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Jaguar Mining Reports Q1 2018 Financial Results; Increasing Cash Flow and on Track to Achieve Gold Production Guidance of 90,000-105,000 Ounces in 2018

Die Front eines alten Jaguars. pixabay.com

PR Newswire

TORONTO, May 10, 2018

TSX: JAG

TORONTO, May 10, 2018 /PRNewswire/ -- Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG) today announced financial results for the three months ended March 31, 2018 ("Q1 2018"). All figures are in US dollars, unless otherwise expressed. Detailed financial results for Q1 2018 are available on www.sedar.com.

Q1 2018 Financial Highlights

Revenue of $25.2 million with significantly lower cost of sales, increasing gross profit by over 300% to $ 4.9 million.
Consolidated cash operating costs ("COC") improved 13% to $800 per ounce of gold sold compared to Q1 2017.
Consolidated all in sustaining costs ("AISC") improved 3% to $1,289 per ounce of gold sold.
On track to achieve consolidated COC and AISC guidance in 2018.
Increased operating cash flow over 2.5 times to $5.0 million, including increased sustaining capital expenditures of $6.7 million, up 11% year-over-year, focused on primary development and drilling.
Adjusted earnings before interest, tax, depreciation and amortization ("EBITDA") of $5.6 million compared to $4.2 million for Q1 2017.

Cash balance of $14.3 million as of March 31, 2018, including $3.0 million financing repayments, reducing total bank debt to approximately $12.3 million at quarter end.

Rodney Lamond, President and Chief Executive Officer, Jaguar Mining commented, "Our continued focus on cost control, productivity and company-wide operational excellence programs has delivered strong operating cost performance in the first quarter, where we saw a significant increase in our operating cash flow. Lower consolidated cash operating costs improved 13% to $800 per ounce sold, AISC improved 3% to $1,289 per ounce sold, which puts us on track to achieve our 2018 cost guidance, especially when factoring significantly lower costs relative to suspended operations at our higher cost Roça Grande Mine.

"Our strategy over the last 24 months has been to deploy capital only towards high priority exploration projects and initiatives that will provide the best return and add to our large mineral resource base to grow our long-term sustainable gold production. We have seen the benefits of these investments. Pilar Gold Mine is continuing to grow its production base, and we expect to see increasing production at Turmalina Gold Mine by the second half of 2018."

"Moving forward, we continue to focus on mining quality ounces and delivering on our 2018 gold production and cost guidance, including higher production in the second half of this year. With lower unit costs and increasing production, at current gold prices, we are well positioned to see strong cash flow generation, which we will continue to prioritize towards investments in sustainable growth activities, development and reducing bank debt."

Q1 2018 FINANCIAL & OPERATING SUMMARY

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($ thousands, except where indicated)		For the three months ended March 31,
		2018		2017
Financial Data
Revenue		$	25,228	$	29,192
Operating costs		15,399		21,508
Depreciation		4,885		6,576
Gross profit		4,944		1,108
Net loss		(1,781)		(7,877)
	Per share ("EPS")	(0.01)		(0.03)
EBITDA¹		4,154		743
	Adjusted EBITDA^1,2	5,573		4,211
	Adjusted EBITDA per share¹	0.02		0.01
Cash operating costs (per ounce sold)¹		800		924
All-in sustaining costs (per ounce sold)¹		1,289		1,323
Average realized gold price (per ounce)¹		1,311		1,215
Cash generated from operating activities		4,979		1,855
Free cash flow¹		(1,688)		(4,177)
Free cash flow (per ounce sold)¹		(88)		(174)
Sustaining capital expenditures¹		6,667		6,032
Non-sustaining capital expenditures¹		493		873
Total capital expenditures		7,160		6,905
¹ Average realized gold price, sustaining and non-sustaining capital expenditures, cash operating costs and all-in sustaining costs, adjusted operating cash flow, free cash flow, EBITDA and adjusted EBITDA, and adjusted EBITDA per share are non-IFRS financial performance measures with no standard definition under IFRS. Refer to the Non-IFRS Financial Performance Measures section of the MD&A.

² Adjusted EBITDA excludes non-cash items such as impairment and write downs. For more details, refer to the Non-IFRS Performance Measures section of the MD&A.
		For the three months ended March 31,
		2018		2017
Operating Data
Gold produced (ounces)		18,865		22,292
Gold sold (ounces)		19,237		24,034
Primary development (metres)		1,069		910
Secondary development (metres)		447		1,382
Definition, infill, and exploration drilling (metres)		9,439		11,864

Cash Position, Working Capital and Foreign Exchange

As at March 31, 2018, the Company had a cash position of $14.3 million, compared to $18.6 million as at December 31, 2017, primarily due to the decrease of 20%, or 4,797 ounces of gold sales.
Cash outflow during the first quarter includes $3.0 million for financing repayments, reducing total bank debt to approximately $12.3 million at the end of Q1 2018.
Working capital was $11.0 million as at March 31, 2018, compared to $14.1 million as at December 31, 2017, which includes short term receivable of $4.5 million from the Accelerated Earn-in Agreement signed for the Gurupi Project on September 17, 2017. Working capital also includes $4.4 million in short term loans from Brazilian banks, which are renewed every six months, and are expected to be rolled forward.

