Fortuna Mining 2025Q2 黄金产量环比减少 32.8%至 1.92 吨，白银产量环比减少 21.5%至 7.48 吨，调整后归母净利润环比减少 27.2%至 4260 万美元

Investment Rating - Industry rating: Recommended [5] Core Viewpoints - Fortuna Mining's Q2 2025 gold production decreased by 32.8% to 1.92 tons, while silver production decreased by 21.5% to 7.48 tons. Adjusted net profit attributable to shareholders decreased by 27.2% to $42.6 million [1][2][4] - The realized price for gold in Q2 2025 was $3,307 per ounce, up 14.7% quarter-on-quarter and up 41.7% year-on-year. The realized price for silver was $33.77 per ounce, up 6.3% quarter-on-quarter and up 18.4% year-on-year [2][4] - The all-in sustaining cost (AISC) for gold in Q2 2025 was $1,932 per ounce, an increase of 17.8% quarter-on-quarter and 17.7% year-on-year, primarily due to increased cash costs and royalties [3] Production and Operational Performance - Q2 2025 silver production was 240,621 ounces (7.48 tons), a decrease of 21.5% quarter-on-quarter and 1.0% year-on-year. Silver sales remained stable quarter-on-quarter but decreased by 6.4% year-on-year [1][2] - Q2 2025 gold production was 61,736 ounces (1.92 tons), a decrease of 32.8% quarter-on-quarter but an increase of 10.2% year-on-year. Gold sales also decreased by 31.6% quarter-on-quarter but increased by 12.7% year-on-year [2] Financial Performance - Q2 2025 revenue was $230.4 million, a decrease of 20.3% quarter-on-quarter but an increase of 47.4% year-on-year. The increase in revenue was driven by higher gold prices and increased sales volume from the Lindero mine [4][6] - Q2 2025 operating income was $83.7 million, a decrease of 8.9% quarter-on-quarter but an increase of 171.8% year-on-year [7] - Adjusted EBITDA for Q2 2025 was $127.7 million, a decrease of 14.9% quarter-on-quarter but an increase of 76.1% year-on-year [8] Company Developments - The company completed the sale of its interest in the Yaramoko mine for $70 million in cash and potential additional payments of up to $53.6 million [9][10] - The company also sold its 100% stake in the San Jose mine for $6.5 million, with additional potential payments based on future production [11][12] - A stock buyback plan was announced, allowing the company to repurchase up to 15,347,999 shares [13]