JAGUAR MINING PROVIDES MULTI-YEAR GROWTH PLAN

JAG.TO

Toronto - Jaguar Mining Inc. ('Jaguar' or the 'Company') (TSX: JAG, OTCQX: JAGGF) announces that the Jaguar Board has approved the implementation of a 5-year plan to organically grow the Company.

The 2022 work commitments have been set to build a base of mineral resources and projects that can provide growth during the 5-year plan and set up continued growth in the following 5 years.

The Company's 2022 budget will provide the basis for Jaguar's multi year organic growth plan. The Board has approved $27 million in direct expenditures for growth projects and exploration. This is an increase of 85% from 2021 direct expenditures. The plan is based on utilizing cash flow from our operations to fund an increase in mineral resources and to progress growth projects. Generative exploration on the current tenements is in progress, and Jaguar has initiated growth projects targeted at improving capital and operating efficiency. Current expectations, based on present day assumptions, in particular for gold prices and permitting timelines, see us adding on a probability weighted basis approximately 45,000 ounces of annual production from the growth areas described below over the next 5 years. Jaguar is early in the process of growth and is building the teams for engineering, permitting and project management. The Company expects those teams to have growing roles as the current tenements have excellent exploration potential to substantially increase resources beyond current projects in the next 5 years and add to production in the future. The Company is committed to developing the potential of all the properties and infrastructure that make up Jaguar's Iron Quadrangle position. Jaguar will continue to consider any value adding M&A opportunities.

Vern Baker, President and CEO of Jaguar Mining stated: 'Our team in Brazil is extremely excited about the underlying growth potential in the Iron Quadrangle. Our Board has approved an increase of 85% in direct exploration and capital growth expenditures to allow our team the opportunity to demonstrate that potential. We believe our underlying mineral resource and mineral reserves will grow in 2022, and we will add 1 or 2 new mining areas to our portfolio. We are also highly confident the exploration team will be expanding the number and quality of exploration targets across our mineral tenement portfolio.'

About Jaguar Mining Inc.

Jaguar Mining Inc. 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. The Company's principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the Turmalina Gold Mine Complex and Caete Mining Complex (Pilar and Roca Grande Mines, and Caete Plant). The Company also owns the Paciencia Gold Mine Complex, which has been on care and maintenance since 2012. The Roca Grande Mine has been on temporary care and maintenance since April 2019.

Contact:

Vernon Baker

Tel: 416-847-1854

Email: [email protected]

Forward-Looking Statements

Certain statements in this news release constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking information made in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as 'are expected,' 'is forecast,' 'is targeted,' 'approximately,' 'plans,' 'anticipates,' 'projects,' 'anticipates,' 'continue,' 'estimate,' 'believe' or variations of such words and phrases or statements that certain actions, events or results 'may,' 'could,' 'would,' 'might,' or 'will' be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to be or include forward-looking information. This news release contains forward-looking information regarding, among other things, expected sales, production statistics, ore grades, tonnes milled, recovery rates, cash operating costs, definition/delineation drilling, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, currency fluctuations, capital requirements, project studies, mine life extensions, restarting suspended or disrupted operations, continuous improvement initiatives, and resolution of pending litigation. The Company has made numerous assumptions with respect to forward-looking information contained herein, including, among other things, assumptions about the estimated timeline for the development of its mineral properties; the supply and demand for, and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any potential power rationing, tailings facility regulation, exploration and mine operating licenses and permits being obtained and renewed and/or there being adverse amendments to mining or other laws in Brazil and any changes to general business and economic conditions. Forward-looking information involves a number of known and unknown risks and uncertainties, including among others: the risk of Jaguar not meeting the forecast plans regarding its operations and financial performance; uncertainties with respect to the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in environmental legislation and regulation, weather delays and increased costs or production delays due to natural disasters, power disruptions, procurement and delivery of parts and supplies to the operations; uncertainties inherent to capital markets in general (including the sometimes volatile valuation of securities and an uncertain ability to raise new capital) and other risks inherent to the gold exploration, development and production industry, which, if incorrect, may cause actual results to differ materially from those anticipated by the Company and described herein. In addition, there are risks and hazards associated with the business of gold exploration, development, mining and production, including environmental hazards, tailings dam failures, industrial accidents and workplace safety problems, unusual or unexpected geological formations, pressures, cave-ins, flooding, chemical spills, procurement fraud and gold bullion thefts and losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Accordingly, readers should not place undue reliance on forward-looking information.

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