Jaguar Mining Reports Updated Significant 49% Increase in Mineral Reserves at Pilar Mine, Reinforcing Long Term Growth Strategy
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
- Resource update
- Extracted
- 2026-09-14 06:50:36 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Jaguar Mining has reported a 49% increase in Mineral Reserves at its Pilar Mine, totaling 286,000 oz contained in 2,494 kt at 3.57 g/t Au. This growth was driven by infill and step-out drilling programs completed in 2025 which successfully converted resources to reserves.
Reasoning: The update reports a substantial 49% increase in Pilar Mine reserves, driven by successful drilling and model reinterpretation, though at a slightly lower average grade.
Positive factors
- Significant increase in mineral reserves (49%)
- Successful conversion of resources to reserves via infill drilling
- Expansion of interpreted limits via step-out drilling
- Strong continuity confirmed in BA and BFs orebodies
Negative factors
- Grade decline in reserves (3.89 g/t to 3.57 g/t) despite tonnage growth
Facts used in scoring: 6
Classification and evidence
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: Pilar Mineral Reserves increased from 1,536 kt to 2,494 kt, a 62% increase.
Evidence · text
“representing a net increase of 94,000oz in Proven & Probable Mineral Reserves, compared to the previously reported 192,000oz (1,536kt @ 3.89 g/t Au)”
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: Average grade of Pilar reserves dropped from 3.89 g/t to 3.57 g/t.
Evidence · text
“2,494 thousand tonnes at an average grade of 3.57 g/t Au, representing a net increase... compared to the previously reported... 1,536kt @ 3.89 g/t Au”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Multiple Qualified Persons from SLR Consulting are named as having reviewed and validated the estimates.
Evidence · text
“Mineral Reserves were estimated by Jaguar staff, reviewed and validated by SLR's Qualified Persons.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The release explicitly references an NI 43-101 Technical Report for the Caete Mineral Complex.
Evidence · text
“The NI 43-101 Technical Report on Caete Mineral Complex December 31,2025 is now available on SEDAR+.”
Extracted facts
Stored fact records: 6. Some facts used in scoring do not have a stored record.
Resource Estimates (6)
probablePilar 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
- Region
- brazil
- Reported Region
- Minas Gerais, Brazil
- Ticker
- JAG
Resource scope
- Estimate type
- reserve
- Effective date
- 2023-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Jason Cox, Jeff Sepp, Reno Pressacco, Pierrre Landry, Anderson Candido, Dorota El-Rassi, Elias Andrade
- Resource group id
- resource:e1aa3de686a30791cd5f
- Deposit or zone
- Pilar Mine
- Mining method
- combined
Resource Data
- Category
- probable
- Tonnes
- 2494000
- Grade
- 3.57
- Grade Unit
- g/t
- Contained Metal
- 286000
- Contained Unit
- oz
- Cutoff Grade
- 2.45
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 1536000
- Prior Grade
- 3.89
- Prior Contained Metal
- 192000
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-04-01T00:00:00.000Z
Reasoning: Major reserve expansion at a key operating asset.
Positive factors
- Significant tonnage increase
Negative factors
- Lower grade than prior estimate
Evidence · text
“Updated Pilar Proven & Probable Mineral Reserves total 286,000oz (2,494 kt @ 3.57 g/t Au)”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 2494000 against 1536000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 3.57 against 3.89 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 286000 against 192000 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedPilar Mine · goldTonnes: 514000Grade: 3.98Grade Unit: g/tContained Metal: 66000Contained Unit: kozView all detailsHide details
Identity
- Project
- Pilar Mine
- Commodity
- gold
- Region
- brazil
- Reported Region
- Minas Gerais, Brazil
- Ticker
- JAG
Resource scope
- Estimate type
- resource
- Effective date
- 2023-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- Resource group id
- resource:cf47d8004239631e2ed9
- Deposit or zone
- BA Orebody
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 514000
- Grade
- 3.98
- Grade Unit
- g/t
- Contained Metal
- 66000
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-01T00:00:00.000Z
Reasoning: Key contributor to the reserve base.
Positive factors
- High grade relative to mine average
Evidence · text
“BA Orebody: 66 koz (514 kt @ 3.98 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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedPilar Mine · goldTonnes: 1211000Grade: 3.62Grade Unit: g/tContained Metal: 141000Contained Unit: kozView all detailsHide details
Identity
- Project
- Pilar Mine
- Commodity
- gold
- Region
- brazil
- Reported Region
- Minas Gerais, Brazil
- Ticker
- JAG
Resource scope
- Estimate type
- resource
- Effective date
- 2023-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- Resource group id
- resource:91f1edd58d78ff5078e6
- Deposit or zone
- BFs Orebodies
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 1211000
- Grade
- 3.62
- Grade Unit
- g/t
- Contained Metal
- 141000
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-01T00:00:00.000Z
Reasoning: Primary driver of reserve volume.
Positive factors
- Largest contributor to reserves
Evidence · text
“BFs Orebodies : 141 koz (1,211 kt @ 3.62 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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedPilar Mine · goldTonnes: 312000Grade: 3.27Grade Unit: g/tContained Metal: 33000Contained Unit: kozView all detailsHide details
Identity
- Project
- Pilar Mine
- Commodity
- gold
- Region
- brazil
- Reported Region
- Minas Gerais, Brazil
- Ticker
- JAG
Resource scope
- Estimate type
- resource
- Effective date
- 2023-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- Resource group id
- resource:2ec50c40768f0b67b6b0
- Deposit or zone
- SW Orebody
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 312000
- Grade
- 3.27
- Grade Unit
- g/t
- Contained Metal
- 33000
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-01T00:00:00.000Z
Reasoning: Significant secondary orebody.
Evidence · text
“SW Orebody : 33 koz (312 kt @ 3.27 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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedPilar Mine · goldTonnes: 173000Grade: 3.24Grade Unit: g/tContained Metal: 18000Contained Unit: kozView all detailsHide details
Identity
- Project
- Pilar Mine
- Commodity
- gold
- Region
- brazil
- Reported Region
- Minas Gerais, Brazil
- Ticker
- JAG
Resource scope
- Estimate type
- resource
- Effective date
- 2023-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- Resource group id
- resource:65046188092bb70ce4cb
- Deposit or zone
- Torre Orebody
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 173000
- Grade
- 3.24
- Grade Unit
- g/t
- Contained Metal
- 18000
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-01T00:00:00.000Z
Reasoning: Smaller contributing orebody.
Evidence · text
“Torre Orebody : 18 koz (173 kt @ 3.24 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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedPilar Mine · goldTonnes: 285000Grade: 3.14Grade Unit: g/tContained Metal: 29000Contained Unit: kozView all detailsHide details
Identity
- Project
- Pilar Mine
- Commodity
- gold
- Region
- brazil
- Reported Region
- Minas Gerais, Brazil
- Ticker
- JAG
Resource scope
- Estimate type
- resource
- Effective date
- 2023-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- Resource group id
- resource:1befee0878677dc5b851
- Deposit or zone
- Other Orebodies
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 285000
- Grade
- 3.14
- Grade Unit
- g/t
- Contained Metal
- 29000
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-01T00:00:00.000Z
Reasoning: Residual reserve contribution.
Evidence · text
“Other Orebodies : 29 koz (285 kt @ 3.14 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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
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.