Exchange Bulletin

Royal Canadian Mint To Trade On Toronto Stock Exchange

November 25, 2011

Royal Canadian Mint (the "Mint") - An application has been granted for the original listing in the Industrial category of up to a maximum of 70,000,000 exchange-traded receipts of the Mint (the "ETRs") of which up to 30,000,000 ETRs will be issued and outstanding, and up to 40,000,000 ETRs will be reserved for issuance upon completion of an initial public offering (the "Offering").

It is anticipated that the listing of the ETRs will become effective at the open on Tuesday November 29, 2011 in anticipation of the public offering which is expected to close no later than 12:30 p.m. on Tuesday November 29, 2011. TSX will issue a trader note confirming the closing of the Offering and commencement of trading of the ETRs. The ETRs will be halted until commencement of trading of the ETRs.

The ETRs will be represented by one or more fully registered, book-based gold ETR certificates (the "Gold ETR Certificate"). The Gold ETR Certificate will be held by or on behalf of CDS Clearing and Depository Services Inc. or its nominee ("CDS") in Toronto, Canada as custodian of the Gold ETR Certificate, and registered in the name of CDS. ETR Holders will not be entitled to receive ETRs in definitive form. The ETRs evidenced by the Gold ETR Certificate will be registered in the name of CDS and maintained in a book position, electronically, on the Transfer Agent's register. Beneficial interests in the Gold ETR Certificate, constituting ownership of the ETRs, will be represented through book-based accounts of institutions acting on behalf of ETR Holders, as direct and indirect participants of CDS. CDS will be responsible for establishing and maintaining book-based accounts for its participants having interests in the Gold ETR Certificate. Transfers of ownership of beneficial interests in the Gold ETR Certificate will be effected through records maintained for the Gold ETR Certificate by CDS or its nominee.

Additional information on the ETRs may be found in the final information statement dated November 23, 2011 (the "Information Statement"), which is available at Capitalized terms not otherwise defined are as defined in the final Information Statement.

Stock Symbol: "MNT" and "MNT.U"   CUSIP: 779921 10 5   Trading Currency: CDN$ and US$

Market Maker: RBC Capital Markets

Other Markets: None

Head Office
Address: 320 Sussex Drive
Ottawa, Ontario
K1A 0G8

Email Address:

Website Address:

Head Office
Telephone Number: 1-866-677-1477

Fax Number: (613) 998-4130

Investor Relations: Steve Higgins, Senior Manager, ETR Compliance and Investor Relations
(613) 993-9833


Olivia Chen, Business Manager, Bullion and Refinery Services
(613) 949-7963

Chief Financial Officer: J. Marc Brűlé

Corporate Secretary: Marguerite F. Nadeau

Incorporation: The Mint is a commercial federal Crown corporation producing circulation, numismatic (collectible) and bullion coins for the domestic and international markets in anticipation of profit. In addition to being responsible for the minting and distribution of Canada's circulation coins, the Mint operates full-service gold and silver refineries that provide customers with a range of services that include secure storage and assaying.

Fiscal Year End: December 31

Nature of Business: The objective of the Mint's Canadian Gold Reserves Program is to provide an exchange-traded investment vehicle that tracks the price of gold and makes investing directly in physical gold available to institutional and retail investors.

Transfer Agent & Registrar:
Computershare Investor Services Inc. at its principal office in Toronto.

Redemption of ETRs: ETRs are redeemable at the option of the ETR Holder once per month for cash or for physical gold bullion, commencing February 15, 2012 and thereafter on the 15th day of each month (or, if not a business day, on the next succeeding business day).

Per ETR Entitlement to Gold: The Per ETR Entitlement to Gold will be fixed on the closing date and will be expressed as a fraction of one fine troy ounce of gold as of the closing date. The Mint will issue a press release on the closing date announcing the initial Per ETR Entitlement to Gold. A further trader note will be issued by TSX once the initial Per ETR Entitlement to Gold is confirmed. The Per ETR Entitlement to Gold will be reduced daily by the Service Fee of 0.35% per annum and will be posted daily to Reference should be made to the Information Statement for further details concerning the calculation of the Per ETR Entitlement to Gold.

Purchase Right: Each ETR also entitles the holder thereof, on November 29, 2012, to purchase for CDN$20.00 a number of additional ETRs equal to CDN$20.00 divided by the sum of (i) the Per ETR Entitlement to Gold on the Purchase Date multiplied by the Canadian dollar equivalent of the spot price of gold on the Purchase Date stipulated in the gold purchase agreements entered into on the Purchase Date and (ii) the Mint's out-of-pocket expenses incurred in connection with the Purchase Right divided by the number of ETRs in respect of which the Purchase Right is exercised.

Public Offering: Pursuant to the terms of the Information Statement, up to a maximum of 30,000,000 ETRs are being offered to the public by TD Securities Inc. and National Bank Financial Inc., as co-lead agents and joint bookrunners, together with BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., Cormack Securities Inc., MGI Securities Inc. and Raymond James Ltd., as agents, at a price of CDN$20.00 or US$19.29 per ETR.