Mountain Lake Investment Management LLC
Net buyer this quarter
$161M
30
+$9.8M
70.2%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
 PHYS | $13.8M | 8.58% | 0.10% | +1.4% | Q2 2013 |
 BLDR | $13.2M | 8.24% | 0.14% | +41.3% | Q4 2023 |
 SGOL | $12.4M | 7.72% | 0.18% | -0.2% | Q4 2020 |
 MOH | $12.2M | 7.60% | 0.10% | +5.5% | Q1 2026 |
 ALSN | $12M | 7.48% | 0.13% | -4.7% | Q2 2025 |
 DHI | $11.2M | 6.96% | 0.02% | +4.6% | Q2 2025 |
 AN | $10.8M | 6.74% | 0.18% | +3.2% | Q1 2024 |
| VNOM | $10.7M | 6.66% | Not reported | -1.5% | Q3 2025 |
 NRP | $8.29M | 5.16% | 0.65% | +11.5% | Q4 2024 |
 RRC | $8.13M | 5.06% | 0.09% | +1.9% | Q2 2017 |
 TFPM | $5.68M | 3.54% | 0.09% | +110.1% | Q4 2022 |
 NE | $5.56M | 3.46% | 0.09% | -28.3% | Q4 2022 |
 CALM | $5.53M | 3.45% | 0.15% | +292.4% | Q1 2014 |
 BNO | $3.92M | 2.44% | 0.61% | New | Q2 2026 |
 HP | $3.87M | 2.41% | 0.12% | Not reported | Q3 2025 |
 AR | $3.52M | 2.19% | 0.03% | +1.0% | Q2 2017 |
 OPLN | $3.28M | 2.04% | 0.06% | Not reported | Q1 2024 |
 UBER | $2.32M | 1.44% | 0.00% | New | Q2 2026 |
 ET | $1.84M | 1.15% | 0.00% | -3.1% | Q1 2025 |
 PAA | $1.82M | 1.14% | 0.01% | -5.0% | Q1 2016 |
 CMP | $1.74M | 1.08% | 0.13% | +0.2% | Q4 2025 |
 SDRL | $1.38M | 0.86% | 0.06% | -29.5% | Q1 2023 |
 IIIN | $1.34M | 0.83% | 0.23% | New | Q2 2026 |
| PSLV | $1.27M | 0.79% | 0.01% | +0.7% | Q2 2013 |
 DVA | $1.18M | 0.74% | 0.01% | -25.7% | Q4 2025 |
 WS | $1.16M | 0.72% | 0.07% | +359.0% | Q1 2026 |
 SBH | $899K | 0.56% | 0.07% | New | Q2 2026 |
 GOOGL | $268K | 0.17% | 0.00% | Not reported | Q1 2026 |
 SLB | $252K | 0.16% | 0.00% | Not reported | Q1 2026 |
 AGI | $243K | 0.15% | 0.00% | Not reported | Q1 2026 |
| Q1 2026 | |||||
| PHYS | $16M | 10.31% | 0.09% | -0.2% | Q2 2013 |
| SGOL | $14.5M | 9.37% | 0.18% | -10.4% | Q4 2020 |
| ALSN | $13.1M | 8.45% | 0.14% | +1.8% | Q2 2025 |
| VNOM | $12M | 7.77% | Not reported | +1.8% | Q3 2025 |
| AN | $11M | 7.12% | 0.17% | +20.0% | Q1 2024 |
| NE | $10.2M | 6.59% | 0.13% | -10.2% | Q4 2022 |
| RRC | $9.69M | 6.26% | 0.09% | Not reported | Q2 2017 |
| NRP | $9.28M | 5.99% | 0.58% | +17.4% | Q4 2024 |
| DHI | $9M | 5.81% | 0.02% | +9.6% | Q2 2025 |
| BLDR | $8.62M | 5.57% | 0.10% | +24.7% | Q4 2023 |
| MOH | $6.75M | 4.36% | 0.10% | New | Q1 2026 |
 AGM | $6.36M | 4.11% | Not reported | New | Q1 2026 |
| HP | $4.26M | 2.75% | 0.12% | Not reported | Q3 2025 |
| AR | $4.21M | 2.72% | 0.03% | Not reported | Q2 2017 |
| TFPM | $3.13M | 2.02% | 0.04% | +24.1% | Q4 2022 |
| SDRL | $2.36M | 1.52% | 0.08% | -59.4% | Q1 2023 |
| OPLN | $2.32M | 1.50% | 0.08% | +65.6% | Q1 2024 |
| PAA | $1.93M | 1.24% | 0.01% | Not reported | Q1 2016 |
| ET | $1.92M | 1.24% | 0.00% | Not reported | Q1 2025 |
| PSLV | $1.63M | 1.05% | 0.01% | -36.5% | Q2 2013 |
| CALM | $1.39M | 0.89% | 0.04% | Not reported | Q1 2014 |
| CMP | $1.3M | 0.84% | 0.13% | +132.7% | Q4 2025 |
