OTTAWA, ON, May 24, 2024 /CNW/ - The Royal Canadian Mint (the "Mint") is pleased to announce its financial results for the first quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months. "The Mint's long-term strategy is designed to allow us to adapt to changes in our business environment, enabling us to capitalize on new opportunities to ensure that we are well positioned to continue delivering value for Canada and Canadians," 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 first quarter of 2024 were below 2023 levels mainly driven by lower bullion volumes from weaker demand in the global bullion market, partially offset by higher foreign circulation volumes and lower operating expenses. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan. Consolidated revenue decreased to $314.7 million in 2024 (2023 – $769.7 million).Revenue from the Precious Metals business decreased to $286.3 million in 2024 (2023 – $747.7 million): Gold bullion volumes decreased 46% quarter over quarter to 173.6 thousand ounces (2023 – 318.7 thousand ounces) while silver bullion volumes decreased 50% to 4.5 million ounces (2023 – 9.0 million ounces). Sales of numismatic products decreased 7% quarter over quarter mainly due to high demand in Q1 2023 for the Queen Elizabeth II's Reign products. Revenue from the Circulation business increased to $28.4 million in 2024 (2023 – $22.0 million): Revenue from the Foreign Circulation business increased almost three fold, 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 2% quarter over quarter mainly from lower Alloy Recovery Program metric tons processed in 2024. Overall, operating expenses decreased 6% quarter over quarter to $30.6 million (2023 – $32.4 million) mainly due to planned reductions in consulting expenses.   Consolidated results and financial performance(in millions) 13 weeks ended March 30, 2024 April 1, 2023 $ Change % Change Revenue $ 314.7 $ 769.7 (455.0) (59)