Mr. Roy Sebag reports

MENE INC. REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER 2023

Mene Inc. has released its financial results for the second quarter ended June 30, 2023. All amounts expressed herein reflect Canadian dollars unless otherwise noted.

Financial highlights:

• IFRS (international financial reporting standards) revenue of $5.0-million, a decrease of $900,000 (15 per cent) year over year (YOY);
• Gross profit of $1.5-million, with a gross profit margin of 30 per cent, comparative Q2 2022 gross margin of 26 per cent;
• Operating income of $100,000 during the quarter, increased by $200,000 YOY;
• Total comprehensive income of $300,000 and net income of $700,000, an increase of $200,000 and increase of $600,000, respectively, YOY;
• Sold metal weight of 48 kilograms and 5,261 units of jewellery.

Operational highlights:

• Introduced seven new product designs during the quarter;
• Sales to returning customers attributed to 67 per cent of total sales during the quarter, due to great customer satisfaction;
• Cumulative units of jewellery sold reached 149,000 as of quarter-end;
• Featured in M Le Monde, Elle France, 1nstant, Gala, The Men Style and Point de Vue;
• Registered nearly 37,000 independent customer reviews on the Mene website.

Statement from founder and chief executive officer Roy Sebag:

"This quarter saw Mene produce its first meaningful year-over-year decline in top-line revenue. This reduction in sales was anticipated by management and reflects more of a change in operational focus rather than a lack of demand for our products. Notwithstanding the decline in YOY sales, our financial results this quarter demonstrate the growing resilience of our brand with positive operating income, adjusted EBITDA and even IFRS net income.

"Over the next few quarters, Mene's business activity will reflect a series of structural changes we are making both with respect to the day-to-day operations but also with respect to our company's longer-term strategy. From the perspective of the board and founders, we are not concerned about YOY comps in sales through the end of 2023. Our goal is to ensure that we are making the right investments in people, processes and our brand whilst preserving our tangible capital.

"Going forward, we will begin to report an adjusted EBITDA metric, which deducts depreciation, amortization, stock-based compensation and other non-recurring expenses, as we believe this will be the most important metric in measuring our company's success over time. In the first six months of 2023, Mene has produced $426,000 in adjusted EBITDA (IFRS total operating income of $267,000).

"The most important event this quarter was the successful transition in the role of chief financial officer from Adil Sheikh to Gavin Johnson. Gavin is the first of several hires we anticipate announcing in the coming months. We are hoping to attract the right executives with the requisite experience, strategy and discipline to lead Mene in its next phase of growth.

Non-IFRS measures

This news release contains non-IFRS financial measures; the company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the company's performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the company's operating results.

Non-IFRS adjusted revenue is a non-IFRS measure. The company adjusts its revenue by adding back the value of jewellery that was returned by customers, revenue from orders not yet delivered and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items per IFRS revenue. The closest comparable IFRS measure is revenue.

Non-IFRS adjusted income (loss) is a non-IFRS measure. Non-IFRS adjusted income (loss) is a non-IFRS measure calculated as total comprehensive income (loss), excluding depreciation and amortization, stock-based compensation, accretion, loss on debt retirement, revaluation of metal loan, translation gain or loss, unrealized foreign exchange gains or losses, and other non-recurring expenses. The closest comparable IFRS measure is total comprehensive income (loss).

Adjusted EBITDA (earnings before interest, taxes, depreciation) is calculated as total operating income (loss), excluding depreciation and amortization, stock-based compensation, and other non-recurring expenses. The closest comparable IFRS measure is total operating income (loss).

Tangible common equity is a non-IFRS measure. It is calculated as total shareholders' equity excluding intangible assets.

For a full definition of non-IFRS financial measures used herein to their nearest IFRS equivalents, please see the section regarding non-IFRS financial measures in the company's MD&A (management's discussion and analysis) for the quarter ended June 30, 2023.

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.