Navigating institutional adoption with purpose

AVAT’s upcoming US$675 million SPAC merger with Mountain Lake Acquisition (NASDAQ:MLAC) positions it as a uniquely structured treasury dedicated to the Avalanche ecosystem.

With initial assets of nearly US$460 million and plans to acquire US$200 million more in AVAX tokens, the company aims to create a US$1 billion AVAX treasury. A Nasdaq listing is planned for early 2026.

This controlled, active treasury offers an alternative to passive index funds or exchange-traded funds, specifically designed for institutional clients seeking strategic participation in Avalanche’s blockchain network.

“The idea is to have a permanent capital vehicle. One of the benefits of not having to respond to creations and redemptions on a given day is that you can take a more strategic approach in what you’re doing,” said Smith.

AVAT’s differentiation lies in its regulated, transparent investment vehicle, developed under the oversight of seasoned professionals. Smith brings a wealth of experience, serving as a senior executive at Susquehanna International Group before leading AVAT, where he specialized in crypto trading and market-making across digital assets.

The advisory team also features prominent crypto pioneers such as Stani Kulechov of Aave and Jason Yanowitz of Blockworks, alongside experienced executives bringing operational and strategic expertise.

Such a combination of governance, knowledge and regulatory compliance helps mitigate the risks and opacity that have historically deterred institutional capital from crypto markets.

“I spent most of my career in what people now label traditional finance. I’ve worked in asset management and wealth management. I’ve worked on some of the largest trading desks in the world. So I think what I’ve learned over time is (that) surrounding yourself with smart people generally makes your job easier,’ Smith noted.

Ecosystem growth through strategic investment

Beyond simply holding AVAX, AVAT plans to actively support ecosystem expansion.

‘That could be owning a validator and running our own nodes, it could be running some volatility strategies using options or it could be investing equity into L1s and applications that are building on top of Avalanche.’

Through such treasury-backed infrastructure investments, Avalanche looks to deepen its network effects and catalyze sustainable adoption. This trend mirrors a larger institutional movement from companies like Strategy (NASDAQ:MSTR), which is developing a treasury strategy centered on Bitcoin accumulation, or BitMine Immersion Technologies (NYSEAMERICAN:BMNR) and firms such as Galaxy Digital (NASDAQ:GLXY), Jump Crypto and Multicoin Capital, which are introducing multibillion-dollar funds for Ether and Solana, respectively.

These treasury companies not only possess assets, but also make strategic investments to stimulate ecosystem expansion and institutional acceptance. This approach aligns with a broader industry trend of blockchain networks becoming foundational layers in the digitization of financial markets, supply chains and enterprise systems.

“I think the area that is undervalued in the success of Avalanche has been business and government adoption. Every week, there’s a story of major banks utilizing Avalanche infrastructure for their own business or stablecoin rails,’ said Smith. “You had the state of Wyoming issuing a state-issued stablecoin, the California DMV digitizing over 42 million car titles, corporate sponsors with Toyota Finance, FIFA, KKR, Apollo Global Management (NYSE:APO) and JP Morgan Chase & Co. (NYSE:JPM) using it in a variety of ways within their own financial service suite.”

While crypto asset markets remain volatile, AVAT adopts a diversified approach combining staking, liquidity provision and options strategies to balance yield generation with capital preservation.

“We want to create an all-weather portfolio that’s strategic in nature, and we’re thinking of an endowment or foundation approach, where we’re taking a multi-decade approach to some of our positions.”

A microcosm of broader institutional trends

AVAT exemplifies the evolving role of blockchain and crypto assets within the global financial system. Its journey from being a Layer 1 blockchain project to building a substantial treasury vehicle with public market access reflects a notable trend toward convergence between traditional finance and emerging decentralized technologies.

This theme resonates widely, as the financial industry witnesses the democratization and institutionalization of crypto through mechanisms like SPACs, regulated investment vehicles and hybrid governance models.

Meanwhile, the tokenization of real-world assets, corporate treasury adoption and blockchain integration into enterprise processes are collectively rewriting how value is stored, transferred and grows in modern markets.

By blending seasoned financial expertise with cutting-edge blockchain development, AVAT is carving a path for sustainable institutional investment in digital assets, demonstrating how blockchain innovation and traditional capital markets can mutually reinforce to support the next chapter of digital finance.

