Jaguar Intersects Significant Sulphide Mineralization at Corrego Brandão

Drilling Intersects 11.25gt Au over 3.8m

TORONTO, June 23, 2021 - Jaguar Mining Inc. ('Jaguar' or the 'Company') (TSX:JAG)(OTCQX:JAGGF) is pleased to announce that reconnaissance drilling at its Corrego Brandão discovery project ("CB"), has intersected a significant sulphide mineralized zone grading 11.25gt Au over 3.8m within a wider mineralized zone grading 4.63gt Au over 12.45m. CB is located near the Caeté Complex "CCA Plant" in Minas Gerais, Brazil where ore from its operating mine, Pilar is processed (please see Press Release dated 15th February 2021 and Figure #1).

To date, 38 reconnaissance phase diamond drillholes (4,820m) have been completed at CB. This drilling has broadly defined, though a series of step out holes, a mineralized trend defined by a consistent surface Au in soil anomaly (> 100ppb Au) and broad zones of oxide mineralization within a profile averaging 30-40m in thickness, extending along a strike length of some 500m. Drilling is now testing the potential for structurally controlled sulphide mineralization beneath the oxide zone to approximately 100m depth. The mineralized trend remains open on strike and dip.

Assay results have been received for 27 holes, highlights of which are reported below.

Sulphide Intersection (0.5gt Au cut-off grade)

• 4.63gt Au over 12.45m* (including 11.25gt over 3.80m*)

*Note: Estimated True Width is 10.24m for full interval and 3.12m for sub interval

Oxide Intersections (0.25gt Au cut-off grade)

• 4.2gt Au over 40.00m (including 15.81gt Au over 6.10m, 33.60gt Au over 1.5m)
• 1.41gt Au over 40.05m (including 3.38gt Au over 7.50m)
• 0.78gt Au over 46.15m (including 0.94gt Au over 22.50m)
• 1.84gt Au over 25.55m (including 2.41gt Au over 6.15m)

Significant drilling results and hole locations are tabulated in Appendix 1, 2 and 3 of this news release.

Jon Hill, VP Exploration and Geology for Jaguar Mining commented: "We continue to be very encouraged by the early exploration results at CB. In particular, the recent sulphide intersection in hole FCB017 has confirmed our expectation that the potential for higher-grade, structurally controlled, plunging mineralization was likely to be encountered, via an extension beneath the outcropping and near surface oxide mineralization. Drilling at CB will continue to target extensions within the currently defined mineralized envelopes as well as a number of other priority targets associated within the regional structure."

Vern Baker, CEO of Jaguar Mining commented: "Since late 2020, we have successfully accelerated exploration activities across our exceptional portfolio of properties within the Iron Quadrangle of Minas Gerais and, in particular, we have focused our efforts on in-mine and near-mine exploration targets, such as the CB discovery project. The early positive results from CB may have the potential to add to our current oxide resources. All positive results achieved across our portfolio of projects in the IQ support our organic growth objectives leveraging available excess milling capacity from three mills."

Figure 1 - Location of the Corrego Brandão Discovery relative to the Jaguar CCA Mine and Plant Infrastructure.

Geology at Corrego Brandão

At CB, mineralization is hosted within a 10-20m thick interval of altered mafic volcanic rocks within in a regionally prospective folded and sheared Archean greenstone sequence. Fine grained sulphides in the mineralized zone are predominately pyrrhotite and subordinate pyrite with minor arsenopyrite and associated with an "exotic" mineral assemblage comprising biotite-garnet-magnetite, calcite and ankerite. Higher grades appear to be spatially associated with higher percentages of disseminated fine magnetite and discrete veinlets of quartz.

Figure 2 - Plans showing Corrego Brandão drill hole locations relative to A - Gold in soil anomaly - Au > 100ppb contour; and B - Analytical Signal Magnetic Image.

Figure 3 - North - South Cross Sections through Corrego Brandão showing mineralized intersections; broad envelope of oxide mineralization is 30-40m in thickness. Cut-off grade: 0.25 g/t (oxide - dark gray box); 0.50 g/t (sulphide - brown box). Note: All widths are drilled widths. A - Section A-A'; B - Section B-B'; C - Section C-C' (See Figure 2 for section location).

The area drilled to date at CB has tested a relatively restricted portion of the regional scale fold structure originally identified and targeted by Jaguar. Drilling has intersected very complex fold geometries associated with the interpreted hinge zone of the major fold structure with orientations consistent with "M-Type" asymmetries and associated parasitic folding. Mineralization appears where intersections are focused locally within synclinal structures with axes dipping to the south. The limbs show a sub-vertical dip which is seen to be discordant with typical regional foliation. The high-grade zones are associated with secondary (or second-order) folds shown in Figures 4 and 5. It is anticipated, and is consistent with many of the larger known gold deposits in the Iron Quadrangle that mineralized shoots will plunge to depth with the same orientation as that of the interpreted fold axes.

