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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 $154,807,018 across 29 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-15. Its ten largest share positions make up 73.24% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001754960-26-000390

Period
2026-03-31
Reported value
$155M
Holdings
29
Top 10 weight
73.24%
New
9
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
RRCnew+214,515$9.69M
MOHnew+50,618$6.75M
AGMnew+42,844$6.36M
ANadded+9,413$1.84M
BLDRadded+20,697$1.7M

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
ALGTexited-126,494-$10.8M
EOGexited-41,348-$4.34M
SDRLreduced-75,651-$3.44M
VALreduced-22,922-$2.25M
PPLTexited-11,383-$2.12M

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, Q1 2026

Share positions as resolved from 13F-HR 0001754960-26-000390, largest first. % of portfolio is the value over $154,807,018, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
PHYSSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 450,344 shares 450,344$16M10.31%-839Timeline
SGOLETFS GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 324,918 shares 324,918$14.5M9.37%-37,803Timeline
ALSNALLISON TRANSMISSION HLDGS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 9,713 shares; 2025Q3: 99,823 shares; 2025Q4: 109,791 shares; 2026Q1: 111,803 shares 111,803$13.1M8.45%+2,012Timeline
VNOMVIPER ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 257,808 shares; 2025Q4: 251,563 shares; 2026Q1: 256,139 shares 256,139$12M7.77%+4,576Timeline
ANAUTONATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 56,445 shares 56,445$11M7.12%+9,413Timeline
NENOBLE CORP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 207,795 shares 207,795$10.2M6.59%-23,696Timeline
RRCRANGE RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 214,515 shares 214,515$9.69M6.26%newTimeline
NRPNATURAL RESOURCE PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 76,673 shares 76,673$9.28M5.99%+11,343Timeline
DHID R HORTON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 73,790 shares; 2025Q3: 61,503 shares; 2025Q4: 59,850 shares; 2026Q1: 65,590 shares 65,590$9M5.81%+5,740Timeline
BLDRBUILDERS FIRSTSOURCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 104,641 shares 104,641$8.62M5.57%+20,697Timeline
MOHMOLINA HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 50,618 shares 50,618$6.75M4.36%newTimeline
AGMFEDERAL AGRIC MTG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 42,844 shares 42,844$6.36M4.11%newTimeline
HPHELMERICH & PAYNE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 136,393 shares; 2025Q4: 118,197 shares; 2026Q1: 118,197 shares 118,197$4.26M2.75%0Timeline
ARANTERO RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 99,192 shares 99,192$4.21M2.72%0Timeline
TFPMTRIPLE FLAG PRECIOUS METALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 48,691 shares; 2025Q2: 77,979 shares; 2025Q3: 74,516 shares; 2025Q4: 72,712 shares; 2026Q1: 90,203 shares 90,203$3.13M2.02%+17,491Timeline
SDRLSEADRILL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 51,812 shares 51,812$2.36M1.52%-75,651Timeline
OPLNOPENLANE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 79,537 shares 79,537$2.32M1.5%+31,501Timeline
PAAPLAINS ALL AMERN PIPELINE LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 88,281 shares; 2025Q3: 88,281 shares; 2025Q4: 86,237 shares; 2026Q1: 86,237 shares 86,237$1.93M1.24%0Timeline
ETENERGY TRANSFER L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 42,049 shares; 2025Q2: 115,617 shares; 2025Q3: 109,774 shares; 2025Q4: 99,285 shares; 2026Q1: 99,285 shares 99,285$1.92M1.24%0Timeline
PSLVSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 66,874 shares 66,874$1.63M1.05%-38,502Timeline
CALMCAL MAINE FOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 17,505 shares 17,505$1.39M0.89%newTimeline
CMPCOMPASS MINERALS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 23,905 shares; 2026Q1: 55,636 shares 55,636$1.3M0.84%+31,731Timeline
DVADAVITA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 8,547 shares; 2026Q1: 7,153 shares 7,153$1.1M0.71%-1,394Timeline
SILJAMPLIFY ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 30,250 shares 30,250$899K0.58%newTimeline
VALVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 22,900 shares; 2025Q2: 33,925 shares; 2025Q3: 31,974 shares; 2025Q4: 31,192 shares; 2026Q1: 8,270 shares 8,270$811K0.52%-22,922Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 8,000 shares 8,000$355K0.23%newTimeline
SLBSLB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 5,425 shares 5,425$279K0.18%newTimeline
WSWORTHINGTON STL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 7,500 shares 7,500$228K0.15%newTimeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 750 shares 750$216K0.14%newTimeline

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
ALGTALLEGIANT TRAVEL CO126,494$10.8Mshares
EOGEOG RES INC41,348$4.34Mshares
PPLTABRDN PLATINUM ETF TRUST11,383$2.12Mshares

How Q1 2026 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 0001754960-26-000390 base2026-05-15acceptance time not in the bulk data set