Slide 1: Red Cloud Pre-PDAC Mining Showcase
TSX:JAG OTCQX:JAGGF RED CLOUD PRE-PDAC MINING SHOWCASE February/March 2024 1
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation (“Presentation”) does not constitute an offer of any securities for sale or a solicitation of an offer to purchase any securities. This Presentation, and the information contained herein, is not for release, distribution or publication into or in the Unit
Slide 3: Brazilian gold producer
WHERE WE ARE BELO HORIZONTE TURMALINA + FAINA + PITANGUI PILAR Brazilian gold producer TSX listed In the Iron Quadrangle - a Continuous production Cumulative gold producer prolific greenstone belt in since 2006 production of Minas Gerais ~1.7Moz 3
Slide 4: Experienced management team
WHO WE ARE Vernon Baker Alfred Colas Jon Hill Eric Duarte Marina Freitas CHIEF EXECUTIVE CHIEF FINANCIAL VP EXPLORATION & VP VP OFFICER OFFICER MINE GEOLOGY OPERATIONS FINANCE & PROJECTS • Appointed CEO • Appointed CFO • Joined Jaguar • Joined Jaguar • Joined Jaguar in 2019 in 2023 in 2017 in 2017 i
Slide 5: 2 Operating mines
WHAT WE ARE PILAR MINE TURMALINA MINE 2 Operating mines +70koz gold produced in 2023 5
Slide 6: Self-Funded Growth
WHY INVEST 1 2 3 4 Pilar and BA-Torre + Onças de + Faina Project Pitangui Project Turmalina Mines at Pilar Production of Increase Increase Opportunity ~70koz/yr production to production to ~100koz/yr ~130koz/yr Self-Funded Growth 6
Slide 7: Production: Pilar
PRODUCTION: PILAR Pilar 5-year gold production (oz) 55,000 Pilar mine feeds Caeté Plant 45,000 35,000 Tonnes milled 405k in 2023 Available milling capacity ~750k 25,000 tonnes per year 15,000 5,000 Recoveries ~88% (5,000) 2019 2020 2021 2022 2023 MRMR – Dec. 31, 2023 2P Reserves: 194 Koz @ 3.17 g/t
Slide 8: New Mining Horizon at Pilar
NEW MINING HORIZON AT PILAR NW SE Mined areas of BA-Torre BA orebody PPL1011B 10.5m @ 6.86g/t BA orebody PPL850 Development 10.0m @ 20.93g/t BA-TORRE wireframes Other orebody wireframes BA-TORRE Mined BA-Torre Development Level 15-2 Other mined orebodies TORRE orebody PPL671 TORRE Results 25.0m @ 6.
Slide 9: Drilling and Access BA-Torre
DRILLING AND ACCESS BA-TORRE 9
Slide 10: Development Sampling and Mapping BA-Torre/Level 15-2
DEVELOPMENT SAMPLING AND MAPPING BA-TORRE/LEVEL 15-2 Plan view of 130-metre drive through new zone 10
Slide 11: What BA-Torre Could Mean to Pilar?
WHAT BA-TORRE COULD MEAN TO PILAR? A possible target of double the mineable ounces per vertical meter below Level 15 Could add 8 levels above Level 15 Could lower AISC at Pilar by between $400 and $500 per ounce ACTUAL POTENTIAL 2023 – 1,100 tpd @ 3.27 g/t vs. 2026 - 1,400 tpd @ 4.7 g/t +30,000 vs 2
Slide 12: Why BA-Torre Is So Exciting
WHY BA-TORRE IS SO EXCITING AVERAGE gram-meters / tonne (Grade in grams per tonne multiplied by width of zone) along the strike of this development is 49 g-m/t. Which compares to our 2023 AVERAGE of less than 20 g-m/t at the PILAR MINE 12
Slide 13: Production: Turmalina
PRODUCTION: TURMALINA Turmalina mine feeds Turmalina 5-year gold production (oz) Turmalina plant, as will the 45,000 Faina and Onças de Pitangui 40,000 projects 35,000 30,000 Tonnes milled 408k in 2023 25,000 Milling capacity ~700k tonnes 20,000 per year 15,000 10,000 5,000 Recoveries ~87% 0 2019 20
Slide 14: Growth: Long Section of Faina Project
GROWTH: LONG SECTION OF FAINA PROJECT TURMALINA MINE FAINA M&I FAINA 1427 kt @5.08g/t 233 koz Faina Project: Inferred • Potential 360k tonnes per year 1420 kt @5.09 g/t • No permitting required 232 koz • Initial production expected in H2 2024 14
Slide 15: Growth: Faina Project Metallurgy
GROWTH: FAINA PROJECT METALLURGY Actual Process Flowsheet Test/utilize direct leaching Lab tests from 45% to 65% recovery 55% used in projections Test flotation concentrate at Caeté To test concentrate leaching, and to pursue potential sales to: smelters, roasters, POX Test alternative oxidation sys
Slide 16: Growth: What Faina Could Mean to Turmalina?
