CEO.CA Chairman's Briefing

Menē Inc. (TSX-V:MENE) (US:MENEF) (“Menē” or the “Company”), an online 24 karat jewelry brand, today announced financial results for the fourth quarter and fiscal year ended December 31, 2022. All amounts expressed herein reflect Canadian dollars unless otherwise noted.

FOURTH QUARTER FINANCIAL HIGHLIGHTS

• Record IFRS Revenue of $8.7 million and Non-IFRS Adjusted Revenue of $9.9 million, an increase of 2% and decrease of 4% respectively, Year-over-Year (“YoY”).
• Record Gross Profit of $2 million, an increase of 1% YoY.
• Operating Loss of $0.1 million during the quarter.
• Generated Free Cash Flow of $3.1 million during the quarter.
• Sold metal weight of 97 kg and 10,280 Units of Jewelry.

2022 FISCAL YEAR FINANCIAL HIGHLIGHTS

• Record IFRS Annual Revenue of $26.9 million and Non-IFRS Adjusted Revenue of $32.4 million in Fiscal Year 2022, an increase of 1% and 2% respectively, YoY.
• Record Annual Gross Profit of $6.6 million, an increase of 2% YoY.
• Operating Loss of $0.3 million
• Total Comprehensive Loss of $0.9 million and Non-IFRS Adjusted Loss of $1 million, an increase of 311% and 208% respectively, YoY ($1 million of Total Comprehensive Loss and Non-IFRS Adjusted Loss was related to movement in digital assets held by the Company).
• Generated Free Cash Flow of $4.6 million during the year.
• Sold 31,231 Units of Jewelry through 20,024 Customer Orders during the fiscal year.
• Jewelry Weight Sold of 299 total kg.

OPERATIONAL HIGHLIGHTS IN 2022

• Completed the acquisition of a manufacturing facility in the United States.
• Introduced 80 new products over the course of 2022.
• Launched two new product collections: Figaro Chains and Ancient Coins.
• Sales to Returning Customers attributed to 70% of total sales in 2022, due to great customer satisfaction.
• Cumulative units of jewelry sold reached 135,900 as of year-end.
• Presented a curated collection of jewelry to tastemakers and journalists during the Paris Couture Week in July 2022, hosted by co-founder Diana Widmaier Picasso.
• Featured in Financial Times, Forbes, Elle France, Elle Style, Madame Figaro, L’OFFICIEL, Le Point, Fashion Network, Dedicate and Côté Paris.
• Registered nearly 35,000 independent customer reviews on mene.com/reviews.

STATEMENT FROM FOUNDER & CEO ROY SEBAG:

FY 2022 was another important year for Menē where the primary focus was on running our operations sustainably. Over the course of the year, we increased production capacity by acquiring a manufacturing facility in the US. Improved efficiency and operating leverage will soon follow as the effects of the acquisition show up in our financial results. Whilst this was taking place, we still managed to generate a small increase in nominal revenue year over year and maintained both unit and weight volumes. This is an important indicator of our brand equity as well as our customer loyalty.

For 2023, we have an ambitious plan that involves an increase in headcount, the hiring of new senior executives, and the preparation for resuming our target of year over year double digit percentage growth. It was necessary to first ensure we were ready to scale before pursuing this path and we are pleased to have reached this milestone while preserving our tangible capital. In the coming months we will articulate our new medium-term plan for Menē.

I would like to thank all of the team members at Menē for their valued contributions in 2022.

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 jewelry 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, revaluation of metal loan, loss on debt retirement and translation gain or loss. The closest comparable IFRS measure is total comprehensive income (loss).

Tangible Common Equity is a non-IFRS measure. It is calculated as total shareholder’s equity excluding intangible assets.

For a full definition of non-IFRS financial measures used herein to their nearest IFRS equivalents, please see the section entitled "Non-IFRS Financial Measures" in the Company's MD&A for the quarter ended December 31, 2022.

About Menē Inc.

Menē 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. Menē was founded by Roy Sebag and Diana Widmaier-Picasso with a mission to restore the relationship between jewelry and savings. Menē empowers consumers by marrying innovative technology, timeless design, and pure precious metals to create pieces which endure as a store of value.

For more information about Menē, visit mene.com.

Forward-Looking Statements

This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to improved efficiency and operating leverage resulting from the acquisition of the manufacturing facility, the business plans and goals of the Company for the current financial year, the hiring of new management, estimated targets for potential year over year growth and the announcement of future plans and miletones.

This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the inability to successfully acquire and/or develop jewelry manufacturing facilities; an inability to predict and counteract the effects of COVID-19 or other pandemics on the business of the Company, including but not limited to the effects of COVID-19 and other infectious diseases presenting as major health issues and impacting the price of precious metals, capital market conditions, restriction on labour and international travel and supply chains; failure to comply with environmental and health and safety laws and regulations; operating or technical difficulties in connection with the manufacture, sale and distribution of jewelry; actual audited results differing from reported unaudited results; global economic climate; dilution of the Company’s shares; the Company’s limited operating history; future capital needs and uncertainty of raising capital; the competitive nature of the jewelry industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology and manufacturing change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel; reliance and availability of key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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