"In the face of unforeseeable economic and geopolitical challenges, the Mint reacted swiftly to mitigate the impacts of these headwinds and maintain profitability," said Simon Kamel, Interim President and CEO of the Royal Canadian Mint. "Our teams continued to work as One Mint to reduce operating costs, leverage new opportunities in the foreign circulation market, capitalize on the surge of the gold and silver market, and grow our refining business to even better support Canada's gold mining industry."
The financial results should be read in conjunction with the Mint's annual report available at www.mint.ca. All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.
Financial and Operational Highlights
The Mint's profit for the year increased 336% to $78.5 million from $18.0 million in 2024. These results were impacted by a favourable change of $86.4 million on the revaluation of the Face Value redemptions liability which is driven by the market price of silver.
The profit before income tax and other items for 2025 were behind the financial target set in the 2025–2029 Corporate Plan and were lower than 2024 results. Performance was affected by softness in global bullion demand for the most part of the year and by geopolitical events outside the Mint's control. Volatility in precious metal markets led to unexpected increases in the cost of precious metal leases in the first quarter, followed by sharp rises in gold and silver prices in the fourth quarter. The weaker performance of the Precious Metals business was partially offset by higher revenues from the Foreign Circulation business and by planned reductions in operating costs to support ongoing operations.
Consolidated revenue increased to $2,001.0 million in 2025 (2024, $1,284.1 million).Revenue from the Precious Metals business increased to $1,841.7 million in 2025 (2024, $1,148.1 million):
Revenue from the Bullion Products and Services business increased 65% due to higher gold and silver market prices of 51% and 71%, respectively.
Gold bullion volumes decreased 3% year over year to 551.2 thousand ounces (2024, 567.5 thousand ounces) and silver bullion volumes decreased 25% to 11.7 million ounces (2024, 15.6 million ounces).
Sales of numismatic products increased to $181.7 million in 2025 (2024 - $139.8 million) due to pricing increases largely reflecting volatile and high gold and silver market prices.
Revenue from the Circulation business increased to $159.3 million in 2025 (2024, $136.0 million):
Revenue from Foreign Circulation increased 54%, year over year, a reflection of changes in the mix of contracts and higher volumes sold in 2025 as compared to 2024.
Revenue from Canadian circulation decreased year over year, mainly due to lower volumes combined with lower program fees, in accordance with the memorandum of understanding with the Department of Finance.
Overall, operating expenses increased 1% year over year to $121.1 million (2024, $119.5 million) mainly due higher consulting expenses to support the digital program and business transformation.
Cash decreased to $28.9 million (December 31, 2024 - $54.6 million). In 2025, the Mint ...
