Jaguar Mining Reports Fourth Quarter and Full Year 2024 Production Results and Provides Outlook for 2025
Jaguar Mining reported Q4 and full-year 2024 production results. Q4 consolidated gold production was 14,787 ounces, down from 16,912 ounces in Q3 and 18,482 ounces in Q4 2023. Annual production reached 64,705 ounces, compared to 70,702 ounces in 2023.
Operations at the Turmalina mine were suspended on December 7, 2024, following a slump in the north wall of the dry-stacked pile, impacting Q4 production. However, the Pilar mine remains fully operational and showed increased production of 5% and 9% compared to Q4 2023 and full-year 2023, respectively.
The company's cash position strengthened to $46.3 million as of December 31, 2024, up from $41.6 million in September 2024, primarily due to higher realized gold prices. For 2025, Jaguar will focus on the Pilar mine, where production is expected to modestly increase compared to 2024 levels.
Jaguar Mining ha riportato i risultati di produzione per il quarto trimestre e l'anno intero 2024. La produzione d'oro consolidata nel Q4 è stata di 14.787 once, in calo rispetto alle 16.912 once nel Q3 e alle 18.482 once nel Q4 2023. La produzione annuale ha raggiunto le 64.705 once, rispetto alle 70.702 once nel 2023.
Le operazioni presso la miniera Turmalina sono state sospese il 7 dicembre 2024, a causa di un cedimento nel muro nord del cumulo secco, che ha impattato la produzione del Q4. Tuttavia, la miniera Pilar rimane pienamente operativa e ha mostrato un aumento della produzione del 5% e del 9% rispetto al Q4 2023 e all'anno intero 2023, rispettivamente.
La posizione di liquidità dell'azienda è migliorata a 46,3 milioni di dollari a partire dal 31 dicembre 2024, rispetto ai 41,6 milioni di dollari di settembre 2024, principalmente a causa dei prezzi dell'oro realizzati più elevati. Nel 2025, Jaguar si concentrerà sulla miniera Pilar, dove si prevede che la produzione aumenti moderatamente rispetto ai livelli del 2024.
Jaguar Mining reportó los resultados de producción del cuarto trimestre y del año completo 2024. La producción consolidada de oro en el Q4 fue de 14.787 onzas, por debajo de las 16.912 onzas en el Q3 y de las 18.482 onzas en el Q4 de 2023. La producción anual alcanzó las 64.705 onzas, en comparación con las 70.702 onzas en 2023.
Las operaciones en la mina Turmalina fueron suspendidas el 7 de diciembre de 2024, tras un deslizamiento en la pared norte de la pila apilada en seco, lo que afectó la producción del Q4. Sin embargo, la mina Pilar sigue siendo completamente operativa y mostró un aumento en la producción del 5% y del 9% en comparación con el Q4 de 2023 y el año completo de 2023, respectivamente.
La posición de efectivo de la empresa se fortaleció a 46,3 millones de dólares a partir del 31 de diciembre de 2024, por encima de los 41,6 millones de dólares en septiembre de 2024, principalmente debido a los precios más altos del oro realizados. Para 2025, Jaguar se enfocará en la mina Pilar, donde se espera que la producción aumente modestamente en comparación con los niveles de 2024.
재규어 마이닝은 2024년 4분기 및 연간 생산 결과를 보고했습니다. 4분기 통합 금 생산량은 14,787온스로, 3분기의 16,912온스와 2023년 4분기의 18,482온스에서 감소했습니다. 연간 생산량은 64,705온스로 2023년의 70,702온스와 비교됩니다.
투르말리나 광산의 작업은 2024년 12월 7일에 건조 쌓기 더미의 북쪽 벽이 무너지는 사건으로 중단되었으며, 이로 인해 4분기 생산에 영향을 미쳤습니다. 그러나 필라 광산은 완전히 운영 중이며, 2023년 4분기와 2023년 전체에 비해 각각 5% 및 9% 증가한 생산량을 보였습니다.
회사의 현금 보유액은 2024년 12월 31일 기준으로 4630만 달러로 증가했으며, 이는 2024년 9월의 4160만 달러에서 증가한 것입니다. 이는 주로 더 높은 금 가격이 반영되었기 때문입니다. 2025년에는 재규어가 필라 광산에 집중할 예정이며, 2024년 대비 생산량이 소폭 증가할 것으로 예상됩니다.
