Mr. Luis Albano reports

JAGUAR MINING INC. REPORTS FOURTH QUARTER AND FULL YEAR 2025 OPERATING RESULTS

Jaguar Mining Inc. has released its preliminary operating results for the fourth quarter of 2025. These results highlight the company's resilience and strategic focus as it continues to advance the safe and sustainable resumption of operations at its MTL complex. Full financial results for the quarter will be reported and filed on SEDAR+ by March 31, 2026. All figures are in U.S. dollars, unless otherwise expressed

Fourth quarter and full-year 2025 operating highlights:

• Consolidated gold production: Consolidated gold production totalled 9,356 ounces, all from the Pilar mine, compared with 14,787 ounces in the fourth quarter of 2024, which included production from both the Pilar and Turmalina mines. The decrease was primarily due to the temporary suspension of operations at Turmalina following a localized incident at the Satinoco dry-stacked facility in December, 2024. Gold production from Pilar totalled 40,012 ounces in 2025. In addition, 242 ounces were produced from Turmalina related to flotation concentration tests conducted with Faina ore in 2024 and shipped for smelting in China in 2025. Gold production for the full year totalled 40,254 ounces.
• Pilar mine performance: Pilar delivered reliable operating results, producing 9,356 ounces of gold from 96,177 tonnes at a 3.41-gram-per-tonne head grade and 89-per-cent recovery. This represents a slight decrease compared with the fourth quarter of 2024, when the mine produced 10,511 ounces of gold from 100,959 tonnes at a 3.65-gram-per-tonne head grade and 89-per-cent recovery. The reduction reflects the sequencing of development and mining activities during the period, along with the need to conduct upgrades to the exhaust and cooling system in the lower part of the mine. Although these activities have delayed the mining of some high-grade ore, these improvements will enhance safety and ventilation, improve operating efficiency, and support long-term operational continuity.
• Development activity: Strategic development at Pilar remained a priority, with 1,248 metres of primary, secondary and exploration development completed during the quarter and 150 metres of primary development from Turmalina-related infrastructure works, permitted by National Mining Agency (ANM) amounting to 1,398 metres. Although the consolidated total was below the 2,941 metres achieved in the fourth quarter of 2024, which included Turmalina, the company maintained its strategic emphasis on Pilar throughout the period. Primary development declined by 26 per cent while secondary development decreased by 9 per cent, reflecting the reallocation of face drilling resources to mining fronts where the cut-and-fill method with frontal and ascending advance (retreat) was implemented, aiming to adapt short-term mining operations to the ore characteristics in a specific area of the mine.
• Drilling progress: Diamond drilling at Pilar totalled 3,846 metres in the fourth quarter, compared with 5,881 metres in the same period of 2024. The quarter included a seven-day planned shutdown to complete ventilation upgrades, affecting drill rig utilization. On a full-year basis, diamond drilling increased 17 per cent to 20,814 metres from 17,746 metres in 2024, reflecting higher drilling capacity, improved productivity and the reallocation of resources previously assigned to Turmalina. In addition, smart rigs contributed to productivity by operating autonomously during shift changes.
• Turmalina mine restart: On Jan. 7, 2026, the ANM officially lifted the restriction on operations at the MTL complex. This decision reflects ANM's comprehensive review process and confirms Jaguar's compliance with the highest safety and operational standards. The approval allows the company to execute stages 3, 4, and 5 of its gradual resumption plan, marking an important milestone toward the restart of operations at the Turmalina mine. Underground preparation work began in August, 2025, with ANM approval, focusing on emergency escapeways and ventilation raises at Faina. During the quarter, 150 metres of development was completed. Further details can be found in the Jaguar Mining press release dated Jan. 8, 2026.
• Satinoco dry-stacked facility: Work completed at Satinoco in 2025 ensured the pile does not present any further geotechnical risks and supports the resumption of operations in the previously affected areas, including the paste fill plant, a key component of the MTL operating system. Continuing activities at the Satinoco pile will continue through 2026, with the goal of progressing the facility toward closure.
• Strong cash position: As of Dec. 31, 2025, net cash totalled $60.3-million, up from $45.1-million at the end of the previous quarter and $43-million as of Dec. 31, 2024. As of this quarter, the company reports net cash position, as opposed to in previous quarters having reported gross cash position (which includes Brazilian export credit loans). Payments and disbursements related to the Satinoco incident, including compensation to affected families, were made during the quarter. The company also benefited from favourable gold prices, which averaged $4,170 per ounce in the quarter and $3,421 per ounce for the full year.

Luis Albano Tondo, chief executive officer of Jaguar, commented: "This quarter reflects the strength of our people and the culture we are building, grounded in safety, accountability and operational discipline. Across the business, our teams remained focused on consistent execution while advancing the work required to strengthen reliability, reinforce controls and reduce operational risk.

"Importantly, in early January, 2026, we received ANM authorization to lift the operational restriction at the MTL complex. We view this as a meaningful milestone and a reflection of the progress achieved through a rigorous review process. As we move forward, we will continue to prioritize safe, compliant and responsible execution at every stage of our operations.

"At Satinoco, our team completed the 2025 work program focused on ensuring the pile posed no further geotechnical risk and on supporting the safe release of the previously affected operating areas required to resume production while maintaining transparent engagement with employees, regulators and local stakeholders throughout the process.

"For the full year, gold production from Pilar totalled 40,012 ounces, with an additional 242 ounces produced from Turmalina related to flotation concentration tests conducted on Faina ore in 2024 and shipped to a smelter in China in 2025, bringing total 2025 gold production to 40,254 ounces. This result was slightly above our expected production level of approximately 40,000 ounces, reflecting disciplined execution and the resilience of our operating teams.

"Looking ahead to 2026, our priorities are clear: resume operations at the MTL complex once final clearance from the environmental authorities (NEA) is received, sustain strong production at the Pilar mine, and rehabilitate and restart production from the Santa Isabel mine. This will position all three of Jaguar's complexes to be in operation, supported by strong governance, rigorous planning, and a continued focus on safety and care for our communities and environment."

2026 outlook

For 2026, given the importance of the MTL complex to Jaguar Mining's overall outlook, the company intends to provide formal production guidance once operations have resumed and sufficient operating visibility has been re-established.

Qualified person

Scientific and technical information contained in this press release has been reviewed and approved by Luis Albano Tondo, BSc (mining engineering), MEngSc, MBA, FAusIMM, who is also of chief executive officer of Jaguar Mining and a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

The Iron Quadrangle

The Iron Quadrangle has been an area of mineral exploration dating back to the 16th century. The discovery in 1699 to 1701 of gold contaminated with iron and platinum group metals in the southeastern corner of the Iron Quadrangle gave rise to the name of the town Ouro Preto (Black Gold). The Iron Quadrangle contains world-class multimillion-ounce gold deposits such as Morro Velho, Cuiaba and Sao Bento. Jaguar holds the second-largest gold land position in the Iron Quadrangle with over 46,000 hectares.

About Jaguar Mining Inc.

Jaguar Mining is a Canadian-listed junior gold mining, development and exploration company operating in Brazil with three gold mining complexes and a large land package with significant upside exploration potential from mineral claims. The company's principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the MTL complex (Turmalina mine and plant) and Caete complex (Pilar and Roca Grande mines and Caete plant). The Roca Grande mine has been on temporary care and maintenance since April, 2019. The company also owns the Paciencia complex (Santa Isabel mine and plant), which had been on care and maintenance since 2012 and is under review to restart in 2026.

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