Greenland Energy publishes shareholder letter responding to Fugazi Research report

• Greenland Energy published a shareholder letter rebutting a Fugazi Research report that called GLND “uninvestable at any price above zero.”
• Letter reiterates exploration-stage status in Greenland with no earnings, no production, no proved reserves; first well not yet drilled.
• Cites Sproule ERCE 3U unrisked prospective resources: high-end 13 billion barrels, best estimate 4.2 billion, low-end 1.1 billion; none are reserves.
• Disputes “burn rate” framing: $28 million investing cash included $17.5 million capitalized assets, $10.5 million prepaid exploration costs; operating cash use $4.6 million.
• Highlights warrants with $5.00 and $15.00 strike prices; full exercise would raise about $110 million, contingent on stock trading above strikes.

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