Jaguar Mining Reports Third Quarter 2026 Results with 67% Growth in Adjusted Net Income and 46% Higher Adjusted EBITDA

TORONTO, ON / ACCESS Newswire / November 12, 2026 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG)(OTCQX:JAGGF) is pleased to report its financial and operational results for the third quarter ended September 30, 2026. Higher gold sales, supported by the contribution of the Turmalina Mine during its ramp-up phase and continued production at the Pilar Mine, together with higher realized gold prices, drove a 79% increase in revenue and a 46% increase in Adjusted EBITDA compared to the third quarter of 2025, partially offset by higher operating costs and increased capital expenditures.

The interim condensed consolidated financial statements for the three and nine months ended September 30, 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.

Third Quarter 2026 Highlights

• Adjusted Earnings: Delivered Adjusted Net Income¹ of $13.0 million ($0.15 per share), a 67% increase compared to $7.8 million ($0.10 per share) in Q3 2025 and compared to $17.4 million ($0.20 per share) in the previous quarter. Net income for the quarter was $12.9 million ($0.15 per share), in line with $13.0 million ($0.16 per share) in Q3 2025, which included an $8.0 million unrealized gain on financial instruments.
• Adjusted EBITDA¹: Adjusted EBITDA of $23.8 million ($0.28 per share) was 46% higher than the $16.3 million ($0.21 per share) recorded in Q3 2025, while EBITDA rose 30% to $24.7 million from $19.0 million in the prior-year quarter. Satinoco event expenses declined to $0.7 million, compared to $6.1 million in Q3 2025.
• Revenue Growth: Revenue increased 79% to $60.8 million, compared to $34.0 million in Q3 2025, driven by a 46% increase in gold ounces sold to 14,259 ounces following the resumption of operations at the MTL Mining Complex (the "MTL Complex"), together with a 23% increase in the average realized gold price¹ to $4,262 per ounce.
• Production Increase: Consolidated gold production totalled 12,981 ounces (Q2 2026 - 13,057 ounces), comprising 8,549 ounces from the Pilar Mine and 4,432 ounces from the Turmalina Mine. This represents a 30% increase compared to the 10,002 ounces produced in Q3 2025. Year-to-date production totalled 35,668 ounces, a 15% increase compared to 30,898 ounces in the first nine months of 2025.
• Consolidated ore processed increased 69% to 159,399 tonnes at an average head grade of 3.16 g/t Au. Pilar processed 108,255 tonnes at 2.76 g/t Au with an 89% recovery rate, with the lower grade reflecting a higher contribution of development ore and mining sequence adjustments, while Turmalina processed 51,144 tonnes at 4.00 g/t Au with a 67% recovery rate, reflecting the higher proportion of Faina ore in the feed, contributing approximately 34% of consolidated production.
• Free Cash Flow¹: Free cash flow¹ for the quarter was negative $14.6 million (negative $1,021 per ounce sold), reflecting cash used in operating activities of $4.1 million, which included a $20.8 million outflow from changes in operating assets and liabilities, mainly an $11.7 million receivable from a gold sale completed at the end of September and collected in early October and $9.1 million in payments related to legal and other provisions, mainly associated with the Satinoco incident, and sustaining capital expenditures¹ of $10.2 million. Year-to-date free cash flow¹ was $3.8 million ($107 per ounce sold).
• Cash and cash equivalents totalled $47.8 million at September 30, 2026 (June 30, 2026 - $74.0 million), excluding the $11.7 million receivable collected in early October.
• Working capital¹ was $21.8 million, in line with $21.8 million at December 31, 2025. This liquidity supports the self-funding of the 2026 exploration program, the ongoing dewatering and underground rehabilitation work at the Santa Isabel Mine, and the permitting process at the Onças de Pitangui development project.
• Cost Profile: Cash operating costs were $30.2 million ($2,120/oz), compared to $13.5 million ($1,374/oz) in Q3 2025. All-in sustaining costs¹ were $3,164 per ounce (Q3 2025 - $2,063 per ounce), reflecting higher sustaining capital expenditures¹ of $10.2 million (Q3 2025 - $4.4 million), mainly at the MTL Complex. The increase in unit costs primarily reflects the resumption and ramp-up of operations at the MTL Complex and fixed costs not yet fully absorbed by production volumes. The Company's operating margins remain positive, with a cash operating margin of $2,142 per ounce and an all-in sustaining margin of $1,098 per ounce.
• Exploration Momentum: Definition, infill and exploration drilling totalled 13,486 metres in the quarter (Q3 2025 - 5,774 metres), bringing the year-to-date total to 30,465 metres (8,126 metres at Turmalina and 5,360 metres at Pilar in the quarter). Drilling at the Faina orebody intersected multiple high-grade zones, including 5.39 m @ 11.88 g/t Au (FAI0178) and 3.13 m @ 22.46 g/t Au (FAI0182), and a new underground drilling program commenced at the A/SE2 lens, an untested upper-level extension of Turmalina's Orebody A, reinforcing the Company's strategy to convert its promising gold endowment into mineral reserves. Proven and probable mineral reserves increased 12% to 858,000 ounces (6,861 kt at 3.89 g/t Au) as at December 31, 2025, net of mining depletion, with Pilar 2P Reserves up 49% to 286,000 ounces (2,494 kt at 3.57 g/t Au), while Measured and Indicated Mineral Resources as at December 31, 2025 increased 8% to 1,797,000 ounces (13,575 kt at 4.12 g/t Au) and Inferred Mineral Resources increased 2% to 1,709,000 ounces (14,732 kt at 3.61 g/t Au)².

