The First Quarter 2022 of the Royal Canadian Mint

In the Winnipeg facility of the Royal Canadian Mint all Canadian and foreign circulation coins are produced.
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The Royal Canadian Mint announces 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.

“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 online. 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 to 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 $865.0 million in 2022 (2021 – $902.8 million). Revenue from Precious Metals businesses decreased to $825.4 million in 2022 (2021 – $852.0 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 – 10.0 million ounces) while gold bullion volumes increased 12% quarter over quarter to 366.9 thousand ounces (2021 – 328.5 thousand ounces).
    • Sales of numismatic products remained similar quarter over year decreasing slightly by 4%.
  • 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 to 319 million coins in 2021.
    • Revenue from Canadian coin circulation products and services remained similar quarter over quarter, increasing slightly by 4%.
  • Overall, 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 on-going operations and business transformation initiatives.
  • Cash increased to $88.6 million (December 31, 2021 – $69.3 million).

Consolidated results and financial performance

(in CAD $ millions)

13 weeks ended
April 2, 2022 April 3, 2021 $ Change % Change
Revenue $ 865.0 $ 902.8 (37.8) (4)
Profit for the period $ 14.4 $ 13.8 0.6 4
Profit before income tax and other items (1) $ 15.8 $ 26.0 (10.2) (39)
Profit before income tax and other items margin (2) 1.8% 2.9%

(1) Profit before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit 1.8% before income tax and other items is included on page 11 of the Mint’s 2022 First 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
April 2, 2022 December 31, 2021 $ Change % Change
Cash $ 88.6 69.3 19.3 28
Inventories $ 79.3 § 86.5 (7.2) (8)
Capital assets $ 153.5 $ 154.2 (0.7)
Total assets $ 414.1 $ 405.5 8.6 2
Working capital § 134.2 $ 122.5 11.7 10

As part of its business continuity plan, 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 COVID-19 and emerging variants as well as other external events around the globe to continue to have an impact on its performance in 2022. The Mint continues to mitigate potential risks as they arise and prioritize the health and safety of its employees, adjusting its work protocols as required by the provinces and the local health authorities.


To read more of the Mint’s Third Quarter Report for 2021, please visit the Royal Mint website.

Here you can find the RCM annual report for 2020 and the first quarter of 2021 report.