XAUMF
GOLDMONEY INC
stock OTC

*Numbers are in USD unless otherwise specified.*
I recently happened upon Menē Inc while jewelry shopping for your wife (my girlfriend, actually). The concept was intriguing - pure 24k gold “investment jewelry,” transparently priced with a buy back guarantee - so I ended up becoming a customer. When I found out it was a publicly traded microcap, I dug into the company and found that it’s fairly interesting under the surface as well. Here’s what I learned.
Thanks for taking the time to read - I’d appreciate any discussion, questions, and feedback. Cheers.
Find Menē’s latest Investor Presentation [here](https://mene.com/static/investor-presentation-p-uivdae.pdf). Here is their commerce platform: [https://mene.com/](https://mene.com/).
# TLDR
Menē Inc is a Canadian luxury 24k gold and platinum jewelry manufacturing and direct-to-consumer (DTC) ecommerce microcap which combines high quality jewelry with investment appeal through transparent pricing, lifetime buyback guarantees, and a streamlined online user experience. Menē delivered $6.4M in revenue (33% year-over-year growth) and a loss of $300k for Q2 2024. With gross margins consistently ranging between 20% and 30%, vertical integration, and a 100% ecommerce DTC business model, the company demonstrates solid operational efficiency and a strong foundation for future growth. Menē is strengthening brand awareness through targeted social media campaigns, influencer collaborations, and a focus on sustainability, leading to increased customer loyalty and repeat purchases (72% of Q2 2024 sales were returning customers, I will be one sometime soon). Management and Goldmoney Inc are significant shareholders with over 60% insider ownership with recent insider buys.
# The Business
**Company Overview**
Menē, a Canadian luxury 24-karat gold and platinum direct-to-consumer e-commerce jewelry company, positions its products as both wearable art and investable assets.
**Market Cap 11/15/24:** 29.8M USD
**Share Price 11/15/24:** .09 USD
**Company History**
Menē was founded within Canadian precious metal custodian Goldmoney (TSX:XAU, OTCM:XAUMF) in 2017 by Goldmoney CEO Roy Sebag and Diana Widmaier Picasso (interestingly, Pablo’s granddaughter) and spun out as Menē Inc in 2018. Initially, Goldmoney created a jewelry line by sculpting gold bars into jewelry and sold the pieces at an accessible price point in order to democratize 24k gold. Goldmoney also provided the initial funding which has since been repaid in whole ([source](https://www.businesswire.com/news/home/20231228901745/en/Mene-Inc.-Announces-Full-Repayment-of-Goldmoney-Inc.-Precious-Metals-Loan)).
In order to complete the spinoff, Goldmoney and Menē management orchestrated a reverse takeover of Amador Gold Corp in 2018 and continued operations as the newly formed Menē Inc ([source](https://mene.com/world-of-mene/press-and-media/goldmoney-announces-update-relating-to-mene-inc)). Currently, Goldmoney and company insiders collectively own 62% of Menē with the remaining 38% public float, reflecting insider confidence in the business and alignment between management and shareholders.
Menē’s inception story highlights a compelling business model driven by a noble mission, experienced leadership with significant ownership stakes, a foundation of low debt and vertical integration. The company’s close relationship with Goldmoney - a well-established player in the gold space - provides Menē with unique access to industry expertise and resources.
# Financials At a Glance
**Sector:** Consumer Discretionary
**Industry:** Retail - Discretionary
**Cash:** 8.1M
**Current Assets:** 16.2 M
**Total Debt:** 2.24 M
**TTM financials:**
||TTM|Q2 ‘24|Q1 ‘24|Q4 ‘23|Q3 ‘23|
|:-|:-|:-|:-|:-|:-|
|Revenue|22.3|6.4M|4.8M|6.8M|4.3M|
|Gross Profit|5.4M|1.7M|1.1M|1.7M|.9M|
|Gross Margin||26%|24%|24%|22%|
|Net Income (Loss)|(3.3M)|(.3M)|(.9M)|(1.4M)|(.7M)|
Consolidated financials and reports: [https://www.morningstar.com/stocks/pinx/menef/financials](https://www.morningstar.com/stocks/pinx/menef/financials)
**Business Model**
Menē operates a vertically integrated business, manufacturing its jewelry in-house and selling DTC through its online platform, [mene.com](https://mene.com/). This model encompasses every aspect of production and fulfillment, including manufacturing facilities, packing operations, and in-house design, engineering, and marketing teams.