Jaguar Mining a rapporté les résultats de production du quatrième trimestre et de l'année complète 2024. La production consolidée d'or du Q4 s'élève à 14.787 onces, en baisse par rapport aux 16.912 onces du Q3 et aux 18.482 onces du Q4 2023. La production annuelle a atteint 64.705 onces, contre 70.702 onces en 2023.
Les opérations de la mine Turmalina ont été suspendues le 7 décembre 2024, suite à un glissement de terrain dans le mur nord du tas empilé à sec, ce qui a eu un impact sur la production du Q4. Cependant, la mine Pilar reste entièrement opérationnelle et a montré une augmentation de la production de 5 % et de 9 % par rapport au Q4 2023 et à l'année complète 2023, respectivement.
La position de trésorerie de l'entreprise s'est renforcée pour atteindre 46,3 millions de dollars au 31 décembre 2024, contre 41,6 millions de dollars en septembre 2024, principalement en raison de la hausse des prix de l'or réalisés. Pour 2025, Jaguar se concentrera sur la mine Pilar, où la production devrait augmenter modérément par rapport aux niveaux de 2024.
Jaguar Mining berichtete über die Produktionszahlen für das vierte Quartal und das Gesamtjahr 2024. Die konsolidierte Goldproduktion im Q4 betrug 14.787 Unzen, ein Rückgang von 16.912 Unzen im Q3 und von 18.482 Unzen im Q4 2023. Die Jahresproduktion erreichte 64.705 Unzen im Vergleich zu 70.702 Unzen im Jahr 2023.
Die Arbeiten in der Turmalina Mine wurden am 7. Dezember 2024 eingestellt, nachdem es zu einem Abbruch in der Nordwand des trocken geschichteten Haufens gekommen war, was die Produktion im Q4 beeinflusste. Die Pilar Mine bleibt jedoch voll operationell und zeigte im Vergleich zu Q4 2023 und zum Gesamtjahr 2023 ein Produktionsplus von 5 % bzw. 9 %.
Die Liquiditätsposition des Unternehmens hat sich zum 31. Dezember 2024 auf 46,3 Millionen Dollar verbessert, gegenüber 41,6 Millionen Dollar im September 2024, was hauptsächlich auf die gestiegenen Goldpreise zurückzuführen ist. Für 2025 wird sich Jaguar auf die Pilar Mine konzentrieren, wo ein moderater Anstieg der Produktion im Vergleich zu den Werten von 2024 erwartet wird.
- Cash position increased to $46.3M from $41.6M in Q4 2024
- Pilar mine production increased 5% QoQ and 9% YoY
- Development metrics exceeded prior year's Q4 despite reduced capacity
- Record monthly diamond drilling totals achieved by in-house crews
- Q4 gold production decreased to 14,787 oz from 18,482 oz YoY
- Annual gold production declined to 64,705 oz from 70,702 oz in 2023
- Turmalina mine operations suspended due to infrastructure failure
- Total diamond drilling reduced to 38,738m from 44,843m YoY
TORONTO, ON / ACCESSWIRE / January 13, 2025 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG)(OTCQX:JAGGF) today announced the Company's production results for the fourth quarter and full year 2024. Full financial results for the quarter and full year will be reported and filed on SEDAR+ on or before March 27, 2025. All figures are in US Dollars, unless otherwise expressed.
Fourth Quarter and Full Year 2024 Operating Highlights
Operations at the Turmalina mine were temporarily suspended on December 7, 2024, following a slump in the north wall of the dry-stacked pile. As a result, production during the fourth quarter and full year 2024 was impacted by the loss of the ounces that had been expected to be produced from this mine in December. However, the Company's Pilar mine remains fully operational.
Fourth quarter consolidated gold production was 14,787 ounces, compared to 16,912 ounces produced in the third quarter, and 18,482 ounces produced in the fourth quarter of 2023. Annual consolidated gold production for 2024 was 64,705 ounces compared to 70,702 ounces in 2023. Production at the Pilar mine increased by
5% and9% compared to the fourth quarter last year and full year 2023 respectively.
Fourth quarter consolidated ore processed was 160,430 tonnes at 3.41 g/t compared to 195,595 tonnes at 3.34 g/t in the fourth quarter of 2023. Annual consolidated ore processed was 695,826 tonnes at 3.41 g/t compared to 812,954 tonnes at 3.09 g/t in 2023.
