Mr. Vernon Baker reports

JAGUAR MINING REPORTS FIRST QUARTER 2024 PRODUCTION RESULTS

Jaguar Mining Inc. has released preliminary production results for the first quarter of 2024. Full financial results for the quarter will be reported and filed on SEDAR+ on May 8, 2024. All figures are in US Dollars, unless otherwise expressed.

First Quarter Operating Highlights

• Consolidated gold production was 16,177 ounces, compared with 18,155 ounces produced in the first quarter of 2023. First quarter production excludes approximately 450 ounces from Pilar and approximately 200 ounces from Turmalina, mined but in process on March 31, 2024.
• Consolidated tonnage processed was 191,307 tonnes at 3.03 g/t compared with 206,000 tonnes at 3.17 g/t in the first quarter of 2023.
• During the quarter, the Company completed primary development of 929 metres, secondary development of 1,050 metres, and exploration development of 510 metres; totalling 2,489 metres compared with the first quarter of 2023 where development totalled 2,880 metres.
• Diamond drilling completed during the quarter was 8,409 metres compared with the first quarter of 2023 drilling of 9,655 metres.
• The Company's cash position as at March 31, 2024 was $26.4 million compared with cash of $22.0 million as at December 31, 2023. The increase includes the collection of a $4.0 million receivable.

Vern Baker, President and CEO of Jaguar Mining stated: "Our production this quarter was impacted by a heavy rainy season which is typical in the first quarter. This year we faced the added challenges of dengue fever, which impacted manpower more than Covid, as well as stope cycling, all of which negatively impacted production levels. With the rainy season coming to an end, we have seen a significant decline in dengue fever cases and on a positive note, we finished the quarter with our strongest month of the year, producing 6,257 ounces in March. We are on track to recover the first quarter ounce shortfall in the second quarter and balance of the year. We continue to anticipate production levels from our existing operations will be consistent with levels in 2023. Faina will contribute to production in the second half of the year, ultimately resulting in an increase in overall production levels.

At Pilar, monthly production for March was the highest level seen in the last two years, which is in part due to the contribution from the new BA-Torre orebody which provided approximately 20% of the ore tonnes. Work continued during the quarter to develop and define the BA-Torre orebody and we expect its contributions will vary throughout this year as we invest in setting up the framework to produce significant tonnage from this zone in 2025 and beyond.

During the quarter, access and development at Faina continued and we remain on track for first stoping in the second half of the year with ounce production increasing as we ramp up operations.

We continue to invest in growing our reserve and resource base while maintaining a strong financial position. We ended the quarter with $26.4 million in cash, increasing from $22.0 million at year end. Although, we faced some challenges this quarter, we enter the second quarter with positive momentum and are confident that production from current mining areas will meet or exceed last year and we will increase production in the second half with Fainas contribution."

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. Jaguar holds the second largest gold land position in the Iron Quadrangle with over 55,000 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. 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. Additional information is available on the Company's website at www.jaguarmining.com.

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