Minting for  
Tomorrow
ROYAL CANADIAN MINT
ANNUAL REPORT 2022

2022
2021	
% change
Key financial highlights ($ in millions)
Revenue
 3,282.5 
 3,550.8 
(8)
Gross profit
 170.3 
 179.4 
(5)
Profit for the period
 34.9 
 53.7 
(35)
Profit before income tax and other items1, 3
 45.0 
 82.1 
(45)
Dividends paid
 40.7 
 78.9 
(48)
Total assets
 380.2 
 405.5 
(6)
Shareholder’s equity
 138.4 
 142.5 
(3)
Capital expenditures
 16.4 
 11.9 
38 
Cash flow from operating activities
 85.2 
 69.1 
23 
Return on average capital employed2, 3
15%
27%
Key operating highlights
New coins sold to financial institutions and others (in millions of pieces)
 336.0 
 379.0 
(11)
Gold bullion sales (in thousands of ounces)4
 1,489.7 
 1,470.5 
1 
Silver bullion sales (in millions of ounces)4
 37.1 
 37.7 
(2)
Number of employees (at December 31)
1,189
1,208
(2)
Revenue by Program 
and Business
($ in millions)
Canadian Circulation 
Foreign Circulation 
Bullion Products and Services
Numismatics
2,527.6
3,550.8
3,282.5
1,420.6 1,453.4
22
21
20
19
18
1 	 A reconciliation of profit before income tax and other items is included on page 43.
2 	 Calculation is based on profit before income tax and other items.
3 	 These are non-GAAP financial measures that are not standarized under International Financial Reporting Standards (IFRS) and might not be comparable to similar 
financial measures disclosed by other corporations reporting under IFRS.
4 	 Bullion volumes are presented on a gross basis.
Financial and Operating Highlights
Contents 
2	
Message from the President and CEO
5	
Minting for Tomorrow
19	
In Memoriam
20	
Our People 
22	
Environmental, Social and Governance 
25	
Message from the Chair
27	
Corporate Governance
32	
Connecting to the Corporate Plan
33	
Management Discussion and Analysis
50	
Management’s Statement of Responsibility 
for Financial Reporting
51	
Independent Auditor’s Report
53	
Consolidated Financial Statements
57	
Notes to the Consolidated Financial Statements
107	 Statistics
108	 Executive Officers and Leadership Team

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            1
MINTING FOR TOMORROW
THE PAST FEW YEARS have been sobering for countries, individuals and 
organizations around the world as COVID-19, economic and geopolitical 
uncertainty, social tensions and climate change have brought disruptions and 
required new ways of working, living and doing business.
For the Royal Canadian Mint, embracing this reality has led to new ways 
of working, including accelerating its implementation of a comprehensive 
commitment to ESG — embedding environmental, social and governance 
responsibility across Mint operations.
The Royal Canadian Mint acknowledges that its facilities rest on longstanding Indigenous 
territory. The lands on which its Ottawa facilities are located are the traditional unceded 
territory of the Algonquin Anishinaabeg People. Its Winnipeg facilities are located on Treaty 
No. 1 territory, which is the traditional territory of the Anishinaabeg, Cree, Oji-Cree, Dakota, 
and Dene Peoples, and the homeland of the Métis Nation.
A responsible  
way forward
5	
Responsibility 
starts at the source
8	
Truth and 
Reconciliation
10	
Digging deep for 
solutions
12	
Innovating for 
world markets
14	
Working against 
	
the elements:  
Coin management 
in a storm
16	
The power
	
of one
Minting for Tomorrow

2	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
OUR RESILIENCE, FLEXIBILITY AND 
WILLINGNESS to try new approaches has 
served us well throughout the past year.
As we continued to implement our One 
Mint strategy, the results clearly showed 
through robust profitability, continued 
innovation and important strides in 
responsibly delivering on our commitments. 
If 2021 was all about setting the stage for 
some exciting projects against the backdrop 
of an unprecedented pandemic, 2022 was 
the year we put our plans into action.
Our performance this year is further 
proof of the value and potential of our 
long-term strategic plan, strengthening the 
Mint’s position as a pillar of the Canadian 
economy and supporting people across 
Canada and partners around the world.
When we launched our One Mint 
strategy, we knew that Environmental, 
Social and Governance (ESG), as well 
as Diversity, Equity and Inclusion (DEI), 
would be foundational elements to the 
Mint’s continued success. This past year, 
the Mint created new structures and 
processes to further align and embed ESG 
and DEI into everything we do across the 
organization. I have seen countless displays 
of collaboration, innovation and meaningful 
community outreach in the projects 
delivered in 2022.
As pandemic restrictions began lifting 
and the economy started to open back 
up, the Mint continued to expertly oversee 
the national circulation coin management 
system, ensuring there were no shortages of 
coins. The Mint’s unique expertise continues 
to support Canada and Canadians who 
want or need to use coins in a payment 
landscape that is increasingly digital.
In February, as the world witnessed the 
invasion of Ukraine, the Mint found a way 
to give back. All net cash proceeds from 
the sale of our 2022 Pysanka coins, the 
best-selling annual series that proudly 
celebrates the richness of Ukrainian  
culture and artistry, were donated to the  
Canadian Red Cross Ukraine Humanitarian 
Crisis Appeal. We bolstered our support for 
the people of Ukraine in September, when 
we announced that net cash proceeds 
from the sale of 50th Anniversary of the 
1972 Summit Series collector products 
would be donated to the Ukraine 
Humanitarian Appeal.
We continued to tell meaningful 
Canadian stories through our products. 
In August, we held our first in-person 
circulation coin launch since the start of 
the pandemic, celebrating the talent and 
legacy of Oscar Peterson, the first musician 
and first Black Canadian to appear on a 
circulation coin. 
The return of in-person events and 
meetings, as well as the reopening of 
our boutiques were great opportunities 
to rekindle customer engagement. We 
reconnected at home and around the 
globe: meeting expert numismatists 
from the Royal Canadian Numismatic 
Association and the American  
Numismatic Association at their annual 
summer conventions; networking with 
industry peers and stakeholders at the 
LBMA Precious Metals Conference; as well 
as reaching new audiences with the  
launch of our Opulence Collection and 
promoting our premium-packaged  
giftable bullion through a cross-country 
Costco roadshow.
Message from  
the President  
and CEO
When we  
launched our  
One Mint strategy, 
we knew that 
Environmental, 
Social and 
Governance 
(ESG), as well as 
Diversity, Equity 
and Inclusion 
(DEI), would be 
foundational 
elements to the 
Mint’s continued 
success.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            3
MESSAGE FROM THE PRESIDENT AND CEO
    An important pillar of our One 
Mint strategy has been to explore 
new markets, opportunities and 
customers for our numismatic 
product offerings. This focus 
led to the successful launch 
of our luxury Opulence 
Collection, opening the 
door to new segments of 
customers and distributors. 
 In a global environment 
with unprecedented 
challenges, many significant 
geopolitical and economic 
headwinds made foreign circulation 
demand difficult to predict in 2022. Yet 
our Foreign Circulation team remained 
hard at work identifying new business 
opportunities. The team met with many 
potential customers around the world. 
Highlighting our innovative capabilities, 
the Mint was recognized alongside the 
Central Bank of Barbados for the Barbados 
$1 Glow-in-the-Dark Flying Fish circulation 
coin for Best New Commemorative or Test 
Circulating Coin under the International 
Association of Currency Affairs’ (IACA) 
2022 Excellence in Currency Awards. 
The responsible and transparent 
sourcing of precious metals is a 
cornerstone of our business. In 2022, the 
Mint was proud to manufacture a first 
bullion coin composed of pure gold sourced 
entirely from a single Canadian mine. This 
new process allows the gold used to be 
traced from start to finish through every 
step of the production process in our 
Ottawa facility from mine to mint. We 
also strengthened our ESG commitment 
by starting to refine gold from reputable 
Months of meaningful 
collaboration culminated in 
the release of a Truth and 
Reconciliation Keepsake in 
September. The design was a 
cooperative effort by three 
Indigenous artists who 
worked together with the 
National Centre for Truth 
and Reconciliation and its 
Survivors Circle members 
to help create a thoughtful 
and wearable piece of art. The 
keepsake will be available through 
to the end of 2023, and the Mint 
is pleased to be donating all net cash 
proceeds from its sale to the National 
Centre for Truth and Reconciliation’s 
Na-mi-quai-ni-mak Community Support 
Fund. As with previous charitable products, 
Mint employees once again donated their 
time to package the keepsakes in an 
effort to minimize costs and maximize the 
donation.
Our Business transformation is 
supported by important technology 
projects and new leadership roles. We 
created and staffed a new Vice-President 
of Corporate Security position, merging 
the protection of our physical assets with 
critical cyber security oversight. After  
much careful work and planning, the new 
mint.ca launched in June, offering an 
improved, personalized digital experience 
for customers. We are also investing in  
new enterprise resource planning (ERP) 
system to allow for seamless integration 
of data across the organization, further 
breaking down organizational silos and 
increasing efficiency. 
The Mint has two 
primary businesses — 
Circulation and 
Precious Metals — 
both informed 
and supported by 
commitments  
to the Mint's  
Innovation and  
Digital technology 
programs, People 
Strategy and 
environmental, 
social and corporate 
governance (ESG).

4	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MESSAGE FROM THE PRESIDENT AND CEO
North American mines for an ethically 
sourced precious metal exchange-traded 
fund (ETF). In June, the Mint made a 
commitment to have a carbon-neutral 
circulation coinage business by 2030. This 
means that improvements to the operation 
of our Winnipeg facility will ensure that 
Canadian circulation coins, as well as those 
produced for other countries, are carbon 
neutral. Our commitment is supported by 
investments in people and technology that 
will benefit not only our environmental 
objectives, but also our business objectives.
The Mint’s innovative and forward-
thinking attitude can be seen in everything 
that we do, but our people are truly at the 
heart of our strong performance.
In 2022, we continued to put the 
health and safety of our people first. 
We introduced new measures when and 
where they were needed as new COVID-19 
variants emerged. We continued to 
look for ways to foster professional and 
personal development for our employees, 
investing more than $1.6 million in learning 
and development, and enabling more 
people than ever to access promotions, 
development opportunities and skill-
enhancing transitions within the Mint. At 
the halfway point of our ALL IN DEI Action 
Plan, 50% of our objectives have been met 
in the current phase of our journey and the 
remainder are on track to being completed 
by June 2024.
In September, we joined people around 
the world and across the Commonwealth 
in mourning Queen Elizabeth II. Following 
the passing of the Queen, the Mint acted 
swiftly and collaboratively to set plans to 
honour her historic reign and legacy into 
motion. We were well-prepared for this 
event as cross-functional teams came 
together to minimize disruptions to our 
operations. Our response was bolstered by 
the release of a special $2 circulation coin 
with a black nickel outer ring, the first of 
its kind in the world, this innovative coin 
developed by the Mint, offered Canadians 
a beautiful and unique way to honour and 
remember their late Queen.
I also join our Chair in expressing my 
heartfelt sorrow following the passing of 
Board member Dr. Sandip Lalli in December. 
Sandip was appointed to the Board of 
Directors in June 2018 and immediately left 
her mark, most notably on the Governance 
and Nominating Committee, the Human 
Resources and Workplace Health and 
Safety Committee, and, most recently, as 
chair of the Audit Committee, replacing 
Vic Young, another excellent member 
of our Board, whose counsel will also be 
missed. I am thankful to the entire Board 
of Directors for their support and oversight 
throughout 2022, as well as the leadership 
team and staff, for playing an active role in 
the continued success of the Mint.
As we move forward, our resilience, 
flexibility and creativity will continue to 
serve us well. We will continue to invest in 
our people, in our technology, and in ESG 
to strengthen and grow our circulation and 
precious metals businesses.
No matter what challenges lie ahead, 
we are prepared to tackle them head 
on. We will continue to be flexible and 
adaptable to changes in the circulation 
and precious metals markets for the  
benefit of our customers, our shareholder 
and Canadians.
Marie Lemay
President and CEO
We will continue 
to invest in our 
people, in our 
technology, and in 
ESG to strengthen 
and grow our 
circulation and 
precious metals 
businesses.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            5
MINTING FOR TOMORROW
IN THE PRECIOUS METALS SPACE, 
responsibility comes with new expectations 
from customers for greater 
transparency in how precious 
metals are sourced and 
from where. Investors want 
to know they’re buying 
products created under 
robust environmental and 
ethical standards. 
The Mint is not taking 
these expectations lightly 
and, in its use of silver and 
gold, the proof is in the bullion. 
Last year, the Mint created a  
first-of-its-kind Gold Maple Leaf (GML) 
bullion coin from a confirmed single source: 
the Meliadine Gold Mine in the Kivalliq 
District of Nunavut, operated 
by Canadian gold mining 
company Agnico Eagle.
    Using a rigorous 
segregation protocol,  
the Mint refined the 
Meliadine gold to produce a 
commercial volume of $50 
one-ounce, 99.99-per cent 
pure GML coins. Almost  
the full production volume  
of those bullion coins was 
purchased by the Mint’s official 
distributors immediately after their launch.
Each single-sourced bullion coin features the privy 
mark of a hand cradling a globe.
The 2022 $50 1 oz. 99.99% Pure Gold Maple Leaf Single-Sourced Mine bullion coin is entirely composed of gold 
extracted by Agnico Eagle at its Meliadine Mine in Nunavut.
Responsibility  
starts at the 
source

6	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MINTING FOR TOMORROW
The gold standard
The Mint’s ESG Commitment, formally 
approved by the Board of Directors in June 
2022, sets out objectives and targets for 
environmental, social and governance 
performance across the organization, 
bringing ESG considerations to all Mint 
activities. 
Part of this commitment was adopting 
a new Responsible Sourcing (Precious 
Metals) Policy, approved by the Board 
of Directors. It outlines the governance 
framework for precious metals supply 
chains to identify and validate the flow 
of all incoming precious metals, assess 
sourcing risks, adopt management 
strategies to address those risks, 
demonstrate openness and transparency, 
and ensure compliance with the 
responsible sourcing requirements of the 
London Bullion Market Association (LBMA), 
with which the Royal Canadian Mint is an 
accredited Good Delivery refiner.
The LBMA released Version 9 of its 
Responsible Gold Guidance in November 
2021, significantly expanding the range of 
factors refiners need to consider in their 
sourcing due-diligence practices, including 
the conduct of their clients in terms of 
workforce occupational health and safety, 
as well as the rigour of environmental 
practices around protected areas.
The Mint’s ESG 
Commitment was 
augmented with 
a new Responsible 
Sourcing (Precious 
Metals) Policy   
approved by the 
Board of Directors.
The Mint's partnership with Agnico Eagle to develop a single-mined bullion coin is one of the ways it is 
responding to increasing demand for greater transparency in the sourcing of precious metals.
The Mint's refinery continues to find new ways to 
innovate while maintaining the highest industry 
standards.
Agnico Eagle's Meliadine Mine in Nunavut.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            7
MINTING FOR TOMORROW
Pitching in
The Mint joined the LBMA and gold  
industry members from around the  
world in helping develop the World Gold  
Council's Declaration of Responsibility 
and Sustainability Principles, an industry 
commitment to operate responsibly 
from mine to market announced in 
October 2022. The Declaration outlines 
10 objectives related to responsible 
sourcing standards, respect for human 
rights, the advancement of the United 
Nations Sustainable Development Goals, 
and action and disclosures on climate 
change. It includes a provision the Mint 
suggested for inclusion: to consider the 
impact of gold industry activities on 
Indigenous Peoples and other potentially 
vulnerable populations.
Indigenous focus
Where impacts on Indigenous communities 
are concerned, the Mint is undertaking 
due diligence of the mines from which it 
refines precious metals across Canada (in 
Nunavut, Quebec, Ontario, Newfoundland, 
Nova Scotia, Manitoba, British Columbia 
and Yukon) and determining whether 
agreements are in place with the Indigenous 
communities on or neighbouring mines.
Students of sustainability
To gain a solid understanding of what 
responsible sourcing entails, all members of 
the Mint’s Board of Directors participated 
in training on the subject in 2022 — 
deepening their knowledge to better 
equip them as they guide the organization 
forward on ESG matters.
Technology and traceability 
In 2022, the Mint concluded a pilot project 
to track provenance of gold used in its 
refining operations. Learnings from the 
pilot will be used to implement a scalable 
traceability technology solution for 
precious metals in 2023. 
That solution will be complemented  
by a parallel ERP digital program  
that will bring new IT integration to 
Mint operations through the adoption 
of Microsoft Dynamics 365 business 
applications.
A refiner handles a newly poured gold bar at the 
Mint's Ottawa facility.
The Research and Development team continues 
to look for new ways to enhance the Mint's metal 
tracing capabilities.
In 2022, the Mint 
concluded a pilot 
project to track 
provenance of gold 
used in its refining 
operations.

8	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MINTING FOR TOMORROW
FOR A PERIOD OF 150 YEARS, First 
Nations, Inuit and Métis Nation children 
were forcibly taken from their families 
and communities to attend government-
funded, church-run residential schools. 
More than 150,000 were taken away with 
the goal of destroying their culture and 
ways of life. Thousands never came home. 
To honour both Survivors and victims, 
the Mint facilitated a cooperative effort 
to create a Truth and Reconciliation 
Keepsake — a coin-shaped piece people 
could wear to spark discussion about 
the Residential Day and Boarding School 
experience, learn the truth, and foster 
reconciliation.
 
Because the past must never  
be forgotten  
The Mint collaborated with three  
artists who worked with residential,  
day and boarding school Survivors to 
create the Keepsake. Its design features 
pairs of footprints, representing  
ancestors walking with younger 
generations. At the centre of it all,  
orange handprints form the shape  
of the sun—the life-giving source of  
light and heat. Within the hands, the 
flame motif from the National Centre  
for Truth and Reconciliation logo 
acknowledges the spiritual flame born 
inside each person. 
For a period of 
150 years, more 
than 150,000 First 
Nations, Inuit 
and Métis Nation 
children were taken 
from their families 
and communities 
to attend 
government-
funded, church-run 
residential schools.
Truth and
Reconciliation 
Canadians came together in all parts of the country to remember the children lost to residential, day and boarding 
schools, including through memorials made up of children's shoes (photo: The Canadian Press/Justin Tang).

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            9
MINTING FOR TOMORROW
The obverse of the Keepsake blends 
visual elements that express Indigenous 
cultures and perspectives, as designed 
by First Nations artist Leticia Spence, 
Inuit artist Jason Sikoak, and Métis artist 
JD Hawk. It features an open circle 
representing experiences shared in the 
vastness of the natural world.
All net cash proceeds from the sale of 
the Keepsake are being donated to the  
Na-mi-quai-ni-mak Community Support 
Fund established by the National Centre 
for Truth and Reconciliation. The fund helps 
Survivors and their communities carry out 
healing, wellness and commemoration 
activities. (Na-mi-quai-ni-mak is an 
Anishinaabemowin term meaning, “I 
remember them.”)
Change, one step at a time
Promoting diversity has become a priority 
for businesses around the world and across 
industries, but how can it be incorporated 
into day-to-day activities within an 
organization? That’s a question the Mint 
sought to answer with the creation in 2022 
of its Diversity, Equity and Inclusion (DEI) 
Lens Toolkit. Designed in consultation with 
experts, it is an accessible resource for all 
employees to help evaluate new activities 
and navigate processes and conversations 
with a DEI Lens through a stepped process 
and screening guidance. 
All net cash 
proceeds are being 
donated to the 
Na-mi-quai-ni-mak 
Community  
Support Fund 
established by the 
National Centre 
for Truth and 
Reconciliation.
For the first time in the Mint’s history, three artists collaborated on a single coin design: First Nations artist 
Leticia Spence, Inuit artist Jason Sikoak and Métis artist JD Hawk. The result of their collaboration is a thoughtful 
and compelling story of the residential school experience for Indigenous communities across Canada. 
Mint employees applying the DEI Lens Toolkit to  
their work.
Packaging for the Truth and Reconciliation Keepsake.

10	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MINTING FOR TOMORROW
NINETY METRES UNDERGROUND – 
that’s how deep the Mint had to go for 
the answer. Geothermal technology is 
transforming operations at the Mint’s 
Winnipeg facility, allowing warm water 
from the expansive grounds surrounding 
the manufacturing plant to reduce natural 
gas and electricity consumption.
Since June, the Mint’s engineering team 
has been partnering with local experts, 
starting by locating water underground. 
Initial drilling led to the unexpected 
discovery of a cave, at the limits of which 
was the water source they needed  —  
at the required temperature. Many wells  
were drilled by the end of 2022, with 
promising results.
The deployment of piping in 2023 will 
enable the Mint to begin cooling equipment, 
and heating rooms naturally during 
the cold Manitoba winter. If successful, 
subsequent project phases will allow  
the Mint to heat and cool the entire 
building, supporting the plant’s journey  
to become carbon-neutral by 2030 —  
an environmental target set in the Mint’s 
ESG Commitment.
Geothermal 
technology is 
transforming 
operations at the 
Mint’s Winnipeg 
facility, allowing 
warm water to 
reduce natural 
gas and electricity 
consumption.
Digging deep 
for solutions
Warm water found on the expansive grounds of the Mint's Winnipeg facility are helping reduce natural gas and 
electricity consumption through new geothermal technology.
The Mint has committed to making its Winnipeg 
facility carbon-neutral by 2030.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            11
MINTING FOR TOMORROW
Where there’s a mill, there’s a way
Novel approaches don’t always require big 
capital investments. A cross-functional 
team in Ottawa proved this with its 
breakthrough solution to extend the life of 
the Mint’s existing rolling mill — equipment 
central to its manufacturing operation. 
Rather than invest the $5 million 
that would be required to purchase 
brand-new equipment in 2022, the Mint 
spent $2 million to extend the life of its 
current equipment by 10 years, making 
adjustments to improve the mill’s safety 
and realize savings in operational costs. 
Innovating the ‘how’
The Mint’s ESG Commitment extends 
beyond responsible sourcing to  
responsible manufacturing. In 2022, 
collaborative research and development 
projects with McGill University continued 
on innovative, sustainable processes for 
separating metals and optimizing chemical 
reactions. In 2023, the team will move out 
of the lab to test their technologies on a 
bigger scale.
Separately, the Mint continued its 
research into processes that minimize 
use of new base metal material through 
increased recycling of coin cores.
Meeting the standard
ISO 14001 certification is increasingly 
required by central banks and foreign 
clients in their bid processes to ensure 
the Mint has suitable environmental 
management systems in place. In 2022, the 
Mint successfully recertified its Winnipeg 
facility and completed preparations for 
certification of its Ottawa facility, which is 
anticipated in fall 2023. 
In 2022, 
collaborative 
research and 
development 
projects with 
McGill University 
continued on 
processes for 
separating metals 
and optimizing 
chemical 
reactions.
The rolling mill upgrade in Ottawa is an example of multi-disciplinary cooperation, with employees from various 
areas working together to upgrade the controls, motors, gearboxes and coilers with an improved design. 
The Mint's Winnipeg facility successfully achieved  
ISO 14001 recertification.

12	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MINTING FOR TOMORROW
INNOVATION REMAINS AT THE CORE of 
the Mint’s strategy and operations. That 
was clear in 2022 when the Mint launched 
new products made from a different kind 
of earthly treasure: pink diamonds.
“Opulence” is a collection of gold and 
platinum coins adorned with hundreds 
of rare pink diamonds — some of the last 
available from Rio Tinto’s renowned Argyle 
diamond mine in Western Australia, which 
closed in 2020. The coins featured intricate 
cherry blossom motifs. Combined, they 
had a total mintage of just 436.
The standout of the collection was  
The Ultimate, a one-of-a-kind masterpiece 
rendered on a canvas of pure platinum.  
It sold for more than $1.26 million 
(including buyer’s premium) to an 
anonymous buyer during a live auction 
held May 31 by Toronto’s Heffel Fine Art 
Auction House.
Complementing the Opulence 
collection, the Mint also launched a new 
hybrid line of giftable and collectible 
bullion last year, marrying the investing 
appeal of bullion with the collector appeal 
of numismatics.
The Ultimate was sold during a live auction by Heffel 
Fine Art Auction House.  
The Opulence Collection redefines rare with the use of eye-catching pink diamonds, mined over thirty years from 
Rio Tinto’s now-closed Argyle Mine. 
Innovating for 
world markets

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            13
MINTING FOR TOMORROW
Currency conversion
For central banks around the world 
considering banknote to coin conversion, 
the Royal Canadian Mint’s bi-metallic coin 
technologies are solid, sustainable solutions. 
The Mint supported foreign countries in 
converting low-denomination bills — which 
require costly, frequent replacement and 
distribution — to more durable, long-lasting 
coin currency. 
Technology making a splash
The Mint was recognized alongside the 
Central Bank of Barbados at the 2022 
International Association of Currency 
Affairs (IACA) Excellence in Currency 
Awards for the Barbados $1 Glow-in-the-
Dark Flying Fish circulation coin, which 
features Mint proprietary pad-printed 
photo-luminescent colour technology.
Named Best New Commemorative or 
Test Circulating Coin, the piece honours 
Bajan front-line workers who helped the 
nation overcome the COVID-19 pandemic. 
It shows the light of hope breaking through 
the shadow of adversity. 
Sustainable, responsible gold
Increasingly, investors want to know their 
investments live up to their values. For  
gold investors, that means knowing  
where the gold comes from, who produced 
it and whether it was produced sustainably. 
In partnership with the Royal Canadian 
Mint, Sprott Asset Management — a global 
leader in precious metal and real assets 
investments — launched the Sprott ESG 
Gold Exchange Traded Fund ("SESG") in 
2022. Focused on trust, transparency, 
and traceability, it is the first fund to 
exclusively source and refine gold from 
globally recognized mining leaders based 
on specific ESG and provenance criteria 
developed by Sprott.
The ETF began trading on the New York 
Stock Exchange Arca in August.  
Named Best New 
Commemorative 
or Test Circulating 
Coin, the piece 
honours Bajan 
front-line workers 
who helped the 
nation overcome 
the COVID-19 
pandemic. 
Bi-metallic coins, like Canada's $2 coin, continue to be an attraction option for international clients.

14	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MINTING FOR TOMORROW
WHEN HURRICANE FIONA MADE 
LANDFALL in the Maritimes on  
September 24th, several entities mobilized 
for support – including Canada’s coin 
management system, administered by  
the Royal Canadian Mint. 
With power lines down, flooding, road 
closures and storm impacts across Nova 
Scotia, Newfoundland, Prince Edward 
Island and parts of Quebec, the Mint had 
to work quickly to keep coin flowing to the 
eastern communities where it was needed. 
That responsibility to be inclusive — to 
‘leave no one behind’ and ensure access for 
those who rely on cash payment, such as 
new and rural Canadians and unbanked or 
underbanked individuals — is central to the 
social component (the ‘S’) of the Mint’s 
ESG Commitment. 
Following some of the same protocols 
employed during heavy flooding on 
Canada’s West Coast in 2021, the Mint 
worked closely with regional armoured 
car companies to assess inventory levels, 
ensure the availability of adequate backup 
supply nearby, and replan coin deliveries 
as a result of the disruptions. Daily 
conversations and monitoring ensured no 
coin shortages as the communities focused 
on recovery.
With power lines 
down, flooding, 
road closures and 
storm impacts, 
the Mint had to 
work quickly to 
keep coin flowing 
to the eastern 
communities where 
it was needed. 
Working against 
the elements: 
Coin management 
in a storm
The Mint's commitment to ensuring the accessibility of coins to all Canadians was on full display following 
Hurricane Fiona. Close collaboration with banks and armoured car companies avoided any coin shortages in the 
wake of the storm.
 Downed power lines in Dartmouth, Nova Scotia. 
(photo: SaltWire/Ryan Taplin)

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            15
MINTING FOR TOMORROW
The ripple effects of geopolitical 
instability
Canada’s coin system proved its resiliency 
again in 2022 in the face of impacts from 
armed conflict and geopolitical instability. 
Countries whose circulation coin is made 
from materials such as nickel and copper 
had to cope with volatility in precious 
metals market pricing. The Mint was less 
impacted: because its proprietary multi-
ply plated steel (MPPS) technology for 
manufacturing Canadian coins minimizes 
base metal dependency, its circulation 
program wasn’t subject to volatile 
production cost spikes. 
While some countries once again had 
to boost new-coin production by up to 
25 per cent due to coin shortages caused 
by the COVID-19 pandemic’s impacts on 
frequency of coin use, the Mint did not. In 
2022, 77 per cent of financial institution 
demand was met with recirculating coin, 
seven per cent with recycled coin and the 
balance with new coin production.
The race to slow global warming 
According to the scientists of the United 
Nations’ Intergovernmental Panel on 
Climate Change (IPCC), less than a decade 
remains before irreversible warming and 
its consequences unfold. While the world 
met at COP27, held in Egypt in November, 
the Mint joined 26 other corporations from 
around the world to declare a commitment 
to taking monumental effort to bend the 
current trajectory.
The Action Declaration on Climate 
Policy Engagement outlines how industry 
decarbonization leaders will encourage 
ambitious action to close the “say–do” 
gap on countries’ emission reductions by: 
supporting climate action aligned with 
the Paris Agreement when engaging with 
policymakers; working with major industry/
trade associations to advance alignment 
with the Paris Agreement; and monitoring 
and disclosing climate policy alignment for 
their companies and their major industry/
trade associations. 
 
