Jaguar Mining Inc JAG

MaterialsMetals & MiningCanada

Last close 5.23 CAD on Nov 1, 2026, −27.7% year to date

Quant rating

Quant rating C Rank 83 of 154 in Materials

Growth C 101 of 154
Valuation B 30 of 154
Quality C 94 of 154
Revisions B 26 of 154
Momentum D 113 of 154

Wall Street consensus Buy (2.00)Average target 14.10 CAD +169.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 447M
Enterprise value: 349M
52-week range: 4.73 – 9.63
3-year range: 1.17 – 9.63
Dividend yield: –
Beta (5 years): 2.25
Shares outstanding: 85.4M
Next earnings: May 15, 2026

About the company

Jaguar Mining Inc. is a Canadian junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes and a land package with upside exploration potential from mineral claims. Its principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the MTL Mining Complex (Turmalina mine and plant) and Caete Mining Complex (Pilar and Roca Grande mines, and Caete plant). The Turmalina is an underground gold mine that predominantly utilizes sub-level stoping as a mining method. The Turmalina processing plant is onsite, and the C-zone portal is within 200 meters of the crusher. The Caete Complex is located 50 kms east of the city of Belo Horizonte. It owns the Paciencia Mining Complex (Santa Isabel mine and plant). Its Oncas de Pitangui Project is located approximately 110 kms northwest of the city of Belo Horizonte in Minas Gerais State, Brazil. It owns 100% of the Acurui project.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	186	228	181	193	191	–
Revenue growth	−18.7%	26.1%	−6.3%	0.9%	−6.2%	−1.9%
EPS (basic, normalized)	−0.28	–	0.29	–	0.59	–
EPS growth	–	–	–	–	–	–
Gross margin	53.7%	37.5%	23.8%	26.7%	39.6%	36.3%
Net margin	−11.7%	−0.8%	11.6%	15.0%	15.9%	6.0%
ROE	−6.5%	−0.5%	6.9%	10.0%	12.0%	4.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	112
Current ratio	1.27x
Long-term debt (mil)	2.4
Net debt (mil)	−99.2
Total equity (mil)	373
Net debt / equity	−0.27x
Net debt / EBITDA	−1.32x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	186	−18.7%	1.9x	75.4	–	4.6x	−0.28	–	−18.8x
2026	–	–	–	–	–	–	0.99	+457.5%	5.3x
2027	–	–	–	–	–	–	2.76	+177.8%	1.9x
2028	–	–	–	–	–	–	2.81	+2.0%	1.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	0.99	0.0%	0.0%	−6.5%
2027	–	–	–	–	2.76	0.0%	0.0%	−2.4%
2028	–	–	–	–	2.81	0.0%	0.0%	−4.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.05	0.14	0.04	0.17	0.03	–	–	–	–	–
EPS mean	0.00	0.03	0.06	0.13	0.08	0.09	0.10	0.01	0.16	0.11
Surprise	–	+460.0%	−27.3%	+30.8%	−62.5%	–	–	–	–	–

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
JAG Jaguar Mining Inc	447M	−1.32x	−11.7%	1.22x	5.3x	1.9x	–	–
TRX TRX Gold Corp (Pre-Reincorporation)	431M	–	1.2%	3.48x	−70.4x	9.4x	3.1x	1.7x
Mean		−1.32x	−5.2%	2.35x	−32.6x	5.6x	3.1x	1.7x
Median		−1.32x	−5.2%	2.35x	−32.6x	5.6x	3.1x	1.7x

