Toronto, April 11, 2023 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG) today announced preliminary production results for the first quarter of 2023. Full financial results for the quarter will be reported and filed on SEDAR on or before May 15, 2023. All figures are in US Dollars, unless otherwise expressed.

First Quarter Operating Highlights

Consolidated gold production increased 9% to 18,155 ounces compared to 16,663 ounces in the first quarter of 2022. Tonnes milled increased to 206,000 tonnes compared to 184,000 in the first quarter of 2022.
Pilar gold production increased 9% to 9,897 ounces compared to 9,082 ounces in the first quarter of 2022.
Turmalina gold production increased 9% to 8,258 ounces compared to 7,581 ounces in the first quarter of 2022.
Total development drilling for the quarter was 2,880 metres an increase of 10% compared to 2,621 metres in the same period of 2022.
Total definition, infill and exploration drilling for the quarter was 9,655 metres, a decrease of 63% compared to 26,305 metres in the same period of 2022, when additional drilling was completed to expand Mineral Resources.
The Company ended the quarter with cash of $25.8 million, a slight increase from its year-end cash position of $25.2 million.
First Quarter Operating Results


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Vern Baker, President and CEO of Jaguar Mining stated: “We are pleased to report thatfirst quarter production improved year over year, however results were once again negatively impacted by a heavy rainy season which created unstable road conditions between the Pilar mine and the Caeté plant. At the Pilar mine, the increase in production was the result of an improvement in head grade. The Turmalina mine was able to drive up production through increased tonnes while experiencing a lower grade cycle within the mine.

Development efforts continue to be focused on our Faina project. An upgrade of a significant portion of the resources to Indicated from Inferred is underpinning our ongoing work on the Faina project. We expect to access the Faina resource zone by year end and see development within the resource next year.

Our guidance for the year is unchanged with gold production expected to be between 84,000 to 88,000 ounces at an All-In-Sustaining-Cost (AISC) range of $1,275 to $1,375 per ounce (US$1:BRL5.20).”

Qualified Person

Scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, BSc (Hons) (Economic Geology - UCT), FAUSIMM, Vice President Geology and Exploration, who is also an employee of Jaguar Mining Inc., and is a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").