Filed: 2/17/2026ACC: 0001754960-26-000189
📋 What this filing means
MOUNTAIN LAKE INVESTMENT MANAGEMENT LLC filed this quarterly 13F‑HR report disclosing 23 equity positions with a total reported market value of $131.60M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
23
Positions
$131.60M
Total AUM (reported)
2.66M
Total Shares
Allocation by class
COM$69.35M52.7%
PHYSCL GOLD SHS$14.90M11.3%
PHYSICAL GOLD TR$14.90M11.3%
CL A$11.29M8.6%
COM UNIT LTD PAR$6.82M5.2%
ORD SHS A$6.54M5.0%
PHYSICAL SILVER$2.49M1.9%
Portfolio Concentration
Top 3$40.58M30.8%
4–10$60.79M46.2%
11–25$30.22M23.0%
Top 3 weight
30.8%
Top 10 weight
77.0%
Voting Authority Distribution
Total shares with voting rights: 2.66M
Sole
Full voting authority
2.66M
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)
Sole23
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings23
Rows:
ETFS GOLD TR
SOLEShares362.72K
TypeSH
Market value$14.90M
11.32%
Sole
362.72K
Shared
0.00
None
0.00
SPROTT ASSET MANAGEMENT LP
SOLEShares451.18K
TypeSH
Market value$14.90M
11.32%
Sole
451.18K
Shared
0.00
None
0.00
ALLEGIANT TRAVEL CO
SOLEShares126.49K
TypeSH
Market value$10.79M
8.20%
Sole
126.49K
Shared
0.00
None
0.00
ALLISON TRANSMISSION HLDGS I
SOLEShares109.79K
TypeSH
Market value$10.75M
8.17%
Sole
109.79K
Shared
0.00
None
0.00
VIPER ENERGY INC
SOLEShares251.56K
TypeSH
Market value$9.72M
7.38%
Sole
251.56K
Shared
0.00
None
0.00
AUTONATION INC
SOLEShares47.03K
TypeSH
Market value$9.71M
7.38%
Sole
47.03K
Shared
0.00
None
0.00
BUILDERS FIRSTSOURCE INC
SOLEShares83.94K
TypeSH
Market value$8.64M
6.56%
Sole
83.94K
Shared
0.00
None
0.00
D R HORTON INC
SOLEShares59.85K
TypeSH
Market value$8.62M
6.55%
Sole
59.85K
Shared
0.00
None
0.00
NATURAL RESOURCE PARTNERS L
SOLEShares65.33K
TypeSH
Market value$6.82M
5.18%
Sole
65.33K
Shared
0.00
None
0.00
NOBLE CORP PLC
SOLEShares231.49K
TypeSH
Market value$6.54M
4.97%
Sole
231.49K
Shared
0.00
None
0.00
SEADRILL LTD
SOLEShares127.46K
TypeSH
Market value$4.41M
3.35%
Sole
127.46K
Shared
0.00
None
0.00
EOG RES INC
SOLEShares41.35K
TypeSH
Market value$4.34M
3.30%
Sole
41.35K
Shared
0.00
None
0.00
ANTERO RESOURCES CORP
SOLEShares99.19K
TypeSH
Market value$3.42M
2.60%
Sole
99.19K
Shared
0.00
None
0.00
HELMERICH & PAYNE INC
SOLEShares118.20K
TypeSH
Market value$3.39M
2.58%
Sole
118.20K
Shared
0.00
None
0.00
SPROTT ASSET MANAGEMENT LP
SOLEShares105.38K
TypeSH
Market value$2.49M
1.89%
Sole
105.38K
Shared
0.00
None
0.00
TRIPLE FLAG PRECIOUS METAL
SOLEShares72.71K
TypeSH
Market value$2.42M
1.84%
Sole
72.71K
Shared
0.00
None
0.00
ABRDN PLATINUM ETF TRUST
SOLEShares11.38K
TypeSH
Market value$2.12M
1.61%
Sole
11.38K
Shared
0.00
None
0.00
ENERGY TRANSFER L P