The Mint joined  
26 other 
corporations 
from around the 
world to declare 
a commitment 
to taking 
monumental effort 
to bend the current 
trajectory.
Blank production using the Mint's multi-ply plated steel (MPPS) technology greatly reduces dependency on 
expensive base metals.
COP 27 (photo: Reuters/ Sayed Sheasha)

16	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MINTING FOR TOMORROW
In 2022, the  
Mint honoured 
Oscar Peterson with 
a commemorative 
$1 coin celebrating 
his legacy — making 
him the first Black 
Canadian to be 
featured on a 
circulation coin. 
SOME INDIVIDUALS MAKE AN IMPACT 
that spans generations. Canadian jazz 
legend Oscar Peterson was one. 
Louis Armstrong called him “the man 
with four hands”. His 1962 composition 
Hymn to Freedom became an anthem 
of the 1960s civil rights movement. 
Over a career that spanned 
decades, Peterson made more 
than 400 recordings, won 
eight Grammy Awards, was 
inducted into Canada’s 
Music Hall of Fame and 
received the Order of 
Canada. He inspired countless 
artists, many of whom went on 
to become music icons themselves, 
and continues to influence new generations  
of musicians.
In 2022, the Mint honoured the 
internationally acclaimed pianist with 
a commemorative $1 coin celebrating 
his legacy — making him the first Black 
Canadian to be featured on a circulation 
coin. It began circulating on August 15,  
his birthday. 
      Peterson grew up in Little Burgundy, 
the neighbourhood hub of Montreal’s 
black community. He died in 
2007 at the age of 82. The coin 
was unveiled at Toronto’s 
Roy Thompson Hall, where 
Peterson had performed 
many times, in an event 
that fused past with present 
and brought together the jazz 
icon’s family and friends for a 
personalized celebration.
The circulation coin is limited to a 
mintage of three million coins, of which 
two million feature a purple accent 
(Peterson’s favourite colour). 
The power 
of one 
Following the successful launch of the Oscar Peterson commemorative $1 coin, the celebration continued with 
a special video series, launched in collaboration with the CBC, that highlights contemporary artists who were 
inspired by the late jazz legend.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            17
MINTING FOR TOMORROW
DEI Award introduced
The Mint’s annual recognition awards 
program celebrates Mint employees or 
teams who have made an impact on their 
colleagues, the organization and their 
communities. As part of implementing its 
“ALL IN” Diversity, Equity and Inclusion (DEI) 
Action Plan, last year the Mint added a new 
honour to its program: the DEI Award. Two 
winners were announced for 2022. 
Monitoring our impact 
Commitments are important, but 
measurable action matters more. Along 
with the formal declaration of its ESG 
Commitment in 2022, the Mint created 
a new Chief Impact Officer function 
to oversee ESG activity across the 
organization. This individual will oversee 
all Mint ESG and DEI programs across the 
organization, measuring progress against 
targets and providing regular reporting to 
the executive team and Board of Directors.
A Mint employee references the “ALL IN” DEI  
Action Plan.
As part of 
implementing  
its “ALL IN” 
Diversity, Equity 
and Inclusion  
(DEI) Action  
Plan, last year  
the Mint added  
a new honour to  
its program: the 
DEI Award.

18	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MINTING FOR TOMORROW
THE MINT CONTINUED TO CONNECT 
with Canadians and reach new customers 
through coins that are both innovative 
and reflective of the people whose stories 
are essential to sharing a more complete, 
inclusive history of Canada.
A piece of Canada’s Black 
history was engraved 
on a silver collector 
coin remembering 
the Underground 
Railroad. Artist 
Kwame Delfish 
portrayed ancestral 
slaves who escaped 
to the North in search 
of freedom and built 
legacies that shaped the 
mosaic of today’s Canada. 
In his own words: “My hope is that their 
strength and courage is illustrated on this 
coin, and that I have sung their gospel.”
A close collaboration with the  
Manitoba Métis Federation was behind the 
2022 Generations fine 
silver coin honouring 
the Red River Métis. 
Unveiled at the 
Mint’s Winnipeg 
facility, located 
in the National 
Homeland of the 
Red River Métis. The 
story of the origins, 
struggles and resurgence of the Red River 
Métis was told through the artwork of 
master beadwork artist Jennine Krauchi, 
and Michif language inscriptions. 
Some coins 
also had a direct 
humanitarian 
impact. As Russia’s 
unprovoked invasion 
of Ukraine unfolded 
in late February 
2022, the Mint was 
proceeding with the 
scheduled release 
of gold and silver 
coins celebrating the time-honoured 
tradition of Pysanka, the egg decoration 
artform still practiced by scores of 
Canadians of Ukrainian descent. The 
Mint quickly decided to direct all net cash 
proceeds from the sale of these coins to 
humanitarian relief for Ukrainians affected 
or displaced by the invasion. It did the 
same with net cash proceeds from the 
sale of all 50th Anniversary of the Summit 
Series collector products.
In September, the Mint joined millions 
of Canadians in mourning the passing of 
Queen Elizabeth II. Canada’s monarch for 
70 years was respectfully memorialized on 
a $2 circulation coin featuring a unique 
black nickel outer ring, a world-first 
innovation for a circulation coin. 
Thankful for an affordable, 
historically significant 
and visually stunning 
keepsake, Canadians 
turned out in droves 
to collect it at coin 
exchanges held in the 
Mint’s Ottawa and 
Winnipeg boutiques.  
 Our Canada, 
Our Coins

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            19
In Memoriam
ON SEPTEMBER 8, 2022, the Mint  
joined Canadians, citizens of the 
Commonwealth, and others around  
the world in mourning the passing of 
Queen Elizabeth II.
Over the course of a reign that  
spanned more than seven decades,  
Queen Elizabeth II played an integral role 
in the life of our nation. Canadians have 
enjoyed a close and enduring relationship 
with Queen Elizabeth II, exemplified 
by numerous visits, her ties to our 
fundamental institutions and remaining 
current with the progress of Canada as a 
diverse, modern nation.
Many personal and official milestones of 
the late Queen have been commemorated 
on our coins, often featuring her likeness 
on both sides, since her portrait has graced 
the obverse of Canadian coins since 1953. 
Through four different effigies, she was a 
steady, familiar presence as Canadians 
exchanged coins in the course of daily 
commerce, or treasured them as valued 
collectibles. Although we bid her farewell 
on a special $2 circulation coin featuring 
a black nickel outer ring, she will remain 
a part of our daily lives as many coins 
bearing her image continue to change 
hands for years to come.
First Effigy, 1953–1964 
(1-cent coin)
Second Effigy, 1965–1989 
(10-cent coin)
Third Effigy,1990–2002
(1-dollar coin)
Fourth Effigy, 2003–present  
(25-cent coin)
Portrait of Queen Elizabeth II  
(February 26, 1952: Dorothy Wilding, National Portrait Gallery, London)
Since the coronation of Queen Elizabeth II in 1953, four effigies (portraits),  
shown above, have graced Canadian coins.

20	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
IN 2022, as part of the implementation of 
its “ALL IN” Diversity, Equity and Inclusion 
(DEI) Action Plan, the Mint expanded its 
slate of employee learning sessions to 
introduce new topics and more external 
speakers who could share their lived 
experience on topics of interest.
Learning calendar events totalled 161, 
up from 55 in 2021, and e-learning sessions 
totalled 174, up from 62. Wide-ranging, the 
topics included: 
•	 Anti-Asian Racism in Canada 
•	 Cultivating 2SLGBTQIA+ Belonging  
at Work
•	 Mitigating Unconscious Bias 
•	 Neurodiversity - Strategies for Creating  
a Neurodiverse Organization
•	 Two-Spirit and Indigenous Inclusion in 
the Workplace
•	 Understanding and Appreciating  
Cultural Differences 
Work was also done to expand membership 
of the Mint’s DEI Committee. By year end, 
the committee had more than 80 members 
and new Terms of Reference had been 
developed to drive a reorganization that 
will invite participation by more employees 
from all parts of the organization. 
Opening doors 
Last year the Mint partnered with Sign 
Language Interpreting Associates of 
Ottawa (SLIAO) to offer American Sign 
Language (ASL) and Langue des signes 
québécoise (LSQ) interpretations services 
in the boutique and for guided tours of  
the Ottawa and Winnipeg facilities, 
improving accessibility for deaf and hard  
of hearing visitors.
Crowned by Corporate Knights
The Mint was again recognized as one of 
the Best 50 Corporate Citizens in Canada 
by Corporate Knights, a sustainability 
media and research company. The 
Mint ranked 22nd out of 332 surveyed 
companies for its leadership in key 
performance areas such as:
•	 Revenues measured against energy use
•	 Greenhouse gas and waste productivity
•	 Lost-time injury rates
•	 Paid sick leave to employees
•	 Diversity on its leadership team and 
Board of Directors
The Best 50 Corporate Citizens in Canada 
ranking is based on 24 quantitative key 
performance indicators relating to  
resource management, employee 
management, financial management, 
clean revenue, clean investment and 
supplier performance.    
 
Our People 
The Mint was again 
recognized as one 
of the Best 50 
Corporate Citizens 
in Canada by 
Corporate Knights, 
and one of the 
National Capital 
Region’s Top 
Employers.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            21
OUR PEOPLE
"ALL IN” Diversity, Equity and Inclusion Action Plan Goals
Communication
DEI lens
Benchmark  
& metrics
Tools
Learning &  
development
Leadership
Recruitment  
& onboarding
Partnerships
Completed in 2021–2022
Resources and 
tools
Communica-
tions plan
Resources 
available on 
intranet
Awareness 
campaigns
Progress 
reports
New DEI 
employee 
award
DEI lens 
toolkit
New DEI 
committee 
mandate
Metrics 
framework
New 
performance 
objective
Review 
recruitment 
strategies
Review 
onboarding 
process
On the horizon for 2022-2023
Web page on 
Mint.ca
Long-term 
strategic plan
Cultural 
awareness 
programs
DEI learning 
paths
Applicant 
diversity data
Employee 
resource 
groups
Sponsorship 
program
On-the-job 
learning
Career 
advancement 
opportunities
Mentorship 
program
Skip-level 
meetings
Partnership 
database
Ongoing actions
Employee 
events
Progress 
reports
Learning 
opportunities
Leadership 
commitment
Meaningful 
partnerships

22	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
Minting with Care
THE MINT IS COMMITTED to supporting Canada’s adoption of the United Nations 2030 sustainable development 
goals. It has a solid foundation in place to be a leader in environmental, social and corporate governance (ESG) issues, 
with many opportunities to create additional value for Canada and Canadians. 
The Mint's corporate objectives include providing products and services that are socially and environmentally 
responsible, taking actions that contribute positively to communities across Canada (or across the country), 
minimizing environmental impact of its products and services, and investing in sustainable technologies  
and processes.
Environmental
Social
Governance
We are committed to investing in 
solutions that reduce our carbon 
footprint, improve waste diversion and 
minimize the environmental impact of 
our operations.
We are committed to developing a 
healthy, safe and caring workplace that 
is grounded in a culture of inclusion and 
reflected in our diverse product offerings, 
while ensuring equitable distribution and 
inclusive access to coinage.
We are committed to upholding the 
highest standards of responsible 
business practices and governance. 
Our focus: 
Carbon emissions 
and climate change 
Our focus: 
Diversity, Equity 
& Inclusion
Our focus: 
Responsible sourcing 
and manufacturing
The Mint has committed to having a 
carbon neutral circulation coin business  
by 2030. 
It also aims to reduce carbon emissions 
throughout its entire value chain, 
including those from suppliers as well 
as the Mint’s own transportation and 
business travel.
The Mint is committed to fostering a 
culture where differences are valued and 
employees are empowered to take active 
roles in addressing systemic racism, 
discrimination, and barriers to inclusion.
It also ensures coins remain an inclusive 
payment option for all Canadians, 
irrespective of race, culture, income and 
geographic region.
The Mint will continue to be an 
international leader for sustainability in 
the precious metal refining and bullion 
production ecosystem. 
Material sourcing and sustainable 
process technologies will be embedded 
into manufacturing processes.
Ongoing initiatives
Ongoing initiatives
Ongoing initiatives
Achieve ISO 14001 certification in Ottawa, 
maintain certification in Winnipeg
Waste diversion
Sustainable product design
Decarbonization roadmap for  
circulation business
Flexible working practices
Charitable campaigns
Training
Employee Wellbeing
Official Languages
Diversity reflected in product offering
Accessibility action plan
Responsible Metals Policy
Precious metals traceability
Research and Development to  
reduce chemical use
Most environmentally friendly plating 
technology
Cybersecurity
Privacy
Ethics and Code of Conduct
Anti-money laundering
Whistleblowing program
Integrate ESG considerations  
into contracting lifecycle
Environmental, Social 
and Governance

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            23
ENVIRONMENTAL, SOCIAL AND GOVERNANCE 
22
21
20
19
18
 Greenhouse gas 
 emission 
(tonnes C02 equivalent)
22
21
20
19
18
 Solid waste recycled   
(per cent of solid waste)
306.6
312.7
236.9
284.2
246.3
22
21
20
19
18
Water consumption 
(thousands of cubic meters)
39%
43%
48%
49%
52%
6,673
7,132
6,637
6,081
6,451
7.6
7.3
4.8
7.4
6.8
22
21
20
19
18
 Employee training  
(average training days 
 per employee)
2.3
0.7
0.5
1.5
1.7
22
21
20
19
18
Lost time injury rate 
(LTI x 200,000/ number of 
hours worked)
1,092
1,032
1,130
1,112
1,121
6%
16%
5%
7%
9%
22
21
20
19
18
           Number of employees vs. 
           Employee turnover(percent)
Mint GHG emissions, calculated 
based on Scope 1 (direct emissions 
such as the consumption of 
natural gas) and Scope 2 (indirect 
emissions related to the use of 
electricity) activities. The Mint’s 
GHG emissions contributions are 
up 6% compared to 2021.  
Number of days that were 
dedicated to training divided 
by the number of employees. 
The Mint’s target to reach 
five developmental days per 
employee per year was achieved 
in 2022.  
Total percentage of waste 
recycled, broadly defined to 
include reuse, recycling and 
compositing, but excluding 
incineration. The Mint is focused 
on continuous improving recycling 
practices at both its facilities.
The employee turnover ratio  
is calculated by dividing the 
number of employees who have 
left the company in 2022 by the 
total number of employees. 
Combined water consumption 
for the Ottawa and Winnipeg 
facilities. The 2022 corporate 
consumption is down 13.4% 
compared to 2021. The corporate 
distribution of the consumption is 
20% for the Ottawa facility and 
80% for the Winnipeg facility.  
Lost time incident or injury 
frequency rate per 200,000 
hours worked. 
Current ESG trends
Transparency will be critical as we progress along our ESG journey. We will continue to  
expand our framework of key performance indicators (KPIs) and evolve our methods for 
tracking and reporting.

24	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
ENVIRONMENTAL, SOCIAL AND GOVERNANCE 
Outlook and targets
The Royal Canadian Mint is committed to supporting Canada’s adoption of the United Nations 2030 agenda for 
sustainable development. Our corporate objectives include providing products and services that are socially and 
environmentally responsible, taking actions that contribute positively to communities and minimize any impact on 
the environment, and investing in green technologies and processes. We aim to work with vendors and customers 
who share the same vision.
Environmental
Goal
Outcome
•	 Reduce carbon emissions by exceeding Government of Canada 
Greening Strategy targets
•	 Achieve a carbon-neutral circulation coin business by 2030
Focus
2023 target
•	 Carbon emissions
•	 Establish targets for carbon emissions reduction for 2024-
2030 to achieve carbon neutrality of circulation business
Highlights of ongoing initiatives
•	 Solid waste diversion
•	 Establish waste diversion and recycling targets and KPIs for 
our manufacturing waste
•	 Water consumption
•	 Identify and implement water consumption reduction 
opportunities to achieve a goal of 5% reduction over 3 years
•	 Environmental incidents
•	 0 major incidents
Social
Goal
Outcome
•	 Create a culture where differences are valued and employees 
are empowered to take active roles in addressing systemic 
racism, discrimination and barriers to inclusion
•	 Ensure coins remain an inclusive payment option for 
all Canadians, irrespective of race, culture, income and 
geographic region
•	 Reflect Canada’s diversity by recruiting and supporting 
the growth of passionate people of all gender identities, 
ethnicities, abilities and experiences who bring their inclusive 
mindset to the workplace
•	 Ensure equitable distribution of Canada's circulation coins
Focus
2023 target
•	 Diversity
•	 Achieve 85% participation in Diversity, Equity and Inclusion 
active learning opportunities that include post-learning 
engagement and reflection components
•	 Embed the practices outlined in the DEI lens toolkit that was 
launched in 2022
Highlights of ongoing initiatives
•	 Safety performance (lost time injuries)
•	 Reduce reportable injury rate year-over-year
•	 Training and development
•	 Reach five development days per employee per year
Governance
Goal
Outcome
•	 Be an international leader in ESG in the precious metals 
refining and bullion production ecosystem
•	 Embed material sourcing and sustainable to  
manufacturing processes
By 2025: 
•	 Fully implement refinery traceability program
•	 Reduce use of chemicals in the refinery process
•	 Reduce use of steel in bimetallic circulation coin production
Focus
2023 target
•	 Business practices
•	 Fully implement ESG considerations into the Mint's 
Contracting Lifecycle
•	 Responsible Sourcing
•	 Implement refinery traceability program
•	 Governance
•	 Achieve and maintain industry-leading certifications
Please visit mint.ca to learn more about our ESG initiatives.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            25
I AM PLEASED TO REPORT on the work 
of the Royal Canadian Mint’s Board of 
Directors, which has played an oversight 
and guiding role in the continued success 
of the Mint. The Board has worked closely 
with the Mint’s management team 
to execute on the One Mint strategy, 
implemented in 2020. Now firmly in place 
thanks to employee engagement  
at all levels of the organization, the 
strategy kept producing strong results 
in 2022, and allowed the Mint to make 
investments that are critical to its future 
profitability and sustainability. As we 
resumed in-person meetings, my fellow 
directors and I were especially pleased 
to see many of these new investments in 
action, and get a tangible sense of the 
Mint’s operational priorities.
Over the past year, we were able to 
focus on integrating environmental, social 
and governance (ESG) principles in the 
Board's own governance framework, 
while the management team continued 
to embed ESG throughout the Mint. A 
strategic session helped set our direction 
and enhanced our ability to deliberate and 
make strategic recommendations with 
an ESG lens. A comprehensive action plan 
included the Board’s approval of a new 
corporate policy on responsible sourcing, 
compliant with the LBMA’s updated 
guidance on the sourcing of precious 
metals. The Board is also pleased that the 
Mint remains on track for an ISO-14001 
environmental certification of its Ottawa 
facility in 2023 and that the Mint has 
committed to making its circulation 
business carbon-neutral by 2030.
The Board received quarterly updates on 
the implementation of the Mint’s Diversity, 
Equity and Inclusiveness (DEI) Action Plan 
and is encouraged by significant progress 
made in ensuring the Mint is a caring and 
welcoming workplace. On the Board’s part, 
all directors participated in an educational 
workshop on reconciliation, which has 
helped inject awareness for Indigenous 
culture to our deliberations. Doing our part 
for reconciliation is a priority we share with 
all Mint employees. We therefore applaud 
them for their respectful, collaborative 
work with the National Centre for Truth 
and Reconciliation (NCTR) to launch the 
Truth and Reconciliation Keepsake this 
October, which financially contributed to 
the NCTR’s Na-mi-quai-ni-mak Community 
Support Fund.
I was honoured to participate in the 
unveiling of the $1 commemorative 
circulation coin honouring jazz legend 
Oscar Peterson at Toronto’s Roy Thomson 
Hall in August. By featuring a black 
Canadian and a musical artist on a 
circulation coin for the very first time, the 
Mint took an important step in helping tell 
a more complete story of Canada through 
more diverse and inclusive themes.
Message  
from the  
Chair
Over the past 
year, we were 
able to focus 
on integrating 
environmental, 
social and 
governance 
(ESG) principles 
in the Board's 
own governance 
framework.

26	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MESSAGE FROM THE CHAIR
In closing, I want to express the Board’s 
profound sadness upon learning of the 
loss of our colleague Dr. Sandip Lalli, who 
passed away December 7, 2022. She was 
a valued director who will be missed for 
her kind demeanour and her extensive 
business leadership experience. I also wish 
to thank Vic Young for sharing his extensive 
knowledge and experience until retiring 
from the Board earlier this year. We will 
work hard to find able successors who will 
help the Board further hone its expertise 
as we continue to contribute to the 
responsible growth and success of  
the Mint.
Phyllis Clark
Chair of the Board
We were also saddened by the passing 
of Queen Elizabeth II, who served as 
Canada’s head of state for 70 years. My 
fellow directors and I were impressed by the 
Mint’s cross-functional team that swiftly 
responded with a thorough contingency 
plan maintaining business continuity, 
and even managing to fast-track the 
production and approval of a special $2 
circulation coin with a black outer ring to 
offer millions of Canadians a keepsake by 
which to remember the late Queen.
The Board maintained its focus on 
key issues such as employee health and 
safety, the state of cash in Canada, 
inflation, geopolitical risk, and supply 
chain disruptions. The Board also held a 
cybersecurity table top exercise and the 
learnings were incorporated into the Mint’s 
processes. Throughout 2022, the Mint has 
shown that it is adaptable and profitable in 
a challenging business environment. It has 
also demonstrated its skillful management 
of the coin distribution system, which 
is functioning with even greater insight 
thanks to the introduction of regular cash 
user surveys. I was pleased to be invited 
to share with the Bank of Canada’s Board 
of Directors some of the insights from the 
implementation or our strategy.
The Board 
maintained its 
focus on key issues 
such as employee 
health and safety, 
the state of cash in 
Canada, inflation, 
geopolitical risk, 
and supply chain 
disruptions.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            27
The Royal Canadian Mint is committed to maintaining a strong governance framework 
that guides our leadership in the global minting industry, maintains and promotes  
our vision and corporate values, and safeguards our long-term viability as a federal 
Crown corporation.
Enabling Effective Trade and Commerce
Incorporated as a Crown corporation in 1969 under the Royal Canadian Mint Act, the 
Mint is accountable to Parliament through the Minister of Finance. The legislative 
framework governing the Mint consists of the Royal Canadian Mint Act and the Financial 
Administration Act, as well as other legislation and regulations applicable to all federal 
Crown corporations.
The Mint’s mandate is to produce and deliver secure, high quality and cost-effective 
Canadian circulation coins in support of trade and commerce. Our vision is to “be the 
best mint in the world through our customer focus, talented people, commitment 
to sustainable practices and the value we add to Canada and Canadians”. We are 
committed to adhering to the highest standards of business conduct in carrying out 
that vision. Our Code of Conduct and Ethics provides guidance for our employees and 
sets forth the core values of honesty, respect, pride and passion that define employee 
behaviour and support our work. These values reflect the spirit of the Mint and the 
heart and strength of our culture. As part of that commitment, Mint employees 
complete mandatory online Code of Conduct and Ethics training and have access to 
an independent, third party, confidential whistleblowing platform for employees and 
contractors and members of the public to report allegations of wrongdoing. 
Ensuring Effective Governance
The Board of Directors has overall responsibility for overseeing the management of 
the Mint’s business and affairs. It exercises its duty in the best interests of the Mint 
and the long-term interests of the Government of Canada, in accordance with our 
governing by-laws and applicable legislation and regulations. To fulfill its stewardship 
responsibilities, the Board establishes and approves the Mint’s strategic direction through 
a five-year Corporate Plan, and reviews and approves major strategies and initiatives. It 
exercises due diligence by assessing risks and opportunities, monitors corporate financial 
performance, ensures the integrity of financial results, and provides timely reports to the 
Government of Canada.
At the end of 2022, the Board consisted of nine directors, including the President and 
Chief Executive Officer (CEO). Mr. Victor Young resigned from the Board in May 2022, 
having provided close to five years of dedicated service to the Mint. The Board was also 
deeply saddened by the loss of Dr. Sandip Lalli, Chair of the Audit Committee, who passed 
away on December 7, 2022. Five Board members (Serge Falardeau, Fiona L. Macdonald, 
Cybele Negris, Gilles Patry, and Deborah Shannon Trudeau) were reappointed on 
December 16, 2022.
Corporate Governance

28	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
CORPORATE GOVERNANCE
Directors are appointed from different regions across Canada and seven of them 
were women. The Shareholder is focused on this diverse representation as it continues to 
manage appointment terms and renewals. With the exception of the CEO, all directors 
are independent of the Mint’s senior management. The Board and its committees hold 
in-camera sessions with and without the presence of the CEO. The Board members and 
Officers of the Mint are required to disclose, on an annual basis, whether they, or a close 
family member, exert a significant influence or control over companies that have had 
dealings with the Mint during the year. The Mint assessed disclosures made in 2022 and 
determined there was no material impact on its governance or financial reporting. 
The Board of Directors met seven times in 2022. Three standing committees assist 
the Board in discharging its responsibilities: the Audit Committee, the Governance and 
Nominating Committee, and the Human Resources and Workplace Health and Safety 
Committee. In 2022, these committees met a combined total of 14 times. The Board 
maintains the Mint’s governance structure by reviewing and updating the Board and 
Committee mandates annually and their respective workplans. In 2022, this process 
further cemented the role of the Governance and Nominating Committee in overseeing 
environmental, social and corporate governance (“ESG”), with its members now 
monitoring the Mint’s progress against its ESG commitments on a quarterly basis. 
As health authorities continued to reduce public health restrictions related to the 
global COVID-19 pandemic, the Board was able to conduct a mix of virtual, hybrid and 
in-person meetings in 2022. The two in-person meetings – one in Winnipeg and one in 
Ottawa – allowed Board members and the management team to gather and connect 
face-to-face for the first time since March 2020. 
 Board members participated in a number of professional development activities 
throughout 2022, namely the Mint’s self-directed Anti-Money Laundering/Anti-Terrorist 
Financing (AML-ATF) and Responsible Metals Program (RMP) training programs. Board 
members also conducted a tabletop exercise designed to support the Mint’s effective 
responsiveness to cyber incidents and further bolster its cyber resilience, and participated 
in a facilitated one-day workshop entitled Indigenous Cultural Competence and Humility. 
While the CEO receives an annual salary, the Chair of the Board and each Director 
is paid an annual retainer and per diem set by the Governor in Council pursuant to 
the Financial Administration Act. They are reimbursed for all reasonable out-of-pocket 
expenses incurred while performing their duties related to the Mint, including travel, 
accommodations and meals.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            29
CORPORATE GOVERNANCE
Board of Directors
Director
Board  
meeting  
attendance
Committee  
meeting  
attendance
Phyllis Clark, ICD.D 
Edmonton, Alberta 
Chair of the Board
6/7
13/14
Marie Lemay, ICD.D
President and Chief Executive Officer
7/7
14/14
Serge Falardeau, ASC, CPA, CA
Sainte-Marie-de-Beauce, Quebec
Member of the Audit Committee and the Human Resources and 
Workplace Health and Safety Committee
7/7
10/10
Sandip K. Lalli, FCPA, ICD.D 
Heritage Pointe, Alberta
Chair, Audit Committee  
(until December 7, 2022)
7/7
6/6
Fiona L. Macdonald, ICD.D 
Vancouver, British Columbia
Chair, Human Resources and Workplace Health and  
Safety Committee
7/7
4/4
Pina Melchionna, LL.B., ICD.D
Toronto, Ontario
Member of the Human Resources and Workplace Health and Safety 
Committee and the Governance and Nominating Committee
7/7
8/8
Cybele Negris, ICD.D 
Vancouver, British Columbia
Member of the Audit Committee and the Human Resources and 
Workplace Health and Safety Committee
7/7
10/10
Gilles Patry, C.M., O.Ont
Ottawa, Ontario
Member of the Audit Committee and the Human Resources and 
Workplace Health and Safety Committee
7/7
10/10
Barry Rivelis
Vancouver, British Columbia
Member of the Audit Committee and the Governance  
and Nominating Committee
7/7
8/8
Deborah Shannon Trudeau 
Montreal, Quebec
Chair, Governance and Nominating Committee
Vice-Chair of the Board
7/7
4/4
Victor L. Young, O.C., ICD.D
St. John’s, Newfoundland and Labrador
Member of the Audit Committee and the Governance and 
Nominating Committee 
(until May 24, 2022)
2/3
2/3

30	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
CORPORATE GOVERNANCE
Staying Connected With the Public and Our Employees
As the challenges and risks of the COVID-19 pandemic began to ease, the Mint engaged 
with employees, customers and Canadians in a meaningful, transparent and accessible 
way by resuming events and activities in person, in addition to maintaining virtual and 
hybrid formats. The Mint gathers feedback directly from customers through virtual events, 
social media and surveying activities. It also communicates regularly with its dealers and 
distributors at conferences and events where it can engage directly with its customers to 
solicit feedback on its products and services. Using this collective data, the Mint delivers 
uniquely relevant products and services, and superior customer experiences. 
The Mint resumed in-person events for the first time since the beginning of the COVID-19 
pandemic when it launched the Opulence Collection at the Ottawa Art Gallery on May 4, 
2022. Board member Gilles Patry attended this event in the company of Mint President and 
CEO Marie Lemay and had the opportunity to network with key business partners as well as 
invited Masters Club members.
The opportunity repeated itself as the Mint hosted delegates from across Canada 
attending the Royal Canadian Numismatic Association’s Annual Convention in Ottawa. 
The Mint engaged further with key stakeholders at the American Numismatic Association’s 
World’s Fair of Money, the LBMA’s Precious Metals Conference and the Currency 
Conference.
In August, Chair of the Board Phyllis Clark and Marie Lemay joined Deputy Prime Minister 
and Minister of Finance Chrystia Freeland to unveil a $1 commemorative circulation coin 
honouring Canadian music legend Oscar Peterson at Toronto’s Roy Thomson Hall. It was 
a privilege to do so in the company of the Peterson family: Mr. Peterson’s widow Kelly and 
his children Céline and Norman. The first musician and Black Canadian to appear on a 
circulation coin was honoured before an intimate gathering of close friends, peers and 
leaders of the performing arts community. 
Winnipeg was also a hub of critical bridge building with the Indigenous and Métis 
communities. Two significant events were hosted there: the launch of the Red River Métis 
Generations silver coin, unveiled in partnership with the Manitoba Métis Federation, and 
the launch of the Truth and Reconciliation Keepsake at the headquarters of the National 
Centre for Truth and Reconciliation. Both events were impactful reminders of the role the 
Mint and its employees can play in advancing reconciliation. 
The Mint remains dedicated to innovation, productivity and agility to ensure products 
and services are relevant to customers in a rapidly changing retail and investment 
landscape. The Mint shared quarterly updates on the implementation of the One Mint 
strategy with all employees, and held a virtual employee town hall in November to update 
staff on the corporation’s performance, celebrate achievements and recognize outstanding 
employee contributions. In addition to this virtual event, the Mint provided opportunities for 
employees to meet with members of the Leadership Team face-to-face, including during 
the latest Employee Appreciation event in June.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            31
CORPORATE GOVERNANCE
The Mint continued to deliver frequent, targeted pandemic-related updates to 
employees in addition to regular communications. In accord with the Government of 
Canada's direction, the Mint also implemented a COVID-19 vaccination policy which 
is aligned with the Policy on COVID-19 Vaccination for the Core Public Administration, 
including the Royal Canadian Mounted Police. An electronic newsletter served to celebrate 
the diversity and talents of the Mint’s employee base, featuring animating stories that 
support key themes of collaboration and success. These channels continue to elevate the 
sense of community and connection among employees and foster alignment between 
corporate goals and people’s day-to-day work. Since October 2021, 434 employees 
participated in two Hybrid Working Model pilot projects which allowed the Mint to test 
several different work arrangements and evaluate whether options met our business needs, 
maximized the employee experience and supported the One Mint strategy. Following 
each pilot, employees completed a survey and were asked to share their feedback about 
their experience. These findings have helped us develop hybrid work arrangement guiding 
principles for the future of work at the Mint.

