Mr. Vernon Baker reports

JAGUAR MINING ANNOUNCES NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (TSX) has accepted Jaguar Mining Inc.'s notice to make a normal course issuer bid to purchase for cancellation up to 3,965,404 common shares in the capital of the company in total, being 5 per cent of the issued and outstanding common shares as of the day immediately preceding Jaguar's notice to the TSX, to be transacted through the facilities of the TSX or through a Canadian alternative trading system, at prevailing market prices or as otherwise permitted. The actual number of common shares that may be purchased pursuant to the bid will be determined by management of the company. The bid will commence on Nov. 27, 2024, and will terminate on Nov. 26, 2025, or such earlier time as the bid is completed or terminated at the option of Jaguar.

Purchases pursuant to the bid will be made by Pollitt & Co. Inc. on behalf of the company. Decisions regarding the timing of purchases under the bid will be determined by management based on market conditions, share price and other factors. Management may elect to suspend or discontinue the bid at any time. Any purchases pursuant to the bid will be financed from the company's working capital.

In accordance with the rules of the TSX governing normal course issuer bids, the total number of common shares the company is permitted to purchase is subject to a daily purchase limit of 19,073 common shares, representing 25 per cent of the average daily trading volume of common shares on the TSX calculated for the six-month period ended Oct. 31, 2024, being approximately 76,292 common shares. However, the company may make one block purchase per calendar week that exceeds the daily repurchase restriction. The price that Jaguar will pay for any common shares under the bid will be the prevailing market price on the TSX at the time of such purchase. Outside of predetermined blackout periods, common shares may be purchased under the bid based on management's discretion, in compliance with TSX rules and applicable securities laws.

The board of directors of Jaguar believes that the underlying value of the company may not be accurately reflected at times in the market price of the common shares. Accordingly, the purpose of the bid is to enhance long-term shareholder value through the purchase and cancellation of common shares at a discount to the underlying value of the company. Furthermore, the purchases by Jaguar will help mitigate the dilutive effects of any future potential issuances of additional common shares as consideration for capital raises, joint ventures or asset acquisitions.

A copy of the Form 12 filed with the TSX in connection with the bid can be obtained from the company upon request without charge.

As of the close of business on Nov. 14, 2024 (being the day immediately preceding Jaguar's aforementioned notice to the TSX regarding the bid), the company had 79,308,085 common shares issued and outstanding.

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 the 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 early 2025.

We seek Safe Harbor.