Investor Insight

Apex Resources Inc. is a North American minerals explorer, advancing high-value critical mineral tungsten and lithium projects in Canada and the United States. With drilling underway at its Jersey-Emerald property in British Columbia and drill permitting in progress for its Lithium Creek brine project in Nevada, Apex offers investors exposure to multiple catalysts within the clean-energy and critical-minerals sectors.

Overview

Apex Resources Inc. (TSXV:APX,OTC:SLMLF) is a Vancouver-based mineral exploration company advancing a balanced portfolio of North American assets combining near-term tungsten-gold opportunities in British Columbia, Canada, with district-scale lithium potential in Nevada, USA.

The company’s flagship Lithium Creek project in Churchill County, Nevada, is a newly defined lithium-brine discovery opportunity. Recent geophysical and gravity surveys confirmed extensive low-resistivity zones and complex basin geometries – typical signatures of major lithium-bearing brine systems – yielding multiple shallow and deep drill targets. Located just 70 km east of Reno and 30 minutes from Tesla’s Gigafactory, Lithium Creek benefits from exceptional infrastructure within the US battery-manufacturing corridor.

While Lithium Creek remains Apex’s flagship, the company’s current exploration emphasis is in southeastern British Columbia in Canada, where it controls the historic Jersey-Emerald and Ore Hill mines. These holdings form a district-scale polymetallic system making Apex one of the most diversified explorers in Canada’s critical minerals space.

Drilling at the Jersey-Emerald project

The company’s near-term news flow will be driven by drilling at Jersey-Emerald through 2025 while it advances US permits for Lithium Creek.

Company Highlights

• Critical-minerals focus: Apex’s portfolio is anchored by lithium, tungsten and zinc, all designated as critical by Canada and the US.
• Precious-Metals (Gold&Silver) are important by-products at Jersey-Emerald
• Diversified exploration pipeline: Active drill program at Jersey-Emerald (tungsten-gold-zinc) while preparing to drill Lithium Creek in Nevada.
• Large-scale opportunity: Apex controls contiguous and nearby claim blocks around Salmo, BC, including Jersey-Emerald and Ore Hill, forming a multi-deposit critical- and precious-metal exploration district spanning more than 17,500 hectares with several historic mines, hosting Tungsten, Zinc, Lead, Silver, Gallium, Germanium, Indium, Bismuth, Tellurium and Molybdenum.
• Strong early results in USA: Lithium Creek brine samples up to 393 mg/L lithium, with geophysics outlining multiple deep-basin anomalies.
• Historic infrastructure advantage in Canada: More than $100 million in existing underground workings at Jersey-Emerald; year-round road, rail and power access to both BC projects.
• Tier-1 jurisdictions: Stable, mining-friendly locations in British Columbia and Nevada with clear permitting frameworks.
• Experienced leadership: Proven technical and capital-markets expertise led by CEO Ron Lang and a board made up of seasoned exploration and mining professionals.

Key Projects

Lithium Creek Project

The Lithium Creek project is a newly identified lithium-brine discovery opportunity in Nevada’s Fernley-Carson Sink basin complex. Covering over 8,200 acres, the project lies 70 km east of Reno and 30 minutes from the Tesla Gigafactory within the heart of America’s lithium-battery corridor.

Lithium Creek prospect area

Project Highlights

• District-scale scope: ~8,240 acres of claims across the Fernley and Carson Sinks, a structurally closed basin system with strong lithium-brine potential.
• High lithium values: Surface and shallow brine samples up to 393 mg/L lithium, far above regional cut-off grades.
• Strong geophysics: HSAMT and gravity surveys identified multiple low-resistivity zones and deep basin geometry indicative of large brine reservoirs.
• Green-energy focus: Designed for direct lithium extraction using local geothermal and solar power to minimize water use and carbon footprint.
• Permitting phase: Drill-target selection and US BLM permitting underway to enable Phase 1 drilling in 2026.

Jersey-Emerald Project

The Jersey-Emerald project is Apex’s primary Canadian project and a significant past-producing mine complex hosting tungsten, zinc, lead, gold and molybdenum. Located 10 km southeast of Salmo, BC, the project includes the former Emerald tungsten and Jersey lead-zinc mines, which were historically among Canada’s largest producers of these metals. Apex is now leveraging modern exploration and geophysics to expand critical-mineral zones and identify new targets across the 17,500-hectare property.

