Mr. Roy Sebag reports

MENE INC. REPORTS FINANCIAL RESULTS AND RECORD REVENUE FOR FISCAL YEAR 2022

Mene Inc. has released financial results for the fourth quarter and fiscal year ended Dec. 31, 2022. All amounts expressed herein reflect Canadian dollars unless otherwise noted.

Fourth quarter financial highlights:

• Record IFRS (international financial reporting standards) revenue of $8.7-million and non-IFRS adjusted revenue of $9.9-million, an increase of 2 per cent and decrease of 4 per cent, respectively, year over year;
• Record gross profit of $2-million, an increase of 1 per cent year over year;
• Operating loss of $100,000 during the quarter;
• Generated free cash flow of $3.1-million during the quarter;
• Sold metal weight of 97 kilograms and 10,280 units of jewellery.

2022 fiscal year financial highlights:

• Record IFRS annual revenue of $26.9-million and non-IFRS adjusted revenue of $32.4-million in fiscal year 2022, an increase of 1 per cent and 2 per cent, respectively, year over year;
• Record annual gross profit of $6.6-million, an increase of 2 per cent year over year;
• Operating loss of $300,000;
• Total comprehensive loss of $900,000 and non-IFRS adjusted loss of $1-million, an increase of 311 per cent and 208 per cent, respectively, year over year ($1-million of total comprehensive loss and non-IFRS adjusted loss was related to movement in digital assets held by the company);
• Generated free cash flow of $4.6-million during the year;
• Sold 31,231 units of jewellery through 20,024 customer orders during the fiscal year;
• Jewellery weight sold of 299 total kilograms.

Operational highlights in 2022:

• Completed the acquisition of a manufacturing facility in the United States;
• Introduced 80 new products over the course of 2022;
• Launched two new product collections: Figaro Chains and Ancient Coins;
• Sales to returning customers attributed to 70 per cent of total sales in 2022, due to great customer satisfaction;
• Cumulative units of jewellery sold reached 135,900 as of year-end;
• Presented a curated collection of jewellery to tastemakers and journalists during the Paris Couture Week in July, 2022, hosted by co-founder Diana Widmaier Picasso;
• Featured in Financial Times, Forbes, Elle France, Elle Style, Madame Figaro, L'Officiel, Le Point, Fashion Network, Dedicate and Cote Paris;
• Registered nearly 35,000 independent customer reviews on the Mene website.

Statement from founder and chief executive officer Roy Sebag

"[Fiscal year] 2022 was another important year for Mene, where the primary focus was on running our operations sustainably. Over the course of the year, we increased production capacity by acquiring a manufacturing facility in the U.S.. Improved efficiency and operating leverage will soon follow as the effects of the acquisition show up in our financial results. Whilst this was taking place, we still managed to generate a small increase in nominal revenue year over year and maintained both unit and weight volumes. This is an important indicator of our brand equity as well as our customer loyalty.

"For 2023, we have an ambitious plan that involves an increase in head count, the hiring of new senior executives and the preparation for resuming our target of year-over-year double-digit percentage growth. It was necessary to first ensure we were ready to scale before pursuing this path, and we are pleased to have reached this milestone while preserving our tangible capital. In the coming months, we will articulate our new medium-term plan for Mene.

"I would like to thank all of the team members at Mene for their valued contributions in 2022."

About Mene Inc.

Mene crafts pure 24-karat gold and platinum jewellery that is transparently sold by gram weight. Through the Mene website, customers may buy jewellery, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices. Mene was founded by Mr. Sebag and Ms. Widmaier-Picasso with a mission to restore the relationship between jewellery and savings. Mene empowers consumers by marrying innovative technology, timeless design and pure precious metals to create pieces that endure as a store of value.

We seek Safe Harbor.