RCM Resilient Amongst Uncertainty

In its annual report for 2025, the Royal Canadian Mint (RCM) states that it navigated a complex operating environment, marked by economic volatility and geopolitical uncertainty.

It reported a significant increase in annual profit, rising to $78.5 million from $18 million in 2024, largely driven by an $86.4 million favourable revaluation linked to silver prices.

However, underlying performance was weaker, with profit before tax and other items falling below both 2024 levels and internal targets.

Consolidated revenue reached $2 billion, up from $1.28 billion the previous year. The precious metals business accounted for the majority of this figure, generating $1.84 billion in revenue. This increase was primarily attributable to higher gold and silver prices, which rose by 51% and 71%, respectively. However, bullion volumes declined, with gold down 3% and silver down 25%, reflecting softer global demand.

Numismatic product sales increased by 30% to $181.7 million, supported by price increases linked to high metal prices.