In the fourth quarter, the Company completed primary development of 1,600 metres, secondary development of 1,260 meters, and exploration development of 80 metres; totalling 2,940 metres compared to the fourth quarter of 2023 where development totalled 2,793 metres. For the full year 2024, development completed was 6,701 metres of primary, 4,965 metres of secondary, and 169 metres of exploration for a total of 11,835 metres, compared to the full year 2023 total development of 11,833 metres. Despite the loss of one third of Turmalina´s development capacity during the quarter, the Company still exceeded prior year fourth quarter development metres.
Diamond drilling completed during the fourth quarter was 10,962 metres compared to the fourth quarter of 2023 diamond drilling of 10,271 metres. Diamond drilling completed in 2024 was 38,738 metres compared to 44,843 metres drilled in 2023. The reduction in drilling year-over-year was the result of eliminating third-party contract diamond drilling as of the end of 2023. During the fourth quarter, Jaguar's in-house diamond-drill crews achieved record monthly totals.
The Company's cash position as at December 31, 2024 was
$46.3 million compared to cash of$41.6 million as at September 30, 2024. During the fourth quarter, the Company benefitted from higher realized gold prices which was the main driver of the increase in cash.
Quarterly Summary | Q4 2024 | Q4 2023 | ||||
Turmalina | Pilar | Total | Turmalina | Pilar | Total | |
Tonnes milled (t) | 59,471 | 100,959 | 160,430 | 99,293 | 96,302 | 195,595 |
Average head grade (g/t) | 3.02 | 3.65 | 3.41 | 3.02 | 3.68 | 3.34 |
Recovery (%) | 74 | 89 | 84 | 88 | 88 | 88 |
Gold ounces |
|
|
|
|
|
|
Produced (oz) | 4,276 | 10,511 | 14,787 | 8,457 | 10,025 | 18,482 |
Sold (oz) | 5,188 | 10,854 | 16,042 | 8,455 | 9,643 | 18,098 |
Development |
|
|
|
|
|
|
Primary (m) | 984 | 617 | 1,600 | 697 | 426 | 1,123 |
Secondary (m) | 392 | 868 | 1,260 | 558 | 599 | 1,157 |
Exploration Development (m) | 80 | - | 80 | 513 | - | 513 |
Definition, infill and exploration drilling (m) | 5,081 | 5,881 | 10,962 | 6,063 | 4,208 | 10,271 |
Annual Summary | 2024 | 2023 | ||||
Turmalina | Pilar | Total | Turmalina | Pilar | Total | |
Tonnes milled (t) | 302,957 | 392,869 | 695,826 | 408,378 | 404,576 | 812,954 |
Average head grade (g/t) | 3.08 | 3.67 | 3.41 | 2.92 | 3.27 | 3.09 |
Recovery (%) | 79 | 88 | 85 | 86 | 88 | 87 |
Gold ounces |
|
|
|
|
|
|
Produced (oz) | 23,710 | 40,995 | 64,705 | 33,117 | 37,585 | 70,702 |
Sold (oz) | 24,555 | 41,926 | 66,481 | 33,449 | 37,017 | 70,466 |
Development |
|
|
|
|
|
|
Primary (m) | 4,647 | 2,054 | 6,701 | 3,122 | 1,837 | 4,959 |
Secondary (m) | 2,301 | 2,664 | 4,965 | 2,615 | 2,604 | 5,219 |
Exploration Development (m) | 169 | 0 | 169 | 1,655 | - | 1,655 |
Definition, infill and exploration drilling (m) | 20,992 | 17,746 | 38,738 | 22,963 | 21,880 | 44,843 |
2025 Outlook
For 2025, given the ongoing suspension of operations at the Turmalina mine, the Company will be focused on its operating Pilar mine, where production is expected to modestly increase compared to 2024 levels. Development at Pilar will be enhanced using resources of people and equipment from the Turmalina mine, which is expected to modestly increase all-in sustaining costs at the mine while enabling higher production in the second half of 2025. Any updates on the timing of the resumption of operations at the Turmalina mine will be communicated as soon as available.
Vern Baker, President and CEO of Jaguar, stated: "As previously announced, in early December we had an incident at our Turmalina mine where a slump occurred in the north wall of the Satinoco dry-stacked pile. As a result, operations at the mine remain temporarily suspended while the pile is reconfigured to ensure long-term stability. We continue working constructively with the Brazilian National Mining Agency and other authorities towards safely resuming operations as soon as possible.
