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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 $131,596,495 across 23 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 77.04% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001754960-26-000189

Period
2025-12-31
Reported value
$132M
Holdings
23
Top 10 weight
77.04%
New
2
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NRPadded+19,708$2.06M
ALSNadded+9,968$976K
DVAnew+8,547$971K
BLDRadded+7,382$760K
CMPnew+23,905$469K

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
SGOLreduced-96,380-$3.96M
CNCexited-83,402-$2.98M
CIexited-5,144-$1.48M
CNRexited-17,643-$1.47M
BTUexited-34,420-$913K

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 0001754960-26-000189, largest first. % of portfolio is the value over $131,596,495, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 575,000 shares; 2024Q4: 447,295 shares; 2025Q1: 529,402 shares; 2025Q2: 515,933 shares; 2025Q3: 459,101 shares; 2025Q4: 362,721 shares 362,721$14.9M11.32%-96,380Timeline
PHYSSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 365,000 shares; 2024Q4: 376,000 shares; 2025Q1: 490,593 shares; 2025Q2: 490,593 shares; 2025Q3: 462,140 shares; 2025Q4: 451,183 shares 451,183$14.9M11.32%-10,957Timeline
ALGTALLEGIANT TRAVEL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 157,000 shares; 2024Q4: 108,000 shares; 2025Q1: 129,939 shares; 2025Q2: 147,702 shares; 2025Q3: 136,702 shares; 2025Q4: 126,494 shares 126,494$10.8M8.2%-10,208Timeline
ALSNALLISON TRANSMISSION HLDGS IQuarterly 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: 9,713 shares; 2025Q3: 99,823 shares; 2025Q4: 109,791 shares 109,791$10.7M8.17%+9,968Timeline
VNOMVIPER 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: 257,808 shares; 2025Q4: 251,563 shares 251,563$9.72M7.38%-6,245Timeline
ANAUTONATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 31,500 shares; 2024Q4: 30,200 shares; 2025Q1: 49,225 shares; 2025Q2: 52,458 shares; 2025Q3: 48,684 shares; 2025Q4: 47,032 shares 47,032$9.71M7.38%-1,652Timeline
BLDRBUILDERS FIRSTSOURCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 34,000 shares; 2024Q4: 36,367 shares; 2025Q1: 55,284 shares; 2025Q2: 81,145 shares; 2025Q3: 76,562 shares; 2025Q4: 83,944 shares 83,944$8.64M6.56%+7,382Timeline
DHID R HORTON 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: 73,790 shares; 2025Q3: 61,503 shares; 2025Q4: 59,850 shares 59,850$8.62M6.55%-1,653Timeline
NRPNATURAL RESOURCE PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 11,050 shares; 2025Q1: 22,101 shares; 2025Q2: 37,550 shares; 2025Q3: 45,622 shares; 2025Q4: 65,330 shares 65,330$6.82M5.18%+19,708Timeline
NENOBLE CORP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 140,000 shares; 2024Q4: 182,859 shares; 2025Q1: 216,657 shares; 2025Q2: 207,123 shares; 2025Q3: 226,853 shares; 2025Q4: 231,491 shares 231,491$6.54M4.97%+4,638Timeline
SDRLSEADRILL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 160,000 shares; 2024Q4: 154,700 shares; 2025Q1: 197,639 shares; 2025Q2: 240,960 shares; 2025Q3: 145,436 shares; 2025Q4: 127,463 shares 127,463$4.41M3.35%-17,973Timeline
EOGEOG RES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 6,000 shares; 2025Q1: 38,711 shares; 2025Q2: 49,035 shares; 2025Q3: 49,988 shares; 2025Q4: 41,348 shares 41,348$4.34M3.3%-8,640Timeline
ARANTERO RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 162,000 shares; 2024Q4: 138,351 shares; 2025Q1: 118,669 shares; 2025Q2: 80,720 shares; 2025Q3: 101,608 shares; 2025Q4: 99,192 shares 99,192$3.42M2.6%-2,416Timeline
HPHELMERICH & PAYNE 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: 136,393 shares; 2025Q4: 118,197 shares 118,197$3.39M2.58%-18,196Timeline
PSLVSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,000 shares; 2024Q4: 30,000 shares; 2025Q1: 30,000 shares; 2025Q2: 63,476 shares; 2025Q3: 99,908 shares; 2025Q4: 105,376 shares 105,376$2.49M1.89%+5,468Timeline
TFPMTRIPLE FLAG PRECIOUS METALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 48,691 shares; 2025Q2: 77,979 shares; 2025Q3: 74,516 shares; 2025Q4: 72,712 shares 72,712$2.42M1.84%-1,804Timeline
PPLTABRDN PLATINUM ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,000 shares; 2024Q4: 12,000 shares; 2025Q1: 13,960 shares; 2025Q2: 13,960 shares; 2025Q3: 13,440 shares; 2025Q4: 11,383 shares 11,383$2.12M1.61%-2,057Timeline
ETENERGY TRANSFER L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 42,049 shares; 2025Q2: 115,617 shares; 2025Q3: 109,774 shares; 2025Q4: 99,285 shares 99,285$1.64M1.24%-10,489Timeline
VALVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 22,900 shares; 2025Q2: 33,925 shares; 2025Q3: 31,974 shares; 2025Q4: 31,192 shares 31,192$1.57M1.19%-782Timeline
PAAPLAINS ALL AMERN PIPELINE LQuarterly 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: 88,281 shares; 2025Q3: 88,281 shares; 2025Q4: 86,237 shares 86,237$1.55M1.18%-2,044Timeline
OPLNOPENLANE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 120,000 shares; 2024Q4: 94,500 shares; 2025Q1: 100,213 shares; 2025Q2: 65,036 shares; 2025Q3: 44,493 shares; 2025Q4: 48,036 shares 48,036$1.43M1.09%+3,543Timeline
DVADAVITA 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: 8,547 shares 8,547$971K0.74%newTimeline
CMPCOMPASS MINERALS INTL 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: 23,905 shares 23,905$469K0.36%newTimeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
CNCCENTENE CORP DEL83,402$2.98Mshares
CITHE CIGNA GROUP5,144$1.48Mshares
CNRCORE NATURAL RESOURCES INC17,643$1.47Mshares
BTUPEABODY ENGR CORP34,420$913Kshares
WESWESTERN MIDSTREAM PARTNERS L8,363$329Kshares

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 0001754960-26-000189 base2026-02-17acceptance time not in the bulk data set