Jaguar Mining Reports Updated Significant 49% Increase in Mineral Reserves at Pilar Mine, Reinforcing Long Term Growth Strategy _________________________________________________________________________________
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Toronto, March 31, 2026 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG, OTCQX: JAGGF) announces a positive update to the Mineral Reserves of its Pilar Mine (in the Caeté Complex), located in the Iron Quadrangle, Minas Gerais, Brazil, reflecting the successful execution of infill and step‑out drilling programs and geological model reinterpretation completed during 2025.
During 2025, the Pilar Mine was Jaguar’s sole operating mine, with the Turmalina Mine in the MTL Complex returning to operating status in March 2026 (see Jaguar Mining Press Release dated March 9, 2026). As a result, only the Mineral Resource and Mineral Reserve (MRMR) for the Pilar Mine has been updated, as MTL remained on an embargo-related halt and no additional drilling could be completed throughout 2025. For the Onças de Pitangui (OdP) project, the MRMR figures remain unchanged from those reported in March 2025, despite an infill drilling program that commenced in 2025 and will continue through 2026. For both assets MTL and OdP, the Company plans to update the mineral resources next year.
The updated Mineral Reserve estimate for the Pilar Mine now totals 286,000oz, contained in 2,494 thousand tonnes at an average grade of 3.57 g/t Au, representing a net increase of 94,000oz in Proven & Probable Mineral Reserves, compared to the previously reported 192,000oz (1,536kt @ 3.89 g/t Au) of Proven & Probable Mineral Reserves. The NI 43-101 Technical Report on Caete Mineral Complex December 31,2025 is now available on SEDAR+.
HIGHLIGHTS
- 94,000oz net increase in Pilar Mineral Reserves following successful infill and step-out drilling and geological model reinterpretation completed in 2025.
- Updated Pilar Proven & Probable Mineral Reserves total 286,000oz (2,494 kt @ 3.57 g/t Au), compared to 192,000 oz previously reported.
- The December 2025 Pilar Mineral Reserves are estimated using a long-term gold price of $2500/oz, and Pilar Mineral Resources are estimated using a long-term gold price of $2700/oz, both use an exchange rate of R$5.5:US$1.0.
- Reserve growth driven primarily by the BA and BFs orebodies, confirming continuity and scale of the Pilar mineralized system.
- Pilar delivered consistent operational performance in 2025, producing 40,012 oz of gold with stable recoveries of approximately 89%, while advancing key underground infrastructure upgrades.
- Drilling program successfully converted Mineral Resources into Mineral Reserves, demonstrating the effectiveness of disciplined infill drilling and technical de-risking
- Targeted 5,000 m of directional drilling planned for Pilar in 2026, subject to capital allocation and planning priorities, focused on depth extensions at the BA orebody and continuity within BFs orebody.
- Company remains focused on operational stability, disciplined capital deployment, and sustainable long-term growth.
The updated Mineral Reserves at the Pilar Mine are distributed across the following orebodies:
- BA Orebody: 66 koz (514 kt @ 3.98 g/t Au)
- BFs Orebodies: 141 koz (1,211 kt @ 3.62 g/t Au)
- SW Orebody: 33 koz (312 kt @ 3.27 g/t Au)
- Torre Orebody: 18 koz (173 kt @ 3.24 g/t Au)
- Other Orebodies: 29 koz (285 kt @ 3.14 g/t Au)
This distribution highlights the continued importance of the BA and BF orebodies as the principal contributors to the Pilar Mine’s Mineral Reserve base, while also reflecting the broader contribution from multiple mineralized structures within the mine.
2025 Operational Performance Provides a Solid Foundation
Throughout 2025, the Pilar Mine remained Jaguar’s sole operating asset and delivered consistent operational performance, producing 40,012 ounces of gold for the year, supported by stable metallurgical recoveries of approximately 89%.
Operational activities during the year were conducted alongside planned investments in underground infrastructure, including improvements to ventilation, exhaust, and safety systems, which temporarily influenced mining sequence in certain areas but are expected to support long‑term
operational continuity, safety, and efficiency.
The Company views the performance of the Pilar Mine in 2025 as a demonstration of the robustness of the asset, providing a stable operating base while simultaneously advancing technical work required to support future growth.
2025 MINERAL RESERVES AND MINERAL RESOURCES
The Mineral Resources and Mineral Reserves reported herein, and respective changes in inventory were consolidated based on estimates sourced from the technical reports listed in Table 3. CIM (2014) definitions were followed for Mineral Reserves estimates. Table 4 (at the end of this release) presents the development parameters and economic premises applied to the estimation of Mineral Resources.
