par Jaguar Mining Inc. (CVE:JAG)
Jaguar Delivers Strong Adjusted Earnings and Strategic Production Restart of MTL (Turmalina Mine) in Q1 2026
TORONTO, ON / ACCESS Newswire / May 13, 2026 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG)(OTCQX:JAGGF) is pleased to report its financial and operational results for the first quarter ended March 31, 2026. The Company achieved a significant turnaround in profitability, driven by record gold prices and a consistent performance at the Pilar Mine, while successfully navigating the regulated restart of the MTL Complex (Turmalina).
The interim condensed consolidated financial statements for the quarter ended March 31, 2026 and accompanying management's discussion and analysis can be accessed by visiting the Company's website at https://jaguarmining.com or its profile page on SEDAR+ at www.sedarplus.ca. All figures are in US Dollars, unless otherwise expressed.
First Quarter 2026 Highlights
Adjusted Earnings Growth: Delivered Adjusted Net Income1 of $10.3 million ($0.12 per share), demonstrating strong underlying profitability in a record gold price environment. Net income for the quarter was $4.7 million, overcoming non-recurring restoration costs and non-cash foreign exchange fluctuations.
Revenue Surge: Revenue increased 63% to $44.6 million, compared to $27.3 million in Q1 2025, supported by a 71% increase in the average realized gold price1 to $4,875 per ounce.
Strategic Production Restart: Consolidated gold production totaled 9,630 ounces. This includes a consistent performance from the Pilar Mine (8,776 oz) and the successful initial 22 days of production from the MTL Complex restart (854 oz), which provides a foundation for the planned production ramp-up throughout the remainder of 2026.
Robust Free Cash Flow1: The Company generated $10.1 million in Free Cash Flow1 ($1,104 per ounce sold), further strengthening its cash position to $71.2 million. This liquidity supports the self-funding of the 2026 exploration program and the upcoming Santa Isabel mine restart.
Normalized Cost Profile: Cash operating costs were $14.3 million ($1,565/oz). All-in sustaining costs1 (AISC) were $2,412 per ounce. Excluding one-time expenses related to the final stages of the Satinoco event restoration ($5.9 million), the Company's core operating margins remain exceptionally healthy.
Exploration Momentum: Exploration drilling (6,018 meters) continued at pace, albeit with assay results pending at the Chamé target, reinforcing the Company's strategy to convert its promising gold endowment into Mineral Reserves, which have already increased 12% to 858,0002 ounces.
Luis Albano Tondo, CEO of Jaguar stated: "Jaguar has entered 2026 with a clear focus on operational excellence and balance sheet strength. Generating $10 million in free cash flow this quarter allowed us to self-fund critical exploration and the restart of our Turmalina operations. As we progress through the year, our focus remains on scaling production, managing our cost profile as restoration activities conclude, and converting our significant gold endowment into sustainable production growth."
First Quarter 2026 Results
($ thousands, except where indicated) | Three months ended | |||||||
March 31 | ||||||||
2026 | 2025 | |||||||
Financial Data | ||||||||
Revenue | $ | 44,593 | $ | 27,289 | ||||
Operating costs | 14,315 | 10,549 | ||||||
Depreciation | 2,359 | 2,776 | ||||||
Gross profit | 27,919 | 13,964 | ||||||
Net income (loss) | 4,653 | (1,611 | ) | |||||
Per share ("EPS") | 0.05 | (0.02 | ) | |||||
Adjusted Net income 1,3 | 10,316 | 3,713 | ||||||
Adjusted EPS 1,3 | 0.12 | 0.05 | ||||||
EBITDA | 12,503 | 3,060 | ||||||
Adjusted EBITDA 1,2 | 23,746 | 14,683 | ||||||
Adjusted EBITDA per share 1,2 | 0.28 | 0.19 | ||||||
Cash operating costs (per ounce sold) 1 | 1,565 | 1,105 | ||||||
All-in sustaining costs (per ounce sold)1 | 2,412 | 1,724 | ||||||
Average realized gold price (per ounce)1 | 4,875 | 2,845 | ||||||
Cash generated from operating activities | 14,867 | (259 | ) | |||||
Free cash flow1 | 10,097 | (2,900 | ) | |||||
Free cash flow (per ounce sold)1 | 1,104 | (304 | ) | |||||
Sustaining capital expenditures1 | 4,854 | 3,262 | ||||||
Non-sustaining capital expenditures1 | 6,465 | 933 | ||||||
Total capital expenditures | 11,319 | 4,195 | ||||||
1 Average realized gold price, sustaining and non-sustaining capital expenditures, cash operating costs and all-in sustaining costs, free cash flow, EBITDA and adjusted EBITDA, adjusted net income and adjusted EPS are non-GAAP financial performance measures with no standard definition under IFRS. Refer to the Non-GAAP Financial Performance Measures section of the MD&A. 2 Adjusted EBITDA excludes non-cash items such as foreign exchange, stock-based compensation, fair value adjustments and write downs. For more details refer to the Non-GAAP Performance Measures section of the MD&A. 3 For Q1 2026, net income was adjusted by $5.7 million to exclude certain non-recurring items and their related income tax impacts. These adjustments consisted of: (i) $5.9 million of Satinoco incident expenses incurred in Q1 2026; (ii) a $1.6 million gain related to fair value adjustments of short-term investments in Q1 2026; and (iii) $1.3 million of income tax expense associated with these items. For Q1 2025, adjusted net income excluded $5.3 million of non-recurring items, which primarily related to Satinoco incident expenses and gains on short-term investments. | ||||||||
Three months ended | ||||||||
March 31 | ||||||||
2026 | 2025 | |||||||
Operating Data | ||||||||
Gold produced (ounces) | 9,630 | 9,923 | ||||||
Gold sold (ounces) | 9,147 | 9,544 | ||||||
Primary development (metres) | 424 | 438 | ||||||
Secondary development (metres) | 851 | 854 | ||||||
Definition, infill, and exploration drilling (metres) | 6,018 | 5,439 | ||||||
Non-GAAP performance measures
The Company has included the following Non-GAAP performance measures in this document: cash operating costs per ounce of gold sold, all-in sustaining costs per ounce of gold sold, average realized gold price (per ounce of gold sold), sustaining capital expenditures, non-sustaining capital expenditures, adjusted operating cash flow, free cash flow, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA and working capital. These Non-GAAP performance measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies.
