Turmalina Delivers Further High-Grade Intercepts from In-Mine, Exploration and Resource Conversion Drilling

Drilling highlights include:
22.87 g/t Au over an estimated true width of 5.4m in Orebody CNW
13.54 g/t Au over an estimated true width of 6.4m in Orebody B
7.98 g/t Au over 5.2m* in Pontal South
9.51 g/t Au over 9.8m*in Faina Resource Conversion Infill Drilling
* (Drilled width - true width unknown)

TORONTO, ON / ACCESSWIRE / February 14, 2023 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG)(OTCQX:JAGGF) is pleased to announce positive results from ongoing exploration and growth activities at its Turmalina Complex located in Minas Gerais, Brazil.

In the fourth quarter of 2022, the Company progressed several priority diamond drill campaigns focused on high grade extensions of mineralization discovered earlier in 2022. The most recent exploration diamond drilling focused on high grade mineralization in the C Structure at Turmalina, follow-up step-out drilling at its Pontal South Discovery (press release dated September 6, 2022), and high-grade targets within the B Structure (press release dated June 04, 2019) also at shallow levels in the mine.

Results from the drilling have been encouraging with continued high grades over mineable widths reported from various areas within the C and B Mineralized Structures including the identification of a new mineralized structure in the footwall of the C Structure.

Step out drilling at the Pontal South Discovery has demonstrated continuity of high-grade mineralization to depth down plunge.

At the Faina Growth Project, the Company completed approximately 15,359 meters (46 holes) of infill resource conversion drilling with the goal of converting the published Inferred Mineral Resource to an Indicated Mineral Resource. Infill drilling at Faina has confirmed the high-grade characteristics of this mineralization and continuity within the deposit. This drilling underpins the geological and grade model for this important growth project.

The Company will publish updated Mineral Reserves and Mineral Resources with its AIF in March 2023.

Highlights include (over an estimated true width):

C- Structure Mineralization
11.56 g/t Au over 4.6m
8.08 g/t Au over 6.8m
22.87 g/t Au over 5.4m

B- Structure Mineralization
11.58 g/t Au over 7.6m
9.60 g/t Au over 6.2m
13.54 g/t Au over 6.4m

Pontal South Exploration Target
2.44 g/t Au over 19.6 m* (including 3.28 g/t Au over 12.7m*)
4.69 g/t Au over 10.1 m* (including 7.98 g/t Au over 5.2m*)
* (Drilled widths -true width unknown)

Faina Project Infill Drilling Results
4.40 g/t Au over 23.3m* (including 9.51 g/t Au over 9.8 m*)
7.10 g/t Au over 11.0m* (including 8.20 g/t Au over 9.0m*)
9.57 g/t Au over 6.80 m* (including 77.7 g/t Au over 0.8 m*)
* (Drilled widths -true width unknown))

Vern Baker CEO Jaguar commented, "I am very excited about the positive drill results reported today as they support the Company's organic growth plans and ultimately our future production profile. The high grades in the C and B Structures are at shallow levels and close to development in these sectors of the mine which justifies our plan to focus production in these areas and support ongoing underground access development towards the Faina Resource. The success of infill drilling at Faina and the continued definition of new mineralized areas along the main structural trend continue to demonstrate the upside potential of this trend."

Figure 1 -Plan View MTL - Faina - Pontal Trend with updated results

Figure 2 - Long Section showing the location of exploration diamond drilling results reported relative to the Turmalina Mine - Faina Project and Pontal, Pontal North and Pontal South Targets

At Turmalina, drilling in the later part of 2022 and into 2023 focused on further delineation and expansion of higher-grade mineralization manifested within the C Structure at shallow depths and close to current mining access and production development Step out drill testing the projected plunge continuity is successfully expanding the higher-grade footprint in a series of structurally controlled zones. Similarly, exploratory work aimed at refining the geological-structural controls on higher grade mineralization within the B Structure, has recently recommenced, also at shallow levels close to existing underground mine development access. (Press releases dated September 6, 2022 and June 4, 2019).

Of note is the intersection of a newly identified structure in the footwall to the known mineralized zones within the C Structure. Hole FTS2165 intersected a mineralized interval grading 3.88 g/t Au over an estimated true thickness of 6.6m.

High grade mineralization intercepts with grade x thickness (GT) > 25 (gram per tonne meter) are tabulated below.

Table 1 - Best Drilling Intersections C-Structure with Grade x Thickness (GT) > 25 in the Turmalina Complex

Figure 3 - Plan view showing C- Structure Drilling Intersection Location

Table 2 - Best Drilling Intersections B-Structure

Figure 4 - Plan view of B Structure showing drill intersections location

Pontal South - Follow Up Step Out Drilling

In September 2022, the Company announced the discovery of mineralization at Pontal South located in the gap between the previously identified Mineral Resources at Pontal and Faina within the overall main Turmalina structural trend.

