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AEGIS FINANCIAL CORP

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13F filer, CIK 1140753, MC LEAN, VA

AEGIS FINANCIAL CORP reported $261,316,997 across 26 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-12. Its ten largest share positions make up 86.15% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-25-109773

Period
2025-09-30
Reported value
$261M
Holdings
26
Top 10 weight
86.15%
New
2
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CVEnew+920,500$15.6M
PDSadded+236,963$13.4M
NOAnew+841,934$12M
VETadded+350,000$2.73M
GAUadded+153,400$334K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
BTUexited-236,925-$3.18M
EQXreduced-10,440-$117K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001104659-25-109773, largest first. % of portfolio is the value over $261,316,997, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
EQXEQUINOX GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,568,645 shares; 2024Q4: 2,568,645 shares; 2025Q1: 2,568,645 shares; 2025Q2: 4,828,363 shares; 2025Q3: 4,817,923 shares 4,817,923$54M20.66%-10,440Timeline
HNRGHALLADOR ENERGY COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,021,102 shares; 2024Q4: 2,021,102 shares; 2025Q1: 2,021,102 shares; 2025Q2: 2,010,994 shares; 2025Q3: 2,010,994 shares 2,010,994$39.4M15.06%0Timeline
PDSPRECISION DRILLING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 123,638 shares; 2024Q4: 123,638 shares; 2025Q1: 195,505 shares; 2025Q2: 215,396 shares; 2025Q3: 452,359 shares 452,359$25.5M9.75%+236,963Timeline
NGSNATURAL GAS SVCS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 681,810 shares; 2024Q4: 671,326 shares; 2025Q1: 671,326 shares; 2025Q2: 671,112 shares; 2025Q3: 671,112 shares 671,112$18.8M7.19%0Timeline
PBFPBF ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 620,460 shares; 2025Q3: 620,460 shares 620,460$18.7M7.16%0Timeline
CVECENOVUS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 920,500 shares 920,500$15.6M5.98%newTimeline
TDWTIDEWATER INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 201,731 shares; 2025Q2: 276,529 shares; 2025Q3: 276,529 shares 276,529$14.7M5.64%0Timeline
GAUGALIANO GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 106,100 shares; 2024Q4: 2,392,299 shares; 2025Q1: 2,478,831 shares; 2025Q2: 6,505,921 shares; 2025Q3: 6,659,321 shares 6,659,321$14.5M5.55%+153,400Timeline
NOANORTH AMERN CONSTR GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 841,934 shares 841,934$12M4.58%newTimeline
EGOELDORADO GOLD CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 413,039 shares; 2024Q4: 413,039 shares; 2025Q1: 413,039 shares; 2025Q2: 412,779 shares; 2025Q3: 412,779 shares 412,779$11.9M4.56%0Timeline
BSETBASSETT FURNITURE INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 476,308 shares; 2024Q4: 476,308 shares; 2025Q1: 476,308 shares; 2025Q2: 476,119 shares; 2025Q3: 476,119 shares 476,119$7.45M2.85%0Timeline
VETVERMILION ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 290,000 shares; 2024Q4: 296,189 shares; 2025Q1: 43,308 shares; 2025Q2: 520,492 shares; 2025Q3: 870,492 shares 870,492$6.8M2.6%+350,000Timeline
ASTLALGOMA STL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,459,903 shares; 2024Q4: 1,459,903 shares; 2025Q1: 1,459,903 shares; 2025Q2: 1,786,122 shares; 2025Q3: 1,786,122 shares 1,786,122$6.35M2.43%0Timeline
EFXTENERFLEX LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 551,598 shares; 2024Q4: 551,598 shares; 2025Q1: 551,598 shares; 2025Q2: 551,151 shares; 2025Q3: 551,151 shares 551,151$5.95M2.28%0Timeline
WHGWESTWOOD HLDGS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,002 shares; 2024Q4: 100,002 shares; 2025Q1: 100,002 shares; 2025Q2: 99,926 shares; 2025Q3: 99,926 shares 99,926$1.65M0.63%0Timeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,025 shares; 2024Q4: 39,025 shares; 2025Q1: 39,025 shares; 2025Q2: 35,383 shares; 2025Q3: 35,383 shares 35,383$1.5M0.57%0Timeline
HNNAHENNESSY ADVISORS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 141,353 shares; 2024Q4: 141,353 shares; 2025Q1: 141,353 shares; 2025Q2: 141,353 shares; 2025Q3: 141,353 shares 141,353$1.48M0.57%0Timeline
IAUXI-80 GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,126,838 shares; 2024Q4: 1,126,838 shares; 2025Q1: 1,126,838 shares; 2025Q2: 1,126,349 shares; 2025Q3: 1,126,349 shares 1,126,349$1.08M0.41%0Timeline
ASCARDMORE SHIPPING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,761 shares; 2024Q4: 89,761 shares; 2025Q1: 89,761 shares; 2025Q2: 89,612 shares; 2025Q3: 89,612 shares 89,612$1.06M0.41%0Timeline
MERCMERCER INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 309,498 shares; 2024Q4: 309,498 shares; 2025Q1: 309,498 shares; 2025Q2: 309,007 shares; 2025Q3: 309,007 shares 309,007$890K0.34%0Timeline
MINDMIND TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 95,248 shares; 2024Q4: 89,457 shares; 2025Q1: 87,059 shares; 2025Q2: 79,572 shares; 2025Q3: 79,572 shares 79,572$644K0.25%0Timeline
XPLSOLITARIO RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 632,458 shares; 2024Q4: 632,458 shares; 2025Q1: 632,458 shares; 2025Q2: 632,458 shares; 2025Q3: 632,458 shares 632,458$441K0.17%0Timeline
GLDSPDR GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,097 shares; 2024Q4: 1,097 shares; 2025Q1: 1,097 shares; 2025Q2: 828 shares; 2025Q3: 828 shares 828$294K0.11%0Timeline
CEFSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 7,892 shares; 2025Q2: 7,474 shares; 2025Q3: 7,474 shares 7,474$274K0.1%0Timeline
WFGWEST FRASER TIMBER CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,395 shares; 2024Q4: 3,395 shares; 2025Q1: 3,197 shares; 2025Q2: 3,142 shares; 2025Q3: 3,142 shares 3,142$214K0.08%0Timeline
DCDAKOTA GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 30,000 shares; 2025Q3: 30,000 shares 30,000$136K0.05%0Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
BTUPEABODY ENGR CORP236,925$3.18Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001104659-25-109773 base2025-11-12acceptance time not in the bulk data set