OTTAWA, ON, Aug. 16, 2024 /CNW/ - The Royal Canadian Mint (the "Mint") announces its financial results for the second quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months. "The Royal Canadian Mint continues to adapt to shifting markets and changing economic conditions. With a diversified business structure, we are focused on capitalizing on opportunities to generate profits," said Marie Lemay, President and CEO of the Royal Canadian Mint.  The financial results should be read in conjunction with the Mint's annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated. Financial and Operational Highlights The financial results for the second quarter of 2024 were ahead of target although below 2023 levels. Lower than expected bullion volumes from the soft demand in the global bullion market were the main driver, partially offset by a higher gold market pricing, higher foreign circulation volumes and lower operating expenses. The Mint's financial goals for 2024, as set out in its 2024-2028 Corporate Plan, are being actively monitored by the Mint's Leadership team as they are at risk of not being met. Consolidated revenue decreased to $293.8 million in 2024 (2023 – $711.6 million). Revenue from the Precious Metals business decreased to $266.2 million in 2024 (2023 – $686.8 million): Gold bullion volumes decreased 59% quarter over quarter to 138.7 thousand ounces (2023 – 339.2 thousand ounces) while silver bullion volumes decreased 54% to 4.2 million ounces (2023 – 9.1 million ounces). Sales of numismatic products decreased 6% quarter over quarter mainly due to high demand in Q2 2023 for Queen Elizabeth II's Reign and King Charles III Coronation products. Revenue from the Circulation business increased to $27.6 million in 2024 (2023 – $24.8 million): Revenue from the Foreign Circulation business increased 133% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023. Revenue from Canadian coin circulation products and services decreased 4% quarter over quarter mainly from lower program fees in accordance with the memorandum of understanding with the Department of Finance. Overall, operating expenses decreased 10% quarter over quarter to $29.4 million (2023 – $32.7 million) mainly due to planned reductions in consulting expenses. Consolidated results and financial performance(in millions)  13 weeks ended 26 weeks ended Change Change June 29, 2024 July 1, 2023 $ % June 29, 2024 July 1, 2023 $ % Revenue