And the company's stock price recovered some lost ground after a sell-off in gold stocks in recent weeks saw it hit a three-year low last week.
The Latin America-focused company produced 53,198 ounces Au in Q2 from its mines at the Segovia operations in Colombia, which compares to 52,198oz for the same period last year.
The operations—which place the company as Colombia's largest gold and silver producer—also produced 85,741oz Ag for Q2, which is up from 54,573oz Ag for the same quarter last year.
And the company produced about 294,000 pounds of zinc and 345,000 pounds of lead in the three months.
With six-months of the year complete, GCM's gold production stood at 103,149oz, up from 101,256oz for the first half of last year and is on track to meet guidance of 210,000-225,000oz Au, aided by the completion of the Maria Dama plant expansion to 2,000 tonnes per day in the third quarter of this year, it said.
Canaccord Genuity Capital Markets analyst Carey MacRury said the Q2 gold production was in line with CG's estimate while noting annualized H2 production of 206,000oz falls marginally behind the company's guidance.
"We forecast production ramping up to ~7% q/q in Q3 and ~6% in Q4, driven by increased plant throughput," MacRury said.
GCM noted that plant throughput during Q2 averaged 1,622tpd, compared to 1,581tpd in the same quarter last year, despite a scheduled 120-hour stoppage for routine repairs and improvements in June.
"Estimated Q2 production for the new polymetallic plant is 294,000lb zinc, 345,000lb lead, 29,800oz silver, and 200oz gold (+17%, +2%, 7%, and 30%, respectively, q/q)," MacRury said.
"The metals are stockpiled on site in lead and zinc concentrates which are expected to start shipping in the next few weeks," he said.
CGM's share price rose 6% day on day to close the trading session on July 18 at C$3.33. With gold producer stocks coming under downward pressure in recent weeks, CGM's share price has fallen from around C$5.90 in mid-April and on July 16 hit about a three-year low, closing at C$3.14.
CGM has a market capitalization of C$325.11 million (US$250.89 million).
GCM is also advancing its Torparu gold/copper project in Guyana.