2026 Guidance

With year-to-date production of 35,668 ounces, Jaguar maintains its full year 2026 guidance, projecting gold production in the range of 50,000 to 60,000 ounces from its current assets and is more likely to achieve the lower end of that range.

Growth Projects and Exploration

• MTL Complex: Following regulatory approval from the Environmental Emergency Office on March 9, 2026 to resume operations at the MTL Complex, the Turmalina Mine, processing plant, paste fill plant and filtration unit have been ramping up towards planned production levels. In Q3 2026, the MTL Complex produced 4,432 ounces, an 11% increase over Q2 2026, with the higher-grade Faina orebody accounting for approximately 67% of ore processed. To improve metallurgical recovery of Faina ore, the Company is conducting studies evaluating changes to the Turmalina plant, including the potential installation of a flotation circuit.
• CPA Complex: Dewatering, underground rehabilitation, drift development and an underground diamond drilling program are advancing at the Santa Isabel Mine. The Company is preparing a Feasibility Study, incorporating a new Mineral Resource and Mineral Reserve estimate for Santa Isabel and Marzagão, planned for release by mid-2027. The Paciência Mining Complex holds Inferred Resources of 189,000 ounces at 4.14 g/t Au. The Feasibility Study will evaluate two processing alternatives: mining and hauling ore for processing at the Caeté (CCA) plant or refurbishing the Paciência (CPA) plant to operate in conjunction with the Santa Isabel and Marzagão mines.
• Paciência Gold District: The Company's Phase 1 drilling campaign totalled 3,764 metres over 17 holes (8 holes / 2,245 metres at Chamé and 9 holes / 1,518 metres at Santa Isabel and Marzagão), confirming a mineralized corridor of approximately 15 kilometres linking Chamé, Santa Isabel, Marzagão and Bahú. In Q3 2026, follow-up diamond drilling commenced, with two holes totalling 647.65 metres completed to date. Assay results are pending, while visual observations from the drill core indicate continuity of the Chamé mineralization.
• Onças de Pitangui: On October 30, 2026, the Unidade Regional de Regularização Ambiental Alto São Francisco (the "URA") of the Fundação Estadual do Meio Ambiente ("FEAM"), the environmental authority of the State of Minas Gerais, issued a decision denying the Company's application for a concurrent Preliminary Licence and Installation Licence ("LP+LI") for the Company's Onças de Pitangui Project (the "Project"). The reasons cited in the decision include the insufficiency of certain technical data submitted in support of the application. The decision does not contain a finding that the Project is environmentally unfeasible; rather, it states that environmental viability was "not demonstrated at this time". The decision concludes that the Project's control systems must be re-evaluated and provides that a new application, supported by the required documentation, may be submitted. Construction of the Project cannot begin until the Installation Licence is granted. An estimated date to receive the licence cannot be determined at this stage. The Company remains committed to the development of the Project and to constructive engagement with the authorities and the communities close to the Project. The Company will correct the deficiencies identified in the Environmental Impact Study, resubmit it, and continue to advance the Project's licensing.

The Company will provide further updates as the process advances.

"Turmalina's ramp up production alongside Pilar lifted gold production by 30% and gold sales by 46% year-over-year" commented Luis Albano Tondo, CEO of Jaguar Mining. "This was a quarter of deliberate investment. We increased primary and secondary development across all our mines, with 2,099 metres in the quarter, up 20% year-over-year, because that is what prepares the ground for future production. Higher sustaining capital and a $9.1 million outflow to settle Satinoco obligations weighed on free cash flow, and unit costs rose as fixed costs are not yet absorbed by our current production base. Looking ahead, we are preparing a Feasibility Study for the Paciência Complex and a Feasibility Study for Onças de Pitangui, while we consider our next steps on that project's licensing. Together with the drilling that will tell us how much of our land package can be converted into reserves, these are the building blocks of our next phase of growth."

Third Quarter 2026 Results

Non-GAAP performance measures

The Company has included the following Non-GAAP performance measures in this news release: 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, 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