What Jaguar Mining does

Jaguar Mining Inc. is a Canadian-listed mid-tier gold producer, developer, and explorer headquartered in Toronto, Canada, with primary operations in Brazil's Iron Quadrangle — a premier greenstone belt in Minas Gerais. Founded in 2002 and listed on the TSX (JAG) and OTCQX (JAGGF), the company has been in continuous production for over two decades and operates three underground gold mining complexes: the MTL Complex (Turmalina Mine), Caeté Complex (including the Pilar Gold Mine), and Paciência Complex, producing gold doré bars and selling production into the market at prevailing gold prices. The company also holds four tailings storage facilities (Moita, Turmalina, Paciência, and Satinoco dams) and is developing the Onças de Pitangui project acquired from IAMGOLD in September 2023.

The company's revenue model is direct commodity sales — gold production multiplied by market gold prices. FY2025 revenue was $135.2 million, a 15% decline from 2024 driven by a 38% drop in gold output following the December 2024 material slump at the Satinoco dry-stack facility, which suspended Turmalina operations. Underlying production capability is supported by proven geological reserves, with Pilar Mine's P&P reserves having grown 49% to 286,000 oz through the BA Zone 1.5km down-plunge mineralization extension. The Pilar Mine delivered 40,012 oz in 2025 at approximately 89% metallurgical recovery, with high-grade intercepts including 5.30m @ 8.52 g/t Au and 10.00m @ 5.82 g/t Au.

Operationally the company is in a restart-and-expand phase: ANM approval was secured January 7, 2026 for MTL Complex restart, NEA approval followed for Turmalina Mine, and limited Turmalina operations resumed March 9, 2026 contributing 854 oz to Q1 2026 output. Jaguar is committing US$43 million over five years under an accelerated exploration plan via Tier 1 contractors Major Drilling Group International and GEOSOL Geologia e Sondagens S.A. covering 227,200 meters of drilling at the Chamé and Bahía Corridor targets. The company's go-to-market model is investor-relations-led — engagement through industry conferences (e.g., Red Cloud Pre-PDAC), press releases, and direct shareholder communication — with shares trading on TSX and OTCQX rather than through commercial customer channels. Headcount is in the 1,001-5,000 range, and customer concentration is effectively de-risked via commodity market sales rather than enterprise contracts. Planned 2026 certifications include ISO 45001, ISO 14001, and International Cyanide Code compliance.

Name

Jaguar Mining

Legal name

Jaguar Mining Inc.

Website

https://jaguarmining.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Jaguar Mining Inc. is a Canadian-listed mid-tier gold producer and explorer operating three underground mining complexes in Brazil's Iron Quadrangle (Minas Gerais), with developed reserves at Pilar Mine and the development-stage Onças de Pitangui project.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

Keywords

• Gold mining operations
• Underground mineral extraction
• Gold exploration services
• Precious metals production
• Mining development

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Others

Revenue model

1. Gold Production and Sales: Jaguar Mining generates revenue primarily through the production and sale of gold extracted from its three underground mining complexes in Brazil's Iron Quadrangle. The company sells gold production into the market, with revenue directly tied to gold prices and production volumes. Q1 2026 showed 63% revenue increase with net income of $4.7M.
2. Exploration Services: Through its 5-Year Exploration Plan, Jaguar conducts extensive drilling programs at its properties including the Chamé and Bahú Corridor targets, with contracted services from Major Drilling Group International and GEOSOL Geologia e Sondagens S.A. covering 227,200 meters over 5 years at an estimated $43 million expenditure.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Jaguar Mining is a Canadian-listed mid-tier gold producer, developer, and explorer that owns and operates three underground gold mining complexes in Brazil's Iron Quadrangle region of Minas Gerais. The company extracts gold ore from the MTL Complex (Turmalina Mine), Caeté Complex (including the Pilar Mine), and Paciência Complex, processes it into gold doré bars, and sells production into the market. It also conducts exploration and development activities, including the Onças de Pitangui project acquired from IAMGOLD.

Product overview

Jaguar Mining is a Canadian-listed mid-tier gold producer, developer, and explorer operating in Brazil's prolific Iron Quadrangle region. The company operates a portfolio of three underground gold mining complexes (MTL Complex/Turmalina Mine, Caeté Complex/Pilar Mine, and Paciência Complex) producing gold doré bars. The company also holds a development-stage project (Onças de Pitangui) and manages four tailings storage facilities. With operations dating back to 2002, Jaguar combines established gold production with exploration programs targeting resource expansion.

