Jaguar Mining (JAG) Q1 2026 earnings summary

Executive summary

• Achieved a significant turnaround in profitability in Q1 2026, driven by record gold prices and consistent Pilar Mine performance, alongside the strategic restart of the MTL (Turmalina) Complex.

• Adjusted net income reached $10.3 million ($0.12 per share), with reported net income at $4.7 million, overcoming non-recurring restoration costs and foreign exchange impacts.

• Revenue surged 63% year-over-year to $44.6 million, supported by a 71% increase in average realized gold price to $4,875/oz.

• Consolidated gold production was 9,630 ounces, with Pilar Mine contributing 8,776 oz and MTL Complex restart adding 854 oz in its initial 22 days.

• Free cash flow totaled $10.1 million, strengthening cash reserves to $71.2 million and enabling self-funding of exploration and mine restarts.

Financial highlights

• Revenue: $44.6 million in Q1 2026 vs. $27.3 million in Q1 2025.

• Net income: $4.7 million (Q1 2026) vs. net loss of $1.6 million (Q1 2025).

• Adjusted net income: $10.3 million (Q1 2026) vs. $3.7 million (Q1 2025).

• EBITDA: $12.5 million (Q1 2026) vs. $3.1 million (Q1 2025); Adjusted EBITDA: $23.7 million (Q1 2026) vs. $14.7 million (Q1 2025).

• Free cash flow: $10.1 million (Q1 2026) vs. negative $2.9 million (Q1 2025).

Outlook and guidance

• Focus remains on scaling production, managing costs as restoration activities conclude, and converting gold endowment into sustainable production growth.

• Liquidity supports self-funding of the 2026 exploration program and the upcoming Santa Isabel mine restart.