Mountain Lake Investment Management LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Mountain Lake Investment Management LLC reported 21 stock positions worth $96.4 million. Its top holding was Abrdn Physical Gold Shares (SGOL) at 13.8% of the portfolio, followed by Sitio Royalties Class A (STR, 9.6%) and Allegiant Travel (ALGT, 9.2%). Compared with Q4 2023, it opened 5 new positions, sold out of 1, added to 5 and reduced 8. The biggest buy was Asbury Automotive (ABG, shares +85%) and the biggest sale an exit from Eqt (EQT).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001308555
- Portfolio Value
- $96.4M (Q1 2024)
- SEC Filing
- 0001308555-24-000002 ↗ filed May 15, 2024
Holdings Value
Holdings 21 stocks · $96.4M
| SGOL Abrdn Physical Gold Shares | 13.77% | 625,000 | $13.3M | Add +0.3% |
| STR Sitio Royalties Corp. Class A | 9.61% | 375,000 | $9.3M | No change |
| ALGT Allegiant Travel Co. | 9.20% | 118,000 | $8.9M | No change |
| SDRL Seadrill Limited | 8.50% | 163,000 | $8.2M | Reduce -13.4% |
| NE Noble Corp. PLC | 8.22% | 163,500 | $7.9M | Reduce -8.2% |
| NXE Nexgen Energy Ltd. | 8.18% | 1,015,000 | $7.9M | Reduce -18.3% |
| PHYS Sprott Physical Gold Trust | 6.28% | 350,000 | $6.1M | Add +10.1% |
| AR Antero Resources Corp. | 6.04% | 201,000 | $5.8M | Reduce -12.8% |
| PDS Precision Drilling Corp. | 5.16% | 74,000 | $5.0M | Reduce -33.0% |
| VSTO Vista Outdoor Inc. | 4.59% | 135,000 | $4.4M | Reduce -50.5% |
| ABG Asbury Automotive Group | 4.52% | 18,500 | $4.4M | Add +85.0% |
| TFPM Triple Flag Precious Met | 4.12% | 275,000 | $4.0M | Add +1.9% |
| URNJ Sprott Jr Uranium Miners ETF | 2.70% | 102,300 | $2.6M | No change |
| BLDR Builders Firstsource Inc. | 2.56% | 11,850 | $2.5M | Add +12.9% |
| COST Costco Wholesale Corp. | 1.50% | 1,970 | $1.4M | Reduce -2.7% |
| AN Autonation Inc. | 1.37% | 8,000 | $1.3M | New |
| GDXJ Vaneck Junior Gold Miners | 1.00% | 25,000 | $969K | New |
| OPLN Openlane Inc. | 0.90% | 50,000 | $865K | New |
| SA Seabridge Gold Inc. | 0.88% | 56,000 | $847K | Reduce -13.8% |
| SII Sprott Inc. | 0.57% | 15,000 | $554K | New |
| FRPH FRP Holdings Inc. filed as FRP HLDGS INC | 0.32% | 5,000 | $307K | New |
Portfolio Sells Q4 2023 → Q1 2024
| EQT Eqt Corp. | Sold out | 0.00% | −4.35 |
| VSTO Vista Outdoor Inc. | Reduce -50.5% | 4.59% | −3.65 |
| PDS Precision Drilling Corp. | Reduce -33.0% | 5.16% | −0.97 |
| NXE Nexgen Energy Ltd. | Reduce -18.3% | 8.18% | −0.71 |
| SDRL Seadrill Limited | Reduce -13.4% | 8.50% | −0.60 |
| NE Noble Corp. PLC | Reduce -8.2% | 8.22% | −0.55 |
| SA Seabridge Gold Inc. | Reduce -13.8% | 0.88% | +0.07 |
| COST Costco Wholesale Corp. | Reduce -2.7% | 1.50% | +0.13 |
| AR Antero Resources Corp. | Reduce -12.8% | 6.04% | +0.70 |
Portfolio Buys Q4 2023 → Q1 2024
| ABG Asbury Automotive Group | Add +85.0% | 4.52% | +2.22 |
| AN Autonation Inc. | New | 1.37% | +1.37 |
| SGOL Abrdn Physical Gold Shares | Add +0.3% | 13.77% | +1.19 |
| PHYS Sprott Physical Gold Trust | Add +10.1% | 6.28% | +1.10 |
| GDXJ Vaneck Junior Gold Miners | New | 1.00% | +1.00 |
| OPLN Openlane Inc. | New | 0.90% | +0.90 |
| BLDR Builders Firstsource Inc. | Add +12.9% | 2.56% | +0.77 |
| SII Sprott Inc. | New | 0.57% | +0.57 |
| TFPM Triple Flag Precious Met | Add +1.9% | 4.12% | +0.44 |
| FRPH FRP Holdings Inc. | New | 0.32% | +0.32 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 31 | $160.6M | PHYS, BLDR, SGOL, MOH, ALSN |
| Q1 2026 | 29 | $154.8M | PHYS, SGOL, ALSN, VNOM, AN |
| Q4 2025 | 23 | $131.6M | SGOL, PHYS, ALGT, ALSN, VNOM |
| Q3 2025 | 26 | $134.3M | SGOL, PHYS, AN, DHI, VNOM |
| Q2 2025 | 27 | $120.2M | SGOL, PHYS, AN, DHI, BLDR |
| Q1 2025 | 30 | $106.2M | SGOL, PHYS, CAR, AN, STR |
| Q4 2024 | 29 | $86.8M | SGOL, ALGT, PHYS, STR, SDRL |
| Q3 2024 | 25 | $95.1M | SGOL, ALGT, STR, PHYS, BLDR |
| Q2 2024 | 26 | $95.4M | SGOL, STR, SDRL, ALGT, NE |
| Q1 2024 | 21 | $96.4M | SGOL, STR, ALGT, SDRL, NE |