Jaguar Mining (JAG) Q4 2024 earnings summary

Executive summary

• Fourth quarter and full year 2024 results were significantly impacted by a slump at the dry-stack facility at the MTL complex, leading to a temporary suspension of Turmalina mine operations and ongoing stabilization efforts.

• Despite the incident, strong gold prices and disciplined cost management supported a solid year-end cash position and positive free cash flow.

• Strategic initiatives are underway to mitigate lost production, including increasing Pilar mine output and potential restart of Santa Isabel mine.

Financial highlights

• Q4 revenue was $42.4M (up 18% YoY); full year revenue was $158.6M (up 16% YoY), driven by higher realized gold prices despite fewer ounces sold.

• Q4 net loss was $19.9M (loss per share $0.25); adjusted net income was $6.4M ($0.08 per share), excluding $26.3M in incident-related expenses.

• Full year net loss was $1.3M (loss per share $0.02); adjusted net income was $30.6M ($0.39 per share), excluding $26.3M in incident expenses and $5.6M in legal provisions.

• Q4 gold production was 14,786 oz; full year was 64,704 oz. Q4 cash operating costs were $1,106/oz, AISC $1,737/oz; full year cash operating costs $1,102/oz, AISC $1,651/oz.

• Q4 free cash flow was $9.7M ($606/oz sold); full year free cash flow was $33.3M ($500/oz sold).

• Year-end cash and equivalents stood at $46.4M, up $24.3M YoY.

Outlook and guidance

• Timing for resumption of Turmalina mine operations remains uncertain; stabilization and regulatory approvals are ongoing.

• Management expects a challenging first half of 2025 due to continued production loss but remains confident in long-term growth plans.

• Strategic focus remains on operational excellence, cost discipline, and advancing growth strategy.