Jersey-Emeral mine site circa 1969

Project Highlights

• Proven past production: Over 1.6 million tons (Mt) of tungsten ore and 8 Mt of zinc-lead ore mined between 1942 and 1973.
• Established resource base: 2021 NI 43-101 estimate of 1.47 Mt indicated and 5.13 Mt inferred grading up to 0.25 percent tungsten trioxide (WO₃) and 0.03 percent molybdenum, with associated gold values.
• Active drilling: 2025 diamond-drill program (7 holes / 955 m) targeting critical metal expansion and high-grade gold zone (24.98 g/t gold over 10.2 m in historic hole E1411).
• Brownfield advantage: >$100 million of historic underground infrastructure and direct access via paved highways, powerlines and rail.
• Regional integration: Forms the core of Apex’s Salmo district portfolio with nearby Ore Hill and other contiguous claims providing district-scale potential.

Management Team

Ron Lang – CEO, President and Director

Ron Lang has a long history of working in the exploration and mining industry, following in the footsteps of his father, Frank A. Lang of Hemlo Gold Mine fame. He served as the president and CEO of Cream Minerals, overseeing exploration in Canada, Mexico and Africa. He also served as a board member to several junior exploration companies. Lang is skilled in negotiation, business planning, operations management, venture capital markets and business development.

Dennis Cojuco – CFO

Dennis Cojuco is a graduate of the University of British Columbia (BSc. Chemistry and Diploma in Accounting) and is a chartered accountant in British Columbia. Cojuco articled with PricewaterhouseCoopers and worked primarily in the firm’s mining practice where he assisted clients in public financings, mergers and acquisitions, public company reporting and various other areas. He has over 15 years experience in the mining industry working with junior and major mining companies (including Teck and NexGen Energy), and is currently the CFO and corporate secretary of Rokmaster Resources.

Adam Pankratz – Director

Adam Pankratz is a professor of Business Economics and Strategy at the University of British Columbia – Sauder School of Business, and a director of Rokmaster Resources. He brings diverse experience and expertise, including seven years in financial services management and leading a federal election campaign.

Brett Kagetsu – Director

Brett Kagetsu is a senior corporate finance and securities lawyer. With majority of his clients being Canadian-reporting issuers in the mining sector, he completed the Canadian Securities Course in 2000 and has served as an instructor for the TSXV’s Rules and Tools corporate governance workshop for over 15 years. Kagetsu holds a Bachelor of Commerce degree and a Bachelor of Laws degree from the University of British Columbia, and is a director of TSXV-listed Abasca Resources.

William Feyerabend – Senior Advisor

William Feyerabend is a certified professional geologist with extensive experience in generating, exploring and developing lithium brine projects in Nevada, California, Utah and Argentina. He has authored more than 45 technical reports for properties across six countries on four continents, including claim blocks in Nevada’s lithium development epicenter, the Clayton and Fish Lake Valleys. His expertise in lithium exploration began in 2015, with a specific focus on Esmeralda County, Nevada, especially Clayton Valley.

John Mirko – Special Advisor

John Mirko has more than 40 years experience in the mining industry, past President and Founder of Canam Alpine Ventures Ltd. (recently sold to Vizsla Resources (TSXV:VZLA), past President and Founder of Canam Mining and currently president of Rokmaster Resources Corporation. From 1986 to 2010 was the founder, president-CEO and Director of 4 public mining-exploration companies and a founder and Director of 3 others. Have been self employed in the sector since 1972 as a prospector, contractor and consultant involved in exploration, development and mine construction of various projects in 12 counties, and commercial production of mineral concentrates and metal products from 5 of the projects. In 2008 was a recipient of the ‘E. A. Scholtz Medal for Excellence in Mine Development’ from the Association for Mineral Exploration of British Columbia, and in 2009, the Mining Association of British Columbia’s ‘Mining and Sustainability Award’ for the MAX Mine. Currently a member in good standing of the Society of Economic Geologists, Inc., the Canadian Institute of Mining, Metallurgy and Petroleum, and the Prospectors and Developers Association of Canada.

