Jaguar Mining Inc. press release

Jaguar Mining Reports Updated Mineral Reserves and Mineral Resources

2025-04-01

TSX - Toronto Stock Exchange · Gold · Arsenic · Antimony · Silver · Canada

Boosts Proven and Probable Mineral Reserves by 63%

TORONTO, ON / ACCESS Newswire/ March 31, 2025 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG)(OTCQX:JAGGF) is pleased to announce its annual Mineral Reserves and Mineral Resources (MRMR) statement for 2024.

Detailed tabulations and discussion of this 2024 MRMR disclosure may be found within the Company's Annual Information Form for the year ended December 31, 2024, which was filed today. An updated Technical Report for the MTL complex was prepared in accordance with National Instrument 43-101 - _Standards of Disclosure for Mineral Projects_("NI 43-101") and also filed today. Both documents can be found under Jaguar's profile on SEDAR+ https://www.sedarplus.ca.

HIGHLIGHTS

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Proven and Probable Mineral Reserves (2P Mineral Reserves) increased by 63% to 764 koz (5,903 kt @ 4.03 g/t Au), net of mining depletion. The Onças de Pitangui projectreported the first Mineral Reserves of 284 koz (2,122 kt @ 4.16 g/t Au).

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Measured and Indicated (M&I) Resourcesdecreased by 1% net of depletion to 1,659 koz (12,325 kt @ 4.19 g/t Au).

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Inferred Mineral Resourcesincreased to 1,676 koz (14,621 kt @ 3.56 g/t Au), highlighting the Company's strong growth potential.

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Onças de Pitangui project measured and indicated resources increased by 2% to 457 koz (3,547 kt @ 4.01 g/t Au) and inferred resources increased by 29% to 490 koz (4,184 kt @ 3.64 g/t Au).

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Faina zonecontinued its upward trajectory, with a 16% increase in 2P Mineral Reserves to 160 koz (1,019 kt @ 4.87 g/t Au).

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Life of Mine (LOM)plans at Pilar demonstrate five years of production starting in 2025, while the MTL complex LOM, with the inclusion of the Onças de Pitangui reserves and resources, demonstrates gold production well past 2030.

Vern Baker, CEO of Jaguar Mining stated, "This year's Mineral Reserve and Mineral Resource update further advances our organic growth strategy. With the initial disclosure of probable Mineral Reserves at our Onças de Pitangui project, we increased our reserve base by 63%. While we have challenges to overcome following the incident at our MTL Complex which resulted in the suspension of operations at our Turmalina mine, once we are able to return to work at this mine, we see a direct road to increase the ounce production across the Company. Increasing Mineral Reserves, especially with new orebodies, is the key to having new mining areas that can take our production to a new level."

Proven and Probable Mineral Reserves and Measured, Indicated and Inferred Mineral Resources figures are reported for the Company's two operating mining and production complexes, MTL and Caeté, and for the Paciência complex (currently on care and maintenance) in the Iron Quadrangle Gold Province, Minas Gerais, Brazil. The MTL complex (currently suspended) is comprised of the Turmalina mine (orebodies A, B and C), the Faina zone, the Onças de Pitangui project as well as the Zona Basal and Pontal deposits. The Caeté complex is comprised of the Pilar mine (orebodies BA, BF, SW, LPA and TORRE), the Roça Grande mine (on care and maintenance) and the Córrego Brandão open-pit deposit. The Paciência complex is comprised of the Santa Isabel and Margazão mines (both on care and maintenance) and the Bahú deposit.

2024 MINERAL RESERVES AND MINERAL RESOURCES

The Mineral Resources and Mineral Reserves reported herein and respective changes in inventory were consolidated based on estimates sourced from the technical reports listed in Table 3. CIM (2014) definitions were followed for Mineral Reserves estimates.

The location map in Figure 1 indicates the location of the Company's production complexes and respective mines and deposits. The Mineral Rights are situated inside a 60 km radius from Belo Horizonte, the state capital of Minas Gerais, Brazil.

