Mountain Lake Investment Management LLC — Q1 2025 13F Holdings

Name: Mountain Lake Investment Management LLC — 13F Holdings, Q1 2025
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001308555

Total reported value

$154.8M

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	SGOL	Abrdn Physical Gold Shares	ETF-Commodities	14.86%	-1.95%	+18.36%
2	PHYS	Sprott Physical Gold Trust	Stock-Other	11.11%	-1.01%	+30.48%
3	CAR	Avis Budget Group INC	Stock-Other	7.73%	—	+60.16%
4	AN	Autonation INC	Stock-Consumer Disc	7.50%	-0.26%	+63.00%
5	SB9	Sitio Royalties Corp-a	Stock-Other	7.16%	—	+20.92%
6	BLDR	Builders Firstsource INC	Stock-Industrials	6.50%	-0.99%	+52.02%
7	ALGT	Allegiant Travel Co	Stock-Other	6.32%	-8.20%	EXIT
8	NE	Noble Corporation plc	Stock-Energy	4.83%	+1.62%	+18.48%
9	EOG	Eog Resources INC	Stock-Energy	4.67%	-3.30%	EXIT
10	SDRL	Seadrill Limited	Stock-Other	4.65%	-1.83%	+27.76%
11	AR	Antero Resources CORP	Stock-Energy	4.52%	+0.12%	-14.23%
12	PDS	Precision Drilling CORP	Stock-Other	2.71%	—	+18.72%
13	NRP	Natural Resource Partners LP	Stock-Other	2.16%	+0.81%	+100.01%
14	HTZ	Hertz Global Hldgs INC	Stock-Other	1.89%	—	+16.32%
15	OPLN	Openlane INC	Stock-Other	1.82%	+0.41%	+6.05%
16	BTU	Peabody Energy CORP	Stock-Energy	1.46%	—	+398.43%
17	OZK	Bank Ozk	Stock-Financials	1.45%	—	—
18	PPLT	Abrdn Physical Platinum Shrs	ETF-Commodities	1.20%	-1.61%	EXIT
19	FRPH	Frp Holdings INC	Stock-Other	1.04%	—	+287.49%
20	TFPM	Triple Flag Precious Met	Stock-Materials	0.88%	+0.18%	—
21	SYY	Sysco CORP	Stock-Consumer Staples	0.85%	—	—
22	VAL	Valaris Limited	Stock-Energy	0.85%	-0.67%	—
23	CNR	Core Natural Resources INC	Stock-Energy	0.83%	—	—
24	JOE	St Joe Co/the	Stock-Other	0.83%	—	—
25	ET	Energy Transfer LP	Stock-Energy	0.74%	—	—
26	GDX	Vaneck Gold Miners ETF	ETF-Commodities	0.51%	—	-37.87%
27	PSLV	Sprott Physical Silver Trust	Stock-Other	0.33%	-0.84%	—
28	MTN	Vail Resorts INC	Stock-Consumer Disc	0.30%	—	—
29	GDXJ	Vaneck Junior Gold Miners	ETF-Commodities	0.27%	—	-82.17%
30	UROY	Uranium Royalty CORP	Stock-Other	0.03%	—	+33.33%

Holding changes this quarter

Position changes disclosed by Mountain Lake Investment Management LLC for the quarter ending Q1 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	SGOL	Abrdn Physical Gold Shares	+14.6%	+18.36%	Add
2	PHYS	Sprott Physical Gold Trust	+9.9%	+30.48%	Add
3	ALGT	Allegiant Travel Co	+0.2%	+20.31%	Add
4	AR	Antero Resources CORP	-0.9%	-14.23%	Trim
5	EOG	Eog Resources INC	-2.1%	+545.18%	Trim
6	PDS	Precision Drilling CORP	-3.7%	+18.72%	Trim
7	SPY	Ss Spdr S&p 500 ETF Trust-us	—	EXIT	Sold out
8	VSAT	Viasat INC	—	EXIT	Sold out
9	TPL	Texas Pacific Land CORP	—	EXIT	Sold out
10	NOV	Nov INC	—	EXIT	Sold out
11	VSTOEUR	Vista Outdoor INC	—	EXIT	Sold out
12	CEIXEUR	Consol Energy INC	—	EXIT	Sold out
13	CAR	Avis Budget Group INC	—	NEW	New buy
14	AN	Autonation INC	—	NEW	New buy
15	NEM	Newmont CORP	—	EXIT	Sold out
16	AM	Antero Midstream CORP	—	EXIT	Sold out
17	SB9	Sitio Royalties Corp-a	—	NEW	New buy
18	ABX	Barrick Gold CORP	—	EXIT	Sold out
19	BLDR	Builders Firstsource INC	—	NEW	New buy
20	NXE	Nexgen Energy LTD	—	EXIT	Sold out
21	NE	Noble Corporation plc	—	NEW	New buy
22	CCJ	Cameco CORP	—	EXIT	Sold out
23	SDRL	Seadrill Limited	—	NEW	New buy
24	SEA1EUR	Seabridge Gold INC	—	EXIT	Sold out
25	BBCP	Concrete Pumping Holdings In	—	EXIT	Sold out
26	GLD	Spdr Gold Shares	—	EXIT	Sold out
27	MLM	Martin Marietta Materials	—	EXIT	Sold out
28	ARLP	Alliance Resource Partners	—	EXIT	Sold out
29	✓		—	EXIT	Sold out
30	EMX	Emx Royalty CORP	—	EXIT	Sold out
31	NRP	Natural Resource Partners LP	—	NEW	New buy
32	EQT	Eqt CORP	—	EXIT	Sold out
33	HTZ	Hertz Global Hldgs INC	—	NEW	New buy
34	OPLN	Openlane INC	—	NEW	New buy
35	AYS1	Sandstorm Gold LTD	—	EXIT	Sold out
36	BTU	Peabody Energy CORP	—	NEW	New buy
37	OZK	Bank Ozk	—	NEW	New buy
38	OREUR	Osisko Gold Royalties LTD	—	EXIT	Sold out
39	AAAU	Goldman Sachs Physical Gold	—	EXIT	Sold out
40	PPLT	Abrdn Physical Platinum Shrs	—	NEW	New buy
41	FRPH	Frp Holdings INC	—	NEW	New buy
42	TFPM	Triple Flag Precious Met	—	NEW	New buy
43	SYY	Sysco CORP	—	NEW	New buy
44	VAL	Valaris Limited	—	NEW	New buy
45	CNR	Core Natural Resources INC	—	NEW	New buy
46	JOE	St Joe Co/the	—	NEW	New buy
47	ET	Energy Transfer LP	—	NEW	New buy
48	GDX	Vaneck Gold Miners ETF	—	NEW	New buy
49	PSLV	Sprott Physical Silver Trust	—	NEW	New buy
50	MTN	Vail Resorts INC	—	NEW	New buy