Jaguar Mining (OTCPK:JAGG.F) 2025 Conference Transcript

Summary of Jaguar Mining Conference Call (October 08, 2025) Company Overview - Company: Jaguar Mining Inc. (OTCPK:JAGG.F) - Industry: Gold Mining - Location: Minas Gerais, Brazil - Market Capitalization: Over $500 million [6][59] Key Points and Arguments Current Operations and Production - Jaguar Mining is a mid-tier gold producer with three mining complexes: Caeté, Paciencia, and Turmalina [4][5] - The Caeté complex is currently in production, with an expected output of approximately 40,000 ounces of gold by the end of 2025 [10][29] - The Turmalina complex is planned to restart in Q1 2026 after addressing a dry stack tailings incident [5][11] - Historical production from Turmalina was between 30,000 to 35,000 ounces per year [26] Financial Performance - As of June 2025, the company produced nearly 21,000 ounces of gold at a grade of 4 grams per ton, with an all-in sustaining cost of $1,725 per ounce, resulting in an adjusted EBITDA of $43.3 million [10][11] - Future projections suggest that with the restart of Turmalina and the Santa Isabel mine, production could double to around 80,000 ounces in 2026 [29] Growth Strategy - The growth strategy is based on three pillars: 1. Maximizing Core Assets: Focus on increasing production from existing mines [9][10] 2. Exploration Portfolio: A five-year exploration plan targeting 220,000 meters of drilling to identify new resources, with potential to discover between 4.5 to 8 million ounces in the Iron Quadrangle [37][40] 3. M&A Opportunities: Targeting projects in pre-feasibility or feasibility stages that are held by junior companies, particularly those that have secured preliminary licenses but face challenges in obtaining installation licenses [51][54] Incident Management - The company faced a dry stack tailings incident at Turmalina in December 2024, which required the relocation of nearby residents but resulted in no casualties [11][24] - Compensation for affected families is estimated at $10 million, with an additional $11 million in environmental fines [24][29] Market Position and Valuation - Jaguar Mining is currently trading at a significant discount compared to peers, with a P/NAV of 45% and a P/CF of 53% [57] - The company has a strong cash position of approximately $76 million, bolstered by a recent equity raise of $25 million [61][62] Future Outlook - The company aims to ramp up production to over 100,000 ounces per year within three to five years, potentially reaching 200,000 to 300,000 ounces with new projects [30][56] - The Onça de Pintangue project, acquired from IAMGOLD, is expected to contribute an additional 42,000 ounces per year starting in 2027 [30][33] Conclusion - Jaguar Mining is positioned for growth with a robust strategy focused on maximizing existing assets, exploring new opportunities, and pursuing strategic acquisitions. The company is well-capitalized and aims to leverage its strong operational base to attract more sophisticated investors as it scales production [58][85]