Figure 1. Schematic location map showing Jaguar's mineral rights and production complexes associated to the Rio das Velhas greenschists of the Iron Quadrangle Gold Province

Figure 2. Bar chart of the consolidated 2024 Proven & Probable Mineral Reserves by operation

Mineral Reserves

The Company's Proven and Probable Mineral Reservesas at December 31, 2024, increased by 63% to 764 koz, net of mining depletion, mainly due to the addition of 284 koz of Mineral Reserves from the Onças de Pitangui project (see bar chart in Figure 2).

Detailed information of the Company's current consolidated Mineral Reserves inventory, as at December 31, 2024, is shown in Table 1 at the end of this release.

MTL Complex Mineral Reserves

A total of 572 koz of Mineral Reserves are attributed to the MTL complex Mineral Reserves, distributed among the Turmalina mine Orebodies A, B, & C, the Faina zone and the Onças de Pitangui project.

Longitudinal sections shown in Figures 3, 4 and 5 illustrate the spatial distribution of the Mineral Reserves and actual or planned development associated to the Turmalina mine, the Faina zone and the Onças de Pitangui project.

The current Mineral Reserves inventory resulted from the following add-ons and depletions in 2024:

Mineral Reserves were estimated by Jaguar staff, reviewed and validated by SLR's Qualified Persons.

Turmalina mine

The current Proven and Probable Mineral Reserves of 128 koz (1,255 kt @ 3.26 g/t Au) for Orebodies A, B, & C represent a net decrease of 16 koz from the Mineral Reserves established in December 2023 resulting from:

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The depletion of 29 koz resulting from mining activities in 2024;

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The subtraction of 5 koz resulting from a risk analysis performed in 2024 and,

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The re-categorization of Mineral Resources into18 koz of Mineral Reserves resulting from in-fill / step-out drilling and geological model reinterpretation.

The Turmalina mine 2P Mineral Reserves are distributed among the following orebodies:

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Orebody A (29 koz, 226 kt @ 3.95 g/t Au);

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Orebody B (30 koz, 304 kt @ 3.04 g/t Au); and

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Orebody C (70 koz, 695 kt @ 3.12 g/t Au).

Faina zone

The Faina zone hosts a total of 160 koz (1,019 kt @ 4.87 g/t Au) of Proven and Probable Mineral Reserves. The Mineral Reserve addition of 27 koz attributed to the re-categorization of Mineral Resources exposed by the underground development and infill drilling that took place in 2024. The addition was offset by the production of 4 koz in 2024, resulting in a net increase of 22 koz compared to the prior year.

Onças de Pitangui project

NI 43-101_Technical Report - Turmalina Mining Complex, Minas Gerais, Brazil,_by SLR Consulting (Canada) Ltd. (SLR), includes an update of Probable Mineral Reserves totalling 284 koz (2,122kt @ 4.16 g/t Au) at the Onças de Pitangui project.

Figure 3. Long Sections showing year-over-year changes in Turmalina mine Mineral Reserves 2024 vs 2023

Figure 4. Long Sections showing year-over-year changes of the Faina zone Mineral Reserves 2024 vs 2023

Figure 5. Cross Section showing the Onças de Pitangui project Reserves as at December 31, 2024

Caeté Complex Mineral Reserves

Pilar mine

Infill and step-out drilling and geological model reinterpretation executed in 2024 at the Pilar mine resulted in the addition of 43 koz to the Pilar mine mineral inventory. This addition was offset by the extraction of 45 koz in 2024. As a result, the updated estimates of the Pilar mine Mineral Reserves total an amount of 192 koz (1536 kt @ 3.89 g/t Au), a 2 koz net decrease in the 2P Mineral Reserve categories if compared to the 194 koz (1,906 Kt @ 3.17 g/t Au) of 2P Mineral Reserves.

Mineral Reserves at the Pilar mine are divided between Orebody BA (38 koz, 259 kt @ 4.53 g/t Au), Orebodies BFs (106 koz, 850 kt @ 3.89 g/t Au), Orebody SW (28 koz, 250 kt @ 3.48 g/t Au), Orebody Torre (13 koz, 114 kt @ 3.61 g/t Au) and others (7 koz, 63 kt @ 3.38 g/t Au).