Investor Insight

International Lithium offers investors exposure to the growing critical metals sector through its advanced-stage Raleigh Lake lithium-rubidium project in Ontario, early-stage copper-cobalt exploration at Firesteel in Ontario, and strategic focus on Southern Africa, all supported by strong infrastructure and a seasoned leadership team.

With strategic divestments, a robust financial position, and a focused growth strategy, International Lithium is well-positioned to meet the rising demand for lithium and other critical metals

Overview

International Lithium (TSXV:ILC,OTC:ILHMF,FRA:IAH,OTCQB:ILHMF) is a Canada-based mineral exploration company focused on the discovery and development of lithium and other critical metals essential for the transition to a cleaner, greener planet. With a portfolio of projects located in mining-friendly jurisdictions, the company’s primary objective is to build shareholder value by advancing its key assets towards production while expanding its presence in emerging critical metals regions.

International Lithium’s flagship asset is the 100 percent owned Raleigh Lake lithium and rubidium project in Ontario. A preliminary economic assessment (PEA) for the Raleigh Lake project, completed in December 2023, demonstrated strong project economics and significant resource growth potential, including an annual after-tax cash flow of C$634 million, NPV of C$342.9 million and IRR of 44.3 percent, with a nine-year mine life and project duration of 11 years. This assessment did not yet include rubidium, which represents significant additional potential pending further market analysis.

Complementing its lithium focus, the company is advancing the Firesteel copper-cobalt project in northwestern Ontario, targeting high-grade base metal mineralization to further diversify its critical metals exposure.

In addition to its Canadian projects, International Lithium is positioning for further international growth with a strategic focus on Southern Africa. It has applied for exclusive prospecting orders (EPOs) in Zimbabwe, one of the world’s most prospective regions for hard rock lithium exploration.

Recent strategic divestments, including the sale of the Avalonia project stake, have strengthened ILC’s financial position, enabling focused investment in its core projects.

In 2025, International Lithium acquired an option from Lepidico (Canada) Inc. to purchase 100 percent of Lepidico (Mauritius) for C$975,000. Lepidico Mauritius holds an 80 percent stake in Lepidico Chemicals Namibia (Pty) Ltd., which owns the Karibib Lithium, Rubidium and Cesium Project in Namibia.

The project comprises two areas with fully permitted mining licences, known as Rubicon and Helikon. It also hosts one of the largest disclosed rubidium resources in Africa, along with significant lithium and cesium mineralization.

Exercising the Karibib option would enable International Lithium to tap into the lithium market’s growth while solidifying its position as a leading rubidium producer. The project would also add major cesium resources outside China, strengthening the company’s role in three critical minerals vital to global supply chains.

As of October 2025, International Lithium confirmed that Lepidico had met all loan drawdown conditions. The option, expiring after the pending Singapore arbitration between Lepidico Chemicals Namibia and Jiangxi Jinhui Lithium, remains dependent on the arbitration’s outcome and will guide International Lithium’s decision on proceeding with the acquisition.

The company is led by an experienced management team with a strong technical background in mineral exploration, project development and corporate finance. Supported by access to established infrastructure, a commitment to sustainable development practices, and a clear strategic focus, International Lithium is well-positioned to capitalize on the increasing global demand for lithium and other essential materials critical to the clean energy transition.

Company Highlights

• International Lithium is focused on developing lithium and critical metals projects in Canada and Southern Africa, aiming to deliver shareholder value through project development, strategic partnerships and project sales.
• Raleigh Lake is ILC’s wholly owned flagship lithium-rubidium project in Ontario, Canada, with a positive PEA completed in December 2023.
• ILC holds a 90 percent interest in the Firesteel copper and cobalt project in Northwestern Ontario, with exploration permits filed and drilling programs planned.
• The company has applied for exclusive prospecting orders (EPOs) in Zimbabwe and is continuing to review further exploration opportunities in Southern Africa.
• ILC is debt-free with a robust financial position. It has monetized its non-core assets, including the sale of its stake in the Avalonia project in Ireland, resulting in a C$2.5 million payment and a 2 percent net smelter royalty.
• ILC secured an option to acquire 100 percent of Lepidico (Mauritius), which owns an 80 percent interest in Lepidico Chemicals Namibia, the owner of the Karibib Lithium, Rubidium and Cesium Project in Namibia.
• The company is led by an experienced management team with a proven track record in advancing mineral exploration projects.

