UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-42436 MOUNTAIN LAKE ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorporat ...

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 ...

As filed with the U.S. Securities and Exchange Commission on December 11, 2024. Registration No. 333-281410 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 6 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________________________________ Mountain Lake Acquisition Corp. (Exact name of registrant as specified in its charter) ___________________________________________ Cayman Islands 6770 98-1796213 (State or other jurisdiction of incorporat ...

As filed with the U.S. Securities and Exchange Commission on December 11, 2024. Registration No. 333-281410 AMENDMENT NO. 5 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________ Mountain Lake Acquisition Corp. (Exact name of registrant as specified in its charter) ___________________________________________ Cayman Islands 6770 98-1796213 (State or other jurisdiction of incorporat ...

As filed with the U.S. Securities and Exchange Commission on December 5, 2024. Registration No. 333-281410 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 4 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________________________________ Mountain Lake Acquisition Corp. (Exact name of registrant as specified in its charter) ___________________________________________ Cayman Islands 6770 98-1796213 (State or other jurisdiction of incorporati ...

As filed with the U.S. Securities and Exchange Commission on November 25, 2024. Registration No. 333-281410 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________________________________ Mountain Lake Acquisition Corp. (Exact name of registrant as specified in its charter) ___________________________________________ Cayman Islands 6770 98-1796213 (State or other jurisdiction of incorporat ...

Cayman Islands 6770 98-1796213 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer As filed with the U.S. Securities and Exchange Commission on November 15, 2024. Registration No. 333-281410 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________________________________ Mountain Lake Acquisition Corp. (Exa ...

As filed with the U.S. Securities and Exchange Commission on September 27, 2024. Registration No. 333-281410 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________________________________ Mountain Lake Acquisition Corp. (Exact name of registrant as specified in its charter) ___________________________________________ Cayman Islands 6770 98-1796213 (State or other jurisdiction of incorpora ...