Jaguar Mining (JAG) Q4 2025 earnings summary

Executive summary

• Fourth quarter results were impacted by a material slump at the Satinoco dry-stack facility, causing a temporary suspension at Turmalina mine; all regulatory restrictions have since been lifted and operations are restarting in a controlled manner.

• Gold production for Q4 was 9,356 ounces and for the full year 40,254 ounces; Q4 revenue was $38.0 million and full year revenue was $135.2 million, both down year-over-year due to lower ounces sold.

• Net loss for Q4 was $20.5 million (loss per share $0.24); adjusted net loss was $3.3 million, excluding non-recurring Satinoco incident expenses and related tax impacts.

• Net loss for the year was $15.8 million (loss per share $0.20); adjusted net income was $18.5 million (EPS $0.23), excluding Satinoco-related expenses, civil provision reversals, investment gains, and tax recovery.

• Ended the year with $66.5 million in cash and cash equivalents, supporting operational restart and financial flexibility.

Financial highlights

• Q4 revenue declined 10% year-over-year; full year revenue declined 15% year-over-year.

• Q4 cash operating costs were $1,456/oz and AISC was $2,268/oz; full year cash operating costs were $1,277/oz and AISC was $1,931/oz.

• Realized gold price in Q4 was $4,170/oz and for the year $3,421/oz, both significantly higher year-over-year.

• Q4 operating costs decreased 25% year-over-year to $13.3 million; full year operating costs fell 31% to $50.4 million.

• Free cash flow for Q4 was $0.7 million and for the year $16.6 million; free cash flow per ounce sold was $73 in Q4 and $422 for the year.

Outlook and guidance

• 2026 gold production guidance is 50,000 to 60,000 ounces from current assets.

• Management expects cost-reduction initiatives and normalization of volumes to improve unit-cost efficiency.