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Mountain Lake Investment Management LLC

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13F filer, CIK 1308555, SAN FRANCISCO, CA

Mountain Lake Investment Management LLC reported $134,277,112 across 26 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 74.17% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001754960-25-000797

Period
2025-09-30
Reported value
$134M
Holdings
26
Top 10 weight
74.17%
New
5
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
VNOMnew+257,808$9.85M
ALSNadded+90,110$7.65M
HPnew+136,393$3.01M
CNCnew+83,402$2.98M
CInew+5,144$1.48M

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
SITIO ROYALTIES CORPexited-431,746-$7.94M
PDSexited-61,712-$2.92M
SDRLreduced-95,524-$2.89M
SGOLreduced-56,832-$2.09M
DHIreduced-12,287-$2.08M

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 0001754960-25-000797, largest first. % of portfolio is the value over $134,277,112, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SGOLETFS GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 575,000 shares; 2024Q4: 447,295 shares; 2025Q1: 529,402 shares; 2025Q2: 515,933 shares; 2025Q3: 459,101 shares 459,101$16.9M12.59%-56,832Timeline
PHYSSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 365,000 shares; 2024Q4: 376,000 shares; 2025Q1: 490,593 shares; 2025Q2: 490,593 shares; 2025Q3: 462,140 shares 462,140$13.7M10.19%-28,453Timeline
ANAUTONATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 31,500 shares; 2024Q4: 30,200 shares; 2025Q1: 49,225 shares; 2025Q2: 52,458 shares; 2025Q3: 48,684 shares 48,684$10.7M7.93%-3,774Timeline
DHID R HORTON 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: 73,790 shares; 2025Q3: 61,503 shares 61,503$10.4M7.76%-12,287Timeline
VNOMVIPER 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: 257,808 shares 257,808$9.85M7.34%newTimeline
BLDRBUILDERS FIRSTSOURCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 34,000 shares; 2024Q4: 36,367 shares; 2025Q1: 55,284 shares; 2025Q2: 81,145 shares; 2025Q3: 76,562 shares 76,562$9.28M6.91%-4,583Timeline
ALSNALLISON TRANSMISSION HLDGS IQuarterly 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: 9,713 shares; 2025Q3: 99,823 shares 99,823$8.47M6.31%+90,110Timeline
ALGTALLEGIANT TRAVEL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 157,000 shares; 2024Q4: 108,000 shares; 2025Q1: 129,939 shares; 2025Q2: 147,702 shares; 2025Q3: 136,702 shares 136,702$8.31M6.19%-11,000Timeline
NENOBLE CORP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 140,000 shares; 2024Q4: 182,859 shares; 2025Q1: 216,657 shares; 2025Q2: 207,123 shares; 2025Q3: 226,853 shares 226,853$6.42M4.78%+19,730Timeline
EOGEOG RES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 6,000 shares; 2025Q1: 38,711 shares; 2025Q2: 49,035 shares; 2025Q3: 49,988 shares 49,988$5.6M4.17%+953Timeline
NRPNATURAL RESOURCE PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 11,050 shares; 2025Q1: 22,101 shares; 2025Q2: 37,550 shares; 2025Q3: 45,622 shares 45,622$4.79M3.57%+8,072Timeline
SDRLSEADRILL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 160,000 shares; 2024Q4: 154,700 shares; 2025Q1: 197,639 shares; 2025Q2: 240,960 shares; 2025Q3: 145,436 shares 145,436$4.39M3.27%-95,524Timeline
ARANTERO RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 162,000 shares; 2024Q4: 138,351 shares; 2025Q1: 118,669 shares; 2025Q2: 80,720 shares; 2025Q3: 101,608 shares 101,608$3.41M2.54%+20,888Timeline
HPHELMERICH & PAYNE 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: 136,393 shares 136,393$3.01M2.24%newTimeline
CNCCENTENE CORP DELQuarterly 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: 83,402 shares 83,402$2.98M2.22%newTimeline
TFPMTRIPLE FLAG PRECIOUS METALQuarterly 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: 48,691 shares; 2025Q2: 77,979 shares; 2025Q3: 74,516 shares 74,516$2.18M1.62%-3,463Timeline
PPLTABRDN PLATINUM ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,000 shares; 2024Q4: 12,000 shares; 2025Q1: 13,960 shares; 2025Q2: 13,960 shares; 2025Q3: 13,440 shares 13,440$1.92M1.43%-520Timeline
ETENERGY TRANSFER L PQuarterly 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: 42,049 shares; 2025Q2: 115,617 shares; 2025Q3: 109,774 shares 109,774$1.88M1.4%-5,843Timeline
PSLVSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,000 shares; 2024Q4: 30,000 shares; 2025Q1: 30,000 shares; 2025Q2: 63,476 shares; 2025Q3: 99,908 shares 99,908$1.57M1.17%+36,432Timeline
VALVALARIS 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: 22,900 shares; 2025Q2: 33,925 shares; 2025Q3: 31,974 shares 31,974$1.56M1.16%-1,951Timeline
PAAPLAINS ALL AMERN PIPELINE LQuarterly 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: 88,281 shares; 2025Q3: 88,281 shares 88,281$1.51M1.12%0Timeline
CITHE CIGNA GROUPQuarterly 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: 5,144 shares 5,144$1.48M1.1%newTimeline
CNRCORE NATURAL RESOURCES 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: 11,500 shares; 2025Q2: 15,766 shares; 2025Q3: 17,643 shares 17,643$1.47M1.1%+1,877Timeline
OPLNOPENLANE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 120,000 shares; 2024Q4: 94,500 shares; 2025Q1: 100,213 shares; 2025Q2: 65,036 shares; 2025Q3: 44,493 shares 44,493$1.28M0.95%-20,543Timeline
BTUPEABODY ENGR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 23,000 shares; 2025Q1: 114,638 shares; 2025Q2: 59,345 shares; 2025Q3: 34,420 shares 34,420$913K0.68%-24,925Timeline
WESWESTERN MIDSTREAM PARTNERS LQuarterly 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: 8,363 shares 8,363$329K0.24%newTimeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
SITIO ROYALTIES CORPSITIO ROYALTIES CORP431,746$7.94Mshares
PDSPRECISION DRILLING CORP61,712$2.92Mshares
FRPHFRP HLDGS INC66,799$1.8Mshares
OZKBANK OZK LITTLE ROCK ARK35,026$1.65Mshares
JOEST JOE CO18,708$892Kshares
ALCOALICO INC10,236$335Kshares

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 0001754960-25-000797 base2025-11-14acceptance time not in the bulk data set