# Jaguar Mining Reports Updated Significant 49% Increase in Mineral Reserves at Pilar Mine, Reinforcing Long Term Growth Strategy

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--ff7ed489-9440-458c-ae06-195314f51a0e

Original source: https://money.tmx.com/en/quote/JAG/news/5415611026591248/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil

Publisher: tmx

Original announcement: 2026-04-01T01:10:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Jaguar Mining Inc.

- Ticker: JAG

- Exchange: TSX

- Region: Minas Gerais, Brazil

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Resource update

- Extracted: 2026-08-21 18:51:05 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Jaguar Mining has reported a significant 49% increase in Mineral Reserves at its Pilar Mine, totaling 286,000oz of gold. This growth was driven by successful infill and step-out drilling programs and geological model reinterpretation completed during 2025.

Reasoning: The announcement reports a substantial 49% increase in Pilar Mine mineral reserves, driven by successful infill and step-out drilling and geological reinterpretation.

- Positive factor: Significant reserve growth \(49%\)

- Positive factor: Successful conversion of resources to reserves

- Positive factor: Expansion of mineralized footprint via step-out drilling

- Positive factor: Strong M&I resource growth

Facts used in scoring: 8

## Classification and evidence

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: Pilar Mineral Reserves increased by 94,000oz \(49%\) compared to previously reported 192,000oz.

Evidence · text

> representing a net increase of 94,000oz in Proven & Probable Mineral Reserves , compared to the previously reported 192,000oz

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: Drilling program successfully converted Mineral Resources into Mineral Reserves.

Evidence · text

> Drilling program successfully converted Mineral Resources into Mineral Reserves

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: Multiple Qualified Persons from SLR Consulting Canada Ltd are named as having reviewed and validated the estimates.

Evidence · text

> Mineral Reserves were estimated by Jaguar staff, reviewed and validated by SLR's Qualified Persons.

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: Cut-off grades for various deposits \(Turmalina, Pilar, Faina, Onças de Pitangui\) are explicitly stated in the notes.

Evidence · text

> Mineral Reserves are estimated using a cut-off grade of 2.59 g/t Au for orebodies A, B, and C at Turmalina deposit and 2.45 g/t Au for Pilar deposit.

## Extracted facts

Stored fact records: 8. Some facts used in scoring do not have a stored record.

## Resource Estimates (8)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--ff7ed489-9440-458c-ae06-195314f51a0e#fact-resource-facts-0)

gold

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: gold
- Ticker: JAG

#### Resource Data

- Category: indicated
- Tonnes: 2494000
- Grade: 3.57
- Grade Unit: g/t
- Contained Metal: 286000
- Contained Unit: oz

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: Pilar Mine Proven & Probable reserves increased from 192koz to 286koz.

- Positive factor: Significant tonnage and metal increase

Evidence · text

> Updated Pilar Proven & Probable Mineral Reserves total 286,000oz \(2,494 kt @ 3.57 g/t Au\)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--ff7ed489-9440-458c-ae06-195314f51a0e#fact-resource-facts-1)

gold

#### Identity

- Commodity: gold
- Ticker: JAG

#### Resource Data

- Category: indicated
- Tonnes: 514000
- Grade: 3.98
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: BA Orebody contribution to Pilar reserves.

- Positive factor: High grade relative to mine average

Evidence · text

> BA Orebody: 66 koz \(514 kt @ 3.98 g/t Au\)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--ff7ed489-9440-458c-ae06-195314f51a0e#fact-resource-facts-2)

gold

#### Identity

- Commodity: gold
- Ticker: JAG

#### Resource Data

- Category: indicated
- Tonnes: 1211000
- Grade: 3.62
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: BFs Orebodies contribution to Pilar reserves.

- Positive factor: Major contributor to reserves

Evidence · text

> BFs Orebodies : 141 koz \(1,211 kt @ 3.62 g/t Au\)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--ff7ed489-9440-458c-ae06-195314f51a0e#fact-resource-facts-3)

gold

#### Identity

- Commodity: gold
- Ticker: JAG

#### Resource Data

- Category: indicated
- Tonnes: 312000
- Grade: 3.27
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: SW Orebody contribution to Pilar reserves.

Evidence · text

> SW Orebody : 33 koz \(312 kt @ 3.27 g/t Au\)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--ff7ed489-9440-458c-ae06-195314f51a0e#fact-resource-facts-4)

gold

#### Identity

- Commodity: gold
- Ticker: JAG

#### Resource Data

- Category: indicated
- Tonnes: 173000
- Grade: 3.24
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: Torre Orebody contribution to Pilar reserves.

Evidence · text

> Torre Orebody : 18 koz \(173 kt @ 3.24 g/t Au\)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--ff7ed489-9440-458c-ae06-195314f51a0e#fact-resource-facts-5)

gold

#### Identity

- Commodity: gold
- Ticker: JAG

#### Resource Data

- Category: indicated
- Tonnes: 285000
- Grade: 3.14
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: Other orebodies contribution to Pilar reserves.

Evidence · text

> Other Orebodies : 29 koz \(285 kt @ 3.14 g/t Au\)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--ff7ed489-9440-458c-ae06-195314f51a0e#fact-resource-facts-6)

gold

#### Identity

- Commodity: gold
- Ticker: JAG

#### Resource Data

- Category: indicated
- Tonnes: 1225000
- Grade: 3.26
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: Turmalina Mine Proven & Probable reserves.

Evidence · text

> The Proven & Probable Mineral Reserves for Orebodies A, B, & C currently total 128 koz \(1,225 kt @ 3.26 g/t Au\), unchanged from the previous disclosure.

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/jaguar-mining-reports-updated-significant-49-increase-in-mineral-reserves-at-pil--ff7ed489-9440-458c-ae06-195314f51a0e#fact-resource-facts-7)

gold

#### Identity

- Commodity: gold
- Ticker: JAG

#### Resource Data

- Category: indicated
- Tonnes: 2122000
- Grade: 4.16
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: Onças de Pitangui project Probable reserves.

Evidence · text

> Onças de Pitangui project contains Probable Mineral Reserves totalling 284 koz \(2,122 kt @ 4.16 g/t Au\), unchanged from the previous disclosure.

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.