07:52 AM EDT, 08/08/2024 (MT Newswires) -- Fortuna Mining ( FSM ) said overnight Wednesday that its adjusted attributable net income soared 1,116% in the second quarter amid higher gold and silver prices.

Fortuna's share price rose 2.6% at last look to US$4.27 on the NYSE.

The miner posted an adjusted attributable net income of US$30.4 million, or $0.10 per share, compared to US$2.5 million in the year-ago quarter.

Sales increased 64% to US$260.0 million while adjusted EBITDA surged 154% to US$112.7 million.

"Our business performed well in the quarter, generating strong net cash flow from operations of US$93.0 million before working capital changes and free cash flow after sustaining capital of US$38.6 million," President and CEO Jorge Ganoza said. "We anticipate our free cash flow to increase further in the second half of the year as we conclude a heavy sustaining capex phase in the third quarter with the completion of the Lindero leach pad expansion project."

National Bank maintained Fortuna's Sector Perform rating and $9 price target following the results.

Fortuna's adjusted EPS missed the bank's forecast of $0.16 and the consensus estimate of $0.14.