Filed: 11/14/2025ACC: 0001754960-25-000797
📋 What this filing means
MOUNTAIN LAKE INVESTMENT MANAGEMENT LLC filed this quarterly 13F‑HR report disclosing 26 equity positions with a total reported market value of $134.28M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
26
Positions
$134.28M
Total AUM (reported)
2.92M
Total Shares
Allocation by class
COM$72.39M53.9%
PHYSCL GOLD SHS$16.90M12.6%
PHYSICAL GOLD TR$13.69M10.2%
CL A$11.41M8.5%
ORD SHS A$6.42M4.8%
COM UNIT LTD PAR$4.79M3.6%
PHYSCL PLATM SHS$1.92M1.4%
Portfolio Concentration
Top 3$41.24M30.7%
4–10$58.36M43.5%
11–25$34.35M25.6%
Rest$328.6K0.2%
Top 3 weight
30.7%
Top 10 weight
74.2%
Voting Authority Distribution
Total shares with voting rights: 2.92M
Sole
Full voting authority
2.92M
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:
ETFS GOLD TR
SOLEShares459.10K
TypeSH
Market value$16.90M
12.59%
Sole
459.10K
Shared
0.00
None
0.00
SPROTT ASSET MANAGEMENT LP
SOLEShares462.14K
TypeSH
Market value$13.69M
10.19%
Sole
462.14K
Shared
0.00
None
0.00
AUTONATION INC
SOLEShares48.68K
TypeSH
Market value$10.65M
7.93%
Sole
48.68K
Shared
0.00
None
0.00
D R HORTON INC
SOLEShares61.50K
TypeSH
Market value$10.42M
7.76%
Sole
61.50K
Shared
0.00
None
0.00
VIPER ENERGY INC
SOLEShares257.81K
TypeSH
Market value$9.85M
7.34%
Sole
257.81K
Shared
0.00
None
0.00
BUILDERS FIRSTSOURCE INC
SOLEShares76.56K
TypeSH
Market value$9.28M
6.91%
Sole
76.56K
Shared
0.00
None
0.00
ALLISON TRANSMISSION HLDGS I
SOLEShares99.82K
TypeSH
Market value$8.47M
6.31%
Sole
99.82K
Shared
0.00
None
0.00
ALLEGIANT TRAVEL CO
SOLEShares136.70K
TypeSH
Market value$8.31M
6.19%
Sole
136.70K
Shared
0.00
None
0.00
NOBLE CORP PLC
SOLEShares226.85K
TypeSH
Market value$6.42M
4.78%
Sole
226.85K
Shared
0.00
None
0.00
EOG RES INC
SOLEShares49.99K
TypeSH
Market value$5.60M
4.17%
Sole
49.99K
Shared
0.00
None
0.00
NATURAL RESOURCE PARTNERS L
SOLEShares45.62K
TypeSH
Market value$4.79M
3.57%
Sole
45.62K
Shared
0.00
None
0.00
SEADRILL LTD
SOLEShares145.44K
TypeSH
Market value$4.39M
3.27%
Sole
145.44K
Shared
0.00
None
0.00
ANTERO RESOURCES CORP
SOLEShares101.61K
TypeSH
Market value$3.41M
2.54%
Sole
101.61K
Shared
0.00
None
0.00
HELMERICH & PAYNE INC
SOLEShares136.39K
TypeSH
Market value$3.01M
2.24%
Sole
136.39K
Shared
0.00
None
0.00
CENTENE CORP DEL
SOLEShares83.40K
TypeSH
Market value$2.98M
2.22%
Sole
83.40K
Shared
0.00
None
0.00
TRIPLE FLAG PRECIOUS METAL
SOLEShares74.52K
TypeSH
Market value$2.18M
1.62%
Sole
74.52K
Shared
0.00
None
0.00
ABRDN PLATINUM ETF TRUST
SOLEShares13.44K
TypeSH
Market value$1.92M
1.43%
Sole
13.44K
Shared
0.00
None
0.00
ENERGY TRANSFER L P
SOLEShares109.77K
TypeSH
Market value$1.88M
1.40%
Sole
109.77K
Shared
0.00
None
0.00
SPROTT ASSET MANAGEMENT LP
SOLEShares99.91K
TypeSH
Market value$1.57M
1.17%
Sole
99.91K
Shared
0.00
None
0.00
VALARIS LTD
SOLEShares31.97K
TypeSH
Market value$1.56M
1.16%
