analyst presentation belo horizonte, bra - vdiodato

5/25/2018 Analyst Presentation Belo Horizonte, Bra - VDioDato

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1

Delivering ValueOn Plan to Reach Mid-Tier Status

Funded Plan to AchieveSignificant Growth

And Cash Flow

March/Apr i l 2010


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Certain statements in this presentation constitute "Forward-Looking Statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and

Canadian securities legislation. The Forward-Looking Statements in this presentation include statements concerning steady gain of the Companys financialperformance, including operating cash flow and earnings. Forward-Looking Statements can be identified by the use of words such as "are expected", "is forecast",istargeted,"approximately" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" betaken, occur or be achieved. Forward-Looking Statements involve known and unknown risks, uncertainties and other factors, which may cause the actual timing ofcommissioning, completion dates or use of proceeds to be materially different from any future results or performance expressed or implied by the Forward-LookingStatements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drillingresults and other geological data, fluctuating gold prices and monetary exchange rates, the possibility of project cost delays and overruns or unanticipated costs andexpenses, uncertainties relating to the availability and costs of financing needed in the future, uncertainties related to production rates, timing of production and the cashand total costs of production, changes in applicable laws including laws related to mining development, environmental protection, and the protection of the health andsafety of mine workers, the availability of labor and equipment, the possibility of labor strikes and work stoppages and changes in general economic conditions. Althoughthe Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-lookinginformation, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. These forward-looking statements

represent the Company's views as of the date hereof. Subsequent events and developments could cause the Company's views to change. The Company does notundertake to update any forward-looking statements, either written or oral, that may be made from time to time by or on behalf of the Company subsequent to the date ofthis discussion. For a discussion of important factors affecting the Company, including fluctuations in the price of gold and exchange rates, uncertainty in the calculationof mineral resources, competition, uncertainty concerning geological conditions and governmental regulations and assumptions underlying the Company's forward-looking statements, see the "CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSand "RISK FACTORS" in the Company's Annual InformationForm for the year ended December 31, 2009 filed on System for Electronic Document Analysis and Retrieval and available at http://www.sedar.com and the Companys

Annual Report on Form 40-F for the year ended December 31, 2009 filed with the United States Securities and Exchange Commission and available at www.sec.gov.

This presentation presents estimates of future "total cash cost per ounce" that are not recognized measures under United States generally accepted accounting principles("US GAAP"). This data may not be comparable to data presented by other gold producers. These future estimates are based upon the total cash costs per ounce thatthe Company expects to incur to mine gold at the applicable projects and do not include production costs attributable to accretion expense and other asset retirementcosts, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures to

the most comparable GAAP measure. A reconciliation of the Company's total cash cost per ounce to the most comparable financial measures calculated and presentedin accordance with US GAAP for the Company's historical results of operations is set forth in the notes to the financial statements in the Company's Annual Report onForm 40-F for the year ended December 31, 2008 filed with the United States Securities and Exchange Commission on March 24, 2009, as well as the Company's mostrecent interim and annual financial statements filed with the Canadian Securities Administrators.

Cautionary Note to U.S. Investors concerning estimates of Inferred and Measured and Indicated ResourcesThis presentation includes the term "inferred resources" and "measured and indicated resources". The Company advises U.S. investors that while such terms arerecognized and permitted under Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. investors are cautioned not toassume that any part or all of the mineral deposits in these categories will ever be converted into proven or probable reserves. "Inferred resources" have a great amountof uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineralresource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or othereconomic study. U.S. investors are cautioned not to assume that any part or all of an inferred resource exists or is economically or legally mineable.

