• The depletion of 29 koz resulting from mining activities in 2024;

• The subtraction of 5 koz resulting from a risk analysis performed in 2024 and,

• Orebody A (29 koz, 226 kt @ 3.95 g/t Au);

• Orebody B (30 koz, 304 kt @ 3.04 g/t Au); and

Figure 3. Long Sections showing year-over-year changes in Turmalina mine Mineral Reserves 2024 vs 2023

Figure 4. Long Sections showing year-over-year changes of the Faina zone Mineral Reserves
2024 vs 2023

Caeté Complex Mineral Reserves

Figure 6. Long Section showing year-over-year changes in Pilar mine Mineral Reserves 2024 vs 2023

Mineral Resources

Detailed information of the Company's current consolidated Mineral Resources inventory as at December 23, 2024, is shown in Table 2 at the end of this release.

MTL Complex

Consolidated MTL complex (Measured and Indicated) Mineral Resources underground are reported as 1,104koz (8,219 kt @ 4.18 g/t Au) and Inferred Mineral Resources underground are reported as 906 koz (7,371 kt @ 3.82 g/t Au). Open pit Inferred Mineral Resources are reported as 32kozs (781 kt @ 1.28 g/t Au). The consolidated Mineral Resources are subdivided as follows:

Underground Mineral Resources

• Onças de Pitangui project Inferred Mineral Inferred Resources are reported as 490 koz, (4,184 kt @ 3.64 g/t Au).

Figure 8. Long Section of the Turmalina mine's Mineral Resources year-over-year changes (2024 vs. 2023).

Caeté Complex

• Pilar mine Measured and Indicated Mineral Resources are reported as 435 koz, (3,144 kt @ 4.30 g/t Au).

• Pilar mine Inferred Mineral Resources are reported as 335 koz, (2,708 kt @ 3.85 g/t Au).

• Roça Grande mine Measure and Indicated Mineral Resources are reported as 121 koz, (962 kt @ 3.90 g/t Au).

Figure 11. Long Section showing year-over-year changes of the Pilar mine Mineral Resources 2024 vs. 2023.

MTL Complex

The MTL Complex underground operations consist of several geological structures grouped into three orebodies - Orebodies A, B, C (the Turmalina mine) - and the Faina zone, where production began in 2024 through underground development.

Orebody A, responsible for the bulk of the Turmalina mine accumulated production estimated in 870 recovered koz, is folded and steeply east dipping, with a strike length of approximately 250 m to 300 m, and average thickness of six metres. Underground development has exposed approximately 1,100 vertical metres of Orebodies A and B mineralization along a robust down-plunge continuity.

Orebody B includes three narrow, lower grade lenses positioned in the foot-wall, parallel to Orebody A. Orebody B mineralization has been outlined along a strike length of approximately 350 m to 400 m and to the same depths of Orebody A.

Orebody C is a series of northwest striking, lenses generally of lower grade located to the southwest in the structural footwall of Orebody A. Orebody C has replaced Orebody A as the Complex's principal production source. Mineralization has been outlined along a strike length of approximately 800 m to 850 m, to depths of 750 m below surface.

Orebodies A, B and C from Turmalina mine and the Pilar mine (Caeté Complex) share similar strong structural controls of the mineralization with the major gold mines known in the Iron Quadrangle Gold Province, well known for their reduced strike length compared to very deep, continuous down-plunge continuities.

Explored in the past through diamond drilling, the Faina zone is an orebody currently under development constituted by a series of offset striking parallel structures extending from surface to depth.

The focus of mining at Turmalina is shifting from Orebodies A and B to Orebody C and Faina zone. Orebody C continues to grow with successful conversion of Resources to Reserves. In addition to the development initiated at the Faina zone in 2024, the recent re-categorization of the Onças de Pitangui project Mineral Resources that resulted in 284 koz of Probable reserves will contribute to the MTL complex production growth.

The Pontal and Zona Basal deposits are unchanged from the previous year's estimates.

Caeté Complex

The Pilar Mineral Reserve 2024 inventory remained almost the same if compared to 2023 due to the gradual reduction in drilling activities and the depletion of 26 koz attributed to Orebody SW, located in the opposed limb of the major structure that hosts the Pilar mine mineralization resulting from geological modelling parameters.

No changes of the Mineral Resources inventories were reported in 2025 in the Roça Grande mine and the Córrego Brandão deposit.

Paciência Complex

No changes in Mineral Resources inventories were reported in 2024 in the Santa Isabel and Marzagão mines, and the Bahú deposit.

Table 1. Consolidated Mineral Reserves as at December 31, 2024

2. The released underground Mineral Reserves estimations include the Turmalina and Pilar mines the Faina zone, and Onças de Pitangui project.

