Jaguar Mining Reports First Quarter 2024 Production Results

Jaguar Mining Inc. announced its preliminary production results for the first quarter of 2024. The company reported consolidated gold production of 16,177 ounces, a slight decrease from the 18,155 ounces produced in the same period of 2023. The first quarter production missed approximately 650 ounces due to in-process mining activities at its Pilar and Turmalina locations as of March 31, 2024.

The processed tonnage also saw a reduction, with the company processing 191,307 tonnes at a grade of 3.03 g/t, compared to 206,000 tonnes at 3.17 g/t in the prior year’s first quarter. Development activities, including primary, secondary, and exploration development, amounted to 2,489 metres, showing a decrease from the 2,880 metres total development in the first quarter of 2023. Diamond drilling activities were reported at 8,409 metres, slightly lower than the 9,655 metres drilled in the same period last year.

Jaguar Mining highlighted a significant increase in its cash position, reporting $26.4 million as of March 31, 2024, up from $22.0 million at the end of 2023. This increase was attributed partly to the collection of a $4.0 million receivable.

President and CEO Vern Baker attributed the lower production levels to a heavy rainy season, dengue fever outbreaks, and challenges with stope cycling. However, with the rainy season at its end and a decrease in dengue fever cases, production saw a rebound in March, the strongest month of the quarter. Baker remains optimistic, expecting to recover the quarter's production shortfall in the subsequent quarters and projecting an increase in overall production levels with contributions from the Faina project expected in the second half of the year.