Jaguar Mining Reports Financial Results for the First Quarter 2025

TORONTO, ON / ACCESS Newswire / May 8, 2025 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG)(OTCQX:JAGGF) today filed its first quarter results, the highlights of which are included in this news release. The interim condensed consolidated financial statements for the quarter ended March 31, 2025 and accompanying management's discussion and analysis can be accessed by visiting the Company's website at https://jaguarmining.com or its profile page on SEDAR+ at www.sedarplus.ca. All figures are in US Dollars, unless otherwise expressed.

First Quarter 2025 Highlights

• Free cash flow¹ for the quarter, which is a non-GAAP measure defined below, was an outflow of $(3.2) million compared to an inflow of $3.2 million in the first quarter of 2024. Free cash flow was an outflow of $(339) per ounce of gold sold in the quarter compared to an inflow of $207 per ounce of gold sold in the first quarter of 2024. Free cash flow is calculated based on operating cash flow plus asset retirement obligation expenditures, less sustaining capital expenditures.

Cash position

• As of March 31, 2025, the Company had cash and cash equivalents of $40.3 million, compared to a balance of $46.4 million at December 31, 2024. Cash and cash equivalents decreased by approximately $6.1 million, mainly reflecting payments made in the first quarter which included $3.1 million relating to environmental and community provisions from to the incident at the MTL complex, and the repayment of $1.7 million of Notes Payable.

Vern Baker, President and CEO of Jaguar, stated: "The first quarter of 2025 was a transitional period, as we navigated our first full quarter of operating with just one mine, while our Turmalina mine remains temporarily suspended. Despite operating with a single asset, our team demonstrated resilience and discipline, delivering a solid performance from the Pilar mine and maintaining a healthy balance sheet. The strong gold price helped offset lower production volumes, and our adjusted earnings underscores the underlying strength of our business. At the Pilar mine, we accelerated both development and diamond drilling beyond our original plan, and we continue to expect production at the mine to gradually increase over the course of the year.

Our strong cash position provides us with the flexibility to navigate near-term challenges as we advance efforts toward a safe and responsible restart at the Turmalina mine. While we do not have a specific restart date, discussions with the governmental agencies are progressing well.

During the quarter, we started rehabilitation work at the Santa Isabel mine which is part of our Paciência complex. We expect to produce a few ounces from test mining in the third quarter, with ore processed at our Caeté plant. Should results prove positive, the Santa Isabel mine could potentially become a source of ongoing production.

Although this year we continue to face some headwinds, we are managing with focus and discipline and remain confident in the strong growth potential that lies ahead."

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¹ This is a Non-GAAP financial performance measure with no standard definition under IFRS. For more details, refer to the Non-GAAP Performance Measures section of the Company's MD&A.

First Quarter 2025 Results

Non-GAAP performance measures

The Company has included the following Non-GAAP performance measures in this document: cash operating costs per ounce of gold sold, all-in sustaining costs per ounce of gold sold, average realized gold price (per ounce of gold sold), sustaining capital expenditures, non-sustaining capital expenditures, adjusted operating cash flow, free cash flow, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA and working capital. These Non-GAAP performance measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies.

The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. More specifically, Management believes that these figures are a useful indicator to investors and management of a mine's performance as they provide: (i) a measure of the mine's cash margin per ounce, by comparison of the cash operating costs per ounce to the price of gold; (ii) the trend in costs as the mine matures; and (iii) an internal benchmark of performance to allow for comparison against other mines. The definitions of these performance measures and reconciliation of the Non-GAAP measures to reported IFRS measures are outlined below.

Reconciliation of Sustaining Capital and Non-Sustaining Capital expenditures

Reconciliation of Free Cash Flow¹

Reconciliation of Cash Operating Costs, All-In Sustaining Costs and All-In Costs per Ounce Sold¹