Toronto, January 11, 2023 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG, OTCQX:JAGGF) today announced production results for the three months (“Q4 2022”) and twelve months ended December 31, 2022 (“FY 2022”). All figures are in US Dollars, unless otherwise expressed. The Company also announced its annual production guidance for FY 2023 that is focused on sustainable quality-ounce production and maximizing free cash flow generation.

FY 2022 and Q4 2022 Production Results

Q4 2022 consolidated gold production was 21,116 ounces, compared to Q4 2021 production of 22,903 ounces. Annual consolidated gold production for FY 2022 was 80,968 ounces compared to 2021 production of 83,878 ounces.
Q4 2022 consolidated tonnage processed was 209,000 tonnes at 3.61 g/t; compared to the fourth quarter of 2021 with 213,000 tonnes at 3.81 g/t. Annual consolidated tonnage for FY 2022 processed was 837,000 tonnes at 3.43 grams per tonne (g/t), compared to FY2021´s 856,000 tonnes processed at 3.47 g/t.
Q4 2022 primary development metres of 983, exploration development of 583 meters, and secondary development metres of 1,538; totalling 3,104 metres compared to Q4 2021 development of 2,647 metres. Annual 2022 development of 3,659 primary, 2,649 exploration, and 5,263 secondary metres for a total of 11,571 metres, compared to FY 2021 total metres developed of 9,556. These development rates provide sustainable progress on the ramp, ore development, as well as exploration drives.
Q4 2022 Diamond Drill metres were at 11,569 compared to Q4 2021 drilling of 27,818 metres. Diamond Drill metres for FY 2022 were 88,150 metres compared to 80,882 metres in FY 2021.
Treasury position as of December 31, 2022, with cash of $25.2 million compared to cash $29.9 million on September 30, 2022. The Company made higher than usual sustaining capital expenditures in Q4 2022 by investing in a new fleet of trucks for Turmalina and Pilar, all of which were received at the end of December.

FY 2023 Guidance and Growth Plans

Balance sheet strength and free cash flow generation in FY 2022 has enabled the Company to invest approximately $23 million in exploration and growth projects, while paying $7 million in dividends. This growth focus has enabled Jaguar in 2022 to advance its Faina project. For the year 2023, Jaguar Mining is guiding towards 84,000 to 88,000 ounces of gold production at an All-In-Sustaining-Cost (AISC) range of $1,275 to $1,375 per ounce (US$1:BRL5.20).

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