Technical analysis

1M−26.8%
3M−3.1%
1Y−8.9%
3Y+305.4%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Jaguar Mining Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	186	228	181	193	191	204
Cost of revenue	85.9	143	138	141	116	94.8
Gross profit	99.6	85.6	43.0	51.6	75.9	109
Selling, general & administrative expenses	14.2	12.8	11.9	11.8	9.8	9.8
Research & development	2.9	3.0	4.4	8.2	6.5	2.3
Depreciation/amortization	–	0.2	0.1	0.1	0.1	0.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	70.3	39.9	−5.2	−14.4	12.8	−17.9
Other operating expenses	4.7	10.9	3.7	3.6	2.7	4.0
Operating income	7.5	18.7	28.1	42.4	44.0	111
Net interest income (expense)	−5.6	10.5	−7.0	−1.1	1.3	3.2
Gain (loss) on sale of assets	4.5	−2.0	1.1	−0.8	−1.8	–
Other non-operating income (expense)	−30.5	−18.5	−2.5	−4.1	−3.1	−3.3
Net income before taxes	−24.2	8.7	19.7	36.4	40.4	111
Provision for taxes	−2.5	10.6	−1.3	7.4	10.0	18.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−21.7	−1.9	21.0	29.0	30.4	92.0
Extraordinary items	–	–	–	–	–	–
Net income	−21.7	−1.9	21.0	29.0	30.4	92.0
EBIT, normalized	77.8	58.6	22.9	27.9	56.8	92.8
EBITDA, normalized	102	99.2	59.6	59.5	86.6	114
Basic EPS, normalized	−0.28	–	0.29	–	0.59	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Jaguar Mining Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	105	68.7	29.2	34.2	51.0	49.5
Receivables	4.2	6.1	7.8	12.0	6.6	6.4
Total inventory	22.0	22.1	20.7	22.0	18.4	15.9
Prepaid expenses	1.8	3.2	2.1	4.9	2.7	3.7
Other current assets	1.1	1.3	1.2	0.8	0.6	1.4
Total current assets	134	101	61.0	73.9	79.4	76.9
Property, plant & equipment	375	380	332	306	248	217
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	9.7	3.4	7.6	9.8	13.0	12.4
Other long-term assets	15.9	11.5	8.6	0.7	0.7	11.6
Total assets	535	496	409	390	341	318
Liabilities
Accounts payable	19.3	15.0	14.1	19.3	13.1	14.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	8.1	8.4	8.9	8.9	7.8	10.6
Short-term debt	8.4	4.4	4.4	4.1	3.8	0
Current portion of long-term debt	0.5	2.0	2.6	3.3	1.8	5.8
Other current liabilities	63.3	52.0	14.3	12.0	12.4	8.6
Total current liabilities	99.6	81.8	44.3	47.5	39.0	39.8
Long-term debt	2.6	3.7	0.8	2.1	3.1	1.5
Minority interest	–	–	–	–	–	–
Other liabilities	96.8	66.2	46.1	46.7	32.0	35.2
Total liabilities	199	152	91.2	96.3	74.0	76.5
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	822	830	764	772	719	722
Additional paid-in capital	33.0	34.3	31.6	32.2	29.7	30.0
Retained earnings (accumulated deficit)	−520	−522	−479	−512	−483	−512
Treasury stock	–	–	–	–	–	–
Other equity	0.9	1.9	1.8	2.0	1.6	1.7
Total equity	336	344	318	294	267	241
Total liabilities & shareholders' equity	535	496	409	390	341	318

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Jaguar Mining Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−21.7	−1.9	21.0	29.0	43.2	92.0
Depreciation, depletion & amortization	21.2	37.4	32.8	27.4	26.7	19.3
Deferred taxes	−3.7	−2.1	−7.7	–	–	–
Non-cash items	80.2	71.5	13.6	4.7	16.4	−2.2
Changes in working capital	−50.6	−22.5	−12.0	−6.0	−29.4	−9.0
Cash from operations	25.4	82.5	47.7	55.2	56.9	100
Investing activities
Capital expenditures	−32.0	−48.3	−48.6	−59.8	−43.2	−44.2
Other investing cash flows	6.4	4.2	1.2	0.6	9.1	0
Cash from investing	−25.6	−44.1	−47.4	−59.2	−34.1	−44.2
Financing activities
Financing cash flow items	−1.7	−0.4	−0.4	−0.5	0.1	−4.8
Cash dividends paid	–	–	–	−9.2	−17.6	−11.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	30.8	−3.6	−4.2	−3.5	−3.1	−5.8
Cash from financing	29.1	−3.9	−4.6	−13.3	−20.6	−21.9
Foreign exchange effects	−1.3	0.6	0	−3.3	−0.3	1.6
Net change in cash	27.7	35.0	−4.2	−20.5	1.9	35.6
Free cash flow	−6.6	34.2	−0.9	−4.6	13.7	55.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.