SEDAR Interim Financial Statements

MENE INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 (EXPRESSED IN CANADIAN DOLLARS) (UNAUDITED) 2 NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed consolidated interim financial statements, they must be accompanied by a notice indicating that the condensed interim consolidated financial statements have not been reviewed by an auditor. The accompanying unaudited condensed consolidated interim financial statements of Mene Inc. (the “Company”) have been prepared by and are the responsibility of the Company’s management. The Company’s independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity’s auditor. Mene Inc. Condensed Consolidated Interim Statement of Financial Position (Expressed in Canadian Dollars) Unaudited 3 September 30, December 31, Note 2025 2024 (audited) Assets Cash and cash equivalents $ 7,799,664 $ 7,394,120 Trade and other receivables 5 361,353 536,317 Inventory 6 10,198,718 11,078,364 Short-term investments 7 159,400 178,279 Prepaid and other assets 65,650 50,020 Total current assets 18,584,785 19,237,100 Property and equipment 8 624,226 750,840 Right-of-use asset 9 536,517 656,410 Intangible assets 10 287,549 404,918 Total assets $ 20,033,077 $ 21,049,268 Equity and Liabilities Liabilities Accounts payable and accrued liabilities $ 908,100 $ 1,560,131 Deferred revenue 888,006 993,892 Current portion of lease liabilities 9 128,373 161,524 Total current liabilities 1,924,479 2,715,547 Lease liabilities 9 485,543 563,772 Total liabilities $ 2,410,022 $ 3,279,319 Shareholders' Equity Share capital 11 $ 32,497,937 $ 32,298,115 Contributed surplus 12 8,234,625 7,680,964 Accumulated other comprehensive loss 318,905 715,634 Deficit (23,428,412) (22,924,764) Total shareholders' equity 17,623,055 17,769,949 Total shareholders' equity and liabilities $ 20,033,077 $ 21,049,268 The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements. Approved on behalf of the Board: "Roy Sebag", Director "Andres Finkielsztain", Director Mene Inc. Condensed Consolidated Interim Statements of Operations and Comprehensive Loss For the Three and Nine months ended September 30, 2025 (Expressed in Canadian Dollars) Unaudited 4 The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements. For the three months ended For the nine months ended September 30, September 30, September 30, September 30, Note 2025 2024 2025 2024 Revenue $ 5,905,100 $ 5,388,095 $ 18,872,191 $ 16,680,804 Cost of Sales (4,111,677) (3,588,662) (13,813,216) (12,053,053) Gross Profit 1,793,423 1,799,433 5,058,975 4,627,751 Operating Expenses Advertising and promotion $ 319,982 $ 247,295 $ 978,255 $ 727,212 Personnel related expenses 603,200 551,136 1,832,386 1,607,602 Professional fees 90,291 57,943 259,531 230,040 Distribution centre and processing 337,127 495,305 1,256,095 1,587,447 Stock-based compensation 254,771 (1,003,482) 825,749 55,868 General and administrative 86,516 47,199 257,885 232,538 Foreign exchange loss (gain) (2,825) 9,917 7,166 4,521 Technol --- ogy and development costs 14 32,145 40,446 100,012 99,350 Depreciation and amortization 60,505 52,690 178,125 158,342 Total operating expenses $ 1,781,712 $ 498,449 $ 5,695,204 $ 4,702,920 Operating income (loss) for the period $ (11,711) $ 1,300,984 $ (636,229) $ (75,169) Interest income 56,302 52,227 170,792 237,905 Interest and accretion expense (9,050) (35,534) (38,211) (134,413) Gain on inventory factoring agreement - - - 51,344 Net profit (loss) for the period $ 58,963 $ 1,317,677 $ (503,648) $ 79,667 Other comprehensive income (loss) Items that will be reclassified subsequently to income: Unrealized (loss) gain on foreign currency translation 251,881 (130,180) (396,729) 183,696 Other comprehensive income (loss) for the period $ 251,881 $ (130,180) $ (396,729) $ 183,696 Net income (loss) and comprehensive income (loss) for the period $ 310,844 $ 1,187,497 $ (900,377) $ 263,363 Net income (loss) attributable to equity holders: $ 58,963 $ 1,317,677 $ (503,648) $ 79,667 Basic and diluted income (loss) per share 13 $ 0.00 $ 0.01 $ (0.00) $ 0.00 Weighted average number of common shares 260,406,737 259,830,913 260,333,061 259,830,913 Mene Inc. Condensed Consolidated Interim Statement of Cash Flows (Expressed in Canadian Dollars) Unaudited 5 