Mr. Vernon Baker reports

JAGUAR MINING REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2023

Jaguar Mining Inc. has filed its year-end results, the highlights of which are included in this news release. The full set of audited consolidated financial statements for the fiscal years ended Dec. 31, 2023, and 2022, accompanying management's discussion and analysis, and annual information form can be viewed by visiting the company's website or its profile page on SEDAR+. All figures are in U.S. dollars unless otherwise expressed.

Fourth quarter and full-year 2023 highlights:

• Gold production for the quarter was 18,482 ounces, and gold sold was 18,098 ounces at cash operating costs of $1,089 per ounce of gold sold and all-in sustaining costs of $1,510 per ounce of gold sold. Realized gold prices were $1,982 per ounce.
• Gold production for the full year was 70,704 ounces, and gold sold was 70,525 ounces at cash operating costs of $1,126 per ounce of gold sold and all-in sustaining costs of $1,618 per ounce of gold sold. Realized gold prices were $1,936 per ounce.
• Revenue for the quarter and full year was $35.9-million and $136.5-million, respectively, in line with revenue in the fourth quarter of 2022 and 4 per cent lower compared with full-year 2022, driven by fewer ounces produced and sold, which were mostly offset by higher realized gold prices.
• Net income for the quarter and full year was $10.7-million (14 cents per share) and $15.9-million (21 cents per share), respectively. Net income for the quarter included credits from the recognition of $5.8-million of a deferred tax asset and impairment reversals of $3.9-million, partially offset by a $1.0-million charge for a provision against a current receivable balance.
• Operating costs for the quarter and full year were $19.7-million and $79.4-million, respectively, compared with operating costs for the quarter and full year of $21.4-million and $84.2-million, respectively, in 2022.
• Free cash flow for the quarter and full year was $4.3-million and $11.5-million, respectively, and was based on operating cash flow plus asset retirement obligation expenditures, less capital. Free cash flow per ounce sold for the quarter and full year was $236 and $163, respectively.
• As at year-end, the company had cash and cash equivalents of $22.0-million.

Vern Baker, president and chief executive officer of Jaguar Mining, stated: "We are pleased to report our fourth quarter and full-year results for 2023. Strong gold prices and cost optimizations helped offset the many headwinds we faced this past year, including inflation and lower production, and enabled us to end the year with a cash position of $22-million. Production in the second half of the year stabilized, and we realized the benefits from adjustments and work that began earlier in the year. Our cost management efforts were evident in the fourth quarter as we reduced our all-in sustaining costs both on a per-tonne and a per-ounce basis despite fewer tonnes being processed. We expect to leverage this better cost structure as we grow our production over the next several years.

"During the year, we focused on developing our future growth pipeline with a full year of lateral development at our Faina project, where we reached the resource area at the end of 2023. Our focus on the development of Faina will be at the forefront again in 2024 as both infrastructure and ore development will continue throughout the year. The first stoping is expected in the second half of the year, and ounce production will increase beyond that point as we ramp up operations. We added further to this growth pipeline with the purchase of Iamgold's Brazilian assets, which include the Oncas de Pitangui project. This project increased our resource base and advanced our corporate strategy to leverage our extensive nearby infrastructure. We have continued the work started by Iamgold on permitting the Oncas de Pitangui project, and expect that project development will begin in 2026, followed by first gold that same year and reaching full production in 2028."

2024 outlook

In 2024, the company expects production levels at the Turmalina and Pilar mines 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 sustaining costs are expected to improve throughout 2024, with higher production in the second half pushing unit costs per ounce down.

Mr. Baker added: "We have a great opportunity in front of us as Faina ramps up to full production over the next few years. Our opening up of the Pilar BA-Torre structure has invigorated the Pilar mines performance and will contribute to its production in 2024 and ramp up production in 2025 and beyond. With permitting processes moving forward at Oncas de Pitangui and other small resources, we expect to build on our base and grow our mine production over the next few years to more fully utilize our existing infrastructure."

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.

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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