Sinda Ltd.

Risk Factors.

There have been no material changes from the risk factors set forth under the heading “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on August 14, 2026, except as described below.

Our exploration activities, projected development timelines, and ability to raise necessary capital may be materially and adversely affected by global geopolitical conflicts and macro energy inflation.

We are an exploration-stage mining company, and our operations are inherently speculative and capital-intensive. We depend entirely on public and private capital markets to finance our mineral exploration programs. Heightened global geopolitical tensions, including the conflict involving the United States and Iran, and disruptions in the Strait of Hormuz, have caused significant financial market volatility. Prolonged instability could depress investor risk tolerance, constrain liquidity in the public markets, or increase our cost of capital, potentially preventing us from securing the financing required to maintain our property concessions or execute our drilling schedules.

Additionally, these geopolitical tensions have driven, and may continue to drive, significant inflation in the global commodity and energy markets. Although we do not yet operate extraction facilities, our exploration activities rely heavily on third-party drilling contractors, heavy machinery transport, and logistics providers. The spike in fuel prices resulting from disruptions in international trade corridors like the Strait of Hormuz directly escalates our exploration expenses. Higher fuel costs inflate the mobilization rates for drilling rigs, increase the costs of field operations, and raise transportation expenses. If these inflationary pressures persist or escalate, our existing cash reserves will be depleted more rapidly than anticipated, forcing us to scale back or delay our exploration objectives. Any of these factors could materially and adversely affect our business, financial condition, results of operations and the economic viability of our projects.

Item 2.