The location map in Figure 1 indicates the location of the Company’s production complexes and respective mines and deposits. The Mineral Rights are situated inside a 60 km radius from Belo Horizonte, the state capital of Minas Gerais, Brazil.
Figure 1. Schematic location map showing Jaguar’s mineral rights and production complexes
Mineral Reserves
The Company’s Proven & Probable Mineral Reserves as at December 31, 2025, increased by 12% to 858 koz, net of mining depletion, (see bar chart in Figure 2).
Detailed information of the Company’s current consolidated Mineral Reserves inventory, as at December 31, 2025, is shown in Table 1 at the end of this release.
Figure 2. Bar chart of the consolidated 2025 Proven & Probable Mineral Reserves by operation
MTL Complex Mineral Reserves
A total of 572 koz of Mineral Reserves are attributed to the MTL complex, distributed among the Turmalina Mine Orebodies A, B, & C, the Faina zone and the Onças de Pitangui project.
Longitudinal sections shown in Figures 3, 4 and 5 illustrate the spatial distribution of the Mineral Reserves and actual or planned development associated to the Turmalina Mine, the Faina zone and the Onças de Pitangui project.
Mineral Reserves were estimated by Jaguar staff, reviewed and validated by SLR’s Qualified Persons.
Turmalina Mine
The Proven & Probable Mineral Reserves for Orebodies A, B, & C currently total 128 koz (1,225 kt @ 3.26 g/t Au), unchanged from the previous disclosure. These reserves are allocated as follows: Orebody A holds 29 koz (226 kt @ 3.95 g/t Au), Orebody B contains 30 koz (304 kt @ 3.04 g/t Au), and Orebody C comprises 70 koz (695 kt @ 3.12 g/t Au).
Faina Zone
The Faina zone contains 160 koz (1,019 kt @ 4.87 g/t Au) of Proven & Probable Mineral Reserves, unchanged from the previous disclosure.
Onças de Pitangui Project
The NI 43-101 Technical Report - Turmalina Mining Complex, Minas Gerais, Brazil by SLR Consulting (Canada) Ltd. (SLR) states that the Onças de Pitangui project contains Probable Mineral Reserves totalling 284 koz (2,122 kt @ 4.16 g/t Au), unchanged from the previous disclosure.
Figure 3. Turmalina Gold Mine – Longitudinal Projection of Reserves
Figure 4. Faina Gold Mine – Longitudinal Projection of Reserves
Figure 5. Onças de Pitangui Deposit – Longitudinal Projection of Reserves
Caeté Complex Mineral Reserves
Pilar Mine
The 94 koz net increase in Mineral Reserves is underpinned by successful exploration and technical work completed in 2025, including:
- Infill drilling, which improved geological confidence and supported the conversion of Mineral Resources into Mineral Reserves; and
- Step-out drilling, which expanded the interpreted limits of mineralization, particularly within the BA, BFs, and SW orebodies.
Drilling results from the BA Zone confirmed the presence of high-grade mineralization with strong geological and structural continuity, reinforcing confidence in the Pilar Mine’s ability to sustain and potentially expand its Mineral Reserve base through disciplined exploration. As a result, the updated estimates of the Pilar Mine Mineral Reserves total an amount of 286 koz (2,494 kt @ 3.57 g/t Au), a 94 koz net increase in the Proven & Probable Mineral Reserve categories if compared to the 192 koz (1,536 Kt @ 3.89 g/t Au) of Proven & Probable Mineral Reserves.
Mineral Reserves at the Pilar Mine are divided between Orebody BA (66 koz, 514 kt @ 3.98 g/t Au), Orebodies BFs (141 koz, 1211 kt @ 3.62 g/t Au), Orebody SW (33 koz, 312 kt @ 3.27 g/t Au), Orebody Torre (18 koz, 173 kt @ 3.24 g/t Au) and others (29 koz, 285 kt @ 3.14 g/t Au).
The Measured and Indicated Resources in the Caete Complex increased by 138 koz or 25%, and Inferred Resources Increased by only 34 koz or 7% due to the infill drilling focus in 2025.
The NI 43-101 Technical Report on Caete Mineral Complex December 31,2025 will be available on SEDAR as of March 31, 2026.
The Longitudinal sections shown in Figure 6 illustrate the spatial distribution of the Mineral Reserves and actual development at the Pilar Mine.
Figure 6. Pilar Gold Mine – Longitudinal Projection of Reserves Evolution
Mineral Resources
The Company’s consolidated Mineral Resources as at December 31, 2025, include the updated Mineral Resources for the Pilar Mine, along with the unchanged Mineral Resources from previous disclosures for the Turmalina Complex, the Roça Grande, Santa Isabel and Marzagão mines, and the Córrego Brandão and Bahu deposits.
