Jaguar Mining raises $28 million for Turmalina mine restart
Jaguar Mining Inc. [JAG-TSX, JAGGF-TCQX] has raised $28 million from a bought deal private placement financing and will use the proceeds to fund the restart the Turmalina Mine at the company’s MTL Corp. Complex in Brazil as well as for exploration across its property portfolio.
The amount raised from the offering, which consisted of 5.09 million shares, priced at $5.50 per share, includes the full exercise of the underwriters’ option. Financier Eric Sprott, a related party to the company via an Ontario numbered company, acquired 1.82 million shares for $10 million. As a result, Sprott now controls 41.2 million common shares or 48.3% of the 85.2 million shares outstanding.
On Wednesday, the shares eased 1.2% or $0.09 to $7.23 and currently trade in a 52-week range of $7.40 and $1.97.
Jaguar’s gold operating assets include the MTL Complex (Turmalina mine and plant) and Caete Complex (Pilar mine, Roca Grande mine and Caete plant). The Roca Grande mine has been on care and maintenance since 2018. The company also owns the Paciencia Complex, which has been on care and maintenance since 2012.
The company also has various gold projects located close to its operating assets. These projects are expected to provide a long runway of low capital intensity, high return on invested capital growth for the company for many years to come.
All of these assets are located in the Iron Quadrangle, a prolific greenstone belt located near the city of Belo Horizonte in the state of Minas Gerais, Brazil. Belo Horizonte serves as the commercial centre for Brazil’s mining industry and has excellent infrastructure to support world-class mining operations.
“This capital infusion will be pivotal in accelerating the restart of our Turmalina Mine and expanding exploration efforts across our highly prospective Brazilian portfolio,’’ said Jaguar CEO Luis Albano. “These strategic investments are designed to unlock substantial value, reinforce our position as a responsible and growing gold producer, and drive long-term benefits for all our shareholders.’’
In a press release on October 14, 2025, the company announced preliminary operating results for the third quarter of 2025. The company said consolidated gold production totaled 10,002 ounces from the Pilar mine. That was down from 16,912 ounces in the third quarter of 2024, which included production from both the Pilar and Turmalina mines. The decrease was primarily due to the temporary suspension of operations at the Turmalina mine following a localized incident at the Satinoco-dry-stacked facility in December, 2024. Gold production from Pilar totaled 30,657 ounces in the first nine months of 2025.
The company said underground preparatory work at Turmalina commenced in August, 2025, marking tangible progress towards the MTL complex restart.