Mene Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year 2018

Menē Inc. MENE MENEF ("Menē" or the "Company"), an online 24 karat investment jewelry brand, today announced financial results for the fourth quarter and fiscal year ended December 31, 2018. All amounts are expressed in Canadian dollars unless otherwise noted.

FINANCIAL HIGHLIGHTS:

• Record IFRS Annual Revenue of $7.9 million in 2018, a $7.9 million (12,305%) increase Year-over-Year ("YoY"). Non-IFRS Adjusted Annual Revenue¹ was also a company record of $9.3 million.
• Record IFRS Quarterly Revenue of $3.5 million in Q4 2018, an increase of $1.5 million (77%) Quarter-over-Quarter ("QoQ"). Non-IFRS Adjusted Quarterly Revenue¹ of $3.9 million was also a record in Q4 2018.
• Consolidated IFRS Gross Profit of $1.6 million in 2018, including $1.0 million in Q4, up $0.8 million (372%) QoQ. Non-IFRS Adjusted Gross Profit² of $1.9 million in 2018, including $1.1 million in Q4 2018. All record highs.
• Gross Margin expanded 1,800 basis points to 28% in Q4 as compared to 10% in Q3 2018. The Gross Margin for the year ended 2018 was 20%.
• Non-IFRS Adjusted Loss³ of $0.5 million in Q4 2018, a record low for the Company amidst record quarterly revenue and gross profit.
• Sold 19,140 units of jewelry through 14,063 customer orders in 2018, a 23,825% and 18,904% increase respectively compared to 2017.
• Gold and platinum weight sold increased progressively each quarter. In Q4, gold weight sold increased by 10.2 kilograms (33%) and platinum weight sold increased by 4.9 kilograms (113%) from Q3 2018.
• Q4 Basic and Diluted Net Loss per Share of nil, stable compared to loss of $0.01 per share in Q3 2018.
• Tangible Common Equity of $18.5 million as of December 31, 2018, an increase of $8.4 million (84%) QoQ, demonstrating the Company's ability to raise capital and its high-margin and low fixed-cost business model.

2018 OPERATIONAL HIGHLIGHTS:

• Officially launched Mene.com website and brand to the public on January 6, 2018
• Introduced 164 new product designs over the course of 2018.
• Ramped up production output by producing $9.7 million (173 kg) of gold and $1.9 million (55.2 kg) of platinum jewelry to meet increasing customer demands.
• Expanded inventory level to 234 Gold Equivalent Kilograms as of December 31, 2018, an increase of 127% from Q3.
• Completed separation from Goldmoney Inc. XAU and commenced trading on the TSX Venture Exchange (TSX-V) under the symbol "MENE" on November 6, 2018.
• Unveiled myMENĒ, an intelligent and interactive jewelry customization technology and user experience.
• Announced partnership with Affirm offering new credit alternative to U.S. customers, thereby further expanding potential sales with a different customer base.
• Launched "Menē x", a new product category of limited-edition jewelry collections designed in collaboration with select creators, artists and tastemakers. Unveiled first collaboration with world-renowned fashion photographers Inez van Lamsweerde and Vinoodh Matadin ("Inez & Vinoodh").
• Raised approximately $10 million in an Equity Funding Round in Q4 2018, and $20 million in a Unique Gold-Note Funding Round in Q1 2019 underwritten by Canaccord Genuity.
• Registered nearly 7,000 independent customer reviews on mene.com/reviews

Notes:

Statement from Founder & CEO Roy Sebag:

"I am pleased to report the IFRS and Non-IFRS results for our first year of operation. Menē launched in January of 2018 after nearly two years of investment and infrastructure build-out. We have sold nearly $10 million (non-IFRS) of jewelry in our first year entirely online without any physical stores. The momentum we saw in Q4 2018 has continued into Q1 2019 and we are looking forward to sharing those results with our investors in the coming months. At this stage, it has become clear that Menē is rapidly turning into a force within the jewelry industry with a business model that has significant potential for much greater scale and global growth. Following the completion of our secured gold note funding, which closed following the reporting period, the company has a golden balance sheet and is very well capitalized to fund our ambitious growth plans in 2019 and beyond. I am extremely proud of the work the entire Menē team has done in 2018 and would like to thank our employees, colleagues, partners, and most of all, our customers."

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 Revenue¹ is a non-IFRS measure. The Company adjusts its revenue by adding to IFRS revenue the value of jewelry that the Company bought back from customers, or was returned by customers, and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items per IFRS revenue.

Non-IFRS Adjusted Gross Profit² is a non-IFRS measure. The Company adjusts its gross profit by adjusting for the additional revenue per Non-IFRS Adjusted Revenue, and the weighted average cost of sales attributed to that revenue. The adjustments for Non-IFRS Revenue comprise of the value of jewelry that the Company bought back from customers, or was returned by customers, and discounts given to customers.

Non-IFRS Adjusted Loss³ is a non-IFRS measure. The Company adjusts its total comprehensive loss by adjusting for Non-IFRS Adjusted Gross Profit, and removing the impact of non-cash expenses, consisting of depreciation and amortization, stock based compensation, and a one-time listing expense, the fair value of 5,984,750 shares issued for the amalgamation with Amador Gold Corp.'s subsidiary in Q4 2018.

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 year ended December 31, 2018.

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 or refers to certain forward-looking information. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "may", "potential" and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information other than information regarding historical fact, which addresses activities, events or developments that Menē Inc. (the "Company") believes, expects or anticipates will or may occur in the future, is forward looking information. Forward-looking information does not constitute historical fact but reflects the current expectations the Company regarding future results or events based on information that is currently available. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Such forward-looking information in this release speak only as of the date hereof.

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