Jaguar Mining (JAG) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 2026 results with increased gold production at Turmalina and continued robust output at Pilar, driving higher profitability and cash flow in a favorable gold price environment.

• Net income reached $15.5 million, reversing a net loss of $6.6 million in Q2 2025, with adjusted net income at $17.4 million.

• Revenue rose 43% year-over-year to $51.4 million, supported by a 35% increase in average realized gold price and a 6% rise in gold ounces sold.

Financial highlights

• Adjusted EBITDA was $30.7 million, up 4% from Q2 2025; EBITDA improved to $27.8 million from a loss in the prior-year quarter.

• Free cash flow totaled $6.6 million, with a cash position of $74.0 million and working capital of $23.2 million as of June 30, 2026.

• Cash operating costs were $21.4 million ($1,834/oz), and all-in sustaining costs were $2,840/oz, with a cash operating margin of $2,557/oz.

• Total capital expenditures for the quarter were $12.8 million, split between $8.2 million sustaining and $4.6 million non-sustaining.

Outlook and guidance

• Full-year 2026 gold production is projected at 50,000–60,000 ounces from current assets.

• Ongoing ramp-up at Turmalina and continued strong Pilar performance are expected to support production and cash flow.

• Exploration and development activities are advancing at Santa Isabel, Paciência, and Onças de Pitangui projects.