The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements. September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Cash provided by (used in): Operating Activities Net income (loss) for the period $ 58,963 $ 1,317,677 $ (503,648) $ 79,667 Items not involving cash: Depreciation and amortization 120,157 52,690 359,838 158,342 Stock-based compensation 254,771 (1,003,482) 825,749 55,868 Unrealised foreign exchange (2,825) 9,917 7,166 4,521 Loss on inventory factoring arrangement - - - (51,344) Interest and accretion expense 77,214 10,608 67,105 32,875 Changes in operating assets and liabilities: Inventory 191,503 (1,325,186) 513,874 (2,663,704) Trade and other receivables (78,333) (743) 171,287 (221,380) Prepaid and other assets (6,655) (13,463) (16,078) 169,650 Short-term investments - - 14,412 - Accounts payable and accrued liabilities (46,881) (58,368) (689,882) (330,123) Deferred revenue 271,906 (215,976) (72,789) 79,736 Net cash provided by (used in) operating activities 839,820 (1,226,326) 677,034 (2,685,892) Investing Activity Purchase of property and equipment (4,553) (1,401) (54,015) (1,401) Net cash used in investing activity (4,553) (1,401) (54,015) (1,401) Financing Activities Payment of lease liabilities (38,433) (36,886) (117,097) (110,127) Exercise of restricted share units (72,266) - (72,266) - Net cash used in financing activities (110,699) (36,886) (189,363) (110,127) Incease in cash and cash equivalents 724,568 (1,264,613) 433,656 (2,797,420) Change in cash and cash equivalents related to foreign exchange 58,416 (71,945) (28,112) (41,901) Cash and cash equivalents, beginning of period 7,016,680 6,591,748 7,394,120 8,094,511 Cash and cash equivalents, end of period $ 7,799,664 $ 5,255,190 $ 7,799,664 $ 5,255,190 For the nine months ended For the three months ended Mene Inc. Condensed Consolidated Interim Statement of Changes in Equity (Expressed in Canadian Dollars) Unaudited 6 Number of shares Share capital Contributed surplus Accumulated other comprehensive loss Retained earnings (deficit) Shareholders' equity Balance, December 31, 2024 260,295,613 $ 32,298,115 $ 7,680,964 $ 715,634 $ (22,924,764) $ 17,769,94 --- 9 Stock-based compensation - - 825,749 - - 825,749 Exercised of RSUs 464,704 199,822 (272,088) - - (72,266) Other comprehensive loss for the period - - - (396,729) - (396,729) Net loss for the period - - - - (503,648) (503,648) Balance, September 30, 2025 260,760,317 $ 32,497,937 $ 8,234,625 $ 318,905 $ (23,428,412) $ 17,623,055 Balance, December 31, 2023 259,830,913 $ 32,098,294 $ 6,059,058 $ (244,773) $ (21,930,831) $ 15,981,748 Stock-based compensation - - 55,867 - - 55,867 Exercise of RSUs 464,700 373,793 (430,000) - - (56,207) Other comprehensive income for the period - - - 183,696 - 183,696 Net loss for the period - - - - 79,667 79,667 Balance, September 30, 2024 260,295,613 $ 32,472,087 $ 5,684,925 $ (61,077) $ (21,851,164) $ 16,244,771 Mene Inc. Notes to Condensed Consolidated Interim Financial Statements For the Three and Nine months ended September 30, 2025 (Expressed in Canadian Dollars) Unaudited 7 1. Nature of operations Mene Inc. ("Mene" or the "Company") designs, manufactures, and markets 24 karat gold and platinum jewelry under the brand name Mene. The Company retails its jewelry by gram weight direct-to-consumer through an online shopping experience. Mene was incorporated on July 11, 2017, under the laws of the Province of Ontario, Canada. Mene, Inc., (“Mene Delaware”) was incorporated on November 10, 2016, in the State of Delaware, United States of America. On July 11, 2017, the Company entered into a share exchange agreement with Mene Delaware pursuant to which the Company acquired all the issued and outstanding shares of Mene Delaware in exchange for Class A and Class B common shares in the capital of the Company (the “Acquisition”). Mene Delaware had minimal business activities prior to July 11, 2017. On October 30, 2018, the Company completed a legal separation from Goldmoney Inc. in a spin-off transaction whereby a reverse take-over transaction with Amador Gold Corp. (“Amador”) and its subordinate voting shares took place and subsequently listed on the TSX Venture Exchange under the symbol “MENE”. The principal office of the Company is located at 334 Adelaide Street West, Suite 307, Toronto, Ontario M5V 1R4. 