Jaguar Mining Reports Financial Results for the Fourth Quarter and Full Year 2025

TORONTO, ON / ACCESS Newswire / March 31, 2026 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG)(OTCQX:JAGGF) today filed its year-end results, the highlights of which are included in this news release. The full set of audited consolidated financial statements for the fiscal years ended December 31, 2025 and 2024, accompanying management's discussion and analysis and annual information form 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.

Fourth Quarter and Full Year 2025 Highlights

• Fourth quarter results were impacted by the material slump at the Company's Satinoco dry‑stack facility within the MTL Complex on December 7, 2024, which led to a temporary suspension of production at the Turmalina mine. As of the date of this news release, all regulatory restrictions have been lifted, and the Company has commenced a gradual and controlled restart of operations, in full compliance with applicable regulatory requirements, while maintaining a strong focus on operational safety and geotechnical stability.

• Gold production for the fourth quarter was 9,356 ounces, with 9,124 ounces sold at cash operating costs¹ of $1,456 per ounce of gold sold and all-in sustaining costs¹ of $2,268 per ounce of gold sold. Realized gold prices were $4,170 per ounce in the quarter.

• Gold production for the full year was 40,254 ounces, with 39,453ounces sold at cash operating costs¹ of $1,277 per ounce of gold sold and all-in sustaining costs¹ of $1,931 per ounce of gold sold. Realized gold prices were $3,421 per ounce in 2025.

• Revenue for the fourth quarter and full year was $38.0 million and $135.2million respectively, 10% lower revenue compared to the fourth quarter of 2024 and 15% lower revenue compared to the full year 2024, driven by higher realized gold prices year-over-year and partially offset by fewer ounces sold.

• Net loss for the quarter was $20.5 million (loss per share of $0.24). Adjusted net loss¹ was $3.3 million or $0.06 per share for Q4 2025, excluding the impact of non-recurring items and the tax implication of said non-recuring items. The non-recurring items excluded are as follows (i) $15.9 million in expenses recorded due to the Satinoco pile Incident, (ii) $0.03 million unrealized loss on short-term investment and (iii) $1.4 million of tax implication of aforementioned expenses.

• Net loss for the full year was $15.8 million (loss per share of $0.20). Adjusted Net Income¹, was $18.5 million (earnings per share of $0.23) which excludes the following items: (i) $51.2 million in Satinoco-related expenses, (ii) $2.9 million in recoveries from civil provision reversals; (iii) $9.0 million in gains on short-term investments; and (iv) $5.0 million in tax recovery related to adjustments.

• Operating costs were $13.3 million in the quarter, a decrease of 25% compared to $17.7 million in Q4 2024. Lower operating costs in Q4 2025 mainly reflect the ore throughput volume drop resulting from the ongoing suspension of operations at the Turmalina mine. FY 2025 operating costs fell 31% to $50.4 million from $73.3 million in FY 2024.

• Unit costs (cash operating costs and AISC per ounce sold) increased year-over-year primarily due to lower ounces sold and reduced absorption of fixed costs during the suspension period; the Company is implementing cost-reduction initiatives and expects unit-cost efficiency to improve as volumes normalize.

• Free cash flow¹ for the quarter and full year was $0.7 million and $16.6 million respectively and was based on operating cash flow less asset retirement obligation expenditures and sustaining capital expenditures. Free cash flow per ounce¹ sold for the quarter and full year was $73 and $422 respectively.

• The Company ended the year with $66.5 million in cash and cash equivalents, supporting the restart plan and near-term operational priorities while preserving financial flexibility.

"Fiscal 2025 was a year that illustrates the resilience exhibited by the teams at Jaguar Mining," commented Jaguar Mining CEO Luis Albano Tondo. "While our operational results were impacted by the temporary suspension at the MTL Complex, our team's swift and professional response ensured that we met all regulatory requirements for a safe, controlled restart. Despite these challenges, our cost-reduction initiatives and the robust gold price environment allowed us to maintain a strong liquidity position, ending the year with $66.5 million in cash. As we move in 2026 with the MTL restrictions now lifted, we are well-positioned to return to our core objective: growing the Company sustainably through execution of our three-pillar strategy: maximizing our core assets and Resources, leveraging our exploration portfolio and pursuing M&A opportunities."

2026 Production Guidance

For the full year 2026, Jaguar Mining projects gold production in the range of 50,000 to 60,000 ounces from current assets.

Fourth Quarter and Full Year 2025 Results

¹ Average realized gold price, sustaining and non-sustaining capital expenditures, cash operating costs and all-in sustaining costs, free cash flow, adjusted net (loss) income, adjusted earnings per share, EBITDA and adjusted EBITDA, and adjusted EBITDA per share 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 and write downs. For more details refer to the Non-GAAP Performance Measures section of the MD&A.

³ For Q4 2025 and FY 2025, Net loss was adjusted by $17.2 million and $44.3 million, respectively, to exclude certain non-recurring items and their related income tax implications. The non-recurring items excluded are as follows: (i) $15.9 million and $51.2 million in Satinoco incident expenses in Q4 2025 and FY 2025, respectively; (ii) $nil and $2.9 million in recoveries from reversals of civil litigation provisions in Q4 2025 and FY 2025, respectively; (iii) a $0.03 million loss and a $9.0 million gain on fair value adjustments of short-term investments in Q4 2025 and FY 2025, respectively; and (iv) $1.4 million and $4.2 million in income tax expenses in Q4 2025 and FY 2025, respectively. Adjusted net income for Q4 2024 and FY 2024 excludes $26.4 million and $32.0 million in non-recurring items, respectively. For Q4 2024, the adjustment relates to Satinoco Incident expenses and losses on short-term investments. For FY 2024, the adjustment includes the same items as Q4 2024, as well as an additional $5.7 million in legal litigation expenses.

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 expenditures¹