Mr. Luis Albano Tondo reports

JAGUAR MINING INC. ANNOUNCES C$10 MILLION PARTICIPATION FROM ERIC SPROTT IN PREVIOUSLY ANNOUNCED C$25 MILLION BOUGHT DEAL PRIVATE PLACEMENT

Further to Jaguar Mining Inc.'s news release dated Sept. 29, 2025, the company has provided an updated structure for its bought deal private placement of common shares. Specifically, the offering will include a significant subscription from existing major shareholder, Eric Sprott, for 1,818,812 offered shares at a price of $5.50 per offered share for gross proceeds of approximately $10.0-million. The offered shares issued to Mr. Sprott will not be issued pursuant to the LIFE (as defined below) but rather, will be subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the closing date (as defined below).

Red Cloud Securities Inc. is acting as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters under the offering, pursuant to which the underwriters have agreed to purchase for resale 4,545,455 offered shares for gross proceeds of $25,000,002.50. In addition, the company has granted to the underwriters an option, exercisable up to 48 hours prior to the closing date, to purchase for resale up to an additional 545,455 offered shares at the offering price for additional gross proceeds of up to $3,000,002.50.

The company intends to use the net proceeds of the offering to finance the restart of the Turmalina mine at the company's MTL complex, exploration activities across the company's properties, as well as general working capital and corporate purposes, as is more fully described in the offering document (as defined below). This financing underscores Jaguar's commitment to unlocking the full potential of its Brazilian assets and reinforcing its standing as a responsible and growing gold producer in the region.

Except to the extent that any offered shares are sold to purchasers resident in jurisdictions outside of Canada, such as the United States, the offered shares sold to purchasers other than Mr. Sprott, under the offering, will be sold by way of the listed issuer financing exemption under Part 5A of National Instrument 45-106 -- Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The offered shares sold by way of the LIFE are expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation.

There is an amended and restated offering document relating to the offering that can be accessed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read this amended and restated offering document before making an investment decision.

The offering is expected to close on Oct. 15, 2025, or such other date as the company and Red Cloud may agree. Completion of the offering is subject to customary closing conditions, including but not limited to, the receipt of all necessary regulatory and Toronto Stock Exchange (TSX) approvals.

In light of Mr. Sprott's subscription for offered shares, as described above, the offering is considered a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). Full details of this transaction will be disclosed on the System for Electronic Disclosure by Insiders (SEDI). The company anticipates that the offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the offering, nor the consideration to be paid, is expected to exceed 25 per cent of the company's market capitalization. No new insiders and no control persons will be created in connection with the closing of the offering.

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 second-largest gold land position in the Iron Quadrangle with over 46,000 hectares.

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 under review to restart in 2026.

We seek Safe Harbor.