Filed: 11/12/2025ACC: 0001104659-25-109773
📋 What this filing means
AEGIS FINANCIAL CORP filed this quarterly 13F‑HR report disclosing 26 equity positions with a total reported market value of $261.32M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
26
Positions
$261.32M
Total AUM (reported)
23.92M
Total Shares
Allocation by class
COM$214.40M82.0%
COM NEW$26.13M10.0%
CL A$18.72M7.2%
ISHARES$1.50M0.6%
GOLD SHS$294.3K0.1%
PHYSICAL GOLD AN$274.2K0.1%
Portfolio Concentration
Top 3$118.83M45.5%
4–10$106.28M40.7%
11–25$36.07M13.8%
Rest$136.5K0.1%
Top 3 weight
45.5%
Top 10 weight
86.1%
Voting Authority Distribution
Total shares with voting rights: 23.92M
Sole
Full voting authority
23.92M
shares
% of voting shares100.0%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole26
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings26
Rows:
EQUINOX GOLD CORP
SOLEShares4.82M
TypeSH
Market value$53.99M
20.66%
Sole
4.82M
Shared
0.00
None
0.00
HALLADOR ENERGY COMPANY
SOLEShares2.01M
TypeSH
Market value$39.36M
15.06%
Sole
2.01M
Shared
0.00
None
0.00
PRECISION DRILLING CORP
SOLEShares452.36K
TypeSH
Market value$25.49M
9.75%
Sole
452.36K
Shared
0.00
None
0.00
NATURAL GAS SVCS GROUP INC
SOLEShares671.11K
TypeSH
Market value$18.78M
7.19%
Sole
671.11K
Shared
0.00
None
0.00
PBF ENERGY INC
SOLEShares620.46K
TypeSH
Market value$18.72M
7.16%
Sole
620.46K
Shared
0.00
None
0.00
CENOVUS ENERGY INC
SOLEShares920.50K
TypeSH
Market value$15.64M
5.98%
Sole
920.50K
Shared
0.00
None
0.00
TIDEWATER INC NEW
SOLEShares276.53K
TypeSH
Market value$14.75M
5.64%
Sole
276.53K
Shared
0.00
None
0.00
GALIANO GOLD INC
SOLEShares6.66M
TypeSH
Market value$14.50M
5.55%
Sole
6.66M
Shared
0.00
None
0.00
NORTH AMERN CONSTR GROUP LTD
SOLEShares841.93K
TypeSH
Market value$11.96M
4.58%
Sole
841.93K
Shared
0.00
None
0.00
ELDORADO GOLD CORP NEW
SOLEShares412.78K
TypeSH
Market value$11.93M
4.56%
Sole
412.78K
Shared
0.00
None
0.00
BASSETT FURNITURE INDS INC
SOLEShares476.12K
TypeSH
Market value$7.45M
2.85%
Sole
476.12K
Shared
0.00
None
0.00
VERMILION ENERGY INC
SOLEShares870.49K
TypeSH
Market value$6.80M
2.60%
Sole
870.49K
Shared
0.00
None
0.00
ALGOMA STL GROUP INC
SOLEShares1.79M
TypeSH
Market value$6.35M
2.43%
Sole
1.79M
Shared
0.00
None
0.00
ENERFLEX LTD
SOLEShares551.15K
TypeSH
Market value$5.95M
2.28%
Sole
551.15K
Shared
0.00
None
0.00
WESTWOOD HLDGS GROUP INC
SOLEShares99.93K
TypeSH
Market value$1.65M
0.63%
Sole
99.93K
Shared
0.00
None
0.00
ISHARES SILVER TR
SOLEShares35.38K
TypeSH
Market value$1.50M
0.57%
Sole
35.38K
Shared
0.00
None
0.00
HENNESSY ADVISORS INC
SOLEShares141.35K
TypeSH
Market value$1.48M
0.57%
Sole
141.35K
Shared
0.00
None
0.00
I-80 GOLD CORP
SOLEShares1.13M
TypeSH
Market value$1.08M
0.41%
Sole
1.13M
Shared
0.00
None
0.00
ARDMORE SHIPPING CORP
SOLEShares89.61K
TypeSH
Market value$1.06M
0.41%
Sole
89.61K
Shared
0.00
None
0.00
MERCER INTL INC
SOLEShares309.01K
