GREENLAND MINES LTD

Red flags

• Management concluded disclosure controls and internal control over financial reporting were ineffective at December 31, 2025, citing inadequate accounting resources, lack of segregation of duties, and a weak control environment.
• The going-concern footnote states that without additional funding there is substantial doubt about the company’s ability to continue operations for twelve months from the financial-statement date.
• The company had no revenue in either 2025 or 2024, while operating expenses increased in 2025; professional fees rose approximately $675,000, or 24.4%, and personnel-related costs rose approximately $1.13 million.
• Cash was only $7.2 million at year-end despite approximately $13.0 million of financing cash inflows during 2025, highlighting continued dependence on capital markets.
• The company’s legacy transaction structure involved substantial dilution, including 15.13 million shares outstanding immediately after the 2024 merger, 12.03 million warrants, and up to 2.0 million contingent consideration shares.