Royal Canadian Mint posts $14.4-million earnings in Q1 2022

1 kg Royal Canadian Mint Gold Bars

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Royal Canadian Mint Canadian Gold Reserves has released its financial results for the first quarter of 2022 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months. All figures are in Canadian dollars.

“The results of the first quarter of 2022 demonstrate that we have built a strong foundation from which we are able to respond to the changing needs of our customers and take advantage of new opportunities,” said Marie Lemay, president and CEO of the Royal Canadian Mint. “We are confident that our long-term strategy gives us the resilience to continue to generate good value for Canada and Canadians.”

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

Financial and operational highlights: The results of the first quarter of 2022 build on the exceptional performance seen in 2021. Compared with 2021, which yielded singular results, the Mint had 4% lower revenue while profit for the first quarter of 2022 was consistent with the same period in 2021 at $14-million.

Consolidated revenue decreased to $865-million in 2022 (2021 – $902.8-million). Revenue from precious metals businesses decreased to $825.4-million in 2022 (2021 – $852-million).

Bullion customer inventory deals, when revenue is recognized on a net basis, increased 17% quarter-over-quarter while gross bullion revenue only increased 4%. Silver bullion volumes decreased 11% to 8.9 million ounces (2021 – 10 million ounces) while gold bullion volumes increased 12% quarter-over-quarter to 366,900 ounces (2021 – 328,500 ounces). Sales of numismatic products remained similar quarter over year decreasing slightly by 4%.

Total revenue for Q1 2022 totalled $865.0 compared to the comparable 2021 quarter at $902.8.  Revenue from circulation businesses decreased to $39.6-million in 2022 (2021 – $50.8-million). Revenue from the foreign circulation business decreased 40% quarter-over-quarter with production and shipment of 288 million foreign coins and blanks, compared with 319 million coins in 2021. Revenue from Canadian coin circulation products and services remained similar quarter-over-quarter, increasing slightly by 4%.

Over all, operating expenses increased 8% quarter-over-quarter to $27.6-million (2021 – $25.6-million) mainly due to a planned increase in the number of employees to support the Mint’s continuing operations and business transformation initiatives. Cash increased to $88.6-million (Dec. 31, 2021 – $69.3-million).

The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is recognized as one of the largest and most versatile mints in the world, offering a wide range of specialized, high-quality coinage products and related services on an international scale.


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