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

Summary of Jaguar Mining Conference Call Company Overview - Company: Jaguar Mining (OTCPK:JAGG.F) - Location: Brazil, specifically in the Minas Gerais state near Belo Horizonte - Type: Mid-tier gold producer - Production History: 20 years since founding in 2002 - Current Operations: Three complexes - Caeté (in production), Paciência (care and maintenance since 2012), and Turmalina (production halted due to incident) [2][3] Key Financials and Production Metrics - Measured and Indicated Resources: 1.66 million ounces - Inferred Resources: 1.68 million ounces - Reserves: 764,000 ounces at a grade of 4 grams per ton - Production (2025): 40,000 ounces from Pilar mine at a cost of $1,845 per ounce, generating an adjusted EBITDA of nearly $60 million [3][6][9] Incident and Financial Impact - Incident: Dry stacking pile slump at Turmalina mine in December - Community Compensation: $10 million - Environmental Fine: $11 million - Lawsuit Settlement: $7 million - Total Costs from Incident: $27 million, manageable through installment payments over 1 to 5 years [6][7][8] Strategic Pillars for Growth 1. Maximize Core Assets: Focus on extracting maximum value from current mines and plants, with all plants having spare capacity [5] 2. Leverage Exploration Portfolio: 46,000 hectares of mineral rights in the Iron Quadrangle, with a five-year exploration plan targeting 220,000 meters of drilling to define 1 million ounces per year [5][12][13] 3. Pursue Strategic Opportunities (M&A): Targeting assets that can sustain at least 100,000 ounces of production per year, focusing on junior companies with advanced projects [5][19] Future Production Plans - Turmalina Restart: Expected in Q1 2026 after stabilization work and geotechnical report [8] - São Isabel Mine: Under reassessment for reopening [9] - Onças de Pitaingui Project: Greenfield project with 284,000 ounces of reserve at 4.16 grams per ton, expected to add 42,000 ounces per year starting in 2027 [10] Exploration Potential - Targets: Identified potential for new deposits similar to world-class mines in the region (Cuiabá and Morro Velho) [11][12] - Chamet Target: Potential for 1 million ounces of endowment based on historical high-grade material found [16] - Pilar Mine: Additional exploration potential could yield another 500,000 ounces [18] Market Position - Valuation: Jaguar is trading at a significant discount compared to peers, presenting a potential investment opportunity [19][20] - Major Shareholder: Eric Sprott holds 47% of the company, indicating strong support [20]