32	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
The Royal Canadian Mint delivers results through a diversified and integrated business structure.
The Mint continues to execute on the implementation of its long-term strategic plan. In 2022, it focused on the path 
outlined in the 2022-2026 Corporate Plan, unifying historically siloed business lines and operations, increasing the 
integration, efficiency and resiliency of the Mint. It also ensured business continuity throughout every aspect of its 
operations.
The Mint’s vision: To be the best Mint in the world through its customer focus, talented people, commitment to 
sustainable practices and the value it adds to Canada and Canadians.
In 2022, the Mint delivered positive results and delivered on its objectives as stated in its 2022-2026 Corporate 
Plan. It exceeded its financial target as highlighted in the Management Discussion and Analysis starting on page 
33. The Mint continued to respond to the rapidly evolving global market and macro-economic environment with 
agility. The Mint continued to embed an ESG lens and practices into every aspect of its operations while continuing 
to build its precious metals capacity, focus its numismatics offerings, pursue operational efficiencies and add value 
to Canada by being a Mint that cares about its people and its environment.
Canada
Customers
People
●	 Ensure coins are available across 
Canada for all Canadians’ use 
in trade in commerce when and 
where they are needed.
●	 Support Canada’s mining and 
financial industries’ role in the 
global precious metal supply chain 
while celebrating Canada’s culture, 
history and values.
●	 Enhance agile manufacturing 
capabilities and know-how to meet 
Canada’s needs.
●	 Demonstrate social responsibility 
while delivering strong financial 
performance.
◆	 Maintain a trusted brand for 
Canada and customers around 
the world that is known for 
industry-leading innovations.
●	 Enhance the agility to deliver 
on customer and shareholder 
expectations.
◆	 Provide a healthy, safe and caring 
workplace where employees can 
grow and achieve their goals as 
part of a high-performing team.
●	 Be an employer recognized for
	
leadership excellence and a 
culture of inclusion, collaboration 
and innovation.
●	 Ensure Canada’s payment system 
remains inclusive to all, including 
the unbanked and underbanked 
and those living in remote 
locations.
 
Environmental, Social and Corporate Governance (ESG)
●	 Provide products and services that are differentiated by being socially and environmentally responsible.
●	 Take actions that contribute positively to communities and minimize impact on the environment.
●	 Invest in and develop green technologies and processes
● Fully met in 2022    ◆ Mostly met in 2022 
The Mint’s 2022 and 2023 corporate objectives align with the pillars Canada, Customers, People and 
Environmental, Social and Governance (ESG).
Connecting to the
Corporate Plan

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            33
This Management Discussion and Analysis (MD&A) provides a narrative discussion 
outlining the financial results and operational changes for the year ended December 31, 
2022, for the Royal Canadian Mint (The Mint). This discussion should be read with the 
audited consolidated financial statements and accompanying notes for the year ended 
December 31, 2022, which were prepared in accordance with International Financial 
Reporting Standards (IFRS). Financial results reported in this MD&A are presented in 
Canadian dollars and are rounded to the nearest million, unless otherwise noted. The 
information in this MD&A is current to March 9, 2023, unless otherwise noted. 
Management is responsible for the information presented in the annual report and 
this MD&A. The Board of Directors approved the content of this MD&A and the audited 
consolidated financial statements on March 9, 2023.
Materiality
In assessing what information to provide in this MD&A, management applies the materiality 
principle as guidance for disclosure. Management considers information material if its 
omission or misstatement could reasonably be expected to influence decisions that the 
primary users make based on the financial information included in this MD&A.
Forward-looking statements
Readers are advised to refer to the cautionary language included at the end of this MD&A 
when reading any forward-looking statements.
Non-GAAP financial measures  
This MD&A includes non-GAAP financial measures which are clearly denoted where 
presented. Non-GAAP financial measures are not standardized under IFRS and might not 
be comparable to similar financial measures disclosed by other corporations reporting 
under IFRS.
Executive summary
The Royal Canadian Mint is a Crown corporation owned solely by the Government of 
Canada. It is required by the Royal Canadian Mint Act to mint coins in anticipation of 
profit and to carry out other related activities. The Mint aims to be an agile, resilient 
Crown corporation focused on the future and prepared to act on opportunities to create 
value for Canada. The Mint has two primary businesses: Circulation and Precious Metals. 
Circulation Business
The Royal Canadian Mint is Canada’s national mint and a global leader in circulation 
coinage and precious metals. As part of its core mandate, the Mint manages the 
circulation of Canada’s coinage from its weekly forecasting and world-class production 
to eventual retirement. This end-to-end responsibility, along with the management 
of inventories across the nation, enables the Mint to effectively deliver a reliable and 
inclusive payment option for Canadians. Integrating environmental, social and corporate 
governance (ESG) as a foundation for its coin lifecycle management practices, the Mint 
recycles and re-distributes coins which reduces the need to produce more coins and 
extends the life span and usage of those coins already circulating.
Management Discussion and Analysis
In commemoration of the 
50th anniversary of Canada’s 
thrilling victory in the 1972 
Canada-USSR Summit Series, 
the Mint circulated a $2 coin 
celebrating the greatest 
moment in Canadian hockey 
history. The Summit Series’ 
importance stretched beyond 
simply sport, to become a 
defining moment in Canadian 
cultural history, and a unifying 
event for Canadians from coast 
to coast to coast.

34	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MANAGEMENT DISCUSSION AND ANALYSIS
On behalf of the Government of Canada, the Mint operates a Commemorative Coin 
Program (CCP) to celebrate Canada’s history, diversity, culture and values. In addition 
to its core mandate, the Mint is responsible for the Alloy Recovery Program (ARP) which 
removes older-composition Canadian coins from the coin pool system and replaces them 
with more durable and secure multi-ply plated steel (MPPS) coins. 
The Foreign Circulation business produces and supplies finished coins, coin blanks 
and tokens to customers around the world, including central banks, mints, monetary 
authorities and finance ministries. The Mint also produces high technology dies for 
international customers, allowing countries to strike their own coins. These contracts 
leverage the infrastructure and industry-leading expertise in the Mint’s Winnipeg 
manufacturing facility. 
Precious Metals Business
The Bullion Products & Services business provides critical support to the essential Canadian 
mining and financial sectors through its market-leading precious metal investment coin 
and bar products, supported by integrated precious metal refining, storage and exchange 
traded receipts (ETR) capabilities. These products include the Maple Leaf family of gold 
and silver coins, as well as other precious metal products and services for investment 
and manufacturing purposes. As a market leader in the industry with bullion coins of the 
highest quality and security, the Mint is well positioned to capture a leading share of any 
increase in demand while sustaining volumes during softer markets. The Mint has, in the 
past, issued ETRs under its Canadian Gold Reserves (TSX: MNT/MNT.U) and Canadian 
Silver Reserves (TSX: MNS/MNS.U) programs, which provide retail and institutional 
investors direct legal title and beneficial ownership in physical bullion held in the custody 
of the Mint at its facilities on an unallocated basis. These programs contribute to the 
efficient operation of the Mint’s production facilities.
The Numismatics business designs, manufactures and sells collectible coins to a loyal 
customer base in Canada and around the world. The medals division proudly provides 
medals to many Canadian public institutions to recognize and celebrate outstanding 
accomplishments of Canadians. The Mint’s global leadership in the art and science of 
minting is consistently recognized around the world. This recognition is largely earned by 
innovative technology enhancements, such as glow in the dark paint, selective plating, 
the Opulence line, hybrid and premium bullion products and the use of vibrant colour 
that allow the Mint to create unique and compelling products. The Mint sold numismatic 
products through its outbound sales and e-commerce platforms in 2022, as well as 
through dealers and partners, both domestically and internationally. The Mint’s boutiques 
were re-opened in late February 2022, after closure due to the COVID-19 pandemic, and 
remained open for the rest of 2022. 
Since 2016, the Mint has 
annually issued popular egg-
shaped coins celebrating the 
Ukrainian springtime folk 
art tradition of intricately 
decorating eggs. This art form 
preserved by many Canadian 
artists beautifully exemplifies 
the enduring cultural traditions 
of Canadians of Ukrainian 
descent. Numbering over 
one million, they represent 
the world’s largest Ukrainian 
expatriate population.  
February 6, 2022 marked 
the 70th anniversary of 
Queen Elizabeth II’s reign. In 
commemoration of this historic 
milestone, the Royal Canadian 
Mint joined Britain’s Royal 
Mint in issuing a fine silver coin 
set celebrating her Platinum 
Jubilee. Canada’s contribution 
featured a youthful portrait 
of the late Queen, embarking 
on what would become the 
longest reign of any Canadian 
monarch.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            35
MANAGEMENT DISCUSSION AND ANALYSIS
Significant corporate events
Corporate Plan
On September 21, 2022, the Mint’s Board of Directors approved the 2023-2027 
Corporate Plan which has been approved by the Minister of Finance and submitted 
to the Treasury Board for approval. 
Dividends
In December 2022, the Mint paid a dividend of $40.7 million to its Shareholder, the 
Government of Canada. 
Coin awards
Excellence in Currency Award (2022)
On October 19, 2022, the Mint was recognized alongside the Central Bank of Barbados 
for the Barbados $1 Glow-in-the-Dark Flying Fish circulation coin, which was crowned 
Best New Commemorative or Test Circulating Coin under the International Association of 
Currency Affairs’ (IACA) 2022 Excellence in Currency Awards. 
Coin of the Year Award
The Mint has won two Coin of the Year Awards in which mints from around the world 
compete for recognition in the most coveted awards program for excellence in coin design 
and manufacturing. The 2021 $20 Fine Silver Coin – Black and Gold: The Grey Wolf was 
named “Best Crown”, while the Mint’s first coloured 10-cent circulation coin issued in 2021 
to celebrate the 100th anniversary of Bluenose won “Best Circulation” coin.
Environmental, Social and Corporate Governance Initiatives
Environmental Initiatives
The Mint formalized its ESG Reporting implementation plan and quarterly reporting 
to the Governance and Nominating Committee of the Board of Directors, linking key 
ESG initiatives to the goals and outcomes outlined in the Mint's new ESG Commitment 
presented to the Board in June 2022.
During workshops at the 2022 Coin Conference in Amsterdam and the Cash and 
Payments Sustainability Forum in Edinburgh, Scotland, the Mint presented its ESG 
Commitment. Both conferences included participation of decision makers from central 
banks from around the world involved with coin procurement.
Task force on climate-related Financial Disclosures (TCFD)
The Mint is required to start reporting under the TCFD standards in 2024. In 2022, the Mint 
completed a gap analysis and benchmarking study, and developed an implementation 
plan to ensure compliance to its requirement to report its TCFD disclosure for the year 
ending December 31, 2024. 
Responding to market demand 
for greater transparency in 
the provenance of precious 
metals, and to showcase its 
refining capabilities, the Mint 
introduced its first gold bullion 
coin completely sourced from 
a single Canadian mine. This 
special Gold Maple Leaf bullion 
coin is composed of gold 
extracted by Agnico Eagle at 
its Meliadine Mine (in Nunavut) 
and refined under a rigorous 
segregation protocol.

36	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MANAGEMENT DISCUSSION AND ANALYSIS
COVID-19 Pandemic
As the COVID-19 pandemic began to normalize in 2022, and with full operations safely 
continuing at its Ottawa and Winnipeg facilities, the Mint started easing some of its 
health and safety protocols in keeping with public health guidelines. It also implemented 
a hybrid workplace arrangement to allow all teams to resume in-person collaboration.  
Business travel resumed, as did in-person coin launches, coin exchanges, and participation 
in annual conferences where the Mint is once again engaging face to face with customers, 
business partners and diverse stakeholders.
Performance indicators
To achieve its objectives, the Mint strives to continually improve profitability through 
prudent financial management and efficient operations. The Mint measures its 
performance by using metrics meaningful to its Shareholder, customers, business partners 
and employees. The measures below allow the Mint to monitor its capacity to improve 
performance and create value for its Shareholder and for Canada. 
Consolidated results and financial performance 
2022
2021
$ change
% change
Revenue
$
3,282.5
$
3,550.8
(268.3)
(8)
Profit for the period
$
34.9
$
53.7
(18.8)
(35)
Profit before income tax and other 
items1 
$
45.0
$
82.1
(37.1)
(45)
Profit before income tax and other 
items margin2
1.4%
2.3%
Return on average capital employed2
15%
27%
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 43.
2	 These are non-GAAP financial measures and their calculation is based on profit before income tax  
	
and other items.   
2022
2021
$ change
% change
Cash and cash equivalents
$
79.3
$
69.3
10.0
14
Inventories
$
56.2
$
86.5
(30.3)
(35)
Capital assets
$
152.5
$
154.2
(1.7)
(1)
Total assets
$
380.2
$
405.5
(25.3)
(6)
Working capital 
$
105.3
$
122.5
(17.2)
(14)
Dividends paid
$
40.7
$
78.9
(38.2)
(48)
Paraguay’s 100 Guaranies 
circulation coin features the 
ruins of Humaitá, a historic 
vestige of the War of the Triple 
Alliance (1864-70). The Royal 
Canadian Mint has a long-
standing relationship with the 
Central Bank of Paraguay and, 
since 2018, has been awarded 
four different circulation coin 
supply contracts for Paraguay.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            37
MANAGEMENT DISCUSSION AND ANALYSIS
Results of operations
Review of financial performance
Profit for the year ended December 31, 2022 decreased 35% to $34.9 million from 
$53.7 million in 2021 as expected, given the exceptional performance seen in 2021, and 
planned operational maintenance in 2022. Foreign circulation product volumes were 
significantly lower in 2022 due to a slower than expected reopening of foreign economies 
post-pandemic. This, along with a planned higher level of operating expenses to support 
the Mint’s on-going operations, foundational governance, and digital program and 
business transformation initiatives impacted profitability.
Working capital remained stable having decreased 14% from December 31, 2021 as a result 
of decreases in inventory and contract assets related to the fulfilment of various Foreign 
Circulation contracts. Cash and cash equivalents increased 14% from December 31, 2021 
mainly due to strong cash flows from operations and lower precious metal purchases, 
partially offset by expected income tax payments of $35.3 million. 
 
Revenue by business and program 
2022
2021
$ change
% change
Canadian Circulation
$
 95.6 
$
89.7
5.9
7
Foreign Circulation
 62.6 
112.9
(50.3)
(45)
Total Circulation
$
 158.2 
$
202.6
(44.4)
(22)
Bullion Products and Services
$
 3,006.6 
$
3,235.9
(229.3)
(7)
Numismatics 
 117.7 
112.3
5.4
5
Total Precious Metals
$
 3,124.3 
$
3,348.2
(223.9)
(7)
Total revenue
$
 3,282.5 
$
3,550.8
(268.3)
(8)
The Mint takes an integrated and agile approach to managing its Circulation and Precious 
Metals businesses. This approach allows the Mint to allocate resources within these 
businesses in order to respond to customer and market demands.
Canadian Circulation
Revenue from the Canadian Circulation Program increased by $5.9 million as compared 
to 2021. The increase was mainly from a different mix of denominations sold to the 
Department of Finance under the new memorandum of understanding combined with 
higher Alloy Recovery Program (ARP) metric tons processed in 2022 partially offset by 
lower circulation coin volumes and program fees.
During 2022, the Mint issued a $1 commemorative circulation coin celebrating the life  
and artistic legacy of Canada’s own Oscar Peterson, a $2 commemorative circulation coin 
commemorating the 50th anniversary of the 1972 Summit Series, an epic clash of hockey 
superpowers in which Canada defeated the Soviet Union, and a $1 circulation  
coin commemorating the 175th anniversary of the birth of legendary inventor Alexander 
Graham Bell.
95
95.2
88
89.7
95.6
22
21
20
19
18
Canadian Circulation 
revenue  
($ in millions)
Honouring one of the world’s 
greatest pianists and jazz 
musicians, the Oscar Peterson  
$1 circulation coin was created  
in close collaboration with  
Mr. Peterson’s family. Its design 
includes the closing bars of 
Mr. Peterson’s celebrated ‘Hymn to 
Freedom’, and a touch of purple, 
his favourite colour. Oscar Peterson 
is the first musician and Black 
Canadian commemorated on a 
circulation coin.

38	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MANAGEMENT DISCUSSION AND ANALYSIS
Coin Supply
(in millions of coins)
2022
2021
change
% change
Financial institutions deposits
1,589
1,396
193
14
Recycled coins
133
110
23
21
New coins sold to financial 
institutions and others
336 
379
(43)
(11)
Total coin supply
2,058
1,885
173
9
Demand is met through the three main sources of supply outlined in the above table 
and is subject to variability across regions of the country and seasonality depending on 
the time of the year. Demand increased 9% for the year ended December 31, 2022 as 
compared to 2021.
Financial institutions deposits are the primary coin supply channel that fulfills coin 
demand. In 2022, as Canada and the world emerged post-pandemic, financial institutions 
deposits, which are typically made up of coins from transit, parking, vending, etc., started 
to increase. For the year ended December 31, 2022 supply was 9% higher than 2021, but 
still lower when compared to pre-pandemic levels. 
 
Department of Finance Inventory
(in millions of dollars)
2022
2021
$ change
% change
Opening inventory
$
84.9
$
82.5
2.4   
3
New coins produced and sold to 
Department of Finance
135.8
148.4
(12.6)
(8)
New coins sold to financial 
institutions and others
(118.7)
(146.0)
27.3
(19)
Ending inventory
$
102.0
$
84.9
17.1
20
The Mint actively manages inventory supply levels from financial institutions deposits, 
recycled coins and new coin production to ensure coinage demand is met efficiently and 
cost effectively throughout the year. The face value of the Department of Finance owned 
inventory at December 31, 2022 was $102.0 million, which was within the inventory limit 
outlined in the Mint’s memorandum of understanding with the Department of Finance.
Foreign Circulation
Revenue from the Foreign Circulation business decreased 45% in 2022 to $62.6 million 
from $112.9 million in 2021. Foreign circulation contract opportunities were limited in 2022 
due to the slower than expected re-opening of foreign economies post-pandemic and 
the rising geopolitical and economic uncertainties on the global economy. The decrease 
in foreign circulation revenue reflects 60% lower volumes produced and shipped year over 
year and changes in the mix of contracts for coins and coin blanks. 
94.9
65.4
64.2
112.9
62.6
22
21
20
19
18
Foreign Circulation revenue 
($ in millions)
Annual supply for coinage across 
Canada
 
Coins sold to financial institutions 
and others
(in millions of coins)
3,402
3,120
1,938
1,885
2,058
22
21
20
19
18
338
336
379
366
415

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            39
MANAGEMENT DISCUSSION AND ANALYSIS
Bullion Products and Services
2022
2021
$ change
% change
Gross revenue
$
4,985.9
$
4,998.5
(12.6)
  –
Less: Customer inventory deals
(1,979.3)
(1,762.6)
(216.7)
12
Net revenue
$
3,006.6
$
3,235.9
(229.3)
(7)
(thousands of ounces)
2022
2021
change
% change
Gold 
1,489.7
1,470.5
19.2
1
Less: ounces from customer 
inventory deals
(786.8)
(709.3)
(77.5)
11
Net gold ounces
702.9
761.2
(58.3)
(8)
Silver
37,102.5
37,698.5
(596.0)
(2)
Less: ounces from customer 
inventory deals
(4,942.2)
(5,169.4)
227.2
(4)
Net silver ounces
32,160.3
32,529.1
(368.8)
(1)
 
Net revenue from the Bullion Products and Services business decreased 7% to $3.0 billion 
in 2022 from $3.2 billion in 2021. The decrease in revenue was mainly attributable to  
lower volumes of silver products sold, lower silver pricing and an increase in customer 
inventory deals for gold bullion products, partially offset by higher volumes of gold 
products, higher gold premiums and a stronger US dollar favourably impacting the 
translation of our US dollar denominated revenue. 
Numismatics
Numismatics revenue increased 5% to $117.7 million in 2022 from $112.3 million in 2021. The 
increase in revenue was largely attributable to sales related to the Mint’s new Opulence 
coin collection, as well as higher sales of international resale coins, premium bullion 
products and other silver products.
2022
2021
$ change
% change
Gold
$
49.8
$
45.6
4.2
9
Silver
57.5
52.8
4.7
9
Other revenue1
10.4
13.9
(3.5)
(25)
Total revenue
$
117.7
$
112.3
5.4
5
1	 Other revenue includes base metal coins, medals and other related revenue
 
Sales of gold bullion products 
(thousands of ounces) 
vs. Average price of gold 
(US$ per ounce)
1,392.6
1,769.6
1,798.6
1,797.6
1,268.0
523
483
982.8
1,470.5
1,489.7
22
21
20
19
18
Sales of silver bullion products 
(thousands of ounces) 
vs. Average price of silver 
(US$ per ounce)
16.2
20.5
25.1
15.7
21.7
18,432
22,754
29,503
37,699
37,103
22
21
20
19
18

40	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MANAGEMENT DISCUSSION AND ANALYSIS
Expenses, other income and income tax
Expenses (income)
2022
2021
$ change
% change
Cost of sales
$
3,112.2
$
3,371.4
(259.2)
(8)
Operating expenses
	 Marketing and sales expenses
$
30.9
$
28.3
2.6
9
	 Administration expenses
94.4
82.5
11.9
14
Total operating expenses
$
125.3
$
110.8
14.5
13
Net foreign exchange gain
$
(0.6)
$
(2.6)
2.0
Finance income, net
$
(1.2)
$
(0.5)
(0.7)
Income tax expense
$
12.0
$
18.1
(6.1)
Cost of sales decreased 8% for the year ended December 31, 2022. The overall decrease 
in cost of sales was in line with a decrease of 8% in overall revenue, excluding an increase 
of $10.9 million in the revaluation gain on the Face Value redemptions liability which is 
recognized in cost of sales as well as an increase of $6.9 million in precious metal lease costs.
Overall, operating expenses increased 13% in 2022 to $125.3 million compared to 
$110.8 million in 2021. The increase in administration expenses was primarily due to 
planned increases in employee compensation and consulting expenses to support on-going 
operations, foundational governance and the digital program and business transformation, 
higher corporate donations driven by Shareholder directed donations, as well as increases 
in travel related expenses for board meetings and to reconnect with the Mint’s customers 
around the world. The increase in marketing and sales expenses was due to the increased 
marketing campaigns consistent with higher sales of numismatic products. 
Net foreign exchange gain decreased $2.0 million compared to 2021. The lower net foreign 
exchange gain was mainly due to the impact of losses on the settlement of foreign currency 
forwards, partially offset by a stronger US dollar on the valuation of US dollar balances.
Income tax expense decreased $6.1 million compared to 2021 in line with the decrease in 
operating profit year over year. 
Liquidity and capital resources
Cash flows
2022
2021
$ change
% change
Cash and cash equivalents,  
at the end of the period
$
79.3
$
69.3
10.0
14
Cash flow from operating activities $
85.2
$
69.1
16.1
23
Cash flow used in investing 
activities
$
(16.4)
$
(11.9)
(4.5)
38
Cash flow used in financing 
activities
$
(51.9)
$
(54.4)
2.5
(5)
Cost of sales and operating  
expenses   
vs. Revenue 
($ in millions)
1,421
1,453
2,528
3,551
3,283
1,376
1,400
2,482
3,482
3,238
22
21
20
19
18
The Underground Railroad 
was the subject of the Mint’s 
third issue in its ongoing 
Commemorating Black History 
coin series. Launched in 
conjunction with Black History 
Month, this silver collector 
coin designed by artist Kwame 
Delfish, portrays a unique 
perspective of the human 
side of the perilous northward 
migration, which reached its 
peak in the 1850s and 1860s.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            41
MANAGEMENT DISCUSSION AND ANALYSIS
Cash from operating activities in 2022 was $85.2 million, a $16.1 million increase compared 
to 2021 primarily due to timing of collections and invoices for foreign circulation customers 
and lower precious metal purchases, partially offset by higher income tax instalment 
payments due to higher operating profit in 2021.
Cash used in investing activities was $16.4 million in 2022, a $4.5 million increase 
compared to 2021, mainly due to investments in production equipment for the Winnipeg 
and Ottawa plants, the Ottawa building and the Mint’s website platform. 
Cash used in financing activities was $51.9 million in 2022, a $2.5 million decrease 
compared to 2021. The $40.7 million dividend paid to the Government of Canada in the 
fourth quarter of 2022 and $78.9 million paid in the fourth quarter of 2021 represented  
the projected year-end cash balance over a pre-determined cash reserve requirement 
defined in the Mint’s Corporate Plan. In 2021, the Corporation received the proceeds of 
$30 million from a borrowing facility and in 2022 the Corporation made $6 million in 
scheduled loan repayments. 
Borrowing facilities
The Mint entered 2022 with total outstanding long-term loans of $33 million. During the 
year, loan repayments of $9 million were made to bring the total outstanding long-term 
loans balance to $24 million at December 31, 2022. The Mint entered the period with a 
long-term debt-to-equity ratio of 1:04 and closed the period with a long-term debt-to-
equity ratio of 1:06. See note 17 to the December 31, 2022 audited consolidated financial 
statements on page 93 for details on the Mint’s borrowing facilities.
Financial risks
The Mint, by the nature of its business, is exposed to market risks that arise from 
movements in commodity metal prices and foreign exchange rates. The majority of raw 
materials purchased for use in coin production are metals subject to significant price 
volatility. Foreign exchange risk arises from exchange rate movements on sales and 
purchases made by the Mint. The Mint operates a prudent hedging and risk management 
program that uses various types of financial instruments and risk transfer strategies to 
manage its exposure to market risks.
Net cash from operating
activities  
Net cash used in financing
activities (excluding dividends)
Net cash used in investing
activities
Dividends paid
Cash flow activities vs.
dividends paid
($ in millions)
-11
-9
-4
-18
-6
-6
40
57
10
40
20
79
41
36
-12
-16
25
-11
69
85
22
21
20
19
18
Maintaining a conservation 
theme on its annual Specimen 
Set, the Mint has dedicated 
the one-dollar coin to the Swift 
Fox. This once-abundant prairie 
dweller was pushed to the brink 
of extinction in the 1930s by 
expanding agriculture and a 
loss of habitat. The species is 
rebounding thanks to successful 
reintroduction efforts.