The company sources its gold and platinum from mines in Nevada, USA, and Ontario, Canada, with all materials certified under the London Bullion Market Association’s [Responsible Sourcing Certification](http://www.lbma.org.uk/responsible-sourcing), ensuring ethical and sustainable practices.
Menē’s product pricing is uniquely tied to real-time precious metal spot prices, plus a transparent manufacturing premium of roughly 30%. This daily price fluctuation reflects the broader dynamics of gold markets, particularly those seen in Eastern markets, and reinforces the products’ intrinsic value.
A standout feature of Menē’s offering is its lifetime buyback guarantee, allowing customers to sell back any purchased piece at the current spot price, less a 10% fee. This innovative policy strengthens consumer confidence, positioning Menē’s jewelry as not only wearable luxury but also as a practical investment.

**Positioning**
Management positions Menē as unique in the jewelry market by combining the artistic value of high-quality gold pieces with their potential as investable assets. This dual-purpose strategy sets Menē apart from traditional Western jewelry brands, which typically focus on lower-purity gold alloys, such as 14k or 18k gold which are diluted with zinc or copper, and emphasize design over intrinsic material value. By contrast, Menē offers 24k gold jewelry priced transparently based on spot market value plus a modest manufacturing premium, which is more common in Eastern markets.
Mene’s product line range from $200 charms and earrings to $10000 chains to a roughly $100000 gold and platinum chess set, appealing to a wide range of customers and enabling smaller players to dabble if they so desire. I bought a few small gold gifts between $200-400 as well as a $5000 cuff. I expect gifting to be a significant source of purchases over the years as charms and small tokens provide a low price, fun alternative to coins and bullion.
A standout feature of Menē’s model is its online dashboard and UX for customers to monitor the market value of their pieces, initiate buybacks, and transfer ownership. This level of financial transparency and functionality is unique and novel as no traditional jewelers offers similar investment-oriented features. Coupled with the lifetime buyback guarantee, which allows customers to sell their jewelry back at the prevailing gold spot price minus a 10% fee, Menē offers customers a value proposition currently not offered elsewhere in the jewelry market.
Menē is actively enhancing brand awareness by increasing its presence on social and print media, engaging with influencers, and tapping into luxury markets to expand its visibility. Additionally, targeted marketing efforts have focused on appealing to younger, more sustainability-conscious consumers. These strategies are helping to attract repeat buyers, with 72% of Q2 2024 sales coming from returning customers. Menē has sold jewelry to customers in 50 U.S. States, 10 Canadian provinces, and more than 65 countries. This investment is visible in SG&A expenses, which outweigh gross profit and cause negative net income.
The latest investor presentation give insight to management’s focuses and what they consider their foremost strengths and differentiators, find it here: [Menē Investor Presentation 2024](https://mene.com/static/investor-presentation-p-uivdae.pdf).
# Comparison with Gurhan
To illustrate Menē’s positioning, I’ll juxtapose its pricing and positioning strategies with that of Gurhan, a luxury jewelry designer similarly offering high purity (22k-24k) gold pieces. Both retailers emphasize the beauty and quality of 24k gold and bring eastern influences to western consumers.
* [**Menē’s Torsade Hoop Earrings**](https://mene.com/earrings/gold/torsade-hoop-earrings-gold): $1,360 (10.57 grams of 24k gold). Breakdown:
* Gold value: $920
* Manufacturing/design fee: $442
* [**Gurhan’s Hoopla Gold Hoop Earrings (25mm Round)**](https://gurhan.com/collections/all/products/cne300-25-22k)**:** $2,900 (9.43 grams of 22k gold).