The Longitudinal sections shown in Figure 6 illustrate the spatial distribution of the Mineral Reserves and actual development at the Pilar mine.

Figure 6. Long Section showing year-over-year changes in Pilar mine Mineral Reserves 2024 vs 2023

Mineral Resources

The Company's consolidated Mineral Resources as at December 31, 2024, include both the updated Mineral Resources for the Pilar and Turmalina mines, Faina zone, as well as for the Onças de Pitangui project, along with the unchanged Mineral Resources from previous disclosures for the Pontal and Zona Basal deposits, the Roça Grande, Santa Isabel and Marzagão mines, and the Córrego Brandão and Bahu deposits.

Consolidated Measured and Indicated Mineral Resources decreased by 1% to 1,659 koz (12,325 kt @ 4.19 g/t Au), net of mining depletion. Inferred Mineral Resources increased by 3% to 1,676 koz (14,621 kt @ 3.56 g/t Au) which is a 48 koz net increase over the prior year.

Mineral Resources were estimated by Jaguar staff, reviewed and validated by SLR's Qualified Persons.

Detailed information of the Company's current consolidated Mineral Resources inventory as at December 23, 2024, is shown in Table 2 at the end of this release.

Figure 7. Graph showing the changes in M&I + I Resource Inventory in 2024 according to the estimation's updates and respective material sources.

MTL Complex

Consolidated MTL complex (Measured and Indicated) Mineral Resources underground are reported as 1,104koz (8,219 kt @ 4.18 g/t Au) and Inferred Mineral Resources underground are reported as 906 koz (7,371 kt @ 3.82 g/t Au). Open pit Inferred Mineral Resources are reported as 32kozs (781 kt @ 1.28 g/t Au). The consolidated Mineral Resources are subdivided as follows:

Underground Mineral Resources

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Turmalina mine Measured and Indicated Mineral Resources are reported as 360 koz, (2,875 kt @ 3.90 g/t Au).

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Turmalina mine Inferred Mineral Resources are reported as 117 koz, (1214 kt @ 3.00 g/t Au).

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Faina zone Measured and Indicated Mineral Resources of 258 koz, (1,532 kt @ 5.23 g/t Au).

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Faina zone Inferred Mineral Resources are reported as 193 koz, (1,145 kt @ 5.25 g/t Au).

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Pontal deposit Measured and Indicated Mineral Resources are reported as 29 koz, (266 kt @ 3.44 g/t Au) unchanged from 2023 disclosure.

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Pontal deposit Inferred Mineral Resources are reported as 24 koz, (159 kt @ 4.72 g/t Au) unchanged from 2023 disclosure.

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Pontal South deposit Inferred Mineral Resources are reported as 81 koz, (669 kt @ 3.76 g/t Au) unchanged from 2023 disclosure.

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Onças de Pitangui project Measured and Indicated Mineral Resources of 457 koz, (3,547 kt @ 4.01 g/t Au).

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Onças de Pitangui project Inferred Mineral Inferred Resources are reported as 490 koz, (4,184 kt @ 3.64 g/t Au).

The year-over-year changes in the Mineral Resources distribution at the Turmalina mine are illustrated in the longitudinal sections shown in Figures 8, 9 and 10.

Open Pit Mineral Resources

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Zona Basal deposit Inferred Mineral Resources (Open Pit) are reported as 32 koz, (781 kt @ 1.28 g/t Au), unchanged since the initial estimates prepared by SLR reported in _Technical Report on the Turmalina Complex, Minas Gerais, Brazil_with effective date of November 30, 2023.

Figure 8. Long Section of the Turmalina mine's Mineral Resources year-over-year changes (2024 vs. 2023).

Figure 9. Long Section of the Faina zone Mineral Resources year-over-year changes (2024 vs. 2023).

Figure 10. Cross Section of the Onças de Pitangui project Mineral Resources year-over-year changes (2024 vs. 2023).

Caeté Complex

The Pilar mine was the only source of Mineral Resources inventory changes at the Caeté Complex. The Mineral Resources estimates of the Pilar mine were prepared by Jaguar on site mine geology department under the coordination of the corporate geologists and mining engineers. The database and procedures were revised by the SLR qualified persons.

