# Jaguar Mining Delivers Strong Second Quarter 2026 Results Reflecting Increased Production at the Turmalina Mine, Minas Gerais, Brazil Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/jaguar-mining-delivers-strong-second-quarter-2026-results-reflecting-increased-p--bbcb1634-790e-4601-b488-e2c93579f001 Original source: https://money.tmx.com/en/quote/JAG/news/5573088840284340/jaguar-mining-delivers-strong-second-quarter-2026-results-reflecting-increased-p Publisher: tmx Original announcement: 2026-08-14T01:45:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Increased gold production \(19% YoY\) - Positive factor: Significant revenue growth \(43% YoY\) - Positive factor: Return to net income \($15.5M vs loss in Q2 2025\) - Positive factor: Strong Adjusted EBITDA \($30.7M\) - Positive factor: Positive free cash flow \($6.6M\) - Positive factor: Successful ramp-up of Turmalina Mine - Positive factor: Continued strong performance at Pilar Mine - Positive factor: Higher average realized gold price \($4,391/oz\) - Positive factor: Increased drilling activity \(11,203m in Q2\) - Negative factor: Increased cash operating costs per ounce \($1,834/oz vs $1,190/oz in Q2 2025\) - Negative factor: 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 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/jaguar-mining-delivers-strong-second-quarter-2026-results-reflecting-increased-p--bbcb1634-790e-4601-b488-e2c93579f001#fact-resource-facts-25) gold #### 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 factor: 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 Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/jaguar-mining-delivers-strong-second-quarter-2026-results-reflecting-increased-p--bbcb1634-790e-4601-b488-e2c93579f001#fact-resource-facts-26) Pilar Mine · gold Historical result Needs review: historical\_restatement #### 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 factor: 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 Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/jaguar-mining-delivers-strong-second-quarter-2026-results-reflecting-increased-p--bbcb1634-790e-4601-b488-e2c93579f001#fact-resource-facts-27) gold #### 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 factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/jaguar-mining-delivers-strong-second-quarter-2026-results-reflecting-increased-p--bbcb1634-790e-4601-b488-e2c93579f001#fact-resource-facts-28) gold #### 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 factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: 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 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/jaguar-mining-delivers-strong-second-quarter-2026-results-reflecting-increased-p--bbcb1634-790e-4601-b488-e2c93579f001#fact-metallurgical-facts-5) Pilar Mine #### 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 factor: 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 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/jaguar-mining-delivers-strong-second-quarter-2026-results-reflecting-increased-p--bbcb1634-790e-4601-b488-e2c93579f001#fact-metallurgical-facts-6) Turmalina Mine #### 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 factor: 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.