MOUNTAIN LAKE INVESTMENT MANAGEMENT LLC

Mountain Lake Investment Management LLC (MLIM) provides investment management services for both client and proprietary accounts. The firm's advisory business is described in detail in Item 12 of their brochure, which outlines the factors they consider when selecting broker-dealers for transactions and determining the reasonableness of their compensation. MLIM currently does not receive any management fees for the services it provides to its proprietary accounts. The firm's advisory services for these accounts are discussed further in Item 11 of the brochure. The brochure also covers topics such as performance fees, side-by-side management, types of clients, methods of analysis, investment strategies, risk of loss, disciplinary information, other financial industry activities and affiliations, code of ethics, participation/interest in client transactions and personal trading, brokerage practices, review of accounts, client referrals and other compensation, custody, investment discretion, and voting client securities.

Mountain Lake Investment Management LLC offers a wide range of investment options, including exchange-listed and over-the-counter securities, foreign issued securities, stock warrants and rights, corporate debt, commercial paper, certificates of deposit, options on securities and commodities, municipal and US Government securities, partnerships investing in oil and gas interests, and other pooled investment vehicles. The firm may utilize investment techniques such as short sales and purchases of options or other derivatives, which can potentially maximize the adverse impact to which the firm may be subject. It is important to note that all investments listed involve different degrees of risk, and investors should be aware of their risk tolerance level and financial situation at all times. The firm cannot guarantee successful performance of any investment or strategy.

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