The year-over-year changes in the Mineral Resources distribution at the Pilar mine are illustrated in the longitudinal section shown in Figure 11.

Consolidated Caeté complex (Measured and Indicated) Mineral Resources Underground are reported as 556koz (4,106 kt @ 4.21 g/t Au) and Inferred Mineral Resources Underground are reported as 452 koz (3,597 kt @ 3.91 g/t Au) and Open Pit are reported as 51kozs (1,072 kt @ 1.48 g/t Au) subdivided as follows:

Underground Mineral Resources

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Pilar mine Measured and Indicated Mineral Resources are reported as 435 koz, (3,144 kt @ 4.30 g/t Au).

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Pilar mine Inferred Mineral Resources are reported as 335 koz, (2,708 kt @ 3.85 g/t Au).

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Roça Grande mine Measure and Indicated Mineral Resources are reported as 121 koz, (962 kt @ 3.90 g/t Au).

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Roça Grande mine Inferred Mineral Resources are reported as 117 koz, (889 kt @ 4.08 g/t Au).

Open Pit Mineral Resources

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Córrego Brandão deposit Inferred Mineral Resources are reported as 51 koz, (1,072 kt @ 1.48 g/t Au) unchanged from 2021 disclosure.

Figure 11. Long Section showing year-over-year changes of the Pilar mine Mineral Resources 2024 vs. 2023.

GEOLOGICAL AND OPERATIONAL CONTEXT

MTL Complex

The MTL Complex underground operations consist of several geological structures grouped into three orebodies - Orebodies A, B, C (the Turmalina mine) - and the Faina zone, where production began in 2024 through underground development.

Orebody A, responsible for the bulk of the Turmalina mine accumulated production estimated in 870 recovered koz, is folded and steeply east dipping, with a strike length of approximately 250 m to 300 m, and average thickness of six metres. Underground development has exposed approximately 1,100 vertical metres of Orebodies A and B mineralization along a robust down-plunge continuity.

Orebody B includes three narrow, lower grade lenses positioned in the foot-wall, parallel to Orebody A. Orebody B mineralization has been outlined along a strike length of approximately 350 m to 400 m and to the same depths of Orebody A.

Orebody C is a series of northwest striking, lenses generally of lower grade located to the southwest in the structural footwall of Orebody A. Orebody C has replaced Orebody A as the Complex's principal production source. Mineralization has been outlined along a strike length of approximately 800 m to 850 m, to depths of 750 m below surface.

Orebodies A, B and C from Turmalina mine and the Pilar mine (Caeté Complex) share similar strong structural controls of the mineralization with the major gold mines known in the Iron Quadrangle Gold Province, well known for their reduced strike length compared to very deep, continuous down-plunge continuities.

Explored in the past through diamond drilling, the Faina zone is an orebody currently under development constituted by a series of offset striking parallel structures extending from surface to depth.

The focus of mining at Turmalina is shifting from Orebodies A and B to Orebody C and Faina zone. Orebody C continues to grow with successful conversion of Resources to Reserves. In addition to the development initiated at the Faina zone in 2024, the recent re-categorization of the Onças de Pitangui project Mineral Resources that resulted in 284 koz of Probable reserves will contribute to the MTL complex production growth.

The Pontal and Zona Basal deposits are unchanged from the previous year's estimates.

Caeté Complex

The Pilar Mineral Reserve 2024 inventory remained almost the same if compared to 2023 due to the gradual reduction in drilling activities and the depletion of 26 koz attributed to Orebody SW, located in the opposed limb of the major structure that hosts the Pilar mine mineralization resulting from geological modelling parameters.

No changes of the Mineral Resources inventories were reported in 2025 in the Roça Grande mine and the Córrego Brandão deposit.

Paciência Complex

No changes in Mineral Resources inventories were reported in 2024 in the Santa Isabel and Marzagão mines, and the Bahú deposit.

Table 1. Consolidated Mineral Reserves as at December 31, 2024

Notes

1. CIM (2014) definitions were followed for Mineral Reserves.

2. The released underground Mineral Reserves estimations include the Turmalina and Pilar mines the Faina zone, and Onças de Pitangui project.

