Mr. Roy Sebag reports

MENE INC. REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER 2023

Mene Inc. has released its financial results for the first quarter ended March 31, 2023.

First quarter financial highlights:

• IFRS (international financial reporting standards) revenue of $7.2-million a decrease of $200,000 (3 per cent) year-over-year (YoY);
• Gross profit of $1.8-million;
• Operating expenses as a percentage of revenue of 21 per cent, a record low;
• Operating income of $200,000 during the quarter;
• Total comprehensive loss of $500,000 during the quarter, decreased by 23 per cent YoY. Non-IFRS adjusted income of $500,000, increased by 96 per cent YoY;
• Sold metal weight of 73 kilograms and 7,872 units of jewellery.

Operational highlights:

• Introduced 14 new product designs during the quarter;
• Sales to returning customers attributed to 70 per cent of total sales during the quarter, due to great customer satisfaction;
• Cumulative units of jewellery sold reached 143,700 as of quarter-end;
• Featured in Emily in Paris, season 3, L'Officiel Arabia, Dreams magazine, Vanity Fair France, Cosmopolitan France, LesEchos and Gala.
• Registered nearly 36,000 independent customer reviews on the Mene website.

Statement from founder and chief executive officer Roy Sebag:

"From a balance sheet perspective, Q1 2023 was neutral to positive. The reduction in equity reflects a circa $1-million revaluation of the Goldmoney metal loan given gold's impressive Q1 performance whilst total equity only decreased by $500,000. In other words, without the metal loan, Mene sustained and even grew its shareholder equity QoQ [quarter-over-quarter]. From an income statement perspective, Q1 was slightly weaker YoY. This was expected and does not alarm us. We have continued to grow our customer base and brand equity this quarter while maintaining a level of operational discipline that ensures our company's long-term potential. The most important developments during the quarter and since quarter-end relate to our strategic plan. We are nearing the completion of this plan, which will see the company attract new talent to the C-suite, implement a new marketing strategy and return to consistent top-line growth. We anticipate that by Q2 2023 release, we will be in a position to better articulate our new strategy."

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 Diana 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.