AsiaNet 97493 （1946）

OTTAWA, ON, Aug. 19, 2022 /PRNewswire=KYODO JBN/ --

The Royal Canadian Mint (the "Mint") is pleased to announce its financial

results for the second quarter of 2022 that provide insight into its

activities, the markets influencing its businesses and its expectations for the

next 12 months.

"The Mint continues to demonstrate resilience and stability by generating

strong results in the midst of challenging market conditions," said Marie

Lemay, President and CEO of the Royal Canadian Mint. "The outstanding response

to our new Opulence Collection has introduced the Mint to a new category of

customers. We will continue to meet customer needs across all our businesses as

we strive to reach new audiences and seize new opportunities."

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 financial results for the second quarter of 2022 are as expected

       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 12% lower

       revenue while overall profitability decreased quarter over quarter from

       lower gold bullion volumes and planned higher operating expenses.

    -- Consolidated revenue decreased to $841.9 million in 2022 (2021 – $953.5

       million).

    -- Revenue from Precious Metals businesses decreased to $793.6 million in

       2022 (2021 – $905.4 million):

       -- Gold bullion volumes decreased 20% to 357.0 thousand ounces (2021 –

          448.7 thousand ounces) while silver bullion volumes

          increased 8% quarter over quarter to 9.6 million ounces

          (2021 – 9.0 million ounces).

       -- Sales of numismatic products increased to $31.9 in 2022 (2021 - $24.8

          million) due to higher sales from the Mint's new Opulence coin

          collection, international resale coins and premium bullion products.

          Revenue from Circulation businesses increased to $48.3 million in

          2022 (2021 – $48.1 million):

       -- Revenue from Canadian coin circulation products and services

          increased 14% quarter over quarter from coin production to

          replenish the Canadian circulation inventory levels held on

          behalf of the Department of Finance as well as an increase

          in ARP metric tons processed during the period

       -- Revenue from the Foreign Circulation business decreased 11% quarter

          over quarter due to lower volumes produced and shipped in 2022 as

          compared to 2021.

    -- Overall, operating expenses increased 13% quarter over quarter to $29.7

       million (2021 – $26.2 million) mainly due to planned temporary and non-

       temporary increases in expenses to support business transformation, an

       inclusive and engaged workforce, and to reconnect with the Mint's

       customers around the world.

    -- Cash increased to $86.6 million (December 31, 2021 - $69.3 million).

    -- Consolidated results and financial performance

(in millions)

(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 12 of the Mint's 2022 Second 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 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, inflation, as well as other external events around the globe, to

continue to impact 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 Second Quarter Report for 2022, please visit

www.mint.ca.

About the Royal Canadian Mint

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. For more information on the Mint, its products and

services, visit www.mint.ca. Follow the Mint on Twitter (https://c212.net/c/link/?t=0&l=en&o=3625289-1&h=4046349822&u=https%3A%2F%2Ftwitter.com%2FCanadianMint&a=Twitter),

Facebook (https://c212.net/c/link/?t=0&l=en&o=3625289-1&h=2458380577&u=https%3A%2F%2Fwww.facebook.com%2FCanadianMint%2F&a=Facebook)

and Instagram (https://c212.net/c/link/?t=0&l=en&o=3625289-1&h=1927085408&u=https%3A%2F%2Fwww.instagram.com%2Fcanadianmint%2F&a=Instagram).

FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES

This Earnings Release contains non-GAAP financial measures that are clearly

denoted where presented. Non-GAAP financial measures are not standardized under

International Financial Reporting Standards (IFRS) and might not be comparable

to similar financial measures disclosed by other corporations reporting under

IFRS.

This Earnings Release contains forward-looking statements that reflect

management's expectations regarding the Mint's objectives, plans, strategies,

future growth, results of operations, performance, and business prospects and

opportunities. Forward-looking statements are typically identified by words or

phrases such as "plans", "anticipates", "expects", "believes", "estimates",

"intends", and other similar expressions. These forward-looking statements are

not facts, but only estimates regarding expected growth, results of operations,

performance, business prospects and opportunities (assumptions). While

management considers these assumptions to be reasonable based on available

information, they may prove to be incorrect. These estimates of future results

are subject to a number of risks, uncertainties and other factors that could

cause actual results to differ materially from what the Mint expects. These

risks, uncertainties and other factors include, but are not limited to, those

risks and uncertainties set forth in the Risks to Performance section of the

Management Discussion and Analysis in the Mint's 2021 annual report, as well as

in Note 9 – Financial Instruments and Financial Risk Management to the Mint's

Audited Consolidated Financial Statements for the year ended December 31, 2021.

The forward-looking statements included in this Earnings Release are made only

as of August 17, 2022, and the Mint does not undertake to publicly update these

statements to reflect new information, future events or changes in

circumstances or for any other reason after this date.

Please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613)

884-6370, reeves@mint.ca

SOURCE Royal Canadian Mint