42	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MANAGEMENT DISCUSSION AND ANALYSIS
Sensitivity table 
 
Key factor 
Change
Dominant impact 
Canadian dollar 
valuation as 
compared to the US 
dollar 
Increases
Decreases revenue from goods and services sold in  
US dollars 
Decreases costs incurred in US dollars
Increases cost of sales for products incurred and/or 
expensed in Canadian dollars that are sold in US dollars
Increases Face Value redemptions liability and cost  
of sales
Gold price /ounce
Increases
Increases revenue from the Precious Metals businesses
Increases product costs for Precious Metals businesses
Silver price /ounce
Increases
Increases revenue from the Precious Metals businesses
Increases product costs for Precious Metals businesses
Decreases Face Value redemptions liability and cost  
of sales
Precious metal 
sourcing and lease 
rates
Increases
Increases product cost for precious metal products
Nickel price /kg
Increases
Increases revenue from the Circulation businesses
Increases product costs for circulation products
Steel price/kg
Increases
Increases revenue from the Circulation businesses
Increases product costs for circulation products
Interest rates
Increases
Increases product costs for precious metal products
Return to the Government of Canada
For the year ended December 31, 2022, the Mint paid a $40.7 million dividend to its 
Shareholder, the Government of Canada. The following table summarizes the total return 
the Mint has made to Canada over the last five years:
 
2018
2019
2020
2021
2022
Total
Dividends paid
$   10.0
$   40.0
$   20.0
$   78.9
$   40.7
 $  189.6
Income tax paid
7.3
15.5
2.2
3.2
31.2
    59.4
Total return to Canada
$   17.3
$   55.5
$   22.2
$   82.1
$   71.9
$ 249.0
The Mint’s second pure gold 
diamond-shaped coin features 
a genuine round Canadian 
diamond extracted from 
Northern Ontario’s Victor 
Mine, that was precisely cut 
by Crossworks Manufacturing 
Ltd. This diamond-within-a-
diamond showpiece, crafted 
from three ounces of 99.99% 
pure gold, demonstrates the 
extent to which the Mint can 
push the limits of striking in 
multiple dimensions.
The Red River Métis tradition 
of sharing and preserving 
knowledge by passing it on 
from one generation to the next 
through art and storytelling 
is celebrated through a 
meticulous engraving of Métis 
beadwork by master artist 
Jennine Krauchi. The second 
coin in the Mint’s fine silver 
“Generations” series features 
a traditional floral pattern, as 
well as Michif language.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            43
MANAGEMENT DISCUSSION AND ANALYSIS
Contractual obligations and other commercial commitments
See notes 13, 14, 15 and 28 to the audited consolidated financial statements starting on 
pages 89 and 92, respectively, for details on the Mint’s contractual obligations and other 
commercial commitments. 
Performance against Corporate Plan
The operating and financial results achieved during the year ended December 31, 2022 
indicate that the financial goals established in the 2022-2026 Corporate Plan were 
exceeded. 
The financial goal for 2022 was profit before income tax and other items of $38.6 million, 
revised from $46.6 million as approved in the Mint’s 2022-2026 Corporate Plan to reflect 
the application of the IFRS Interpretation Committee (IFRIC) agenda decision issued 
in April 2021 relating to the accounting for configuration and customization costs for 
software as a service and platforms as a service arrangements. 
The Mint exceeded its profit target for 2022 which reflects the success of the Mint’s long-
term strategy and its ability to capitalize on solid demand for bullion with its international 
dealer network. This was primarily due to the Mint’s continued focus on its production 
capacity and supply chain to serve the mining and financial sectors in Canada and  
around the world as global market demand for gold and silver bullion products remained 
strong in 2022. 
Profit before income tax and other items is a non-GAAP financial measure used by 
management and other stakeholders to compare the Mint’s financial results before the 
impact of non-cash changes in valuations, taxes and other items. A reconciliation from 
profit for the period to profit before income tax and other items is as follows:
2022
2021
Profit for the period
$
34.9
$
53.7
Add (deduct):
   Income tax expense
12.0
18.1
   Shareholder directed donations
1.1
  –
   Net foreign exchange (gain) loss1
(0.4)
2.0
   Face Value revaluation2
(2.6)
8.3
Profit before income tax and other items
$
45.0
$
82.1
1	 Net foreign exchange gain in 2022 excludes a gain of $0.2 million (2021 – $4.6 million gain) related to  
	
the mitigation of the foreign exchange risk for a specific contract.
2	 Face Value revaluation is the non-cash impact of the change in the valuation of the precious metal  
	
component of the Face Value redemptions liability which excludes the impact of a foreign exchange  
	
gain of $3.4 million (2021 – $0.1 million loss).
The Mint’s second coin in its 
Colourful Birds series features 
the cedar waxwing, a distinct 
yellow-brown bird that can 
be found in all of Canada’s 
provinces and territories. This 
fine silver coin showcases the 
Mint’s expert application of 
colour, which has attracted 
loyal collector following in 
Canada and around the world.

44	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MANAGEMENT DISCUSSION AND ANALYSIS
Risks to performance 
Management considers risks and opportunities at all levels of decision making. The Mint’s 
performance is influenced by many factors, including: economic conditions, financial and 
commodity market volatility, and competitive pressures. Also, as a Crown corporation 
governed under a legislative framework, the Mint’s performance could be impacted by 
changes to Shareholder objectives or to the directions given by governing bodies. Under 
the guidance of the Board of Directors, the Mint’s enterprise risk management process is 
undertaken by the Mint’s Leadership Team. It focuses on the identification, assessment 
and management, within the risk appetite of the key risks, that could impact the 
achievement of the Mint’s strategic objectives. As part of its oversight process, the Board 
of Directors approves risk appetite statements, reviews the Mint’s strategic risk profile and 
has input into the broader risk management approach.
The Mint’s enterprise risk management framework and practices are consistent with 
guidance issued by the Treasury Board and is subject to periodic review by its internal 
auditor. Guidance in relation to risk awareness and risk management is provided to staff 
where necessary. Appropriate risk management requirements are embedded in staff 
responsibilities.
A register of key strategic risks is maintained, together with a series of operational risk 
registers covering each of the Mint’s business/support areas. These registers are updated 
regularly and evolve as new risks are identified and existing ones are mitigated. 
The Mint identified the following key corporate level risks that could materially impact the 
achievement of its strategic objectives as outlined on page 32.
Strategic risks
Cash-light preparedness 
The risk that the Mint is not prepared for the impacts of accelerated e-payment adoption 
to its business model and mandate. The Mint is tackling this risk on multiple fronts. 
First, as the coin life cycle manager for Canada, the Mint continuously enhances its coin 
management system to analyze data and insights to understand trends in coin usage 
and leverages the National Coin Committee for industry and market knowledge. Second, 
the Mint is in regular dialogue with the Bank of Canada and Department of Finance to 
share lessons learned and strategies for managing challenges as a result of the COVID-19 
pandemic and other plausible scenarios affecting trade and commerce. Third, the Mint 
conducts regular surveys to track consumers’ attitudes and behaviours toward coin. Finally, 
the Mint conducts regular benchmarking studies, comparing domestic and international 
coinage trends for actionable insights in preparation of a possible cash-light future.
The Mint continued its popular 
Canada's Unexplained 
Phenomena series with a 
rectangular coin featuring 
the Yukon Incident. A unique 
glow-in-the-dark paint 
technology reveals the 1996 
night time sighting of a giant 
UFO hovering over surprised 
motorists driving on the 
Klondike Highway near Fox 
Lake, Yukon.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            45
MANAGEMENT DISCUSSION AND ANALYSIS
Diversification of customer base
The risk that the Mint may have overreliance or dependency on a limited number of 
customers for significant portions of its revenue stream. The Mint continues to mitigate 
this risk by conducting a comprehensive review of all businesses to develop a portfolio 
of products and services using a customer-centric approach. Furthermore, the Mint is 
adopting an active prospecting and increasing sales and key customer retention efforts 
for bullion, numismatics, refinery, storage and foreign circulation. The Mint is also looking 
to target new customers and markets through the development of a hybrid bullion-
numismatic product strategy.
Operational risks
Talent pool
The risk that the workforce and contingent labour plan cannot be achieved due to the 
competitive market leaving the Mint with insufficient capacity and capability to advance 
its business transformation.
The Mint is increasing its recruiting efforts and leveraging business partners for expertise.  
Additionally, management regularly reviews the One Mint strategy priorities to ensure 
proper balance between capacity and efforts. 
Cyber Security
The risk that the Mint incurs loss (financial, operational, or reputational) resulting from 
a cyber attack or a data breach.The Mint continues to focus cyber security initiatives on 
culture, resiliency, alignment and governance. 
Legacy technology platform
The risk that the Mint’s legacy applications and/or infrastructure fail and become 
unavailable to the business teams, or cause significant data loss or data integrity issues. 
The Mint is addressing this risk with a comprehensive digital program roadmap. Included 
in the Mint's most recent Corporate Plan are investments targeted for the upgrade of the 
digital experience and its enterprise wide resource planning platforms. 
Supply chain
The risk that the Mint is unable to procure or deliver goods and services in a timely  
manner at reasonable cost. The Mint is engaging with multiple suppliers wherever possible 
and is increasing production and ordering lead times to mitigate the impact on operations 
and projects. 
ESG implementation
The risk that the Mint does not have the capacity to meet its ESG goals/targets on a 
timely basis, or the ESG-related expectations of its customers, shareholder and employees, 
and suffers reputational harm.
The Mint is dedicating targeted resources to the ESG implementation. A plan is being 
developed to meet the TCFD disclosure recommendations by 2024. 
Marking ten years since 
Canada’s last penny was struck 
at the Mint’s Winnipeg facility, 
a 1 oz. silver collector coin 
edition of the iconic penny was 
specially produced in Winnipeg.  
The classic G. E. Kruger Gray 
twin maple leaf and twig 
design gracefully adorns a lined 
surface which also bears a “W” 
mint mark identifying its origin.

46	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MANAGEMENT DISCUSSION AND ANALYSIS
Critical accounting estimates, adoption of new accounting 
standards and accounting policy developments
See notes 3 and 4 to the Mint’s audited consolidated financial statements starting on 
pages 70 and 75, respectively, for a discussion of critical accounting estimates, adoption 
of new accounting standards and accounting policy developments. 
Travel, hospitality and conference expenditures 
The following table summarizes the travel, hospitality and conference expenditures 
incurred by the Mint.
2022
2021
$ change
% change
Travel
$
1.6
$
0.2
1.4
700
Hospitality
0.2
0.1
0.1
100
Conference
0.1
 –
0.1
100
Total travel, hospitality, conference 
and event expenditures
$
1.9
$
0.3
1.6
533
For the year ended December 31, 2022, travel increased significantly as the world re-
opened and the Mint was again able to connect with its customers and Board of Directors 
in person. In 2022, the Mint’s Board of Directors incurred $0.2 million of travel, hospitality, 
conference and event expenditures, while in 2021, all Board meetings were held virtually 
and no travel, hospitality, conference and event expenditures were incurred.
Internal controls and procedures
The Mint maintains an internal control framework including internal controls over financial 
reporting and disclosure controls and procedures. The Mint’s President and Chief Executive 
Officer (CEO) and Vice-President Finance and Administration and Chief Financial Officer 
(CFO) implemented an internal assessment process to evaluate the effectiveness of these 
controls. This evaluation follows the best-practice requirements of National Instrument 
52-109 issued by the Canadian Securities Administrators (CSA). As a Crown corporation, 
the Mint voluntarily complies with certain rules and regulations of National Instrument 
52-109. The evaluations as of December 31, 2021 and 2022 were based on an assessment of 
the design and operating effectiveness of these controls.  
Disclosure controls and procedures
Disclosure controls and procedures are designed to provide reasonable assurance that 
all relevant information is gathered and reported to senior management, including the 
CEO and CFO, on a timely basis so that the Mint can make appropriate decisions about 
public disclosures. The CEO and CFO evaluated the design and operating effectiveness of 
the Mint’s disclosure controls and procedures related to the preparation of this MD&A and 
the consolidated financial statements. They concluded that the design and operation of 
disclosure controls and procedures was effective for the year ended December 31, 2022. 
The Mint keeps pushing the 
boundaries of high relief striking 
with its fine silver Extraordinarily 
High Relief Timber Wolf coin.  
Rising to more than 6 mm 
in height, the wolf’s realistic 
features are accentuated by 
the surrounding field’s mirror-
like finish, which shines light 
back onto the majestic animal’s 
three-dimensional form.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            47
MANAGEMENT DISCUSSION AND ANALYSIS
Internal control over financial reporting
Internal control over financial reporting provides reasonable assurance regarding 
the reliability of financial reporting and the preparation of the consolidated financial 
statements in accordance with IFRS. However, given their inherent limitations, internal 
controls over financial reporting can only provide reasonable assurance and may not 
prevent or detect misstatements. The CEO and CFO assessed the design and operating 
effectiveness of the Mint’s internal control over financial reporting based on the Internal 
Control—Integrated Framework created and issued by the Committee of Sponsoring 
Organizations of the Treadway Commission (COSO) and on the Control Objectives for 
Information and Related Technology (COBIT) Framework. Based on this assessment, the 
CEO and CFO determined that the design and operation of the Mint’s internal control over 
financial reporting was effective for the year ended December 31, 2022.
Outlook
The Mint’s 2023-2027 Corporate Plan was approved by its Board of Directors and the 
Minister of Finance and submitted to the Treasury Board for approval. Continuing with  
the implementation of its One Mint Strategy which was approved in 2020, in 2023, the 
Mint will continue to evolve its circulation business, ensuring Canada’s coin ecosystem 
remains tightly connected and able to support Canadians’ trade and commerce needs 
into the future and capitalizing on international demand for higher value bi-metallic coins 
through its foreign circulation opportunities. The Mint is also building its precious metals 
capacity and maintains focused numismatic offerings. In all areas, the Mint aims to deliver 
sustainable economic value for Canada in ways that are both socially and environmentally 
responsible, from its training practices and operational controls to its research and 
development investments. The Mint is also continuing to make investments in its people 
and digital capabilities and is committed to reviewing and updating its long term 
strategic plan in 2023. The Mint is closely monitoring the post-pandemic environment and 
the impact of the rising geopolitical and economic uncertainties on its global supplier 
network and its costs, and identifies contingency plans when required in order to support 
the business.  
 
Circulation business
Canadian circulation
As restrictive public health measures due to the pandemic have largely lifted, there has 
been a gradual increase in coin activity to support trade and commerce transactions. 
Despite the upward trend, there is still uncertainty in the ecosystem as Canadians re-
engage in their daily activities. For example, depending on how hybrid work arrangements 
take shape, coin activity in 2023 could further rise in order to support daily transactions. 
To make sure it remains on top of key trends during this period of continued uncertainty, 
the Mint is investigating domestic and international payment trends and dialoguing with 
key Canadian ecosystem stakeholders and demographics. While national coin inventories 
are well-stocked, the Mint also proactively recirculates coins returning from the market in 
order to prevent overproduction.
Before Canada’s famed 
Snowbirds, the Red Knight solo 
aerobatic performer showcased 
the skill and daring of Canadian 
air force pilots from 1958 to 1969. 
A selectively coloured CT-133 
Silver Star fighter, flanked by 
a CT-114 Tutor jet, which later 
replaced the Silver Star as the  
last Red Knight, graces the 
reverse of this impressive 2 oz. 
fine silver coin.
Selective black rhodium plating 
creates a rock-like backdrop 
from which brightly emerges the 
fossilized skull of Mercuriceratops 
gemini, a 76 million year-old 
dinosaur discovered in Alberta’s 
Dinosaur Provincial Park. This 
is the second coin in the Mint’s 
popular Discovering Dinosaurs 
fine silver series and yet another 
example of meticulously applying 
black rhodium plating to produce 
vividly contrasting designs.

48	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
MANAGEMENT DISCUSSION AND ANALYSIS
Foreign circulation
The world is emerging from the COVID-19 pandemic, however, the global economic 
impacts from it, as well as the rising geo-political tensions continue to create unstable 
conditions in many economies. Many foreign economies are experiencing high inflation 
along with currency devaluations, and those Central Banks are largely prioritizing 
economic risk mitigation strategies, as opposed to undertaking new currency initiatives. 
Central Banks tendered for approximately 2 Billion coins and blanks in 2022. The Mint 
anticipates that cash usage and coin demand will rebound as economies continue to 
reopen and stabilize in 2023, although the decline in cash usage in developed countries is 
unlikely to return to pre-pandemic levels.
Precious metals business
Bullion products and services 
The Mint continues to monitor bullion coin market and supply conditions closely and 
will work to position itself to be able to meet demand relating to sustained market 
conditions for gold and silver bullion coins. The Mint also continues to review the pricing 
of bullion products as costs and market conditions evolve. In the next twelve months, 
the Mint will continue to focus on customer and market strategies in support of its 
strong market share, including a renewed focus on gold refining, gold products and 
selective storage opportunities while carefully managing operating costs to mitigate the 
impact of uncertainty in the global bullion coin market.  
Numismatics 
The Mint continues to prioritize being a customer-centric organization focused on 
enhancing the customer experience and improving the long-term performance of the 
Numismatics business. The Mint continues to implement and pursue product strategies 
intended to reach new customers in new and emerging markets.
Forward-looking statements
This annual report, including the MD&A, contain 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 assumptions regarding expected 
growth, results of operations, performance, business prospects and opportunities. 
While management considers these assumptions to be reasonable based on available 
information, they may prove to be incorrect. These assumptions 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 above in the Risks to Performance in 
this MD&A, as well as in Note 9 – Financial Instruments and Financial Risk Management to 
the Mint’s audited consolidated financial statements.
The 200 year-old maritime 
legend of the ghost ship 
comes alive through the Mint’s 
own glow-in-the-dark paint 
technology. When exposed to 
UV light, the image of a tall 
ship glows just as it is claimed 
to mysteriously appear from  
the waters of Chaleur Bay.  
This vision contrasts with the 
classic engraving of fishermen 
hauling their dory ashore under 
stormy weather.
The Mint combined its unique 
multifaceted technology and 
classic engraving on a 2 oz. 
fine silver coin featuring a 
bald eagle family. Both the 
eagle and the eaglets, which 
appear in pronounced relief, are 
composed of highly-polished 
polygon-shaped facets that 
sparkle by reflecting light from 
multiple angles.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            49
MANAGEMENT DISCUSSION AND ANALYSIS
To the extent the Mint provides future-oriented financial information or a financial 
outlook, such as future growth and financial performance, the Mint is providing 
this information for the purpose of describing its expectations. Therefore, readers 
are cautioned that this information may not be appropriate for any other purpose. 
Furthermore, future-oriented financial information and financial outlooks, as with 
forward-looking information generally, are based on the assumptions and subject to  
the risks.
Readers are urged to consider these factors carefully when evaluating these forward-
looking statements. In light of these assumptions and risks, the events predicted in these 
forward-looking statements may not occur. The Mint cannot assure that projected results 
or events will be achieved. Accordingly, readers are cautioned not to place undue reliance 
on the forward-looking statements.
The forward-looking statements included in this annual report are made only as of 
March 9, 2023, 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.
On the 175th anniversary of 
Alexander Graham Bell’s birth, 
the Mint issued a $1 circulation 
coin commemorating Bell’s 
life and work. Looking beyond 
the telephone, the Mint 
focused on Bell’s Canadian-
based innovations to broaden 
conventional historical accounts. 
The result was a more layered 
story, an engaging coin design, 
and a deeper understanding of 
Bell’s connection to Canada.

50	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
The consolidated financial statements contained in this annual report have been prepared by Management 
of the Royal Canadian Mint (the Mint or the Corporation) in conformity with International Financial Reporting 
Standards, as issued by the International Accounting Standards Board using the best estimates and judgements 
of Management, where appropriate. The integrity and objectivity of the data in these consolidated financial 
statements are Management’s responsibility. Management is also responsible for all other information in this 
annual report and for ensuring that this information is consistent, where appropriate, with the information and 
data contained in the consolidated financial statements.
In support of its responsibility, Management has developed and maintains books of account, records, financial 
and management controls, information systems and management practices. These are designed to provide 
reasonable assurance as to the reliability of financial information, that assets are safeguarded and controlled, 
and that transactions of the Corporation and of its wholly-owned subsidiary are in accordance with the Financial 
Administration Act, including directive (P.C. 2015–1107) pursuant to section 89 of this Act, and regulations and, as 
appropriate, the Royal Canadian Mint Act, the by-laws of the Corporation and the charter and the by-laws of its 
wholly-owned subsidiary.
The Board of Directors is responsible for ensuring that Management fulfils its responsibilities for financial 
reporting and internal control. The Board exercises its responsibilities through the Audit Committee. The 
Committee meets with Management, the internal auditor and the independent external auditor to review the 
manner in which the Corporation’s management is performing their responsibilities and to discuss auditing, 
internal controls and other relevant financial matters. The Audit Committee meets to review the consolidated 
financial statements with the internal and external auditors and submits its report to the Board of Directors. The 
Board of Directors reviews and approves the consolidated financial statements.
The Corporation’s external auditor, the Auditor General of Canada, audits the consolidated financial statements 
and reports thereon to the Minister responsible for the Royal Canadian Mint.
Management’s Statement of Responsibility  
for Financial Reporting
Marie Lemay, ICD.D         	
	
 
President and  
Chief Executive Officer
Francis Mensah, MBA, CFA, CPA, CMA 
Vice-President, Finance and Administration  
and Chief Financial Officer 
Ottawa, Canada
March 9, 2023
Jana Fritz, CPA, CA 
Senior Director, Finance and  
Chief Accountant

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            51
To the Minister of Finance
Report on the Audit of the Consolidated Financial 
Statements
Opinion
We have audited the consolidated financial statements 
of the Royal Canadian Mint (the Corporation), which 
comprise the consolidated statement of financial position 
as at 31 December 2022, and the consolidated statement of 
comprehensive income, consolidated statement of changes 
in equity and consolidated statement of cash flows for the 
year then ended, and notes to the consolidated financial 
statements, including a summary of significant accounting 
policies.
In our opinion, the accompanying consolidated financial 
statements present fairly, in all material respects, the 
consolidated financial position of the Corporation as 
at 31 December 2022, and its consolidated financial 
performance and its consolidated cash flows for the year 
then ended in accordance with International Financial 
Reporting Standards (IFRSs). 
Basis for Opinion
We conducted our audit in accordance with Canadian 
generally accepted auditing standards. Our responsibilities 
under those standards are further described in the 
Auditor’s Responsibilities for the Audit of the Consolidated 
Financial Statements section of our report. We are 
independent of the Corporation in accordance with the 
ethical requirements that are relevant to our audit of the 
consolidated financial statements in Canada, and we have 
fulfilled our other ethical responsibilities in accordance with 
these requirements. We believe that the audit evidence we 
have obtained is sufficient and appropriate to provide a 
basis for our opinion.
Other Information
Management is responsible for the other information. The 
other information comprises the information included in 
the annual report, but does not include the consolidated 
financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does 
not cover the other information and we do not express any 
form of assurance conclusion thereon.
In connection with our audit of the consolidated financial 
statements, our responsibility is to read the other 
information and, in doing so, consider whether the other 
information is materially inconsistent with the consolidated 
financial statements or our knowledge obtained in the 
audit, or otherwise appears to be materially misstated. If, 
based on the work we have performed, we conclude that 
there is a material misstatement of this other information, 
we are required to report that fact. We have nothing to 
report in this regard. 
Responsibilities of Management and Those Charged with 
Governance for the Consolidated Financial Statements
Management is responsible for the preparation and fair 
presentation of the consolidated financial statements 
in accordance with IFRSs, and for such internal control 
as management determines is necessary to enable the 
preparation of consolidated financial statements that  
are free from material misstatement, whether due to  
fraud or error.
In preparing the consolidated financial statements, 
management is responsible for assessing the Corporation’s 
ability to continue as a going concern, disclosing, as 
applicable, matters related to going concern and using the 
going concern basis of accounting unless management 
either intends to liquidate the Corporation or to cease 
operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for 
overseeing the Corporation’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated 
Financial Statements
Our objectives are to obtain reasonable assurance about 
whether the consolidated financial statements as a 
whole are free from material misstatement, whether due 
to fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high level of 
assurance, but is not a guarantee that an audit conducted 
in accordance with Canadian generally accepted auditing 
standards will always detect a material misstatement 
when it exists. Misstatements can arise from fraud or 
error and are considered material if, individually or in the 
aggregate, they could reasonably be expected to influence 
the economic decisions of users taken on the basis of these 
consolidated financial statements.
Independent Auditor’s Report

52	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
INDEPENDENT AUDITOR’S REPORT
As part of an audit in accordance with Canadian generally 
accepted auditing standards, we exercise professional 
judgment and maintain professional skepticism throughout 
the audit. We also:
•	 Identify and assess the risks of material misstatement 
of the consolidated financial statements, whether due 
to fraud or error, design and perform audit procedures 
responsive to those risks, and obtain audit evidence 
that is sufficient and appropriate to provide a basis 
for our opinion. The risk of not detecting a material 
misstatement resulting from fraud is higher than for 
one resulting from error, as fraud may involve collusion, 
forgery, intentional omissions, misrepresentations, or the 
override of internal control.
•	 Obtain an understanding of internal control relevant 
to the audit in order to design audit procedures that 
are appropriate in the circumstances, but not for the 
purpose of expressing an opinion on the effectiveness of 
the Corporation’s internal control.
•	 Evaluate the appropriateness of accounting policies used 
and the reasonableness of accounting estimates and 
related disclosures made by management.
•	 Conclude on the appropriateness of management’s use 
of the going concern basis of accounting and, based 
on the audit evidence obtained, whether a material 
uncertainty exists related to events or conditions that 
may cast significant doubt on the Corporation’s ability 
to continue as a going concern. If we conclude that a 
material uncertainty exists, we are required to draw 
attention in our auditor’s report to the related disclosures 
in the consolidated financial statements or, if such 
disclosures are inadequate, to modify our opinion. Our 
conclusions are based on the audit evidence obtained 
up to the date of our auditor’s report. However, future 
events or conditions may cause the Corporation to cease 
to continue as a going concern.
•	 Evaluate the overall presentation, structure and content 
of the consolidated financial statements, including the 
disclosures, and whether the consolidated financial 
statements represent the underlying transactions and 
events in a manner that achieves fair presentation.
We communicate with those charged with governance 
regarding, among other matters, the planned scope and 
timing of the audit and significant audit findings, including 
any significant deficiencies in internal control that we 
identify during our audit.
Report on Compliance with Specified Authorities
Opinion
In conjunction with the audit of the consolidated financial 
statements, we have audited transactions of the Royal 
Canadian Mint and its wholly-owned subsidiary coming 
to our notice for compliance with specified authorities. 
The specified authorities against which compliance was 
audited are Part X of the Financial Administration Act and 
regulations, the Royal Canadian Mint Act and regulations, 
the charter and by laws of the Royal Canadian Mint and its 
wholly-owned subsidiary, and the directive issued pursuant 
to section 89 of the Financial Administration Act.
In our opinion, the transactions of the Royal Canadian Mint 
and its wholly-owned subsidiary that came to our notice 
during the audit of the consolidated financial statements 
have complied, in all material respects, with the specified 
authorities referred to above. Further, as required by the 
Financial Administration Act, we report that, in our opinion, 
the accounting principles in IFRSs have been applied on a 
basis consistent with that of the preceding year.
Responsibilities of Management for Compliance with 
Specified Authorities
Management is responsible for the Royal Canadian Mint 
and its wholly-owned subsidiary’s compliance with the 
specified authorities named above, and for such internal 
control as management determines is necessary to enable 
the Royal Canadian Mint and its wholly-owned subsidiary 
to comply with the specified authorities. 
Auditor’s Responsibilities for the Audit of Compliance with 
Specified Authorities
Our audit responsibilities include planning and performing 
procedures to provide an audit opinion and reporting on 
whether the transactions coming to our notice during 
the audit of the consolidated financial statements are in 
compliance with the specified authorities referred to above. 
Dennis Fantinic, CPA
Principal
for the Auditor General of Canada
Ottawa, Canada
9 March 2023

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            53
CONSOLIDATED FINANCIAL STATEMENTS
As at December 31 (audited) (CAD$ thousands)
Notes
2022
2021
Assets
Current assets
Cash and cash equivalents  
$
79,282
$
69,303
Trade receivables, net and other receivables
5
26,656
19,152
Income tax receivable
6,881
–
Prepaid expenses
6
8,599
3,677
Inventories 
7
56,228
86,530
Contract assets
8
18,292
40,631
Derivative financial assets 
9
514
2,611
Total current assets
196,452
221,904
Non-current assets
Prepaid expenses
6
165
178
Derivative financial assets 
9
107
–
Deferred income tax assets
24
31,027
29,250
Property, plant and equipment
10
140,694
144,040
Investment property
11
236
236
Intangible assets
12
4,680
4,738
Right-of-use assets
13
6,864
5,136
Total non-current assets
183,773
183,578
Total assets
$
380,225
$
405,482
Liabilities
Current liabilities
Trade payables, other payables and accrued liabilities 
14
$
58,356
$
56,300
Provisions
15
4,568
2,043
Income tax payable
–
13,978
Face Value redemptions liability
16
343
434
Contract liabilities
8
14,107
12,894
Loans payable
17
6,032
9,042
Lease liabilities
13
1,558
1,388
Employee benefit obligations
18
3,266
3,302
Derivative financial liabilities 
9
2,960
23
Total current liabilities
91,190
99,404
Non-current liabilities
Trade payables, other payables and accrued liabilities 
14
36
95
Provisions
15
913
966
Face Value redemptions liability
16
115,471
121,472
Loan payable
17
18,000
24,000
Lease liabilities
13
5,684
4,394
Employee benefit obligations 
18
10,501
12,653
Total non-current liabilities
150,605
163,580
Total liabilities
241,795
262,984
Shareholder’s equity
Share capital (authorized and issued 4,000 non-transferable shares)
40,000
40,000
Retained earnings
98,430
102,515
Accumulated other comprehensive loss  
–
(17)
Total shareholder’s equity
138,430
142,498
Total liabilities and shareholder’s equity
$
380,225
$
405,482
Commitments, contingencies and guarantees (Note 28) 
The accompanying notes are an integral part of these consolidated financial statements
Approved on behalf of
Consolidated Statement of Financial Position
Phyllis Clark, ICD.D
Chair
Board of Directors
Gilles Patry
Chair
Audit Committee
Marie Lemay, ICD.D
President and
Chief Executive Officer
Francis Mensah
Vice-President 
Finance and Administration
and Chief Financial Officer
the Board of Directors
Approved on behalf of Management

54	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
CONSOLIDATED FINANCIAL STATEMENTS
For the year ended December 31 (audited) (CAD$ thousands)
Notes
2022
2021
Revenue
20
$ 3,282,462
$
3,550,756
Cost of sales
19, 21
3,112,197
3,371,365
Gross profit
170,265
179,391
Marketing and sales expenses
19, 21
30,854
28,341
Administration expenses
19, 21, 25
94,417
82,468
Operating expenses
125,271
110,809
Net foreign exchange gain
22
580
2,636
Operating profit
45,574
71,218
Finance income, net
23
1,236
539
Other income
45
31
Profit before income tax
46,855
71,788
Income tax expense
24
(12,005)
(18,059)
Profit for the period
34,850
53,729
Items that will be reclassified subsequently to profit:
Net unrealized gain on cash flow hedges  
17
71
Items that will not be reclassified subsequently to profit: 
Net actuarial gain on defined benefit plans
1,765
428
Other comprehensive income, net of tax
1,782
499
Total comprehensive income
$
36,632
$
54,228
The accompanying notes are an integral part of these consolidated financial statements
Consolidated Statement of Comprehensive Income