Subsequent step out drilling confirmed continuity of the mineralization to depth down plunge with a high grade intersection in hole PTL105 which reported 4.69 g/t Au over a drilled width of 10.1m including 7.98 g/t Au over a drilled width of 5.2m .

Table 3 - Best Drilling Intersections Pontal South

GT*: (Drilled width - true width unknown)

Figure 5 - Plan view of Pontal South showing Diamond Drill Hole Location and Results

Figure 6 - Pontal South Cross Section through hole PTL105

Faina Growth Project Resource Conversion Drilling

At Faina, 15,359 meters of infill drilling (46 Holes) completed in 2022 aimed at converting the published Inferred Mineral Resource Inventory (M+I+I Resource 417Koz @ 7.2 g/t Au) to Indicated Mineral Resource Inventory.

Infill drilling at Faina largely confirmed the continuity and high-grade characteristics of this deposit which has informed a full update of the geological and grade model to support the planned progression of this project through the PEA and PFS processes.

The Company will publish updated Mineral Reserves and Mineral Resources along with its AIF in March 2023.

Table 4 - Faina Resource Conversion Infill Drilling - Best Intersections

GT*: (Drilled width - true width unknown)

Figure 7 - Plan view of Faina Resource Conversion Infill Drilling Intersections

Quality Control

All sampling and samples utilized at Jaguar for Mineral Resource and or Mineral Reserves estimation uses a quality-control program that includes insertion of blanks and commercial standards in order to ensure best practice in sampling and analysis.

HQ, NQ, and BQ size drill core is sawn in half with a diamond saw. Samples are selected for analysis in standard intervals according to geological characteristics such as lithology and hydrothermal alteration. Rock channel sampling of the underground development follows the same standard intervals as for the drill core.

Half of the sawed sample is forwarded to the analytical laboratory for analysis while the remaining half of the core is stored in a secure location. The drill core and rock chip samples for resource-reserve conversion and grade control samples are transported for physical preparation and analysis in securely sealed bags to the Jaguar in-house laboratory located at the company´s Caeté Complex, Caeté, Minas Gerais. Growth exploration samples are sent to the independent ALS Brazil (subsidiary of ALS Global) laboratory located in Vespasiano, Minas Gerais, Brazil. The analysis of these exploration samples is conducted at ALS Global's respective facilities (fire assay is conducted by ALS Global in Lima, Peru, and multi-elementary analysis is conducted by ALS Global in Vancouver, Canada). ALS has accreditation in a global management system that meets all requirements of international standards ISO/IEC 17025:2005 and ISO 9001:2015. All major ALS geochemistry analytical laboratories are accredited to ISO/IEC 17025:2005 for specific analytical procedures.

For a complete description of Jaguar's sample preparation, analytical methods and QA/QC procedures, please refer to "Technical Report on the Roça Grande and Pilar Operations, Minas Gerais State, Brazil", a copy of which is available on the Company's SEDAR profile at www.sedar.com.

The drilling results presented on this news release are from drill holes completed by contractors Major Drilling and Jaguars own fleet of underground diamond drilling rigs.

For a complete description of Jaguar's sample preparation, analytical methods and QA/QC procedures, please refer to the "Technical Report on the Roça Grande and Pilar Operations, Minas Gerais State, Brazil", dated August 17th 2020, a copy of which is available on the Company's SEDAR profile at www.sedar.com.

Qualified Person

Scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, BSc (Hons) (Economic Geology- UCT), FAUSIMM, Vice President Geology and Exploration, who is also an employee of Jaguar Mining Inc., and is a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

The Iron Quadrangle

The Iron Quadrangle has been an area of mineral exploration dating back to the 16th century. The discovery in 1699-1701 of gold contaminated with iron and platinum-group metals in the southeastern corner of the Iron Quadrangle gave rise to the name of the town Ouro Preto (Black Gold). The Iron Quadrangle contains world- class multi-million-ounce gold deposits such as Morro Velho, Cuiabá, and São Bento. Jaguar holds the third largest gold land position in the Iron Quadrangle with over 50,000hectares.

About Jaguar Mining Inc.

Jaguar Mining Inc. is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes and a large land package with significant upside exploration potential from mineral claims. The Company's principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the Turmalina Gold Mine Complex and Caeté Mining Complex (Pilar and Roça Grande Mines, and Caeté Plant). The Company also owns the Paciência Gold Mine Complex,which has been on care and maintenance since 2012. The Roça Grande Mine has been on temporary care and maintenance since April 2019. Additional information is available on the Company's website at www.jaguarmining.com.

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Forward-Looking Statements

Certain statements in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking information made in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as "are expected," "is forecast," "is targeted," "approximately," "plans," "anticipates," "projects," "anticipates," "continue," "estimate," "believe" or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will" be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to be or include forward-looking information. This news release contains forward-looking information regarding, among other things, expected sales, production statistics, ore grades, tonnes milled, recovery rates, cash operating costs,definition/delineation drilling, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of explorati