Mr. Vernon Baker reports

JAGUAR MINING TEMPORARILY SUSPENDS OPERATIONS AT ITS TURMALINA MINE FOLLOWING AN INCIDENT AT THE SATINOCO TAILINGS PILE

Operations at Jaguar Mining Inc.'s Turmalina mine, which is part of the company's MTL mining complex located in the state of Minas Gerais, Brazil, approximately 130 kilometres northwest of the city of Belo Horizonte, have been temporarily suspended following a slump in the north wall of its nearby Satinoco tailings pile, which consists of dry-stacked filtered tails and waste rock.

On the morning of Saturday Dec. 7, 2024, a visual inspection identified areas of concern at the Satinoco tailings pile. The mine's personnel and nearby community members were evacuated before the slump occurred, and no injuries were reported. The company is working diligently with local authorities, including the Brazilian National Mining Agency, and the community surrounding the mine to ensure the situation remains under control. Safety of all employees and community members remains the top priority. Operations will remain temporarily suspended and will only resume once it is determined to be completely safe to do so.

Material from the slump impacted some of the infrastructure at the mine, including maintenance areas near the shop, piping that feeds the filter plant and outdoor storage areas, and an emergency escape exit from the mine was covered. Approximately 134 residents have been evacuated to local hotels, and the company has crisis management and support personnel on the ground, engaging with the displaced families. Timing of the resumption of operations at the Turmalina mine is currently unknown, but it is expected it will not be shorter than one month. Any further material information will be provided as it becomes available.

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.

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