Responsible Metals Program
The Royal Canadian Mint opposes all activities that deny basic human rights and is opposed to all activities which finance or contribute to abuses of human rights. This includes the mining and trading of conflict minerals within the gold and/or silver sector.
We are committed to advancing responsible business practices and promoting the responsible sourcing of precious metals used in our processes and products. All of our customers and suppliers of precious metals are required to participate in our Responsible Metals Program. The program is designed to meet the Organisation for Economic Co‑operation and Development (OECD) Due Diligence Guidance on Responsible Supply Chains of Minerals from Conflict‑Affected and High Risk Areas – Gold Supplement, the London Bullion Market Association (LBMA) Responsible Gold Guidance and Responsible Silver Guidance, and the Electronic Industry Citizenship Coalition and the Global e-Sustainability Initiative (EICC GeSI) Conflict‑Free Sourcing Initiative requirements.
Our Responsible Metals Program is designed to address the specific risks identified in Annex II of the OECD Due Diligence Guidance on Responsible Supply Chains of Minerals from Conflict‑Affected and High Risk Areas.
These risks are recognized as having significant adverse impacts that may be associated with extracting, trading, handling and exporting minerals globally – especially from conflict-affected and high-risk areas. These include the risk of conflict, severe human rights abuses, money laundering and mineral fraud. Our program also seeks information relating to emerging risks in the area of environmental, social and governance.
A copy of our Responsible Sourcing (Precious Metals) Policy can be found below.
Annex II risks are as follows:
- Serious abuses associated with the extraction, transport or trade of minerals
- Direct or indirect support to non-state armed groups
- Public or private security forces
- Bribery and fraudulent misrepresentation of the origin of minerals
- Money laundering
- Payment of taxes, fees and royalties due to governments
Further information on the Annex II Risks can be found here as part of the OECD Due Diligence Guidance.
Responsible Metals Program
The Royal Canadian Mint Responsible Metals Program incorporates the following five (5) step process aimed at identifying and validating the chain of custody of all incoming gold or silver-bearing refining deposits.
Our corporate Responsible Metals Program and Anti-Money Laundering/Anti-Terrorist Financing and Know Your Customer (“KYC”) programs, are consistent with the requirements set forth by the LBMA’s Responsible Gold Guidance and Responsible Silver Guidance. We have also established an internal management structure to support supply chain due diligence. This structure enables communication and implementation of program requirements and monitoring of the supply chain due diligence program. We have identified and recorded all suppliers and maintain records containing supply chain information for each deposit. A targeted training program is in place to inform employees of their obligations under the Responsible Metals Program. Our refinery has communicated the Responsible Metals Program requirements to all suppliers, and has engaged with them to ensure that materials we receive for processing have been sourced responsibly and not from illegal mining operations located in internationally designated conflict areas.
We have identified and assessed the risks for each of our suppliers. Each supplier is required to undergo our KYC due diligence process and is subject to a risk assessment. The risk assessment encompasses risk indicators related to geography, nature of business, delivery channels, ownership, organizational structure, and other risk factors that the we deem relevant.
The supplier due diligence process includes collecting and verifying the suppliers’ business and financial details, verifying that the supplier and/or its beneficial owners are not on any economic, money laundering, or terrorist financing watch lists, or listed as Politically Exposed Persons and obtaining trade reference information.
All shipments of material received for processing are subject to inspection and validation that the material shipped conforms to the suppliers’ previously established material type and amounts deposited are consistent for that customer.
We have developed a response strategy to address identified risks. This strategy includes either (a) accepting the new supplier’s application for services or continuing business with an existing supplier with treatment measures implemented to mitigate against the identified risk; or (b) suspending and/or terminating the new supplier’s application, or suspending and/or terminating the relationship with the existing supplier should we deem that treatment measures would not sufficiently mitigate against the identified risk(s).
Our Responsible Metals Program is audited annually by an LBMA accredited audit firm. These audits are conducted based on the LBMA Responsible Gold Guidance and Responsible Silver Guidance audit requirements. The most recent audit reasonable assurance report is available below.
Our assurance report is available online together with its Responsible Sourcing (Precious Metals) Policy. The report can be found below.
Material refined by the Royal Canadian Mint
The Mint refines gold and silver material from different sources. We identify and record all suppliers and maintain records containing supply-chain information for each deposit.