3. Cut-off grades and constraints employed in the estimate such as minimum width and eventual minimum height for underground development and stopping are indicated in Table 4

4. Bulk density is 2.85 t/m3.

5. The Exchange rate of R$5.20 / US$1.00 was applied to all the estimates.

6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

7. Numbers may not add due to rounding.

Table 2. Consolidated Mineral Resources as at December 31, 2024

1. CIM (2014) definitions were followed for the classification of Mineral Resources.

2. The released Mineral Resources estimations include the Turmalina, Pilar, Roça Grande, Santa Isabel and Marzagão mines, the Faina zone, Pontal deposit, and Onças de Pitangui project underground Mineral Resources and the Zona Basal deposit, the Bahu and Córrego Brandão open-pit zones Mineral Resources.

3. Mineral Resources are inclusive of the Mineral Reserves at the Turmalina and Pilar mines, the Faina zone and Onças de Pitangui project.

4. Drill hole and channel samples assay results freeze dates are indicated in Table 5.

5. Freeze dates for depletion purposes relative to mining and forecast production volumes are shown in Table 5.

6. Long-term gold price applied to the Mineral Resources estimations are informed in Table 5.

7. Cut-off grades and constraints employed in the estimate such as minimum width and eventual minimum height for underground Mineral Resources and pit optimizations using Lerchs-Grossmann algorithm for open pit Mineral Resources estimations are indicated in Table 5.

8. The Exchange rate of R$5.20 / US$1.00 was applied to all the estimates.

9. Numbers may not add due to rounding.

Table 3. List of NI 43-101 Technical Reports and Internal Reports Employed to Support the Mineral Reserves and Resources Figures

Alfred Colas
Chief Financial Officer
Jaguar Mining Inc.
alfred.colas@jaguarmining.com
416-847-1854

Forward-Looking Statements

Certain statements in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking information made in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as "are expected," "is forecast," "is targeted," "approximately," "plans," "anticipates," "projects," "anticipates," "continue," "estimate," "believe" or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will" be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to be or include forward-looking information. This news release contains forward-looking information regarding, among other things, the duration of the indefinite suspension of the Company's MTL complex in the wake of the slump at its Satinoco dry tailings pile, the Company's assessment of the environmental impact of the Satinoco tailings slump, the expected operational impact of the tailings pile slump, including the cost and timeline for (and feasibility of) recommencing operations at the Turmalina mine, the future stability of the tailings pile in question and safety of the Turmalina mine, the Company's assessment of the financial impact of legal claims, regulatory fines and investigations related to the tailings pile slump, including the likelihood of successful appeals or settlements, which are currently ongoing and subject to a wide range of possible outcomes, the potential for new regulatory requirements, operational restrictions and increased inspections imposed by Brazilian mining authorities, the Company's ability to effectively manage relationships with affected community members, repair its social license and mitigate reputational damage, the potential for unforeseen environmental or human health consequences resulting from the tailings pile slump and the Company's ability to address any such issues, the Company's expectations regarding its ability to secure sufficient financing and maintain liquidity in light of the financial burdens associated with the tailings pile slump, the Company's plans for stakeholder engagement, risk mitigation and corporate responsibility initiatives aimed at ensuring long-term sustainability, management's expectations regarding the Company's response to the tailings pile slump and the Company's recovery and remediation efforts at the MTL complex, any information and statements related to expected growth, sales, production statistics, ore grades, tonnes milled, recovery rates, cash operating costs, definition/delineation drilling, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, currency fluctuations, capital requirements, project studies, mine life extensions, restarting suspended or disrupted operations, continuous improvement initiatives, and resolution of pending litigation. The Company has made numerous assumptions with respect to forward-looking information contained herein, including, among other things, assumptions about the future and long-term stability of the Satinoco tailings pile; there will be no unforeseen adverse weather events or other external factors that could delay the Company's recovery or remediation efforts; the current assumptions regarding the extent of the damage and timeline for repairs at the MTL complex remain accurate and will not require significant revision as further assessments are completed; estimated timeline for the development of the Company's mineral properties; the supply and demand for, and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any potential power rationing, tailings facility regulation, exploration and mine operating licenses and permits being obtained and renewed and/or there being adverse amendments to mining or other laws in Brazil and any changes to general business and economic conditions. Forward-looking information involves a number of known and unknown risks and uncertainties, including among others: the risk of Jaguar not meeting the forecast plans regarding its operations and financial performance; uncertainties with respect to the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in environmental legislation and regulation, weather delays and increased costs or production delays due to natural disasters, power disruptions, procurement and delivery of parts and supplies to the operations; uncertainties inherent to capital markets in general (including the sometimes volatile valuation of securities and an uncertain ability to raise new capital) and other risks inherent to the gold exploration, development and production industry, which, if incorrect, may cause actual results to differ materially from those anticipated by the Company and described herein. In addition, there are risks and hazards associated with the business of gold exploration, development, mining and production, including environmental hazards, tailings dam failures, industrial accidents and workplace safety problems, unusual or unexpected geological formations, pressures, cave-ins, flooding, chemical spills, procurement fraud and gold bullion thefts and losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Accordingly, readers should not place undue reliance on forward-looking information.