2 Significant accounting policies 2.1 Statement of compliance These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). Accounting policies are consistently applied to all periods presented, except if mentioned otherwise. These unaudited condensed consolidated interim financial statements were prepared in accordance with International Accounting Standard 34, Interim Financial Reporting (IAS 34) and do not include all of the information required for full annual financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s annual consolidated financial statements for the year ended December 31, 2024. These unaudited condensed consolidated financial statements were approved for issuance by the Board of Directors on November 19, 2025. These unaudited condensed consolidated interim financial statements have been prepared in accordance with the accounting policies adopted in the audited consolidated financial statements for the year ended December 31, 2024, except mentione --- d otherwise. 2.2 Basis of measurement These unaudited condensed consolidated interim financial statements have been prepared on a historical cost basis except for digital assets (a portion of intangible assets), other financial assets and borrowings and payables to related parties, which are measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets. In addition, the unaudited condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow disclosure. Mene Inc. Notes to Condensed Consolidated Interim Financial Statements For the Three and Nine months ended September 30, 2025 (Expressed in Canadian Dollars) Unaudited 8 2.3 Basis of consolidation Subsidiaries are entities controlled by the Company. Control exists when the Company is exposed or has rights to variable returns from an investee and has the ability to affect those returns through its control over the investee. The results of subsidiaries acquired or disposed of during the period are included in the consolidated statement of comprehensive profit or loss from the effective date of acquisition and up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial records of the subsidiary to bring their accounting policies in line with those used by the Company. All intercompany transactions, balances, income and expenses are eliminated upon consolidation. Where the Company’s interest in a subsidiary is less than 100%, the Company recognizes a non-controlling interest. These unaudited condensed consolidated interim financial statements include the accounts of the Company and its wholly owned subsidiary Mene Delaware. 2.4 Functional and foreign currency translation The presentation currency of these unaudited condensed consolidated interim financial statements is Canadian dollars. For each entity within the unaudited condensed consolidated interim financial statements, the functional currency is determined based on the currency of the primary economic environment in which the entity operates. Primary and secondary indicators are used to determine the functional currency (primary indicators have priority over secondary indicators). The functional currency for the Company is the Canadian dollar. The functional currency of the Company’s foreign subsidiary, Mene Delaware, is the United States dollar. For the subsidiary, whose functional currency is other than the Canadian dollar, assets and liabilities are translated into the presentation currency at the exchange rate in effect at the reporting date. Revenues and expenses are translated at the rates in effect on the transaction dates. Exchange gains or losses on translation are included in other comprehensive income ("OCI"). The cumulative amount of the exchange differences is presented as a separate component of equity until disposal of the foreign subsidiary. Transactions denominated in foreign currencies are translated into each of the entities' functional currency as follows: • Monetary assets and liabilities are translated at the exchange rate in effect at the reporting date; • Non-monetary assets and liabilities are translated at historical exchange rates prevailing at each transaction date; • Deferred tax assets and liabilities are translated at the exchange rate in effect at the reporting date with translation gains and losses recorded in income tax exp --- ense; and • Revenues and expenses are translated at the average exchange rates throughout the reporting period, except