Mr. Vernon Baker reports

JAGUAR MINING ACCESSES NEW HIGH-GRADE MINERALIZED ZONE IN BA-TORRE STRUCTURE

Exploration access development on the Level 15.2 elevation in the BA-Torre structure of Jaguar Mining Inc.'s Pilar mine in Brazil has intersected and confirmed extensive high-grade mineralization, previously intersected in exploration diamond drill holes announced in the first half of 2023.Jaguar believes that this area could positively affect the Pilar mine's future production capacity.

Vern Baker, President and CEO of Jaguar Mining stated "Based on follow-up exploration work conducted through the second half of 2023 and to date, we believe that we have identified a new mining horizon at Pilar, with the BA-Torre structure showing significant continuity of higher-grading mineralized material, which extends below and above level-15 elevation. This area has the potential to be a game changer for the Pilar mine. We are showing an area with numerous drill holes and development on one horizontal level. This area is quite interesting for its potential, which we are eager to quantify as we develop official resources or reserves."

In early 2023, Jaguar reported (see Press Release dated February 21, 2023) a high-grade diamond drilling intercept in hole PPL850 on the BA-Torre structure grading 42.35 g/t Au (uncut) over an estimated true width of 3.2m within a broader zone grading 20.93 g/t Au over an estimated true width of 10.0m on the level 16 elevation (-200m AMSL). A subsequent follow-up diamond drill hole PPL1011B was completed in the second quarter of 2023 targeting the up-plunge projection of the hole-PPL850 intersection on level 15 elevation (the level with closest development). This second hole also intersected strong mineralization grading 6.86 g/t over an estimated true width of 10.5m, including 14.45 g/t Au over an estimated true width of 3.5m. Access development was initiated in the third quarter of 2023 to intercept the impact location of hole PPL 1011B. This development drift traversed strong Banded Iron Formation (BIF) hosted mineralization over a continuous strike length of 130m. Channel sample grades reported from this development are more than double Pilars average channel sample grades and over widths greater than 4m (mean sample* value 9.01 g/t Au (uncut) or 6.22 g/t Au (top cut applied to samples > 15g/t) over a mean channel width of 6.15m) (*all samples). The best individual channel results are presented below.

• 20.2 g/t Au over an estimated true channel width of 9.6m
• 21.0 g/t Au over an estimated true channel width of 7.0m
• 23.2 g/t Au over an estimated true channel width of 5.6m

Exploratory and follow-up diamond drilling completed subsequent to the first high-grade impacts mentioned above have also reported high-grade intercepts within the BA-Torre structure, both up-and down-plunge of the initial drill intercepts and include the following best intersections:21.18 g/t Au over an estimated true width of 2.0m in hole PPL 104212.36 g/t Au over an estimated true width of 2.0m in hole PPL 10447.39 g/t Au over an estimated true width of 3.9m in hole PPL 10447.17 g/t Au over an estimated true width of 8.2m also in hole PPL 1044

Vern Baker, President and CEO of Jaguar Mining added: "The geologic team at Pilar has done a great job of defining a target, putting holes in that target and getting our full team excited and focused on this new opportunity. The results currently show 200 vertical meters of plunge extent with potential to expand up-plunge 400 vertical meters and it is still unknown how far down-plunge. We have developed on level 15-2 some 130 meters of continuous strike length in the mineralized structure with channel sample grades well over what we are experiencing in our current ore structures. The BA-Torre structure represents a significant opportunity to provide mineral resources both above and below our current development. The structure is close to our current mining areas and infrastructure, providing the opportunity to develop both up and down-plunge. As we go deeper, below Level 18, we plan to have a single ramp for access to both the BA-Torre and the BF structures. Diamond drilling to date shows 200 vertical meters of structure with excellent grades. Our best intercept (20.93 g/t Au over an estimated true width of 10m) is 60 meters below our current access on level 15-2. While a significant expansion in Mineral Reserves and Mineral Resources is probably a year out, we expect to see our first test mining later in the first quarter. Our development on a single horizon has already sent almost 1,900 ounces to the surface which would indicate the potential for a 60-meter level to produce well over 20,000 ounces. We are excited about the potential of this structure and expect it to add a vital new production area for Pilar and for our company in 2024. I would like to specifically thank Tiago Pedro de Souza, a talented geologist on our team, for his perseverance in finding this opportunity for Jaguar."

Historically, the BA-Torre structure was the main producing ore-zone at Pilar from higher levels in the mine above level 7. Below level 7, mineralization on the BA-Torre structure diminished in terms of grade and thickness. At that time the focal point of mining became the nearby BF structure which has been and remains the main source of production down to current mining levels (levels 15 and 16). The re-appearance of high grades within the BA-Torre structure on level 15 and 16, currently being extended by additional diamond drilling, provides the Pilar operation with real potential to improve production in a relatively short time period. The new BA-Torre zone provides significant upside potential both up-plunge (above level 15 to level 7) and down-plunge below level 15 to depth. Recent high-grade diamond drill intersections within the BA-Torre structure and development highlight strong mineralization and grades over a continuous strike length of some 130m.

Geological Description

The high-grade gold mineralization is hosted by a well-developed layer of BIF as outlined by detailed geological mapping of development faces exposed in the access crosscut on level 15.2 (Figures 4 and 5). The BIF is comprised of both carbonate and silicate facies, surrounded by undifferentiated metavolcanic and sedimentary schists. The highest grades are associated with hydrothermal alteration (quartz-sericite-chlorite-carbonate) and 5-15% of semi-massive to disseminated coarse subhedral grains of Arsenopyrite and subsidiary Pyrrhotite.

The BIF exposures show a succession of overturned folds (synform-antiform pairs), with fold axes plunging to the south at medium to low angles.

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 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.

We seek Safe Harbor.