Mr. Vernon Baker reports

JAGUAR MINING REPORTS FOURTH QUARTER AND FULL YEAR 2024 PRODUCTION RESULTS AND PROVIDES OUTLOOK FOR 2025

Jaguar Mining Inc. has released its production results for the fourth quarter and full year 2024. Full financial results for the quarter and full year will be reported and filed on SEDAR+ on or before March 27, 2025. All figures are in United States dollars, unless otherwise expressed.

Fourth quarter and full year 2024 operating highlights

• Operations at the Turmalina mine were temporarily suspended on Dec. 7, 2024, following a slump in the north wall of the dry-stacked pile. As a result, production during the fourth quarter and full year 2024 was impacted by the loss of the ounces that had been expected to be produced from this mine in December. However, the company's Pilar mine remains fully operational.
• Fourth quarter consolidated gold production was 14,787 ounces, compared with 16,912 ounces produced in the third quarter and 18,482 ounces produced in the fourth quarter of 2023. Annual consolidated gold production for 2024 was 64,705 ounces compared with 70,702 ounces in 2023. Production at the Pilar mine increased by 5 per cent and 9 per cent compared with the fourth quarter last year and full year 2023, respectively.
• Fourth quarter consolidated ore processed was 160,430 tonnes at 3.41 grams per tonne compared with 195,595 tonnes at 3.34 g/t in the fourth quarter of 2023. Annual consolidated ore processed was 695,826 tonnes at 3.41 g/t compared with 812,954 tonnes at 3.09 g/t in 2023.
• In the fourth quarter, the company completed primary development of 1,600 metres, secondary development of 1,260 metres and exploration development of 80 metres; totalling 2,940 metres compared with the fourth quarter of 2023 where development totalled 2,793 metres. For the full year 2024, development completed was 6,701 metres of primary, 4,965 metres of secondary and 169 metres of exploration for a total of 11,835 metres, compared with the full year 2023 total development of 11,833 metres. Despite the loss of one third of Turmalinas development capacity during the quarter, the company still exceeded prior year fourth quarter development metres.
• Diamond drilling completed during the fourth quarter was 10,962 metres compared with the fourth quarter of 2023 diamond drilling of 10,271 metres. Diamond drilling completed in 2024 was 38,738 metres compared with 44,843 metres drilled in 2023. The reduction in drilling year over year was the result of eliminating third party contract diamond drilling as of the end of 2023. During the fourth quarter, Jaguar's in-house diamond drill crews achieved record monthly totals.
• The company's cash position as at Dec. 31, 2024, was $46.3-million compared with cash of $41.6-million as at Sept. 30, 2024. During the fourth quarter, the company benefitted from higher realized gold prices which was the main driver of the increase in cash.

2025 outlook

For 2025, given the ongoing suspension of operations at the Turmalina mine, the company will be focused on its operating Pilar mine, where production is expected to modestly increase compared with 2024 levels. Development at Pilar will be enhanced using resources of people and equipment from the Turmalina mine, which is expected to modestly increase all-in sustaining costs at the mine while enabling higher production in the second half of 2025. Any updates on the timing of the resumption of operations at the Turmalina mine will be communicated as soon as available.

Vern Baker, president and chief executive officer of Jaguar, stated: "As previously announced, in early December we had an incident at our Turmalina mine where a slump occurred in the north wall of the Satinoco dry-stacked pile. As a result, operations at the mine remain temporarily suspended while the pile is reconfigured to ensure long-term stability. We continue working constructively with the Brazilian National Mining Agency and other authorities towards safely resuming operations as soon as possible.

"This incident impacted ounce production in the fourth quarter due to the loss of production from the Turmalina mine in December. Prior to this incident, we had been on track to exceed last quarters production and be well positioned for a strong start to 2025. Even without production from the Turmalina mine in December, we were able to increase our cash balance in the fourth quarter by over $4-million. Strong gold prices and ongoing cost control initiatives allowed us to maintain a strong balance sheet as we head into what will now be a more challenging first quarter.

"During the fourth quarter, ounce production at the Pilar mine was as expected and both development meters and diamond drilling metres exceeded expectations both increasing significantly compared with the fourth quarter of 2023. Continuing high development rates, especially in the BA zone, should allow us to start increasing production at the Pilar mine this year to partly offset the loss of production from the Turmalina mine.

"For the first two months of the fourth quarter, the Turmalina mine was doing well on development and diamond drilling. Overall development rates were 13 per cent higher per day compared with the fourth quarter of 2023, with the increase coming predominantly from the Faina zone. The mine is well positioned to begin growth in production from the Faina zone once we resume operations. Ounce production at the Turmalina mine was on track in October and November, and development of the Faina zone was expected to begin increasing production levels in 2025. A test of Faina ore was conducted at our Caete plant during the quarter. Overall recoveries were inline with expectations and a batch of concentrate has been inventoried for tests.

"While we do have some challenges ahead due to the incident at our Turmalina mine, we expect to be back on track with our growth plan by the end of 2025. This plan could potentially see us doubling the company's annual consolidated ounce production over the next five years."

Qualified person

Scientific and technical information contained in this press release has been reviewed and approved by Jean-Marc Lopez, BSc, PGeo, FAusIMM, of JML Consulting & Geology EI, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101).

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 contaminated 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 third-largest gold land position in the Iron Quadrangle with over 50,000 hectares.

About Jaguar Mining Inc.

Jaguar 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 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 early 2025. Additional information is available on the company's website.

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