depreciation, which is translated at the rates of exchange applicable to the related assets. Exchange gains or losses on translation of transactions are included in the consolidated statements of profit or loss. When a gain or loss on certain non-monetary items, such as financial assets at fair value through other comprehensive income, is recognized in OCI, the translation differences are also recognized in OCI. Mene Inc. Notes to Condensed Consolidated Interim Financial Statements For the Three and Nine months ended September 30, 2025 (Expressed in Canadian Dollars) Unaudited 9 2.5 Critical accounting judgments and estimates The preparation of these unaudited condensed consolidated interim financial statements requires management to make certain estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual outcomes could differ from these estimates. Revisions to accounting estimates are recognized prospectively. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 2.6 Recently adopted accounting standards Certain new accounting standards and interpretations have been published that are either applicable in the current year, or are not mandatory for the current period and have not been early adopted. We have assessed these standards, and they are not expected to have a material impact on the Company in the current or future reporting periods. 3. Segment information An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and for which discrete financial information is available. Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer (“CEO”). The Company sells 24 karat gold and platinum jewelry. These segments are aggregated into one operating segment because they have similar economic characteristics (gross profit margins and trends in sales growth) and are similar in each of the following respects: a) the nature of products; b) the nature of the production process; c) the type or class of customers for products; and d) the methods used to distribute the product. The Company has a single reportable segment and all its assets are in North America. There have been no changes in the reportable segments in the nine months ended September 30, 2025. 4. Capital risk management The Company manages its capital with the following objectives: (i) to ensure sufficient financial flexibility to achieve the ongoing business objectives, including funding of future growth opportunities, and pursuit of accretive acquisitions; and (ii) to maximize shareholder return through enhancing the share value. The Company monitors its capital structure and makes adjustments according to market conditions in an effort to meet its objectives given the current outlook of the business and industry in general. Mene Inc. Notes to Condensed Consolidated Interim Financial Statements --- For the Three and Nine months ended September 30, 2025 (Expressed in Canadian Dollars) Unaudited 10 The Company may manage its capital structure by issuing new shares, adjusting capital spending, or disposing of assets. The capital structure is reviewed by management and the Board of Directors on an ongoing basis. The Company considers its capital to be share capital, contributed surplus and deficit, which at September 30, 2025 totaled $17,304,150 ($17,054,315 as at December 31, 2024). The Company manages capital through its financial and operational forecasting processes. The Company reviews its working capital and forecasts its future cash flows based on operating expenditures, and other investing and financing activities. The forecast is updated based on actual activities and selected financial information is provided to the Board of Directors of the Company. There were no changes in the Company's approach to capital management during the period ended September 30, 2025. 