**Market Segment Comparison**
* **Menē:** Balances luxury and investment. Simple pricing structure based on gold’s market value, appealing to consumers seeking transparent, investable jewelry. Investment and quality are primary focuses.
* **Gurhan:** Positions itself as a luxury brand with a focus on artistry and sentiment, where investment value is secondary.
Menē’s streamlined pricing model, commitment to transparency, and investment first customer experience make it an attractive choice for buyers prioritizing intrinsic material value. Meanwhile, Gurhan caters to customers seeking unique, high-design pieces and who are willing to pay a premium for exclusivity.
By maintaining lower premiums and implementing an investment-oriented customer experience, Menē appeals to a younger, cost-conscious demographic looking to blend luxury with practicality.
# Financial Highlights 2018-2023
* Revenue grew from 8m to 23m
* Gross profit grew from 1.18M to 5.8M
* SG&A stayed relatively stable between 6-8m, which is consistently greater than gross profit and results in low or negative income for each year. The company has been spending heavily on selling and marketing (2-3m each year) and staff costs (1-4m each year).
* COGS grew with revenue from 6.34M to 20.27M
* Gross income grew from 1.18M to 5.8M
* Insiders have bought roughly 2.5 million shares in the past year at prices between $.06 and $.21 ([source](https://simplywall.st/stocks/ca/consumer-durables/tsxv-mene/mene-shares/ownership))
* **2021**: Menē achieved revenue of $26.8 million, a gross profit of $6.5 million, and reported its first operating income of $0.3 million. The company introduced 140 new products and saw strong customer retention with 67% of sales from returning buyers. ([source](https://mene.com/world-of-mene/investor-relations/fy2021))
* **2022**: Revenue grew slightly to $26.9 million, with gross profit rising to $6.6 million. However, operating loss remained at $0.3 million. The company acquired a U.S. manufacturing facility while maintaining high customer loyalty (70%). ([source](https://mene.com/world-of-mene/investor-relations/fy2022))
* **2023**: Revenue fell to $23.3 million, with a decline in gross profit to $5.8 million. Menē repaid a significant loan and launched new collections, with 70% of sales from returning customers. ([source](https://mene.com/world-of-mene/investor-relations/fy2023))
# Investment Thesis
* **Bull Case**:
* Menē’s investment potential is closely tied to its unique positioning as both a luxury jewelry brand and an investment-grade asset. The gold price environment plays a central role in this thesis—if gold prices remain strong, Menē stands to benefit from its model, where product pricing mirrors the spot value of gold.
* As the global luxury market continues to grow, particularly among younger consumers seeking sustainable and investment-worthy products, Menē’s DTC model is well-suited to capitalize on this trend. The company has a loyal customer base drawn to its high-quality 24k gold pieces and the assurance of the lifetime buyback guarantee, which further strengthens its appeal as a long-term investment. Menē’s vertical integration also allows it to control costs and optimize production processes, which could increase its profitability as it scales.
* **Bear Case**:
* A downturn in gold prices could significantly impact Menē’s profitability, as its pricing model is directly tied to the market price of gold.
* As Menē expands, it will face increasing competition from both traditional luxury jewelers and other precious metal companies entering the market. Established luxury brands may clone Menē’s features, such as incorporating high-purity gold into their collections, or introduce new investment-linked models.
# Conclusion
In conclusion, Menē presents an interesting investment and product in the luxury jewelry market by offering high-purity 24k gold pieces priced transparently based on the spot price, combined with investment features like a lifetime buyback guarantee. While the company faces financial challenges and competition, its strong and growing customer loyalty, vertical integration, and innovative business model position it well for growth in the evolving luxury and investment sectors. With the right strategic focus on cost control and brand expansion, Menē could prove to be an attractive long-term investment as it capitalizes on these trends.

