UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission file number: 001-42436 MOUNTAIN LAKE ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | 98-1796213 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2025 ☐ TRANSITION R ...

Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Mountain Lake Acquisition Corp. reported a net income of **$2.02 million** for Q1 2025, primarily from Trust Account interest, with total assets reaching **$235.4 million** [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) Total assets increased to **$235.4 million** by March 31, 2025, primarily due to growth in Trust Account holdings, with total liabilities at **$8.2 million** Condensed Balance Sheet Data (Unaudited) | Account | March 31, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | **Assets** | | | | Cash | $1,221,107 | $1,383,392 | | Cash and marketable securities held in Trust Account | $233,983,157 | $231,643,853 | | **Total Assets** | **$235,375,465** | **$233,231,190** | | **Liabilities & Equity** | | | | Total Liabilities | $8,193,088 | $8,067,334 | | Class A ordinary shares subject to possible redemption | $233,983,157 | $231,643,853 | | Total Shareholders' Deficit | ($6,800,780) | ($6,479,997) | [Condensed Statement of Operations](index=5&type=section&id=Condensed%20Statement%20of%20Operations) Net income for the three months ended March 31, 2025, was **$2.02 million**, driven by **$2.34 million** in Trust Account interest income Statement of Operations Highlights (For the Three Months Ended March 31, 2025) | Item | Amount (USD) | | :--- | :--- | | Interest earned on marketable securities held in Trust Account | $2,339,304 | | Operating and formation costs | $320,783 | | **Net income** | **$2,018,521** | | Basic and diluted net income per share, Class A | $0.07 | | Basic and diluted net loss per share, Class B | $0.07 | [Condensed Statement of Changes in Shareholders' Deficit](index=6&type=section&id=Condensed%20Statement%20of%20Changes%20in%20Shareholders'%20Deficit) Shareholders' deficit increased to **$6.80 million** by March 31, 2025, due to accretion of redeemable shares, partially offset by net income - The shareholders' deficit increased by **$320,783** during the quarter, reflecting the net effect of net income and the accretion of redeemable shares[15](index=15&type=chunk) [Condensed Statement of Cash Flows](index=7&type=section&id=Condensed%20Statement%20of%20Cash%20Flows) Net cash used in operating activities was **$162,285** for the quarter, resulting in a cash balance of **$1.22 million** at period-end Cash Flow Summary (For the Three Months Ended March 31, 2025) | Item | Amount (USD) | | :--- | :--- | | Net cash used in operating activities | ($162,285) | | Cash – Beginning of period | $1,383,392 | | **Cash – End of period** | **$1,221,107** | [Notes to Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Notes detail the company's blank check status, **$230 million** IPO proceeds, **$231.15 million** trust account placement, and **$8.05 million** deferred underwriting fee - The Company is a blank check company incorporated on June 14, 2024, for the purpose of effecting a business combination. All activity to date relates to its formation and the Initial Public Offering[20](index=20&type=chunk)[21](index=21&type=chunk) - On December 16, 2024, the Company consummated its IPO of **23,000,000 units** at **$10.00 per unit**, generating gross proceeds of **$230,000,000**. An amount of **$231,150,000** was placed in the Trust Account[22](index=22&type=chunk)[26](index=26&type=chunk) - The company has a commitment for a deferred underwriting fee of **$8,050,000**, which is payable from the Trust Account only upon the completion of a Business Combination[82](index=82&type=chunk) - The company has one reportable operating segment, as the Chief Executive Officer (CODM) reviews operating results for the company as a whole to make decisions[98](index=98&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management confirms the company's blank check status, reporting **$2.02 million** net income from Trust Account interest, with **$1.22 million** cash for operations - The company's activities since inception on June 14, 2024, have been limited to organizational activities, preparing for the IPO, and identifying a target for a Business Combination[104](index=104&type=chunk)[106](index=106&type=chunk) Q1 2025 Financial Results Summary | Metric | Amount (USD) | | :--- | :--- | | Net Income | $2,018,521 | | Interest Income (Trust Account) | $2,339,304 | | Operating Costs | $320,783 | - As of March 31, 2025, the company had **$1,221,107** in cash held outside the Trust Account for working capital and **$233,983,157** held within the Trust Account[111](index=111&type=chunk)[112](index=112&type=chunk) - Contractual obligations include a deferred underwriting fee of **$8,050,000** payable upon a business combination and up to **$20,000 per month** in service fees to executive officers[116](index=116&type=chunk)[117](index=117&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is exempt from providing quantitative and qualitative market risk disclosures - As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk[123](index=123&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - Based on an evaluation as of March 31, 2025, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective[125](index=125&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[126](index=126&type=chunk) Part II. Other Information [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company has no legal proceedings to report - None[128](index=128&type=chunk) [Risk Factors](index=31&type=page&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors have occurred - As of the date of this report, there have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K[128](index=128&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details **$230 million** IPO proceeds and **$8.05 million** from a private placement of 805,000 units to the Sponsor and BTIG - On December 16, 2024, the company consummated its IPO of **23,000,000 units** at **$10.00 per unit**, generating gross proceeds of **$230,000,000**[129](index=129&type=chunk)[132](index=132&type=chunk) - Simultaneously with the IPO, the Sponsor and BTIG purchased **805,000 private placement units** at **$10.00 per unit**, generating **$8,050,000**. This issuance was exempt from registration under Section 4(a)(2) of the Securities Act[130](index=130&type=chunk) [Defaults Upon Senior Securities](index=31&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company has no defaults upon senior securities to report - None[134](index=134&type=chunk) [Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company has no mine safety disclosures to report - None[134](index=134&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) The company has no other information to report - None[134](index=134&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) The report includes various exhibits, such as CEO and CFO certifications and XBRL data files - Exhibits filed include CEO and CFO certifications under SOX Sections 302 and 906, and various XBRL documents[136](index=136&type=chunk) Signatures - The report was signed on May 13, 2025, by Paul Grinberg, Chief Executive Officer, and Douglas Horlick, Chief Financial Officer[140](index=140&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | | | Name of each exchange on which | | --- | --- | --- | | Title of each class | Trading Symbols | registered | | Units, each consisting of one Class A | MLAC ...