5. Trade and other receivables Trade and other receivables consist of accounts receivable, HST sales tax receivable, and interest income receivable on short-term investments. September 30, 2025 December 31, 2024 Trade receivable $ 313,965 $ 503,091 HST receivable 32,879 18,028 Interest income receivable 14,509 15,198 Trade and other receivables $ 361,353 $ 536,317 6. Inventory Inventory includes raw materials (metals), work in progress (metals in production), finished goods (jewelry), supplies (packaging bags), and includes an allocation of labour costs and overheads. September 30, 2025 December 31, 2024 Quantity (grams) Amount Quantity (grams) Amount Raw materials 21,941 $ 2,626,248 22,345 $ 2,119,262 Work in progress 8,539 838,234 6,609 520,635 Finished goods 49,699 6,556,804 76,763 8,046,650 Supplies - 177,432 - 391,817 Inventory $ 10,198,718 $ 11,078,364 As at September 30, 2025 and December 31, 2024, no inventory is carried at fair value less cost to sell. Mene Inc. Notes to Condensed Consolidated Interim Financial Statements For the Three and Nine months ended September 30, 2025 (Expressed in Canadian Dollars) Unaudited 11 7. Short-term investments Short-term investments consist of guaranteed investment certificates (“GIC”) that the Company holds in the bank. GICs denominated in Canadian dollar currency and US dollar currency earn interest income ranging from 2.80% to 3.25% per annum, maturing in less than 12 months. September 30, 2025 December 31, 2024 Canadian dollar GIC $ 20,000 $ 20,000 US dollar GIC 139,400 158,279 Short-term investments $ 159,400 $ 178,279 8. Property and equipment Cost Machines Computer Equipment Office Equipment & Furniture Leasehold Improvements Total Balance, December 31, 2023 $ 1,204,742 $ 87,926 $ 469,677 $ - $ 1,762,345 Additions - 1,401 - 119,430 120,831 Foreign exchange 105,936 7,235 41,300 2,952 157,423 Balance, December 31, 2024 1,310,678 96,562 510,977 122,382 2,040,599 Additions - 2,211 - 51,804 54,015 Foreign exchange (42,629) (2,120) (16,620) (5,507) (66,876) Balance, September 30, 2025 $ 1,268,049 $ 96,653 $ 494,357 $ 168,679 $ 2,027,738 Accumulated depreciation Balance, December 31, 2023 $ 832,565 $ 65,518 $ 111,428 $ - $ 1,009,511 Depreciation 74,067 12,101 96,571 - 182,739 Foreign exchange 76,957 5,886 14,666 - 97,509 Balance, December 31, 2024 983,589 83,505 222,665 - 1,289,759 Depreciation 55,890 8,017 71,307 20,882 156,096 Foreign exchange (32,235) (2,562) (7,601) 55 (42,343) Balance, September 30, 2025 $ 1,007,244 --- $ 88,960 $ 286,371 $ 20,937 $ 1,403,512 Net book value Balance, December 31, 2024 $ 327,089 $ 13,057 $ 288,312 $ 122,382 $ 750,840 Balance, September 30, 2025 $ 260,805 $ 7,693 $ 207,986 $ 147,742 $ 624,226 Mene Inc. Notes to Condensed Consolidated Interim Financial Statements For the Three and Nine months ended September 30, 2025 (Expressed in Canadian Dollars) Unaudited 12 9. Right-of-use asset and lease liability Right-of-use asset The following is a summary of the right-of-use assets as at and for the years ended September 30, 2025. September 30, 2025 December 31, 2024 Cost $ 899,459 $ 899,459 Accumulated Amortization (376,963) (277,933) Foreign Exchange 14,021 34,884 Net book value 536,517 $ 656,410 The discount rate used to calculate right-of-use assets was 5.89%. Lease liability The following is a summary of the lease liability as at September 30, 2025. September 30, 2025 December 31, 2024 Balance, beginning of period $ 725,296 $ 768,244 Lease payments (117,097) (148,601) Interest expense on lease liabilities 28,894 43,353 Foreign exchange (23,177) 62,300 Balance, end of period 613,916 725,296 Lease liabilities due within one year 128,373 161,524 Lease liabilities due after one year 485,543 563,772 Total lease liabilities $ 613,916 725,296 The total undiscounted amount of estimated future cash flows to settle the lease liabilities over the remaining lease term is $690,257. 10. Intangible assets Intangible assets consist of the Company website and technology. Cost Technology Website Total Balance, December 31, 2023 $ 659,977 $ 31,742 $ 691,719 Foreign Exchange 58,046 2,791 60,837 Balance, December 31, 2024 $ 718,023 $ 34,533 $ 752,556 Foreign Exchange (23,365) - (23,365) Balance, September 30, 2025 $ 694,658 $ 34,533 $ 729,191 Accumulated amortization Balance, December 31, 2023 $ 155,792 $ 31,742 $ 187,534 Amortization 136,714 - 136,714 Foreign Exchange 20,599 2,791 23,390 Balance, December 31, 2024 $ 313,105 $ 34,533 $ 347,638 Amortization 104,712 - 104,712 Foreign Exchange (10,708) - (10,708) Balance, September 30, 2025 $ 407,109 $ 34,533 $ 441,642 Carrying value Balance, December 31, 2024 $ 404,918 $ - $ 404,918 Balance, September 30, 2025 $ 287,549 $ - $ 287,549 Mene Inc. Notes to Condensed Consolidated Interim Financial Statements For the Three and Nine months ended September 30, 2025 (Expressed in Canadian Dollars) Unaudited 13 11. Share capital The authorized share capital