Mr. Vernon Baker reports

JAGUAR MINING PROVIDES POSITIVE RESULTS FROM ITS 2023 EXPLORATION PROGRAM

Jaguar Mining Inc. has released positive results from exploration activities completed during 2023 over three new target trends across the company's extensive tenement portfolio, located in the Iron Quadrangle in the state of Minas Gerais, Brazil.

During 2023, in parallel with its in-mine exploration activities, the company continued to advance generative and phase 1 exploration programs over areas identified as high-priority targets. These targets are strategically important as they are the pipeline of high-potential exploration projects in Jaguar's extensive tenement package. The package, which is 56,000 hectares, includes tenements attributed to its 2023 acquisition of Iamgold's Brazilian assets.

The majority of work completed focused on initial reconnaissance drill testing of the Carancas target within the Rocinha-Carrancas-Carneiro trend close to the company's Caete complex. Outcrop and trench sampling at various targets along the Rio do Peixe trend and soil sampling targeting previously untested southern extensions to the mineralized Paciencia trend from the currently closed Santa Isabel mine southward to the tenement limit.

Jon Hill, vice-president, exploration and geology, at Jaguar Mining, stated: "Exploring a pipeline of high-potential targets within our exploration portfolio is a fundamental part of the company's long-term strategy. This past year was a breakthrough year for us as we reported initial mineral reserves at our Faina project, reported a material increase in mineral resource inventories booked through the acquisition of Iamgold's Brazilian assets and advanced a new high-grade mineralized zone on the BA structure at our Pilar mine. Our ability to continually generate and progress high-quality priority targets across our 56,000 ha strategic tenement package again speaks to the quality of our portfolio and the opportunity the company has for new discoveries."

Rocinha-Carrancas-Carneiro trend

This mineralized trend is nine kilometres to the east of the company's Caete plant and is defined by extensive historical surface and underground excavations which have been mapped and sampled over approximately five km of strike length. Rock chip channel sampling of historical underground excavations reported several very high-grade samples over intervals ranging from 0.7 metre to over three m in true thickness. The mineralization is associated with silicification and quartz veining and quartz-sericite-chlorite-carbonate alteration with associated fine disseminated pyrite within a series of shallow-dipping shear zones which traverse the host greenschist sequence at a shallow angle. The host greenschists comprise both metavolcanic and metasedimentary units and interlayered banded iron formation.

The company completed a series of shallow reconnaissance diamond drill holes in 2023 to confirm the orientation and quantify the upside potential of the high-grade mineralization sampled in the underground workings. The first hole, FCAR001, intersected a wide zone of mineralization grading 16.69 grams per tonne Au over a true width of 4.8 m, which significantly enhanced the potential of this project. The targeted structure was successfully intersected in several stepout holes but reported lower grades and thicknesses. Based on this early work, the geological models are being reviewed and refined to determine what geological conditions can be used distinguish more favourable sites for higher-grade, thicker areas from lower-grade, narrower areas to inform drill targeting going forward.

Rio do Peixe trend

This Rio do Peixe mineralized trend is located approximately 20 km northeast of the company's Paciencia complex and is defined by extensive historical surface and underground excavations which have been mapped and sampled by the company over three km of strike. Surface trenching and rock chip sampling have returned encouraging sampling results which include a best trench sample result of 8.89 g/t Au over 10.4 m (true width unknown) and rock chip samples up to 21.9 g/t Au.

The mineralization is associated with quartz veining and quartz-sericite-chlorite-carbonate alteration with fine disseminated pyrite within a series of steep-dipping mylonitic shear zones. The host greenschists comprise variably sheared ultramafic, mafic and quartz-sericite schists and banded iron formation.

Paciencia trend

The Paciencia trend is defined by a major mineralized crustal shear zone which traverses the company's Paciencia complex tenement package over a strike length of approximately 15 km. In 2023, the company completed a soil sampling program (1,200 samples) targeting previously untested southern extensions to the mineralized Paciencia trend from the currently closed Santa Isabel mine southward to the tenement limit.

This program has successfully defined a robust (greater than 100 parts per billion Au), gold-in-soil anomaly named Chame-Cedro that extends the potential mineralization trend southward along this structure by four km. Follow-up surface mapping and rock chip sampling has reported to date more than 10 samples with gold values greater than five g/t Au with a peak grade of 22 g/t Au.

Quality assurance/quality control

All sampling and samples utilized at Jaguar uses a quality assurance/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 company's in-house laboratory located at the Caete complex, in 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 the company'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.

The drilling results presented in this news release are from drill holes completed by the company's own fleet of diamond drilling rigs.

Qualified person

Scientific and technical information contained in this press release has been reviewed and approved by Mr. Hill, BSc (honours) (economic geology -- UCT), FAUSIMM, vice-president, exploration and geology, 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.

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 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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