*Numbers are in USD unless otherwise specified.*
I recently happened upon Menē Inc while jewelry shopping for your wife (my girlfriend, actually). The concept was intriguing - pure 24k gold “investment jewelry,” transparently priced with a buy back guarantee - so I ended up becoming a customer. When I found out it was a publicly traded microcap, I dug into the company and found that it’s fairly interesting under the surface as well. Here’s what I learned.
Thanks for taking the time to read - I’d appreciate any discussion, questions, and feedback. Cheers.
Find Menē’s latest Investor Presentation [here](https://mene.com/static/investor-presentation-p-uivdae.pdf). Here is their commerce platform: [https://mene.com/](https://mene.com/).
# TLDR
Menē Inc is a Canadian luxury 24k gold and platinum jewelry manufacturing and direct-to-consumer (DTC) ecommerce microcap which combines high quality jewelry with investment appeal through transparent pricing, lifetime buyback guarantees, and a streamlined online user experience. Menē delivered $6.4M in revenue (33% year-over-year growth) and a loss of $300k for Q2 2024. With gross margins consistently ranging between 20% and 30%, vertical integration, and a 100% ecommerce DTC business model, the company demonstrates solid operational efficiency and a strong foundation for future growth. Menē is strengthening brand awareness through targeted social media campaigns, influencer collaborations, and a focus on sustainability, leading to increased customer loyalty and repeat purchases (72% of Q2 2024 sales were returning customers, I will be one sometime soon). Management and Goldmoney Inc are significant shareholders with over 60% insider ownership with recent insider buys.
# The Business
**Company Overview**
Menē, a Canadian luxury 24-karat gold and platinum direct-to-consumer e-commerce jewelry company, positions its products as both wearable art and investable assets.
**Market Cap 11/15/24:** 29.8M USD
**Share Price 11/15/24:** .09 USD
**Company History**
Menē was founded within Canadian precious metal custodian Goldmoney (TSX:XAU, OTCM:XAUMF) in 2017 by Goldmoney CEO Roy Sebag and Diana Widmaier Picasso (interestingly, Pablo’s granddaughter) and spun out as Menē Inc in 2018. Initially, Goldmoney created a jewelry line by sculpting gold bars into jewelry and sold the pieces at an accessible price point in order to democratize 24k gold. Goldmoney also provided the initial funding which has since been repaid in whole ([source](https://www.businesswire.com/news/home/20231228901745/en/Mene-Inc.-Announces-Full-Repayment-of-Goldmoney-Inc.-Precious-Metals-Loan)).
In order to complete the spinoff, Goldmoney and Menē management orchestrated a reverse takeover of Amador Gold Corp in 2018 and continued operations as the newly formed Menē Inc ([source](https://mene.com/world-of-mene/press-and-media/goldmoney-announces-update-relating-to-mene-inc)). Currently, Goldmoney and company insiders collectively own 62% of Menē with the remaining 38% public float, reflecting insider confidence in the business and alignment between management and shareholders.
Menē’s inception story highlights a compelling business model driven by a noble mission, experienced leadership with significant ownership stakes, a foundation of low debt and vertical integration. The company’s close relationship with Goldmoney - a well-established player in the gold space - provides Menē with unique access to industry expertise and resources.
# Financials At a Glance
**Sector:** Consumer Discretionary
**Industry:** Retail - Discretionary
**Cash:** 8.1M
**Current Assets:** 16.2 M
**Total Debt:** 2.24 M
**TTM financials:**
||TTM|Q2 ‘24|Q1 ‘24|Q4 ‘23|Q3 ‘23|
|:-|:-|:-|:-|:-|:-|
|Revenue|22.3|6.4M|4.8M|6.8M|4.3M|
|Gross Profit|5.4M|1.7M|1.1M|1.7M|.9M|
|Gross Margin||26%|24%|24%|22%|
|Net Income (Loss)|(3.3M)|(.3M)|(.9M)|(1.4M)|(.7M)|
Consolidated financials and reports: [https://www.morningstar.com/stocks/pinx/menef/financials](https://www.morningstar.com/stocks/pinx/menef/financials)
**Business Model**
Menē operates a vertically integrated business, manufacturing its jewelry in-house and selling DTC through its online platform, [mene.com](https://mene.com/). This model encompasses every aspect of production and fulfillment, including manufacturing facilities, packing operations, and in-house design, engineering, and marketing teams.
