Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 927

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 7A
Chunk 927
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 the total
amount of unrecognized tax benefits will materially change over the next twelve months.

Net Income Per Ordinary Share

The Company complies with accounting and disclosure
requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of ordinary shares, which are referred
to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of ordinary shares.
This presentation assumes a business combination as the most likely outcome. Net income per ordinary share is calculated by dividing the
net income by the weighted average ordinary shares outstanding for the respective period.

 The calculation of diluted net income per ordinary share does not consider
the effect of the rights issued in connection with the Initial Public Offering and the Private Placement to purchase an aggregate of 7,666,667
Class A ordinary shares in the calculation of diluted income per ordinary share, because their exercise is contingent upon future events.
As a result, diluted net income per ordinary share is the same as basic net income per share ordinary for the period from June 14, 2024
(inception) through December 31, 2024. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per
ordinary share as the redemption value approximates fair value.

The Company has considered the effect of Class
B ordinary shares that were excluded from weighted average number as they were contingent on the exercise of over-allotment option by
the underwriters. Since the contingency was satisfied, the Company included these shares in the weighted average number as of the beginning
of the interim period to determine the dilutive impact of these shares.

F-11

MOUNTAIN
LAKE ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

DECEMBER
31, 2024

The following table presents a reconciliation of the numerator and
denominator used to compute basic and diluted net income per ordinary share for each class of ordinary shares:

    For the Period From June 14, 2024 (Inception) Through December 31, 2024 

    Class A  
    Class B 
  
    Basic net income per share: 

    Numerator: 

    Allocation of net income 
    $99,286  
    $343,831 
  
    Denominator: 

    Weighted-average shares outstanding 
     1,785,375  
     6,182,813 
  
    Basic