Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 371

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 371
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 in valuation allowance                |     |                   | (99 | ) |     | 21.0 | % |
| Permanent differences                        |     |                   |   - |   |     |    - |   |
| Total income tax provision (benefit)         |     | $                 |   - |   |     |    0 | % |

NOTE 7 — SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheets date up to October 30, 2025. Based on this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

<div align='center'>F-48</div>

<div align='center'>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Board of Directors and Stockholders of
Greenland
Exploration Limited

Opinion on the Financial Statements

We have audited the accompanying balance sheet
of Greenland Exploration Limited (“the Company”) as of June 30, 2025, and the related statements of operations, changes in
stockholders’ equity, and cash flows for the period from June 9, 2025 (inception) through June 30, 2025, and the related notes (collectively
referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of June 30, 2025, and the results of its operations and its cash flows for the period form June 9, 2025 (inception)
through June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has
incurred and expects to continue to incur significant costs in pursuit of its future business combination plans. These factors, among
others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to
these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome
of this uncertainty.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our
audit. We are a public accounting firm registered with the Public