PDAC - EXPLORATION BREAKFAST · PDAC - EXPLORATION BREAKFAST MARCH 5, 2018 ... Exploration Presentation –7:30 am. TSX:JAG ... Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3

PDAC - EXPLORATION BREAKFAST MARCH 5, 2018

TSX:JAG Registration & Breakfast – 7:00 amExploration Presentation – 7:30 am

TSX:JAG

This presentation contains “forward-looking information,” within the meaning of applicable Canadian securities legislation.

Forward-looking information contained in forward-looking statements relate to, among other things, the objectives, goals,

strategies, beliefs, intentions, plans, estimates and outlook of Jaguar Mining Inc. (“Jaguar” or the “Company”). Forward-looking

statements can generally be identified by the use of words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “goal,” “will,”

“may,” “target,” “potential” and other similar expressions. In addition, any statements that refer to expectations, projections or

other characterizations of future events or circumstances are forward-looking information. Forward-looking statements are based

on estimates and assumptions made by Jaguar in light of its experience and perception of historical trends, current conditions

and expected future developments, as well as other factors Jaguar believes are appropriate in the circumstances. These

estimates and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and

contingencies, many of which, with respect to future events, are subject to change. Although Jaguar believes that the

expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on such

statements. In making the forward-looking statements in this presentation, Jaguar has made several assumptions, including, but

not limited to assumptions concerning: production costs; statements with respect to the future price of gold, the estimation of

mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future

production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of

exploration activities, permitting time lines, currency exchange rate fluctuations, requirements of additional capital, government

regulation of mining operations, environmental risks, costs of closure of various operations and changes to the political stability

or government regulation in the country in which Jaguar operates. Actual results may differ materially from those expressed or

implied in the forward-looking statements contained in this presentation. Important factors that could cause actual results to differ

materially from these expectations are discussed in greater detail under the heading “Risk Factors” in Jaguar’s annual

information form for the year ended December 31, 2016, are available on www.sedar.com. When relying on forward-looking

statements to make decisions with respect to Jaguar, carefully consider these risk factors and other uncertainties and potential

events. Jaguar undertakes no obligation to update or revise any forward-looking statement, except as required by law. Although

Jaguar has carefully prepared and verified the Mineral Resource and Mineral Reserve figures presented herein, such figures are

estimates, which are, in part, based on forward-looking information and no assurance can be given that the indicated level of

gold will be produced. Estimated Mineral Reserves may have to be recalculated based on actual production experience. Market

price fluctuations of gold as well as increased production costs or reduced recovery rates and other factors may render the

present Proven and Probable Mineral Reserves unprofitable to develop at a particular site or sites for periods of time.

All Figures are in US dollars unless otherwise stated.

