Presenters: Hashim Ahmed, CFO and Jonathan Hill, VP. Exploration and Mine Geology
Originally filmed on August 12th, 2020
Jaguar Mining is a Canadian-listed junior gold mining, development and exploration company operating in Brazil. Jaguar currently has three gold mining complexes and a large land package with significant upside exploration potential from mineral claims covering an area of approximately 65,000 hectares. The company’s principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais in Brazil and include the Turmalina Gold Mine Complex and Caeté Gold Mine Complex (Pilar and Roça Grande mines, and Caeté Plant). Combined, the Turmalina and Caeté complexes produce over 95,000 ounces of gold annually. Jaguar also owns the Paciência Gold Mine Complex, which has been in a state of care and maintenance since 2012.
Just prior to its presentation, Jaguar recently reported solid Q2 performance metrics and is now guiding towards production of 94,000 ounces of gold for FY 2020 with projected free cash flow of approximately $60M. This represents a significant turnaround story for the company, which saw declining gold production between 2016 - 2018 and negative free cash flow in fiscal years 2017 - 2019. The company has managed to reduce its debt to less than $3M, bolster its treasury and reduce its all-in sustaining costs significantly to $882 / oz (previous 2019 fiscal year $1,350/oz). Jaguar is now forecasting 11,000 metres of development (primary and secondary) for 2020, a significant increase over 2019 (8,600 metres) and on track to increase for a third straight year. It would appear that present management at Jaguar has the company back on track with essentially all key metrics and KPIs tracking in the right direction.
Presenting on behalf of Jaguar Mining is Hashim Ahmed, the Chief Financial Officer for Jaguar. Hashim joined Jaguar Mining in August 2014 as Vice President, Controller and was later appointed to the position of Chief Financial Officer in February 2016. Hashim has over 19 years of experience, with the past 10 years focused in the mining industry, and expertise in financial management, strategy, corporate turnaround, and capital markets. He obtained his CA designation with PriceWaterhouseCoopers LLP and later worked with Ernst & Young LLP in their mining advisory practice. Prior to Jaguar, Hashim worked with Barrick Gold for over 7 years, where he held progressively senior positions in finance functions in Canada, and with site finance teams in Chile. At Jaguar, Hashim oversees financial and non-financial aspects of the business, including economic strategy and business planning, treasury and tax management, human resources, supply chain and systems. Hashim is a member of the Institute of Internal Auditors (IIA) USA and the Financial Executives International (FEI) Canada, where he is also actively involved as a volunteer.
Joining Hashim to discuss technical aspects of Jaguar’s operations is Jonathan Hill, Jaguar’s Vice President of Exploration and Mine Geology. Jon was appointed Advisor to the JMMC, in July 2017 and has over 30 years’ experience of global exploration, mine operations and project development experience spanning Africa, Australia and the Americas. Jon spent most of his formative years as a geologist with AngloGoldAshanti, where he recently held the title of Exploration Manager, Colombia Greenfields. During his tenure at AngloGoldAshanti he was directly involved in the discovery of several world class projects within both Greenfields and Brownfield areas. His broad range of experience involves exploration and development of projects, due diligence, corporate development, mine geology and management of interrelated departments including coordination and liaison with mine planning and reporting of mineral resources and reserves. Jon is a Director of Royal Road Minerals Limited, a TSX-V listed company. Jon holds a BSc (Hons) Economic Geology 1988 (University of Cape Town), and a BAppSc. Applied Geology 1985 (Queensland University of Technology). He has been a member of AUSIMM since 1986.
For more information on Jaguar Mining, please visit: https://www.jaguarmining.com/
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