ROYAL CANADIAN MINT REPORTS PROFITS AND PERFORMANCE FOR 2024
OTTAWA, ON, June 16, 2025 /CNW/ - The Royal Canadian Mint (the "Mint") is announcing its financial results for 2024. These results provide insights into the Mint's activities, the impacts of market fluctuations on its businesses and its expectations for the next 12 months.
"The Royal Canadian Mint's diverse and innovative team deployed creative solutions to the complex challenges of 2024," said Marie Lemay, President and CEO of the Royal Canadian Mint. "We capitalized on new opportunities, adapted to everchanging environments and positioned ourselves well for the changes ahead."
The financial results should be read in conjunction with the Mint's annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.
Financial and Operational Highlights
The financial results for 2024 were ahead of the financial target for 2024, set out in its 2024-2028 Corporate Plan, and lower than 2023 levels, as expected. The results were impacted by the continued softness in global bullion demand that started in the second half of 2023. The weaker performance of the Precious Metals business was partially offset by higher gold market pricing, with record highs in 2024, combined with higher foreign circulation volumes sold and a planned lower level of operating costs to support both the Mint's on-going operations and digital program and business transformation initiatives.
Consolidated revenue decreased to $1,284.1 million in 2024 (2023, $2,162.0 million). Revenue from the Precious Metals business decreased to $1,148.1 million in 2024 (2023, $2,046.1 million):
Volume for gold bullion decreased 43% while silver bullion volume decreased 36% year over year, to 567.5 thousand ounces for gold bullion (2023, 989.1 thousand ounces) and 15.6 million ounces for silver bullion (2023, 24.4 million ounces).
Gold and silver market prices increased year over year by 22% and 21%, respectively.
Revenue from numismatic product sales were fairly consistent year over year despite the strong sale of the monarch effigy products in 2023.
Revenue from the Circulation business increased to $136.0 million in 2024 (2023, $115.9 million):
Revenue from Foreign Circulation increased 76%, year over year, a reflection of higher volumes sold in 2024 as compared to 2023.
Revenue from Canadian circulation decreased slightly year over year mainly due to lower program fees, in accordance with the memorandum of understanding with the Department of Finance, partially offset by a higher volume of coins required to replenish inventories due to a decrease in deposits with financial institutions.
Overall, operating expenses decreased 11% year over year to $119.5 million (2023, $135.0 million) mainly due to planned reductions in consulting and workforce expenses.
Cash decreased to $54.6 million (December 31, 2023 - $59.8 million). In 2024, the Mint declared and paid $5.0 million in dividend to its Shareholder, the Government of Canada, $4.0 million of which was in relation to the year ended December 31, 2023. Cash remains adequate to support the Mint's operations.
Consolidated results and financial performance (in millions)
Year ended
December 31, 2024
December 31, 2023
$
