Jaguar Mining Inc. announced positive results from exploration activities completed during 2023 over three new target trends across the Company's extensive tenement portfolio, located in the Iron Quadrangle in the state of Minas Gerais, Brazil. During 2023, in parallel with its in-mine exploration activities, the Company continued to advance generative and phase-one exploration programs over areas identified as high priority targets. These targets are strategically important as they are the pipeline of high potential exploration projects in Jaguar's extensive tenement package.

The package, which is 56,000 Ha includes tenements attributed to its 2023 acquisition of IAMGOLD's Brazilian assets. The majority of work completed focused on initial reconnaissance drill testing of the Carancas target within the Rocinha - Carrancas - Carneiro trend close to the Company's Caeté complex. Outcrop and trench sampling at various targets along the Rio do Peixe trend and soil sampling targeting previously untested southern extensions to the mineralized Paciência trend from the currently closed Santa Isabel mine southwards to the tenement limit.

Rocinha - Carrancas - Carneiro trend: This mineralized trend is 9km to the east of the Company's Caeté plant and is defined by extensive historical surface and underground excavations which have been mapped and sampled over approximately 5km of strike length. Rock chip channel sampling of historical underground excavations reported several very high-grade samples over intervals ranging from 0.7m to over 3m in true thickness. The mineralization is associated with silicification and quartz veining and quartz-sericite-chlorite-carbonate alteration with associated fine disseminated pyrite within a series of shallow-dipping shear zones which traverse the host greenschist sequence at a shallow angle.

The host greenschists comprise both metavolcanic and metasedimentary units and interlayered banded iron formation. The Company completed a series of shallow reconnaissance diamond drill holes in 2023 to confirm the orientation and quantify the upside potential of the high-grade mineralization sampled in the underground workings. The first hole, FCAR001 intersected a wide zone of mineralization grading 16.69 g/t Au over a true width of 4.8m, which significantly enhanced the potential of this project.

The targeted structure was successfully intersected in several step-out holes but reported lower grades and thicknesses. Based on this early work, the geological models are being reviewed and refined to determine what geological conditions can be used distinguish more favourable sites for higher grade, thicker areas from lower grade narrower areas to inform drill targeting going forward. Rio do Peixe Trend: This Rio do Peixe mineralized trend is located approximately 20km north-east of the Company´s Paciência complex and is defined by extensive historical surface and underground excavations which have been mapped and sampled by the Company over 3km of strike.

Surface trenching and rock chip sampling have returned encouraging sampling results which include a best trench sample result of 8.89 g/t Au over 10.4m (true width unknown) and rock chip samples up to 21.9 g/t Au. The mineralization is associated with quartz veining and quartz-sericite-chlorite-carbonate alteration with fine disseminated pyrite within a series of steep-dipping mylonitic shear zones. The host greenschists comprise variably sheared ultramafic, mafic and quartz - sericite schists and banded iron formation.

Paciência Trend: The Paciência trend is defined by a major mineralized crustal shear zone which traverses the Company's Paciência complex tenement package over a strike length of some 15km. In 2023, the Company completed a soil sampling program (1,200 samples) targeting previously untested southern extensions to the mineralized Paciência trend from the currently closed Santa Isabel mine southwards to the tenement limit. This program has successfully defined a robust (>100ppb Au), gold in-soil anomaly named Chamé - Cedro that extends the potential mineralization trend southwards along this structure by 4km.

Follow-up surface mapping and rock chip sampling has reported to date, more the 10 samples with gold values greater than 5 g/t Au with a peak grade of 22 g/t Au.