Jaguar Mining (JAG) John Tumazos Very Independent Research Virtual Metals Conference 2025 summary

Company overview and leadership

• Operates three gold mine complexes in Brazil's Iron Quadrangle, with a focus on underground mining.

• Current production is centered at the Caeté complex, with plans to restart Turmalina and Santa Isabel mines in 2025.

• Leadership team has extensive experience in mine development and expansion, aiming to accelerate company growth.

• Board and management are diverse, with a focus on development and exploration expertise.

• Major shareholder Eric Sprott supports the company but does not micromanage operations.

Strategic growth pillars

• Three-pillar strategy: maximize core assets, leverage exploration portfolio, and pursue M&A opportunities.

• Production expected to double to 80,000 oz in 2025 with Turmalina and Santa Isabel restarts.

• Onça de Pitangui project to add 42,000 oz/year from 2027, targeting 140,000 oz/year within five years.

• Exploration plan targets 220,000 meters of drilling over five years, aiming to identify 1 million oz/year.

• M&A focus on acquiring projects with preliminary licenses but stalled at installation stage.

Operational updates and financials

• Turmalina mine halted due to a tailings incident; compensation and fines totaling $27 million mostly deferred.

• Turmalina expected to restart in Q1 2025, with all-in sustaining costs projected at $1,500–$1,600/oz.

• Recent bought deal raised CAD 25 million to accelerate exploration, with strong shareholder backing.

• Market cap exceeds $500 million, with share price appreciation and strong free cash flow.

• Company trades at a significant discount to peers on P/NAV and price/cash flow metrics.