FORWARD LOOKING STATEMENTS

2

TSX:JAG

833,000 tonnes

ore milled

JAGUAR AT A GLANCE

PEDRA BRANCA PROJECTProject Status: Exploration

Metal: Gold

Land Holding: 93,000 acres

TURMALINA GOLD COMPLEXMining/Metal: UG/gold

Plant Capacity: 2,000 TPD

Prod’n FY 2017: 45,466 oz

COC FY 2017: $706/oz sold

CAETÉ GOLD COMPLEXMining/Metal: 2 UG/gold mines –

Pilar & Roça Grande


Prod’n FY 2017: 38.685 oz

Pilar Mine

Prod’n FY 2017: 34,017 oz

COC FY 2017: $939/oz sold

Roça Grande Mine

Prod’n FY 2017: 4,668 oz

COC FY 2017: $1,404/oz sold

PACIENCIA GOLD COMPLEXMining/Metal: UG/gold


Status: Care & Maintenance

Exploration & Production Activities – FY 2017

2nd Largest Gold Tenement Holder in Iron Quadrangle

3.47 grams gold/tonne

average head grade

91%

recovery rate

84,151 ounces

gold produced

Measured & Indicated Resources

7,868,000 tonnes


1,125,000 ounces gold

Proven & Probable Reserves

2,099,000 tonnes


313,000 ounces gold

Potential for Additional Value Accretion

✓ Deep exploration & development on-going in Iron Quadrangle

✓ Paciência care & maintenance under review

✓ Pedra Branca greenfield exploration potential

✓ Gurupi value monetization via earn-in and NSR

Operating units

On care & maintenance

Greenfield projects

IRON QUADRANGLE REGIONMost Active & Prolific Mining District

>50 million ounces gold produced

315 years continuous gold production

3

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ACHIEVING FIVE YEAR STRATEGIC PLAN – Annual Gold Production (ounce)

FY 2017

Gold Production

2018

Guidance

Exploration

Pipeline

Additional

Growth

45,466

34,017

84,151

4,668

Roça Grande

Gold Mine

Pilar Gold Mine

Turmalina

Gold Mine

90,000 – 105,000

150,000

10% Annual

Growth in

Mineral

Resources

200,000

Resuming

Production

Paciência

Gold Mine

FIVE YEAR

STRATEGIC PLAN

$500+ per ounce soldOperational Cash Margin

200,000 ouncesAnnual Gold Production

TSX:JAG

$1,086 $1,203

$1,011 $1,098

$1,323 $1,262

$1,168 $1,101

$742 $758 $645

$735

$924 $857 $809 $743

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

AISC COC

$1,387 $1,369 $1,079 $1,099

$1,201

$942 $980

$755 $719 $837

2013 2014 2015 2016 2017

AISC COC

PERFORMANCE & COSTS – US$/oz sold

Quarterly Consolidated COC & AISC in US$/oz sold

Annual Consolidated COC & AISC in US$/oz sold

5

Prod.

(oz)21,197 24,222 25,782 25,408 22,292 19,769 20,781 21,311

Avg.

Grade3.78 g/t 3.76 g/t 3.83 g/t 3.61 g/t 3.50 g/t 3.18 g/t 3.36 g/t 3.87g/t

Prod.

(oz)95,595 92,057 90,421 96,608 84,151

Avg.

Grade3.07 g/t 3.03 g/t 3.62 g/t 3.77 g/t 3.47g/t

16.8%

19.6%

12.8%

14.6%

Note: Q4/FY 2017 COC and AISC are preliminary figures. Final data will be released on or around March 29, 2018.

TSX:JAG

EXPLORATION PRESENTATION

6

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EXPLORATION - A new dawn at Jaguar Mining

Dawn at Pilar mine

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IMPLEMENTING STRATEGY TO GROW MINERAL RESOURCES AND RESERVES

Expanding

Core Asset

Resources

To Extend

Life of Mine

EXPLORATION GROWTH PIPELINE INITIATIVE

• Long-term strategic priority to grow Mineral Resources and Mineral Reserves 10%

annually to increase Life of Mine (LoM)

• Focus on increasing M&I Resources at the Company’s existing mines and brownfield

exploration targets

• Currently undertaking major growth capital investment of up to $8 million (announced

October 2016)

- Invested approximately $6 million spend to date

- 31,200 metres of diamond drilling for expanded growth programs to test deep down-

plunge continuities of orebodies at Turmalina (A and C) and Pilar (BA, BFII and BF)

- 8,500 metres of surface diamond drilling at Pacheca and Cubas targets located near

Pilar

• Plan to re-deploy operational cash flows towards activities that support Mineral

Resource and Mineral Reserve growth

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EXPLORATION – Jaguar Mining in Iron Quadrangle

Pilar MineR&P= 1.0 Moz (600 m depth)

RG MineR&P = 0.4 Moz (500 m depth)

Passagem MineContained Gold= 1.09 Moz

Córrego do Sítio MineContained Gold= 5.42 Moz

São Bento MineContained Gold= 1.77 Moz

Cuiba MineContained Gold= 5.62 Moz

Lamego MineContained Gold= 1.24 Moz

Morro Velho MineContained Gold= 10.71 Moz

Raposos MineContained Gold= 2,18 Moz

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EXPLORATION – The biggest gold mines in Iron Quadrangle

