Perth Mint turns bullion surge into record profit and largest-ever dividend

Record profit rides a volatile precious-metals market

The Perth Mint has reported a six-fold jump in profit before tax to $100.19 million for the year ended 30 June 2026, turning a surge in gold and silver prices into the strongest result in Gold Corporation’s history. Revenue reached $44.23 billion, up from $32.95 billion, although the headline figure largely reflects the value of precious metals traded and sold rather than a comparable measure of operating profit.

After tax, profit rose to $70.40 million from $11.27 million. The board recommended a $47.7 million dividend to the Western Australian Government, subject to Treasurer approval, compared with $410,000 paid for the previous year. The proposed distribution is calculated with reference to after-tax profit excluding operating subsidy income and is expected to be paid in December 2026.

Retail demand stretches production and fulfilment

Demand accelerated from October 2025 as geopolitical uncertainty and record bullion prices drove a rush from smaller retail buyers. Orders more than doubled in February and March 2026 compared with January, while new accounts opened between October and March increased 85% on the same period a year earlier. The Mint shipped almost 12,000 more orders and an additional 436 tonnes of outbound product in the first quarter of 2026 than it did a year earlier.

Minted-product sales rose about 25% to 9.45 million units, despite the release of fewer legal-tender coins as staff and production capacity were redirected to clear order backlogs. The refinery processed 440.1 tonnes of metal, down from 561 tonnes, amid disrupted supply from the Mint’s largest silver supplier and stronger competition for gold doré. Even so, recently installed automation helped lift short-term output, reduce bar reject rates and restore the full core range of gold small bars.

Transformation restores capacity and compliance

The report presents the record year as the first stage of a more disciplined growth phase following several years of remediation and operational stabilisation. The Mint says its anti-money laundering and counter-terrorism financing remediation program is complete, with all requirements under its enforceable undertaking with AUSTRAC delivered. It also achieved recertification under the London Bullion Market Association’s responsible gold and silver guidance, while its laboratory continued operating as one of only seven global referees for the LBMA Good Delivery program.

Operational investment included automated casting and packing systems, further coining equipment and a planned replacement of the silver electrolysis plant. The Mint also produced a 521.2-kilogram gold bar on 9 July 2026, after the reporting period, setting a Guinness World Records title. The result is a striking demonstration of capability, but it is not part of the 2025-26 financial performance.

2026-27 budget signals a sharper earnings test

The clearest caution in the report is embedded in its forward estimate. Gold Corporation has budgeted for $55.84 billion of revenue and a $17.35 million operating profit before tax in 2026-27, well below the $100.19 million achieved in 2025-26. The figures do not amount to formal earnings guidance, but they underline how dependent the latest result was on unusually strong market conditions and demand volatility.

The Mint held $13.26 billion of customer precious metals in storage at 30 June, up 27% in value while stored tonnage was broadly stable at 1,058 tonnes. PMGOLD holdings rose 21.7% to 381,724 ounces, valued at $2.23 billion. Those balances are backed by corresponding precious-metal obligations and are not equivalent to conventional corporate cash or equity capital.

The balance sheet also carries unresolved liabilities. State battery remediation provisions totalled $10.32 million, while the potential cost of wider remediation cannot yet be reliably estimated. The Mint is investigating a November 2025 wastewater outflow at East Perth, and the report says any residual financial impact remains unquantifiable. Alongside a planned East Perth heritage redevelopment, cyber-security uplift and further AML/CTF reforms, those commitments will compete with the business’s stated ambition to turn a one-off demand surge into more stable revenue.