Jaguar Mining (JAG) Q3 2025 earnings summary

Executive summary

• Third quarter 2025 results driven by strong gold prices and steady Pilar mine performance, with Turmalina mine remaining suspended following a tailings facility incident in late 2024.

• Net income rose to $13.0 million ($0.16/share), up from $2.3 million ($0.03/share) year-over-year, mainly due to an $8.0 million unrealized gain on a short-term investment and reversal of provisions.

• Adjusted net income was $7.8 million ($0.10/share), excluding non-recurring items related to the Turmalina incident and other adjustments.

• Free cash flow increased to $8.2 million, or $835 per ounce sold, compared to $4.8 million and $306 per ounce sold in Q3 2024.

Financial highlights

• Revenue for Q3 2025 was $34.0 million, down from $38.9 million year-over-year due to lower ounces sold, partially offset by higher gold prices.

• Gold production totaled 10,002 ounces (all from Pilar), compared to 16,912 ounces from both Pilar and Turmalina in Q3 2024.

• Realized gold price surged 40% to $3,465/oz from $2,474/oz year-over-year.

• Cash operating costs rose 25% to $1,374/oz and AISC increased 13% to $2,063/oz, reflecting lower sales volume and one-time investments.

• EBITDA was $18.2 million, up from $12.3 million in Q3 2024; adjusted EBITDA was $15.5 million, down from $19.9 million.

Outlook and guidance

• Turmalina mine rehabilitation is progressing, with operations expected to resume in Q1 2026.

• Management remains focused on disciplined cost control and maximizing value across the Brazilian portfolio.