Jaguar Mining Reports Financial Results for the Third Quarter 2022

TORONTO, ON / ACCESSWIRE / November 9, 2022 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG, OTCQX:JAGGF) today announced financial results for the third quarter ("Q3 2022") ended September 30, 2022. All figures are in US Dollars, unless otherwise expressed.

Q3 2022 Financial Highlights

• Revenue for Q3 2022 decreased 7% to $37.8 million, compared with $40.7 million in Q3 2021, mainly due to a decrease in the average realized gold price of $1,711 per ounce in Q3 2022 compared to $1,753 per ounce in Q3 2021.
• Operating costs totaled $22.1 million in Q3 2022 compared to $19.4 million in Q3 2021. The 14% increase in operating costs was mainly due to inflation and head count increase in the past twelve months, with labour costs increasing by approximately 12%, mining materials by approximately 28%, and plant consumables increasing by approximately 4%.
• Net income for Q3 2022 decreased to $6.5 million, compared with $11.4 million in Q3 2021. Major variances included a $2.9 million decline in revenue, $2.7 million increase in operating costs, $0.7 million reduction on foreign exchange gain, and a $0.7 million increase in finance costs, offset by an income tax expense reduction of $2.5 million.
• Cash operating costs¹ increased 20% to $999 per ounce of gold in Q3 2022 compared to $833 in Q3 2021 due to a 14% increase in operating costs, attributed to inflationary pressure on mining materials and labour. All-in sustaining costs¹ increased to $1,331 per ounce of gold sold in Q3 2022, compared to $1,184 per ounce of gold sold in Q3 2021 due to the cash cost increase as explained above, partially offset by lower sustaining capital expenditures.
• Free cash flow¹ in Q3 2022 was $8.4 million and was based on operating cash flow plus asset retirement obligation expenditures, less sustaining capital expenditures, compared to $9.8 million in Q3 2021. Free cash flow was $378 per ounce of gold sold in Q3 2022 compared to $423 per ounce of gold sold in Q3 2021.

Cash Position and Working Capital¹

• As of September 30, 2022, the Company had a cash and cash equivalents position of $29.9 million, compared to $40.4 million on December 31, 2021.
• As of September 30, 2022, working capital was $19.6 million, compared to $32 million on December 31, 2021. The decrease in working capital is due to a reduction of 14% or $5 million in operating cash flow generated during YTD 2022, combined with a 30% increase in net cash used in investing activities from $23 million YTD 2021 to $29.8 million YTD 2022, mainly due to the $7 million cash received as a result of the royalty sales 2021. Partially offset by a 31% reduction in net cash used in financing activities due to lower dividends payment during YTD 2022.

Vern Baker, President and CEO of Jaguar Mining stated: "The Jaguar team has worked diligently through a difficult first half of the year to bring us back on track with our goals and objectives in the third quarter. Our performance delivered and demonstrated that Jaguar can operate consistently and produce at sustainable rates while increasing total development rates. I am pleased to report that Jaguar continues to produce cash flow allowing us to fund exploration and projects that grow the company in one of the greatest gold jurisdictions in Brazil. Our efforts to reduce operating and AISC are making a positive impact on the cash flow.

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