Figure 4 - East West Strike Section along approximately 500m strike section drill tested to date at Corrego Brandão. Cut-off grade: 0.25 g/t (oxide - dark gray box); 0.50 g/t (sulphide - brown box). Note: All widths are drilled widths.

Figure 5 - Schematic showing semi-regional structural context with deposit scale synformal (fold) structure hosting mineralized shoots that plunge to depth with the same orientation of the interpreted fold axis. The hinge zone of the fold structure shows "M-Type" asymmetries and associated parasitic folding.

Qualified Person

Scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, BSc (Hons) (Economic Geology - UCT), FAUSIMM, Vice President Geology and Exploration, who is also an employee of Jaguar Mining Inc., and is a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Quality Control

All sampling and samples utilized at Jaguar for Mineral Resource and or Mineral Reserves estimation uses a quality-control program that includes insertion of blanks and commercial standards in order to ensure best practice in sampling and analysis.

HQ, NQ, and BQ size drill core is sawn in half with a diamond saw. Samples are selected for analysis in standard intervals according to geological characteristics such as lithology and hydrothermal alteration. Rock channel sampling of the underground development follows the same standard intervals as for the drill core.

Half of the sawed sample is forwarded to the analytical laboratory for analysis while the remaining half of the core is stored in a secure location. The drill core and rock chip samples for resource-reserve conversion and grade control samples are transported for physical preparation and analysis in securely sealed bags to the Jaguar in-house laboratory located at the company´s Caeté Complex, Caeté, Minas Gerais. Growth exploration samples are sent to the independent ALS Brazil (subsidiary of ALS Global) laboratory located in Vespasiano, Minas Gerais, Brazil. The analysis of these exploration samples is conducted at ALS Global's respective facilities (fire assay is conducted by ALS Global in Lima, Peru, and multi-elementary analysis is conducted by ALS Global in Vancouver, Canada). ALS has accreditation in a global management system that meets all requirements of international standards ISO/IEC 17025:2005 and ISO 9001:2015. All major ALS geochemistry analytical laboratories are accredited to ISO/IEC 17025:2005 for specific analytical procedures.

For a complete description of Jaguar's sample preparation, analytical methods and QA/QC procedures, please refer to "Technical Report on the Roça Grande and Pilar Operations, Minas Gerais State, Brazil", a copy of which is available on the Company's SEDAR profile at www.sedar.com.

The drilling results presented on this news release are from drill holes completed by contractors Major Drilling and Jaguars own fleet of underground diamond drilling rigs.

For a complete description of Jaguar's sample preparation, analytical methods and QA/QC procedures, please refer to the "Technical Report on the Roça Grande and Pilar Operations, Minas Gerais State, Brazil", dated August 17^th 2020, a copy of which is available on the Company's SEDAR profile at www.sedar.com.

About Jaguar Mining Inc.

Jaguar Mining Inc. is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with two gold mining complexes and a large land package with significant upside exploration potential from additional 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 Caeté Mining Complex (Pilar Mine and Caeté Plant). The Company also owns the Paciência Gold Mine Complex, which has been on care and maintenance since 2012. The Roça Grande Mine has been on care and maintenance since April 2018. Additional information is available on the Company's website at www.jaguarmining.com.

For further information please contact:

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). In addition, the Company's principal operations and mineral properties are located in Brazil and there are additional business and financial risks inherent in doing business in Brazil as compared to the United States or Canada. In Brazil, corruption represents a challenge requiring extra attention by those who conduct business there. Corruption does not only occur with the misuse of public, government or regulatory powers, it also can occur in a business's supplies, inputs and procurement functions (such as illicit rebates, kickbacks and dubious vendor relationships) as well as the inventory and product sales functions (such as inventory shrinkage or skimming). Employees as well as external parties (such as suppliers, distributors and contractors) have opportunities to commit theft, procurement fraud and other wrongs against the Company. While corruption, bribery and fraud and theft risks can never be fully eliminated, the Company reviews and implements controls to reduce the likelihood of these events occurring. The Company's present and future business operations face these risks. Accordingly, for all of the reasons above, readers should not place undue reliance on forward-looking information.

For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Annual Information Form and Management's Discussion and Analysis, as well as other public disclosure documents that can be accessed under the issuer profile of 'Jaguar Mining Inc.' on SEDAR at www.sedar.com. The forward-looking information set forth herein reflects the Company's reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Appendix 1

Drill hole location data for Corrego Brandão holes reported in this Press Release

Appendix 2 - Corrego Brandão- Significant Oxide Drilling Intersections reported at 0.25gt Au cut-off grade

Appendix 3 - Corrego Brandão- Significant Sulphide Drilling Intersections reported at 0.5gt Au cut-off grade.