Mr. Vern Baker reports

JAGUAR MINING REPORTS FIRST QUARTER 2025 PRODUCTION RESULTS

Jaguar Mining Inc. has released preliminary production results for the first quarter of 2025. Full financial results for the quarter will be reported and filed on SEDAR+ by May 15, 2025. All figures are in United States dollars, unless otherwise expressed.

First-quarter operating highlights:

• Consolidated gold production was 9,923 ounces for the quarter and was solely from the Pilar mine, compared with 16,177 ounces produced in the first quarter of 2024, which included ounces produced from both the Pilar and Turmalina mines. The lower production year-over-year is the result of the loss of production from the Turmalina mine, which is currently suspended following a slump of material at its Satinoco dry-stack facility.
• The Pilar mine performed well during the quarter. Production increased by 6 per cent to 9,923 ounces from 86,645 tonnes at 3.99 grams per tonne gold with a recovery of 89 per cent, compared with production of 9,357 ounces from 95,930 tonnes at 3.46 g/t with a recovery of 88 per cent in the first quarter of 2024. This is an increase of 566 ounces and an improvement of 15 per cent in head grade from first quarter of last year.
• Development metres completed during the quarter at Pilar totalled 1,292 metres, with work continuing to develop the BA zone and deepen the ramp at a sustainable rate. This is an increase of 538 metres (71 per cent) in the development rate from the same quarter of last year.
• Diamond drilling at Pilar completed during the quarter totalled 5,439 metres, compared with 3,270 metres drilled during the first quarter of 2024.
• The company's cash position as at March 31, 2025, was $40.3-million, compared with cash of $46.3-million as at Dec. 31, 2024. During the first quarter, the company made payments of accrued expenses from the prior quarter as well as realized the initial financial impacts that resulted from the Satinoco dry-stack incident. The company did benefit from higher realized gold prices during the quarter, which averaged $2,800 per ounce.

Vern Baker, president and chief executive officer of Jaguar, stated: "I am very pleased with our efforts at the Pilar mine this quarter. We met our production target at the mine while developing a new plan to increase ounce production moving forward in 2025 and completing significantly more metres of development. Safety was a highlight this quarter, with all of this work accomplished with no reportable or lost-time incidents.

"Development at the Pilar mine was strong with 1,292 metres of primary and secondary development. We expect to see a few more metres in the coming quarters as the efforts to bring additional areas into production increase our available headings. The BA zone is one of our focuses as we continue opening new accesses and diamond drilling for resource extension and grade definition. Diamond drilling was also strong, as our team completed 5,439 metres. These efforts will facilitate increasing production at the Pilar mine this year to partially offset the loss of production from the Turmalina mine.

"The recent incident at our Turmalina mine has become an example to demonstrate how the disposal of tails in dry-stack piles is far safer and more environmentally friendly than wet deposition. In the case of our pile slump, there were no reported injuries or significant environmental impacts. Our team continues to work with various government agencies and organizations to bring the mine back into production as soon as possible.

"During the quarter, our team at the Santa Isabel mine, which is part of our Paciencia complex, started work on rehabilitation of access and installing pumping and power infrastructure to initiate a test mining program. This work is expected to deliver Paciencia tonnes to the Caete plant in the third quarter of this year.

"We believe our growth plan remains intact. This year, we will be focused on continuing with work to bring the Turmalina mine back into production. As soon as this happens, the Faina zone is in a good position to really begin contributing ounces. We also expect, with positive results from the Santa Isabel mine, to be able to better utilize the available capacity at our Caete plant. Efforts to advance the Oncas de Pitangui project continue, with the goal of beginning development in 2026."

Qualified person

Scientific and technical information contained in this press release has been reviewed and approved by Eric Duarte, Geo, MBA, FAusIMM, vice-president of business development, 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.

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 located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais, and include the MTL mining complex (Turmalina mine and plant) and the Caete mining complex (Pilar and Roca Grande mines, and Caete plant). The Roca Grande mine has been on temporary care and maintenance since April, 2019. The company also owns the Paciencia mining complex (Santa Isabel mine and plant), which had been on care and maintenance since 2012 and is planned to restart in 2025.

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