| DVA | $1.1M | 0.71% | 0.01% | -16.3% | Q4 2025 |
 VAL | $811K | 0.52% | 0.01% | -73.5% | Q4 2022 |
| AGI | $355K | 0.23% | 0.00% | New | Q1 2026 |
| SLB | $279K | 0.18% | 0.00% | New | Q1 2026 |
| WS | $228K | 0.15% | 0.02% | New | Q1 2026 |
| GOOGL | $216K | 0.14% | 0.00% | New | Q1 2026 |
| Q4 2025 | |||||
| SGOL | $14.9M | 11.32% | 0.20% | -21.0% | Q4 2020 |
| PHYS | $14.9M | 11.32% | 0.09% | -2.4% | Q2 2013 |
 ALGT | $10.8M | 8.20% | 0.69% | -7.5% | Q1 2019 |
| ALSN | $10.7M | 8.17% | 0.13% | +10.0% | Q2 2025 |
| VNOM | $9.72M | 7.38% | Not reported | -2.4% | Q3 2025 |
| AN | $9.71M | 7.38% | 0.13% | -3.4% | Q1 2024 |
| BLDR | $8.64M | 6.56% | 0.08% | +9.6% | Q4 2023 |
| DHI | $8.62M | 6.55% | 0.02% | -2.7% | Q2 2025 |
| NRP | $6.82M | 5.18% | 0.50% | +43.2% | Q4 2024 |
| NE | $6.54M | 4.97% | 0.15% | +2.0% | Q4 2022 |
| SDRL | $4.41M | 3.35% | 0.20% | -12.4% | Q1 2023 |
 EOG | $4.34M | 3.30% | 0.01% | -17.3% | Q2 2020 |
| AR | $3.42M | 2.60% | 0.03% | -2.4% | Q2 2017 |
| HP | $3.39M | 2.58% | 0.12% | -13.3% | Q3 2025 |
| PSLV | $2.49M | 1.89% | 0.02% | +5.5% | Q2 2013 |
| TFPM | $2.42M | 1.84% | 0.04% | -2.4% | Q4 2022 |
| PPLT | $2.12M | 1.61% | 0.01% | -15.3% | Q2 2024 |
| ET | $1.64M | 1.24% | 0.00% | -9.6% | Q1 2025 |
| VAL | $1.57M | 1.19% | 0.05% | -2.5% | Q4 2022 |
| PAA | $1.55M | 1.18% | 0.01% | -2.3% | Q1 2016 |
| OPLN | $1.43M | 1.09% | 0.05% | +8.0% | Q1 2024 |
| DVA | $971K | 0.74% | 0.01% | New | Q4 2025 |
| CMP | $469K | 0.36% | 0.06% | New | Q4 2025 |
| Q3 2025 | |||||
| SGOL | $16.9M | 12.59% | 0.27% | -11.0% | Q4 2020 |
| PHYS | $13.7M | 10.19% | 0.11% | -5.8% | Q2 2013 |
| AN | $10.7M | 7.93% | 0.13% | -7.2% | Q1 2024 |
| DHI | $10.4M | 7.76% | 0.02% | -16.7% | Q2 2025 |
| VNOM | $9.85M | 7.34% | Not reported | New | Q3 2025 |
| BLDR | $9.28M | 6.91% | 0.07% | -5.7% | Q4 2023 |
| ALSN | $8.47M | 6.31% | 0.12% | +927.7% | Q2 2025 |
| ALGT | $8.31M | 6.19% | 0.75% | -7.5% | Q1 2019 |
| NE | $6.42M | 4.78% | 0.14% | +9.5% | Q4 2022 |
| EOG | $5.6M | 4.17% | 0.01% | +1.9% | Q2 2020 |
| NRP | $4.79M | 3.57% | 0.35% | +21.5% | Q4 2024 |
| SDRL | $4.39M | 3.27% | 0.23% | -39.6% | Q1 2023 |
| AR | $3.41M | 2.54% | 0.03% | +25.9% | Q2 2017 |
| HP | $3.01M | 2.24% | 0.14% | New | Q3 2025 |
 CNC | $2.98M | 2.22% | 0.02% | New | Q3 2025 |
| TFPM | $2.18M | 1.62% | 0.04% | -4.4% | Q4 2022 |
| PPLT | $1.92M | 1.43% | 0.10% | -3.7% | Q2 2024 |
| ET | $1.88M | 1.40% | 0.00% | -5.1% | Q1 2025 |
| PSLV | $1.57M | 1.17% | 0.02% | +57.4% | Q2 2013 |
| VAL | $1.56M | 1.16% | 0.05% | -5.8% | Q4 2022 |
| PAA | $1.51M | 1.12% | 0.01% | Not reported | Q1 2016 |
 CI | $1.48M | 1.10% | 0.00% | New | Q3 2025 |
 CNR | $1.47M | 1.10% | 0.03% | +11.9% | Q1 2025 |
| OPLN | $1.28M | 0.95% | 0.04% | -31.6% | Q1 2024 |
 BTU | $913K | 0.68% | 0.03% | -42.0% | Q4 2024 |
 WES | $329K | 0.24% | 0.00% | New | Q3 2025 |