Mr. Vincent Gladu reports

MENE INC. REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER 2023

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

Financial highlights

• IFRS (international financial reporting standards) revenue of $4.3-million, a decrease of $800,000 (15 per cent) year over year (YoY);
• Gross profit of $900,000, with a consistent gross profit margin of 22 per cent YoY;
• Net loss of $700,000 during the quarter, increased by approximately $400,000 YoY;
• Total metal weight of 45 kilograms was sold during the quarter, consisting of 4,991 units of jewellery.

Operational highlights

• Introduced 10 new product designs during the quarter;
• Sales to returning customers accounted for 67 per cent of total sales during the quarter;
• Cumulative units of jewellery sold reached 154,000 as of quarter-end;
• Featured in L'Officiel Paris, Harper's Bazaar France, Luxus + and Madame Figaro;
• Registered nearly 38,000 independent customer reviews on the Mene website since inception.

Statement from new chief executive officer, Vincent Gladu:

"This quarter saw Mene continue to experience a reduction in top-line revenue year over year. However, quarter over quarter, top-line revenue produced a negligible decline when compared to the same period last year. These trends continue to reflect the transformation in operational focus and go-to-market strategy the company has been putting itself through, albeit the macroeconomic environment exacerbated these results. For example, our gross profit margin exhibited similar quarter over quarter seasonality as last year but was also affected by the fluctuations in metal prices observed in the market over the period.

"Most importantly, this quarter witnessed Mene go through material changes in management to lead the company through its next phase of growth. On Sept. 7, Vincent Gladu was named president and chief executive officer, taking over from Roy Sebag, the founder and now executive chairman of the company. A refreshed strategic plan has been put in place to get the organization aligned on priorities and lay the groundwork necessary to realize a target operating model that will allow the business to generate and sustain long-term profitable growth. The organization remains focused on its objectives and continues to exercise prudent operational discipline as it embarks on this new chapter."

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.

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