This incident impacted ounce production in the fourth quarter due to the loss of production from the Turmalina mine in December. Prior to this incident, we had been on track to exceed last quarters production and be well positioned for a strong start to 2025. Even without production from the Turmalina mine in December, we were able to increase our cash balance in the fourth quarter by over
During the fourth quarter, ounce production at the Pilar mine was as expected and both development meters and diamond drilling meters exceeded expectations both increasing significantly compared to the fourth quarter of 2023. Continuing high development rates, especially in the BA zone, should allow us to start increasing production at the Pilar mine this year to partly offset the loss of production from the Turmalina mine.
For the first two months of the fourth quarter, the Turmalina mine was doing well on development and diamond drilling. Overall development rates were
While we do have some challenges ahead due to the incident at our Turmalina mine, we expect to be back on track with our growth plan by the end of 2025. This plan could potentially see us doubling the Company's annual consolidated ounce production over the next five years."
Qualified Person
Scientific and technical information contained in this press release has been reviewed and approved by Jean-Marc Lopez BSc. PGeo ,FAusIMM, of JML Consulting & Geology EI, who 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 50,000 hectares.
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 MTL Mining Complex (Turmalina mine and plant) and Caeté Mining Complex (Pilar and Roça Grande mines, and Caeté plant). The Roça Grande mine has been on temporary care and maintenance since April 2019. The Company also owns the Paciência Mining Complex (Santa Isabel mine and plant), which had been on care and maintenance since 2012 and is planned to restart in early 2025. Additional information is available on the Company's website at www.jaguarmining.com.
For further information please contact:
Vernon Baker
Chief Executive Officer
Jaguar Mining Inc.
vernon.baker@jaguarmining.com
416-847-1854
Alfred Colas
Chief Financial Officer
Jaguar Mining Inc.
alfred.colas@jaguarmining.com
416-847-1854
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, the duration of the temporary suspension of the Company's MTL complex in the wake of the slump at its Satinoco dry tailings pile , the cost of resuming operations at the MTL complex, the future stability of the tailings pile in question and safety of the Turmalina mine, the amount, timing and payment terms of any future fines imposed on the Company, as well as any costs and damages arising from any civil or criminal lawsuits, resulting from the tailings pile slump, management's expectations regarding the Company's response to the tailings pile slump and the Company's recovery and remediation efforts at the MTL compex, any information and statements related to expected growth, 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 exploration, development and mining activities, currency fluctuations, capital requirements, project studies, mine life extensions, restarting suspended or disrupted operations, continuous improvement initiatives, and resolution of pending litigation. The Company has made numerous assumptions with respect to forward-looking information contained herein, including, among other things, assumptions about the future and long-term stability of the Satinoco tailings pile; there will be no unforeseen adverse weather events or other external factors that could delay the Company's recovery or remediation efforts; the current assumptions regarding the extent of the damage and timeline for repairs at the MTL complex remain accurate and will not require significant revision as further assessments are completed; estimated timeline for the development of the Company's mineral properties; the supply and demand for, and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any potential power rationing, tailings facility regulation, exploration and mine operating licenses and permits being obtained and renewed and/or there being adverse amendments to mining or other laws in Brazil and any changes to general business and economic conditions. Forward-looking information involves a number of known and unknown risks and uncertainties, including among others: the risk of Jaguar not meeting the forecast plans regarding its operations and financial performance; uncertainties with respect to the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in environmental legislation and regulation, weather delays and increased costs or production delays due to natural disasters, power disruptions, procurement and delivery of parts and supplies to the operations; uncertainties inherent to capital markets in general (including the sometimes volatile valuation of securities and an uncertain ability to raise new capital) and other risks inherent to the gold exploration, development and production industry, which, if incorrect, may cause actual results to differ materially from those anticipated by the Company and described herein. In addition, there are risks and hazards associated with the business of gold exploration, development, mining and production, including environmental hazards, tailings dam failures, industrial accidents and workplace safety problems, unusual or unexpected geological formations, pressures, cave-ins, flooding, chemical spills, procurement fraud and gold bullion thefts and losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Accordingly, readers should not place undue reliance on forward-looking information.
For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Annual Information Form and Management's Discussion and Analysis, as well as other public disclosure documents that can be accessed under the issuer profile of "Jaguar Mining Inc." on SEDAR+ at www.sedarplus.com. The forward-looking information set forth herein reflects the Company's reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
SOURCE: Jaguar Mining, Inc.
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