3. Cut-off grades and constraints employed in the estimate such as minimum width and eventual minimum height for underground development and stopping are indicated in Table 4

4. Bulk density is 2.85 t/m3.

5. The Exchange rate of R$5.20 / US$1.00 was applied to all the estimates.

6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

7. Numbers may not add due to rounding.

Table 2. Consolidated Mineral Resources as at December 31, 2024

Notes:

1. CIM (2014) definitions were followed for the classification of Mineral Resources.

2. The released Mineral Resources estimations include the Turmalina, Pilar, Roça Grande, Santa Isabel and Marzagão mines, the Faina zone, Pontal deposit, and Onças de Pitangui project underground Mineral Resources and the Zona Basal deposit, the Bahu and Córrego Brandão open-pit zones Mineral Resources.

3. Mineral Resources are inclusive of the Mineral Reserves at the Turmalina and Pilar mines, the Faina zone and Onças de Pitangui project.

4. Drill hole and channel samples assay results freeze dates are indicated in Table 5.

5. Freeze dates for depletion purposes relative to mining and forecast production volumes are shown in Table 5.

6. Long-term gold price applied to the Mineral Resources estimations are informed in Table 5.

7. Cut-off grades and constraints employed in the estimate such as minimum width and eventual minimum height for underground Mineral Resources and pit optimizations using Lerchs-Grossmann algorithm for open pit Mineral Resources estimations are indicated in Table 5.

8. The Exchange rate of R$5.20 / US$1.00 was applied to all the estimates.

9. Numbers may not add due to rounding.

Table 3. List of NI 43-101 Technical Reports and Internal Reports Employed to Support the Mineral Reserves and Resources Figures

Table 4. Development Parameters and Economic Premises Employed in the Mineral Reserves Estimates

Table 5. Development Parameters and Economic Premises Employed in the Mineral Resources Estimates

INCIDENT AT THE MTL COMPLEX DRY-STACKED PILE

On December 7, 2024, a slump occurred in the north wall of the Satinoco dry-stack (waste rock and tailings) pile at the Company's MTL complex in the state of Minas Gerais, Brazil, approximately 130 kilometers northwest of the city of Belo Horizonte. As a result of the Incident, the Company's operating license at the complex's Turmalina mine was temporarily suspended until further notice. The mine's personnel and nearby community members were evacuated before the slump occurred, and there were no reported injuries or significant environmental impacts as a result of the incident.

For more information please see the press releases issued on December 9, 2024, December 30, 2024, January 7, 2025 and March 26, 2025, which can be found on the Company's website https://jaguarmining.com/investors/news-releasesand under Jaguar's profile on SEDAR+ at https://www.sedarplus.ca.

Qualified Persons

The scientific and technical information contained in this press release has been reviewed and approved (i) in respect of the estimated Mineral Reserves, by Jason Cox, P.Eng. and Jeff Sepp, P.Eng., and (ii) in respect of the estimated Mineral Resources, by Pierre Landry, P. Geo. (MTL and Paciência complexes), Reno Pressacco, P. Geo. (Caeté and Paciência complexes), and Dorota El-Rassi, P. Eng. (Pontal deposit) of SLR Consulting Canada Ltd (SLR), which office is situated at 55 University Avenue, Suite 501, Toronto, Ontario, M5J 2H7, Canada.

SLR is an independent mining consultancy. Mr. Cox, Mr. Sepp, Mr. Landry, Ms. El-Rassi and Mr. Pressacco are each "qualified persons" within the definition of NI 43-101.

During the preparation of the updated Mineral Resource and Mineral Reserve estimates, discussions were held on a weekly basis with Jaguar personnel and Deswik Brazil Holdings Pty Ltd. (Deswik).

Mr. Pressacco, Mr. Cox and Mr. Sepp have visited the MTL, Caeté and Paciência complexes several times. Mr. Pressaco and Mr. Sepp's latest visit to the properties occurred in December 2022.

All remaining scientific and technical information (other than described above) 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 NI 43-101.