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            55
CONSOLIDATED FINANCIAL STATEMENTS
For the year ended December 31 (audited) (CAD$ thousands)
    Notes        
Share 
capital
Retained 
earnings
Accumulated other 
comprehensive 
loss (Net gain on 
cash flow hedges)
Total
Balance as at December 31, 2020
$
40,000
$
127,258
$
(88)
$
167,170
Profit for the period
 –
53,729
 –
53,729
Other comprehensive loss, net1
 –
428
71
499
Dividends paid 
9.1
 –
(78,900)
 –
(78,900)
Balance as at December 31, 2021
$
40,000
$
102,515
$
(17)
$
142,498
Profit for the period
–
34,850
 –
34,850
Other comprehensive income, net1
–
1,765
17
1,782
Dividends paid
9.1
–
(40,700)
–
(40,700)
Balance as at December 31, 2022
$
40,000
$
98,430
$
–
$
138,430
The accompanying notes are an integral part of these consolidated financial statements
1 Amounts are net of income tax
Consolidated Statement of Changes In Equity

56	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
CONSOLIDATED FINANCIAL STATEMENTS
For the year ended December 31 (audited) (CAD$ thousands)
Notes
2022
2021
Cash flows from operating activities
Profit for the period
$
34,850
$
53,729
Adjustments to reconcile profit to cash flows from operating 
activities:
	 Depreciation and amortization
21
19,770
20,373
	 Income tax expense
24
12,005
18,059
	 Finance income, net
(1,236)
(539)
	 Other income
(45)
(31)
	 Net foreign exchange loss 
6,575
6,841
	 Adjustments to other revenue, net
26
(14,432)
(39,504)
	 Changes in Face Value redemptions liability
(2,715)
7,866
	 Net changes in operating assets and liabilities
26
64,807
4,722
	 Cash from operating activities before interest and income tax
119,579
71,516
	    Income tax paid, net of income tax received
26
(35,305)
(3,834)
	    Interest received, net of interest paid
26
947
1,428
Net cash from operating activities
85,221
69,110
Cash flows used in investing activities
	 Acquisition of property, plant and equipment
(14,313)
(9,466)
	 Acquisition of intangible assets
(2,055)
(2,401)
Net cash used in investing activities
(16,368)
(11,867)
Cash flows used in financing activities
	 Dividends paid
9.1
(40,700)
(78,900)
	 Proceeds from issuance of debt
17
–
30,000
	 Repayment of loan
17
(9,000)
(3,000)
	 Lease principal payments
13
(2,218)
(2,474)
Net cash used in financing activities
(51,918)
(54,374)
	 Effect of changes in exchange rates on cash  
  and cash equivalents
(6,956)
(872)
Increase in cash and cash equivalents
9,979
1,997
Cash and cash equivalents at the beginning of the period
69,303
67,306
Cash and cash equivalents at the end of the period
$
79,282
$
69,303
Cash and cash equivalents consist of:
	 Cash  
$
59,282
$
69,303
	 Cash equivalents 
$
20,000
$
–
The accompanying notes are an integral part of these consolidated financial statements	
Consolidated Statement of Cash Flows

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            57
1.	
	 Nature and description of the Corporation
The Royal Canadian Mint (the Mint or the Corporation) was incorporated in 1969 by the Royal Canadian Mint 
Act to mint coins and carry out other related activities. The Corporation is an agent corporation of His Majesty 
named in Part II of Schedule III to the Financial Administration Act. It produces all of the circulation coins used in 
Canada and manages the Canadian circulation coin life cycle for the Government of Canada. 
In 2015, the Corporation was issued a directive (P.C. 2015-1107) pursuant to section 89 of the Financial 
Administration Act to align its travel, hospitality, conference and event expenditure policies, guidelines and 
practices with Treasury Board policies, directives and related instruments in a manner that is consistent with its 
legal obligations. The directive also requires the Corporation to report on the implementation of this directive in 
its Corporate Plan. The Corporation has complied with this directive.
The Corporation produces coins for Canadian trade and commerce, manages the country’s coin system for 
optimum efficiency and cost, and is a world-renowned manufacturer of precious metals investment products 
and collectibles. It is also one of the largest gold refiners in the world. The addresses of its registered office and 
principal place of business are 320 Sussex Drive, Ottawa, Ontario, Canada, K1A 0G8 and 520 Lagimodière Blvd, 
Winnipeg, Manitoba, Canada, R2J 3E7.
The Corporation is a prescribed federal Crown corporation for income tax purposes and is subject to federal 
income taxes under the Income Tax Act.
While not subject to United States of America federal income taxes, the Corporation is subject in some states to 
state income taxes.
2.	
	 Significant accounting policies
2.1	
	 Basis of presentation
These consolidated financial statements have been prepared in accordance with International Financial 
Reporting Standards (IFRS). The policies set out below were applied consistently to all the periods presented in 
these consolidated financial statements.
These consolidated financial statements have been approved for public release by the Board of Directors of the 
Corporation on March 9, 2023.
2.2	
	 Consolidation
These consolidated financial statements incorporate the financial statements of the Corporation and its wholly-
owned subsidiary RCMH-MRCF Inc. The subsidiary adopted IFRS at the same time as the Corporation and its 
accounting policies are in line with those used by the Corporation. RCMH-MRCF Inc. has been operationally 
inactive since December 31, 2008. All intercompany transactions, balances, income and expenses are eliminated 
in full upon consolidation.  
2.3	
	 Foreign currency translation
Unless otherwise stated, all figures reported in these consolidated financial statements and disclosures are 
reflected in thousands of Canadian dollars (CAD), which is the functional and presentation currency of the 
Corporation. 
Notes to the Consolidated Financial Statements
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)

58	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
Transactions in currencies other than the Corporation’s functional currency (foreign currencies) are recognized 
at the rate of exchange prevailing at the date of the transactions. At the end of each reporting period, monetary 
items denominated in foreign currencies are translated to Canadian dollars using the exchange rate at that date. 
Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. 
Exchange differences resulting from the settlement of foreign denominated transactions, and from translation, 
are recognized in profit or loss in the period in which they arise.
2.4	
	 Inventories
Inventories consist of raw materials and supplies, work in process and finished goods, and are measured at the 
lower of cost and net realizable value. Cost of inventories includes all costs of purchase, all costs of conversion 
and other costs incurred in bringing the inventories to their present location and condition. Precious metal is 
included in inventory when purchased directly, recovered from the refining process or when a numismatic coin is 
transferred from work in process to finished goods. The cost of inventory is determined by the weighted average 
cost method. Net realizable value represents the estimated selling price of inventory in the ordinary course of 
business less the estimated costs of completion and the estimated costs necessary to make the sale. 
2.5	
	 Financial instruments 
Financial assets and financial liabilities are recognized when the Corporation becomes a party to the contractual 
provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly 
attributable to the acquisition or issuance of financial assets and financial liabilities, other than financial assets 
and financial liabilities at fair value through profit or loss (FVTPL), are added to or deducted from the fair value 
of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly 
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are 
recognized immediately in profit or loss.
The Corporation’s financial assets and financial liabilities are classified and subsequently measured as follows:
Financial Instrument
Classification
Subsequent measurement
Cash and cash equivalents
Amortized cost
Amortized cost
Trade receivables, net and other receivables
Amortized cost
Amortized cost
Derivative financial assets1
Derivatives at FVTPL and at  
fair value through other  
comprehensive income (FVOCI)
Fair value
Trade payables, other payables and  
accrued liabilities
Amortized cost
Amortized cost
Loans payable
Amortized cost
Amortized cost
Derivative financial liabilities1
Derivatives at FVTPL
Fair value
1	 Hedge accounting is applied to certain derivative financial assets and financial liabilities as stated in note 2.8.1
2.5.1	 Effective interest method
The effective interest method is a method of calculating the amortized cost of a financial asset or a financial 
liability and of allocating interest income and expense over the relevant periods. The effective interest rate is 
the rate that exactly discounts estimated future cash payments throughout the expected life of the financial 
asset or the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial 
recognition.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            59
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
2.6	
	 Financial assets 
On initial recognition, the Corporation’s financial assets are classified and measured at amortized cost. Financial 
assets are not reclassified subsequent to their initial recognition unless the Corporation changes its business 
model for managing financial assets, in which case all affected financial assets are reclassified on the first day 
of the first reporting period following the change in the business model. All regular purchases or sales of financial 
assets are recognized and derecognized on a trade date basis.
All derivative financial assets are classified in the FVTPL category, except those designated and effective as 
hedging instruments, for which hedge accounting requirements apply (see Note 2.8.1).
2.6.1	 Trade receivables, net and other receivables
Trade receivables, net and other receivables includes both financial and non-financial assets. The financial assets 
include trade receivables, net and other current financial receivables.
Trade receivables, net are non-derivative financial assets with fixed or determinable payments that are not 
quoted in an active market. Trade receivables, net are measured at amortized cost using the effective interest 
method, less any impairment write downs. Financial assets in this category are classified as current assets in the 
consolidated statement of financial position.
Interest income is recognized by applying the effective interest rate, except for short-term receivables when the 
recognition of interest would be insignificant.
2.6.2		 Derivative financial assets at fair value through profit or loss
A financial asset is designated at FVTPL upon initial recognition. 
Financial assets at FVTPL are presented at fair value, with any gains or losses arising on re-measurement recognized 
in profit or loss. Fair value is determined in the manner described in Note 9.2.3.
2.6.3		 Impairment of financial assets, contract assets and lease receivables
The Corporation recognizes loss allowances, as required, for expected credit losses (ECLs) on:
•	 financial assets measured at amortized cost;
•	 lease receivables; and
•	 contract assets.
Loss allowances for trade receivables, lease receivables and contract assets are always measured at an amount 
equal to lifetime ECLs.
The Corporation applies a single impairment model to all financial instruments, lease receivables and contract 
assets (as defined in IFRS 15) based on a forward-looking ECL model. The model considers past events and 
current conditions, reasonable and supportable forward-looking information that is available without undue 
cost or effort is considered in determining impairment. ECLs are recognized at each reporting period, even if no 
actual loss events have taken place.
Objective evidence of impairment could include:
•	 significant financial difficulty of the debtor; 
•	 breach of contract, such as a default or delinquency in payments; 
•	 it becoming probable that the debtor will enter bankruptcy or financial re-organization; or
•	 significant decrease in creditworthiness of the debtor.
Loss allowances for financial assets measured at amortized cost and contract assets and lease receivables are 
deducted from the gross carrying amount of these assets.

60	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
2.6.4		 De-recognition of financial assets
The Corporation derecognizes a financial asset only when the contractual rights to the cash flows from the asset 
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the 
asset to another entity. 
2.7	
	 Financial liabilities 
Financial liabilities, except designated and effective hedging instruments for which hedge accounting applies 
(see Note 2.8.1), are classified as either financial liabilities at FVTPL or amortized cost.
All derivative financial liabilities were classified in the FVTPL category, except those designated and effective as 
hedging instruments, for which hedge accounting requirements applied (see Note 2.8.1).
2.7.1	 	 Trade payables, other payables and accrued liabilities
Trade payables, other payables and accrued liabilities includes both financial and non-financial liabilities. 
The financial liabilities include trade payables and accrued liabilities related to future trade payables. Trade 
payables and accrued liabilities are non-derivative financial liabilities with fixed or determinable payments that 
are not quoted in an active market. Financial liabilities in this category are classified as current liabilities in the 
consolidated statement of financial position.
2.7.2	 	 Financial liabilities at fair value through profit or loss 
Financial liabilities are classified at FVTPL when the financial liability is designated as at FVTPL.
Financial liabilities at FVTPL are presented at fair value, with any gains or losses arising on re-measurement 
recognized in profit or loss. Fair value is determined in the manner described in Note 9.2.3.
2.7.3	 	 De-recognition of financial liabilities
The Corporation derecognizes financial liabilities when, and only when, the Corporation's obligations are 
discharged, cancelled or they expire. 
2.8	
	 Derivative financial instruments
The Corporation selectively utilizes derivative financial instruments, primarily to manage financial risks and 
to manage exposure to fluctuations in foreign exchange rates, interest rates and commodity prices. The 
Corporation’s policy is not to enter into derivative instruments for trading or speculative purposes. 
Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are 
subsequently re-measured to their fair value at the end of each reporting period. Attributable transaction costs 
are recognized in profit or loss as incurred. The resulting gain or loss is recognized in profit or loss immediately 
unless the derivative is designated and effective as a hedging instrument, in which case the timing of the 
recognition in profit or loss depends on the nature of the hedging relationship. 
A derivative with a positive fair value is recognized as a financial asset; a derivative with a negative fair value is 
recognized as a financial liability. A derivative is presented as a non-current asset or a non-current liability on 
the consolidated statement of financial position if the remaining contractual maturity of the instrument is more 
than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented 
as current assets or current liabilities.
2.8.1	 	 Hedge accounting
The Corporation designates certain derivatives as hedges of highly probable forecasted transactions or hedges 
of firm commitments (cash flow hedges). Hedge accounting is applied when the derivative is designated as 
a hedge of a specific exposure. All designated hedges are formally documented at inception, detailing the 
particular risk management objective and the strategy undertaking the hedge transaction.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            61
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
The documentation identifies the specific asset or liability being hedged, the risk that is being hedged, the type 
of derivative used and how effectiveness will be assessed. The Corporation assesses whether the derivatives are 
highly effective in accomplishing the objective of offsetting changes in forecasted cash flows attributable to the 
risk being hedged both at inception and over the life of the hedge. Furthermore, accumulated ineffectiveness is 
measured over the life of the hedge.
The gain or loss relating to the changes in the fair value of the effective portion of derivatives that are 
designated and qualify as cash flow hedges is recognized in other comprehensive income. The gains or losses 
relating to the ineffective portion of changes in the fair value of derivatives that are designated and qualify as 
cash flow hedges is recognized immediately in profit or loss. 
Amounts previously recognized in other comprehensive income are transferred to profit or loss in the period when 
the hedged item is recognized in the consolidated statement of comprehensive income.
Hedge accounting is discontinued prospectively when the hedging instrument is terminated, exercised, matured 
or when the derivative no longer qualifies for hedge accounting. The Corporation currently only applies hedge 
accounting to interest rate swaps. As at December 31, 2022, hedge accounting was not applied to any of the 
outstanding derivative instruments.
2.9	
	 Property, plant and equipment
2.9.1	 	 Asset recognition
Property, plant and equipment items are measured at cost less accumulated depreciation and accumulated 
impairment losses, except for capital projects in process for production, supply or administrative purposes, which 
are carried at cost.
Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-
constructed assets includes the cost of materials and direct labour, any other costs directly attributable to 
bringing the assets to a working condition for their intended use, the costs of dismantling and removing the 
items and restoring the site on which they are located, and borrowing costs on qualifying assets. 
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as 
separate items (major components) of property, plant and equipment.
2.9.2		 Depreciation
Depreciation of property, plant and equipment begins when the asset is available for its intended use by the 
Corporation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, which 
are estimated as follows:
	 Land improvements	
40 years
	 Buildings and improvements	
5–60 years
	 Equipment	
2–40 years
Assets included in capital projects in process are not depreciated until they are ready for their intended use 
by the Corporation when these assets are transferred from capital projects in process to the respective asset 
categories above. 
Freehold land is not depreciated.
Useful lives, residual values and depreciation methods are reviewed annually and necessary adjustments are 
recognized on a prospective basis as changes in estimates.

62	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
2.9.3		 Subsequent costs
Day-to-day repairs and maintenance costs are expensed when incurred. 
Costs incurred on a replacement part for property, plant and equipment are recognized in the carrying 
amount of the affected item when the costs are incurred. The carrying amount of the part that was replaced is 
derecognized.
Cost of major inspections or overhauls are recognized in the carrying amount of the item or as a replacement. 
Any remaining carrying amount of the cost of the previous inspection is derecognized.
2.9.4		 De-recognition
A property, plant and equipment item is derecognized upon disposal or when no further future economic 
benefits are expected from its use. The gain or loss on disposal or retirement of an item is determined as the 
difference between the sale proceeds and the carrying amount of the asset and is recognized in profit or loss 
when the item is derecognized.
2.10	 	 Investment property
Investment property is property held to earn rental income or for capital appreciation, or for both, but not for 
sale in the ordinary course of business, used in the production or supply of goods or services or for administrative 
purposes. 
The Corporation’s investment property is measured at cost and relates to vacant land at the Corporation’s 
Winnipeg location. The fair value of the investment property is disclosed in Note 11. If in management’s 
judgement, it is likely that there is significant change in the market price of the investment property, a new 
valuation will be carried out.
2.11	 	 Intangible assets
2.11.1 		 Software
The Corporation's intangible assets include software for internal use or for providing services to customers. These 
assets are carried at cost, less any accumulated amortization and any accumulated impairment losses. Software 
configuration and customization costs are capitalized when the Corporation controls the underlying software. 
Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful lives 
of intangible assets are from 2 to 10 years. Useful lives and amortization methods are reviewed annually and 
necessary adjustments are recognized on a prospective basis as changes in estimates.
Assets included in capital projects in process are not amortized until they are ready for their intended use by the 
Corporation when these assets are transferred from capital projects in process to the respective asset category. 
2.11.2 	Research and development
Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical 
knowledge and understanding, are recognized in profit or loss as incurred.
Development activities involve a plan or design for the production of new or substantially improved products 
and processes. The Corporation capitalizes development expenditures only if it can measure development costs 
reliably, the product or process is technically and commercially feasible, future economic benefits are probable, 
and the Corporation intends to and has sufficient resources to complete the development and to use or sell the 
asset. The expenditures capitalized include the cost of materials, direct labour, overhead costs that are directly 
attributable to preparing the asset for its intended use, and capitalized borrowing costs. Other development 
expenditures are recognized in profit or loss as incurred.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            63
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
2.12	 	 Leasing
Identification of leases
The Corporation assesses whether a contract is, or contains, a lease at the inception of a contract. If the 
contract conveys the right to control the use of an identified asset for a period of time in exchange for 
consideration, it is a lease. To assess whether a contract conveys the right to control the use of an identified 
asset, the Corporation assesses whether:
•	 the contract involves the use of an identified asset – the asset may be specified explicitly or implicitly, and 
should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the 
supplier has a substantive substitution right, then the asset cannot be identified;
•	 the Corporation has the right to obtain substantially all of the economic benefits from use of the asset 
throughout the period of use; and
•	 the Corporation has the right to direct the use of the asset. The Corporation has this right when it has the 
decision-making rights that are most relevant to changing how and for what purpose the asset is used.  
Measurement and recognition of leases as a lessee
For contracts that are or that contain a lease, the Corporation recognizes a right-of-use asset and a lease liability 
at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises: 
•	 the initial amount of the lease liability adjusted for any lease payments made at or before the commencement 
date; plus
•	 any initial direct costs incurred; plus
•	 an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the 
site on which it is located; less 
•	 any lease incentives received.
The Corporation depreciates right-to-use assets on a straight-line basis from the lease commencement date 
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The lease term 
includes the non-cancellable period of a lease, together with both the periods covered by an option to extend 
when it is reasonably certain to exercise that option and the periods covered by an option to terminate the lease 
if it is reasonably certain not to exercise that option.  
The lease liability is initially measured at the present value of the lease payments that are not paid at the 
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily 
determined, the Corporation’s incremental borrowing rate. The Corporation’s incremental borrowing rate is 
calculated using the zero coupon yield curve published by the Bank of Canada adjusted for credit risk. 
Lease payments included in the measurement of the lease liability include the following:
•	 fixed payments, including in-substance fixed payments, less any lease incentives receivable;
•	 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the 
commencement date;
•	 amounts expected to be payable under a residual value guarantee; 
•	 the exercise price under a purchase option that the Corporation is reasonably certain to exercise, lease 
payments in an optional renewal period if the Corporation is reasonably certain to exercise an extension 
option; and
•	 penalties for early termination of a lease unless the Corporation is reasonably certain not to terminate early.
Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. 
The Corporation would re-measure the lease liability if either there is a change in lease term or there is a change 
in the assessment of an option to purchase the underlying asset.

64	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount 
of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been 
reduced to zero.
The Corporation elected to account for short-term leases and leases of low-value assets using the practical 
expedients permitted under IFRS 16. Instead of recognizing a right-of-use asset and lease liability, the payments 
in relation to these leases are recognized as an expense in profit or loss on a straight-line basis over the lease 
term. As at December 31, 2022 and 2021, the Corporation did not have any low-value leases or short-term leases. 
Measurement and recognition of leases as a lessor
When the Corporation acts as a lessor, it determines at lease inception whether each lease is a finance lease or 
an operating lease.
To classify each lease, the Corporation makes an overall assessment of whether the lease transfers substantially 
all the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a 
finance lease; if not, then it is an operating lease. As part of this assessment, the Corporation considers certain 
indicators such as:
•	 whether the lease is for the major part of the economic life of the asset, even if title is not transferred;
•	 the lease transfers ownership of the underlying asset to the lessee by the end of the lease term; 
•	 the lessee has the option to purchase the underlying asset at a price that is expected to be sufficiently 
lower than the fair value at the date the option becomes exercisable such that, at the inception date, it is 
reasonably certain that the option will be exercised;
•	 at the inception date, the present value of the lease payments amounts to at least substantially all of the fair 
value of the underlying asset; and/or
•	 the underlying asset is of such a specialized nature that only the lessee can use it without major modifications.
When the Corporation is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease 
separately. It assesses the lease classification of a sub-lease with reference to the right-to-use asset arising from 
the head lease, not with reference to the underlying asset. If a head lease is a short-term lease with a term of 
less than 12 months, the Corporation classifies the sub-lease as an operating lease consistent with the policy 
above for short-term leases where the Corporation is the lessee. The Corporation has right-of-use assets where  
it has entered into subleases that are treated as a finance lease. The subleases are finance leases as they  
transfer substantially all the risks and rewards incidental to ownership of the leased premises associated with  
the head lease.
2.13	 	 Impairment of property, plant and equipment, intangible assets and  
right-of-use assets
At the end of each reporting period, the Corporation reviews the carrying amounts of its property, plant and 
equipment, intangible assets and right-of-use assets to determine whether there is any indication that those assets 
have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated 
in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable 
amount of an individual asset, the Corporation estimates the recoverable amount of the cash-generating unit to 
which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets 
are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of 
cash-generating units for which a reasonable and consistent allocation basis can be identified.
The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, 
the estimated future cash flows are discounted to their present value that reflects current market assessments 
of the time value of money and the risks specific to the asset for which the estimates of future cash flows have 
not been adjusted.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            65
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
If the recoverable amount of an asset, or cash-generating unit, is estimated to be less than its carrying amount, 
the carrying amount of the asset, or cash-generating unit, is reduced to its recoverable amount. An impairment 
loss is recognized immediately in profit or loss.
In addition to reviewing all property, plant and equipment, intangible assets and right-of-use assets for 
indications of impairment loss at the end of each reporting period, the Corporation reviews the carrying 
amounts of previously impaired property, plant and equipment, intangible assets and right-of-use assets for 
indicators of impairment reversal. Where an impairment loss subsequently reverses, the carrying amount of 
the asset, or cash-generating unit, is increased to the revised estimate of its recoverable amount, but only to 
the extent that the increased carrying amount does not exceed the carrying amount that would have been 
determined had no impairment loss been recognized for the asset, or cash-generating unit, in prior years. A 
reversal of an impairment loss is recognized immediately in profit or loss.
2.14	 	 Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are 
assets that necessarily take a substantial period of time to prepare for their intended use or sale, are added to the 
cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognized as finance costs in profit or loss in the period in which they are incurred.
2.15	 	 Income tax 
Income tax expense comprises the sum of current income tax and deferred income tax.  
Current and deferred income tax are recognized in profit or loss, except when they relate to items that are 
recognized in other comprehensive income or directly in equity, in which case, the current and deferred income 
tax are also recognized in other comprehensive income or directly in equity, respectively.
2.15.1	 Current income tax
The income tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as 
reported in the consolidated statement of comprehensive income because of items of income or expense that 
are taxable or deductible in other years and items that are never taxable or deductible.
The Corporation’s liability for current income tax is calculated using tax rates that have been enacted or 
substantively enacted by the end of the reporting period.
2.15.2	 	Deferred income tax
Deferred income tax is recognized on taxable temporary differences between the carrying amounts of assets 
and liabilities in the consolidated financial statements and the corresponding tax bases. Deferred income tax 
liabilities are generally recognized for all taxable temporary differences. Deferred income tax assets are generally 
recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be 
available against which those deductible temporary differences can be utilized.
The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced 
to the extent that it is no longer probable that the income tax asset will be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period 
in which the liability is settled or the asset realized, based on tax rates, and tax laws, that have been enacted or 
substantively enacted by the end of the reporting period. The measurement of deferred income tax liabilities and 
assets reflects the tax consequences that would follow from the manner in which the Corporation expects, at 
the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

66	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
2.15.3	 Scientific research and experimental development investment tax credit
The Corporation deducts scientific research and experimental development investment tax credits from related 
research and development expenses. Only scientific research and experimental development investment tax 
credits that are probable are deducted from net income for tax purposes.   
2.16	 	 Employee benefit obligations
2.16.1		 Short-term employee benefits
Short-term employee benefits are the employee benefits that are expected to be settled within 12 months after 
the end of the period in which the employees render the related service. The Corporation’s short-term employee 
benefits include wages and salaries, annual leave, bonus and other types of short-term benefits.
The Corporation recognizes the undiscounted amount of short-term employee benefits earned by an employee in 
exchange for services rendered during the period as a liability in the consolidated statement of financial position, 
after deducting any amounts already paid, and as a cost of sales or an operating expense in profit or loss.
2.16.2	 Pension benefits
Substantially all of the employees of the Corporation are covered by the Public Service Pension Plan (the Plan),  
a contributory defined benefit plan established through legislation and sponsored by the Government of Canada. 
Contributions are required by both the employees and the Corporation to cover current service cost. Pursuant to 
legislation currently in place, the Corporation has no legal or constructive obligation to pay further contributions 
with respect to any past service or funding deficiencies of the Plan. Consequently, contributions are recognized 
as an expense in the year when employees render service and represent the total pension obligation of the 
Corporation. 
2.16.3	 Other post-employment benefits 
Other post-employment benefits include severance benefits and supplementary retirement benefits, including 
post-retirement benefits and post-retirement insurance benefits for certain employees and former employees. 
The benefits are accrued as the employees render the services necessary to earn them.
The accrued benefit obligation is actuarially determined by independent qualified actuaries using the projected 
unit credit actuarial valuation method based upon a current market-related discount rate and other actuarial 
assumptions, which represent management’s best long-term estimates of factors, such as future wage increases 
and employee termination rates.
Actuarial gains and losses arise when actual results differ from results which are estimated based on the actuarial 
assumptions. Actuarial gains and losses are reported in retained earnings in Shareholder’s equity in the year that 
they are recognized as other comprehensive income in the consolidated statement of comprehensive income.
When past service costs occur, they are recognized in profit or loss on the statement of comprehensive income 
at the earliest of when the amendment or curtailment occurs or when the Corporation recognizes the related 
restructuring or termination costs.
2.16.4	 Other long-term employee benefit obligations
Other long-term employee benefits are employee benefits, other than post-employment benefits, that are not 
expected to be settled within 12 months after the end of the period in which the employees render the related 
service.
The Corporation’s other long-term employee benefits include benefits for employees in receipt of long-term 
disability benefits, sick leave and special leave benefits and worker’s compensation benefits.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            67
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
The Corporation’s sick leave and special leave benefits that are accumulated, but not vested, are accounted 
for as other long-term employee benefits and presented as current liabilities in the consolidated statement of 
financial position, as the Corporation does not have the right to defer settlement of these liabilities.
Long-term disability benefits, sick leave benefits and special leave benefits are accrued as the employees render 
the services necessary to earn them. The accrued benefit obligation is actuarially determined by independently 
qualified actuaries using discounted estimated future benefit payments.
The Corporation is subject to the Government Employees Compensation Act and, therefore, is self-insured. 
As a self-insured employer, the Corporation is accountable for all such liabilities incurred since incorporation. 
The accrued benefit obligation for worker’s compensation benefits is actuarially determined based on known 
awarded disability and survivor pensions and other potential future awards in respect of accidents that occurred 
up to the measurement date. The benefit entitlements are based upon relevant provincial legislations in effect 
on that date.
All other long-term employee benefits, past service costs and actuarial gains and losses are recognized 
immediately in profit or loss on the consolidated statement of comprehensive income, as is the effect of 
curtailments and settlements, if applicable.
2.17	 	 Provisions
Provisions are recognized when the Corporation has a present obligation, legal or constructive, as a result of a 
past event, it is probable that the Corporation will be required to settle the obligation, and a reliable estimate 
can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present 
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the 
obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its 
carrying amount is the present value of those cash flows, where the effect of the time value of money is material.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a 
third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and 
the amount of the receivable can be measured reliably.
2.18	 	 Share capital
In 1987, the revised Royal Canadian Mint Act provided the Corporation with an authorized share capital of 
$40 million divided into 4,000 non-transferable shares, redeemable at their issue price of $10,000 each. In 1989, 
the Minister of Supply and Services purchased the 4,000 shares in the Corporation. This was a part of a financial 
structuring that allows the Corporation to apply its net earnings to meet operational requirements, replace 
property, plant and equipment, generally ensure its overall financial stability and pay a reasonable dividend to 
the Government of Canada. The shares are currently held in trust by the Minister of Finance for His Majesty in 
Right of Canada.
2.19	 	 Revenue
2.19.1		 Revenue from contracts with customers recognized over time or at a point in time
The Corporation earns revenue from contracts with customers as performance obligations under the contract 
are satisfied by the Corporation. Performance obligations can be satisfied over time or at a point in time 
depending on when control of the asset is transferred to the customer. Control of an asset refers to the ability to 
direct the use of, and obtain substantially all of the remaining benefits from, the asset. For certain contracts, the 
Corporation transfers the control of the asset to the customer over time. The assessment of whether revenue is 
recognized over time or at a point in time is made at contract inception.