of the Company consisted of an unlimited number of shares. ? Class A shares without par value, 20 votes per share. ? Class B shares without par value, 1 vote per share. Number of shares Amount Balance as at December 31, 2023 259,830,913 $32,098,294 Exercise of RSU 464,700 199,821 Balance as at December 31, 2024 260,295,613 $32,298,115 Exercise of RSU 464,704 199,822 Balance as at September 30, 2025 260,760,317 $32,497,937 110,342,154 Class A shares and 150,418,163 Class B shares were outstanding at September 30, 2025. During the period ended September 30, 2025, the Company issued 464,704 Class B shares in connection to the vested RSUs. During the year ended December 31, 2024, the Company issued 464,704 Class B shares in connection to the vested RSUs. 12. Contributed surplus 12.1 Stock options On October 24, 2018, the Company adopted a new Stock Option Plan. The aggregate maximum number of shares available for issuance from treasury under this plan and all the Company’s other security-based compensation arrangements at any given time is 20% of the Company’ --- s issued and outstanding shares as at the date of grant of an option under the Plan, subject to certain stated adjustments. Under the plan, options granted can be exercisable for a maximum of 10 years from the date of grant or a lesser period as determined by the Board at the time of such grant. In the event of a change in control in the Company, all options outstanding shall be immediately exercisable. The vesting schedule of the options is at the discretion of the board; some options disclosed below vest immediately, while others vest over a three-year period. The table below summarizes the stock option transactions for the nine months ended September 30, 2025 and 2024. September 30, 2025 September 30, 2024 Average exercise price per option Number of options Average exercise price per option Number of options Beginning balance $0.13 8,469,437 $0.44 8,053,485 Granted $0.14 182,000 $0.20 7,969,437 Forfeited - - $0.33 (84,048) Cancelled - - $0.43 (7,469,437) Ending balance $0.13 8,651,437 $0.13 8,469,437 Mene Inc. Notes to Condensed Consolidated Interim Financial Statements For the Three and Nine months ended September 30, 2025 (Expressed in Canadian Dollars) Unaudited 14 i) Fair value of options granted All outstanding share options expected to vest were measured in accordance with IFRS 2, “Share-based Payment” at their market-based measure at the acquisition date. Options were priced using the Black-Scholes option pricing model. Where relevant, the expected life used in the model has been adjusted based on management's best estimate for the effects of non-transferability, exercise restrictions, and behavioral considerations. Expected volatility is based on the historical share price volatility. The fair value of options outstanding was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions at the measurement date: September 30, 2025 September 30, 2024 Share price $0.14 $0.09 Exercise price $0.14 $0.09 Risk-free interest rate 2.86% 3.10% Expected life 5 years 8.71 years Estimated volatility in the market price of the common shares 85% 87% Expected dividend yield Nil Nil The following table reflects stock options issued and outstanding as of September 30, 2025: Grant Date Expiry Date Exercise Price Options Outstanding September 30, 2025 Options Exercisable September 30, 2025 January 2022 January 2027 $0.60 500,000 500,000 September 2023 September 2033 $0.085 7,469,437 2,987,775 May 2024 May 2029 $0.20 500,000 166,667 June 2025 June 2030 $0.14 182,000 - Total 8,651,437 3,654,442 Weighted average remaining contractual life of options outstanding at end of the period 7.24 years 12.2 Restricted share units On September 30, 2021, the Company adopted a new Restricted Share Unit Plan (“RSU Plan”). The RSU Plan, which is administered by the Board of Directors, is intended to complement the Company’s stock option plan (the “Stock Option Plan”) by allowing the Company to offer a broader range of incentives to diversify and customize the rewards for management and staff to promote long term retention. The RSU Plan provides for a fixed maximum limit of 7,431,993 of the outstanding subordinate voting shares of the Company (“Class B Shares”) as permitted by the policies of the Exchange. Subject to the restrictions and vesting provisions