Mr. Vernon Baker reports

JAGUAR MINING ANNOUNCES AGREEMENT WITH THE PUBLIC DEFENDER'S OFFICE OF MINAS GERAIS FOR COMPENSATION TO LOCAL COMMUNITY MEMBERS AFFECTED BY THE INCIDENT AT ITS SATINOCO DRY-STACKED PILE

On Monday, March 24, 2025, Jaguar Mining Inc. signed an agreement with the Public Defender's Office of Minas Gerais for the compensation of local community members affected by the previously announced incident at the Satinoco dry-stacked pile, which occurred on Dec. 7, 2024, at the company's MTL complex (see the press releases issued by Jaguar on Dec. 9, 2024, Dec. 30, 2024, and Jan. 7, 2025). The MTL complex, which includes the currently suspended Turmalina mine, is located in the state of Minas Gerais, Brazil, approximately 130 kilometres northwest of the city of Belo Horizonte.

As previously announced, there were no reported injuries or significant environmental impacts as a result of this incident. The incident did affect several houses and local infrastructure in the community of Casquilho. Since the incident, the company has worked closely with community representatives, local authorities and independent assessors to ensure an equitable resolution that meets the needs of those impacted, reinforcing the company's commitment to responsible mining and strong community relations.

The Public Defender's Office of Minas Gerais has issued a press release, in Portuguese in Brazil, regarding the agreement, which can be viewed on Jaguar's website.

Agreement highlights:

• The agreement sets out the limits for fairly determining the compensation of individuals and families impacted by the incident in which they have been relocated from their homes since early December, 2024.
• The agreement guarantees compensation for land, housing, home improvements, expenses resulting from relocation, financial losses in commercial and service activities, and interruption of income-generating activities, in addition to specific moral and material damages to the affected people.
• The agreement is based on precedents from other mining incidents which have occurred in Minas Gerais.

Next steps following signature of the agreement:

• The Public Defender's Office will meet with each individual or family affected and then will submit a claim to the company based on the limits established in the agreement.
• The company will evaluate each proposal and supporting documentation, considering all realistic facts.
• If the company agrees with the claim, the agreement is formalized between the parties and then sent for approval by a judge.
• The resident has the prerogative to accept or reject the agreement under the terms established with the Public Defender's Office. If it is rejected, the resident has the right to file a lawsuit requesting compensation. In this situation, the company will present its defence.
• The estimated cost for the compensation of the residents, if all accept the terms, is approximately 57 million reais (approximately $10-million at current exchange rates).

Vern Baker, president and chief executive officer of Jaguar, stated: "We deeply value our relationship with the communities in which we operate and are pleased to have come to an agreement with the Public Defender's Office that allows the residents impacted by this incident to move forward. It is important to mention that we have also been providing support to these people since the incident occurred and believe that this initial support, combined with this agreement, will provide a fair path forward as well as a positive step towards reopening the Turmalina mine and again providing economic benefit to our local community and all other stakeholders.

"I would like to thank our legal team and all of those who have worked with them throughout the process of dealing with this incident. A significant amount of time and effort has been spent, in partnership with the dedicated professionals from the Public Defender's Office, to put in place a fair agreement. Our focus remains on addressing the situation responsibly and ensuring the well-being of those affected."

The company will provide further updates regarding the agreement, as well as information regarding any other legal matters relating to the incident at the Satinoco dry-stacked pile (including any known fines or claims), as soon as there is any material information to report in this regard.

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 the 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 mid-2025.

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