Company: MLAC
Filing Date: 2025-12-30
Form Type: 425
Source: 0001213900-25-126602
Chunk: 13

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-12-30
Form: 425
Chunk 13
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 the volatility hits or at the bear
market. So we’ll have to wait and see.

Bart Smith: Yeah. I mean, I think that was part of the reason
why we went the route we did, which is to kind of set up a purpose-built company from scratch. Right. So, you know, when you look at the
company, it’s called the Avalanche Treasury Company, right? Like there is no doubt in kind of what we’re doing. Our sole focus
is going to be on delivering kind of value to customers and shareholders in a way that we feel like can better represent the growth of
the ecosystem. And yeah, and I think that we, I’m not worried about an alternative investment per se. It’s just like there’s
a whole world of investments. Like they don’t need to own crypto at all, right? They don’t need to own blockchain technology.
So can we effectively communicate a value proposition of owning, you know, this asset versus any other asset? And, you know, and I think
if you’re listed, you know, on a public stock exchange in the U.S., you are now competing against basically every other asset in
the world. And so I think that that’s what we’re focused on is providing a structure and a company and an exposure that people
are interested in and then being able to communicate that effectively.

<div align='center'>7</div>

Tony Edward: Yeah, absolutely. And then on the communication
of communicating that effectively, you know, you have ETFs out there, right? There’s going to be AVAX, spot ETFs, and so forth.
So I’m curious, you know, how would you, what would be your elevator pitch to say, hey, this DAT is better than just buying an ETF?

Bart Smith: Well, you know, it’s funny is that, you know,
treasuries, as like every kind of, you know, anytime there’s like a new vehicle or something that’s in favor, you know, there’s
a lot of criticism that comes with that. Back in like the 2008 timeframe, 2007, 2008, there was a ton of criticism about ETFs. The ETFs
provided like a systematic risk and that the creation redemption mechanism was going to fail under a massive amount of market duress and
that ETFs were creating it impossible for small and mid-capitalization companies to seek capital and differentiate because people were