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AEGIS FINANCIAL CORP

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13F filer, CIK 1140753, MC LEAN, VA

AEGIS FINANCIAL CORP reported $419,293,804 across 33 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-12. Its ten largest share positions make up 73.26% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-26-013708

Period
2025-12-31
Reported value
$419M
Holdings
33
Top 10 weight
73.26%
New
9
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CVEadded+2,533,621$42.9M
ASIXnew+1,209,629$20.9M
MOSnew+853,638$20.6M
RYZnew+707,390$17.8M
RLJnew+1,271,817$9.48M

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
EQXreduced-343,834-$4.84M
HNRGreduced-196,968-$3.75M
SLVreduced-17,685-$1.14M
EGOreduced-25,000-$898K
MINDexited-79,572-$644K

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, Q4 2025

Share positions as resolved from 13F-HR 0001104659-26-013708, largest first. % of portfolio is the value over $419,293,804, 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; 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; 2025Q4: 4,474,089 shares 4,474,089$63M15.02%-343,834Timeline
CVECENOVUS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 920,500 shares; 2025Q4: 3,454,121 shares 3,454,121$58.4M13.94%+2,533,621Timeline
PDSPRECISION DRILLING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 123,638 shares; 2024Q4: 123,638 shares; 2025Q1: 195,505 shares; 2025Q2: 215,396 shares; 2025Q3: 452,359 shares; 2025Q4: 504,059 shares 504,059$36.2M8.64%+51,700Timeline
HNRGHALLADOR ENERGY COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,814,026 shares 1,814,026$34.5M8.24%-196,968Timeline
NGSNATURAL GAS SVCS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 681,810 shares; 2024Q4: 671,326 shares; 2025Q1: 671,326 shares; 2025Q2: 671,112 shares; 2025Q3: 671,112 shares; 2025Q4: 671,112 shares 671,112$22.6M5.39%0Timeline
ASIXADVANSIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,209,629 shares 1,209,629$20.9M4.99%newTimeline
MOSMOSAIC COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 853,638 shares 853,638$20.6M4.9%newTimeline
RYZRYERSON HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 707,390 shares 707,390$17.8M4.24%newTimeline
PBFPBF ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 620,460 shares; 2025Q3: 620,460 shares; 2025Q4: 620,289 shares 620,289$16.8M4.01%-171Timeline
GAUGALIANO GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 6,409,321 shares 6,409,321$16.3M3.89%-250,000Timeline
NOANORTH AMERN CONSTR GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 841,934 shares; 2025Q4: 1,038,177 shares 1,038,177$15M3.57%+196,243Timeline
TDWTIDEWATER INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 201,731 shares; 2025Q2: 276,529 shares; 2025Q3: 276,529 shares; 2025Q4: 276,529 shares 276,529$14M3.33%0Timeline
EGOELDORADO GOLD CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 413,039 shares; 2024Q4: 413,039 shares; 2025Q1: 413,039 shares; 2025Q2: 412,779 shares; 2025Q3: 412,779 shares; 2025Q4: 387,779 shares 387,779$13.9M3.32%-25,000Timeline
VETVERMILION ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 290,000 shares; 2024Q4: 296,189 shares; 2025Q1: 43,308 shares; 2025Q2: 520,492 shares; 2025Q3: 870,492 shares; 2025Q4: 1,320,492 shares 1,320,492$11M2.62%+450,000Timeline
RLJRLJ LODGING TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,271,817 shares 1,271,817$9.48M2.26%newTimeline
EFXTENERFLEX LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 551,598 shares; 2024Q4: 551,598 shares; 2025Q1: 551,598 shares; 2025Q2: 551,151 shares; 2025Q3: 551,151 shares; 2025Q4: 551,151 shares 551,151$8.51M2.03%0Timeline
BSETBASSETT FURNITURE INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 476,308 shares; 2024Q4: 476,308 shares; 2025Q1: 476,308 shares; 2025Q2: 476,119 shares; 2025Q3: 476,119 shares; 2025Q4: 501,119 shares 501,119$8.4M2%+25,000Timeline
ASTLALGOMA STL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,786,122 shares 1,786,122$7.32M1.75%0Timeline
INBKFIRST INTERNET BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 250,320 shares 250,320$5.22M1.25%newTimeline
CLDTCHATHAM LODGING TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 678,530 shares 678,530$4.62M1.1%newTimeline
ZEUSOLYMPIC STEEL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 73,515 shares 73,515$3.15M0.75%newTimeline
VLGEAVILLAGE SUPER MKT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 55,733 shares 55,733$1.97M0.47%newTimeline
WHGWESTWOOD HLDGS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,002 shares; 2024Q4: 100,002 shares; 2025Q1: 100,002 shares; 2025Q2: 99,926 shares; 2025Q3: 99,926 shares; 2025Q4: 99,926 shares 99,926$1.72M0.41%0Timeline
IAUXI-80 GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,126,349 shares 1,126,349$1.66M0.4%0Timeline
HNNAHENNESSY ADVISORS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 141,353 shares; 2024Q4: 141,353 shares; 2025Q1: 141,353 shares; 2025Q2: 141,353 shares; 2025Q3: 141,353 shares; 2025Q4: 141,353 shares 141,353$1.36M0.32%0Timeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,025 shares; 2024Q4: 39,025 shares; 2025Q1: 39,025 shares; 2025Q2: 35,383 shares; 2025Q3: 35,383 shares; 2025Q4: 17,698 shares 17,698$1.14M0.27%-17,685Timeline
ASCARDMORE SHIPPING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,761 shares; 2024Q4: 89,761 shares; 2025Q1: 89,761 shares; 2025Q2: 89,612 shares; 2025Q3: 89,612 shares; 2025Q4: 89,612 shares 89,612$949K0.23%0Timeline
GFRGREENFIRE RES LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 179,131 shares 179,131$853K0.2%newTimeline
MERCMERCER INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 309,498 shares; 2024Q4: 309,498 shares; 2025Q1: 309,498 shares; 2025Q2: 309,007 shares; 2025Q3: 309,007 shares; 2025Q4: 308,927 shares 308,927$612K0.15%-80Timeline
XPLSOLITARIO RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 632,458 shares; 2024Q4: 632,458 shares; 2025Q1: 632,458 shares; 2025Q2: 632,458 shares; 2025Q3: 632,458 shares; 2025Q4: 632,458 shares 632,458$441K0.11%0Timeline
CEFSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 7,892 shares; 2025Q2: 7,474 shares; 2025Q3: 7,474 shares; 2025Q4: 7,474 shares 7,474$342K0.08%0Timeline
GLDSPDR GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,097 shares; 2024Q4: 1,097 shares; 2025Q1: 1,097 shares; 2025Q2: 828 shares; 2025Q3: 828 shares; 2025Q4: 828 shares 828$328K0.08%0Timeline
DCDAKOTA GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 30,000 shares; 2025Q3: 30,000 shares; 2025Q4: 30,000 shares 30,000$170K0.04%0Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
MINDMIND TECHNOLOGY INC79,572$644Kshares
WFGWEST FRASER TIMBER CO LTD3,142$214Kshares

How Q4 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 0001104659-26-013708 base2026-02-12acceptance time not in the bulk data set