Royal Canadian Mint Announces Third Quarter 2023 Results


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The Royal Canadian Mint announced its financial results for the third quarter of 2023 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.

"The Mint’s projected 2023 financial performance is tracking to target, despite the sudden and significant decline in global bullion demand in the third quarter," said Marie Lemay, President and CEO of the Royal Canadian Mint. "We expect that our strong performance in the first half of 2023, combined with our agility to adapt to the realities of a dynamic marketplace, will minimize the impacts of headwinds and maximize opportunities."

The financial results should be read in conjunction with the Mint’s annual report available. All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.

Financial and Operational Highlights

  • The financial results for the third quarter of 2023 were below 2022 levels primarily from lower bullion volumes due to weaker demand in the global bullion market, higher precious metal costs and higher operating expenses. Results were positively impacted by the success of the numismatics products celebrating the reign of Queen Elizabeth II and the coronation of King Charles III, as well as higher gold market pricing. The Mint expects to meet its financial goals for 2023, as set out in the Mint’s Corporate Plan.
  • Consolidated revenue decreased to $360.6 million in 2023 (2022 – $728.7 million).

Revenue from the Precious Metals business decreased to $328.4 million in 2023 (2022 – $687.2 million):

  • Gold bullion volumes decreased 52% quarter over quarter to 170.1 thousand ounces (2022 – 354.3 thousand ounces) while silver bullion volumes decreased 64% to 3.4 million ounces (2022 – 9.6 million ounces).
  • Revenue from numismatic product sales increased 39% quarter over quarter.

Revenue from the Circulation business decreased to $32.2 million in 2023 (2022 – $41.5 million):

  • Revenue from the Foreign Circulation business decreased 44%, quarter over quarter due to an unfavorable mix of coins and blanks in new contracts, despite higher volumes from new contracts awarded in 2023 as compared to 2022.
  • Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as less coins were required to replenish inventories.
  • Overall, operating expenses increased 17% quarter over quarter to $35.8 million (2022 – $30.6 million) mainly due to planned increases in employee compensation to support on-going operations, and in consulting expenses to support the digital program, as well as the timing of planned commemorative coin program marketing campaigns year over year.  
  • Cash and cash equivalents and short-term investment decreased to $78.1 million (December 31, 2022 – $79.3 million).

Consolidated results and financial performance
(in millions)

13 weeks ended

39 weeks ended





September 30, 2023

October 1, 2022



September 30, 2023

October 1, 2022




$ 360.6

$ 728.7



$ 1,841.8

$ 2,435.6



(Loss) Profit for the period

$   (5.8)

$   7.8



$      15.0

$     24.7



(Loss) Profit before income tax and other items1

$   (8.7)

$   12.2



$      23.4

$   42.5



(Loss) Profit before income tax and other items margin2










(1) (Loss) profit before income tax and other items is a non-GAAP financial measure. A reconciliation from (loss) profit for the period to (loss) profit before income tax and other items is included on page 12 of the Mint’s 2023 Third Quarter Report.

(2) This is a non-GAAP financial measure and its calculation is based on profit before income tax and other items.


As at



September 30, 2023

December 31, 2022

$ Change

% Change

Cash and cash equivalents and short term investment
















Capital assets








Total assets








Working capital









As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2023. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.

To read more of the Mint’s Third Quarter Report for 2023, please visit

About the Royal Canadian Mint

The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours. As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations.

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Dazed and Coinfused

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Dazed and Coinfused

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Dazed and Coinfused

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