Differentiator

Problem solved

Functional benefit

Products and services

• MTL Complex (Turmalina Mine) Underground gold mining complex in Minas Gerais, Brazil, including the Turmalina Mine and associated processing plant. Resumed limited operations on March 9, 2026 following regulatory restart approvals.
• Caeté Complex Underground gold mining complex operated by Jaguar Mining in Brazil's Iron Quadrangle region, including the Pilar Gold Mine featuring the BA Zone and BFs orebodies. Produced 40,012 oz of gold in 2025 with metallurgical recoveries of approximately 89%.
• Paciência Complex Underground gold mining complex in the Iron Quadrangle region of Minas Gerais, Brazil.
• Onças de Pitangui Project Gold exploration and development project acquired from IAMGOLD in September 2023, located approximately 110 kilometres northwest of Belo Horizonte. Comprises mineral exploration licenses covering the Archean-aged Pitangui greenstone belt with two main mineralized horizons (Biquinho and Pimentao).

Quantifiable outcome

• 49% increase in Pilar Mine mineral reserves to 286,000 oz
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Major Drilling Group International Inc.coreStrategic or Co-development Partner · 10 June 2026Tier 1 drilling contractor engaged for Jaguar Mining's accelerated 5-Year Exploration Plan, conducting drilling at the Chamé and Bahú Corridor in the Iron Quadrangle, Minas Gerais, Brazil. The expanded drilling program covers 227,200 meters over five years with an estimated expenditure of US$43 million, consolidating Jaguar's position as a preeminent gold producer in the region.
• GEOSOL Geologia e Sondagens S.A.coreStrategic or Co-development Partner · 10 June 2026Brazilian-based Tier 1 drilling contractor engaged for Jaguar Mining's accelerated 5-Year Exploration Plan, conducting drilling at the Chamé and Bahú Corridor in the Iron Quadrangle, Minas Gerais, Brazil. GEOSOL provides local drilling expertise and capacity for the 227,200 meter exploration program over five years valued at US$43 million.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Kinross Gold Corporation: Global senior gold producer with a diversified multi-asset portfolio including significant underground operations; while not a Brazilian specialist, Kinross is widely benchmarked by Jaguar's institutional investor base as a broad gold-sector incumbent.
• Agnico Eagle Mines Limited: Senior Canadian gold producer with Brazilian operations acquired through the Yamana Gold transaction; comparable jurisdiction, but materially larger and more diversified than Jaguar, serving as a broad incumbent benchmark.

Direct peers

• IAMGOLD Corporation: Toronto-listed gold producer with established Brazilian operating footprint; sold the Onças de Pitangui project to Jaguar in 2023, making it a directly comparable mid-tier gold peer with overlapping geography and customer/investor base.
• Equinox Gold: Canadian-listed mid-tier gold producer with material Brazilian operations (e.g., Aurizona) operating several underground and open-pit gold mines—directly comparable to Jaguar's mid-tier, multi-asset Brazilian gold production profile.
• New Gold Inc. Canadian-listed mid-tier gold producer with two operating assets; comparable in scale, gold-only focus, and exposure to operational restart/ramp dynamics.
• Endeavour Mining plc: Mid-tier gold producer operating multiple underground mines across West Africa; comparable mid-tier multi-asset gold operating model and reserve-growth strategy, though regional peer rather than geographic.
• Lundin Gold Inc. Mid-tier, single-asset-class gold producer with substantial underground operations; comparable in size, growth-from-restart trajectory, and Canadian listing, though geographically focused in Ecuador.
• Eldorado Gold Corporation: Canadian-listed mid-tier gold producer with a meaningful Brazilian asset (Tocantinzinho) and other underground operations; similar production scale, jurisdictional mix, and reserve-growth profile as Jaguar.
• B2Gold Corp. Canadian-listed mid-tier gold producer with multiple producing mines across multiple jurisdictions; comparable in scale, multi-asset strategy, and TSX-listed investor base to Jaguar Mining.

Others

• Osisko Gold Royalties Ltd: Canadian precious-metals royalty and streaming company whose business model mirrors the royalty relationship Summit Royalties holds on Jaguar's Pitangui project; useful comparably for valuation framing of Jaguar's royalty-bearing development optionality.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@JaguarMininginc
• Facebookfacebook.com/jaguarmining
• LinkedInlinkedin.com/company/jaguarmining
• Instagraminstagram.com/jaguarmining
• Xx.com/jaguarmininginc

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds11 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Jaguar Mining