First Quarter 2018 – Operating Results Summary

Consolidated gold production of 18,865 ounces (174,000 tonnes milled at 3.76 g/t) reflecting the expected slower start to the year; Q1 2018 production was lower than the 22,292 ounces (214,000 tonnes milled at 3.50 g/t) in Q1 2017.
Pilar Gold Mine ("Pilar") production increased 13% to 9,553 ounces compared to Q1 2017, and 17% compared to Q4 2017 on average grade of 4.13 g/t, which increased 22% year-over-year. Pilar continues to deliver improved grade and tonnes milled. Pilar's lower cost per ounce production replaces the higher cost Roça Grande Mine ("RG") production, also improving operating cash flow.
Turmalina Gold Mine ("Turmalina") production of 8,442 ounces was 34% lower year-over-year due to a focus on increasing primary waste development to facilitate increased ore production for the balance of 2018. This resulted in lower secondary ore development and lower tonnes milled for the quarter that reduced ore production, which was in line with the Company's projected annual mine plan. Production levels are expected to increase in Q2 2018 and significantly increase in the second half of 2018 as accelerated primary waste development advances.
Turmalina primary waste development increased 77% during the quarter to 648 metres compared to 366 metres in Q1 2017 and 363 metres in Q4 2017.The focus in Q1 2018 going forward is to advance accelerated development at Turmalina. This will enable the team to access higher-grade mineralization in Level 11 at Orebody A and Level 4 at Orebody C. A new total of four production sublevels are expected to contribute to production in Q2 2018.
Strengthened operations and project management teams to drive increased productivity and overall performance. Placed orders for new mining equipment to increase capacity and productivity at Turmalina and Pilar.

First Quarter 2018 – Projects Update

Operational excellence programs continue to be adopted Company wide. A key focus has been to improve data collection processes to deliver real time data that facilitates timely analysis and decision making.
Turmalina management changes have been completed and the focus is on operational efficiency, productivity and cost reduction on projects, including improving preventative maintenance and equipment availability.
At Pilar and Turmalina, operational excellence teams are focused on increasing haulage tonnes moved in the mine and development metres utilizing equipment within the same shift to improve recovery and increase productivity.
Restructured projects group to streamline the management of Growth and Capital Projects. Turmalina paste fill plant completed final commissioning tests and is expected to be operational in Q2 2018.

First Quarter 2018 – Exploration Highlights

Growth exploration at Turmalina has focused on depth extension drilling of Orebody C below Level 4. Drilling completed to date includes approximately 4,826 metres (20 drill holes) representing approximately 53% completion of the 9,050 metres planned growth program.
Additional exploration activities are focused on advancing key near mine targets including the Zona Basal Target at Turmalina, the Torre, Pacheca North and Pilarzinho Targets contiguous to the Pilar mining operation and at Pedra Branca in Ceará State.
Subsequent to the temporary halt of mining activities at the RG Mine, exploration potential is being reviewed, aimed at prioritizing future activities targeting extensions to the known RG orebodies and the Company's highly prospective greater tenement package supported by the CCA Plant.

Year-End 2017 Pilar Gold Mine Mineral Reserves and Mineral Resources Highlights

Total Measured Resources increased 277% to 317,000 ounces of gold, net of depletion, grading 4.47 g/t. Total Measured and Indicated ("M&I") Resources increased 10% to 532,000 ounces of gold, grading 4.37 g/t.
Inferred Resources increased 104% to 433,000 ounces grading 5.69 g/t, reflecting successful growth exploration drilling campaign in 2017 targeting high-grade deeper extensions to the principle banded iron formation Orebodies (BA, BF, and BFII) below current mine production levels.
Total Proven and Probable ("2P") Mineral Reserves of 125,000 ounces of gold, grading 3.99 g/t reflecting two-year replacement of mineral reserve depletion through production and addition of new mineral reserves, confirming over three years of future production at current production levels.

Interim Year-End 2017 Turmalina Gold Mine Mineral Resources Highlights

M&I Resources of 420,000 ounces of gold reflect full replacement of 45,000 ounces of 2017 mining depletion for Orebodies A, B, and C. Measured Resources increased 8% to 265,000 ounces with a 6% increase in grade to 5.7 g/t.
Inferred Resources increased 158% to 305,000 ounces of gold with a 14% increase in grade to 5.49 g/t, reflecting successful growth exploration drilling campaign in 2017 targeting high-grade deeper extensions to the principle orebodies A and C below current mine production levels.

2018 Guidance

Pilar production guidance of 39,200–47,000 ounces reflects the Company's reforecast for increased mineral resources reported in March 2018 (see press release dated March 2, 2018). The Pilar production is expected to offset the temporary halted production ounces from Roça Grande.
Roça Grande performance reflects production from January 1–March 21, 2018. Roça Grande temporarily on care and maintenance.
Turmalina positioned and expected to deliver significantly higher production in second half of 2018.

2018 Production & Guidance cost

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