Mr. Luis Tondo reports

JAGUAR MINING PROVIDES UPDATE ON PERMITTING OF THE ONÇAS DE PITANGUI DEVELOPMENT PROJECT, MINAS GERAIS, BRAZIL

Jaguar Mining Inc. is providing an update on the licensing of its Oncas de Pitangui underground gold project in Minas Gerais, Brazil. On Oct. 30, 2026, the state environmental authority (URA Alto Sao Francisco, FEAM) issued a decision denying the project's combined preliminary and installation licence (LP plus LI) application.

Licensing update and next steps

The decision made by the state environmental authority follows a technical opinion issued on Oct. 29, 2026, recommending the denial, which was then formally issued on Oct. 30 by the URA. It cites a number of grounds, including the insufficiency of certain technical data. The URA statement contains no findings indicating that the project is environmentally unfeasible. It speaks of viability "not demonstrated at this time". Its conclusion states only that control systems must be re-evaluated, and it invites a new, properly documented application.

Management comment

"We are disappointed by the decision. We remain committed to the development of the Oncas de Pitangui project and to constructive engagement with the authorities and the communities close to the project," commented Jaguar chief executive officer Luis Albano Tondo. "We will correct the deficiencies identified by the URA in the environmental impact study and resubmit it, and we will continue working hard to advance the project's licensing."

The Oncas de Pitangui project

The Oncas de Pitangui project, acquired from Iamgold in September, 2023, is located approximately 110 kilometres northwest of the city of Belo Horizonte in the state of Minas Gerais, Brazil, and 30 kilometres from Jaguar's Turmalina processing plant. Limited greenfield exploration had been conducted prior to the acquisition by Jaguar Mining with roughly 88,000 metres of drilling completed across the Archean-aged Pitangui greenstone belt. Jaguar conducted additional exploration following the acquisition. The existing resource is comprised of 2,122,000 tonnes grading 4.16 grams per tonne gold for 286,000 ounces in the proven and probable category, 3,547,000 tonnes grading 4.01 g/t gold for 457,000 ounces in the measured and indicated category, and 4,184,000 tonnes grading 3.64 g/t gold for 490,000 ounces in the inferred category.

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.

We seek Safe Harbor.