Dawn in Pilar mine

Jaguar Mining Sites and Neighboring Mines Continuity at Depth in the Iron Quadrangle (Figures from 2012)

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EXPLORATION – Jaguar Mining Inc - Mineral Rights

CCA Pilar 4,083.78 ha

CCA RG 11,115.71 ha

CPA 6,676.26 ha

PB 38,921.63 ha

MTL 4,996.17 ha

TOTAL 65,793.55 ha

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Jaguar Mine Locations – Iron Quad

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TURMALINA GOLD MINE – Orebody Locations

Longitudinal Section from Turmalina Hanging Wall

Turmalina Mineral Rights Location Map

*Refractory Ore Deposits

Shear Zone

13

JAGUAR MINERAL

RIGHTS

Main Shear Zone trend

hosting gold deposits

Pontal Deposit

Faina Deposit

Turmalina Mine

Turmalina Plant

Zona Basal

Target

Updated Resources (December 2016)

M+I ResourcesTonnes

(´000)

Grade

(g/t)

Oz Au

(´000)

Orebody A 1,163 6.28 235

Orebody B 496 3.51 56

Orebody C 1,078 3.72 129

Faina* 261 6.87 58

Pontal* 410 4.72 62

Total

Turmalina3,408 4.93 540

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TURMALINA GOLD MINE – UG Exploration 2017/2018 DDH program

2017/2018 DDH programProgrammed

A orebody – 24 DDH – 7712.95 meters

C orebody - 40 DDH – 9050 meters

Focused to check down plunge ore continuity.

A orebody C orebody

2018 DDH programRealized

A orebody – 24 DDH – 7658m (100% complete).

C orebody - 16 DDH – 3492m (40% complete – 2

drill rigs in progress).

Add resource 440m below the last development level

in A orebody and 300 meters in C oreboby.

New resources will be publish in 2018

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TURMALINA GOLD MINE – UG Exploration – DDH results

Longitudinal Projection of Mineralization Turmalina Gold Mine

Press release November 28,

2017

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press release November 28,

2017

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Refer to next slide


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DDH 2018 program

5560 meters programmed

40% conclude to date

Conclusion forecast: 2018/05

TURMALINA GOLD MINE – UG Exploration – C orebody

C orebody

450m

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MTL-Plant

Ground IP & mag Geophysics

Test continuity from A oreboy to Faina

(white rectangle)

Faina surface drilling zone

– check down dip continuity

and reclassify resources

TURMALINA GOLD MINE – Faina Target – high potential

Faina target

A orebody

C orebody

Pontal target

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PontalOrebody COrebody B Orebody A

CN Towerfor scale

Faina

SE NW

Faina Surfacedrilling zone

Surface diamond drilling to

test Ground IP & mag Geophysics

TURMALINA GOLD MINE – Faina Target

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TURMALINA GOLD MINE – Faina target - potential

9.7 m @ 10.2 g/t

Resource (approx 500k Oz)

(2016 MTL Resource Statement)

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PILAR MINE – UG Exploration – 2017 DDH program

2017/2018 DDH program

Pilar 6445 meters planned

Focused to check down plunge ore continuity. 2017/2018 DDH program

14 DDH with 6267.95 meters (100% completed)

Focused on exploring down plunge

mineralization continuity.

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PILAR MINE – UG Exploration – 2017 DDH program - results

press release November 28,

2017

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PILAR MINE – UG Exploration - 2017 DDH program - results

Visible gold – DDH PPL 443

press release Feb 26, 2018

TSX:JAG 27

Pilar mine geometry – Pilar mine are

polideformed terrain and is a high

complex re-fold geometry.

The dip axis fold change (45° to 65°)

and maintain South dip direction

Fold limbs are opening in depth.

PILAR MINE – UG Exploration – Mine geometry

Pilar mine geometry –

new model after

underground DDH

Exploration program

TSX:JAG 28

Consistent geochemestry soil anomaly is going

to northeast.

