Jaguar Mining (JAG) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 79% YoY to $60.8M on higher gold sales and realized prices; production reached 12,981 oz as Turmalina ramped up.

• Q3 adjusted EBITDA was $23.8M, versus $15.5M in Q3 2025.

• 9M revenue was $156.7M and net income was $33.0M, versus $97.1M and $4.8M in 2025.

Financial highlights

• Q3 revenue was $60.8M versus $34.0M; gold sold rose 46% to 14,259 oz and average realized price increased 23% to $4,262/oz.

• Q3 operating income was $14.0M versus $11.3M; gross profit was $24.2M versus $17.4M. Net income was $12.9M versus $13.0M.

• Adjusted net income was $13.0M ($0.15/share); adjustments included $0.7M of Satinoco expenses and a $0.6M unrealized gain on financial instruments.

• 9M revenue was $156.7M versus $97.1M; operating income was $50.5M versus $5.1M, and gross profit was $77.6M versus $50.9M.

• 9M net income was $33.0M versus $4.8M; basic EPS was $0.39 and diluted EPS $0.38, versus $0.06 each.

Outlook and guidance

• FY 2026 production guidance remains 50,000–60,000 oz, with production more likely to reach the lower end.

• A revised Onças de Pitangui feasibility study and updated reserves are targeted for H1 2027; Santa Isabel and Marzagão study results are planned for mid-2027.

• Santa Isabel rehabilitation and access work support a potential restart by end-2027, subject to feasibility work and mine-plan sequencing.

• Turmalina ramp-up continues; a feasibility study will assess plant changes, including a potential flotation circuit, to improve Faina ore recovery.