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With the same peak stock, select the upper portion of the peak shown in red. Copy (C) the part and paste (V) it above the previous peak layer. With the Transform tool, scale its size accordingly.
Add a layer mask and taking a soft brush of low opacity (47-50%), mask away the parts as shown below:
To brighten the peak's edge where the light source is falling on it, I added a Curves Adjustment layer in clipping mask. Fill it's layer mask with black and then using a soft brush (Foreground colour set to white), reveal back the Curves effect from the selected part as shown below:
Create a second Curves Adjustment Layer to brighten some more parts of the peak as indicated by the red highlight. For this too, fill it's layer mask with black and using a soft brush of opacity around 50%, reveal back the effects from the parts shown below:
Group these peak layers along with all the adjustment layers and name it Peak 2. At the end of all this, this is how your workflow should look like:
Next, we shall create some mists where the Foreground meets the Background. Go down below the "Cliff" group and create a New Layer (Shift+Ctrl+N) above the "Mountains" group and name it as "Mist".
Using a White brush of Opacity & Flow of around 20% and size 430 px, press F5 to make settings for this brush:
Paint some slight mist as indicated by the arrows below:
Now create another New Layer but this time it should be on top of all the layers. We will paint some more mists using the same brush settings as above, as shown in the preview below:
Decrease the opacity of this layer to 76%.
Now open the old man stock, extract him from the background using Pen Tool (P) or whichever method of extraction you are familiar with. Import it to your main scene at the top (above the "mist 2" layer) and name it as 'Old man'.
We will paint some shadows for the man. Make a new layer under the man and name it as Shadow. Use a black brush with the hardness about 30-35%, the opacity about 30% to paint the shadow behind the man.