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Jaguar Mining posts $9.5 million in quarterly net income, revises gold production up in Q2

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(Kitco News) - On Monday, Jaguar Mining (TSX: JAG) announced a revised consolidated gold production of 22,028 ounces in Q2 2022 (previous estimate - 21,036 ounces), up 9% compared to Q2 2021 (20,212 ounces).

According to a press-release, additional 993 ounces were found within the Turmalina electrowinning tank walls during a Q2 metallurgical reconciliation.

The company also reported that its revenue for Q2 2022 increased 4% to $37.9 million, compared with $36.3 million in Q2 2021, mainly due to an increase in the average realized gold price of $1,852/oz in Q2 2022 as compared to $1,795/oz for Q2 2021.

Operating costs totaled $21.1 million in Q2 2022 compared to $17.4 million in Q2 2021. The 21% increase in operating costs was mainly due to inflation in the past twelve months, Jaguar said.

Net income was $9.5 million in Q2 2022 compared to $3 million in Q2 2021 resulting in an increase of $6.5 million, mainly due to the foreign exchange impact on translation of monetary assets and liabilities, higher revenue, and a reduction in income taxes, partially offset by an increase in operating costs.

The company also announced that its Board of Directors has declared a cash dividend of C$0.04 per common share of the company, to be paid on August 31, 2022, to shareholders of record as of the close of business on August 23, 2022.

The company added it is expecting to produce 45,000 ounces, with all-in sustaining costs of $1,325 per ounce, ± 5% variance in the second half of the year.

"The Jaguar team worked hard to bring Q2 2022 back on track with our goals and objectives after a challenging period in Q1 of this year," said President and CEO Vern Baker. "All of us at Jaguar are committed to effectively execute the second half of 2022 where we expect to keep costs down, produce at sustainable rates, invest in great exploration, develop reserves, continue projects that grow our company, and evaluate M&A opportunities."

Jaguar Mining is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes and a large land package with significant upside exploration potential from mineral claims.

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