# Jaguar Mining Reports Updated Significant 49% Increase in Mineral Reserves at Pilar Mine, Reinforcing Long Term Growth Strategy

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--e650e496-f22c-4f03-ba13-827fa5dc193c

Original source: https://money.tmx.com/en/quote/JAG/news/5415611026591248/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil

Publisher: tmx

Original announcement: 2026-04-01T01:10:00.000Z

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: Resource update

- Extracted: 2026-09-14 06:50:36 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas 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 factor: Significant increase in mineral reserves \(49%\)

- Positive factor: Successful conversion of resources to reserves via infill drilling

- Positive factor: Expansion of interpreted limits via step-out drilling

- Positive factor: Strong continuity confirmed in BA and BFs orebodies

- Negative factor: 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 Growth**

Polarity: positive

Definition: 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 Decline**

Polarity: negative

Definition: 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 Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: 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)

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--e650e496-f22c-4f03-ba13-827fa5dc193c#fact-resource-facts-0)

Pilar Mine · gold

Historical result

Needs review: historical\_restatement

#### 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 factor: Significant tonnage increase

- Negative factor: 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 Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Tonnage Growth**

Polarity: positive

Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.

Why it applies: 2494000 against 1536000 previously

**Grade Decline**

Polarity: negative

Definition: 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 Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--e650e496-f22c-4f03-ba13-827fa5dc193c#fact-resource-facts-1)

Pilar Mine · gold

#### 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 factor: High grade relative to mine average

Evidence · text

> BA Orebody: 66 koz \(514 kt @ 3.98 g/t Au\)

#### 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

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--e650e496-f22c-4f03-ba13-827fa5dc193c#fact-resource-facts-2)

Pilar Mine · gold

#### 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 factor: Largest contributor to reserves

Evidence · text

> BFs Orebodies : 141 koz \(1,211 kt @ 3.62 g/t Au\)

#### 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

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--e650e496-f22c-4f03-ba13-827fa5dc193c#fact-resource-facts-3)

Pilar Mine · gold

#### 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 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

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--e650e496-f22c-4f03-ba13-827fa5dc193c#fact-resource-facts-4)

Pilar Mine · gold

#### 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 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

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--e650e496-f22c-4f03-ba13-827fa5dc193c#fact-resource-facts-5)

Pilar Mine · gold

#### 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 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

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: 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.