Try this one. Apparently the modulate function is including DNC light color before computing alpha channel by inverse color. Solved by Unshaded flag.
Edit: apparently the model editor that I used messed up the model from opening and saving it. So, the one I attached solved your problem but creates a different problem. I'll see if I can get a fix for that here soon.
Edit 2:
I have now attached an updated version. I removed some fluff nonsense going on in the texture anim with repeated keyframes which my code did not properly process. This has reduced the file size of the model to 5 KB from 7 KB while not changing it visually, because I removed the nonsense and then used the DontInterp mode of interpolation which looked like it was probably the artist's original design intention anyway.