Mr. Gavin Johnson reports

MENE INC. REPORTS FINANCIAL RESULTS FOR FISCAL YEAR 2023

Mene Inc. has released its financial results for the fourth quarter and fiscal year ended Dec. 31, 2023. All amounts expressed herein reflect Canadian dollars, unless otherwise noted.

FOURTH QUARTER FINANCIAL HIGHLIGHTS

• IFRS Revenue of $6.9 million and Non-IFRS Adjusted Revenue of $7.9 million.
• Generated Gross Profit of $1.7 million.
• Operating Loss of $0.7 million.
• Generated Cash from operations of $3.0 million.
• Sold metal weight of 69 kg and 7,342 Units of Jewelry.

2023 FISCAL YEAR FINANCIAL HIGHLIGHTS

• IFRS Annual Revenue of $23.3 million and Non-IFRS Adjusted Revenue of $27.7 million in Fiscal Year 2023, a decrease of $3.6 million and $4.6 million respectively, YoY.
• Annual Gross Profit of $5.8 million, a decrease of $0.8 million, YoY.
• Operating Loss of $1.2 million and Total Comprehensive Loss of $2.2 million.
• Non-IFRS Adjusted Gain of less than $0.1 million.
• Total Cash used in operations amounted to $0.9 million during the year.
• Sold 25,466 Units of Jewelry through 16,380 Customer Orders.
• Jewelry Weight Sold totalling 235 kgs.

OPERATIONAL HIGHLIGHTS

• Cumulative units of jewelry sold since inception reached 143,000 as of the 2023 year end.
• Full repayment of the Goldmoney Inc. loan with total repayments of $12.84 million for the year.
• Launched the new Egyptian and Pet Tags collections, along with personalized engraving.
• Introduced 51 new product designs throughout the year.
• The Heart and Nail Necklace was sold at Christie's Paris Jewelry auction.
• Featured at Sotheby's and in L'OFFICIEL UK, LesEchoes, Stylist, Le Journal Des Femmes, Marie Claire, Christie's, Vanity Fair and L'OFFICIEL Paris.
• Sales to Returning Customers made up 70% of total sales in 2023. Customer satisfaction remains high at 95% on average across the various service channels.
• Registered over 40,000 independent customer reviews on mene.com/reviews since inception.

STATEMENT FROM CEO VINCENT GLADU:

At Mene, we concluded yet another important year in 2023, starting with strategic leadership appointments to guide us towards the next chapter of our growth story. In September, I assumed the role of Chief Executive Officer, succeeding our founder Roy Sebag, who transitioned to Executive Chairman. We also welcomed Gavin Johnson to our leadership team as CFO in July.

We recognize the immense potential that lies ahead for Mene. To that end, mirroring our product philosophy, our business strategy prioritized enduring value over short-term fluctuations. The reduction in sales volumes in Fiscal 2023 is seen in this context, where our focus remains on re-aligning our operational model for long-term, sustainable, and profitable growth. Our commitment to craftsmanship and heritage remains paramount, and we eschew fleeting sales tactics in favor of strategies that cultivate enduring customer loyalty.

The latter half of the year saw the culmination of a refreshed strategic plan, designed to unify our vision, and establish a scalable operating model. This plan encompasses several key initiatives, including a targeted realignment of our public relations efforts towards the North American market, a comprehensive review of our creative asset production for enhanced efficiency, and the implementation of 3D product models on our website to elevate the customer experience.

Fiscal Year 2024 will be a period of transformation for Mene. We continue to identify opportunities to optimize our operations across all facets of the organization. Through this process, we will ensure Mene is ready to capitalize on the opportunities that lie ahead, while maintaining our unwavering commitment to empower our customers with exceptionally crafted jewelry that preserves its purchasing power.

About Mene Inc.

Mene crafts pure 24 karat gold and platinum jewelry that is transparently sold by gram weight. Through mene.com, customers may buy jewelry, 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 Roy Sebag and Diana Widmaier-Picasso with a mission to restore the relationship between jewelry and savings. Mene empowers consumers by marrying innovative technology, timeless design, and pure precious metals to create pieces which endure as a store of value.

We seek Safe Harbor.