Mint releases third quarter results

The Royal Canadian Mint’s financial results for the third quarter of 2022 came in as forecasted.

Marie Lemay is the master of the Royal Canadian Mint.

“I am encouraged by the positive results that our diversified, customer-focused organization is generating,” said Mint President and CEO Marie Lemay. “We are ahead of plan and expect to exceed our financial goal of delivering even greater than expected returns to Canada and Canadians. As market conditions evolve, the Mint continues to demonstrate the effectiveness of its business strategy and its ability to deploy its resources to be as responsive as possible to adapt to forecasted and unforeseen shifts in market conditions and customer demand.”

Financial and Operational Highlights

  • The financial results for the third quarter of 2022 are as expected, below 2021 levels, given the exceptional performance seen in 2021, and planned operational maintenance in 2022. The Mint expects to exceed its financial goals for 2022, as set out in the Mint’s Corporate Plan.
  • Compared to 2021, which yielded singular results, the Mint had 10 per cent lower revenue while overall profitability decreased quarter over quarter from lower foreign circulation volumes and higher planned operating expenses.
  • Consolidated revenue decreased to $728.7 million in 2022 (2021 – $811.6 million).
    Revenue from Precious Metals businesses decreased to $687.2 million in 2022 (2021 – $757.9 million):

    • Gold bullion volumes increased 14 per cent to 354.3 thousand ounces (2021 – 310.4 thousand ounces) while silver bullion volumes decreased two per cent  quarter over quarter to 9.6 million ounces (2021 – 9.8 million ounces).
    • Sales of numismatic products were consistent quarter over quarter at $24 million.

Revenue from Circulation businesses decreased to $41.5 million in 2022 (2021 – $53.7 million):

    • Revenue from the foreign circulation business decreased 58 per cent quarter over quarter due to lower volumes produced and shipped in 2022 as compared to 2021.
    • Revenue from Canadian coin circulation products and services increased 27 per cent quarter over quarter from coin production to replenish the Canadian circulation inventory levels as well as higher Alloy Recovery Program (ARP) metric tons processed during the period.
  • Overall, operating expenses increased 15 per cent quarter over quarter to $30.6 million
    (2021 – $26.6 million) mainly due to a planned temporary increase in consulting expenses to support the digital program and business transformation.
  • Cash has increased to $95.6 million (December 31, 2021 – $69.3 million).

Consolidated results and financial performance
(in millions)

13 weeks ended 39 weeks ended
   Change      Change
October 1,
October 2,
$ % October 1,
October 2,
$ %
Revenue $ 728.7 $ 811.6 (82.9) (10) $ 2,435.6 $ 2,667.9 (232.3) (9)
Profit for the period $     7.8 $     9.2 (1.4) (15) $      24.7 $      43.5 (18.8) (43)
Profit before income tax
and other items 1
$   12.2 $   18.8 (6.6) (35) $      42.5 $      69.9 (27.4) (39)
Profit before income tax
and other items margin2
1.7 % 2.3 % 1.7 % 2.6 %
(1) Profit before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit
before income tax and other items is included on page 11 of the Mint’s 2022 Third Quarter Report.
(2) Profit before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before
income tax and other items.


As at
October 1, 2022 December 31, 2021 $ Change % Change
Cash $ 95.6 $ 69.3 26.3 38
Inventories $ 57.7 $ 86.5 (28.8) (33)
Capital assets $ 156.1 $ 154.2 1.9 1
Total assets $ 423.5 $ 405.5 18.0 4
Working capital $ 147.7 $ 122.5 25.2 21

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, as well as the continuing emergence of COVID-19 variants, to continue to impact its performance in 2022.

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