The Mint refines three types of materials: (1) mined gold and silver from Large- and/or Medium-scale mines (LSMs) and from artisanal and small-scale mines (ASMs); (2) recycled gold and silver; and (3) mining by-product. Below you will find more information on each stream. The majority of the material refined by the Mint in 2025 was gold. The main source of the gold refined is mined gold, 94% of which was sourced by the Mint directly from Canadian LSMs and ASMs.
Below is information about the countries of origin of the gold- and silver-bearing material refined by the Royal Canadian Mint in 2025. As a London Bullion Market Association (LBMA) Good Delivery refiner for gold and silver, the Royal Canadian Mint follows the guidance instruments issued by the LBMA, including the Responsible Gold Guidance, Version 9 (RGG9) and the Responsible Silver Guidance, Version 2 (RSG2).
The Mined Gold from Canadian Large- and/or Medium-Scale Mines (LSMs) and Artisanal and Small-Scale Mines (ASMs) was sourced by the Mint directly from the mines.
The Mixed Materials combine Recycled Gold and Mined Gold from LSMs and ASMs sourced by refining customers of the Mint. Despite the accuracy of the country of origin identified in the chart and in the table below per the rules of origin in the LBMA Responsible Gold Guidance V9, a portion of the Mined Gold contained in these Mixed Materials includes gold from ASMs located in Latin American countries, including Colombia, in addition to Canada. The Mint ceased accepting mixed materials from Latin America in May 2026.
| 2025 REFINED GOLD |
|||
|---|---|---|---|
| COUNTRY OF ORIGIN | MATERIAL TYPE1 | FINE GOLD WEIGHT (KG) | IMPORTANT INFORMATION |
| Canada
TOTAL
133,364
Fine Gold Weight (kg) |
Mined Gold |
Recycled – Country of origin is determined by the location of the recycler per LBMA Responsible Gold Guidance V9. Mixed Materials – Combine recycled gold and mined gold from ASMs located in Canada sourced by refining customers of the Mint. Mining By-product – Obtained from the mining of base metals. The country of origin is where trace gold is first separated per LBMA Responsible Gold Guidance V9. |
|
| i. From Large- and/or Medium-Scale Mines (LSMs) | 115,647 | ||
| ii. From Artisanal and Small-Scale Mines (ASMs) | 2,322 | ||
| Note: Sourced by the Mint directly from mines located in Canada | |||
| Recycled2 | |||
| i. Unprocessed Recycled3 | 7,722 | ||
| ii. Melted Recycled | 3,067 | ||
| iii. Mixed Materials4 | 1,175 | ||
| Mining By-product | 3,431 | ||
| United States
TOTAL
10,221
Fine Gold Weight (kg) |
Recycled2 |
Recycled – Country of origin is determined by the location of the recycler per LBMA Responsible Gold Guidance V9. Mixed Materials – Combine recycled gold and mined gold from ASMs sourced by refining customers of the Mint. Despite the accuracy of the country of origin identified herein per the rules of origin in the LBMA Responsible Gold Guidance V9, the portion of the mixed materials that is mined gold was procured by refining customers from sources located in Latin American countries, including Colombia. The Mint ceased accepting mixed materials from Latin America in May 2026. |
|
| i. Unprocessed Recycled3 | 3,007 | ||
| ii. Melted Recycled | 1,367 | ||
| iii. Mixed Materials4 | 5,847 | ||
| Japan
TOTAL
333
Fine Gold Weight (kg) |
Recycled2 | Recycled – Country of origin designation is determined by the recycler location per LBMA Responsible Gold Guidance V9. | |
| i. Unprocessed Recycled3 | 333 | ||
| United Kingdom
TOTAL
161
Fine Gold Weight (kg) |
Recycled2 | Recycled – Country of origin is determined by the location of the recycler per LBMA Responsible Gold Guidance V9. | |
| i. Unprocessed Recycled3 | 161 | ||
2. Per LBMA Responsible Gold Guidance V9, “Recycled Gold” consists in anything that is gold that has not come directly from a mine in its first life cycle. This includes end-user and post-consumer products, scrap and waste metals, materials arising during refining and product manufacturing, investment gold, and gold-bearing products which are returned to a refiner to begin a new lifecycle. The category includes fully refined gold that has been fabricated into grain, Good Delivery bars, medallions, and coins that have previously been sold by a refinery to a manufacturer, bank or consumer market, and that may thereafter need to be returned to a refiner to reclaim their financial value or for transformation into other products.