GROWTH: WHAT FAINA COULD MEAN TO TURMALINA? Ounces are expected to increase to +50,000 (50% increase from 2023) Potential to reduce AISC by between $250 and $350 per ounce Could see 45% increase in tonnes and 6.7% increase in recovered grade ACTUAL POTENTIAL 2023 – 1,100 tpd @ 2.53(rec) g/t vs. 2026
Slide 17: Growth: Onças de Pitangui Project
GROWTH: ONÇAS DE PITANGUI PROJECT Borehole collar Borehole path Development to begin 2026 first ounces Mining concession in ~H2 2026 M&I Resources: 448 Koz @ 4.07 g/t Au Inferred Resources: 379 Koz @ 3.53 g/t Au Potential production rate of 360k tonnes per year Modified Room and Pillar Mining Haul t
Slide 18: Financial History: Five Years
FINANCIAL HISTORY: FIVE YEARS (M) $30 $25 • Jaguar Mining is now 20 $20 years old. $15 • Since 2019, the Company $10 has improved operating efficiencies, maintained $5 balance sheet discipline, $- and selectively invested in its extensive asset base. $(5) Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 $(10
Slide 19: Corporate Summary
CORPORATE SUMMARY 38% All other As at shareholders Share Capitalization December 31, 2023 Common shares outstanding 79.1M Share price C$1.76 $139M Market Capitalization C139.2M 52-week high, low C$2.87-$1.12 As at Cash & Debt December 31, 2023 Cash and cash equivalents $22.0M 62% Top 3 (Eric Sprott,
Slide 20: Upcoming Catalysts
UPCOMING CATALYSTS H1 H2 2025 2026 2024 2024 • Ramp up of production from • Start development • Pilar’s BA-Torre Zone • Resource additions Faina ramp and initial from BA-Torre mining at Onças • Faina access and • Obtain trial mine de Pitangui opening • Faina first licence at Zona Basal production st
Slide 21: Strong Revaluation Opportunity
STRONG REVALUATION OPPORTUNITY 13.0x 13.0x 11.0x 12.1x 11.0x 11.2x Price / 2024E CFPS 9.0x 9.0x 7.0x 7.0x Average 4.8x 5.0x 5.0x 4.4x 4.4x 4.0x 3.6x 3.0x 3.0x 3.0x 1.0x 1.9x 1.9x 1.7x 1.0x -1.0x Orla Mining K92 Mining Pan African Calibre Mining Karora Aura Minerals Torex Gold Orezone Gold Jaguar Min
Slide 22: Contact Us
CONTACT US TORONTO 25 Adelaide Street East Suite 1400 Toronto, Ontario M5C 3A1 T: 416 847-1854 BRAZIL Jaguar Mining Inc. R. Andaluzita, 131 - 7th floor 30310-030 Belo Horizonte - Minas Gerais T: +55 31 3232-7101 TSX:JAG | OTCQX:JAGGF
Slide 23: Reserves and Resources (as at Dec. 31, 2023)
RESERVES AND RESOURCES (as at Dec. 31, 2023) PROJECT TONNAGE AU GRADE CONTAINED AU Kt g/t Koz Pilar 1,906 3.17 194 Turmalina 1,323 3.38 144 P&P Faina 787 5.22 132 Total 4,015 3.64 470 Pilar 3,260 3.93 413 Roça Grande 962 3.9 121 Turmalina 3,295 4.08 432 M&I* Faina 1,427 5.08 233 Pontal 266 3.44 29 P