Jaguar Mining Provides Update on Faina Access and Intersects High Grades in Development and Diamond Drill Holes

DEVELOPMENT CHANNEL SAMPLES - H LENS

• 14.42 g/t Au over an estimated true channel width of 6.75m
• 13.31 g/t Au over an estimated true channel width of 6.40m

DIAMOND DRILLING - J LENS

• 20.17 g/t Au over an estimated true width of 6.62m in hole FAI0018
• 8.54 g/t Au over an estimated true width of 4.72m in hole FAI0020
• 6.46 g/t Au over an estimated true width of 9.66m in hole FAI0024

TORONTO, ON / ACCESSWIRE / May 21, 2024 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG)(OTCQX:JAGGF) is pleased to provide an update and announce that access development and concomitant mineral resource delineation diamond drilling has intersected high-grade mineralization at its Faina Project ("Faina"). Faina is part of the Company's MTL Mining Complex which also includes its Turmalina Mine, and is located in the state of Minas Gerais, Brazil, approximately 130 kilometers northwest of the city of Belo Horizonte.

In December 2023, the Company released an NI 43-101 Technical Report (see Press Release dated December 18, 2023) announcing Probable Mineral Reserves for Faina of 132 koz (787 kt @ 5.22 g/t Au), Measured and Indicated Mineral Resources of 233 koz (1,427 kt @ 5.08 g/t Au) and Inferred Mineral Resources of 232 koz (1,420 kt @ 5.09 g/t Au).

Since development of the project commenced in 2022, approximately 3,760m of primary access development from the Turmalina Mine to Faina has been achieved, and a further 1,700m of development is planned for 2024, including approximately 560m of secondary productive development. To date, the Company has invested approximately US$15 million in capital at Faina which has mainly been divided between infill resource definition drilling, metallurgical testwork, access development and studies.

Vern Baker, President, and CEO of Jaguar Mining stated: "We are delighted to have reached high grade mineralization in Faina access development and definition diamond drilling. Primary access development and infill diamond drilling will continue to open and better define the mineralized areas through 2024 as the project ramps up to planned production levels in 2025. Our initial plan is to feed mined material through our MTL mill while continuing with focused metallurgical testwork which will inform longer term processing options. Going forward exploration will focus on expanding the Mineral Resources inventory at Faina as well as conversion of Inferred Mineral Resources to higher classification categories."

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