Mr. Mark Olson reports

GOLDMONEY INC. ANNOUNCES THIRD PROPERTY ACQUISITION IN THE UK

Further to Goldmoney Inc.'s press release of June 13, 2023, about the company's real assets investment strategy, the company's subsidiary, Goldmoney Properties Ltd., has completed the acquisition of its third property in the United Kingdom.

On Dec. 22, 2023, Goldmoney Properties completed the acquisition of St. James Place I and II, in Cirencester, Cotswold district, in the county of Gloucestershire, United Kingdom. The asset comprises two buildings with a total gross internal area (GIA) of 132,763 square feet. St. James Place I was built in 2007, and won the British Council for Offices (BCO) award for best corporate workplace in the south of England and Wales region in 2008. St. James Place II was built in 2016, and won the BCO award for best corporate workplace in the south of England and Wales region in 2017. The two buildings were acquired by Abrdn and a subsidiary of Phoenix Group Holdings for 47.4 million British pounds in 2019.

Goldmoney Properties has acquired the building from Abrdn and a subsidiary of Phoenix Group Holdings in an off-market transaction for consideration of 26.5 million British pounds (approximately $44.8-million). The acquisition was financed by Barclays PLC at a loan-to-value (LTV) ratio of approximately 65 per cent. The financing rate is fixed for a period of five years at an interest rate of approximately 5.25 per cent and is non-recourse to Goldmoney Properties. The two buildings serve as the global headquarters for an FTSE (Financial Times Stock Exchange) 100 company, and are let to the company under a full repairing and insurance lease producing 2.35 million British pounds (approximately $4-million) of net rental income per annum. The remaining term on the two leases is 18 years through February, 2042, with annual rent increases of between 1 per cent and 5 per cent indexed to the retail price index (RPI).

Following this acquisition, Goldmoney has a liquid working capital position of approximately $20-million consisting of cash and precious metals (unaudited).

Statement from Roy Sebag, founder and chief executive officer of Goldmoney: "With the acquisition of St, James Place I and II, Goldmoney Properties now owns three long-life, high-quality real assets totalling over 412,000 square feet. Our property portfolio is expected to produce circa $11-million of inflation indexed net rental income in 2024 with a blended remaining lease term on our portfolio of 14.3 years. We believe that each one of our properties provides an irreplaceable purpose and usefulness within the built-up environment serving the local communities where we have invested. Our last transaction is perhaps the most attractive of all, with 18 years of secure income allowing us to finance the building with confidence. Should interest rates continue to rise, we will aggressively amortize the financing from Goldmoney Properties' significant operating cash flows. At this juncture, however, we see more evidence that short-term interest rates in the U.K. have reached a cycle peak and, if anything, believe that a new phase of monetary easing comes next, perhaps even sooner than we had originally anticipated in the 2023 shareholder letter.

"We set out to build Goldmoney Properties into a second diversified income stream for Goldmoney Inc. by deploying the excess capital we had earned over the 2020-2023 period. Our goal was to capitalize on the generational shift in interest rates, and we felt that it was possible for this second income stream to reach $10-million of long-term inflation indexed earnings power per annum. Because our precious metals businesses have performed so well in recent months, we have been provided with the opportunity not only to reach this goal but to exceed it a whole year earlier than expected. Moreover, we have established ourselves as a reputable counterparty in the institutional property markets and have built relationships with the most prestigious asset managers. The conviction we have demonstrated in 2023 is providing further access to off-market deal flow and opportunities to deploy further capital in the future.

"We now have a simplified operating structure, and own three prosperous businesses: the core Goldmoney.com precious metals business, Goldmoney Properties and a significant stake in our luxury jewellery brand Mene. At the parent level, we retain significant cash and precious metals liquidity, and no debt. Finally, we expect our two operating businesses to produce over $18-million of operating income in calendar 2024. This additional capital will be reinvested to grow our long-run earnings power and to repurchase shares in the open market."

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 and property investment.

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