Jaguar Mining Reports Third Quarter
Operating Results
Operations Increase Production 12% Quarter over Quarter
Strong Liquidity and Free Cash Flow
TORONTO, ON / ACCESSWIRE / October 12, 2021 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG)(OTCQX:JAGGF) today announces interim gold production results for the third quarter of 2021 ("Q3 2021"). Financial results for Q3 2021 will be reported and filed on SEDAR on or before November 15, 2021. All figures are in US Dollars, unless otherwise expressed.
Vern Baker, President and CEO of Jaguar Mining stated: "Production improved to achieve levels near last year´s final quarters. Pilar is on track to produce at plus 12,000 ounces per quarter on a regular basis. Turmalina´s production moved back over 10,000 ounces per quarter matching the best quarters of the last several years. Investment in exploration is beginning to pay off as two projects are moving into the resource definition phase, one is moving into pre-feasibility work, and grass roots efforts on our joint venture tenements have generated multiple targets. The company is well positioned to move ahead with the projects we see potentially adding to our resources and then into our production profile. Positive cash flow from both operations funded our full suite of exploration and growth activities. We foresee a similar quarter in Q4 with additional spend on our growth portfolio."
Q3 2021 Operating Highlights
- Consolidated gold production increased 12% quarter on quarter with 22,602 ounces produced compared to 20,212 ounces produced in Q2 2021. Production was lower compared to 24,094 ounces in Q3 2020. While tonnage performance was higher in Q3 2021, lower grades due to sequencing and stoping location resulted in less ounces produced than Q3 2020.
- Pilar production improved to 12,337 ounces compared to 11,631 ounces produced in Q2 2021.
- Turmalina production improved to 10,265 ounces compared to 8,581 ounces produced in Q2 2021.
- Total definition, infill and exploration drilling was on plan at 18,693 metres, which was slightly higher than Q3 2020 at 18,055 metres drilled. Diamond Drilling remains on plan to provide growth in resources and reserves this year.
- Total development of 2,615 metres for Q3 2021 was up from 2278 meters in Q2 2021 and consistent with Q3 2020 development of 2,701 metres.
- As of September 30, 2021, the Company had cash of $38 million compared to cash of $34 million on June 30, 2021. During the quarter, the Company paid a dividend of $2.3 million.
The table below summarizes Q3 2021 operating results compared to Q3 2020:
CEO Vern Baker commented on the performance recovery from the first half of the year: "Issues created by the pandemic have moderated or have been mitigated as we demonstrated during the third quarter and expect to continue demonstrating in the fourth quarter. While the company continues utilizing our COVID-19 Action Plan, the operations have adapted to the restrictions, and absenteeism has reduced to manageable levels. As of the beginning of October 93% of the Jaguar workforce had been partially or fully vaccinated. With issues abating from the pandemic, we are very pleased that we were able to continue with our full commitment to Exploration. That commitment has now positioned our exploration and growth teams to work on projects that range from: 1) Project definition at Faina; 2) Inferred conversion to Measured and Indicated within the mines; 3) New resource delineation of new areas; 4) review for re-stating of resources within prior operating zones; and 5) Grass roots development of new targets. All of this work is focused on providing the resource base to fully utilize of our plant capacity.