Forward Looking Statements

2


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3

Corporate Overview

Listing: TSX / NYSE: JAGShares Outstanding:Basic: 83.7

4.5% Senior Convertible Notes as if issued: 12.9Fully Diluted: (incl. options) 101.3

Share Price(A): $11.43

Debt Outstanding: $ 177.04.5% Senior Convertible Notes issu ed 10-Sep-09= $ 165.0

Other long-term debt (B) = $ 9.4Market Capitalization (C) : $1,010Total Assets (estimated as of 31-Dec-2009) $551

Cash & cash equivalents (as of 31-Dec-2009) $121.3

(A) NYSE close as of March 22, 2010(B) Other long-term debt consists of deferred compensation liability, future income taxes and asset retirement obligations

(C) Based on fully diluted shares excluding 4.5% Senior Convertible Notes as if issued

Goal: increase gold production, reservesand shareholder value at minimal risk

(Millions except Share Price/US$)


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Resources & Reserve Base

Total Gold Resources

7,841,112 oz

Note:Mineral Reserves as filed of March 21, 2010 excludes Northern Brazil. Target reserves for Gurupi have been estimated at2.3 mm ounces based on 64 million tonnes at an average grade of 1.13 g/t. (See page 23 herein)

Measured (t) g/t Indicated (t) g/t Measured +

Indicated (t)

g/t Inferred (t) g/t Measured

+

Indicated

Inferred

Nothern Brazil

Total - - 70,159,952 1.12 70,159,952 1.12 18,821,168 1.02 2,516,326 618,595

Southern Brazil

Total 12,435,820 3.54 15,856,410 4.24 28,292,230 3.93 7,332,800 4.79 3,577,590 1,128,600

Total In-Situ Resources 98,452,182 1.93 26,153,968 2.08 6,093,916 1,747,196

Table 1 - Summary of Estimated Mineral Resources

RESOURCES (tonnage in metric tonnes and grades in grams/tonne) RESOURCES

Proven (t) g/t Probable (t) g/t Proven +

Probable (t)

g/t Ounces Au

Nothern Brazil

Total

Southern Brazil

Total 7,269,960 3.15 10,632,100 3.76 17,902,060 3.51 2,021,120

Total Reserves 7,269,960 3.15 10,632,100 3.76 17,902,060 3.51 2,021,120

Table 2 - Summary of Estimated Mineral Reserves


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Jaguar Operations Southern Brazil

Iron Quadrangle one of theworld largest mining camps:

Gold: > 50 million oz

reported productionIron ore (VALE)

Brazil Total: 575,000 acres of Mineral ConcessionsProlific Greenstone Belt with Existing Operations

Great continuity at depth

Excellent infrastructure

Lower risk profile

Lowers cost structure


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Southern Brazil

Underground Mines - Potential at Depth(1)

2,400 M

500 M

1,000 M

District's ProvenContinuity Jaguar Today

Jaguar Projected toDepth

Surface

> 50 Mil oz Produced

4.6 Mil ozResources

10 Mil ozTarget

ProvingPotential

(1) Theoretical down-dip projection of Jaguar resources; the estimates presented herein reflect targeted conversionof reserves based on historical conversion rates, which the Company believes to be reasonable

Nearly 45 km Undergrou ndDevelopment In-Place thru Q4 09

New

Resources to

800 Meters


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Resource Potential Southern Brazil

Based on its knowledge of the geological characteristics of gold mineralization in the Iron Quadrangle, the

structural control and continuity, adding more resources deeper in the operating mines and in lateral

targets, some of which possess historical non NI43-101compliant resources, Jaguars team is confident it

can increase the resource base in the Iron Quadrangle to 8 million oz Au in 3-5 years.

0

2

4

6

8

10

Dec-10 Potential

Au (Moz)

4.6

8.0

Caet

Pacincia

Turmalina


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Turmalina Mine(Ore bodies A, B and C)

Turmalina Plant

1

23

Fazenda Experimental Target

Pontal TargetFaina Target

Ore body D

N

Alluvial Sediments

Upper Unit (metasediments)

Intermediate Unit (sediments + volcanics)

Basal Unit (metamafics)

Mineral Rights

Geology

Granite

Banded Iron Formation

Concession Base: 20,900 Acres

Southern Brazil

Turmalina Site Geology


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N

Turmalina Mine Schematic block

PONTAL

FAINA

DA and B

( M + I = 626,710 oz )

----250 m

----250 m

------------310 m

----------500 m

C

( M + I = 235,180oz )( M + I = 301,860oz )

??

? ??

