Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 838

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 7
Chunk 838
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 a member of the compensation committee of any entity that has one or more officers serving on our board of directors.

Code of Ethics

We have adopted a Code of Ethics applicable to our
directors, officers and employees. We have filed a copy of our Code of Ethics with the SEC. You may review this document by accessing
our public filings at the SEC’s web site at www.sec.gov. In addition, a copy of the Code of Ethics and the charters
of the committees of our board of directors will be provided without charge upon request from us. If we make any amendments to our Code
of Ethics other than technical, administrative or other non-substantive amendments, or grant any waiver, including any implicit waiver,
from a provision of the Code of Ethics applicable to our principal executive officer, principal financial officer principal accounting
officer or controller or persons performing similar functions requiring disclosure under applicable SEC or Nasdaq rules, we will disclose
the nature of such amendment or waiver on our website. The information included on our website is not incorporated by reference into this
Form 10-K or in any other report or document we file with the SEC, and any references to our website are intended to be inactive
textual references only.

Conflicts of Interest

Under Cayman Islands law, directors and officers
owe the following fiduciary duties:

(i)duty to act in good faith in what the director or officer
believes to be in the best interests of the company as a whole;

(ii)duty to exercise powers for the purposes for which those
powers were conferred and not for a collateral purpose;

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(iii)directors should not improperly fetter the exercise of future
discretion;

(iv)duty to exercise powers fairly as between different sections
of shareholders;

(v)duty not to put themselves in a position in which there is
a conflict between their duty to the company and their personal interests; and

(vi)duty to exercise independent judgment.

In addition to the above, directors also owe a duty
of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both
the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried
out by that director in relation to the company and the general knowledge skill and experience of that director.

As set out above, directors have a duty not to put
themselves in a position of conflict and