Does Jaguar Mining (TSX:JAG) Have the Right Team to Turn MTL’s Restart into Resilience?

• In January 2026, Jaguar Mining reported that its 2025 gold production and tonnes milled fell sharply year over year, even as head grades and recoveries improved, and also received Brazilian National Mining Agency approval to restart key operations at its MTL Complex following a prior tailings-related suspension.
• At the same time, the company refreshed its leadership bench with a new Chief Financial Officer, Corporate Secretary, and Vice President of Investor Relations, underscoring an operational reset after a challenging production period and the Satinoco dry-stack tailings incident.
• We’ll now examine how the MTL Complex restart approval, alongside the new finance leadership, influences Jaguar Mining’s investment narrative.

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What Is Jaguar Mining’s Investment Narrative?

For Jaguar Mining, the investment case now hinges on whether the MTL Complex restart can translate improved grades and recoveries into more consistent production after a difficult 2025. The ANM green light is important, but with NEA approval still pending, it remains a catalyst that is not fully “in the bag.” In the meantime, sharply lower tonnes milled and gold output keep operational risk front and center, even as the share price has already moved strongly over the past year. The arrival of an experienced CFO and a dedicated VP of Investor Relations adds weight to the idea of a reset, but it does not remove the execution and regulatory uncertainties. For shareholders, the big picture is still about operational normalization and a path back to sustainable profitability.

However, one regulatory overhang could still catch investors off guard.

Jaguar Mining’s shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

Exploring Other Perspectives

Six Simply Wall St Community fair value views range widely, from single digits to well over C$100, reflecting sharply different expectations. Set that against today’s key swing factor: how smoothly MTL actually comes back online and stabilizes production.

Explore 6 other fair value estimates on Jaguar Mining – why the stock might be worth less than half the current price!

Build Your Own Jaguar Mining Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes – extraordinary investment returns rarely come from following the herd.

• A great starting point for your Jaguar Mining research is our analysis highlighting 3 key rewards that could impact your investment decision.
• Our free Jaguar Mining research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Jaguar Mining’s overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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