Mr. Roy Sebag reports

GOLDMONEY INC. REPORTS FINANCIAL RESULTS FOR SECOND QUARTER OF FISCAL 2024 FOR THE PERIOD ENDING IN SEPTEMBER 30, 2023

Goldmoney Inc. has released financial results for the financial quarter ended Sept. 30, 2023. All amounts are expressed in Canadian dollars unless otherwise noted.

Financial highlights:

• Group tangible capital of $143-million, an increase of $9.7-million, or 7 per cent year-over-year (YoY);
• Group tangible capital per share increased to $10.38 from $8.94, an increase of $1.44 per share, or 16 per cent YoY;
• Group precious metal position consisting of coins, bullion and bullion-denominated loan of $23-million, representing 21.25 per cent of tangible capital exclusive of the Mene Inc. shareholding;
• Gold-adjusted tangible capital per one Goldmoney share of 0.129 gram, an increase of 16 per cent YoY;
• Repurchased a total of 155,500 shares at an average purchase price of $8.95 during the quarter, reducing the share count by 1.1 per cent;
• Quarterly operating income of $4.2-million, a decrease of 27 per cent YoY;
• Net income of $2-million, a decrease of 46 per cent YoY;
• Basic earnings per share of 15 cents;
• Goldmoney.com group client assets of $2-billion as at Sept. 30, 2023;
• Mene reported results for the quarter ended June 30, 2023, generating $5-million in revenue and $1.5-million gross profit;
• The company announced in September, 2023, that it plans to sell its wholly owned subsidiary Schiff Gold.

Statement from Roy Sebag, chief executive officer of Goldmoney:

"In the second quarter of fiscal year 2024, Goldmoney Inc. produced $2-million in IFRS [international financial reporting standards] net income and $2.84-million in non-IFRS adjusted gain. This is our eighth consecutive quarter of profitability using the non-IFRS adjusted gain metric which excludes non-cash items such as precious metal and FX movements as well as depreciation and stock compensation.

"Our financial accounts are presented excluding Schiff Gold, which is being treated as a business held for sale that is expected to close in the current quarter. We do not expect any meaningful impact to tangible capital per share given that 212,600 shares of Goldmoney Inc. will be cancelled as part of the transaction.

"Our precious metals business continued to perform well, producing $2.5-million of quarterly operating income. This result was achieved despite a weak environment for precious metals over the July 1 to Sept. 30, 2023, period. We have seen an improved environment for precious metals since quarter-end and expect our precious metals business to continue delivering consistent operating income and free cash flow.

"Our property investment business is becoming increasingly more important with each passing quarter. Since acquiring our first property in June, we have collected two quarterly rent payments totalling $2.1-million. Virtually all this rental income flows to the bottom line.

"Since quarter-end, we closed on the acquisition of Wales Millennium Centre Phase II (also known as BBC Hoddinott Hall) in Cardiff, Wales. This acquisition will increase our property rental income next quarter by circa $675,000 and circa $2.7-million on an annual basis. Notably, this income is indexed to inflation with uncapped annual rent increases.

"Our property investment portfolio is currently annualizing $7-million of net rental income with a remaining contractual term of 12.5 years across the two properties. This recurring cash flow, which will rise each year depending on the rate of inflation, will provide the purchasing power for further property acquisitions. We remain focused on growing our property investment business in the U.K. with the goal of reaching $10-million of annual rental income from investment properties by the end of calendar 2024. We are also growing confident that our timing will be rewarded given that, at the time of writing, it is becoming more likely that interest rates in the U.K. have peaked.

"At Mene, our 24-karat jewellery business, a new management team has taken the reigns. The company is currently undergoing a significant restructuring of its operations and business model. The entire Goldmoney board is supportive of these actions and has confidence in the new leadership team and their vision. Some of their actions are already making an impact. For example, we now expect that Goldmoney Inc.'s circa $10-million of precious metal loans to Mene may be fully repaid over the coming months. Mene is a company still in its infancy but on its way to becoming a globally recognized luxury brand. Consequently, we view our shareholding in Mene as a long-term investment with tremendous potential.

"Goldmoney repurchased 155,000 shares or over 1.1 per cent of the company during the quarter. Because we believe our shares to be undervalued, we are repurchasing as many shares as we are allowed. But the restrictions on NCIBs in Canada make this task more difficult (at least to our minds when viewed relative to other countries) than it should be. Shareholders should note that the outstanding shares for Goldmoney Inc. will decline by a further 212,600 shares following the closing of the Schiff Gold sale, after which the pro forma total shares outstanding will be circa 13,555,000.

"In sum, this was another solid quarter of operating performance for Goldmoney Inc. The decisions we have taken over the course of 2023 continue to bear fruit, and we believe that our operations and control of expenses are now well positioned to build up a significant amount of capital over the medium to long term. Once this becomes evident in our financial statements, we believe that the discount between our company's tangible book value per share of $10.38 and our current share price of $8.40 will disappear."

About Goldmoney Inc.

Founded in 2001, Goldmoney is a Toronto Stock Exchange-listed company invested in the real economy. The leading custodians and traders of precious metals, Goldmoney also owns and operates businesses in jewellery manufacturing, coin retailing and property investment.

We seek Safe Harbor.