Jaguar Mining Delivers Strong Second Quarter 2026 Results Reflecting Increased Production at the Turmalina Mine, Minas Gerais, Brazil
Original announcement by tmx on
- Company
- Jaguar Mining Inc.
- Ticker
- JAG
- Exchange
- TSX
- Region
- Minas Gerais, Brazil
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Production, Metallurgy, Resource update
- Extracted
- 2026-09-14 06:25:15 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Jaguar Mining reported strong second quarter 2026 financial and operational results, driven by increased gold production from the Turmalina Mine's ramp-up and continued solid performance at the Pilar Mine. Consolidated gold production rose to 13,057 ounces, contributing to a 43% increase in revenue to $51.4 million and a net income of $15.5 million. The company also generated $6.6 million in free cash flow, supporting its exploration programs and project advancements in Minas Gerais, Brazil.
Reasoning: Jaguar Mining delivered strong Q2 2026 results, marked by increased gold production from the Turmalina Mine's ramp-up and consistent performance at the Pilar Mine. This led to substantial revenue growth, a return to net income, and positive free cash flow, despite higher per-ounce costs compared to the prior year.
Positive factors
- Increased gold production (19% YoY)
- Significant revenue growth (43% YoY)
- Return to net income ($15.5M vs loss in Q2 2025)
- Strong Adjusted EBITDA ($30.7M)
- Positive free cash flow ($6.6M)
- Successful ramp-up of Turmalina Mine
- Continued strong performance at Pilar Mine
- Higher average realized gold price ($4,391/oz)
- Increased drilling activity (11,203m in Q2)
Negative factors
- Increased cash operating costs per ounce ($1,834/oz vs $1,190/oz in Q2 2025)
- Increased all-in sustaining costs per ounce ($2,840/oz vs $1,814/oz in Q2 2025)
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 30
Extracted facts
Stored fact records: 6. Some facts used in scoring do not have a stored record.
Resource Estimates (4)
provengoldTonnes: 6861000Grade: 3.89Grade Unit: g/tContained Metal: 858000Contained Unit: ozView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- JAG
Resource scope
- Estimate type
- reserve
- Resource group id
- resource:d98c065cc9d0a3be67b6
Resource Data
- Category
- proven
- Tonnes
- 6861000
- Grade
- 3.89
- Grade Unit
- g/t
- Contained Metal
- 858000
- Contained Unit
- oz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-14T00:00:00.000Z
Reasoning: Historical Proven and Probable Mineral Reserves show growth as of December 31, 2025, indicating an expanding reserve base.
Positive factors
- 12% increase in Proven and Probable Mineral Reserves
Evidence · text
“Proven and Probable Mineral Reserves increased 12% to 858,000 ounces (6,861 kt at 3.89 g/t Au) as at December 31, 2025”
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
provenPilar Mine · goldTonnes: 2494000Grade: 3.57Grade Unit: g/tContained Metal: 286000Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Pilar Mine
- Commodity
- gold
- Ticker
- JAG
Resource scope
- Estimate type
- reserve
- Resource group id
- resource:c0912d3c9444a097dc10
Resource Data
- Category
- proven
- Tonnes
- 2494000
- Grade
- 3.57
- Grade Unit
- g/t
- Contained Metal
- 286000
- Contained Unit
- oz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-03-31T00:00:00.000Z
Dates
- Event date
- 2026-08-14T00:00:00.000Z
Reasoning: Historical Proven and Probable Reserves for the Pilar Mine show significant growth as of December 31, 2025, enhancing the project's long-term outlook.
Positive factors
- 49% increase in Pilar 2P Reserves
Evidence · text
“Pilar 2P Reserves up 49% to 286,000 ounces (2,494 kt at 3.57 g/t Au)”
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
indicatedgoldTonnes: 13575000Grade: 4.12Grade Unit: g/tContained Metal: 1797000Contained Unit: ozView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- JAG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:3e43fc2b77e2195647d7
Resource Data
- Category
- indicated
- Tonnes
- 13575000
- Grade
- 4.12
- Grade Unit
- g/t
- Contained Metal
- 1797000
- Contained Unit
- oz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-14T00:00:00.000Z
Reasoning: Historical Measured and Indicated Mineral Resources show growth as of December 31, 2025, indicating increased confidence in the resource base.
Positive factors
- 8% increase in Measured and Indicated Mineral Resources
Evidence · text
“Measured and Indicated Mineral Resources as at December 31, 2025 increased 8% to 1,797,000 ounces (13,575 kt at 4.12 g/t Au)”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredgoldTonnes: 14732000Grade: 3.61Grade Unit: g/tContained Metal: 1709000Contained Unit: ozView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- JAG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:a6773685e104f7cbc901
Resource Data
- Category
- inferred
- Tonnes
- 14732000
- Grade
- 3.61
- Grade Unit
- g/t
- Contained Metal
- 1709000
- Contained Unit
- oz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-14T00:00:00.000Z
Reasoning: Historical Inferred Mineral Resources show a modest increase as of December 31, 2025, indicating continued exploration success.
Positive factors
- 2% increase in Inferred Mineral Resources
Evidence · text
“Inferred Mineral Resources increased 2% to 1,709,000 ounces (14,732 kt at 3.61 g/t Au)”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Metallurgical Results (2)
Fact 1Pilar MineRecovery: 89 %Head Grade: 3.3Head Grade Unit: g/t AuView all detailsHide details
Identity
- Project
- Pilar Mine
- Ticker
- JAG
Recovery
- Recovery
- 89 %
- Head Grade
- 3.3
- Head Grade Unit
- g/t Au
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-14T00:00:00.000Z
Reasoning: The Pilar Mine demonstrated solid operational performance in Q2 2026 with good head grade and recovery.
Positive factors
- Good head grade and recovery rate
Evidence · text
“Pilar processed 96,020 tonnes at 3.30 g/t Au with an 89% recovery rate”
Fact 2Turmalina MineRecovery: 84 %Head Grade: 2.94Head Grade Unit: g/t AuView all detailsHide details
Identity
- Project
- Turmalina Mine
- Ticker
- JAG
Recovery
- Recovery
- 84 %
- Head Grade
- 2.94
- Head Grade Unit
- g/t Au
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-14T00:00:00.000Z
Reasoning: The Turmalina Mine showed good processing metrics during its ramp-up phase in Q2 2026, contributing significantly to overall production.
Positive factors
- Solid head grade and recovery during ramp-up
Evidence · text
“Turmalina processed 50,190 tonnes at 2.94 g/t Au with an 84% recovery rate”
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.