3. Unprocessed Recycled material is sourced in the form of finished investment products such as bullion bars and coins.
4. Per LBMA Responsible Gold Guidance V9, “Mixed Materials” is a subcategory of Recyclable Gold which combines Recycled Gold with Mined Gold, i.e., gold that originates from LSMs or ASMs that has never been previously refined.
The Mined Silver from Canadian Large- and/or Medium-Scale Mines (LSMs) and Artisanal and Small-Scale Mines (ASMs) was sourced by the Mint directly from the mines.
The Mixed Materials combine Recycled Silver and Mined Silver from LSMs and ASMs sourced by refining customers of the Mint. Despite the accuracy of the country of origin identified in the chart and in the table below per the rules of origin in the LBMA Responsible Silver Guidance V2, a portion of the Mined Silver contained in these Mixed Materials is from ASMs located in Latin American countries, including Colombia. The Mint ceased accepting mixed materials from Latin America in May 2026.
| 2025 REFINED SILVER |
|||
|---|---|---|---|
| COUNTRY OF ORIGIN | MATERIAL TYPE1 | FINE SILVER WEIGHT (KG) | IMPORTANT INFORMATION |
| Canada
TOTAL
76,568
Fine Silver Weight (kg) |
Mined Silver |
Recycled – Country of origin is determined by the location of the recycler per LBMA Responsible Silver Guidance V2. Mixed Materials – Combine recycled silver and mined silver from ASMs located in Canada sourced by refining customers of the Mint. Mining By-product – Obtained from the mining of base metals. The country of origin is where trace silver is first separated per LBMA Responsible Silver Guidance V2. |
|
| i. From Large- and/or Medium-Scale Mines (LSMs) | 35,121 | ||
| ii. From Artisanal and Small-Scale Mines (ASMs) | 518 | ||
| Note: Sourced by the Mint directly from mines located in Canada | |||
| Recycled2 | |||
| i. Unprocessed Recycled3 | 35,867 | ||
| ii. Melted Recycled | 1,188 | ||
| iii. Mixed Materials4 | 251 | ||
| Mining By-product | 3,623 | ||
| United States
TOTAL
989
Fine Silver Weight (kg) |
Recycled2 |
Recycled – Country of origin is determined by the location of the recycler per LBMA Responsible Silver Guidance V2. Mixed Materials – Combine recycled silver and mined silver from ASMs sourced by refining customers of the Mint. Despite the accuracy of the country of origin identified herein per the rules of origin in the LBMA Responsible Silver Guidance V2, the portion of the mixed materials that is mined was procured by refining customers from sources located in Latin American countries, including Colombia. The Mint ceased accepting mixed materials from Latin America in May 2026. |
|
| i. Unprocessed Recycled3 | 45 | ||
| ii. Melted Recycled | 166 | ||
| iii. Mixed Materials4 | 778 | ||
| United Kingdom
TOTAL
834
Fine Silver Weight (kg) |
Recycled2 | Recycled – Country of origin is determined by the location of the recycler per LBMA Responsible Silver Guidance V2. | |
| i. Unprocessed Recycled3 | 834 | ||
2. Per LBMA Responsible Silver Guidance V2, “Recycled Silver” consists in anything that is silver that has not come directly from a mine in its first life cycle. This includes end-user and post-consumer products, scrap and waste metals, materials arising during refining and product manufacturing, investment silver, and silver-bearing products which are returned to a refiner to begin a new lifecycle. The category includes fully refined silver that has been fabricated into grain, Good Delivery bars, medallions, and coins that have previously been sold by a refinery to a manufacturer, bank or consumer market, and that may thereafter need to be returned to a refiner to reclaim their financial value or for transformation into other products.
3. Unprocessed Recycled material is sourced in the form of finished investment products such as bullion bars and coins.
4. Per LBMA Responsible Silver Guidance V2, “Mixed Materials” is a subcategory of Recyclable Silver which combines Recycled Silver with Mined Silver, i.e., silver that originates from LSMs or ASMs that has never been previously refined.
Whistleblowing
As part of our commitment to responsible sourcing, we have an established whistleblowing service that allows for confidential and anonymous reporting of alleged wrongdoing through a third party provider.
More Information
We are committed to meeting our social responsibilities, and encourage our precious metal refining customers and suppliers to do their part in ensuring that their materials are not sourced from illegitimate mining operations in internationally recognized conflict areas.
Contact us for more information on the Royal Canadian Mint Responsible Metals Program.
