Mountain Lake Investment Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 30, 2025), Mountain Lake Investment Management LLC reported 29 stock positions worth $86.8 million. Its top holding was Abrdn Physical Gold Shares (SGOL) at 12.9% of the portfolio, followed by Allegiant Travel (ALGT, 11.7%) and Sprott Physical Gold Trust (PHYS, 8.7%). Compared with Q3 2024, it opened 7 new positions, sold out of 3, added to 6 and reduced 15. The biggest buy was Precision Drilling (PDS, shares +108%) and the biggest sale Nexgen Energy (NXE, shares −69%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001308555
- Portfolio Value
- $86.8M (Q4 2024)
- SEC Filing
- 0001754960-25-000086 ↗ filed Jan 30, 2025
Holdings Value
Holdings 29 stocks · $86.8M
| SGOL Abrdn Physical Gold Shares | 12.90% | 447,295 | $11.2M | Reduce -22.2% |
| ALGT Allegiant Travel Co. | 11.69% | 108,000 | $10.1M | Reduce -31.2% |
| PHYS Sprott Physical Gold Trust | 8.72% | 376,000 | $7.6M | Add +3.0% |
| STR Sitio Royalties Corp. Class A | 6.98% | 316,578 | $6.1M | Reduce -15.6% |
| SDRL Seadrill Limited | 6.92% | 154,700 | $6.0M | Reduce -3.3% |
| NE Noble Corp. PLC | 6.58% | 182,859 | $5.7M | Add +30.6% |
| CAR Avis Budget Group Inc. | 6.25% | 67,547 | $5.4M | Reduce -9.9% |
| BLDR Builders Firstsource Inc. | 5.99% | 36,367 | $5.2M | Add +7.0% |
| AN Autonation Inc. | 5.90% | 30,200 | $5.1M | Reduce -4.1% |
| AR Antero Resources Corp. | 5.59% | 138,351 | $4.9M | Reduce -14.6% |
| PDS Precision Drilling Corp. | 4.10% | 51,981 | $3.6M | Add +107.9% |
| NXE Nexgen Energy Ltd. | 2.24% | 294,244 | $1.9M | Reduce -69.0% |
| OPLN Openlane Inc. | 2.16% | 94,500 | $1.9M | Reduce -21.3% |
| URNJ Sprott Jr Uranium Miners ETF | 1.87% | 87,493 | $1.6M | Reduce -30.0% |
| HTZ Hertz Global Hldgs Inc. | 1.84% | 438,000 | $1.6M | Reduce -20.4% |
| NRP Natural Resource Partners LP | 1.41% | 11,050 | $1.2M | New |
| GDXJ Vaneck Junior Gold Miners | 1.40% | 28,446 | $1.2M | Reduce -13.8% |
| PPLT Abrdn Physical Platinum SHRS | 1.15% | 12,000 | $996K | Add +20.0% |
| SII Sprott Inc. | 0.88% | 18,089 | $762K | Reduce -21.4% |
| IBIT iShares Bitcoin Trust ETF | 0.86% | 14,000 | $745K | New |
| EOG EOG Resources Inc. | 0.85% | 6,000 | $735K | New |
| GDX Vaneck Gold Miners ETF | 0.74% | 19,000 | $644K | New |
| OXY Occidental Petroleum Corp. | 0.71% | 12,500 | $618K | New |
| URNM Sprott Uranium Miners ETF | 0.65% | 14,052 | $566K | Reduce -21.9% |
| BTU Peabody Energy Corp. | 0.55% | 23,000 | $482K | New |
| SA Seabridge Gold Inc. | 0.36% | 27,400 | $313K | Reduce -45.2% |
| FRPH FRP Holdings Inc. filed as FRP HLDGS INC | 0.35% | 10,000 | $306K | No change |
| PSLV Sprott Physical Silver Trust | 0.33% | 30,000 | $290K | Add +50.0% |
| UROY Uranium Royalty Corp. | 0.04% | 15,000 | $33K | New |
Portfolio Sells Q3 2024 → Q4 2024
| NXE Nexgen Energy Ltd. | Reduce -69.0% | 2.24% | −4.29 |
| SGOL Abrdn Physical Gold Shares | Reduce -22.2% | 12.90% | −2.29 |
| STR Sitio Royalties Corp. Class A | Reduce -15.6% | 6.98% | −1.24 |
| URNJ Sprott Jr Uranium Miners ETF | Reduce -30.0% | 1.87% | −1.03 |
| OKLO Oklo Inc. | Sold out | 0.00% | −0.98 |
| VSTO Vista Outdoor Inc. | Sold out | 0.00% | −0.77 |
| CAR Avis Budget Group Inc. | Reduce -9.9% | 6.25% | −0.66 |
| SA Seabridge Gold Inc. | Reduce -45.2% | 0.36% | −0.52 |
| GDXJ Vaneck Junior Gold Miners | Reduce -13.8% | 1.40% | −0.29 |
| ALCO Alico Inc. | Sold out | 0.00% | −0.24 |
| URNM Sprott Uranium Miners ETF | Reduce -21.9% | 0.65% | −0.22 |
| SII Sprott Inc. | Reduce -21.4% | 0.88% | −0.17 |
| HTZ Hertz Global Hldgs Inc. | Reduce -20.4% | 1.84% | −0.07 |
| AN Autonation Inc. | Reduce -4.1% | 5.90% | −0.02 |
| OPLN Openlane Inc. | Reduce -21.3% | 2.16% | +0.03 |
| SDRL Seadrill Limited | Reduce -3.3% | 6.92% | +0.23 |
| AR Antero Resources Corp. | Reduce -14.6% | 5.59% | +0.71 |
| ALGT Allegiant Travel Co. | Reduce -31.2% | 11.69% | +2.60 |
Portfolio Buys Q3 2024 → Q4 2024
| PDS Precision Drilling Corp. | Add +107.9% | 4.10% | +2.48 |
| NRP Natural Resource Partners LP | New | 1.41% | +1.41 |
| NE Noble Corp. PLC | Add +30.6% | 6.58% | +1.26 |
| PHYS Sprott Physical Gold Trust | Add +3.0% | 8.72% | +0.90 |
| IBIT iShares Bitcoin Trust ETF | New | 0.86% | +0.86 |
| EOG EOG Resources Inc. | New | 0.85% | +0.85 |
| GDX Vaneck Gold Miners ETF | New | 0.74% | +0.74 |
| OXY Occidental Petroleum Corp. | New | 0.71% | +0.71 |
| BTU Peabody Energy Corp. | New | 0.55% | +0.55 |
| PPLT Abrdn Physical Platinum SHRS | Add +20.0% | 1.15% | +0.20 |
| PSLV Sprott Physical Silver Trust | Add +50.0% | 0.33% | +0.11 |
| UROY Uranium Royalty Corp. | New | 0.04% | +0.04 |
| BLDR Builders Firstsource Inc. | Add +7.0% | 5.99% | −0.94 |
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 |