Same trend with Pacheca target – old

Portuguese excavation

New geochemistry soil sampling was

programmed for Q3 2018

Potential target

PILAR GOLD MINE – New Land Acquisition – Pacheca North

Pacheca target – Portuguese old diggns

TSX:JAG

The newly acquired Mineral Exploration License increases

the total registered RG Mine concession area by 1,000 ha

Regional geology

Roça Grande GOLD MINE – New Land Acquisition – Morro da Mina

TSX:JAG30

Fortaleza - CE

2.55 million peopleFortaleza - CE

2.55 million people

PEDRA BRANCA PROJECT (CE) - Location

Regional Geology

TSX:JAG 31

PEDRA BRANCA PROJECT (CE)

Regional geology Local Geology

DDH results

2018 program

- Aerial Topography survey

- Detail geological and strucutural

mapping

- Check trenches assay and

complemntary trench sampling

- RC drills program

TSX:JAG

MRMR JAGUAR UPDATE

WORK COMPLETED

• Updated Pilar Reserves and Resources to 31st December 2017 with added information from growth exploration drilling BA, BF and BFII Orebodies and Infill drilling completedduring the period.

• Interim update of Turmalina Resources based on growth exploration drilling on Orebody A.

• Cash Flow Model for Pilar 2018-2020 updated with new reserves data.

• Press – Release Draft for publication 1st March.

TSX:JAG33

MRMR JAGUAR 2017 - SUMMARY

• Pilar Reserves – 125,000 ounces in Proven and Probable inventoryrepresenting replacement of two years depletion plus modest additionswhich provide three years of reserves going forward at current mining rates.

• Pilar Resources – net additions (after depletion) of 270,000 ounces @ > 5g/t Au represents higher quality of ounces in resource going forward on BF and BFII.

• Turmalina Resources – net additions (after depletion) of 187,000 ounces @ > 5g/t Au representes high quality of ounces in Orebody A goingforward.

• Jaguar Resources – net additions of 457,000 ounces on back of successfulgrowth exploration.

• Growth drilling on Orebody C ongoing with Resources to be updated in Q3-2018

TSX:JAG34

Pilar Gold Mine - Mineral Reserves, December 31, 2017

Ore Body

Proven Reserves Probable Reserves Proven and Probable

Reserves

Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz

(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)

Ore Body BA 93 2.47 7 102 5.39 18 195 3.99 25

Ore Body BF 263 4.07 34 15 4.12 2 278 4.07 36

Ore Body BFII 285 3.98 37 157 4.23 21 442 4.07 58

Ore Body LFW 6 3.02 1 7 2.51 1 13 2.73 1

Ore Body LPA 19 3.49 2 19 3.49 2

Ore Body Torre 26 2.78 2 26 2.78 2

Total 666 3.78 81 307 4.45 44 974 3.99 125

Pilar - Proven and Probable Reserves 974000t @ 3.99 g/t Au – 125000 ounces Au

MRMR PILAR - P & P Reserves as at 31st December 2017

TSX:JAG35

Pilar - Measured and Indicated Resources 3.792Mt @ 4.37 g/t Au – 532,000 ounces AuInferred Resources Pilar2.367Mt @ 5.69 g/t Au – 433,000 ounces Au

Pilar Gold Mine - Mineral Resources, December 31, 2017

Ore Body

Measured Resources Indicated ResourcesTotal Measured

& Indicated ResourcesInferred Resources

Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz

(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)