SOLEShares99.28K
TypeSH
Market value$1.64M
1.24%
Sole
99.28K
Shared
0.00
None
0.00
VALARIS LTD
SOLEShares31.19K
TypeSH
Market value$1.57M
1.19%
Sole
31.19K
Shared
0.00
None
0.00
PLAINS ALL AMERN PIPELINE L
SOLEShares86.24K
TypeSH
Market value$1.55M
1.18%
Sole
86.24K
Shared
0.00
None
0.00
OPENLANE INC
SOLEShares48.04K
TypeSH
Market value$1.43M
1.09%
Sole
48.04K
Shared
0.00
None
0.00
DAVITA INC
SOLEShares8.55K
TypeSH
Market value$971.0K
0.74%
Sole
8.55K
Shared
0.00
None
0.00
COMPASS MINERALS INTL INC
SOLEShares23.91K
TypeSH
Market value$469.5K
0.36%
Sole
23.91K
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
ETFS GOLD TRSOLE | PHYSCL GOLD SHS | 362.72K | SH | $14.90M 11.32% | 362.72K | 0.00 | 0.00 |
SPROTT ASSET MANAGEMENT LPSOLE | PHYSICAL GOLD TR | 451.18K | SH | $14.90M 11.32% | 451.18K | 0.00 | 0.00 |
ALLEGIANT TRAVEL COSOLE | COM | 126.49K | SH | $10.79M 8.20% | 126.49K | 0.00 | 0.00 |
ALLISON TRANSMISSION HLDGS ISOLE | COM | 109.79K | SH | $10.75M 8.17% | 109.79K | 0.00 | 0.00 |
VIPER ENERGY INCSOLE | CL A | 251.56K | SH | $9.72M 7.38% | 251.56K | 0.00 | 0.00 |
AUTONATION INCSOLE | COM | 47.03K | SH | $9.71M 7.38% | 47.03K | 0.00 | 0.00 |
BUILDERS FIRSTSOURCE INCSOLE | COM | 83.94K | SH | $8.64M 6.56% | 83.94K | 0.00 | 0.00 |
D R HORTON INCSOLE | COM | 59.85K | SH | $8.62M 6.55% | 59.85K | 0.00 | 0.00 |
NATURAL RESOURCE PARTNERS LSOLE | COM UNIT LTD PAR | 65.33K | SH | $6.82M 5.18% | 65.33K | 0.00 | 0.00 |
NOBLE CORP PLCSOLE | ORD SHS A | 231.49K | SH | $6.54M 4.97% | 231.49K | 0.00 | 0.00 |
SEADRILL LTDSOLE | COM | 127.46K | SH | $4.41M 3.35% | 127.46K | 0.00 | 0.00 |
EOG RES INCSOLE | COM | 41.35K | SH | $4.34M 3.30% | 41.35K | 0.00 | 0.00 |
ANTERO RESOURCES CORPSOLE | COM | 99.19K | SH | $3.42M 2.60% | 99.19K | 0.00 | 0.00 |
HELMERICH & PAYNE INCSOLE | COM | 118.20K | SH | $3.39M 2.58% | 118.20K | 0.00 | 0.00 |
SPROTT ASSET MANAGEMENT LPSOLE | PHYSICAL SILVER | 105.38K | SH | $2.49M 1.89% | 105.38K | 0.00 | 0.00 |
TRIPLE FLAG PRECIOUS METALSOLE | COM | 72.71K | SH | $2.42M 1.84% | 72.71K | 0.00 | 0.00 |
ABRDN PLATINUM ETF TRUSTSOLE | PHYSCL PLATM SHS | 11.38K | SH | $2.12M 1.61% | 11.38K | 0.00 | 0.00 |
ENERGY TRANSFER L PSOLE | COM UT LTD PTN | 99.28K | SH | $1.64M 1.24% | 99.28K | 0.00 | 0.00 |
VALARIS LTDSOLE | CL A | 31.19K | SH | $1.57M 1.19% | 31.19K | 0.00 | 0.00 |
PLAINS ALL AMERN PIPELINE LSOLE | UNIT LTD PARTN | 86.24K | SH | $1.55M 1.18% | 86.24K | 0.00 | 0.00 |
OPENLANE INCSOLE | COM | 48.04K | SH | $1.43M 1.09% | 48.04K | 0.00 | 0.00 |
DAVITA INCSOLE | COM | 8.55K | SH | $971.0K 0.74% | 8.55K | 0.00 | 0.00 |
COMPASS MINERALS INTL INCSOLE | COM | 23.91K | SH | $469.5K 0.36% | 23.91K | 0.00 | 0.00 |