07:46 AM EDT, 08/07/2025 (MT Newswires) -- Fortuna Mining ( FSM ) overnight Wednesday said its net income and sales rose in the second quarter.

Net income from continuing operations doubled to US$42.6 million or US$0.14 per share, from US$21.3 million or US$0.07 per share in the corresponding year-ago quarter.

The company said that the net income was impacted by the recognition of US$17.5 million in withholding taxes due to the timing of an annual dividend approval in Cote d'Ivoire.

The company posted second-quarter attributable adjusted net income of US$44.7 million or US$0.15 per share, compared to US$9.3 million or US$0.03 per share in the year-ago quarter. The company said that the increase was primarily due to higher realized gold prices and higher sales volumes at Seguela and Lindero, driven by increased processed ore at both mines.

The company reported second-quarter sales of US$230.4 million, up from US$156.3 million in the year-ago quarter. Consensus estimate compiled by FactSet for sales was US$245.7 million.

"We delivered a total of 75,950 gold equivalent ounces, keeping us firmly on track to meet annual production guidance," said Fortuna Mining ( FSM ) President and Chief Executive Jorge Ganoza. "Higher realized gold prices in the quarter contributed to a record EBITDA margin of 55%."

All-in sustaining costs per gold equivalent ounce from continuing operations was reported at US$1,932 for the second quarter compared to US$1,641 in the year-ago quarter. The company attributed the increase to higher cash cost per ounce, increased royalties due to the higher gold price and higher sustaining capital expenditures.

"Looking into the second half of the year, we expect our mines to remain within annual AISC guidance," said Ganoza. "At Seguela, AISC, is projected to trend higher through the year due to planned mine waste stripping to access higher-grade material, but the full-year average is expected to remain well within guidance. In contrast, Lindero's AISC, is expected to trend lower in the second half of the year as the leach pad expansion is now complete and peak stripping is behind us."

In U.S. pre-market trading, Fortuna Mining ( FSM ) was last seen down 3.9% to $6.78.