Jaguar Mining Announces 2024 Financial Results Amid Operational Challenges

Jaguar Mining Inc., a Canadian gold producer, reported its financial outcomes for 2024. The company faced disruptions due to a December 7 incident at its Turmalina mine within the MTL complex. This caused a temporary halt in operations, affecting both quarterly and annual production and sales figures. Despite these challenges, the company realized higher revenues of $158.6 million for the year, a 16% increase from 2023, attributed to favorable gold prices.

For Q4, Jaguar produced 14,786 ounces of gold and sold 16,043 ounces at a realized price of $2,641 per ounce. Full-year production totaled 64,704 ounces, with sales of 66,483 ounces. Operating costs were reduced, partly due to favorable exchange rates and cost-cutting efforts. The company's adjusted net income for the year was $30.6 million, excluding expenses related to the incident and legal provisions.

CEO Vern Baker emphasized the company's strategic focus on operational recovery and growth, noting a strong cash position of $46.4 million, necessary to manage predicted challenges in 2025. Discussions about resuming Turmalina operations and negotiating fines with local authorities are underway.