TypeSH
Market value$889.9K
0.34%
Sole
309.01K
Shared
0.00
None
0.00
MIND TECHNOLOGY INC
SOLEShares79.57K
TypeSH
Market value$643.7K
0.25%
Sole
79.57K
Shared
0.00
None
0.00
SOLITARIO RESOURCES CORP
SOLEShares632.46K
TypeSH
Market value$441.5K
0.17%
Sole
632.46K
Shared
0.00
None
0.00
SPDR GOLD TR
SOLEShares828.00
TypeSH
Market value$294.3K
0.11%
Sole
828.00
Shared
0.00
None
0.00
SPROTT ASSET MANAGEMENT LP
SOLEShares7.47K
TypeSH
Market value$274.2K
0.10%
Sole
7.47K
Shared
0.00
None
0.00
WEST FRASER TIMBER CO LTD
SOLEShares3.14K
TypeSH
Market value$213.7K
0.08%
Sole
3.14K
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
EQUINOX GOLD CORPSOLE | COM | 4.82M | SH | $53.99M 20.66% | 4.82M | 0.00 | 0.00 |
HALLADOR ENERGY COMPANYSOLE | COM | 2.01M | SH | $39.36M 15.06% | 2.01M | 0.00 | 0.00 |
PRECISION DRILLING CORPSOLE | COM NEW | 452.36K | SH | $25.49M 9.75% | 452.36K | 0.00 | 0.00 |
NATURAL GAS SVCS GROUP INCSOLE | COM | 671.11K | SH | $18.78M 7.19% | 671.11K | 0.00 | 0.00 |
PBF ENERGY INCSOLE | CL A | 620.46K | SH | $18.72M 7.16% | 620.46K | 0.00 | 0.00 |
CENOVUS ENERGY INCSOLE | COM | 920.50K | SH | $15.64M 5.98% | 920.50K | 0.00 | 0.00 |
TIDEWATER INC NEWSOLE | COM | 276.53K | SH | $14.75M 5.64% | 276.53K | 0.00 | 0.00 |
GALIANO GOLD INCSOLE | COM | 6.66M | SH | $14.50M 5.55% | 6.66M | 0.00 | 0.00 |
NORTH AMERN CONSTR GROUP LTDSOLE | COM | 841.93K | SH | $11.96M 4.58% | 841.93K | 0.00 | 0.00 |
ELDORADO GOLD CORP NEWSOLE | COM | 412.78K | SH | $11.93M 4.56% | 412.78K | 0.00 | 0.00 |
BASSETT FURNITURE INDS INCSOLE | COM | 476.12K | SH | $7.45M 2.85% | 476.12K | 0.00 | 0.00 |
VERMILION ENERGY INCSOLE | COM | 870.49K | SH | $6.80M 2.60% | 870.49K | 0.00 | 0.00 |
ALGOMA STL GROUP INCSOLE | COM | 1.79M | SH | $6.35M 2.43% | 1.79M | 0.00 | 0.00 |
ENERFLEX LTDSOLE | COM | 551.15K | SH | $5.95M 2.28% | 551.15K | 0.00 | 0.00 |
WESTWOOD HLDGS GROUP INCSOLE | COM | 99.93K | SH | $1.65M 0.63% | 99.93K | 0.00 | 0.00 |
ISHARES SILVER TRSOLE | ISHARES | 35.38K | SH | $1.50M 0.57% | 35.38K | 0.00 | 0.00 |
HENNESSY ADVISORS INCSOLE | COM | 141.35K | SH | $1.48M 0.57% | 141.35K | 0.00 | 0.00 |
I-80 GOLD CORPSOLE | COM | 1.13M | SH | $1.08M 0.41% | 1.13M | 0.00 | 0.00 |
ARDMORE SHIPPING CORPSOLE | COM | 89.61K | SH | $1.06M 0.41% | 89.61K | 0.00 | 0.00 |
MERCER INTL INCSOLE | COM | 309.01K | SH | $889.9K 0.34% | 309.01K | 0.00 | 0.00 |
MIND TECHNOLOGY INCSOLE | COM NEW | 79.57K | SH | $643.7K 0.25% | 79.57K | 0.00 | 0.00 |
SOLITARIO RESOURCES CORPSOLE | COM | 632.46K | SH | $441.5K 0.17% | 632.46K | 0.00 | 0.00 |
SPDR GOLD TRSOLE | GOLD SHS | 828.00 | SH | $294.3K 0.11% | 828.00 | 0.00 | 0.00 |
SPROTT ASSET MANAGEMENT LPSOLE | PHYSICAL GOLD AN | 7.47K | SH | $274.2K 0.10% | 7.47K | 0.00 | 0.00 |
WEST FRASER TIMBER CO LTDSOLE | COM | 3.14K | SH | $213.7K 0.08% | 3.14K | 0.00 | 0.00 |
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