The company sources its gold and platinum from mines in Nevada, USA, and Ontario, Canada, with all materials certified under the London Bullion Market Association’s [Responsible Sourcing Certification](http://www.lbma.org.uk/responsible-sourcing), ensuring ethical and sustainable practices.
Menē’s product pricing is uniquely tied to real-time precious metal spot prices, plus a transparent manufacturing premium of roughly 30%. This daily price fluctuation reflects the broader dynamics of gold markets, particularly those seen in Eastern markets, and reinforces the products’ intrinsic value.
A standout feature of Menē’s offering is its lifetime buyback guarantee, allowing customers to sell back any purchased piece at the current spot price, less a 10% fee. This innovative policy strengthens consumer confidence, positioning Menē’s jewelry as not only wearable luxury but also as a practical investment.

**Positioning**
Management positions Menē as unique in the jewelry market by combining the artistic value of high-quality gold pieces with their potential as investable assets. This dual-purpose strategy sets Menē apart from traditional Western jewelry brands, which typically focus on lower-purity gold alloys, such as 14k or 18k gold which are diluted with zinc or copper, and emphasize design over intrinsic material value. By contrast, Menē offers 24k gold jewelry priced transparently based on spot market value plus a modest manufacturing premium, which is more common in Eastern markets.
Mene’s product line range from $200 charms and earrings to $10000 chains to a roughly $100000 gold and platinum chess set, appealing to a wide range of customers and enabling smaller players to dabble if they so desire. I bought a few small gold gifts between $200-400 as well as a $5000 cuff. I expect gifting to be a significant source of purchases over the years as charms and small tokens provide a low price, fun alternative to coins and bullion.
A standout feature of Menē’s model is its online dashboard and UX for customers to monitor the market value of their pieces, initiate buybacks, and transfer ownership. This level of financial transparency and functionality is unique and novel as no traditional jewelers offers similar investment-oriented features. Coupled with the lifetime buyback guarantee, which allows customers to sell their jewelry back at the prevailing gold spot price minus a 10% fee, Menē offers customers a value proposition currently not offered elsewhere in the jewelry market.
Menē is actively enhancing brand awareness by increasing its presence on social and print media, engaging with influencers, and tapping into luxury markets to expand its visibility. Additionally, targeted marketing efforts have focused on appealing to younger, more sustainability-conscious consumers. These strategies are helping to attract repeat buyers, with 72% of Q2 2024 sales coming from returning customers. Menē has sold jewelry to customers in 50 U.S. States, 10 Canadian provinces, and more than 65 countries. This investment is visible in SG&A expenses, which outweigh gross profit and cause negative net income.
The latest investor presentation give insight to management’s focuses and what they consider their foremost strengths and differentiators, find it here: [Menē Investor Presentation 2024](https://mene.com/static/investor-presentation-p-uivdae.pdf).
# Comparison with Gurhan
To illustrate Menē’s positioning, I’ll juxtapose its pricing and positioning strategies with that of Gurhan, a luxury jewelry designer similarly offering high purity (22k-24k) gold pieces. Both retailers emphasize the beauty and quality of 24k gold and bring eastern influences to western consumers.
* [**Menē’s Torsade Hoop Earrings**](https://mene.com/earrings/gold/torsade-hoop-earrings-gold): $1,360 (10.57 grams of 24k gold). Breakdown:
* Gold value: $920
* Manufacturing/design fee: $442
* [**Gurhan’s Hoopla Gold Hoop Earrings (25mm Round)**](https://gurhan.com/collections/all/products/cne300-25-22k)**:** $2,900 (9.43 grams of 22k gold).
