The Grand Monarch's challenge

Question

Later on, when Alice was still wondering about in the rabbit hole, she happened upon a grand monarch butterfly. The butterfly mentioned to Alice that he had a wonderful treasure to share with her, but he would not give it to her lightly. He held it up inside a small golden box. He said, "One thing will release this treasure!"

"What is it?" said Alice.

The grand monarch butterfly smiled and said, "Ahh, to know that I will give to thee a riddle upon which is three fold. The answer of one gives the riddle of the next!" he said, flapping his wings with glee. "And once you give me the third, we can share the treasure."

"What is it?" said Alice, as Alice's do.

Neither of us could find the mice
Or the time you began to speak of
Lost in some whole, following what glows
Acting as if you discovered the mint!
Searching out the places where the ancient one she's
Taken by he who’s wings are bound
Finding no shoulders upon why or when
Ignoring all the cards, except the ace
Roaming around aimlessly as if
Seeking the answer without care for it’s worth
Tumbling towards aeration, most misbecoming.

Points for solving the riddle.
Bonus points for figuring out what the treasure is.

Answer 1

Not quite at the end, I think, but here's a start. Notice that

the first letters of each line of the riddle spell out "NO LAST FIRST".

If you interpret that to refer to

the last word of each line:

mice of glows mint she's bound when ace if worth misbecoming

and the

first letter of each of those words, I think NO LAST FIRST means that we should drop the first letter from each of those words. This leaves:

ice f lows int he's ound hen ce f orth isbecoming

And that can be rearranged into

ice flows in the sound henceforth is becoming

Thanks to @Sid, the answer to this is simply

Water, because if ice is flowing, it is henceforth becoming...water!