provided under the RSU Plan, each RSU shall entitle the holder thereof to receive one Class B Share. The number of Class B Shares issued or to be issued under the RSU --- Plan and all other security- based compensation arrangements of the Company, including the Stock Option Plan, at any time, shall not exceed 20% of the total number of the issued and outstanding Class B Shares. Awards granted under the RSU Plan shall be settled, at the sole discretion of the Company, either in cash or through the issuance of Class B shares. The RSUs issued were treated as equity-settled instruments and measured at the grant date fair value because the Company does not have a present obligation to settle the issued RSUs in cash. Mene Inc. Notes to Condensed Consolidated Interim Financial Statements For the Three and Nine months ended September 30, 2025 (Expressed in Canadian Dollars) Unaudited 15 Average fair value per RSU Number of RSUs Outstanding, December 31, 2023 $0.43 3,000,000 Exercised $0.43 (1,000,000) Outstanding, December 31, 2024 $0.43 2,000,000 Exercised $0.43 (1,000,000) Outstanding, September 30, 2025 $0.43 1,000,000 13. Earnings per share For the three months ended September 30, 2025 September 30, 2024 Basic earnings per common share Net income attributable to common shareholders $58,963 $1,317,677 Weighted average number of common shares outstanding 260,406,737 260,295,613 Basic earnings per common share $0.00 $0.01 Diluted earnings per common share Net income (loss) attributable to common shareholders $58,963 $1,317,677 Weighted average number of common shares outstanding 260,406,737 260,295,613 Adjustments to average shares due to share-based options and others 9,651,437 9,469,437 Weighted average number of diluted common shares outstanding 270,058,174 269,765,050 Diluted earnings per common share $0.00 $0.00 For the nine months ended September 30, 2025 September 30, 2024 Basic earnings per common share Net income (loss) attributable to common shareholders $(503,648) $79,667 Weighted average number of common shares outstanding 260,333,061 260,295,613 Basic earnings (loss) per common share $(0.00) $0.00 Diluted earnings (loss) per common share Net income (loss) attributable to common shareholders $(503,648) $79,667 Weighted average number of common shares outstanding 260,333,061 260,295,613 Adjustments to average shares due to share-based options and others 9,651,437 9,469,437 Weighted average number of diluted common shares outstanding 269,984,498 269,765,050 Diluted earnings (loss) per common share $(0.00) $0.00 Mene Inc. Notes to Condensed Consolidated Interim Financial Statements For the Three and Nine months ended September 30, 2025 (Expressed in Canadian Dollars) Unaudited 16 14. Related party transactions Related parties include the Board of Directors, senior management, close family members and enterprises that are controlled or managed by these individuals, as well as certain persons performing similar functions. Related party transactions conducted in the normal course of operations are measured at fair value. Key management is defined as those with authority and responsibility for planning, directing and controlling activities of the Company, including directors and the executive team. During the nine months ended September 30, 2025, the Company paid a total compensation of $1,687,627 (September 30, 2024 - $831,922) to key management personnel, including consulting fees, salary and stock-based compensation. Related party transactions with Goldmoney Mene has a related party relationship with Goldmoney, which holds 36.06% ownership in Mene as at September 30, 2025 and the acting Executive Chair --- man of Mene, who influences key business decisions, is the current CEO of Goldmoney. Mene has a supply agreement with Goldmoney dated August 20, 2017. The supply agreement states that Goldmoney is the exclusive supplier of gold and platinum to Mene, and Mene agrees to purchase the metals at a price of 0.5% over the spot price, subject to the terms of the supply agreement. Mene pays Goldmoney service fees for various general and technology costs, totalling $145,979 for the nine months ended September 30, 2025 (September 30, 2024 - $96,705). As of September 30, 2025, $20,417 (December 31, 2024: $45,857) are included in accounts payable and accrued liabilities to Goldmoney.