Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 272

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 272
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 expenses.

Our future capital requirements will depend on the results of our initial drilling program, regulatory timelines, and our ability to access additional financing. We currently expect to meet near-term capital needs from existing cash resources and the proceeds of this offering.

Off-Balance Sheet Arrangements

As of June 30, 2025, we did not have any off-balance sheet arrangements, as defined in Item 303 of Regulation S-K.

Contractual Obligations

Our material contractual obligations consist primarily of license commitments in Greenland, including annual license fees and minimum work program requirements. We do not currently have any drilling rig contracts, long-term debt, or other significant obligations.

Critical Accounting Estimates

Our financial statements have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Because we are in an early stage of operations, our critical accounting policies primarily relate to exploration costs, impairment assessments, and share-based compensation.

Exploration costs are expensed as incurred until proved reserves are established. We will continue to evaluate our accounting policies as our operations evolve and as drilling and development activities commence.

Quantitative and Qualitative Disclosures about Market Risk

March GL is currently an
exploration-stage company with no revenues and limited operating history. As such, the Company’s exposure to market risks is minimal
and primarily relates to general macroeconomic conditions, fluctuations in foreign currency exchange rates, and potential future commodity
price volatility. The Company does not engage in any trading or hedging activities and has not entered into derivative or other financial
instruments for risk management or speculative purposes.

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Foreign Currency Risk

Certain expenditures, including
consulting services and logistics costs associated with the Company’s Greenland exploration program, are denominated in Canadian
dollars and Danish kroner. Although the Company’s functional currency is the U.S. dollar, fluctuations in foreign exchange rates
could affect the U.S. dollar-equivalent cost of those expenditures. Management monitors exchange rate movements but does not currently
utilize currency-hedging instruments, given the limited volume of foreign-currency transactions to date.

Commodity Price Risk

Because the Company has not
commenced production and does not currently hold proved or probable reserves, it is not directly exposed to crude oil or natural-gas price
fluctuations. However, sustained changes in global commodity prices could influence future capital availability, exploration economics,
and investor sentiment