Jaguar Mining Reports Financial Results for the First Quarter 2024

TORONTO, ON / ACCESSWIRE / May 9, 2024 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG)(OTCQX:JAGGF) today announced financial results for the first quarter ended March 31, 2024 ("Q1 2024"). All figures are in US Dollars, unless otherwise expressed.

First Quarter Highlights

• Gold production for the quarter was 16,177 ounces with 15,692 gold ounces sold, at cash operating costs¹ of $1,167 per ounce of gold sold and all-in sustaining costs¹ of $1,608 per ounce of gold sold. Realized gold prices were $2,076 per ounce.
• Revenue for the quarter $32.6 million, 9% below revenue in the first quarter of 2023 ("Q1 2023") driven by lower production and fewer ounces sold which was partly offset by higher realized gold prices.
• Net income for the quarter was $2.8 million ($0.04 per share) and $0.4 million ($0.01 per share) higher than net income in Q1 2023.
• Operating costs for the quarter were $18.3 million compared to operating costs of $20.6 million in Q1 2023.
• Free cash flow ¹ for the first quarter was $3.3 million and in line with Q1 2023, based on operating cash flow plus asset retirement obligation expenditures, less capital. Free cash flow per ounce ¹ sold for the quarter $207 and $176 per ounce sold in Q1 2023.

Cash position and working capital ¹

• As of March 31, 2024, the Company had cash and cash equivalents of $26.4 million, compared to $22.0 million in cash and cash equivalents as at December 31, 2023.
• As of March 31, 2024, working capital was $21.4 million, compared to $12.6 million as at December 31, 2023.

Vern Baker, President and CEO of Jaguar, stated : "I am very pleased with how our efforts have progressed at advancing Faina in the Turmalina Mine and BA in the Pilar Mine. Despite first-quarter production challenges and a Dengue epidemic, the company continued operating in a cost-conscious manner and increased its cash position while continuing to invest in Faina and BA. The BA orebody made a significant contribution to Q1 production at Pilar, specifically in March, and ongoing development of the BA orebody is expected to contribute to stoping throughout the year. Consolidated production levels in the second quarter will be similar to the first quarter as we work through grade issues that have impacted production at Turmalina since the beginning of April. We are making additional investments in development at Turmalina which we expect will bring its grades back above three grams per tonne. In addition, we have restructured management at the mine to enhance our focus on grade and fully integrate Faina within the production team. In the third quarter, production at Turmalina will return to expected levels, augmented by production at Faina. Overall, we expect to see increased production in the second half of the year with totals expected above 2023 levels."

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