Jaguar Mining reports Q1 EPS 4c vs. 3c last year

Reports Q1 revenue $32.6M vs. $35.8M last year. Gold production for the quarter was 16,177 ounces with 15,692 gold ounces sold, at cash operating costs of $1,167 per ounce of gold sold and all-in sustaining costs of $1,608 per ounce of gold sold. Realized gold prices were $2,076 per ounce. Vern Baker, President and CEO of Jaguar, stated : “I am very pleased with how our efforts have progressed at advancing Faina in the Turmalina Mine and BA in the Pilar Mine. Despite first-quarter production challenges and a Dengue epidemic, the company continued operating in a cost-conscious manner and increased its cash position while continuing to invest in Faina and BA. The BA orebody made a significant contribution to Q1 production at Pilar, specifically in March, and ongoing development of the BA orebody is expected to contribute to stoping throughout the year. Consolidated production levels in the second quarter will be similar to the first quarter as we work through grade issues that have impacted production at Turmalina since the beginning of April. We are making additional investments in development at Turmalina which we expect will bring its grades back above three grams per tonne. In addition, we have restructured management at the mine to enhance our focus on grade and fully integrate Faina within the production team. In the third quarter, production at Turmalina will return to expected levels, augmented by production at Faina. Overall, we expect to see increased production in the second half of the year with totals expected above 2023 levels.”