Greenland Mines Ltd Reports $3.7 Million Net Loss in Q2 2026, Expands Operations with Skaergaard Project Acquisition

Greenland Mines Ltd, formerly known as Klotho Neurosciences, Inc., reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2026. The company recorded a net loss of $3.7 million for the quarter, a decrease from a loss of $4.1 million in the same period last year. For the first half of 2026, the net loss was $17.5 million, compared to $6.3 million for the first half of 2025. The increase in losses is attributed to higher operating expenses, particularly in professional fees and research and development, following the acquisition of Greenland Mines Corp. in March 2026.

Total operating expenses for the second quarter of 2026 reached approximately $5.5 million, a 189% increase from $1.9 million in the prior year. Professional fees surged to $3.9 million, up from $0.9 million, largely due to costs associated with public company reporting and strategic initiatives. General and administrative expenses decreased slightly to $578,000, while research and development expenses rose to $401,000, reflecting ongoing investments in biotechnology programs. The company also incurred exploration and evaluation expenses of $561,000 related to its Skaergaard Project in Greenland, marking the first such expenses since the acquisition.

In terms of strategic developments, Greenland Mines Ltd has expanded its operations to include mining, following the acquisition of an 80% interest in the Skaergaard Project, which is one of the largest undeveloped palladium, gold, and platinum deposits globally. The company has not yet established any mineral reserves but reported estimated indicated and inferred mineral resources in its recent technical report. Additionally, on June 22, 2026, Greenland Mines completed a share exchange with AnorTech Inc., acquiring approximately 9.9% of AnorTech's outstanding common stock for $3.7 million.

As of June 30, 2026, Greenland Mines had cash and cash equivalents of approximately $9.3 million, a significant increase from $7.2 million at the end of 2025. The company is actively seeking additional funding to support its operations and future acquisitions, including a pending merger with Neo North Star Resources, which requires $20 million in cash. The company has expressed concerns about its ability to continue as a going concern without securing further financing, given its accumulated deficit of approximately $39 million and ongoing operational losses.

Looking ahead, Greenland Mines is focused on advancing its exploration activities at the Skaergaard Project and continuing its research and development efforts in biotechnology. The company is also addressing compliance issues with Nasdaq regarding its minimum bid price requirement, with a compliance deadline set for September 14, 2026. The board has been authorized to implement a reverse stock split if necessary to regain compliance.