M + I (Measured + Indicated) Inferred + Potential

RESOURCES ( Base Dec / 2009 )

1,163,750 oz

14.3 km UndergroundDevelopment In-Place

Reserves: 555,460 oz


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10

Turmalina - CIP Plant

First gold pour: January 3, 2007

Operations Summary2009 - Ore treated: 587,949 t

Feed Grade: 4.81 g/t

Au recovered: 82,070 oz

Annual Production TargetTons Milled ROM Grade Ounces Au Produced

2010 700,000t; 5.28 g/t 95 101,000 oz

2011 800,000t; 5.34 g/t 115 - 125,000 oz

2012 800,000t; 4.84 g/t 110 - 115,000 oz

2013

800,000t; 4.84 g/t 110 - 115,000 oz2014 800,000t; 4.84 g/t 110 - 115,000 oz

Nov 2004 : Property acquired from AngloGold

Jan 2005 to Jul 2006 : Development

Aug 2006 to Mar 2007: Construction

New 1,000 TPD Mill

Placed in-service Oct. 5, 2009

Au Recovery 89-90%


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11

Turmalina Profile Production and Operating Cash Cost

0

50

100

150

2007 2008 2009 2010 2011 2012 2013 2014

45

7381

95

115110 110 110

6

10

5 5 5

95-101

115-125

110-115 110-115

Estimated range of

production$490

$540$540 $540

$424

$490 $500

$550 $550 $550

$300

$400

$500

$600

2009 2010 2011 2012 2013 2014

Low High

Product ion (000 oz) (1) Operating Cash Cost $/oz (1, 2)

---------- Est im ated ----------

110-115

(2) Assumes Exchange Rate: R$1.75=US$1 for 2010 - 2014.(1) Based on detailed production plans.

-------------- Est imated --------------


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12

Southern Brazil

Pacincia Project

Santa IsabelMine

So Vicente lineament40 km

2nd Access Ramp to St. Isabelmine in development (NW1)

16.9 km Total UndergroundDevelopm ent In-Place thru Q409

40,770 acres of Minerals Concessions


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N

Pacincia Schematic block

NW03 NW02 NW01SANTA ISABEL

( M + I = 614,510 oz)

SE01

445 m ----

?



1,089,230 oz

RIO DE PEIXE

( M + I = 474,720oz )

Reserves: 405,430 oz



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14

First gold pour: July, 2008.

Operations Summary2009 Ore treated: 645,556 t

Feed Grade: 3.41 g/t

Au recovered: 66,671 oz

Annual Production Targets

Tons Milled ROM Grade Ounces Au Produced2010 700,000t; 3.97 g/t 75 - 81,000 oz

2011 980,000t; 4.29 g/t 120-130,000 oz

2012 1,400,000t; 4.23 g/t 170-180,000 oz

2013 1,710,000t; 4.31 g/t 215-225,000 oz

2014 1,710,000t; 4.32 g/t 215-225,000 oz

2003 & 2006 : Properties acquired from AngloGold and others.

2004 to Q3 2007: Development

Aug 2007 to Jun 2008: Construction

Pacincia Complex - CIP Plant

Au Recovery 92-93%


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15

Pacincia Profile Production and Operating Cash Cost

0

50

100

150

200

250

300

2007 2008 2009 2010 2011 2012 2013 2014

24

67 75

120

170

210 215

6

10

10

10 10

75-80

120-130

170-180

210-220

Estimated range ofproduction

$495$485 $485

$470 $470

$502$510

$495 $495 $480 $480

$300

$400

$500

$600

2009 2010 2011 2012 2013 2014

Low High

Product ion (000 oz) (1) Operat ing Cash Cost $/ oz (1, 2)

215-225

(1) Based on detailed production plans.(2) Assumes Exchange Rate: R$1.75=US$1 for 2010 - 2014.

