Announces Quarterly Dividend
Toronto, March 21, 2022 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG, OTCQX:JAGGF) today announced financial results for the fourth quarter (“Q4 2021”) and year (“FY 2021”) ended December 31, 2021. All figures are in US Dollars, unless otherwise expressed.

Q4 2021 Financial Highlights

Revenue for Q4 2021 decreased 2% to $42.7 million, compared with $43.4 million in Q4 2020, mainly due to a reduction in the average realized gold price of $1,819/oz in Q4 2021 as compared to $1,863/oz for Q4 2020.
Operating production costs of $18.8 million in Q4 2021 as compared to $16.4 million in Q4 2020. The 15% increase in operating production costs is due to inflation, combined with increased secondary development, which is fully expensed as operating costs, from 667 metres in Q4 2020 to 1,189 metres in Q4 2021.
Cash operating costs1 increased 14% to $802 from $705 per ounce of gold in Q4 2021 because of inflation and increased on secondary development metres compared to Q4 2020.
All-in sustaining costs1 decreased to $1,127 per ounce of gold sold for Q4 2021, compared to $1,200 per ounce of gold sold for the same period in 2020 due to a reduction on sustaining capital expenditures from $9.8 million in Q4 2020 to $6 million in Q4 2021.
Net Income was $13.7 million ($0.19 per share) in Q4 2021 compared to net income of 24.3 million ($0.34 per share) in Q4 2020 resulting in a decrease of $10.6 million. The change was due in large part to an impairment reversal of $14 million in 2020, compared to $nil in 2021.
Free cash flow1 was $8.2 million for Q4 2021 compared to $10.9 million in Q4 2020 and was impacted by operating cash flow and increased capital expenditures. Free cash flow was $348 per ounce sold in Q4 2021 compared to $466 per ounce sold in Q4 2020.
FY 2021 Financial Highlights

Gross profit decreased 30% to $60 million in FY 2021 compared to $85.7 million in FY 2020 due to inflation impact on the Company’s costs in 2021 as compared to the same period last year, increased secondary metres, as well as an increase of $6 million in depreciation expenses in 2021, as a reflection of a higher asset value resulting from a $14 million impairment reversal in 2020.
Consolidated gold production decreased 8% with 83,878 ounces produced in FY 2021 compared to 91,118 ounces produced in FY 2020, due to COVID-19 impact in the first quarter of 2021.
Cash operating cost1 increased 28% to $831 per ounce of gold sold for FY 2021, compared to $647 during FY 2020 mainly due to an 8% reduction in ounces of gold sold from 91,853 FY 2020 to 84,638 FY 2021, combined with inflation and increased on secondary development metres compared to FY 2020.
All-in sustaining cost1 increased 16% to $1,215 per ounce of gold sold in FY 2021, compared to $1,044 during FY 2020, primally due to the increase of 28% in cash operating cost1 explained on the bullet before.
Operating cash flow of $45 million; adjusted EBITDA of $66.5 million.
Net income of $34.2 million, or net income per share of $0.47.
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This is a Non-GAAP financial performance measure with no standard definition under IFRS. For more details, refer to the Non-GAAP Performance Measures section of the MD&A.

Cash Position and Working Capital

Strong treasury at December 31, 2021, with cash of $40.4 million compared to $38.9 million on the same period of 2020.
As of December 31, 2021, working capital was $32 million, compared to $29.2 million as at December 31, 2020, which includes $3 million in short term loans from Brazilian banks.
Q4 2021 Quarterly Dividend

The Company is also pleased to announce that its Board of Directors has declared a cash dividend of C$0.04 per common share of the Company, to be paid on March 25, 2022, to shareholders of record as of the close of business on March 31, 2022. This is the same amount as paid in the previous three quarters. The dividend qualifies as an eligible dividend for Canadian income tax purposes.
The Board of Directors intends to review, among other things, the Company's budget, cash flow forecast and existing market conditions on a quarterly basis in order to determine whether any additional dividends will be declared on Shares for subsequent quarters.
Vern Baker, President and CEO of Jaguar Mining stated: “I am very pleased with our performance in Q4 of 2021. Jaguar´s operational assets performed on a consistent basis producing 22,903 ounces of gold and completing 2,615 meters of development. Exploration performance was also strong with over 18,000 meters of in-mine diamond drilling, approximately 1,900 meters of surface diamond drilling, and more than 6,700 meters of reverse circulation drilling. Jaguar paid a dividend and expanded its cash position in the fourth quarter.

The impact of the pandemic on our operations was significant during the first half of 2021 but became minimal by Q4 2021. In January and February of 2022, our operations were impacted by both the Omicron variant and torrential rains and flooding that hit Minas Gerais. We have rescheduled our production plans to make up the shortfall throughout the year. We still expect to be within our 2022 production guidance of 86,000 to 94,000 ounces.

Exploration and growth projects are a major focus for Jaguar this year. We initiated a new division for Growth. Diamond drilling to upgrade the Faina resource was started with two drill rigs in January and over 20% of our targeted 15,000 meters are completed. This program will both deliver the mineralized material for our next round of metallurgical tests and the sample results to advance much of the mineral resource to a measured and indicated level. Our Project Northwest is developing the Turmalina-Faina corridor from the current Turmalina workings toward Faina. The project has advanced more than 300 meters, has established dual declines, and we are working to complete the ventilation circuit that will support development for the full distance and for pre-production work. At Pilar work on Project Southwest started in Q4 2021 and is progressing to develop additional resources in the upper part of the mine. Work on our Joint Venture with IAMGOLD near our CPA plant is progressing with the first diamond drill holes started in Q4 2021.”

Q4 & FY 2021 Financial Results
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https://www.jaguarmining.com/en/investors/news-releases/2022/jaguar-mining-reports-financial-results-for-the-fourth-quarter-and-full-year-2021/