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Jaguar Mining increases gold production by 9% in Q1, says 2023 guidance unchanged

Kitco Media
By Vladimir Basov
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(Kitco News) - Jaguar Mining (TSX: JAG) announced on Tuesday that in Q1 2023, its consolidated gold production increased 9% y-o-y to 18,155 ounces compared to 16,663 ounces in Q1 2022.

In a press release, the company said that Pilar gold production increased 9% to 9,897 ounces compared to 9,082 ounces in Q1 2022, adding that Turmalina gold production increased 9% to 8,258 ounces compared to 7,581 ounces in Q1 2022.

Total development drilling for the quarter was 2,880 metres, an increase of 10% compared to 2,621 metres in the same period of 2022.

Total definition, infill and exploration drilling for the quarter was 9,655 metres, a decrease of 63% compared to 26,305 metres in the same period of 2022, when additional drilling was completed to expand mineral resources.

The company noted it ended the quarter with cash of $25.8 million, a slight increase from its year-end cash position of $25.2 million.

Importantly, Jaguar pointed out that its guidance for the year is unchanged with gold production expected to be between 84,000 to 88,000 ounces at an all-in sustaining cost (AISC) range of $1,275 to $1,375 per ounce.

President and CEO Vern Baker commented, "We are pleased to report that first quarter production improved year over year, however results were once again negatively impacted by a heavy rainy season which created unstable road conditions between the Pilar mine and the Caeté plant.

"Development efforts continue to be focused on our Faina project. An upgrade of a significant portion of the resources to indicated from inferred is underpinning our ongoing work on the Faina project. We expect to access the Faina resource zone by year end and see development within the resource next year."

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 upside exploration potential from mineral claims.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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