Mountain Lake Investment Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Mountain Lake Investment Management LLC reported 30 stock positions worth $106.2 million. Its top holding was Abrdn Physical Gold Shares (SGOL) at 14.9% of the portfolio, followed by Sprott Physical Gold Trust (PHYS, 11.1%) and Avis Budget (CAR, 7.7%). Compared with Q4 2024, it opened 8 new positions, sold out of 7, added to 18 and reduced 3. The biggest buy was EOG Resources (EOG, shares +545%) and the biggest sale an exit from Nexgen Energy (NXE).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001308555
- Portfolio Value
- $106.2M (Q1 2025)
- SEC Filing
- 0001754960-25-000306 ↗ filed May 15, 2025
Holdings Value
Holdings 30 stocks · $106.2M
| SGOL Abrdn Physical Gold Shares | 14.86% | 529,402 | $15.8M | Add +18.4% |
| PHYS Sprott Physical Gold Trust | 11.11% | 490,593 | $11.8M | Add +30.5% |
| CAR Avis Budget Group Inc. | 7.73% | 108,185 | $8.2M | Add +60.2% |
| AN Autonation Inc. | 7.50% | 49,225 | $8.0M | Add +63.0% |
| STR Sitio Royalties Corp. Class A | 7.16% | 382,796 | $7.6M | Add +20.9% |
| BLDR Builders Firstsource Inc. | 6.50% | 55,284 | $6.9M | Add +52.0% |
| ALGT Allegiant Travel Co. | 6.32% | 129,939 | $6.7M | Add +20.3% |
| NE Noble Corp. PLC | 4.83% | 216,657 | $5.1M | Add +18.5% |
| EOG EOG Resources Inc. | 4.67% | 38,711 | $5.0M | Add +545.2% |
| SDRL Seadrill Limited | 4.65% | 197,639 | $4.9M | Add +27.8% |
| AR Antero Resources Corp. | 4.52% | 118,669 | $4.8M | Reduce -14.2% |
| PDS Precision Drilling Corp. | 2.71% | 61,712 | $2.9M | Add +18.7% |
| NRP Natural Resource Partners LP | 2.16% | 22,101 | $2.3M | Add +100.0% |
| HTZ Hertz Global Hldgs Inc. | 1.89% | 509,461 | $2.0M | Add +16.3% |
| OPLN Openlane Inc. | 1.82% | 100,213 | $1.9M | Add +6.0% |
| BTU Peabody Energy Corp. | 1.46% | 114,638 | $1.6M | Add +398.4% |
| OZK Bank Ozk | 1.45% | 35,430 | $1.5M | New |
| PPLT Abrdn Physical Platinum SHRS | 1.20% | 13,960 | $1.3M | Add +16.3% |
| FRPH FRP Holdings Inc. filed as FRP HLDGS INC | 1.04% | 38,749 | $1.1M | Add +287.5% |
| TFPM Triple Flag Precious Met | 0.88% | 48,691 | $932K | New |
| SYY Sysco Corp. | 0.85% | 12,099 | $908K | New |
| VAL Valaris Ltd. | 0.85% | 22,900 | $899K | New |
| CNR Core Natural Resources Inc. | 0.83% | 11,500 | $887K | New |
| JOE The St Joe Co. | 0.83% | 18,708 | $878K | New |
| ET Energy Transfer LP | 0.74% | 42,049 | $782K | New |
| GDX Vaneck Gold Miners ETF | 0.51% | 11,804 | $543K | Reduce -37.9% |
| PSLV Sprott Physical Silver Trust | 0.33% | 30,000 | $348K | No change |
| MTN Vail Resorts Inc. | 0.30% | 2,000 | $320K | New |
| GDXJ Vaneck Junior Gold Miners | 0.27% | 5,072 | $290K | Reduce -82.2% |
| UROY Uranium Royalty Corp. | 0.03% | 20,000 | $35K | Add +33.3% |
Portfolio Sells Q4 2024 → Q1 2025
| NXE Nexgen Energy Ltd. | Sold out | 0.00% | −2.24 |
| URNJ Sprott Jr Uranium Miners ETF | Sold out | 0.00% | −1.87 |
| GDXJ Vaneck Junior Gold Miners | Reduce -82.2% | 0.27% | −1.13 |
| AR Antero Resources Corp. | Reduce -14.2% | 4.52% | −1.08 |
| SII Sprott Inc. | Sold out | 0.00% | −0.88 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.86 |
| OXY Occidental Petroleum Corp. | Sold out | 0.00% | −0.71 |
| URNM Sprott Uranium Miners ETF | Sold out | 0.00% | −0.65 |
| SA Seabridge Gold Inc. | Sold out | 0.00% | −0.36 |
| GDX Vaneck Gold Miners ETF | Reduce -37.9% | 0.51% | −0.23 |
Portfolio Buys Q4 2024 → Q1 2025
| EOG EOG Resources Inc. | Add +545.2% | 4.67% | +3.83 |
| PHYS Sprott Physical Gold Trust | Add +30.5% | 11.11% | +2.39 |
| SGOL Abrdn Physical Gold Shares | Add +18.4% | 14.86% | +1.96 |
| AN Autonation Inc. | Add +63.0% | 7.50% | +1.60 |
| CAR Avis Budget Group Inc. | Add +60.2% | 7.73% | +1.48 |
| OZK Bank Ozk | New | 1.45% | +1.45 |
| BTU Peabody Energy Corp. | Add +398.4% | 1.46% | +0.91 |
| TFPM Triple Flag Precious Met | New | 0.88% | +0.88 |
| SYY Sysco Corp. | New | 0.85% | +0.85 |
| VAL Valaris Ltd. | New | 0.85% | +0.85 |
| CNR Core Natural Resources Inc. | New | 0.83% | +0.83 |
| JOE The St Joe Co. | New | 0.83% | +0.83 |
| NRP Natural Resource Partners LP | Add +100.0% | 2.16% | +0.75 |
| ET Energy Transfer LP | New | 0.74% | +0.74 |
| FRPH FRP Holdings Inc. | Add +287.5% | 1.04% | +0.69 |
| BLDR Builders Firstsource Inc. | Add +52.0% | 6.50% | +0.51 |
| MTN Vail Resorts Inc. | New | 0.30% | +0.30 |
| STR Sitio Royalties Corp. Class A | Add +20.9% | 7.16% | +0.18 |
| PPLT Abrdn Physical Platinum SHRS | Add +16.3% | 1.20% | +0.05 |
| HTZ Hertz Global Hldgs Inc. | Add +16.3% | 1.89% | +0.05 |
| UROY Uranium Royalty Corp. | Add +33.3% | 0.03% | −0.00 |
| OPLN Openlane Inc. | Add +6.0% | 1.82% | −0.34 |
| PDS Precision Drilling Corp. | Add +18.7% | 2.71% | −1.40 |
| NE Noble Corp. PLC | Add +18.5% | 4.83% | −1.74 |
| SDRL Seadrill Limited | Add +27.8% | 4.65% | −2.27 |
| ALGT Allegiant Travel Co. | Add +20.3% | 6.32% | −5.37 |
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 |