# Fourth Quarter Report Source Brief: https://evesgoldminers.com/research/source-briefs/jaguar-mining-inc-fourth-quarter-report-a12f31de Original source: https://jaguarmining.com/files/2026/04/application/69cd43b505af9.pdf EGM generated: 2026-09-27 Company: Jaguar Mining Inc. (JAG) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # Fourth Quarter Report Source: https://jaguarmining.com/files/2026/04/application/69cd43b505af9.pdf Fetched: 2026-09-12T07:03:45.879+00:00 Source artifact: a12f31de-88ac-4e11-841d-6163f1e10b69 Normalizer input: text ## Content # Fourth Quarter Report MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2025 TABLE OF CONTENTS BUSINESS & STRATEGIC PRIORITIES .................................................................................................................................................. 4 EXECUTIVE SUMMARY – Q4 2025 Performance and Strategic Outlook ............................................................................................. 5 FY 2025 AND FOURTH QUARTER HIGHLIGHTS ................................................................................................................................. 7 FINANCIAL AND OPERATIONAL SUMMARY.................................................................................................................................... 10 CONSOLIDATED FINANCIAL RESULTS.............................................................................................................................................. 13 OPERATIONAL REVIEW ......................................................................................................................................................................... 16 REVIEW OF FINANCIAL CONDITION ................................................................................................................................................. 22 CAPITAL STRUCTURE ............................................................................................................................................................................. 24 OFF-BALANCE SHEET ITEMS ............................................................................................................................................................... 24 RELATED PARTY TRANSACTIONS ...................................................................................................................................................... 24 DEVELOPMENT AND EXPLORATION PROJECTS ........................................................................................................................... 24 MINERAL RESOURCES AND MINERAL RESERVES ........................................................................................................................ 27 QUALIFIED PERSON................................................................................................................................................................................. 29 OUTSTANDING SHARE DATA ................................................................................................................................................................ 29 NON-GAAP PERFORMANCE MEASURES............................................................................................................................................ 29 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS ......................................................................................... 32 RISKS AND UNCERTAINTIES................................................................................................................................................................. 35 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS ...................................................................................................... 42 DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROLS OVER FINANCIAL REPORTING .............. 43 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS................................................................................. 45 MD&A – Year Ended December 31, 2025 Jaguar Mining Inc. 2 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2025 This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with the annual audited consolidated financial statements for the year ended December 31, 2025, and related notes thereto which have been prepared in accordance with International Financial Reporting Standards (“IFRS Accounting Standards”) as issued by the International Accounting Standards Board (IASB). For further information on Jaguar Mining Inc., reference should be made to its public filings (including its most recently filed annual information form (“AIF”) which is available on SEDAR+ at www.sedarplus.ca). Information on risks associated with investing in the Company’s securities and technical and scientific information under National Instrument 43- 101 concerning the Company’s material properties, including information about mineral resources and reserves, are contained in the Company’s most recently filed AIF and technical reports. All amounts included in this MD&A are in United States dollars (“$”), unless otherwise specified. The use of C$ refers to Canadian dollars and the use of R$ refers to Brazilian Reais. This MD&A is dated as of March 31, 2026. The Company included certain non-GAAP financial measures, which the Company believes that, together with measures determined in accordance with IFRS Accounting Standards “IFRS”, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The non-GAAP financial measures in this MD&A include: • Net cash and cash equivalents; • Cash operating costs (per ounce sold); • Cash operating costs (per tonne of ore processed); • All-in sustaining costs (per ounce sold); • All-in costs (per ounce sold); • Average realized gold price (per ounce sold); • Average market gold price (per ounce sold); • Cash operating margin (per ounce sold); • Adjusted net income; • Adjusted net