Sole
31.97K
Shared
0.00
None
0.00
PLAINS ALL AMERN PIPELINE L
SOLEShares88.28K
TypeSH
Market value$1.51M
1.12%
Sole
88.28K
Shared
0.00
None
0.00
THE CIGNA GROUP
SOLEShares5.14K
TypeSH
Market value$1.48M
1.10%
Sole
5.14K
Shared
0.00
None
0.00
CORE NATURAL RESOURCES INC
SOLEShares17.64K
TypeSH
Market value$1.47M
1.10%
Sole
17.64K
Shared
0.00
None
0.00
OPENLANE INC
SOLEShares44.49K
TypeSH
Market value$1.28M
0.95%
Sole
44.49K
Shared
0.00
None
0.00
PEABODY ENERGY CORP
SOLEShares34.42K
TypeSH
Market value$912.8K
0.68%
Sole
34.42K
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
ETFS GOLD TRSOLE | PHYSCL GOLD SHS | 459.10K | SH | $16.90M 12.59% | 459.10K | 0.00 | 0.00 |
SPROTT ASSET MANAGEMENT LPSOLE | PHYSICAL GOLD TR | 462.14K | SH | $13.69M 10.19% | 462.14K | 0.00 | 0.00 |
AUTONATION INCSOLE | COM | 48.68K | SH | $10.65M 7.93% | 48.68K | 0.00 | 0.00 |
D R HORTON INCSOLE | COM | 61.50K | SH | $10.42M 7.76% | 61.50K | 0.00 | 0.00 |
VIPER ENERGY INCSOLE | CL A | 257.81K | SH | $9.85M 7.34% | 257.81K | 0.00 | 0.00 |
BUILDERS FIRSTSOURCE INCSOLE | COM | 76.56K | SH | $9.28M 6.91% | 76.56K | 0.00 | 0.00 |
ALLISON TRANSMISSION HLDGS ISOLE | COM | 99.82K | SH | $8.47M 6.31% | 99.82K | 0.00 | 0.00 |
ALLEGIANT TRAVEL COSOLE | COM | 136.70K | SH | $8.31M 6.19% | 136.70K | 0.00 | 0.00 |
NOBLE CORP PLCSOLE | ORD SHS A | 226.85K | SH | $6.42M 4.78% | 226.85K | 0.00 | 0.00 |
EOG RES INCSOLE | COM | 49.99K | SH | $5.60M 4.17% | 49.99K | 0.00 | 0.00 |
NATURAL RESOURCE PARTNERS LSOLE | COM UNIT LTD PAR | 45.62K | SH | $4.79M 3.57% | 45.62K | 0.00 | 0.00 |
SEADRILL LTDSOLE | COM | 145.44K | SH | $4.39M 3.27% | 145.44K | 0.00 | 0.00 |
ANTERO RESOURCES CORPSOLE | COM | 101.61K | SH | $3.41M 2.54% | 101.61K | 0.00 | 0.00 |
HELMERICH & PAYNE INCSOLE | COM | 136.39K | SH | $3.01M 2.24% | 136.39K | 0.00 | 0.00 |
CENTENE CORP DELSOLE | COM | 83.40K | SH | $2.98M 2.22% | 83.40K | 0.00 | 0.00 |
TRIPLE FLAG PRECIOUS METALSOLE | COM | 74.52K | SH | $2.18M 1.62% | 74.52K | 0.00 | 0.00 |
ABRDN PLATINUM ETF TRUSTSOLE | PHYSCL PLATM SHS | 13.44K | SH | $1.92M 1.43% | 13.44K | 0.00 | 0.00 |
ENERGY TRANSFER L PSOLE | COM UT LTD PTN | 109.77K | SH | $1.88M 1.40% | 109.77K | 0.00 | 0.00 |
SPROTT ASSET MANAGEMENT LPSOLE | PHYSICAL SILVER | 99.91K | SH | $1.57M 1.17% | 99.91K | 0.00 | 0.00 |
VALARIS LTDSOLE | CL A | 31.97K | SH | $1.56M 1.16% | 31.97K | 0.00 | 0.00 |
PLAINS ALL AMERN PIPELINE LSOLE | UNIT LTD PARTN | 88.28K | SH | $1.51M 1.12% | 88.28K | 0.00 | 0.00 |
THE CIGNA GROUPSOLE | COM | 5.14K | SH | $1.48M 1.10% | 5.14K | 0.00 | 0.00 |
CORE NATURAL RESOURCES INCSOLE | COM SHS | 17.64K | SH | $1.47M 1.10% | 17.64K | 0.00 | 0.00 |
OPENLANE INCSOLE | COM | 44.49K | SH | $1.28M 0.95% | 44.49K | 0.00 | 0.00 |
PEABODY ENERGY CORPSOLE | COM | 34.42K | SH | $912.8K 0.68% | 34.42K | 0.00 | 0.00 |
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