Au) unchanged from the prior year's disclosure.

Consolidated CCA Complex (Measured and Indicated) Mineral Resources (Underground) are reported as 534,000 ounces (4,222,000 tonnes at 3.92 g/t Au) and Inferred Mineral Resources 511,000 ounces, (Underground, 3,660,000 tonnes at 3.92 g/t Au and Open Pit, 43,000 tonnes at 2.08 g/t Au) subdivided as follows:

Underground Mineral Resources

• Pilar mine Measured and Indicated Mineral Resources are reported as 413,000 ounces (3,260,000 tonnes at 3.93 g/t Au).
• Pilar mine Inferred Mineral Resources are reported as 343,000 ounces (2,771,000 tonnes at 3.87 g/t Au).
• Roca Grande mine Measured and Indicated Mineral Resources are reported as 121,000 ounces (962,000 tonnes at 4.0 g/t Au), unchanged from the prior year's disclosure.
• Roca Grande mine Inferred Mineral Resources are reported as 117,000 ounces (889,000 tonnes at 4.0 g/t Au), unchanged from the prior year's disclosure.

Open Pit Mineral Resources

Corrego Brandao Inferred Mineral Resources are reported as 51,000 ounces (1,072,000 tonnes at 1.48 g/t Au) unchanged from the prior year's disclosure.

Consolidated CPA Complex Inferred Mineral Resources, unchanged from the prior years disclosure, are reported as 235,000 ounces (Underground 1,756,000 tonnes at 4.12 g/t Au, Open Pit 43,000 tonnes at 2.08 g/t Au) subdivided as follows:

Underground Mineral Resources

• Santa Isabel mine Inferred Mineral Resources are reported as 126,000 ounces (978,000 tonnes at 4.01 g/t Au).
• Margazao mine Inferred Mineral Resources are reported as 63,000 ounces (445,000 tonnes at 4.44 g/t Au).
• Bahu Inferred Mineral Resources are reported as 43,000 ounces (333,000 tonnes at 3.99 g/t Au).

Open Pit Mineral Resources

• Bahu Inferred Mineral Resources are reported as 3,000 ounces (43,000 tonnes at 2.08 g/t Au).

An updated NI 43-101 Technical Report for the CPA Complex was published and uploaded to SEDAR on May 30, 2023.

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, P.Eng., and (ii) in respect of the estimated Mineral Resources by Pierre Landry, P. Geo (Turmalina, Faina, Pitangui, Zona Basal, Pontal, Pontal South, CPA) and Reno Pressacco, P. Geo (Pilar, RG , Corrego Brandao, CPA) of SLR Consulting (Canada) Ltd 55 University Avenue, Suite 501, Toronto, Ontario M5J 2H7. SLR is an independent mining consultancy and Mr. Sepp, Mr Landry, and Mr. Pressacco 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 (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").

Quality Control

All sampling and samples utilized at Jaguar for Mineral Resource and or Mineral Reserves estimation uses 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 companys 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 multi-elementary 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 QA/QC procedures, please refer to "Technical Report on the Roca Grande and Pilar Operations, Minas Gerais State, Brazil ", a copy of which is available on the company's SEDAR profile at www.sedar.com.

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.

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 south-eastern 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 Mining is the third largest operating gold company tenement holder in the Iron Quadrangle, holding or having access to some 56,000 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 covering an area of approximately 56,000 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. Additional information is available on the company's website at www.jaguarmining.com.

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