68	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
The Corporation transfers control of a good or service over time and, therefore, satisfies a performance 
obligation and recognizes revenue over time, if one of the following criteria is met:
•	 the customer simultaneously receives and consumes the benefits provided by the Corporation's performance 
as the Corporation performs;
•	 the Corporation's performance creates or enhances an asset (for example, work in progress) that the 
customer controls as the asset is created or enhanced; or
•	 the Corporation’s performance does not create an asset with an alternative use to the Corporation and the 
Corporation has an enforceable right to payment for performance completed to date.
Revenue from contracts with customers that is not recognized over time is recognized at the point in time when 
the Corporation transfers control of the promised asset to its customer. The indicators of the transfer of control 
that the Corporation considers include, but are not limited to, the following: 
•	 the Corporation has a present right to payment for the asset transferred; 
•	 the customer has legal title to the asset;  
•	 the Corporation has transferred physical possession of the asset to the customer; 
•	 the customer has the significant risks and rewards of ownership of the asset; and/or
•	 the customer has accepted the asset. 
Canadian circulation revenue 
The Corporation provides a full coin lifecycle management service for the Department of Finance of the 
Government of Canada including coin forecasting, production, logistics, recycling, storage and distribution 
operations, circulation, and monitoring services. 
Revenue associated with the production of Canadian circulation coins along with logistics, recycling and 
distribution is earned at a point in time when control is transferred. Control is usually transferred upon delivery of 
the coins or the related services.
Revenue associated with the management of the movement of Canadian circulation coins is earned over time as 
the Department of Finance receives and benefits from the obligations performed by the Corporation related to 
these services on a continuous basis. 
The transaction price for Canadian circulation revenue is based on the terms of the Corporation’s memorandum 
of understanding with the Government of Canada that the Corporation determined meets the definition of a 
contract for accounting purposes based on the Corporation’s customary business practices with the Government 
of Canada. Standard payment terms for Canadian circulation revenue is net five days. 
Foreign circulation revenue
The Corporation’s Foreign Circulation business produces and distributes finished circulation coins and blanks 
to a broad customer base around the world, including foreign central banks, mints, monetary authorities and 
finance ministries. The Corporation also produces high technology dies for international customers, which allows 
customers to strike their own coins. 
Revenue from foreign circulation contracts is generally recognized at a point in time when the coins, blanks 
and dies (foreign circulation products) are shipped to or received by the customer. For certain contracts, 
the Corporation recognizes revenue as foreign circulation products are produced where the Corporation has 
established that there is no alternative use for the foreign circulation products and the Corporation has an 
enforceable right to payment for the foreign circulation products produced at any point in time over the term of 
the contract.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            69
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
The transaction price for foreign circulation contracts is based on the individual contracts with customers. 
When the promised consideration in a contract includes a variable amount, such as penalties or discounts, 
the Corporation estimates the amount of variable consideration to which it will be entitled in exchange for 
transferring the promised goods or services to its customer as part of the determination of the transaction price. 
The Corporation recognizes revenue in certain circumstances in which the delivery of foreign circulation products 
is delayed at the buyer’s request, but the buyer takes title to the products and accepts billing. These are 
referred to as bill and hold arrangements. The revenue is recognized provided that the customer requested the 
arrangement, the products are identified separately and are ready for physical transfer, and the Corporation 
cannot use or redirect the products to another customer. When revenue is recognized on a bill-and-hold basis, 
the Corporation considers whether it has any remaining performance obligations, such as custodial services, and 
if material, a portion of the transaction price is allocated to any remaining performance obligations.   
The standard payment terms for foreign circulation revenue varies from payment in advance to net 60 days 
depending on the customer. The term starts when the legal title to the foreign circulation products is transferred 
to the customer. 
Bullion products and services revenue
The Corporation’s Bullion Products and Services business provides customers with precious metal investment 
coins and bar products, supported by integrated precious metal refining, storage and Exchange Traded Receipts 
(ETR) capabilities.  
Revenue for bullion products and ETR is generally earned at a point in time when the transaction is settled.
Revenue for storage services is earned at a point in time for deposits, transfers and withdrawals or over time as 
the customer receives and consumes the benefits provided by the Corporation’s performance.
Revenue for refinery services is earned over time as the Corporation is enhancing an asset controlled by  
the customer.
Transactions for the sale of bullion products where the customer may also be the supplier of the precious 
metal used in the bullion products are evaluated to determine whether the Corporation is the principal, and 
whether the transactions should be recorded on a gross or net basis. In situations where the Corporation is not 
the principal in a transaction, revenue and cost of sales are recorded on a net basis and no revenue or cost is 
recognized for the precious metal.
The standard payment terms for precious metal investment coins and bar products revenue are payment in 
advance of shipment. The standard payment terms for refinery and storage services are usually net 30 days. 
For ETR revenue the payment terms only apply when there is a redemption and the payment terms for these 
transactions are payment in advance.
Numismatic revenue
The Corporation’s Numismatic business designs, manufactures and sells collectible coins and medals to 
customers in Canada and around the world.  
Revenue from the sale of numismatic coins and medals is generally recognized at a point in time when the 
control of the coins or medals is transferred to the customer. The normal payment terms vary from payment in 
advance to net 60 day terms.
The Corporation’s Masters Club program is a loyalty program under which members receive reward points that 
can be redeemed on purchases. The revenue associated with those points is deferred and only recognized when 
the points are redeemed.

70	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
A provision for customer returns of numismatic coins is estimated based on the Corporation’s return policy and 
historical experience. When material, an asset, measured by reference to the former carrying amount of the 
product returned less any expected costs to recover the product, is recognized for the Corporation’s right to 
recover products from a customer on settling a refund liability. When the Corporation cannot reliably estimate 
customer returns, rebates and other similar allowances, revenue is not recorded.
A provision for warranty claims is estimated based on the Corporation’s warranty policy and historical experience. 
 
2.19.2		 Payments received in advance from customers
Payments received in advance on sales are not recognized as revenue until the control of the related products 
or services is transferred to the customer. As such, a contract liability is initially recognized on the consolidated 
statement of financial position and remains until the revenue is recognized.
2.19.3 	Contract costs
Commission fees payable related to foreign circulation contracts are capitalized as costs of obtaining a contract 
when they are incremental and they are expected to be recovered. Capital contract costs are amortized to profit 
or loss over the term of the contract these costs are related to, consistent with the transfer to the customer 
of the related goods or services. If the expected amortization period is one year or less the commission fee is 
expensed as incurred. There were no contract costs capitalized as at December 31, 2022 or 2021. 
2.19.4	 Contracts with a customer that include a significant financing component
The Corporation adjusts the promised amount of consideration to be received from a customer for the effects 
of a significant financing component if the Corporation expects, at contract inception, that the period between 
when the Corporation transfers a promised good or service to a customer and when the customer pays for that 
good or service will be more than one year. There were no contracts with a significant financing component as at 
December 31, 2022 or 2021.
2.20	 	 Face Value redemptions liability
The Corporation determined that it continues to be unable to reliably estimate the redemptions of coins that 
were part of the Face Value coin program. The judgements exercised in reaching this determination are described 
in Note 3.2.1. The Face Value redemptions liability represents the expected net cash outflows to be incurred by the 
Corporation if all Face Value coins are redeemed, including the estimated costs of redemptions, partially offset by 
the market value of the precious metal content of the coins that will be recovered by the Corporation when these 
coins are redeemed. If the Corporation is able to determine a reliable estimate of redemptions, the Face Value 
redemptions liability would be reduced in the period the estimate is determined and income would be recognized 
in the consolidated statement of comprehensive income.
3.	
	 Key sources of estimation uncertainty and critical judgements
3.1 	 	 Key sources of estimation uncertainty
The preparation of these consolidated financial statements requires the Corporation’s management to exercise 
judgement to make complex or subjective estimates and assumptions that affect the reported amounts of 
assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial 
statements and the reported amounts of revenue and expenses during the reporting period.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            71
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
In making estimates and using assumptions, management relies on external information and observable 
conditions where possible, supplemented by internal analysis as required. The estimates and associated 
assumptions are based on historical experience and other factors that are considered to be relevant. Actual 
results may differ significantly from the estimates and assumptions. The estimates and underlying assumptions 
are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the 
estimate is revised if the revision affects only that period or in the period of the revision and future periods if the 
revision affects both current and future periods.
The most significant items where estimates and assumptions are used are outlined below. 
3.1.1	 	 Face Value redemptions liability
The Face Value redemptions liability includes an estimate of the value of the precious metal content of 
outstanding Face Value program coins based on the current market price of silver, as well as an estimate of the 
costs to redeem outstanding Face Value coins based on current shipping and handling costs. Changes in these 
estimates would affect the carrying value of the Face Value redemptions liability as discussed in Note 2.20. These 
estimates are reviewed at the end of each reporting period. The carrying amount of the Face Value redemptions 
liability is included in Note 16.
3.1.2	 	 Property, plant and equipment, intangible assets and right-of-use assets
Property, plant and equipment and intangible assets with finite useful lives, and right-of-use assets are 
depreciated over their useful lives. Useful lives are based on management’s estimates of the periods of service 
provided by these assets. The useful lives of these assets are reviewed annually for continued appropriateness. 
Changes to the useful life estimates would affect the timing of future depreciation expense and the future 
carrying value of assets. The carrying amounts of the property, plant and equipment, intangible assets and right-
of-use assets as at the end of the reporting periods are included in Note 10, Note 12 and Note 13, respectively.
Determining whether property, plant and equipment, intangible assets and right-of-use assets are impaired 
requires an estimation of the recoverable amount of the assets or of the cash-generating units that displayed 
impairment indicators. The recoverable amount of the assets or of the cash-generating units is determined 
based on the higher of fair value less cost of disposal or the value in use, whereby the undiscounted future cash 
flows expected to arise from the cash-generating units is estimated and a discount rate represented by the 
Corporation’s weighted average cost of capital is used in order to calculate the present value of the cash flows. 
The key estimates applied in determining the recoverable amount normally include estimated future metal 
prices, expected future revenues, future costs and discount rates. Changes to these estimates would affect 
the recoverable amounts of the cash-generating units and individual assets, and may then require a material 
adjustment to their respective carrying values. 
3.1.3	 	 Employee benefit obligations
The present value of the other post-employment and other long-term employee benefits liabilities to be settled 
in the future depends on a number of factors that are determined on an actuarial basis using a number of 
assumptions, such as discount rates, long-term rates of compensation increase, retirement age, future health-
care and dental costs and mortality rates. The Corporation consults with external actuaries regarding these 
assumptions annually. Any changes in these assumptions will impact the carrying amount of the pension, other 
post-employment and other long-term employee benefits liabilities. The carrying amount of the employee 
benefits liabilities as at the end of the reporting periods is included in Note 18.

72	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
3.1.4	 	 Precious metal inventory and reconciliation
As a refinery, the Corporation refines precious metals, mainly gold, and the refining process results in by-products 
and the recovery of other precious metals. The Corporation relies on the best available sampling and assay 
methodologies to arrive at its best estimate of the precious metal content in by-products. Once final settlements 
are reached internally or with contract refineries and the actual precious metal content is known, these 
estimates are replaced by the actual values. The Corporation attempts to minimize the amount of unrefined by-
products in inventory at the time of the physical inventory counts to reduce the variability in the precious metal 
reconciliation results.
In addition, through the refining process the Corporation recovers precious metals. The Corporation estimates 
the amount of precious metal recovered based on historical experience. 
Management may be required to use estimates at other points in the precious metal reconciliation process 
based on varying conditions. If estimates are required, historical experience and other factors are applied.
To the extent the Corporation uses unallocated precious metal pool balances in the production of finished goods, 
a liability is established equal to the ounces used, measured at the fair value of the precious metal at the end of 
the reporting period. If required, the precious metal requirements liability is included in other accounts payable 
and accrued liabilities in Note 14. 
Any changes in these estimates will impact the carrying amount of the inventory. The carrying amount of the 
inventory as at the end of the reporting periods is included in Note 7.
3.1.5	 	 Inventory valuation allowance
Inventory valuation allowance is estimated for slow moving or obsolete inventories. Management reviews the 
estimation regularly. Any change in the estimation will impact the inventory valuation allowance. The carrying 
amount of the inventory as at the end of the reporting periods is included in Note 7.
3.1.6	 	 Provisions
Provisions are based on the Corporation’s best estimate of the expenditure required to settle the present 
obligation at the end of the reporting period. Provisions for individual events (i.e. restructuring, legal settlements, 
precious metal transactions or tax related items) are measured at the most likely amount while provisions for 
large populations of events (i.e. sales returns and allowances or warranties) are measured at a probability-
weighted expected value. Management reviews and adjusts the provisions as at the end of each reporting 
period. If an outflow is determined to be no longer probable, the provision is reversed. Further information on the 
Corporation’s provisions is provided in Note 15.
3.1.7	 	 Income tax
The Corporation operates in a jurisdiction that requires calculations for which the ultimate tax determination is 
uncertain during the ordinary course of business. Liabilities are recognized for anticipated tax exposures based 
on estimates of the additional taxes that are likely to become due. Where the final tax outcome of these matters 
is different from the amount that was initially recorded, such differences will affect the income tax and deferred 
income tax provisions in the period in which such determination is made.
Deferred income tax assets and liabilities are composed of temporary differences between the carrying values 
and tax basis of assets and liabilities. Deferred income tax assets are only recorded to the extent that it is 
probable that they will be realized. The timing of the reversal of the temporary differences may take many 
years and the related deferred income tax is calculated using tax rates that have been enacted or substantively 
enacted for the related period.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            73
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
If future outcomes were to adversely differ from management’s best estimate of future results from operations 
affecting the timing of reversal of deductible temporary differences, the Corporation could experience material 
deferred income tax adjustments. Such deferred income tax adjustments would not result in an immediate cash 
outflow nor would they affect the Corporation’s immediate liquidity.
3.2	
	 Critical judgements
The critical judgements that the Corporation’s management made in the process of applying the Corporation’s 
accounting policies, apart from those involving estimations, that have the most significant effects on the 
amounts recognized in the Corporation’s consolidated financial statements are as follows:
3.2.1	 	 Face Value redemptions liability
In making the judgement on the appropriate accounting treatment for transactions involving Face Value coins, 
the Corporation considered whether it could estimate the redemptions of Face Value coins. Face Value coins 
have different characteristics than other numismatic products as these products have a Face Value equal to 
their purchase price which, combined with the unlimited redemption period permitted by the Corporation’s 
current redemption policies and practices make Face Value coins significantly more likely to be redeemed than 
other numismatic products. Consequently, the historical redemption patterns for other numismatic products 
cannot be used to estimate the redemptions for Face Value coins. In 2016, the Corporation determined that 
revenue could not be recognized on the sale of Face Value coins as a reliable estimate of redemptions could 
not be determined. As at December 31, 2022, the best estimate continues to be that all Face Value coins will be 
redeemed resulting in the Face Value redemptions liability. The primary indicators influencing the Corporation’s 
ability to develop a more reliable estimate of redemptions are the movement in the market price of silver and the 
changes in the term over which redemptions may be accepted. When the Corporation determines it can reliably 
estimate the redemptions of Face Value coins a material change could occur to the carrying value of the Face 
Value redemptions liability as discussed in Note 2.20. The carrying amount of the Face Value redemptions liability 
is included in Note 16.
3.2.2		 Long-lived asset impairment indicators
Long-lived assets with finite useful lives are required to be tested for impairment only when indication of 
impairment exists. Management is required to make a judgement with respect to the existence of impairment 
indicators at the end of each reporting period.
For 2022 and 2021, no new indicators of impairment and no indicators which would cause the reversal of previous 
impairments were observed.
3.2.3		 Provisions and contingent liabilities
In determining whether a liability should be recorded in the form of a provision, management is required 
to exercise judgement in assessing whether the Corporation has a present legal or constructive obligation 
as a result of a past event, whether it is probable that an outflow of resources will be required to settle the 
obligation, and whether a reasonable estimate can be made of the amount of the obligation. In making this 
determination, management may use past experience, prior external precedents and the opinions and views of 
legal counsel. If management determines that the above three conditions are met, a provision is recorded for the 
obligation. Alternatively, a contingent liability is disclosed in the notes to the consolidated financial statements 
if management determines that any one of the above three conditions is not met, unless the possibility of an 
outflow of resources in settlement is considered to be remote.

74	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
3.2.4		 Determination of the amount and timing of revenue recognition and related expenses
The Corporation recognizes revenue over time or at a point in time. The accounting method chosen is dependent 
on when the transfer of control to the customer occurs. The Corporation considers control of a product or service 
to be transferred over time, therefore satisfying its performance obligation, and recognizing revenue over time 
when the Corporation’s performance does not create an asset with an alternative use to the Corporation and 
the Corporation has an enforceable right to payment for performance completed to date. For the Corporation’s 
circulation coin contracts for which revenue is recognized over time, the customer typically obtains control as 
the products are produced. This is due to the fact that circulation coins produced by the Corporation are by 
definition prohibited to be sold to any other customer and therefore the Corporation has no alternative use 
for these products. The Corporation also has an enforceable right to payment for work performed to date at 
all times throughout the duration of these contracts for an amount that includes a reasonable profit margin, 
demonstrated by the contractual terms, customer history and other relevant considerations. If these criteria 
cannot be demonstrated then the performance obligation is deemed not to be completed over time and instead 
control of the product is transferred to the customer at a point in time, which would typically be when the 
product is delivered to the customer. 
For performance obligations recognized over time, the Corporation generally uses an output method which 
consists of the number of units produced. Using this method of accounting for performance obligations 
completed to date requires judgement and is based on the nature of the products to be provided. Revenue is 
then earned based on the number of units produced less any variable consideration that is or may become 
applicable. Expenses related to the revenue recognized are also accrued based on volumes produced. The costs 
to fulfil the contracts include labour, material, subcontractor costs, freight, applicable commissions and other 
direct costs as well as an allocation of indirect costs.
The transaction price and performance obligations are generally clearly defined in the Corporation’s contracts 
with the customers. The allocation of the transaction price to performance obligations in the Corporation’s 
contracts with customers generally represents the stand-alone selling price of each performance obligation. The 
transaction price for certain contracts with customers includes variable consideration and amounts payable by 
the Corporation to the customer. Variable consideration generally relates to penalties defined in contracts with 
customers for delayed performance or non-performance of the Corporation’s performance obligations under the 
contract. Amounts payable to customers are assessed and are deducted from revenue unless the Corporation is 
receiving a specific service from the customer that can be identified. If a specific service is identified, the amount 
payable to a customer is recorded as an expense. Penalties are assessed at the end of each reporting period based 
on the performance under the applicable contracts in comparison to the agreed performance per the contract 
and are measured as defined by the contract. Variable consideration generally relates to the entire contract with a 
customer and is allocated proportionately to each performance obligation under the respective contract.
3.2.5		 Leases
Extension options for leases
When the Corporation has the option to extend a lease, management uses its judgement to determine whether 
or not an option would be reasonably certain to be exercised. Management considers all facts and circumstances 
including their past practice and any cost that will be incurred to change the asset if an option to extend is 
not taken, to determine the lease term at the inception of the lease. The Corporation reassesses whether or 
not an option would be reasonably certain to be exercised when a significant event or significant change in 
circumstances occurs. The use of extension and termination options gives the Corporation added flexibility in the 
event it identifies more suitable premises in terms of cost and/or location or determines that it is advantageous 
to remain in a location beyond the original lease term. An option is only exercised when the economic benefits 
of exercising the option exceed the expected overall cost. As at December 31, 2022, potential lease payments, 
amounting to $0.2 million (December 31, 2021 – $2.9 million), have not been included in the lease liabilities as it is 
not reasonably certain the available extension or termination options will be exercised.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            75
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
Precious metal leases
In order to facilitate the production of precious metal coins and manage the risks associated with changes 
in metal prices, the Corporation may enter into precious metal leases. These leases are not reflected in the 
Corporation’s consolidated financial statements since these agreements do not meet the definition of a lease 
under IFRS 16 as the precious metal available to the Corporation under these leases is fungible and is therefore 
not an identified asset.  
Calculating the appropriate discount rate
If the interest rate implicit in the lease can be readily determined, a lease is discounted using that rate. In the 
event that the Corporation is unable to determine the interest rate implicit in the lease, the Corporation’s 
weighted average incremental borrowing rate is used as the discount factor.
3.2.6		 Divestiture of MintChipTM
In December 2015, the Company closed the sale of MintChip™ for a cash consideration of $5 million paid at 
closing and an $11 million, 4% interest-bearing, secured promissory note with interest payments due semi-
annually and the principal amount due on December 16, 2022 and was not received. Management was 
required to make a judgement with respect to the uncertainty over the collectability of the promissory note. At 
December 31, 2022 and 2021, it was determined that no asset would be recorded in the consolidated financial 
statements and any additional future consideration related to interest and principal repayments would be 
recognized as other income upon receipt of cash. 
4.	
	 Application of new and revised IFRS pronouncements
4.1	
	 New and revised IFRS pronouncements affecting amounts reported and/or disclosed 
in the consolidated financial statements for the year ended December 31, 2022.
The Corporation reviewed the new and revised accounting pronouncements that were issued and had mandatory 
effective dates of annual periods beginning on or after January 1, 2022. The following amendments were adopted 
by the Corporation on January 1, 2022 and did not have an impact on the consolidated financial statements. 
	
	Property, Plant and Equipment — Proceeds before Intended Use
	
	In May 2020, the IASB issued amendments to IAS 16 – Property, Plant and Equipment (IAS 16). The 
amendments prohibit deducting from the cost of an item of property, plant and equipment any 
proceeds from selling items produced while bringing that asset to the location and condition necessary 
for it to be capable of operating in the manner intended by management. Instead, an entity recognizes 
the proceeds from selling such items, and the cost of producing those items, in profit or loss. The 
amendments are effective for annual periods beginning on or after January 1, 2022.
	
	Onerous Contracts — Cost of Fulfilling a Contract	
	
 
In May 2020, the IASB issued amendments to IAS 37 – Provisions, Contingent Liabilities and Contingent 
Assets (IAS 37). The amendments specify that the ‘cost of fulfilling’ a contract comprises the ‘costs that 
relate directly to the contract’. Costs that relate directly to a contract can either be incremental costs 
of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. The 
amendments are effective for annual periods beginning on or after January 1, 2022.

76	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
	
	Annual Improvements to IFRS Standards 2018–2020
	
	In May 2020, the IASB issued the pronouncement that contains amendments to four IFRS Standards. The 
amendment to IFRS 9 – Financial Instruments clarifies which fees an entity includes when it applies the 
‘10 per cent’ test in paragraph B3.3.6 of IFRS 9 in assessing whether to derecognize a financial liability. 
An entity includes only fees paid or received between the entity (the borrower) and the lender, including 
fees paid or received by either the entity or the lender on the other’s behalf. The other three amendments 
were assessed as not having an impact on the Corporation’s consolidated financial statements. The 
amendment is effective for annual periods beginning on or after January 1, 2022.
4.2	
	 New and revised IFRS pronouncements issued, but not yet effective
The Corporation reviewed the revised accounting pronouncements that have been issued, but are not yet 
effective. The adoption of the following IFRS pronouncements may have an impact on the Corporation’s 
consolidated financial statements in the future. The Corporation will continue to assess the possible impact 
through the effective date of each pronouncement.
	
	Deferred Tax related to Assets and Liabilities arising from a Single Transaction
	
	In May 2021, the IASB issued amendments to IAS 12 – Income Taxes. The amendments clarify that the 
initial recognition exemption does not apply to transactions in which equal amounts of deductible and 
taxable temporary differences arise on initial recognition. The amendments are effective for annual 
periods beginning on or after January 1, 2023.
	
	Disclosure of Accounting Policies
	
	In February 2021, the IASB issued amendments to IAS 1 – Presentation of Financial Statements (IAS 1) and 
IFRS Practice Statement 2. The amendments require that an entity disclose only its material accounting 
policies, instead of its significant accounting policies. Further amendments explain how an entity can 
identify a material accounting policy. The amendments are effective for annual periods beginning on or 
after January 1, 2023.
	
	Definition of Accounting Estimates
	
	In February 2021, the IASB issued amendments to IAS 8 – Accounting Policies, Changes in Accounting 
Estimates and Errors. The amendments replace the definition of a change in accounting estimates with 
a definition of accounting estimates and clarify that a change in accounting estimate that results from 
new information or new developments is not the correction of an error. The amendments are effective 
for annual periods beginning on or after January 1, 2023.
	
	Insurance Contracts
	
	In May 2017, the IASB issued IFRS 17 – Insurance Contracts. The new standard requires insurance 
liabilities to be measured at a current fulfillment value and provides a more uniform measurement and 
presentation approach for all insurance contracts. In June 2020, the IASB issued amendments to IFRS 17 
targeted to address implementation concerns and challenges raised by stakeholders. IFRS 17 as amended 
is effective for annual periods beginning on or after January 1, 2023.
	
	Classification of Liabilities as Current or Non-Current
	
	In January 2020, the IASB issued amendments to IAS 1 – Presentation of Financial Statements (IAS 1). The 
amendments aim to promote consistency in applying the requirements by helping companies determine 
whether, in the statement of financial position, debt and other liabilities with an uncertain settlement 
date should be classified as current (due or potentially due to be settled within one year) or non-current.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            77
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
	
	In November 2021, the IASB published the Exposure Draft Non current Liabilities with Covenants 
(proposed amendments to IAS 1). The Exposure Draft aimed to improve the information an entity 
provides when its right to defer settlement of a liability for at least twelve months is subject to 
compliance with conditions, in addition to addressing concerns about the classification of such a liability 
as current or non current. 
	
	In June 2022, the IASB tentatively decided to defer the effective date of the 2020 amendments to align 
it with the effective date of the proposed amendments. The amendments from 2020 and 2021 are both 
effective for annual periods beginning on or after January 1, 2024.
	
	In October 2022, the IASB published Non-current liabilities with Covenants (Amendments to IAS 1). The 
amendments clarify that only covenants with which an entity is required to comply on or before the 
reporting date affect the classification of a liability as current or non-current. In addition, an entity 
has to disclose information in the notes that enables users of financial statements to understand 
the risk that non-current liabilities with covenants could become payable within twelve months. The 
amendments are effective for annual periods beginning on or after January 1, 2024.
	
	Sale and Liability in a Sale and Leaseback
	
	In September 2022, the IASB issued amendments to IFRS 16 – Leases. The amendments require a seller-
lessee to subsequently measure lease liabilities arising from a leaseback in a way that it does not 
recognize any amount of the gain or loss that relates to the right of use it retains. The amendments are 
effective for annual periods beginning on or after January 1, 2024.
5.	
	 Trade receivables, net and other receivables
As at December 31
2022
2021
Receivables and accruals from contracts with customers
$
23,328
$
18,065
Receivables from contracts with related parties (Note 27)
2,308
403
Allowance for expected credit losses
(76)
(3)
Trade receivables, net
$
25,560
$
18,465
Lease receivables
–
253
Other current financial receivables
1,050
388
Other receivables
46
46
Trade receivables, net and other receivables
$
26,656
$
19,152
The Corporation does not hold any collateral in respect of trade and other receivables.
The following represents a reconciliation of the opening and closing balance of the lease receivable balance:
As at December 31
2022
2021
Opening balance
$
253
$
519
	 Interest income (Note 23)
4
14
	 Sublease payments received
(257)
(280)
Closing balance
$
–
$
253
Total cash inflow for leases included in lease receivables for the year ended December 31, 2022 was  
$0.3 million (2021 - $0.3 million).

