Mr. Luis Tondo reports

JAGUAR MINING INC. REPORTS 30% YEAR-OVER-YEAR GOLD PRODUCTION GROWTH IN Q3 2026

Jaguar Mining Inc. has released its operating results for the third quarter of 2026. Consolidated gold production rose 30 per cent year over year, driven by the continued ramp-up of the Turmalina mine (part of the MTL complex) and steady performance at the Pilar mine, alongside continued progress on the ramp-up of the MTL complex. Full financial results for the quarter will be reported and filed on SEDAR+ by Nov. 13, 2026. All figures are in United States dollars, unless otherwise expressed.

"This quarter marks another step forward in Turmalina's ramp-up, with the Faina orebody now also representing a main source of plant feed and development advancing to open the next mining fronts. Pilar, in turn, continues to show the consistency that underpins our plans," commented Jaguar Mining chief executive officer Luis Albano Tondo. "With our production guidance for the year maintained, we are focused on delivering."

• Third quarter 2026 operating highlights consolidated gold production: Jaguar Mining produced a total 12,981 ounces in Q3 2026, consisting of 8,549 ounces from the Pilar mine and 4,432 ounces from the Turmalina mine. This represents a 30-per-cent increase compared with the 10,002 ounces produced in Q3 2025, when production was delivered exclusively from Pilar. Production for the first nine months of 2026 totalled 35,667 ounces, a 15-per-cent increase compared with the 30,899 ounces produced in the same period of 2025. The continued ramp-up of the Turmalina mine remains on track with the company's 2026 production plan, contributing approximately 34 per cent of consolidated production in the quarter and supporting the expected growth in annual gold output.
• Pilar mine performance: The Pilar mine produced 8,549 ounces of gold in Q3 2026 from 108,255 tonnes processed, with an average head grade of 2.76 grams per tonne Au and recovery of 89 per cent. This compares to 10,002 ounces produced in Q3 2025 from 94,586 tonnes processed at an average head grade of 3.68 g/t Au. The quarter was characterized by 14-per-cent higher ore throughput and lower average head grades, reflecting a higher contribution of development ore, adjustments to the mining sequence and grade variability between mine estimates and plant feed grade. In response, the company reinforced its grade control protocol and monitoring and brought forward additional mining faces, which, together with continuing ventilation improvements and directional drilling under way at the Pilar mine, are expected to increase mining flexibility, improve grade predictability and support operational reliability going forward.
• Turmalina mine performance: The Turmalina mine produced 4,432 ounces of gold in Q3 2026 from 51,144 tonnes processed, at an average head grade of 4.00 g/t Au and a recovery of 67 per cent, an 11-per-cent increase in ounces compared with Q2 2026 (3,994 ounces), as mining and processing activities continued to ramp-up. Production was supported by the higher-grade Faina orebody, which accounted for approximately 67 per cent of ore processed during the quarter (compared with 10 per cent in Q2 2026), with the remaining 33 per cent sourced from orebodies B and C. Overall recovery of 67 per cent (84 per cent in Q2 2026) reflects the higher share of Faina ore, which has a lower recovery profile than orebodies B and C. Nevertheless, Faina recovery continues to perform above its expected 55-per-cent recovery as per technical study results. The growing contribution of Faina, together with the new underground drilling program targeting the Faina depth extension and the largely untested A/SE2 lens (see Jaguar Mining press release dated Sept. 22, 2026), positions the MTL complex as a key driver of production growth and resource expansion, leveraging existing underground infrastructure and the Turmalina processing plant.
• Development progress: Development remains a key strategic priority at both operations as the company focuses on increasing mining flexibility, expanding available mining areas and supporting full-year production targets. Total development reached 2,099 metres in Q3 2026, a 20-per-cent increase compared with the 1,742 metres completed in Q3 2025 and 7 per cent above the 1,955 metres completed in Q2 2026. At the Pilar mine, 1,213 metres of primary and secondary development were completed during the quarter, with activities focused on critical mine access and infrastructure projects. At the Turmalina mine, 886 metres of development were completed to support the ramp-up of operations and the opening of additional mining areas. The company is also reinforcing its development capacity through the hiring of additional operators and equipment adaptations, initiatives that are expected to improve mine sequencing flexibility and support production delivery in the coming quarters.
• Drilling progress: Jaguar completed 11,394 metres of diamond drilling, including 6,034 metres at the Turmalina mine and 5,360 metres at the Pilar mine, compared with 5,774 metres in Q3 2025, when drilling was carried out only at Pilar, and 11,203 metres in Q2 2026. Drilling activities remained focused on orebody definition, infill and mine plan support at both operations. Going forward, the company plans to expand drilling activities to include resource growth targets, supporting future reserve replacement and long-term production growth, as part of its five-year, 227,200-metre exploration program across the Paciencia, Caete and MTL complexes. At Turmalina, a new underground drilling program, supported by a dedicated 80-metre exploration drift, will test the Faina depth extension and the largely untested A/SE2 lens. The company is also advancing directional drilling programs at the Pilar mine (Caete complex) to access deeper mineralized zones, while expanding third party drilling capacity at Turmalina to accelerate the evaluation of new resource opportunities and support future resource growth.

2026 guidance/outlook

For 2026, Jaguar's guidance of achieving production between 50,000 to 60,000 ounces remains intact, supported by the expectation that the Turmalina mine will reach full production levels by year-end, and continued strong performance at the Pilar mine.

Qualified person

Scientific and technical information contained in this press release has been reviewed and approved by Luis Albano Tondo, BSc, Mining Eng, MEngSc, MBA, FAusIMM, who is also chief executive officer and a director of Jaguar Mining and 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 in combination 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. Jaguar holds the second-largest gold land position in the Iron Quadrangle with over 46,000 hectares.

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 complex (Turmalina mine and plant) and Caete 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 complex (Santa Isabel mine and plant), which had been on care and maintenance since 2012 and is now undergoing development work to restart in early 2027.

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