Mountain Lake Acquisition Corp-A 2025年度报告

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, 2025 OR ☐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) Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES☐NO☒ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES☐NO☒ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. YES☒NO☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theRegistrant was required to submit such files). YES☒NO☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.: Large accelerated filerNon-accelerated filer ☐Accelerated filer☒Small reporting companyEmerging growth company If an emerging growth company, indicate by the check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by theregistered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that require a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES☒NO☐ The aggregate market value of the voting stock held by non-affiliates of the registrant on June 30, 2025, based on the closing priceon that date of $10.26 on the Nasdaq Stock Market, was approximately $239,160,600. As of February 20, 2026, there were 23,805,000 Class A Ordinary Shares, par value $0.0001 per share, and 7,187,500 Class BOrdinary Shares, par value $0.0001 per share issued and outstanding. Auditor Name: WithumSmith+BrownAuditor Location: New York, New York PCAOB ID Number: 100 Documents Incorporated by Reference: None. TABLE OF CONTENTSCERTAIN TERMSiiCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSiiiPART I1Item 1.Business.1Item 1A.Risk Factors.24Item 1B.Unresolved Staff Comments.64Item 1C.Cybersecurity64Item 2.Item Properties.64Item 3.Legal Proceedings.64Item 4.Mine Safety Disclosures.64PART II65Item 5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of EquitySecurities.65Item 6.[Reserved]66Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations66Item 7A.Quantitative and Qualitative Disclosures about Market Risk70Item 8.Financial Statements and Supplementary Data70Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure70Item 9A.Controls and Procedures.70Item 9B.Other Information71Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections71PART III72Item 10.Directors, Executive Officers and Corporate Governance.