Consolidated Measured and Indicated Mineral Resources increased by 8% to 1,797 koz (13,575 kt @ 4.12 g/t Au). Inferred Mineral Resources increased by 2% to 1,709 koz (14,732 kt @ 3.61 g/t Au) which is a 34 koz net increase over the prior year.
Mineral Resources were estimated by Jaguar staff, reviewed and validated by SLR’s Qualified Persons.
Building on the technical success achieved in 2025, Jaguar plans to advance a targeted directional drilling program of approximately 5,000 metres at the Pilar Mine in 2026, subject to ongoing planning and capital allocation priorities.
The objectives of the 2026 exploration program include:
- Testing extensions of the BA orebody at depth;
- Evaluating continuity within the BFs and adjacent structures; and
- Improving geological confidence in deeper portions of the mine.
This program is designed to investigate a conceptual exploration target exceeding 500 koz of gold. The Company cautions that this target is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource, and that there is no certainty that further exploration will result in the delineation of additional Mineral Resources or Mineral Reserves.
Consistent with corporate guidance, Jaguar remains focused on operational stability at Pilar, disciplined capital deployment, and the advancement of exploration programs that have the potential to support long-term value creation, rather than short-term production growth.
Detailed information of the Company’s current consolidated Mineral Resources inventory as at December 31, 2025, is shown in Table 2 at the end of this release.
MTL Complex
The consolidated underground Measured and Indicated Mineral Resources for the MTL complex are reported at 1,104 koz (8,219 kt @ 4.18 g/t Au), with Inferred Mineral Resources underground at 906 koz (7,371 kt @ 3.82 g/t Au), both unchanged from the previous disclosure. Open pit Inferred Mineral Resources stand at 32 koz (781 kt @ 1.28 g/t Au), also unchanged from the previous disclosure. The breakdown of consolidated Mineral Resources is as follows:
Underground Mineral Resources
- Turmalina Mine Measured and Indicated Mineral Resources are reported as 360 koz, (2,875 kt @ 3.90 g/t Au) unchanged from 2024 disclosure.
- Turmalina Mine Inferred Mineral Resources are reported as 117 koz, (1214 kt @ 3.00 g/t Au) unchanged from 2024 disclosure.
- Faina zone Measured and Indicated Mineral Resources of 258 koz, (1,532 kt @ 5.23 g/t Au) unchanged from 2024 disclosure.
- Faina zone Inferred Mineral Resources are reported as 193 koz, (1,145 kt @ 5.25 g/t Au).
- Pontal deposit Measured and Indicated Mineral Resources are reported as 29 koz, (266 kt @ 3.44 g/t Au) unchanged from 2023 disclosure.
- Pontal deposit Inferred Mineral Resources are reported as 24 koz, (159 kt @ 4.72 g/t Au) unchanged from 2023 disclosure.
- Pontal South deposit Inferred Mineral Resources are reported as 81 koz, (669 kt @ 3.76 g/t Au) unchanged from 2023 disclosure.
- Onças de Pitangui project Measured and Indicated Mineral Resources of 457 koz, (3,547 kt @ 4.01 g/t Au) unchanged from 2024 disclosure.
- Onças de Pitangui project Inferred Mineral Inferred Resources are reported as 490 koz, (4,184 kt @ 3.64 g/t Au) unchanged from 2024 disclosure.
The Mineral Resources distribution at the Turmalina mine are illustrated in the longitudinal sections shown in Figures 7, 8 and 9.
Open Pit Mineral Resources
- Zona Basal deposit Inferred Mineral Resources (Open Pit) are reported as 32 koz, (781 kt @ 1.28 g/t Au), unchanged since the initial estimates prepared by SLR reported in Technical Report on the Turmalina Complex, Minas Gerais, Brazil with effective date of November 30, 2023.
Figure 7 Turmalina Gold Mine – Longitudinal Projection of Resources.
Figure 8. Faina Gold Mine – Longitudinal Projection of Resources.
Figure 9. São Sebastião Deposit – Longitudinal Projection of Resources
Caeté Complex
The Pilar Mine was the only source of Mineral Resources inventory changes at the Caeté Complex. The Mineral Resources estimates of the Pilar Mine were prepared by Jaguar on site mine geology department under the coordination of the corporate geologists and mining engineers. The database and procedures were revised by the SLR qualified persons.
The year-over-year changes in the Mineral Resources distribution at the Pilar Mine are illustrated in the longitudinal section shown in Figure 10.
