OTTAWA, ON, May 3, 2024 /CNW/ - The Royal Canadian Mint (the "Mint") is announcing its financial results for 2023. These results provide insights into the Mint's activities, the impacts of market fluctuations on its businesses and its expectations for the next 12 months. "The Royal Canadian Mint achieved solid results despite a sharp downturn in the precious metals market, significant investments in its digital transformation, and a higher level of operating costs," said Marie Lemay, President and CEO of the Royal Canadian Mint.  "We will remain agile and seize new opportunities to help drive future profitability and sustainability." The financial results should be read in conjunction with the Mint's annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated. Financial and Operational Highlights The financial results for 2023 were below 2022 levels, as expected, driven by lower bullion volumes due to weaker demand in the global bullion market in the second half of 2023, higher precious metal costs and higher operating expenses. Results were positively impacted by the success of the numismatics products celebrating the reign of the late Queen Elizabeth II and the coronation of His Majesty King Charles III. Consolidated revenue decreased to $2,162.0 million in 2023 (2022 – $3,282.5 million). Revenue from the Precious Metals business decreased to $2,046.1 million in 2023 (2022 – $3,124.3 million): Gold bullion and silver bullion volumes decreased 34% year over year to 989.1 thousand ounces for gold bullion (2022 – 1,489.7 thousand ounces) and 24.4 million ounces for silver bullion (2022 – 37.1 million ounces). Revenue from numismatic product sales increased 20% year over year. Revenue from the Circulation business decreased to $115.9 million in 2023 (2022 – $158.2 million): Revenue from Foreign Circulation decreased 56%, year over year due to lower volumes and an expected change in the mix of coins and blanks in new contracts. Revenue from Canadian circulation decreased 8% year over year as fewer coins were required to replenish inventories due to an increase in deposits with financial institutions and an increase in coins from the recycling program ensuring an adequate supply. Overall, operating expenses increased 8% year over year to $135.0 million (2022 – $125.3 million) mainly due to planned increases in employee compensation to support ongoing operations, as well as expenses supporting the digital program. Cash and cash equivalents decreased to $59.8 million (December 31, 2022 - $79.3 million).  The Mint paid a dividend of $4.0 million to the Government of Canada in January 2024. Cash and cash equivalents remain adequate to support the Mint's operations.  Consolidated results and financial performance(in millions)  Year ended December 31, 2023 December 31, 2022 $  Change   %  Change Revenue $ 2,162.0 $