Jaguar Mining Inc. announced updated Mineral Reserves and Mineral Resources for its MTL Complex, a group of mineral deposits with the potential to provide feed to the Turmalina processing plant. The MTL Complex mineral deposits includes the Turmalina Mine, the Faina Project, the Pontal deposits, the Zona Basal open pit deposit and the Pitangui Project - São Sebastião Mineral Resource, acquired as part of Jaguar´s recent acquisition of IAMGOLD's Brazilian assets. Mineral Reserves and Mineral Resources for the MTL Complex are reported net of depletion by the Turmalina Mine as of July 31, 2023.

Consolidated Proven and Probable Mineral Reserves for the MTL Complex are reported as 324 koz (2,472 kt @ 4.08 g/t Au). Consolidated Measured and Indicated Mineral Resources for the MTL Complex are reported as 1,155 koz (8,495 kt @ 4.23 g/t Au). Inferred Mineral Resources for MTL Complex are reported as 881 koz (7,644 kt @ 3.58 g/t Au).

Probable Mineral Reserves for the Faina Project are reported as 132 koz (787 kt @ 5.22 g/t Au). Indicated Mineral Resourcesfor the recently acquired Pitangui Projectadded 448 koz, (3,423 kt @ 4.07 g/t Au) to the Company's inventory. Inferred Mineral Resourcesfor the recently acquired Pitangui Project added 379 koz, (3,343 kt @ 3.53 g/t Au) to the Company's inventory.

Location of Jaguar's Operations and Exploration Projects in the Iron Quadrangle Area, Minas Gerais, Brasil. Location of Jaguar´s MTL Complex showing the relative location of the Turmalina Mine and Plant, the Faina Project, the Pitangui Project - São Sebastião Mineral Resource, the Pontal Mineral Resource and the Zona Basal Mineral Resource. Long section showing the relative location of the Turmalina Mine, the Faina Project, and Pontal Mineral Resource areasMineral Resources and Mineral Reserves are reported for the MTL Complex as of July 31, 2023 and are net of mined depletion for the Turmalina Mine, include the first disclosure of Mineral Reserves, and restated Mineral Resources for the Faina Project, the first disclosure of Mineral Resources for the Pitangui Project ?

São Sebastião Deposit, updated Mineral Resources for the Pontal Deposits and restated Mineral Resources for the Zona Basal Deposit. The consolidated Mineral Reserves and Mineral Resources reported for the MTL Complex are supported by a NI 43-101 Technical Report which will be published on SEDAR within 45 days of this press-release. Consolidated Proven and Probable (2P) Mineral Reserves for the MTL Complex are reported as 324 koz (2,472 kt @ 4.08 g/t Au).

The above Mineral Reserves contain a net addition of 111 koz over the prior disclosure (December 31, 2022) flecting the addition of 132 koz of Probable Mineral Reserves from the Faina Project offset by mined depletion (to July 31, 2023) of 21 koz from the Turmalina Mine. As of July 31, 2023, Proven and Probable (2P) Mineral Reserves for the Turmalina Mine are reported as 192 koz, (1,685 kt @ 3.55 g/t Au). At the Turmalina Mine, 2P Mineral Reserves can be divided between Orebody A (53 koz, 377 kt @ 4.37 g/t Au),Orebody B (34 koz, 321 kt @ 3.34 g/t Au) and Orebody C (105 koz, 988 kt @ 3.30 g/t Au).

MTL Complex Consolidated Mineral Reserves as of July 31, 2023 1) CIM (2014) definitions are followed for Mineral Reserves. 2) MineralReserves reported are in-situ. 3) Mineral Reserves at Turmalina were estimated at a break-even cut-off grade of 2.32 g/t Au.

Mineral Reserves at Faina were estimated at a cut-off grade of 4.00 g/t Au. 4) Mineral Reserves at Turmalina include all drill hole and channel sample data as of September 13, 2022, and are depleted using mining excavations as of July 31, 2023. Mineral Reserves at Faina includes drill hole information as of September 9, 2022.