$GRML

Greenland Mines Ltd

CIK:0001907223|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Professional fees	$ 3,952,434	$ 924,580	$ 6,931,123	$ 1,661,266
General and administrative	577,942	729,572	6,790,271	1,579,854
Research and development	400,536	238,700	721,807	238,700
Exploration and evaluation	561,030		561,030
Total operating expenses	5,491,942	1,892,852	15,004,231	3,479,820
Net operating loss	(5,491,942)	(1,892,852)	(15,004,231)	(3,479,820)
Other income (expense):
Interest expense	(4,888)	(1,760,025)	(6,503)	(2,313,962)
Change in fair value of derivative liability	1,815,233	(121,476)	(499,120)	(107,961)
Impairment expense			(2,045,253)
Other income (expense)	(3,463)	(318,878)	12,844	(425,470)
Total other income (expense)	1,806,882	(2,200,379)	(2,538,032)	(2,847,393)
Net loss before income taxes	(3,685,060)	(4,093,231)	(17,542,263)	(6,327,213)
Income taxes
Net loss	$ (3,685,060)	$ (4,093,231)	$ (17,542,263)	$ (6,327,213)
Net loss per share: Basic (in Dollars per share)	$ (0.03)	$ (0.12)	$ (0.16)	$ (0.21)
Net loss per share: Diluted (in Dollars per share)	$ (0.03)	$ (0.12)	$ (0.16)	$ (0.21)
Weighted average common shares outstanding (in Shares)	126,521,134	33,952,418	109,946,717	30,755,807

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (17,542,263)	$ (6,327,213)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in fair value of derivative liability	499,120	107,961
Impairment on intangible assets	2,045,253
Interest expense		2,285,080
Conversion of debt to equity		448,802
Stock-based compensation	5,218,481	885,695
Changes in operating assets and liabilities:
Prepaid expenses	(2,683,722)	21,316
Accounts payable	653,608	(51,055)
Accrued expenses	181,299	(861,764)
Other current assets	(62,120)
Other non-current assets	(134,677)
Net cash used in operating activities	(11,825,021)	(3,491,178)
CASH FLOWS FROM INVESTING ACTIVITIES:
Deposits for property and equipment	(317,530)
Acquisition of mineral exploration rights and exploratory licenses	(476,474)
Net cash used in investing activities	(794,004)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of securities and warrants in February 2026 private placement, net of offering costs	7,750,000
Proceeds from June 2026 SPA, net of issuance costs	3,750,000
Proceeds from sale of securities under the At-the-Market facility	2,574,725
Proceeds from warrants exercises	1,745
Proceeds from convertible promissory note, net of issuance cost		2,150,000
Proceeds from sales of stocks and warrants, net		11,394,218
Proceeds from stock subscriptions		500,000
Proceeds from sale of preferred B shares		500,000
Payments on notes payable		(2,730,182)
Payments for deferred financing costs		(25,000)
Proceeds from FPA settlement	412,329	140,572
Notes payable - related party	297,968	(31,000)
Payments on financed director and officer insurance		(40,225)
Net cash provided by financing activities	14,786,767	11,858,383
NET CHANGE IN CASH	2,167,742	8,367,205
Cash - Beginning of period	7,176,615	63,741
Cash - End of period	9,344,357	8,430,946
SUPPLEMENTAL NON-CASH FINANCING AND INVESTING ACTIVITIES:
Note payable settled with issuance of common stock		1,473,441
Reversal of OID		157,481
Interest payable settled with issuance of common stock		22,826
Issuance of warrants		679,577
Non-cash acquisition of mineral licenses with preferred shares	47,940,000
Investment in equity securities	3,682,800
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest Paid
Taxes Paid

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 9,344,357	$ 7,176,615
Prepaid expenses	2,800,793	117,071
Other current assets	62,120
Total current assets	12,207,270	7,293,686
Other assets:
Intangibles, net	48,670,775	2,299,554
Investment in equity securities	3,682,800
Deposits for property and equipment	317,530
Other non-current assets	134,677
Total other assets	52,805,782	2,299,554
Total assets	65,013,052	9,593,240
Current liabilities:
Accounts payable	698,215	44,607
Accrued expenses	213,456	32,157
Notes payable to related parties	297,968
Total current liabilities	1,209,639	76,764
Derivative liability	5,899,561	53,000
Total liabilities	7,109,200	129,764
Commitments and contingencies (Note 11)
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.0001, 100,000,000 shares authorized; 47,940 and 0 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	5
Common stock, par value $0.0001, 1,000,000,000 shares authorized; 158,850,637 and 72,536,722 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	15,885	7,254
Common stock to be issued		516,000
Additional paid-in capital	96,544,698	30,054,695
Accumulated deficit	(38,656,736)	(21,114,473)
Total stockholders’ equity	57,903,852	9,463,476
Total liabilities and stockholders’ equity	$ 65,013,052	$ 9,593,240