Surging Gold Output Propels Jaguar Mining to Record Third-Quarter Earnings
Toronto, Friday, 13 November 2026.
Driven by a 30% jump in production and gold prices hitting $4,262 per ounce, Jaguar Mining lifted third-quarter revenue by 79% to $60.8 million.
Quarterly Revenue and Profit Surge
Canadian mid-tier gold producer Jaguar Mining Inc. (TSX: JAG) delivered a blockbuster third quarter on Wednesday, 12 November 2026, posting consolidated revenue of $60.8 million for the three months ended 30 September 2026, a (60.8 – 34.0)/34.0*100% year-over-year jump compared with $34.0 million in Q3 2025 [1]. Adjusted net income soared 67% to $13.0 million ($0.15 per share), while adjusted EBITDA climbed 46% to $23.8 million ($0.28 per share), underscoring the company’s ability to convert higher volumes into stronger margins even as sustaining capital rose 20% to 2,099 metres of development [1].
Operational Momentum in Minas Gerais
Gold output for the quarter reached 12,981 ounces, a 30% increase year-over-year driven by ramp-ups at the Pilar and Turmalina mines, which contributed 8,549 ounces and 4,432 ounces respectively [1]. Year-to-date production through September totalled 35,668 ounces, up 15% from 30,898 ounces in the first nine months of 2025 [1]. Ore processed jumped 69% to 159,399 tonnes at an average head grade of 3.16 g/t Au, reflecting deliberate investment in primary and secondary development across the Iron Quadrangle complex [1]. CEO Luis Albano Tondo noted that ‘Turmalina’s ramp-up production alongside Pilar lifted gold production by 30% and gold sales by 46% year-over-year,’ while also highlighting the 23% rise in the average realized gold price to $4,262 per ounce [1].
Cost Pressures and Cash-Flow Dynamics
Higher fixed costs and stepped-up sustaining capital—including a $9.1 million outflow to settle Satinoco obligations—pushed free cash flow to a negative $14.6 million for the quarter, versus positive $8.2 million in Q3 2025 [1]. Cash operating costs rose to $2,120 per ounce, while all-in sustaining costs reached $3,164 per ounce as the production base continues to absorb fixed overheads [1]. Despite the cash-flow headwind, Jaguar entered the final quarter with $47.8 million in cash and cash equivalents, providing liquidity to advance permitting for the Paciência Complex and drilling programs at Santa Isabel and Marzagão [1].
Regulatory Setback and Forward Guidance
On 30 October 2026, Jaguar disclosed that the Minas Gerais state environmental regulator denied the concurrent Preliminary Licence and Installation Licence for the Onças de Pitangui Project due to insufficient technical data, a setback that delays the company’s planned expansion [1]. Nevertheless, management reaffirmed its 2026 production guidance of 50,000–60,000 ounces, although it now anticipates leaning toward the lower end of that range [1]. Looking ahead, Jaguar is preparing a feasibility study for the Paciência Complex and a separate study for the Onças de Pitangui project, with results expected by mid-2027; in the meantime, the company continues to evaluate next steps on licensing and land-conversion drilling [1].