---------- Est im ated ---------- --------------- Est imated ---------------


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16

Southern Brazil

Caet Target Locations and Geology

Shipping Ore toPacincia Thru Q1

13.4 km Tota l UndergroundDevelopm ent In-Place thru Q4 09

To Belo:45 KM


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17

Annual Production Targets

Tons Milled ROM Grade Ounces Au Produced

2010 330,000t; 3.89 g/t 30 - 35,000 oz

2011 810,000t; 4.06 g/t 90 - 100,000 oz

2012 1,000,000t; 4.23 g/t 115 - 125,000 oz

2013 1,180,000t; 4.27 g/t 140 - 150,000 oz

2014 1,400,000t; 4.39 g/t 170 - 180,000 oz

April 2009 to Apr 2010: Construction of CIPPlant and underground development of RoaGrande and Pilar mines.

Pilar Mine

Roa Grande Mine

Caet Project


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18

Caet Plant Construction: as o f March 17, 2010

Au Recovery 90%


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Caet Schematic block

N

RG01 and RG07

----545 m



PILAR

( M + I = 880,910 oz )( M + I = 1,245,890 oz )

?

250 m-----------------

100 m----

100 m

-------440 m

RG02

RG03RG06

??

??

??

2,126,800 oz


Reserves: 1,055,180 oz


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20

Caet Profile Production and Operating Cash Cost

0

50

100

150

200

250

2009 2010 2011 2012 2013 2014

30

90

115

140

170

5

10

10

10

10

30-35

115-125

140-150

Estimated range of production

$500

$435

$425$420

$415

$510

$445$435

$430

$420

$300

$400

$500

2009 2010 2011 2012 2013 2014

Low High

Product ion (000 oz) (1) Operat ing Cash Cos t $/oz (1, 2)

170-180

90-100

(2) Assumes Exchange Rate: R$1.75=US$1 for 2010 - 2014.(1) Based on detailed production plans.

--------------- Est imated --------------- --------------- Est imated ---------------


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21

Gurupi Project

X

MARANHOPAR

CEAR

Gurupi

General Location


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22

Project Overview

Potential

Potential

Potential

Potential

Detail 1

Detail 2


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23

Gurupi Project Production Overview

PRODUCTION

Based on Pincock, Allen & Holts NI 43-101 Statement of Resources (Dec.2009) and AMEC plc Feasibility Study (March 2010*).

Open pit production, beginning 2012

Mill throughput - 14,700 tpd (5.0M tpy).

Mineral inventory - 70.6M tons @ 1.11 g/t (2.52M oz).

Target reserves* of 64M tons @ 1.13 g/t (2.33M oz).

Avg. production - 157,000 oz/year.

Mine recovery - 91%

Plant recovery - 90.4%.

* - As announced on March 23, 2010. NI 43-101 Technical Report to be filed.


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24

OperationsCash Operating Cost and Margin (Non-GAAP Measure)

2006 2007 2008 2009


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25

Cash Operating Cost and Margin(Non-GAAP Measure)

Exchange RateR$/US$ 2.17 1.95

1.84 2.02 1.75

Present cash cost based on FY2010 Plan; is not intended to represent a forecast of future performance.Cash margin based on $1,108oz gold price (Kitco close on 1/19/2010).