Ore Body BA 457 4.53 67 187 5.28 32 644 4.75 98 57 4.50 8

Ore Body BF 635 4.72 96 74 4.73 11 709 4.72 108 1 360 6.71 293

Ore Body BFII 488 4.73 74 259 4.56 38 747 4.67 112 828 4.38 117

Ore Body Torre 231 4.93 37 233 4.41 33 464 4.67 70 62 4.15 8

Ore Body LFW

(200’s)208 3.18 21 34 3.19 3 242 3.18 25 - -

-

Ore Body LHW 74 2.89 7 7 2.85 1 81 2.89 8 - -

-

Ore Body LPA110 4.17 15 - - - 110 4.17 15 - -

-

Ore Body SW - - - 795 3.82 98 795 3.82 98 60 3.46 7

Ore Body LFW

(700’s)- - - - - - 0 0.00 0 - -

-

Total 2 203 4.47 317 1 589 4.22 216 3 792 4.37 532 2 367 5.69 433

MRMR PILAR - M+I+I Resources as at 31st December 2017

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LegendTopography

Development

OreBodies (boundary)

Inferred

Indicated

Resources

Measured

Longitudinal Projection of Resources - 2017 Longitudinal Projection of Resources - 2016

LegendTopography

Development


Inferred

Indicated

Resources

Measured

Pilar Gold Mine - Longitudinal Projection of Resources Evolution

Open continuity

MRMR PILAR Changes 2016 - 2017

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Pilar Gold Mine - Change in Mineral Reserves

Gold Ounces (000’s) Gold Grade (g/t)

As at December 31 2017 2016 Change (%) 2017 2016 Change (%)

Proven Reserves 81 2 3950% 3.78 2.47 53%

Probable Reserves 44 140 (69%) 4.45 4.62 (4%)

Total 125 142 (12%) 3.99 4.56 (13%)

Pilar Gold Mine - Change in Mineral Resources



Measured Resources 317 84 277% 4.47 4.14 8%

Indicated Resources 216 399 (46%) 4.22 4.62 (9%)

Total - M&I Resources 532 482 10% 4.37 4.53 (4%)

Inferred Resources 433 212 104% 5.69 5.45 4%

MRMR PILAR Changes 2016 - 2017

TSX:JAG38

Turmalina Gold Mine - Mineral Resources, December 31, 2017

Ore Body

Measured Resources Indicated ResourcesTotal Measured

& Indicated ResourcesInferred Resources

Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz Tonnes Grade Gold oz

(000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)

Ore Body A905 7.22 210 99 5.94 19 1 004 7.09 229 659 5 107

Ore Body B350 3.32 37 182 4.33 25 533 3.67 63 24 5 4

Ore Body C190 2.91 18 961 3.57 110 1 152 3.46 128 1 044 6 194

Total1 446 5.70 265 1 243 3.86 155 2 689 4.86 420 1 727 5.49 305

Measured and Indicated Resources Turmalina 2.689Mt @ 4.86 g/t Au – 420,000 ounces AuInferred Resources Pilar1.727Mt @ 5.49 g/t Au – 305,000 ounces Au

MRMR TURMALINA - M+I+I Resources as at 31st December 2017

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Turmalina Gold Mine - Longitudinal Projection of Resources Evolution

Longitudinal Projection of Resources - 2017 Longitudinal Projection of Resources - 2016

LegendTopography

Development


Inferred

Indicated

Resources

Measured

LegendTopography

Development


Inferred

Indicated

Resources

Measured

Open continuity

Drilling exploration2018

MRMR TURMALINA Changes 2016 - 2017

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Turmalina Gold Mine - Change in Mineral Resources



Measured Resources 265 246 8% 5.7 5.36 6%

Indicated Resources 155 174 (11%) 3.86 4.12 (6%)

Total - M&I Resources 420 420 0% 4.86 4.77 2%

Inferred Resources 305 118 158% 5.49 4.81 14%

MRMR TURMALINA Changes 2016 - 2017

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Cummulative Inception-to-date Production & Resources

• Total production since inception-to-date ~1.2Moz• Remaining resource base ~1.7Moz (~10+ years LOM)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

2013 2014 2015 2016 2017

Total Prod. M&I inf

Documents

PDAC - EXPLORATION BREAKFAST · PDAC - EXPLORATION BREAKFAST MARCH 5, 2018 ... Exploration Presentation –7:30 am. TSX:JAG ... Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3