The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. More specifically, Management believes that these figures are a useful indicator to investors and management of a mine's performance as they provide: (i) a measure of the mine's cash margin per ounce, by comparison of the cash operating costs per ounce to the price of gold; (ii) the trend in costs as the mine matures; and (iii) an internal benchmark of performance to allow for comparison against other mines. The definitions of these performance measures and reconciliation of the Non-GAAP measures to reported IFRS measures are outlined below.
Reconciliation of Sustaining Capital and Non-Sustaining Capital expenditures1
($ thousands) | Three months ended | |||||||
March 31 | ||||||||
2026 | 2025 | |||||||
Sustaining capital1 | ||||||||
Primary development | $ | 3,161 | $ | 1,688 | ||||
Exploration - Brownfield | 304 | 231 | ||||||
Mine-site sustaining | 968 | 1,160 | ||||||
Other sustaining capital | 421 | 183 | ||||||
Total sustaining capital1 | 4,854 | 3,262 | ||||||
Non-sustaining capital (including capital projects)1 | ||||||||
Mine-site non-sustaining | $ | 6,427 | $ | 457 | ||||
Others non-sustaining capex | 38 | 476 | ||||||
Total non-sustaining capital1 | 6,465 | 933 | ||||||
Total capital expenditures | $ | 11,319 | $ | 4,195 | ||||
1 Sustaining and non-sustaining capital are non-GAAP financial measures with no standard definition under IFRS. Refer to the non-GAAP Financial Performance Measures section of the MD&A. Capital expenditures are included in the calculation of all-in sustaining costs and all-in costs. | ||||||||
Reconciliation of Free Cash Flow1
($ thousands, except where indicated) | Three months ended | |||||||
March 31 | ||||||||
2026 | 2025 | |||||||
Cash generated from (used in) operating activities | $ | 14,867 | $ | (259 | ) | |||
Adjustments | ||||||||
Asset Retirement Obligation | 84 | 621 | ||||||
Sustaining capital expenditures2 | (4,854 | ) | (3,262 | ) | ||||
Free cash flow | $ | 10,097 | $ | (2,900 | ) | |||
Ounces of gold sold | 9,147 | 9,544 | ||||||
Free cash flow per ounce sold | $ | 1,104 | $ | (304 | ) | |||
1 This is a non-GAAP financial performance measure with no standard definition under IFRS. 2 Further details on the sustaining capital expenditures composition can be found on the reconciliation of sustaining capital and non-sustaining capital expenditures in the non-GAAP reconciliation. | ||||||||
Reconciliation of Cash Operating Costs, All-In Sustaining Costs and All-In Costs per Ounce Sold1
($ thousands, except where indicated) | Three months ended | |||||||
March 31 | ||||||||
2026 | 2025 | |||||||
Operating costs | $ | 14,315 | $ | 10,549 | ||||
General & administration expenses3 | 2,578 | 2,477 | ||||||
Corporate stock-based compensation | 593 | 3 | ||||||
Sustaining capital expenditures1 | 4,854 | 3,262 | ||||||
All-in sustaining cash costs | 22,340 | 16,291 | ||||||
Reclamation (operating sites) | (280 | ) | 160 | |||||
All-in sustaining costs | $ | 22,060 | $ | 16,451 | ||||
Non-sustaining capital expenditures | 6,465 | 933 | ||||||
Exploration and evaluation costs (greenfield) | 715 | 395 | ||||||
Reclamation (non-operating sites) | 364 | 461 | ||||||
Care and maintenance (non-operating sites)4 | 1,050 | 224 | ||||||
All-in costs | $ | 30,654 | $ | 18,464 | ||||
Ounces of gold sold | 9,147 | 9,544 | ||||||
Cash operating costs per ounce sold2 | $ | 1,565 | $ | 1,105 | ||||
All-in sustaining costs per ounce sold2 | $ | 2,412 | $ | 1,724 | ||||
All-in costs per ounce sold2 | $ | 3,351 | $ | 1,935 | ||||
Average realized gold price | $ | 4,875 | $ | 2,845 | ||||
Cash operating margin per ounce sold | $ | 3,310 | $ | 1,740 | ||||
All-in sustaining margin per ounce sold | $ | 2,463 | $ | 1,121 | ||||
1 Capital expenditures are included in our calculation of all-in sustaining costs and all-in costs. 2 Cash operating costs, all-in sustaining costs and all-in costs are all non-GAAP financial performance measures with no standard definition under IFRS. Result may not calculate due to rounding. 3 Excludes G&A expenses related to Onças de Pitangui (Q1 2026: $50; Q1 2025: $24), classified as exploration and evaluation costs, and $1,235 of non-recurring bonus provisions in Q1 2026. No bonus provision was recorded in Q1 2025. 4 Includes care and maintenance costs for Paciência and Roça Grande mines. | ||||||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA1
($ thousands, except where indicated) | Three months ended | |||||||
March 31 | ||||||||
2026 | 2025 | |||||||
Net income (loss) | $ | 4,653 | $ | (1,611 | ) | |||
Income tax expense | ||||||||