Consolidated Caeté complex (Measured and Indicated) Underground Mineral Resources are reported as 694 koz (5,356 kt @ 4.03 g/t Au) and Inferred Underground Mineral Resources as 486 koz (3,708 kt @ 4.07 g/t Au) and, Inferred Open Pit Mineral Resources as 51 koz (1,072 kt @ 1.48 g/t Au), subdivided as follows:
Underground Mineral Resources
- Pilar Mine Measured and Indicated Mineral Resources are reported as 573 koz, (4,394 kt @ 4.05 g/t Au).
- Pilar Mine Inferred Mineral Resources are reported as 369 koz, (2,819 kt @ 4.07 g/t Au).
- Roça Grande Mine Measure and Indicated Mineral Resources are reported as 121 koz, (962 kt @ 3.90 g/t Au).
- Roça Grande Mine Inferred Mineral Resources are reported as 117 koz, (889 kt @ 4.08 g/t Au).
Open Pit Mineral Resources
- Córrego Brandão deposit Inferred Mineral Resources are reported as 51 koz, (1,072 kt @ 1.48 g/t Au) unchanged from 2021 disclosure.
Figure 10. Illustration: Pilar Mineral Resources on December 31, 2025, and on December 31, 2024
Table 1. Consolidated Mineral Reserves as at December 31, 2025
| December 31th, 2025 | Proven Reserves | Probable Reserves | Proven & Probable Reserves | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Tonnes | Grade | Gold oz | Tonnes | Grade | Gold oz | Tonnes | Grade | Gold oz | |
| (000's) | (g/t) | (000's) | (000's) | (g/t) | (000's) | (000's) | (g/t) | (000's) | |
| Turmalina Gold Complex | |||||||||
| Ore Body A | 161 | 4.33 | 22 | 65 | 3.01 | 6 | 226 | 3.95 | 29 |
| Ore Body B | 177 | 2.84 | 16 | 127 | 3.32 | 14 | 304 | 3.04 | 30 |
| Ore Body C | 304 | 3.26 | 32 | 391 | 3.01 | 38 | 695 | 3.12 | 70 |
| Sub-Total - Turmalina Mine | 642 | 3.41 | 71 | 583 | 3.08 | 58 | 1225 | 3.26 | 128 |
| Faina | 12 | 4.70 | 2 | 1008 | 4.88 | 158 | 1019 | 4.87 | 160 |
| Onças de Pitangui Project (São Sebastião) | 2122 | 4.16 | 284 | 2122 | 4.16 | 284 | |||
| Total - MTL Complex UG | 654 | 3.44 | 72 | 3712 | 4.19 | 500 | 4366 | 4.07 | 572 |
| Caeté Gold Complex | |||||||||
| Pilar | |||||||||
| Ore Body BA | 188 | 3.91 | 24 | 325 | 4.02 | 42 | 514 | 3.98 | 66 |
| Ore Body BF | 317 | 3.65 | 37 | 161 | 3.27 | 17 | 477 | 3.52 | 54 |
| Ore Body BFII | 163 | 3.63 | 19 | 59 | 2.96 | 6 | 222 | 3.45 | 25 |
| Ore Body BFIII | 27 | 3.35 | 3 | 13 | 3.10 | 1 | 39 | 3.27 | 4 |
| Ore Body LPA | 229 | 4.13 | 30 | 244 | 3.52 | 28 | 472 | 3.82 | 58 |
| Ore Body Torre | 43 | 3.28 | 5 | 129 | 3.23 | 13 | 173 | 3.24 | 18 |
| Ore Body SW | 77 | 3.20 | 8 | 235 | 3.29 | 25 | 312 | 3.27 | 33 |
| Others | 41 | 3.27 | 4 | 244 | 3.12 | 24 | 285 | 3.14 | 29 |
| Total - Pilar | 1084 | 3.73 | 130 | 1410 | 3.45 | 156 | 2494 | 3.57 | 286 |
| Total - Mineral Reserves | 1738 | 3.62 | 202 | 5122 | 3.98 | 656 | 6861 | 3.89 | 858 |
Notes
1. CIM (2014) definitions were followed for Mineral Reserves.
2. Mineral Reserves are estimated at a cut-off grade of 2.59 g/t Au for orebodies A, B, and C at Turmalina deposit and 2.45 g/t Au for Pilar deposit. For Faina, the Mineral Reserves are estimated at a cut-off grade of 4.06 g/t Au and 2.41 for Onças de Pitangui.
3. Mineral Reserves are estimated using an average long-term gold price of US$1,900 per ounce and a BRL/US$ exchange rate of 5.20 for Turmalina, Faina, Onças de Pitangui deposits and US$2,500 per ounce and a BRL/US$ exchange rate of 5.50 for Pilar.
4. A minimum mining width of 2.0 m was used at Orebodies A, B, C and Faina at Turmalina, 3.0 m at Pilar, 3.50 m at Onças de Pitangui Project.
5. Numbers may not add due to rounding.