Jaguar Mining Reports Solid Third Quarter 2025 Financial Results Driven by Strong Gold Prices and Pilar Performance

TORONTO, ON / ACCESS Newswire / November 6, 2025 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG)(OTCQX:JAGGF) today filed its third quarter results, the highlights of which are included in this news release. The interim condensed consolidated financial statements for the quarter ended September 30, 2025 and the 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.

Third Quarter 2025 Highlights

• All financial and operating results for the third quarter reflect contributions solely from the Company's Pilar mine, its only operating mine during the period. This compares to the third quarter of 2024, when the Company had two operating mines: Pilar and Turmalina. The Turmalina mine remains temporarily suspended following a slump of material at the dry-stack facility that occurred at the MTL complex on December 7, 2024. Rehabilitation work to ensure the stability of the Satinoco pile is well underway, and the Company currently expects operations at Turmalina to resume in the first quarter of 2026.

• Gold production for the quarter totalled 10,002 ounces, entirely from the Pilar mine, compared to 16,912 ounces from both Pilar and Turmalina in the third quarter of 2024. This difference reflects the temporary suspension of operations at the Turmalina mine throughout the quarter.

Pilar continues todeliver a strong operating performance, producing 10,002 ounces of gold from 94,586 tonnes of ore, with a head grade of 3.68 g/t and a recovery rate of 89%. This compares to 10,433 ounces of gold from 97,000 tonnes of ore, with a head grade of 3.74 g/t and the same recovery rate, produced in the third quarter of 2024. The modest decrease of 431 ounces year-over-year was mainly due to slightly lower ore processed, while metallurgical performance remained stable. The lower head grade reflects the natural variability in the orebody and the specific mining sequence planned for 2025.

• Free cash flow ¹ for the quarter was $8.2 million, compared to $4.8 million in the third quarter of 2024. Free cash flow is calculated as operating cash flow plus asset retirement obligation expenditures, less sustaining capital. On a per-ounce basis, free cash flow increased to $835 per ounce of gold sold in the third quarter of 2025 compared to $306 per ounce of gold sold in the third quarter of 2024.

Cash position and working capital¹

• As of September 30, 2025, the Company had cash and cash equivalents of $52.0 million, a 12% increase from $46.4 million as of December 31, 2024 mainly reflecting the impact of higher realized gold prices. This amount excludes the net proceeds from the C$28 million bought deal private placement, which closed on October 15, 2025, subsequent to the quarter (see press release dated October 15, 2025, for further details).

• Working Capital as of September 30, 2025 was $11.5 million, compared to working capital of $13.7 million as of December 31, 2024.

Luis Albano Tondo, Chief Executive Officer of Jaguar, commented : "We delivered solid financial results in the third quarter, with net income of $13.0 million and free cashflow of $8.2 million. This performance was driven by the steady contribution from our Pilar mine and a strong realized gold price, which helped mitigate the impact of operating a single mine during the period. We continued to advance rehabilitation work at Turmalina and remain on track for its expected restart in the first quarter of 2026. Our focus continues on disciplined management and maximizing value across our Brazilian portfolio."

^[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 MD&A.

Third Quarter 2025 Results

¹ Average realized gold price, sustaining and non-sustaining capital expenditures, cash operating costs and all-in sustaining costs, free cash flow, EBITDA and adjusted EBITDA, adjusted net income and adjusted EPS are non-GAAP financial performance measures with no standard definition under IFRS. Refer to the Non-GAAP Financial Performance Measures section of the MD&A.

² Adjusted EBITDA excludes non-cash items such as impairment, foreign exchange, stock-based compensation, fair value adjustments on short-term investments and write downs. For more details refer to the Non-GAAP Performance Measures section of the MD&A.

³ For the three and nine month periods ended September 30, 2025, Net income was adjusted by $5.2 million and $20.2 million, respectively, to exclude certain non-recurring items and the income tax implication of said non-recurring items. The non-recurring items excluded are as follows: (i) $6.1 million and $35.3 million in Satinoco incident expenses in Q3 2025 and YTD 2025, respectively, (ii) $2.9 million and $2.9 million in recoveries from reversals of civil litigation provisions in Q3 2025 and YTD 2025, respectively, (iv) $8.0 million and $9.0 million unrealized gain on fair value adjustment of short term investment in Q3 2025 and YTD 2025, respectively, and (iv) $0.4 million and $3.2 million in income tax expenses in Q3 2025 and YTD 2025, respectively. Adjusted net income for Q3 2024 and year-to-date 2024 do not include provisions of $6.0 million and $6.5 million, respectively.

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 to non-sustaining capital expenditures ¹

¹ Sustaining and non-sustaining capital are non-GAAP financial measures with no standard definition under IFRS. Refer to the non-GAAP Financial Performance Measures section of the MD&A. Capital expenditures are included in the calculation of all-in sustaining costs and all-in costs.

² Asset retirement obligation - non-sustaining is related to expenditures with dam closing projects. Payments related to the Company asset retirement obligation are classified as operating activities in accordance with IFRS financial measures.

³ For the three and nine month period ended September 30, 2025 Mine-site non sustaining includes $570 related to land acquired as part of the indemnization and $935 land acquired to 'Esperança' TSF. Both expenditures are related to resumption of MTL operations. Q3 2024 and YTD 2024 $nil.

Reconciliation of Free Cash Flow ¹