78	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
The Corporation sub-leased certain of its building office space leases (Note 13). These sub-lease arrangements, 
which expired in 2022 had been assessed as finance leases. The maturity analysis of lease receivables, including 
the undiscounted lease payments to be received, was as follows:
As at December 31
2022
2021
Less than 1 year
$
–
$
256
Total undiscounted lease payments receivable
$
–
$
256
Unearned finance income
–
(3)
Net investment in the lease
$
–
$
253
6.	
	 Prepaid expenses
As at December 31
2022
2021
Prepaid expenses current¹
$
8,599
$
3,677
Prepaid expenses non-current
165
178
Total prepaid expenses
$
8,764
$
3,855
1	 Included in prepaid expenses current was $6.2 million (2021 - $nil million) related to contractual instalment payments for  
	
equipment purchases.
7.	
	 Inventories
As at December 31
2022
2021
Raw materials and supplies
$
18,915
$
19,518
Work in process
15,101
44,034
Finished goods
22,212
22,978
Total inventories
$
56,228
$
86,530
The amount of inventories recognized as cost of sales in 2022 is $3,084.1 million (2021 - $3,340.0 million).
The cost of inventories recognized as cost of sales in 2022 includes $5.7 million in write-downs of inventory to net 
realizable value (2021 - $0.3 million).
No inventory was pledged as security for borrowings as at December 31, 2022 or 2021.
8.	
	 Contract assets and liabilities
The contract assets related to the Corporation’s rights to consideration for work completed, but not billed as at 
the end of the reporting period. The Corporation reviewed its credit risk exposure related to contract assets as at 
December 31, 2022 and evaluated the risk to be minimal as each related contract is subject to a contract specific 
risk assessment process. The contract liabilities related to the consideration received in advance from customers 
for which revenue has not yet been recognized and accrued expenses related to contract assets, as well as 
amounts relating to the customer loyalty program.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            79
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
Significant changes in the contract asset and liability balances were as follows: 
As at December 31
2022
Contract  
Assets
Contract 
Liabilities
Opening balance
$
40,631
$
12,894
Revenue recognized1
–
(1,979)
Cash received, excluding amounts recognized during the period
–
2,750
Transfers from contract liabilities to payables
–
(5,253)
Foreign exchange revaluation
3,023
272
Transfers from contract assets to receivables
(85,800)
–
Increases resulting from changes in the measure of progress1
60,438
5,423
Closing balance
$
18,292
$
14,107
1	 Revenue recognized includes $0.5 million related to the Corporation’s memorandum of understanding with the Department of  
	
Finance (Note 27).
As at December 31
2021
Contract  
Assets
Contract 
Liabilities
Opening balance
$
31,116
$
17,156
Revenue recognized1
–
(7,315)
Cash received, excluding amounts recognized during the period
–
528
Transfers from contract liabilities to payables
–
(6,054)
Foreign exchange revaluation
(139)
(3)
Transfers from contract assets to receivables
(85,414)
–
Increases resulting from changes in the measure of progress1
95,068
8,582
Closing balance
$
40,631
$
12,894
1	 Revenue recognized includes $1.8 million and increases resulting from changes in the measure of progress in contract liabilities  
	
includes $2.1 million, both of which are related to the Corporation’s memorandum of understanding with the Department of  
	
Finance (Note 27).
Contract liabilities are composed of the following:
As at December 31
2022
2021
Customer prepayments
$
6,194
$
7,414
Loyalty program
2,277
1,488
Contract liabilities from a related party (Note 27)
–
456
Accrued liabilities related to revenue recognized over time
5,636
3,536
Total contract liabilities
$
14,107
$
12,894

80	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
9.	
	 Financial instruments and financial risk management 
9.1	
	 Capital risk management
The Corporation’s objectives for managing capital are to safeguard its ability to continue as a going concern 
and pursue its strategy of organizational growth to provide returns to the Government of Canada, and benefits 
to other stakeholders. The Corporation’s overall strategy with respect to capital risk management remains 
unchanged from the year ended December 31, 2021.
The capital structure of the Corporation consists of loans payable as detailed in Note 17 and shareholder’s equity 
which is composed of issued capital, accumulated other comprehensive income and retained earnings.
The Corporation’s senior management reviews the Corporation’s capital structure periodically. As part of the 
review, senior management considers the cost of the capital and the associated risks in order to comply with the 
borrowing limits stipulated by the Royal Canadian Mint Act. The Corporation manages its capital structure and 
makes adjustments to it in light of general economic conditions, the risk characteristics of the underlying assets, 
required changes to accounting standards, and the Corporation’s working capital requirements. The timing, 
terms and conditions of all borrowing transactions are approved by the Minister of Finance.
The Corporation may borrow money from the Consolidated Revenue Fund or any other source, subject to the 
approval of the Minister of Finance with respect to the time and term and conditions. Since March 1999, following 
the enactment of changes to the Royal Canadian Mint Act, the total aggregate borrowings by the Corporation 
and outstanding at any time shall not exceed $75 million. For the years ended December 31, 2022 and 2021, 
approved short-term borrowings for working capital needs within this limit were not to exceed $25 million or its 
US dollar equivalent. From time to time, the Corporation may seek approval for new long-term borrowings. As at 
December 31, 2022, the Corporation had no approval for any new long-term borrowings for the current fiscal  
year (2021 – $30 million).
To support such short-term borrowings, as may be required from time to time, the Corporation has various 
commercial borrowing lines of credit, made available to it by Canadian financial institutions. These lines are 
unsecured and provide for borrowings up to 364 days in term based on negotiated rates. No amounts were 
borrowed under these lines of credit as at December 31, 2022 or 2021.
The Corporation also monitors debt leverage ratios as part of the management of liquidity to ensure it is properly 
financed and leveraged to facilitate planned objectives. See below the debt leverage ratios at the end of the 
reporting period.
Debt to Equity ratio
As at December 31
2022
2021
Loans payable (current and non-current)
$
24,032
$
33,042
Shareholder’s equity 
138,430
142,498
Debt to Equity ratio
1:06
1:04
Debt to Assets ratio
As at December 31
2022
2021
Loans payable (current and non-current)
$
24,032
$
33,042
Total assets
380,225
405,482
Debt to Assets ratio
1:16
1:12

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            81
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
In order to maintain or adjust its capital structure, the Corporation may adjust the amount of dividends paid to 
its shareholder, the Government of Canada, issue new shares, issue new debt or repay existing debt. Any such 
activities are approved by the Board of Directors and subject to the stipulations of the Royal Canadian Mint Act.
The Corporation remitted dividends of $40.7 million to the Government of Canada in 2022 (2021 – $78.9 million). 
The Corporation employs a dividend framework to calculate dividends payable to its shareholder. The calculated 
dividend amount represents projected excess year end cash over a pre-determined cash reserve requirement and 
is generally paid in the fourth quarter of each year.
9.2	
	 Classification and fair value measurements of financial instruments
9.2.1	 	 Carrying amount and fair value of financial instruments
The carrying amount and fair value of the Corporation’s financial assets and financial liabilities are presented in 
the following tables:
As at December 31
     2022
     2021
Carrying 
Amount
Fair value
Carrying 
Amount
Fair value
Financial Assets
Cash and cash equivalents
$
79,282
$
79,282
$
69,303
$
69,303
Trade receivables, net and other receivables 
26,610
26,610
18,853
18,853
Derivative financial assets: 
   Foreign currency forwards
621
621
2,611
2,611
Financial Liabilities
Trade payables, other payables and accrued 
liabilities
58,048
58,048
55,918
55,918
Loans payable
24,032
23,140
33,042
33,931
Derivative financial liabilities: 
   Foreign currency forwards
2,960
2,960
–
–
   Interest rate swap
–
–
23
23
9.2.2		 Fair value hierarchy
Financial instruments, other than those that are not subsequently measured at fair value and for which fair 
value approximates carrying value, whether or not they are carried at fair value in the consolidated statement of 
financial position, must be disclosed at their fair value and be classified using a fair value hierarchy that reflects 
the significance of the inputs used in making the measurements:
•	 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
•	 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, 
either directly (i.e., as prices) or indirectly (i.e., derived from prices)
•	 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). 
The fair value measurement of cash and cash equivalents was classified as level 1 of the fair value hierarchy 
as at December 31, 2022 and 2021. The fair value measurements of all other financial instruments held by the 
Corporation were classified as level 2 of the fair value hierarchy as at December 31, 2022 and 2021. There were no 
transfers of financial instruments between levels during 2022.

82	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
9.2.3		 Classification and fair value techniques of financial instruments
The Corporation holds financial instruments in the form of cash and cash equivalents, trade receivables, net and 
other receivables, derivative assets, trade payables, other payables and accrued liabilities, loans payable and 
derivative liabilities.
The Corporation estimated the fair values of its financial instruments as follows:
i)	
	 The carrying amounts of cash and cash equivalents, trade receivables, net and other receivables and 
trade payables, other payables and accrued liabilities approximate their fair values as a result of the 
relatively short-term nature of these financial instruments. 
ii)	
	 The fair value of the loans payable is estimated based on a discounted cash flow approach using current 
market rates.
iii) 	
	 The fair values of the Corporation's foreign currency forward contracts and interest rate swap are based 
on estimated credit-adjusted forward market prices. The Corporation takes counterparty credit risk and 
its own credit risk into consideration for the fair value of financial instruments.
9.2.4		 Interest income and expense
The Corporation recorded interest income and expense in relation to the following financial instruments:
For the year ended December 31
2022
2021
Financial assets held at amortized cost:
Interest income earned on cash and cash equivalents (Note 23) 
$
2,142
$
895
Other financial liabilities:
Interest expense on loans payable (Note 23)
$
680
$
160
9.3	
	 Financial risk management objectives and framework
The Corporation is exposed to credit risk, liquidity risk and market risk from its use of financial instruments.
The Board of Directors has overall accountability for the establishment and oversight of the Corporation’s 
financial risk management framework. The Audit Committee is mandated by the Board of Directors and is 
responsible for the review, approval and monitoring of the Corporation’s financial risk management policies. The 
Audit Committee reports regularly to the Board of Directors on its activities.
9.3.1	 	 Credit risk management
Credit risk is the risk of financial loss to the Corporation if a customer or counterparty to a financial instrument 
fails to meet its contractual obligations and arises principally from the Corporation’s receivables from customers, 
cash and cash equivalents and derivative instruments. The Corporation has adopted a policy of only dealing with 
creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. The Corporation’s 
exposure and the credit ratings of its counterparties are continuously monitored. 
The carrying amount of financial assets recorded in the consolidated financial statements represents the 
Corporation’s maximum credit exposure.
9.3.1.1	 Credit risk management of receivables from customers
The Corporation’s exposure to credit risk associated with financial trade receivables, net and other financial 
receivables is influenced mainly by the individual characteristics of each customer, however the Corporation also 
considers the demographics of its customer base, including the risk associated with the type of customer and 
country in which the customer operates.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            83
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
The Corporation manages this risk by monitoring the creditworthiness of customers and obtaining prepayment 
or other forms of payment security from customers with a high level of credit risk. The Corporation has 
established processes over contracting with foreign customers in order to manage the risk relating to these 
customers. The Corporation’s management reviews the detailed trade receivable listing on a regular basis for 
changes in the factors that impact a customer’s ability to pay outstanding receivable balances, including 
changes in a customer’s business and the overall economy. An allowance for expected credit losses (ECL) is 
provided for customer accounts that could present collectability issues.
The Corporation’s maximum exposure to credit risk for financial trade receivables, net and other financial 
receivables by geographic regions was as follows:
As at December 31
2022
2021
Asia and Australia
$
14,431
$
10,787
Canada
11,069
5,424
Latin America and Caribbean
611
338
United States
389
422
Europe, Middle East and Africa
110
1,882
Total financial trade receivables, net and other financial receivables
$
26,610
$
18,853
The maximum exposure to credit risk for trade receivables, net and other financial receivables by type of 
customer was as follows:
As at December 31
2022
2021
Central and institutional banks
$
15,488
$
13,528
Governments (including governmental departments and agencies)
6,663
1,564
Consumers, dealers and others
4,459
3,761
Total financial trade receivables, net and other financial receivables
$
26,610
$
18,853
The Corporation established an allowance for ECLs based on a provision matrix that reflected the estimated 
impairment of financial trade receivables, net and other financial receivables at the end of the reporting period. 
The provision matrix was based on historical observed default rates and was adjusted for forward-looking 
estimates. The Corporation sets different payment terms depending on the customer and product, and excluding 
prepayments, the Corporation’s standard payment terms are generally 30 days. As at December 31, 2022, the 
Corporation’s rate of credit losses was less than 1% (2021 – less than 1%) of total financial trade receivables, net 
and other financial receivables. 
The aging of financial trade receivables, net and other financial receivables was as follows:
As at December 31
2022
2021
Gross carrying 
amount
Lifetime ECL 
allowance
Gross carrying 
amount
Lifetime ECL 
allowance
0–30 days
$
20,323
$
–
$
1,297
$
–
31–60 days
4,107
–
8,778
–
61–90 days
582
48
8,264
–
Over 90 days
1,674
28
517
3
Total
$
26,686
$
76
$
18,856
$
3
Net
$
26,610
$
18,853

84	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
The change in the lifetime ECL allowance was as follows:
As at December 31
2022
2021
Opening balance
$
3
$
34
Additions
75
3
Write-offs
(2)
(35)
Foreign exchange revaluation
–
1
Closing balance
$
76
$
3
9.3.1.2	Cash and cash equivalents
The Corporation’s surplus funds are maintained in commercial bank accounts or invested to earn investment 
income, while maintaining the safety of principal and providing adequate liquidity to meet cash flow 
requirements. The Corporation manages its credit risk relating to cash and cash equivalents by utilizing a short-
term investment policy to guide investment decisions. Investments must maintain a credit rating from at least 
one of the following credit agencies, meeting the following minimum criteria:
	
Dominion Bond Rating Service (DBRS) rating of R1 Low	
	
Moody’s rating of P1
	
Standard and Poor’s (S&P) rating of A1
The Corporation regularly reviews the credit rating of issuers with whom it holds investments, and disposes of 
investments at the prevailing market rate when the issuer’s credit rating declines below acceptable levels. At 
each of the reporting dates presented, the Corporation did not hold any investments of this nature.
9.3.1.3	Derivative instruments
Credit risk relating to foreign currency forward contracts and other derivative instruments arises from the 
possibility that the counterparties to these agreements may default on their respective obligations under 
the agreements in instances where these agreements have positive fair value for the Corporation. These 
counterparties are large international financial institutions and to date, no such counterparty has failed to meet 
its financial obligation to the Corporation. Additionally, the Corporation manages its exposure by contracting 
only with creditworthy counterparties in accordance with the Minister of Finance’s Financial Risk Management 
Guidelines for Crown Corporations.  
9.3.2		 Liquidity risk
Liquidity risk is the risk that the Corporation will not be able to meet its financial obligations as they fall due. The 
Corporation manages liquidity risk by continuously monitoring actual and forecasted cash flows to ensure, as 
far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and 
stressed conditions, without incurring unacceptable losses or risking damage to the Corporation’s reputation.
The following table presents the contractual terms to maturity of non-derivative financial liabilities and derivative 
instruments, reflecting undiscounted net disbursements, owed by the Corporation.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            85
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
As at December 31, 2022
Carrying 
amount
Contractual 
Cash flows
Less than 
1 year
1 to 2 
years
2 to 5 
years
More than 
5 years
Non-derivative financial liabilities
Trade payables, other 
payables and accrued 
liabilities
$ (58,048)
$
 
(58,048)
$ (58,012)
$
(36)
$
–
$
–
Loans payable
$ (24,032)
$ (25,262)
$
(6,504)
$  (6,380)
$ (12,378)
$
–
Derivative instruments
Interest rate swap
$
(2,960)
$(110,546)  
$(110,546)  
$
–
$
–
$
–
As at December 31, 2021
Carrying 
amount
Contractual 
Cash flows
Less than 
1 year
1 to 2 
years
2 to 5 
years
More than 
5 years
Non-derivative financial liabilities
Trade payables, other 
payables and accrued 
liabilities
$ (55,918)
$
 
(55,918)
$ (55,823)
$
(95)
$
–
$
–
Loans payable
$  (33,042)
$ (34,945)
$
(9,684)
$
 (6,504)
$  (18,757)
$
–
Derivative instruments
Interest rate swap
$
(23)
$
(23)
$
(23)
$
–
$
–
$
–
9.3.3		 Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates or commodity 
price changes will affect the Corporation's income or the fair value of its financial instruments. 
The Corporation uses, from time to time, derivative instruments, such as foreign currency forward contracts, 
interest rate exchange agreements and commodity swap and forward contracts to manage its exposure to 
fluctuations in cash flows resulting from foreign exchange risk, interest rate risk and commodity price risk. The 
Corporation buys and sells derivatives in the ordinary course of business and all such transactions are carried 
out within the guidelines set out in established policies. In accordance with the Corporation’s policies, derivative 
instruments are not used for trading or speculative purposes. 
9.3.3.1	Foreign exchange risk
The Corporation is exposed to foreign exchange risk on sales and purchase transactions and short-term cash 
management requirements that are denominated in foreign currencies, primarily in US dollars. The Corporation 
manages its exposure to exchange rate fluctuations between the foreign currency and the Canadian dollar 
by entering into foreign currency forward contracts. The Corporation also uses such contracts in managing its 
overall cash requirements.
Based on the forward exchange contracts as at December 31, 2022, and assuming that all other variables remain 
constant, a hypothetical 10% appreciation in the Canadian dollar against the US dollar would increase profit for 
the year by $7.8 million (2021 – $10.0 million). A hypothetical 10% weakening in the Canadian dollar against the 
US dollar would have the equal, but opposite effect.
The effects on the remaining US dollar exposure on financial assets and liabilities of a 10% increase or decrease 
in the Canadian dollar against the US dollar at December 31, 2022, all other variables held constant, would have 
been a decrease or increase in profit for the year of $2.1 million (2021 – $2.3 million).

86	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
9.3.3.2 Interest rate risk
Financial assets and financial liabilities with variable interest rates expose the Corporation to cash flow 
interest rate risk. There is no interest rate risk related to cash and cash equivalents. The Corporation’s Bankers’ 
Acceptance interest rate swap loan instruments expose the Corporation to cash flow interest rate risk. The 
Corporation has fully hedged the exposure to fluctuations in interest rates related to these instruments by 
entering into a corresponding interest rate swap, where the Corporation pays a fixed interest rate in exchange 
for receiving a floating interest rate. The interest rate swap is designated as a hedging instrument under the cash 
flow hedge accounting model.
Financial assets and financial liabilities that bear interest at fixed rates are subject to fair value interest rate risk.  
The Corporation’s interest rate swap exposes the Corporation to fair value interest rate risk. At December 31, 
2022, there was no variable interest exposure. An increase or decrease of 50 basis points in interest rates as at 
December 31, 2021 would not have had a significant impact on the interest rate swap derivative asset/liability.  
9.3.3.3 Commodity price risk
The Corporation is exposed to commodity price risk on its purchase and sale of precious metals including gold, 
silver, platinum and palladium and base metals including nickel, copper and steel.
The Corporation is not exposed to precious metal price risk related to the bullion sales program because the 
purchase and sale of precious metals used in this program are completed on the same date, using the same 
price basis in the same currency. For numismatic sales the Corporation enters into short-term lease or fixed-price 
purchase commitments for precious and base metals to mitigate the commodity price risk (Note 28.1 and  
Note 28.3).
For contracts that are entered into for the purpose of procuring commodities to be used in production, the 
Corporation applies the normal purchases classification.
The impact of commodity price risk fluctuation on the consolidated financial statements is not significant 
because the Corporation’s un-hedged commodity volume is not significant.
9.4	
	 Foreign currency forwards and interest rate swap 
The notional and fair values of the derivative instruments designated and not designated as hedges were as 
follows:
As at December 31, 2022
Designated  
as hedges
Not designated  
as hedges
Total
derivatives
Maturities
Notional value
Fair value
Notional value
Fair value
Fair value
Derivative financial assets
Current
  Foreign currency forwards
2023
$
 – 
$
 – 
$
7,291
$
 514
$
 514
Total current
$
 – 
$
 – 
$
 7,291
$
 514
$
 514
Non-current
  Foreign currency forwards
2024
$
 – 
$
 – 
$
1,314
$
107
$
107
Total non-current
$
$
$
1,314
$
107
$
107
Total
$
–
$
–
$
8,605
$
621
$
621
Derivative financial liabilities
Current
  Foreign currency forwards
2023
$
 – 
$
 – 
$ 110,546           
$      2,960        
$
2,960 
Total
$
–
$
–
$   110,546        
$       2,960         
$
2,960

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            87
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
As at December 31, 2021
Designated  
as hedges
Not designated  
as hedges
Total
derivatives
Maturities
Notional value
Fair value
Notional value
Fair value
Fair value
Derivative financial assets
Current
  Foreign currency forwards
2022
$
 – 
$
 – 
$
149,710
$
2,611
$
2,611
Total
$
 – 
$
 – 
$  149,710
$
2,611
$
2,611
Derivative financial liabilities
Current
  Interest rate swap
2022
$
3,000 
$
 23
$
      –         
$
      –         
$
23
Total
$
3,000 
$
23
$
      –         
$
      –         
$
23
The gains/losses on derivatives designated as cash flow hedges will be reclassified from accumulated other 
comprehensive income to profit or loss during the periods when the hedged gains/losses are realized. As at 
December 31, 2022, all amounts were reclassified to profit or loss (2021 amounts were reclassified to profit or loss 
over periods up to 1 year).
10.	 	 Property, plant and equipment
The composition of the net book value of the Corporation’s property, plant and equipment is presented in the 
following tables: 
As at December 31
2022
2021
Cost
$
427,104
$
446,935
Accumulated depreciation and impairment
(286,410)
(302,895)
Net book value
$
140,694
$
144,040
 
Net book value by asset class
As at December 31
2022
2021
Land and land improvements
$
3,138
$
3,135
Buildings and improvements
75,238
78,194
Equipment
55,055
57,252
Capital projects in process
7,263
5,459
Net book value
$
140,694
$
144,040

88	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
Reconciliation of the opening and closing balances of property, plant and equipment for 2022 and 2021:
Land and 
improvements
Buildings and 
improvements
Equipment
Capital projects 
in process
Total
Cost
Balance as   
December 31, 2020
$
4,094
$
167,738
$
267,896
$
1,031
$
440,759
Additions
82
709
3,991
5,459
10,241
Transfers
–
–
1,031
(1,031)
–
De-recognition
–
(13)
(3,984)
–
(3,997)
Disposals 
–
–
(68)
–
(68)
Balance as   
December 31, 2021
$
4,176
$
168,434
$
268,866
$
5,459
$
446,935
Additions
10
1,544
5,585
5,961
13,100
Transfers
–
860
3,297
(4,157)
–
De-recognition
–
(25)
(31,959)
–
(31,984)
Disposals 
–
–
(947)
–
(947)
Balance at  
December 31, 2022
$
4,186
$
170,813
$
244,842
$
7,263
$
427,104
Accumulated depreciation  
and impairment
Balance as at  
December 31, 2020
$
1,036
$
84,998
$
204,594
$
 – 
$
290,628
Depreciation 
5
5,255
10,946
–
16,206
De-recognition
–
(13)
(3,859)
–
(3,872)
Disposals
–
–
(67)
 –
(67)
Balance as at  
December 31, 2021
$
1,041
$
90,240
$
211,614
$
 – 
$
302,895
Depreciation 
7
5,330
10,582
–
15,919
De-recognition
–
5
(31,867)
–
(31,862)
Disposals
–
–
(542)
 –
(542)
Balance as at  
December 31, 2022
$
1,048
$
95,575
$
189,787
$
–
$
286,410
Net book value as at 
December 31, 2022
$
3,138
$
75,238
$
55,055
$
7,263 
$
140,694
Included in property, plant and equipment additions was a total accrual of $0.6 million (2021 - $1.9 million). 
No asset was pledged as security for borrowings as at December 31, 2022 or 2021.
11.	
	 Investment property
As at December 31
2022
2021
Cost
$
236
$
236
The fair value of the land is $5.3 million (2021 – $5.3 million). The fair value measurement of the investment 
property is classified as level 2 of the fair value hierarchy (see Note 9.2.2 for definitions). The valuation was 
performed using a market approach with market prices for similar properties in the relevant location as 
observable inputs. A new valuation is performed only when there is a significant change in the market price. The 
most recent valuation was performed in October 2020.
No indicators of impairment were found for investment property as at December 31, 2022 or 2021.
The Corporation’s investment property is held under freehold interests.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            89
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
12.	 	 Intangible assets
The composition of the net book value of the Corporation’s intangible assets is presented in the following tables: 
As at December 31
2022
2021
Cost
$
39,835
$
38,846
Accumulated amortization and impairment
(35,155)
(34,108)
Net book value
$
4,680
$
4,738
Reconciliation of the opening and closing balances of intangibles for 2022 and 2021:
Software
Capital projects 
in process
Total
Cost
Balance as at December 31, 2020
$
37,160
$
       317 
$
37,477
Additions
1,050 
1,191
2,241
Transfers
317
(317)
– 
De-recognition
(872)
– 
(872)
Balance as at December 31, 2021
$         37,655
$
1,191
$
   38,846
Additions
652
1,436
2,088
Transfers
1,191
(1,191)
–
De-recognition
(1,099)
–
(1,099)
Balance as at December 31, 2022
$
38,399
$
1,436
$
39,835
Accumulated amortization and impairment
Balance as at December 31, 2020
$
  32,375
$
– 
$
32,375
Amortization
2,233
–
2,233
De-recognition
(500)
–
(500)
Balance as at December 31, 2021
$
  34,108
$
– 
$
34,108
Amortization
2,146
– 
2,146
De-recognition
(1,099)
– 
(1,099)
Balance as at December 31, 2022
$
35,155
$
–   
$
35,155
Net book value as at December 31, 2022
$
3,244
$
1,436
$
4,680
Included in intangible asset additions was a total accrual of $0.1 million (2021 - $0.1 million).
13.	 	 Leases
The Corporation has leases for buildings and equipment. With the exception of leases of low-value underlying 
assets, each lease is reflected on the statement of financial position as a right-of-use asset and a lease liability.
Leases of equipment are generally limited to a lease term of 4 to 15 years. Leases of buildings generally have a 
lease term ranging from 5 years to 10 years. Lease payments are generally fixed.
Each lease generally imposes a restriction that, unless there is a contractual right for the Corporation to sublease 
the asset to another party, the right-of-use asset can only be used by the Corporation. Leases are either non-
cancellable or may only be cancelled by incurring a substantive termination fee. Some leases contain an option to 
purchase the underlying leased asset outright at the end of the lease, or to extend the lease for a further term.

90	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
The Corporation is prohibited from selling or pledging the underlying leased assets as security. For leases of 
buildings, the Corporation is required to keep those properties in a good state of repair and return the properties 
in their original condition at the end of the lease. Further, the Corporation must insure buildings and equipment 
under lease and incur maintenance fees on such items in accordance with the lease contracts.  
The Corporation subleased office space related to certain leases. (Note 5) These sub-lease arrangements expired 
in 2022.
Right-of-use assets
Right-of-use assets represent assets the Corporation is using under lease agreements and other contracts 
assessed as containing a lease. 
The composition of the right-of-use assets is presented in the following tables:
As at December 31
2022
2021
Cost
$
14,657
$
11,224
Accumulated depreciation
(7,793)
(6,088)
Net book value
$
6,864
$
5,136
Net book value by right-of-use asset class
As at December 31
2022
2021
Buildings
$
3,748
$
4,630
Equipment
3,116
506
Net book value
$
6,864
$
5,136
The following represents a reconciliation of the opening and closing balance of the right-of-use assets:
Building
Equipment
Total
Cost
Balance as at January 1, 2021
$
5,997
$
3,756
$
9,753
	 Renewal
1,392
79
1,471
Balance as at December 31, 2021
$
7,389
$
3,835
$
11,224
	 Lease additions and renewals
–
3,433
3,433
Balance as at December 31, 2022
$
7,389
$
7,268
$
14,657
Accumulated depreciation
Balance as at January 1, 2021
$
1,870
$
2,235
$
4,105
	 Depreciation
889
1,094
1,983
Balance as at December 31, 2021
$
2,759
$
3,329
$
6,088
	 Depreciation
882
823
1,705
Balance as at December 31, 2022
$
3,641
$
4,152
$
7,793
Net book value as at December 31, 2022
$
3,748
$
3,116
$
6,864

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            91
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
Lease liabilities 
The following represents a reconciliation of the opening and closing balance of the lease liability balance:
As at December 31, 2022
Building
Equipment
Total
Opening balance
$
5,253
$
529
$
5,782
	 Interest expense (Note 23)
140
105
245
	 Lease payments
(1,357)
(861)
(2,218)
	 Lease additions and renewals
–
3,433
3,433
Closing balance
$
4,036
$
3,206
$
7,242
As at December 31, 2021
Building
Equipment
Total
Opening balance
$
5,003
$
1,571
$
6,574
	 Interest expense (Note 23)
174
37
211
	 Lease payments
(1,316)
(1,158)
(2,474)
	 Lease additions and renewals
1,392
79
1,471
Closing balance
$
5,253
$
529
$
5,782
The lease liabilities are presented in the statement of financial position as follows:
As at December 31, 2022
Building
Equipment
Total
Current
$
789
$
769
$
1,558
Non-current 
3,247
2,437
5,684
Lease liabilities
$
4,036
$
3,206
$
7,242
As at December 31, 2021
Building
Equipment
Total
Current
$
1,252
$
136
$
1,388
Non-current 
4,001
393
4,394
Lease liabilities
$
5,253
$
529
$
5,782
Total cash outflow for leases included in lease liabilities for the year ended December 31, 2022 was $2.2 million 
(December 31, 2021 - $2.5 million).
The undiscounted maturity analysis of lease liabilities as at December 31, 2022 was as follows:
 
2023
2024
2025
2026
2027
2028 and 
thereafter
Total
Lease payments
$
 1,675   
$	 	 1,736 
$	 	 1,755    
$	 	 1,756    
$	 	
144   
$	 	
685
$	 	 7,751
Finance charges 
	 	
(191)
	 	
(143)
	 	
(94)
	 	
(42)
	 	
(12)
	 	
(27)
	 	
(509)
Net present values
$
 1,484   
$	 	 1,593   
$	 	 1,661    
$	 	 1,714          
$	 	
132
$	 	
658
$	 	 7,242
Lease payments not recognized as a liability
The Corporation does not recognize a lease liability for short-term leases or for leases of low-value assets as 
defined in Note 2.12. Payments made under such leases are expensed on a straight-line basis.

