On March 31, 2026, Jaguar Mining Inc. filed its year-end financial package, including the audited consolidated financial statements and accompanying disclosures for the fiscal years ended December 31, 2026 and 2026. Investors and stakeholders can consult the full filings on the Company’s website or on SEDAR+. This summary distills the key operational and financial outcomes, highlights from the fourth quarter, and the company’s near-term outlook while noting where non-GAAP measures are used to supplement IFRS reporting.
Table of Contents:
Operational interruption and restart status
The Company continues to manage the consequences of the Satinoco incident that occurred on December 7, 2026 at the Satinoco dry-stack facility within the MTL Complex. That event caused a temporary suspension of production at the Turmalina mine and reduced throughput into 2026. As of this release, regulatory constraints tied to the event have been lifted and Jaguar has implemented a phased, controlled restart consistent with safety and geotechnical priorities. Management emphasizes that the restart is being executed to meet regulatory requirements while prioritizing operational safety and long-term stability.
Financial and production results
For the fourth quarter of 2026 Jaguar recorded gold production of 9,356 ounces and sold 9,124 ounces at a cash operating cost of $1,456 per ounce and an all-in sustaining cost of $2,268 per ounce; the quarter’s average realized price was $4,170 per ounce. On a full-year basis, the Company produced 40,254 ounces and sold 39,453 ounces at cash operating costs of $1,277 per ounce and AISC of $1,931 per ounce, with a realized price of $3,421 per ounce in 2026. Revenue totaled $38.0 million in Q4 and $135.2 million for the year, reflecting a 10% and 15% decrease versus the comparable Q4 2026 and FY 2026 periods, respectively, driven primarily by lower ounces sold despite higher realized prices year-over-year.
Adjusted results and non-recurring items
The reported net loss for Q4 2026 was $20.5 million (EPS: -$0.24). Excluding certain one-time items and related tax impacts, adjusted net loss for the quarter was $3.3 million (adjusted EPS: -$0.06). The principal adjustments for Q4 include $15.9 million of Satinoco-related expenses, a $0.03 million unrealized loss on short-term investments and $1.4 million of related tax effects. For the full year, the reported net loss was $15.8 million (EPS: -$0.20) while adjusted net income was $18.5 million (adjusted EPS: $0.23) after excluding $51.2 million of Satinoco expenses, $2.9 million of recoveries from civil provision reversals, $9.0 million of gains on short-term investments, and a $5.0 million tax adjustment. Management uses adjusted metrics to illustrate underlying operating performance separate from these discrete items.
Costs, cash flow and capital allocation
Operating costs for Q4 were $13.3 million, down 25% from Q4 2026, and full-year operating costs fell 31% to $50.4 million from $73.3 million in FY 2026. Unit costs rose year-over-year as fixed costs were absorbed by fewer ounces during the suspension; the Company is executing cost-reduction measures with the goal of improving unit-cost efficiency as volumes normalize. The highlights also reported free cash flow of $0.7 million for the quarter and $16.6 million for the year, calculated as operating cash flow less sustaining capital and asset retirement obligation expenditures, with free cash flow per ounce sold of $73 in Q4 and $422 for the year. Jaguar closed the period with $66.5 million in cash and cash equivalents, providing liquidity to support the restart and near-term priorities.
Capital expenditures and working capital
During 2026 the Company invested a total of $32.0 million in capital expenditures split between sustaining capital of $15.7 million and non-sustaining capital of $16.4 million. Sustaining investments included primary development and mine-site sustaining work, while non-sustaining items reflected closure-related and project spending. On a working capital basis, Jaguar reported approximately $24.99 million, supported by cash, a short-term investment position and inventory balances. Management continues to monitor capital allocation between exploration, sustaining projects and non-sustaining initiatives while preserving flexibility.
Outlook, assets and governance
Looking ahead, Jaguar expects **2026 production** of between 50,000 and 60,000 ounces from its current asset base. The Company reiterated its three-pillar plan to: (1) maximize value from core assets and resources, (2) advance exploration across its portfolio, and (3) pursue selective M&A opportunities. Jaguar operates primarily in the Iron Quadrangle of Minas Gerais, holding more than 42,000 hectares and ranking among the largest landholders in the district. Management, led by CEO Luis Albano Tondo, noted the team’s responsiveness to the Satinoco event and the Company’s position to resume growth while maintaining regulatory and community commitments. Scientific and technical information in the filings is reviewed by Qualified Persons in accordance with NI 43-101.
