Jaguar Mining Releases Third Quarter 2024 Financial Results

Jaguar Mining Inc. has reported its financial outcomes for Q3 2024, marking slight shifts in gold production and notable changes in financial metrics. Gold production slightly decreased to 16,912 ounces from 17,316 ounces the previous year. Gold sales also fell by 5% to 15,726 ounces. However, the realized gold prices surged by 29% to $2,474 per ounce.

Despite a 12% drop in operating costs, the net income diminished to $2.3 million. Adjusted net income rose significantly to $8.3 million, excluding litigation provisions. Free cash flow saw a noticeable increase, reaching $4.8 million.

Development at the Faina zone in Turmalina mine, operational since Q2 2024, led to a reclassification of costs, impacting the all-in sustaining costs (AISC) per ounce. AISC increased due to higher capital investments, despite anticipated improvements as production ramps up in 2025.

Jaguar's revenue grew by 23% to $38.9 million, driven by higher gold prices, while the company's cash and cash equivalents almost doubled to $41.6 million.