92	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
At December 31, 2022 and December 31, 2021, the Corporation was not committed to any low-value leases. 
(Note 28.3).
No expense relating to payments related to the low-value leases was included in the measurement of the lease 
liability for the year ended December 31, 2022 and December 31, 2021.
14.	 	 Trade payables, other payables and accrued liabilities
As at December 31
2022
2021
Trade payables
$
10,563
$
8,925
Employee compensation payables and accrued liabilities
29,640
30,948
Other current financial liabilities1
17,809
15,950
Other accounts payables and accrued liabilities
344
477
Total current trade payables, other payables and accrued liabilities
$
58,356
$
56,300
Other non-current financial liabilities1
36
95
Total non-current trade payables, other payables and accrued liabilities
$
36
$
95
Trade payables, other payables and accrued liabilities
$
58,392
$
56,395
1	 Other financial liabilities include various accrued liabilities relating to operating and capital accruals.
15.	 	 Provisions
The following table presents the changes in the provisions:
As at December 31
2022
2021
Opening balance
$
3,009
$
4,334
Additional provisions recognized
3,313
1,290
Payments 
(222)
(503)
De-recognition of provisions
(606)
(2,312)
Foreign exchange revaluation
(13)
200
Closing balance
$
5,481
$
3,009
Provisions include the following:
As at December 31
2022
2021
Sales returns and warranty
$
2,903
$
2,241
Employee compensation
1,831
–
Other provisions
747
768
Total provisions
$
5,481
$
3,009
2022
2021
Current portion
$
4,568
$
2,043
Non-current portion
913
966
Total provisions
$
5,481
$
3,009

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            93
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
16.	 	 Face Value redemptions liability
As at December 31
2022
2021
Face Value redemptions liability
$
176,616
$
176,980
Precious metal recovery
(60,802)
(55,074)
Face Value redemptions liability, net
115,814
121,906
Less: Current portion
(343)
(434)
Non-current Face Value redemptions liability, net
$
115,471
$
121,472
As at December 31
2022
2021
Opening balance
$
121,906
$
113,986
Redemptions, net
(163)
(476)
Revaluation
(5,929)
8,396
Closing balance
$
115,814
$
121,906
As at December 31, 2022, the Corporation determined that it continues to be unable to reliably estimate the 
redemptions of Face Value coins.
The Face Value redemptions liability represents the expected cash outflows if all Face Value coins are redeemed, 
including the costs of redemptions offset by the precious metal content that will be reclaimed by the 
Corporation when the coins are redeemed. The precious metal recovery component of the liability is based on 
the market value of silver as at the end of each reporting period. The impact of the revaluation of the precious 
metal recovery component of the liability was a decrease of $5.9 million for the year ended December 31, 2022 
(2021 – increase of $8.4 million). Based on the Face Value redemptions liability as at December 31, 2022, and 
assuming that all other variables remain constant, a hypothetical 10% appreciation in the market value of 
silver in Canadian dollars would increase profit for the year by $6.1 million (2021 – $5.5 million). A hypothetical 
10% weakening in the market value of silver in Canadian dollars would have the equal, but opposite effect.
The current portion of the Face Value redemptions liability is based on the redemptions for the last 12 months, 
as the Corporation determined that it continues to be unlikely that all outstanding Face Value coins will be 
redeemed in the next 12 months as Face Value coins are widely held and the redemption process takes time  
to complete.
The Corporation continues to monitor the redemption levels of Face Value coins to ensure requisite funding for 
future redemptions is maintained.
17.	
	 Loans payable
As at December 31
2022
2021
Loans
$
24,000
$
33,000
Accrued interest
 
32
 
42
Total loans payable
$
24,032
$
33,042
Current
$
6,032
$
9,042
Non-current
18,000
24,000
Total loans payable
$
24,032
$
33,042

94	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
The loans payable are unsecured and consist of the following borrowing facilities:
A 10 year $30 million Bankers’ Acceptance (BA)/Interest rate swap loan bearing an interest rate at 2.06% 
matured in 2022. The Corporation hedged the loan for interest rate risk via an interest rate swap exchanging 
fixed rate interest for variable rate interest. The structure of the loan involved the use of a revolving 1-month BA 
and an interest rate swap to lock in the BA refinancing. The loan was repaid by $3 million annual installments for 
10 years. As at December 31, 2022, the Bankers’ Acceptance matured and was paid in full (2021 – $3.0 million).
A 5 year $30 million loan bearing a fixed interest rate of 2.10% with maturity in 2026. Interest payments are paid 
semi-annually and the loan is being repaid over 5 years with payments of $6 million per year. As at December 31, 
2022, the balance of the principal was $24.0 million (2021 – $30.0 million) and the fair value of the loan was  
$23.1 million (2021 – $30.9 million). 
18.	 	 Employee benefit obligations
i)	
	 Pension benefits
Substantially all of the employees of the Corporation are covered by the Public Service Pension plan (the Plan), a 
contributory defined benefit plan established through legislation and sponsored by the Government of Canada. 
Contributions are required by both the employees and the Corporation. The Treasury Board of Canada sets 
the required employer contributions based on a multiple of the employees’ required contribution. The required 
employer contribution rate for 2022 was dependent on the employees’ employment start date. For employment 
start dates before January 1, 2013, the Corporation’s contribution rate was 1.02 times (2021 – 1.01) the employees’ 
contribution; and for employment start dates after December 31, 2012, the Corporation’s contribution rate was 
1.00 (2021 – 1.00) times the employees’ contribution.
The Corporation made total contributions of $12.0 million in 2022 (2021 – $11.1 million). The estimated contribution 
for 2023 is $11.6 million.
The Government of Canada holds a statutory obligation for the payment of benefits relating to the Plan. Pension 
benefits generally accrue up to a maximum period of 35 years at an annual rate of 2 per cent of pensionable 
service times the average of the best five consecutive years of earnings. The benefits are coordinated with 
Canada/Québec Pension Plan benefits and they are indexed to inflation.
ii)	
	 Other post-employment benefits (OPEB)
The Corporation provides severance benefits to its employees and also provides supplementary retirement 
benefits including post-retirement benefits and post-retirement insurance benefits to certain employees. The 
benefits are accrued as the employees render the services necessary to earn them. These benefits plans are 
unfunded and thus have no assets, resulting in a plan deficit equal to the accrued benefit obligation.   
iii)	
	 Other long-term employee benefits (OLTEB)
The Corporation’s other long-term benefits include benefits for employees in receipt of long-term disability 
benefits, sick leave and special leave benefits and worker’s compensation benefits. These benefits plans are 
unfunded and thus have no assets, resulting in a plan deficit equal to the accrued benefit obligation.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            95
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
Employee benefits obligations were as follows:
As at December 31
2022
2021
Post-employment benefits
$
884
$
838
Other long-term employee benefits
2,382
2,464
Employee benefit obligation current
$
3,266
$
3,302
Post-employment benefits
$
8,687
$
10,953
Other long-term employee benefits
1,814
1,700
Employee benefit obligation non-current
$
10,501
$
12,653
Total employee benefits obligation
$
13,767
$
15,955
Movement of employee benefits obligations were as follows:
As at December 31
              Post employment  
            benefits
              Other long-term  
            employee benefits
            Totals
2022
2021
2022
2021
2022
2021
Opening balance
$
11,791
$
11,944
$
4,164
$
5,384
$
15,955
$
17,328
Current service cost
430
607
4,562
4,059
4,992
4,666
Interest cost
340
300
136
124
476
424
Benefits paid
(637)
(490)
(4,294)
(3,844)
(4,931)
(4,334)
Actuarial losses (gains):
  from other assumptions
44
3
866
(313)
910
(310)
  from demographic  
    assumptions
(138)
(36)
(686)
(1,099)
(824)
(1,135)
  from financial  
    assumptions
(2,259)
(537)
(552)
(147)
(2,811)
(684)
Closing balance
$
9,571
$
11,791
$
4,196
$
4,164
$
13,767
$
15,955
Included in actuarial losses (gains) from demographic assumptions are the experience adjustments, which are 
the effect of differences between the previous actuarial assumptions and what has actually occurred, and the 
effects of changes in actuarial assumptions. 
Included in the actuarial losses (gains) from financial assumptions are the adjustments due to the effect of the 
discount rate applied to the employee benefits obligation.
Employee benefits expenses were as follows:
For the year ended December 31
2022
2021
Pension benefits contribution
$
12,035
$
11,137
Other post-employment benefits
770
907
Other long-term employee benefits
4,326
2,624
Total employee benefits expenses
$
17,131
$
14,668

96	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
Amounts recognized in the consolidated statement of comprehensive income were as follows:
For the year ended December 31
2022
2021
In Profit for the period
	 Pension benefits contribution
$
12,035
$
11,137
	 Current service cost
4,992
4,666
	 Interest cost
476
424
	 Actuarial gain for other long-term employee benefits
(372)
(1,559)
$
17,131
$
14,668
In Other comprehensive income
	 Actuarial gain for post-employment benefits
(2,353)
(570)
Total amounts recognized in the consolidated statement of 
comprehensive income
$
14,778
$
14,098
The principal actuarial assumptions used at the end of the reporting period were as follows (weighted average):
As at December 31
2022
2021
Accrued benefit obligation
   Discount rate
5.04%
2.72%
   Rate of compensation increase – Union
2.00%
2.00%
   Rate of compensation increase – Non-union
3.00%
3.00%
Benefit costs for the year ended
   Discount rate
5.19%
1.87%
   Rate of compensation increase – Union
2.00%
2.00%
   Rate of compensation increase – Non-union
3.00%
3.00%
Assumed health care cost trend rates
   Initial health care cost trend rate – OPEB/OLTEB Medical
4.60%
4.70%
   Cost trend rate declines to
4.00%
4.00%
   Initial health care cost trend rate – OPEB/OLTEB Dental
3.50%
3.50%
If all other assumptions are held constant, a hypothetical increase of one percentage point in the following 
assumed rates would increase (decrease) the current service cost, interest cost and defined benefit obligation 
by the amount in the table below. The effect of a hypothetical decrease of one percentage point in the assumed 
rates would have approximately the opposite result.   
For the year ended December 31
2022
2021
Medical cost trend rates:
   Current service cost and interest cost
$
50
$
100
   Defined benefit obligation
$
513
$
800
Discount rates:
   Current service cost and interest cost
$
30
$
(14)
   Defined benefit obligation
$
(1,037)
$
(1,498)
Salary rates:
   Current service cost and interest cost
$
65
$
70
   Defined benefit obligation
$ 
463
$
628
The weighted average duration of the defined benefit obligation is 9 years (2021 – 11 years).

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            97
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
The distribution of the timing of benefit payments is shown in the table below:
For the year ended December 31, 2022	 	
Within 1 Year
2 to 5 Years
6 to 9 Years
Expected benefit payments
$
6,047  
$
4,674
$
4,089
For the year ended December 31, 2021	 	
Within 1 Year
2 to 5 Years
6 to 11 Years
Expected benefit payments
$
5,792   
$
4,439
$
3,824
The Corporation is subject to the Government Employees Compensation Act and, therefore, is not mandatorily 
covered under any provincial worker’s compensation act. The Corporation is a self-insured employer, responsible 
for worker’s compensation benefits incurred since incorporation. The Corporation’s unfunded obligation for 
worker’s compensation benefits is based on known awarded disability and survivor pensions and other potential 
future awards for accidents that occurred up to the measurement date. Worker’s compensation benefits are 
provided according to the respective provincial worker’s compensation legislation.
19.	 	 Employee compensation expenses 
For the year ended December 31
2022
2021
Included in cost of sales:
   Salaries and wages including short-term employee benefits
$
34,078
$
32,833
   Pension costs
5,651
5,607
   Other long-term employee and post-employment benefits 
2,763
2,145
   Termination benefits
–
5
Included in marketing and sales expenses:
   Salaries and wages including short-term employee benefits
14,438
13,663
   Pension costs
1,676
1,464
   Other long-term employee and post-employment benefits 
474
396
Included in administration expenses:
   Salaries and wages including short-term employee benefits
45,133
42,350
   Pension costs
4,831
4,089
   Other long-term employee and post-employment benefits 
1,834
1,436
   Termination benefits
168
63
Total employee compensation and benefits expense
$
111,046
$
104,051

98	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
20.	 	 Revenue
20.1 	 	 Revenue by performance obligations
For the year ended December 31
2022
2021
Performance obligations satisfied at a point in time
   Sale of goods
$ 3,077,540
$
3,306,050
   Rendering of services
52,881
46,891
Total revenue recognized at a point in time
$ 3,130,421
$
3,352,941
Performance obligations satisfied over time
   Sale of goods
$
60,438
$
95,068
   Rendering of services
91,603
102,747
Total revenue recognized over time
$
152,041
$
197,815
Total revenue
$ 3,282,462
$
3,550,756
 
Revenue from the sale of goods is presented net of cost of sales in cases where the Corporation is not the 
principal in the transaction (Customer inventory deals). The following is a reconciliation of the gross revenue 
from the sale of goods and the net revenue presented:
For the year ended December 31
2022
2021
Gross revenue from the sale of goods
$ 5,117,248
$
5,163,710
Less: Customer inventory deals
(1,979,270)
(1,762,592)
Net revenue from the sale of goods
$ 3,137,978
$
3,401,118
20.2 		 Disaggregation of Revenue
In the following table, revenue is disaggregated by primary geographical region of the customer and program or 
business.  
For the year ended December 31
Primary Geographic Regions 
2022
2021
North America
$ 2,430,607
$
2,621,087
Europe, Middle East and Africa
756,833
752,180
Asia and Australia
89,390
176,336
Latin America and Caribbean
5,632
1,153
Total revenue
$ 3,282,462
$
3,550,756
For the year ended December 31
Program and Businesses
2022
2021
Canadian Circulation program
$
95,563
$
89,732
Foreign Circulation
62,597
112,860
   Total Circulation
$
158,160
$
202,592
Bullion Products and Services
3,006,631
3,235,868
Numismatics
117,671
112,296
   Total Precious Metals
$ 3,124,302
$
3,348,164
Total revenue
$ 3,282,462
$
3,550,756

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            99
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
For the year ended December 31, 2022, three (2021 – four) customers made up 36% (2021 – 48%) of the 
Corporation’s revenue. 
The revenue earned from significant customers is reported in the Precious Metals business for the years ended 
December 31, 2022 and 2021, and in the primary geographic regions of North America and Europe, Middle East 
and Africa for the years ended December 31, 2022 and 2021. 
20.3 		 Transaction price allocated to the remaining performance obligations 
The following table includes revenue expected to be recognized in the future related to performance obligations 
that were unsatisfied, or partially unsatisfied, as at December 31, 2022.
For the year ended December 31
2023
2024
2025
Total
Total revenue
$
74,391  
$
61,118
$
60,431
$
195,940  
The Corporation has other contracts with terms longer than 12 months that include unsatisfied performance 
obligations that are dependent on volumes. These contracts, as well as any volume dependent components in 
other contracts, are excluded from the table above as the Corporation cannot reliably measure the unsatisfied 
performance obligations. Under these contracts, customers have the option to increase or decrease the volume 
over the terms of their respective contracts and therefore, the unsatisfied performance obligation, would be 
impacted by this decision.
21.	 	 Depreciation and amortization expenses
For the year ended December 31
2022
2021
Depreciation of property, plant and equipment
$
15,919
$
16,206
Amortization of intangible assets
2,146
2,184
Depreciation of right-of-use assets
1,705
1,983
Total depreciation and amortization expenses
$
19,770
$
20,373
Depreciation and amortization expenses were allocated to the following expense categories:
For the year ended December 31
2022
2021.  
Cost of sales
$
13,140
$
13,491
Marketing and sales expenses
1,764
2,456
Administration expenses
4,866
4,426
Total depreciation and amortization expenses
$
19,770
$
20,373
22.	 	 Net foreign exchange gain  
For the year ended December 31
2022
2021
Foreign exchange gain and forward contract settlements
$
2,021
$
3,502
Foreign exchange loss, balance sheet revaluation
(1,057)
(808)
Foreign exchange (loss) gain, other
(384)
(58)
Total net foreign exchange gain
$
580
$
2,636

100	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
23.	 	 Finance income, net
Finance income, net for the reporting periods consist of the following:
For the year ended December 31
2022
2021
Interest expense on loans payable (Note 9.2.4)
$
(680)
$
(160)
Interest expense for leasing arrangements (Note 13)
(245)
(211)
Other interest expense
(1)
(1)
   Total interest expense
$
(926)
$
(372)
Interest income on cash and cash equivalents (Note 9.2.4)
$
2,142
$
895
Interest income from sub-leasing arrangements (Note 5)
4
14
Other interest income
16
2
   Total interest income
$
2,162
$
911
Total finance income, net
$
1,236
$
539
24.	 	 Income taxes
The major components of income tax expense were as follows:
For the year ended December 31
2022
2021
Current income tax expense
$
12,984
$
19,578
Foreign tax expense
1,170
1,512
Adjustments for prior years
222
(22)
   Total current income tax expense
$
14,376
$
21,068
Origination and reversal of temporary differences
$
(2,029)
$
(3,030)
Adjustments for prior years
(342)
21
   Total deferred income tax recovery
$
(2,371)
$
(3,009)
Total income tax expense recognized in profit
$
12,005
$
18,059
The Corporation’s effective income tax expense for the year ended December 31, 2022 is different from its 
expense at its federal statutory income tax rate of 25% (2021 – 25%) due to the differences noted below:
For the year ended December 31
2022
2021
Profit before income tax for the year
$
46,855
$
71,788
Income tax rate
25%
25%
Computed income tax expense
11,714
17,947
Non-deductible expense
412
113
Adjustments for prior years
(121)
(1)
Income tax expense recognized in profit
$
12,005
$
18,059

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            101
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
The major components of deferred income tax recognized in other comprehensive income for the year were as 
follows:
For the year ended December 31
2022
2021
Before 
income 
tax
Income
tax
recovery
Net of
income tax
Before  
income tax
Income tax
recovery
Net of
income tax
Net unrealized gain (loss) 
on cash flow hedges
$
23
$
 (6)
$
 17
$
 94
$
 (23)
$
 71
Net actuarial gain (loss) 
on defined benefit plan
      2,353
    (588)
     1,765
      570
    (142)
     428
Total other comprehensive 
income
$
2,376
$
 (594)
$
1,782
$
 664
$
 (165)
$
499
The tax effects of temporary differences that give rise to deferred income tax assets and liabilities in 2022 and 
2021 are presented below:
As at December 31, 2022
Opening  
balance 
Recognized  
in profit
Recognized 
in other 
comprehensive 
income
Closing 
balance
Deferred income tax assets:
Employee benefit obligation
$
3,989
$
41
$
(588)
$
3,442
Trade payables, other payables
  and accrued liabilities
1,628
788
–
2,416
Face value redemption liability
30,718
(1,536)
–
29,182
Derivative financial assets
–
585
585
Right-of-use assets  
98
(3)
–
95
Total deferred income tax assets
$
36,433
$
(125)
$
(588)
$
35,720
Deferred income tax liabilities:
	 Property, plant and equipment
(5,256)
1,186
–
(4,070)
	 Derivative financial assets  
(647)
653
(6)
–
	 Intangible assets
(1,164)
680
–
(484)
Investments tax credits
(116)
(23)
–
(139)
Total deferred income tax liabilities
$
(7,183)
$
2,496
$
(6)
$
(4,693)
Net deferred income tax asset
$       29,250
$
2,371
$
(594)
$
31,027

102	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
As at December 31, 2021
Opening  
balance 
Recognized  
in profit
Recognized 
in other 
comprehensive 
income
Closing 
balance
Deferred income tax assets:
Employee benefit obligation
$
4,332
$
(201)
$
(142)
$
3,989
Trade payables, other payables
  and accrued liabilities
2,396
(768)
–
1,628
Face value redemption liability
28,784
1,934
–
30,718
Right-of-use assets  
102
(4)
–
98
Total deferred income tax assets
$
35,614
$
961
$
(142)
$
36,433
Deferred income tax liabilities:
	 Property, plant and equipment
(5,802)
546
–
(5,256)
	 Derivative financial assets  
(2,103)
1,479
(23)
(647)
	 Intangible assets
(1,215)
51
–
(1,164)
Investments tax credits
(86)
(30)
–
(116)
Total deferred income tax liabilities
$
(9,206)
$
2,046
$
(23)
$
(7,183)
Net deferred income tax asset
$
26,408
$
3,007
$
(165)
$
29,250
Deferred tax assets have been recognized in respect of all income tax losses and other temporary differences 
giving rise to deferred tax assets where management believes it is probable there is sufficient future taxable 
profit available against which the Corporation can utilize the benefits. A deferred tax asset was not recognized 
in respect of deductible temporary differences totalling $11.0 million in 2022 (December 31, 2021 – $8.1 million) 
related to capital losses because it was not probable that there will be sufficient future taxable capital gains 
available to utilize the benefits.
25.	 	 Scientific research and experimental development expenses, net
For the year ended December 31
2022
2021
Scientific research and experimental development expenses
$
5,627
$
4,756
Scientific research and experimental development investment tax credit
(744)
(462)
Scientific research and experimental development expenses, net
$
4,883
$
4,294
The net expenses of scientific research and experimental development were allocated to the following expense 
categories:
For the year ended December 31
2022
2021
Cost of sales
$
1,958
$
2,023
Administration expenses
2,925
2,271
Total scientific research and experimental development expenses, net
$
4,883
$
4,294

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            103
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
26.	 	 Supplemental cash flow information	
Adjustments to other (revenues) expenses, net were comprised of the following:
For the year ended December 31
2022
2021
Expenses
 
	 Employee benefits expenses
$
17,131
$
14,668
	 Employee benefits paid
(16,968)
(15,471)
	 Inventory write-downs (reversals)
4,369
(1,195)
	 Provisions
2,471
(1,325)
	 Loss on disposal of assets
527
545
	 Other non-cash expenses, net
(672)
(493)
Revenue
	 Foreign circulation revenue
(11,475)
(26,605)
	 Bullion service revenue
(9,815)
(9,628)
Adjustments to other revenues, net
$
(14,432)
$
(39,504)
The net change in operating assets and liabilities shown in the consolidated statement of cash flow was 
comprised of the following:
For the year ended December 31
2022
2021
Trade receivables, net and other receivables
$
78,548
$
86,882
Inventories
(10,156)
(85,344)
Prepaid expenses
(4,909)
(1,234)
Trade payables, other payables and accrued liabilities
(1,204)
4,393
Contract liabilities 
2,750
528
Provisions 
(222)
(503)
Net change in operating assets and liabilities
$
64,807
$
4,722
Income tax paid, net of income tax received, was comprised of the following:
For the year ended December 31
2022
2021
Income tax paid
$
(35,348)
$
(4,174)
Income tax received
43
340
Income tax paid, net of income tax received
$
(35,305)
$
(3,834)
Interest received, net of interest paid was comprised of the following:
For the year ended December 31
2022
2021
Interest received
$
1,638
$
1,560
Interest paid
(691)
(132)
Interest received, net of interest paid
$
947
$
1,428

104	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
27.	 	 Related party transactions
Government of Canada
The Corporation is related in terms of common ownership to all Government of Canada owned entities. The 
Corporation enters into transactions with these entities in the normal course of business, under the same 
terms and conditions that apply to unrelated parties. In accordance with the disclosure exemption regarding 
“government related entities”, the Corporation is exempt from certain disclosure requirements of IAS 24 – Related 
Party Disclosures relating to its transactions and outstanding balances with:
•	 a government that has control, joint control or significant influence over the reporting entity; and
•	 another entity that is a related party because the same government has control, joint control or significant 
influence over both the reporting entity and the other entity.
Transactions with related parties that are considered to be individually or collectively significant, include 
transactions with the Government of Canada, and departments thereof and all federal Crown corporations.  
The majority of transactions with the Government of Canada were with the Department of Finance related 
to the production, management and delivery of Canadian circulation coins which are governed by the terms 
outlined in the memorandum of understanding which is effective from January 1, 2022 to December 31, 2025. 
(2021 – January 1, 2018 to December 31, 2021)
The transactions with Department of Finance were as follows:
For the year ended December 31
2022
2021
Revenue
$
89,287
$
86,658
As at December 31
2022
2021
Trade receivable (Note 5)
$
2,308
$
403
Contract liabilities (Note 8)
$
–
$
456
During the year, the majority of transactions with Crown corporations were for the sales of numismatic products.
Key management personnel
Key management personnel include all members of the Board of Directors and executive officers including all 
Vice-Presidents, who have the authorities and responsibilities for planning, directing and controlling the activities 
of the Corporation.
Compensation of key management personnel were as follows:
For the year ended December 31
2022
2021
Wages, bonus and short-term benefits
$
3,121
$
2,737
Post-employment and termination benefits
1,100
838
Other long-term benefits
100
95
Total compensation
$
4,321
$
3,670

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            105
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
28.	 	 Commitments, contingencies and guarantees
28.1	 	 Precious metal commitments
In order to facilitate the production of precious metal coins and manage the risks associated with changes in 
metal prices, the Corporation may enter into firm fixed-price purchase commitments, as well as precious metal 
leases and supply arrangements for precious metal bullion products. As at December 31, 2022, the Corporation 
had $21.9 million in outstanding firm fixed-price precious metal purchase commitments and firm commitments 
for precious metal bullion product supply arrangements. (December 31, 2021 – $24.7 million) 
At the end of the period, the Corporation had entered into precious metal leases as follows:
As at December 31 
Ounces
2022
2021
Gold
539,650
591,186
Silver
16,125,614
10,470,977
Platinum
22,442
22,076
The fees for these leases are based on market value. The precious metal lease payments expensed for 2022 were 
$18.9 million (2021 – $12.0 million). The value of the metals under these leases is not reflected in the Corporation’s 
consolidated financial statements as stated in note 3.2.5.
28.2	 	 Trade finance bonds and bank guarantees 
The Corporation has various outstanding bank guarantees and trade finance bonds associated with the production 
of foreign circulation coin contracts. These were issued in the normal course of business. The guarantees and 
bonds are delivered under standby facilities available to the Corporation through various financial institutions. 
Performance guarantees have remaining terms of between four to twenty-six months depending on the 
applicable contract, while warranty guarantees have remaining terms of between six to twelve months. Bid 
bonds have remaining terms of up to one year, depending on the length of the bid period for the applicable 
contract. The various contracts to which these guarantees or bid bonds apply generally have terms ranging from 
one to two years. Any potential payments that might become due under these commitments would relate to the 
Corporation’s non-performance under the applicable contract. The Corporation does not anticipate any material 
payments will be required in the future. As at December 31, 2022, under the guarantees and bid bonds, the 
maximum potential amount of future payments is $15.4 million (2021 – $19.8 million). 
28.3	 	Other commitments and contingencies
Total estimated minimum remaining future commitments as at December 31, 2022 were as follows:
As at December 31
2023
2024
2025
2026
2027
2028 and 
thereafter
Total
Other commitments
$ 57,802     
$   6,258             
$ 4,255
$ 1,644
$
633
$
–
$
70,592
Base metal commitments
9,773
–
–
–
–
–
9,773
Capital commitments
17,416
1,399
–
–
–
–
18,815
Total
$ 84,991
$ 7,657
$ 4,255
$ 1,644
$
633
$
–
$  99,180

106	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022 (audited)
(In thousands of Canadian dollars, unless otherwise indicated)
Other commitments include firm contracts with suppliers for goods and services, excluding precious metals 
commitments, as well as the non-lease components of leases of right-of-use assets.
Base metal commitments are firm fixed-price purchase commitments that are entered into in order to facilitate 
the production of circulation and non-circulation coins, for Canada and other countries, and to manage the risks 
associated with changes in metal prices.
The Corporation committed to spend approximately $18.8 million as at December 31, 2022 (2021 – $4.9 million) in 
2023 and 2024 on capital projects.
In addition, there are various legal claims against the Corporation. Claims that are uncertain in terms of the 
outcome or potential outflow or that are not measurable are considered to be a contingency and are not 
recorded in the Corporation’s consolidated financial statements. A $0.7 million provision for potential legal 
obligations is included in other provisions (Note 15) as at December 31, 2022 (2021 – $0.6 million). The amount 
and timing of the settlement of the provision is uncertain.
Other than the changes noted above, there have been no other material changes to the Corporation’s 
commitments, contingencies and guarantees since December 31, 2021.

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            107
Table 1 — Canadian circulation coinage
Production up to December 31, 2022
2022
2021
2020
$2
 27,255,000 
35,445,000 
 17,235,000 
$1
 43,889,000 
 27,875,000 
 15,636,000 
25¢
 91,680,000 
 110,560,000 
 96,000,000 
10¢
 103,400,000 
 185,775,000 
 68,750,000 
5¢
 83,328,000 
 68,376,000 
 31,752,000 
Table 2 — Canadian circulation coinage
Commemorative/regular design production in 2020 – 2022
2022
2021
2020
$2
 20,580,000 
 32,445,000 
 11,235,000 
$2 – 75th Anniversary of the end of the Second World War
 –
 –
 3,000,000 
$2 – 100th Anniversary of the birth of Bill Reid
 –
 –
 3,000,000 
$2 – 100th Anniversary of the discovery of insulin
 –
 3,000,000 
 –
$2 – 50th Anniversary of the Summit Series
 3,000,000 
 –
 –
$2 – Honouring Queen Elizabeth II
 3,675,000 
 –
 –
$1
 37,889,000 
 24,875,000 
 12,636,000 
$1 – 75th Anniversary of the United Nations Charter
 –
 –
 3,000,000 
$1 – 125th Anniversary of the discovery of gold in the Klondike
 –
 3,000,000 
 –
$1 – Celebrating Oscar Peterson
3,000,000
 –
 –
$1 – 175th Anniversary of the Birth of Alexander Graham Bell
3,000,000
 –
 –
25¢
 91,680,000 
 110,560,000 
 96,000,000 
10¢
 103,400,000 
 170,775,000 
 68,750,000 
10¢ – 100th Anniversary of Bluenose
 –
 15,000,000 
 –
5¢
  83,328,000 
 68,376,000 
 31,752,000 
Statistics

108	
ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022
Michel Boucher
Vice-President, Human 
Resources
Gini Bethell
Chief Transformation Officer
Simon Kamel
Vice-President, General Counsel 
and Corporate Secretary, 
Corporate and Legal Affairs
James Malizia
Vice-President,  
Corporate Security 
Marie Lemay, ICD.D
President and
Chief Executive Officer
Francis Mensah
Vice-President  
Finance and Administration  
and Chief Financial Officer
Jean-Laurent Rousset
Vice-President, Operations
Michelle Richardson
Chief Impact Officer
Tom Froggatt
Chief Commercial Officer
Executive Officers and Leadership Team

ROYAL CANADIAN MINT  |  ANNUAL REPORT 2022            109
Boutique Locations
Ottawa
320 Sussex Drive
Ottawa, Ontario  
Canada  K1A 0G8 
613-993-8990
Winnipeg
520 Lagimodière Boulevard
Winnipeg, Manitoba 
Canada  R2J 3E7
204-983-6429
Visit our online store  
for a full selection of products  
at www.mint.ca
Head Office and  
Ottawa Plant
Royal Canadian Mint
320 Sussex Drive
Ottawa, Ontario
Canada  K1A 0G8 
613-993-3500
Winnipeg Plant  
Royal Canadian Mint
520 Lagimodière Boulevard
Winnipeg, Manitoba
Canada  R2J 3E7
204-983-6400