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CAPEX Plan, By Operation

26

0

50

100

150

200

250

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

59.242.4 41.1 49.8 35.7

20.2 19.2 15.0 15.0 16.0

52.4

44.9 56.3 30.5

25.1

25.5 22.2

22.2 23.2 24.2

20.8

7.56.3

8.3

7.3

7.2 7.3 7.1 7.6 8.2

6.1

34.4

111.7

6.9

0.5

0.5 0.5 0.5 3.5 7.5

1.6

0.5

1.8

18.5

21

84.7

30.97.7

7.7

7.7 12.8

4.3

0.31.7

1.8

2.7

1.6

1.1 1.3

Other

RefractoryGurupi

TurmalinaPacincia

Caet

$ Millions

146.2 143.5

220.2

97.785.8

75.7

136.4

77.2

58.0 64.8

Note: Gurupi estimates preliminary estimates based on pre-feasibility study


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CAPEX Plan, By Category

27

0

50

100

150

200

250

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

35.6 34.4

111.7

6.9

42.4 62.0

51.9

41.9 31.718.2

78.2

23.3

53.6 33.8

35.9

37.444.1

43.6

46.3

48

49.4 52.1

11.7 10.7

16.4

9.611.3

12.6

9.3

4.5

4.5 4.5

2.9 2.8

4.3

1.91.7

1.5

2.7

1.5

1.1 1.3

Contingency

Exploration

Sustaining

ExpansionProjects

$ Millions

146.2 143.5

220.2

97.785.8

75.7

136.4

77.2

58.0 64.8


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Gold Production

28

0

250

500

750

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

18 38

70

115

155

3597 125 149

181 198

81

126

177

221221

221

101

124

112

112112

112

0

111

133 148

Gurupi

Turmalina

Pacincia

Caet

000 oz

217

347

414

593

647679

Actual

2008 2013E CAGR: 39%


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29

Cash Margin and Operating Cash Flow

20092010 2011 2012 2013 2014 2015

$20.2$63.2

$124.6$154.6

$225.3

$270.9

$302.6

$20.2

$84.0

$148.3

$189.9

$271.6

$325.4$359.7

$20.2

$104.8

$168.6

$229.3

$318.2

$380.2$416.8

@$1,050/oz

@$1,150/oz

@$1,250/oz

Operating Cash Flowat Projected Gold Price of:($millions)

$/oz

2010 2011 2012 2013 2014 2015

$494 $452 $476 $471 $464 $448

$556 $598 $574 $579 $586 $602

AverageCash

Op. Cost/oz

CashMargin

Average Cash Margin$1,050/oz gold and R$1.75=$1.00 exchange rate


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30

Year-end Cash Balance

2009 2010 2011 2012 2013 2014 2015

$121.3$50.0 $50.0 $50.0

$107.5

$301.8

$509.0

$121.3

$52.2 $59.6 $50.0

$233.8

$482.6

$767.0

$121.3$93.7 $115.7 $134.0

$364.4

$668.1

$1,009.6

@$1,050/oz

@$1,150/oz

@$1,250/ozProjected at Gold Price of:($millions)

$8.7 $9.9 $11.2 - - -

- - $1.5 - - -

- - - - - -

Required borrowings to meet CAPEX*:@$1,050/oz@$1,150/oz

@$1,250/oz

* Assumes maintaining minimum cash position of $50 million.


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Market cap (US$ bn) Gold production (000 oz) 2010E

Source: Company filings, equity research.

Note: Market data as of 3/22/10. Estimates based on management projections where provided. Reserves and resources adjusted to exclude discontinued ops and pending transactions.

Gold reserves and resources (mm oz) Market Value per Resource ounce

Undervalued Relative to Peers

34.1

16.0 14.713.4

11.29.7 8.7 8.1 7.8

6.1 5.43.8 3.3 3.0

1.5

IAMGOLD

Eldorado

Northgate

RedBack

New

Gold

Centerra

Osisko

GoldenStar

Jaguar

Alamos

Gammon

Minefinders

Nevsun

Andean

Resources

SanGold

6.9

5.3

4.8

3.0 2.8

1.8 1.71.2 1.2 1.0 1.0 0.9 0.9 0.7 0.6

IAMG

old

Eldorado

RedB

ack

Osisko

Centerra

Gamm

on

Alam

os

Jagu

ar

Andean

Resour

ces

NewG

old

Northg

ate

SanG

old

GoldenS

tar

Minefind

ers

Nev

sun

970

670

575505

400345 319

260209 188 168

115

0 0 0

IAMGo

ld

Centerra

Eldorad

o

New

Go

ld

GoldenStar

Minefinders

Jagua

r

Northgate

Alamo

s

SanGo

ld

Nevsu

n

Osisk

o

Andea

n

Resource

s

RedBack

Gammo

n

Mid-point of 2010 guidance or average of equity researchestimates where company guidance has not been provided.

$-

$150

$300

$450

$600

$588$512

$431$389

$270$217 $185 $159 $130

$/oz


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32

Why Jaguar

Lower risk profileFunded plan to achieve grow th targets

Significant production/resources growthCaetPro jec t Acc elerates Grow th

Gurupi Wil l Prov ide Addi t ional Growth

Long-lived operations beyond current knownresources

Tremendous exploration potential Outstanding infrastructure

Experienced operating team

analyst presentation belo horizonte, bra - vdiodato

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