Impact: Positive
Jaguar Mining announced it has received the final approval required to resume operations at its Turmalina Mine, following authorization from Brazil’s Environmental Emergency Office. The Turmalina underground mine and associated processing facilities comprise the MTL Complex, located in Minas Gerais, Brazil. Future tailings are initially permitted to be utilized as underground backfill. With this final approval now secured, Jaguar has resumed drilling, blasting, and mining activities, and expects to ramp production toward nameplate capacity over the coming months. We view the restart of Turmalina as a key milestone for Jaguar, given that the asset accounts for ~40% of the Company’s gold production at full capacity. The timing of the restart is favourable, coinciding with a strong gold price environment (averaging US$4,900 so far in Q1/26), which should support robust margins as production ramps. We also note that the restart of Turmalina is only one of several of value enhancing opportunities JAG is currently pursuing.