Jaguar Mining (JAG) Q2 2025 earnings summary

Executive summary

• Second quarter 2025 results reflect operations solely from the Pilar mine, as Turmalina remains suspended following a December 2024 incident; Pilar's output increased 11% sequentially and 3% year-over-year.

• Gold production was 10,973 ounces, down from 16,829 ounces year-over-year due to Turmalina's absence, but Pilar's head grade improved by 14%.

• Realized gold price rose 39% year-over-year to $3,264/oz, partially offsetting lower sales volumes.

• Net loss of $6.6 million reported, but adjusted net income (excluding $23.5 million in incident expenses) was $16.8 million.

• Free cash flow per ounce increased to $1,031, highlighting strong cash generation despite lower production.

Financial highlights

• Revenue was $35.8 million, down from $44.8 million year-over-year due to lower ounces sold.

• Cash operating costs rose 11% to $1,191/oz; AISC increased 18% to $1,814/oz, reflecting fixed costs spread over fewer ounces.

• Adjusted EBITDA was $29.6 million, up from $22.4 million year-over-year.

• Free cash flow for the quarter was $11.3 million, compared to $15.2 million in Q2 2024.

• Cash and cash equivalents stood at $48.3 million as of June 30, 2025, up 4.1% from year-end 2024.

Outlook and guidance

• Turmalina mine expected to resume operations in Q1 2026 following ongoing rehabilitation.

• Exploration success at Pilar's BA zone, with high-grade intercepts, is expected to contribute about 50% of Pilar's future production.

• Focus remains on organic growth and select strategic opportunities to enhance shareholder value.