New Risk • May 12
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 40% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (40% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Less than 3 years of financial data is available. Announcement • May 01
Greenheart Gold Inc. announced that it has received CAD 59.85 million in funding from La Mancha Holding S.à R.L., G Mining Ventures Corp. and other investors. On April 30, 2026, Greenheart Gold Inc. closed the transaction. The company issued 24,353,598 common shares at a price of CAD 1 for gross proceeds of CAD 24,353,598 in its second tranche. The company issued total of 59,850,000 common shares at a price of CAD 1 for gross proceeds of CAD 59,850,000. As part of the Offering, La Mancha Investments S.à.r.l. ("La Mancha") acquired 35,496,402 Shares of the Company and now holds 19.9% of the Company's 214,203,038 issued and outstanding Shares. G Mining Ventures Corp. acquired 6,404,215 Shares through its wholly owned subsidiary G Mining Guyana Corp. ("G Mining") and maintains its 10.5% ownership interest in the Company. The Shares issued under the Offering are subject to a hold period expiring on August 31, 2026. A total of CAD 45,900 finders' fees was paid in connection with the Offering. Insiders of the Company, including G Mining, directly or indirectly acquired 6,549,215 Shares in the Offering. Pursuant to an investor rights agreement entered between Greenheart Gold and La Mancha in connection with the Offering, so long as La Mancha and its affiliates hold not less than 10% of the then issued and outstanding common shares of the Company, La Mancha will, among other things, have the right to (i) nominate one director to Greenheart Gold's board of directors, (ii) participate in future equity financings to maintain its relative equity ownership; and (iii) appoint one technical representative to participate as a member of the Company's technical advisory group. New Risk • Apr 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Shareholders have been diluted in the past year (24% increase in shares outstanding). 
