Jaguar Mining Announces Financial Outcomes for Q4 and Full Year 2023

Jaguar Mining Inc. reported its financial results for the fourth quarter and the entire year of 2023. These include a Q4 gold production of 18,482 ounces and a yearly total of 70,704 ounces. For the fourth quarter, gold was sold at a cash operating cost of $1,089 per ounce and an all-in sustaining cost of $1,510 per ounce. The full year saw slightly higher costs, with cash operating costs at $1,126 per ounce and all-in sustaining costs at $1,618 per ounce.

The company recorded revenues of $35.9 million for the quarter and $136.5 million for the full year, a slight decrease compared to the previous year’s total, attributed to lower gold production and sales which were somewhat mitigated by higher gold prices. Net income stood at $10.7 million for the quarter and $15.9 million for the full year. Both periods saw reductions in operating costs compared to 2022, with the full year generating free cash flow of $11.5 million.

Looking ahead to 2024, Jaguar Mining anticipates consistent production levels from the Turmalina and Pilar mines, with expected contributions from the Faina project in the latter half of the year. The company’s focus remains on cost management and development of its growth pipeline, including the recent acquisition of IAMGOLD’s Brazilian assets to enhance resource base and future production capacities.