Key Projects

Raleigh Lake

The Raleigh Lake project is ILC’s flagship asset, located approximately 25 kilometres west of Ignace, Ontario. The project covers a contiguous land package of 32,900 hectares and is 100 percent owned by the company. Raleigh Lake benefits from excellent infrastructure access, situated near the Trans-Canada Highway, a Canadian Pacific Railway line, and existing natural gas and hydroelectric infrastructure.

Major public infrastructure relative to the Raleigh Lake project

Raleigh Lake is notable for its dual potential to host both lithium and rubidium mineralization. The lithium is found primarily in spodumene-bearing pegmatites, while rubidium is associated with microcline-rich zones of the same lithium-cesium-tantalum pegmatite system. In 2023, International Lithium published a maiden mineral resource estimate (MRE) that delineated significant resources for both lithium and rubidium using separate cutoff criteria.

For lithium (Li₂O), the project hosts a measured and indicated resource of 5.88 Mt grading 0.79 percent Li₂O, and an inferred resource of 2.07 Mt grading 0.77 percent Li₂O, primarily within pegmatite #1. This lithium resource forms the basis of the company’s PEA, which demonstrated robust project economics with an after-tax NPV (8 percent) of C$342.9 million and an IRR of 44.3 percent.

The rubidium component, though not included in the PEA due to current market constraints, represents an additional potential value stream. The company has reported a measured and indicated resource of 133,000 tons at 6,163 ppm rubidium (0.67 percent Rb₂O) and an inferred resource of 123,000 tons at 4,224 ppm rubidium (0.46 percent Rb₂O), using a 4,000 ppm cutoff. The rubidium zones are found in association with potassic feldspar, offering a potentially recoverable byproduct pending further market and technical evaluation.

Given the project’s strong infrastructure position, mineral endowment, and defined development path, Raleigh Lake represents a compelling advanced-stage opportunity in North America’s lithium supply chain. International Lithium is continuing infill and expansion drilling, environmental baseline studies, and metallurgical testing to support project advancement toward pre-feasibility.

Firesteel Project

The Firesteel project is an early-stage copper-cobalt exploration property located in northwestern Ontario, approximately 10 km west of Upsala along Highway 17. Spanning a 16-km corridor to the Firesteel River, the property lies within a geologically favorable region characterized by Archean metavolcanic and metasedimentary rocks, which are prospective for volcanogenic massive sulphide (VMS) and sedimentary copper systems.

International Lithium completed the acquisition of a 90 percent interest in the Firesteel project in May 2024, aiming to diversify its critical metals portfolio beyond lithium. Historical sampling on the property has returned encouraging results, including copper assays up to 2.6 percent and cobalt values reaching 309 ppm. Notably, the ‘Roadside 1’ occurrence features semi-massive sulphide mineralization comprising pyrite, pyrrhotite, chalcopyrite and bornite. These findings suggest the presence of a highly metamorphosed VMS or sedimentary copper system, potentially up to 20 meters wide and extending over a kilometer in length.

The project’s proximity to major infrastructure, including highways and railways, coupled with its strategic location near the company’s Raleigh Lake project, enhances its development potential. International Lithium plans to conduct systematic exploration, including geochemical sampling and geophysical surveys, to refine targets for future drilling campaigns.

Wolf Ridge Project

Wolf Ridge is a 5,700-hectare grassroots lithium project located 20 km southwest of Upsala and near ILC’s Firesteel copper claims. The area benefits from excellent infrastructure, including proximity to Highway 17, power, and road access.

The project was highlighted by the Ontario Geological Survey (2021–2022) for its standout lake sediment anomalies – among the highest lithium values in the region – indicating strong potential for LCT pegmatite mineralization.

Read more on page 54 of the report here.

Southern Africa Exploration Initiative

Southern Africa is recognized as a prospective region for hard rock lithium, and International Lithium’s strategic focus reflects a proactive move to establish a presence in this emerging jurisdiction.

As part of its strategy to expand its critical metals footprint, International Lithium has applied for Exclusive Prospecting Orders (EPOs) over several prospective areas in Zimbabwe. The targeted regions are known for hosting spodumene, lepidolite and petalite-bearing pegmatites, indicating potential for significant lithium resources.

