#Canada #Royal Canadian Mint #Ottawa #Q3 2024 #financial results

Royal Canadian Mint Q3 2024 Financial Results

The Royal Canadian Mint (RCM), responsible for producing and issuing Canada's circulation coins, has reported its financial results for the third quarter of 2024. The results provide a comprehensive insight into the Mint’s operations, the influencing markets, and expectations for the upcoming year.

Overview of Financial Performance

Marie Lemay, the President and CEO of the Mint, shared that the organization’s adaptability and diversified structure allowed it to leverage new opportunities amid changing market conditions. The Mint's financial outcomes exceeded their targets and surpassed figures from the previous year, attributing several key factors to this success. The impact of increased gold market prices and international circulation volumes, coupled with lower fixed costs, has been significant.

Despite these gains, a slight drop in expected precious metal volume occurred due to ongoing weak demand in the global precious metal market. Nevertheless, the Mint maintains a positive outlook on achieving its financial goals as outlined in its corporate plan for 2024-2028.

Key Financial Highlights

• - Consolidated Revenue: The Mint reported a revenue of CAD 252.7 million for 2024, down from CAD 360.6 million in 2023. The revenue from the precious metals segment saw a notable decline to CAD 217.6 million, compared to CAD 328.4 million the previous year.
• - Gold Bar Volume: There was a 38% decrease in gold bar volume, which fell to 106.1 thousand ounces from 170.1 thousand ounces in the previous year.
• - Silver Bar Volume: Silver bar volume also decreased by 20% to 2.7 million ounces.
• - Market Prices: There was, however, a rise in the market prices for gold and silver, seeing an increase of 27% and 23%, respectively, from the prior quarter.
• - Numismatic Product Sales: Sales for numismatic products decreased by 12% when compared to the previous quarter, primarily influenced by heightened demand for the products commemorating Queen Elizabeth II in 2023.
• - Circulation Revenue: Revenues from circulation business reached CAD 35.1 million, up from CAD 32.2 million in 2023, while revenues from the foreign circulation business increased significantly by 77% due to heightened production and shipping volumes.
• - Operational Costs: Total operational expenditures dropped by 27%, amounting to CAD 28.3 million, largely due to planned reductions in consulting and personnel costs.

Future Outlook

The Mint continues to actively manage its global supply chain and logistics networks to ensure continued operational effectiveness. They are preparing for potential impacts from macroeconomic changes and other external factors likely to affect financial performance throughout 2024.

Lemay emphasized the importance of ongoing risk management processes to mitigate any potential challenges that may arise in the future. The detailed financial report can be accessed via their website at www.mint.ca.

About the Royal Canadian Mint

Established as a government corporation, the Royal Canadian Mint is a leading minting establishment recognized worldwide for producing high-quality collector’s items, market-leading bullion coins, and serving the Canadian military and civilian commemorative needs. Their commitment extends beyond minting, as they actively engage in refining services and environmental goals to positively impact the communities they are part of.

For more intricate details on their plans and services, follow the Royal Canadian Mint on platforms like LinkedIn, Facebook, and Instagram.