loss; • Adjusted earnings per share; • All-in sustaining margin (per ounce sold); • Earnings before interest, taxes, depreciation, and amortization (“EBITDA”), Adjusted EBITDA and Adjusted EBITDA per share; • Free cash flow (per ounce sold); • Working capital; • Sustaining capital expenditures; and • Non-sustaining capital expenditures. Definitions and reconciliations associated with the above metrics can be found in the Non-GAAP Performance Measures section of this MD&A. Where we say “we,” “us,” “our,” the “Company” or “Jaguar,” we mean Jaguar Mining Inc. or Jaguar Mining Inc. and/or one or more or all of its subsidiaries, as it may apply. The following abbreviations are used to describe the periods under review throughout this MD&A: Abbreviation Period Abbreviation Period FY 2025 January 1, 2025 – December 31, 2025 FY 2024 January 1, 2024 – December 31, 2024 Q1 2025 January 1, 2025 – March 31, 2025 Q1 2024 January 1, 2024 – March 31, 2024 Q2 2025 April 1, 2025 – June 30, 2025 Q2 2024 April 1, 2024 – June 30, 2024 Q3 2025 July 1, 2025 – September 30, 2025 Q3 2024 July 1, 2024 – September 30, 2024 Q4 2025 October 1, 2025 – December 31, 2025 Q4 2024 October 1, 2024 – December 31, 2024 MD&A – Year Ended December 31, 2025 Jaguar Mining Inc. 3 BUSINESS & STRATEGIC PRIORITIES Jaguar Mining Inc. (“Jaguar” or the “Company”) is a Toronto Stock Exchange (the “TSX”) listed junior gold mining, development and exploration company operating in Brazil with three gold mining complexes and a large land package with significant prospectivity. The Company’s principal operating assets are in the iron quadrangle, a prolific greenstone belt in the Brazilian state of Minas Gerais and include the MTL complex (Turmalina mine and plant), which operations were suspended in December 2024 due to Satinoco tailings pile incident (the “Incident”) and, as previously reported on the Company's Q4 2025 operating results press release issued on January 14, 2026, remained temporarily suspended throughout Q4 2025 and restarted in Q1 2026, and Caeté complex (Pilar mine, Roça Grande mine and Caeté plant). The Company also owns the Paciência complex (Santa Isabel mine and plant), which has been on care and maintenance since 2012, and is currently undergoing preparatory activities for restarting production toward the latter half of 2026. To best understand the following narrative for Jaguar Mining, its projects, and its properties, it is necessary to understand the locations and groupings of the Company’s assets. The following table serves to clarify this for readers: Name Mines Zones Plants Development Exploration Properties /Deposits Properties MTL Complex Turmalina (a) Faina Turmalina Onças de Pitangui Pontal Orebody A Aparação Orebody B Orebody C Caeté Complex Pilar BA Zone Caeté Morro da Mina LPA Zone Boa Vista BF Zone Juca Vieira SW Zone Sabara Extension Roça Grande (b) Lavra Velha Zé Firme Paciência Santa Isabel (c) Paciência Chamé Complex Santa Isabel (UG) Mazargão Mazargão (UG) Bahu BIF North Quati Notes: (a) Restart March 9, 2026. (b) Currently on care and maintenance. (c) Potential reopening in 2026. Jaguar’s Brazilian exploration projects and operating assets are held by Jaguar’s wholly owned subsidiary Mineração Serras dos Oeste LTDA (“MSOL”), and its exploration projects and assets acquired from IAMGOLD are held by Jaguar’s wholly owned subsidiary Mineração Onças de Pitangui Ltda. The Company’s latest National Instrument (“NI”) 43-101 technical report, which is entitled Caeté Mining Complex and is dated March 6, 2026, was filed on SEDAR+ on March 31, 2026. MD&A – Year Ended December 31, 2025 Jaguar Mining Inc. 4 EXECUTIVE SUMMARY – Q4 2025 Performance and Strategic Outlook This executive summary provides a concise overview of Jaguar Mining Inc.'s performance for the three-months ended December 31, 2025, highlighting key financial and operational results, strategic priorities, and the primary opportunities and challenges ahead. 1. Key Findings and Results (Q4 2025 vs. Q4 2024) Financial Performance: o Revenue: Decreased by 10% to $38.0 million (from $42.4 million), primarily due to a 43% reduction in gold ounces sold (9,124 oz vs. 16,043 oz) resulting from the Turmalina mine and plant suspension. This was partially offset by a significant 58% increase in the average realized gold price1 to $4,170 per ounce. o Net loss: Reported a net loss of $20.5 million, compared to $19.9 million in Q4 2024. The loss is mainly due to changes in reclamation provision for non-operating sites. Net loss also reflected $15.9 million expenses related to the Incident at Turmalina which led to its operational suspension. o Liquidity: Cash and cash equivalents totaled $66.5 million, compared to $46.4 million at December 31, 2024, while working capital¹ increased to $25.0 million from $13.7 million. The increase primarily reflects cash received from the private placement completed in October 2025. This was partially offset by cash outflows related to changes in legal provisions, including the settlement of the Satinoco fines as well as changes in accounts payable and accrued liabilities and notes payable. In addition, increases in asset retirement obligations impacted working capital but did not affect cash, as these represent non-cash adjustments. These impacts were further offset by a positive variance in short term investments. Operational Performance: o Consolidated Gold Production: Totaled 9,356 ounces (down 37% compared to the 14,787 ounces produced in Q4 2024), entirely from the Pilar mine as the Turmalina mine remained suspended throughout the year. o Pilar Mine: Delivered a solid performance, producing 9,356 ounces (down from 10,511 ounces in Q4 2024), with a reduced head grade of 3.41 g/t (down 22%) and a recovery rate of 89% (up from 88% from Q4 2024). o Costs: Cash operating costs1 increased by 32% to $1,456 per ounce sold, and All−in [Excerpt trimmed for readability. Open the original source for the complete filing or document.]