**Market Segment Comparison**
* **Menē:** Balances luxury and investment. Simple pricing structure based on gold’s market value, appealing to consumers seeking transparent, investable jewelry. Investment and quality are primary focuses.
* **Gurhan:** Positions itself as a luxury brand with a focus on artistry and sentiment, where investment value is secondary.
Menē’s streamlined pricing model, commitment to transparency, and investment first customer experience make it an attractive choice for buyers prioritizing intrinsic material value. Meanwhile, Gurhan caters to customers seeking unique, high-design pieces and who are willing to pay a premium for exclusivity.
By maintaining lower premiums and implementing an investment-oriented customer experience, Menē appeals to a younger, cost-conscious demographic looking to blend luxury with practicality.
# Financial Highlights 2018-2023
* Revenue grew from 8m to 23m
* Gross profit grew from 1.18M to 5.8M
* SG&A stayed relatively stable between 6-8m, which is consistently greater than gross profit and results in low or negative income for each year. The company has been spending heavily on selling and marketing (2-3m each year) and staff costs (1-4m each year).
* COGS grew with revenue from 6.34M to 20.27M
* Gross income grew from 1.18M to 5.8M
* Insiders have bought roughly 2.5 million shares in the past year at prices between $.06 and $.21 ([source](https://simplywall.st/stocks/ca/consumer-durables/tsxv-mene/mene-shares/ownership))
* **2021**: Menē achieved revenue of $26.8 million, a gross profit of $6.5 million, and reported its first operating income of $0.3 million. The company introduced 140 new products and saw strong customer retention with 67% of sales from returning buyers. ([source](https://mene.com/world-of-mene/investor-relations/fy2021))
* **2022**: Revenue grew slightly to $26.9 million, with gross profit rising to $6.6 million. However, operating loss remained at $0.3 million. The company acquired a U.S. manufacturing facility while maintaining high customer loyalty (70%). ([source](https://mene.com/world-of-mene/investor-relations/fy2022))
* **2023**: Revenue fell to $23.3 million, with a decline in gross profit to $5.8 million. Menē repaid a significant loan and launched new collections, with 70% of sales from returning customers. ([source](https://mene.com/world-of-mene/investor-relations/fy2023))
# Investment Thesis
* **Bull Case**:
* Menē’s investment potential is closely tied to its unique positioning as both a luxury jewelry brand and an investment-grade asset. The gold price environment plays a central role in this thesis—if gold prices remain strong, Menē stands to benefit from its model, where product pricing mirrors the spot value of gold.
* As the global luxury market continues to grow, particularly among younger consumers seeking sustainable and investment-worthy products, Menē’s DTC model is well-suited to capitalize on this trend. The company has a loyal customer base drawn to its high-quality 24k gold pieces and the assurance of the lifetime buyback guarantee, which further strengthens its appeal as a long-term investment. Menē’s vertical integration also allows it to control costs and optimize production processes, which could increase its profitability as it scales.
* **Bear Case**:
* A downturn in gold prices could significantly impact Menē’s profitability, as its pricing model is directly tied to the market price of gold.
* As Menē expands, it will face increasing competition from both traditional luxury jewelers and other precious metal companies entering the market. Established luxury brands may clone Menē’s features, such as incorporating high-purity gold into their collections, or introduce new investment-linked models.
# Conclusion
In conclusion, Menē presents an interesting investment and product in the luxury jewelry market by offering high-purity 24k gold pieces priced transparently based on the spot price, combined with investment features like a lifetime buyback guarantee. While the company faces financial challenges and competition, its strong and growing customer loyalty, vertical integration, and innovative business model position it well for growth in the evolving luxury and investment sectors. With the right strategic focus on cost control and brand expansion, Menē could prove to be an attractive long-term investment as it capitalizes on these trends.