Jaguar Mining (JAG) Q1 2025 earnings summary

Executive summary

• First quarter 2025 marked a transition to single-mine operations at Pilar, as Turmalina remains suspended following a December 2024 incident at the MTL complex.

• Gold production dropped to 9,924 ounces from 16,177 ounces year-over-year, reflecting a 54% reduction in ore processed, partially offset by a 32% higher head grade.

• Revenue declined to $27.3 million from $32.6 million year-over-year, with higher realized gold prices mitigating some impact from lower sales volumes.

• Net loss was $1.6 million (or $0.02 per share), compared to net income of $2.8 million ($0.04 per share) in Q1 2024; adjusted net income was $4.1 million ($0.05 per share), excluding $5.8 million in incident-related expenses.

• Free cash flow was an outflow of $3.2 million, compared to an inflow of $3.2 million in Q1 2024.

Financial highlights

• Cash operating costs were $1,105/oz and all-in sustaining costs were $1,726/oz, with a realized gold price of $2,845/oz.

• EBITDA was $3.1 million, down from $12.0 million year-over-year; adjusted EBITDA was $14.7 million, up from $11.3 million.

• Cash and cash equivalents stood at $40.3 million as of March 31, 2025, down from $46.4 million at year-end 2024.

• Operating costs decreased to $10.5 million from $18.3 million year-over-year, reflecting the Turmalina suspension.

• Free cash flow per ounce sold was an outflow of $339, compared to an inflow of $207 per ounce in Q1 2024.

Outlook and guidance

• Production at Pilar is expected to gradually increase through 2025, with accelerated development and drilling underway.

• No specific restart date for Turmalina, but discussions with government agencies are progressing.

• Rehabilitation at Santa Isabel mine (Paciência complex) began, with test mining expected to yield some ounces in Q3; positive results could lead to ongoing production.