Although the EPO applications are still pending approval, the company has already conducted initial due diligence, including geological reviews and desktop studies, to prioritize exploration targets once access is granted. Zimbabwe’s growing importance as a global lithium supplier, combined with favorable mining policies, offers a compelling backdrop for the company’s expansion efforts. International Lithium intends to leverage its technical expertise and exploration experience to quickly evaluate and develop these opportunities upon receiving the necessary permits

Management Team

John Wisbey – Chairman and CEO

John Wisbey joined International Lithium in 2017, initially serving as deputy chairman before being appointed chairman and CEO in March 2018. Under his leadership, the company has undergone a significant transformation, including achieving 100 percent ownership of the Raleigh Lake project, divesting non-core assets, and expanding into new jurisdictions such as Zimbabwe. He founded two London AIM-listed companies: IDOX, which provides software for the UK local government; and Lombard Risk Management, which specializes in software for bank risk management and regulation. He also established CONVENDIA, a private company that specializes in software for cash flow forecasting, project valuation and M&A financial analysis. With a background in banking and financial technology entrepreneurship, Wisbey brings extensive experience in corporate leadership and strategic development. He is also the company’s largest shareholder.

Maurice Brooks – Director and CFO

Maurice Brooks joined the board of ILC in 2017. He is a licensed senior statutory auditor in the UK. Since 2000, he has been a senior partner at Johnson Smith & Co. in Staines, Surrey. Before that, Brooks was a senior partner in Johnsons Chartered Accountants in the London Borough of Ealing. His commercial and investment experience includes executive directorships in manufacturing and an investment accountant role in the superannuation fund of the Western Australian state government. His early professional employment includes Ball Baker Leake LLP and LLC and Price Waterhouse Coopers-UK.

Anthony Kovacs – Director and COO

Anthony Kovacs joined the board of ILC in 2018 and has worked with the company since 2012. He has over 25 years of experience in mineral exploration and development. Before joining ILC, he held senior management roles in which he sourced and advanced iron ore and industrial minerals projects. Kovacs was involved in early-stage work at the Lac Otelnuk Iron Ore project in Quebec, Canada and the Mustavaara Vanadium Mine in Finland. Before that, Kovacs worked for Anglo American where he focused on Ni-Cu-PGE and IOCG projects. At Anglo-American, Kovacs was directly involved in several discoveries internationally. Kovacs has significant experience with industrial minerals, ferrous metals, non-ferrous metals and precious metals projects throughout the Americas, Europe and Africa.

Ross Thompson – Non-executive Director

Ross Thompson joined the board of ILC in 2017 and is the chair of the audit and remuneration committees. He is a speaker and expert in marketing behavioral science. In 1995, he founded Giftpoint Ltd. which is now one of the largest specialist promotional merchandise businesses in the UK. with offices in London and Shanghai. Giftpoint Ltd.’s clients include L’Oreal, Oracle, Ocado and Pernod Ricard among others. Thompson was president of IGC Global Promotions, one of the world’s oldest and largest global networks of premium resellers, for seven years. He is an active investor with a special interest and understanding of natural resources businesses.

Geoffrey Baker – Non-executive Director

Geoff Baker joined the board of ILC at the end of 2022 and is a member of the audit committee. He has a career in the natural resource and finance industries. He is a director of Tim Trading, a company offering consultancy services in the oil and gas industry. During his tenure as manager of Insch Black Gold Funds, Baker received the Investors’ Choice Swiss Fund Manager of the Year Award. He is a co-founder of a digital collectible non fungible token CryptoChronic and of Cannastore, a pilot e-commerce website. Baker holds a bachelor’s degree from the University of Windsor in Ontario.

Muhammad Memon – Corporate Secretary and Financial Controller

Muhammad Memon became corporate secretary of ILC in 2021. He has over 10 years of experience in managing finance and compliance functions of public companies in various sectors including mining exploration, investment management, real estate and technology. He assists companies with debt and equity financings, cash flow management and forecasting, legal and regulatory compliance, investor communications, stakeholder engagement and risk management. He is a member of the Chartered Professional Accountants of Canada and a fellow of the Association of Chartered Certified Accountants, United Kingdom.