Jaguar Mining provides update on Faina Project

Jaguar Mining provided an update and announced that access development and concomitant mineral resource delineation diamond drilling has intersected high-grade mineralization at its Faina Project. Faina is part of the Company’s MTL Mining Complex which also includes its Turmalina Mine, and is located in the state of Minas Gerais, Brazil, approximately 130 kilometers northwest of the city of Belo Horizonte. In December 2023, the Company released an NI 43-101 Technical Report announcing Probable Mineral Reserves for Faina of 132 koz, Measured and Indicated Mineral Resources of 233 koz and Inferred Mineral Resources of 232 koz. Since development of the project commenced in 2022, approximately 3,760m of primary access development from the Turmalina Mine to Faina has been achieved, and a further 1,700m of development is planned for 2024, including approximately 560m of secondary productive development. To date, the Company has invested approximately $15 million in capital at Faina which has mainly been divided between infill resource definition drilling, metallurgical testwork, access development and studies. Vern Baker, President, and CEO of Jaguar Mining stated: “We are delighted to have reached high grade mineralization in Faina access development and definition diamond drilling. Primary access development and infill diamond drilling will continue to open and better define the mineralized areas through 2024 as the project ramps up to planned production levels in 2025. Our initial plan is to feed mined material through our MTL mill while continuing with focused metallurgical testwork which will inform longer term processing options. Going forward exploration will focus on expanding the Mineral Resources inventory at Faina as well as conversion of Inferred Mineral Resources to higher classification categories.”