The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M Company COM 88579Y101 1,007 7,785 SH   SOLE   7,785 0 0
AbbVie Inc. COM 00287Y109 7,879 51,445 SH   SOLE   51,445 0 0
Allstate Corporation COM 020002101 295 2,325 SH   SOLE   2,325 0 0
Amazon.com COM 023135106 516 4,860 SH   SOLE   4,860 0 0
Apple Inc. COM 037833100 301 2,200 SH   SOLE   2,200 0 0
AutoZone, Inc. COM 053332102 559 260 SH   SOLE   260 0 0
Berkshire Hathaway COM 084670108 3,681 9 SH   SOLE   9 0 0
Berkshire Hathaway Cl B COM 084670702 4,387 16,070 SH   SOLE   16,070 0 0
Bristol-Myers Squibb Company COM 110122108 4,428 57,510 SH   SOLE   57,510 0 0
Cheniere Energy, Inc. COM 16411R208 4,514 33,935 SH   SOLE   33,935 0 0
Columbia Sportswear COM 198516106 261 3,650 SH   SOLE   3,650 0 0
ConocoPhillips Company COM 718507BK1 6,405 71,320 SH   SOLE   71,320 0 0
Coterra Energy Inc. COM 127097103 5,733 222,287 SH   SOLE   222,287 0 0
Diamondback Energy Inc COM 25278X109 669 5,525 SH   SOLE   5,525 0 0
EOG Resources, Inc. COM 26875P101 4,709 42,635 SH   SOLE   42,635 0 0
FRMO Corporation COM 30262F205 491 60,814 SH   SOLE   60,814 0 0
Helmerich & Payne Inc. COM 423452101 531 12,325 SH   SOLE   12,325 0 0
Intel Corp COM 458140100 4,692 125,410 SH   SOLE   125,410 0 0
International Business Machine COM 459200101 7,266 51,465 SH   SOLE   51,465 0 0
Johnson & Johnson COM 478160104 7,476 42,118 SH   SOLE   42,118 0 0
Keweenaw Land Association COM 493026108 259 12,065 SH   SOLE   12,065 0 0
Kinder Morgan, Inc. COM 49456B101 2,990 178,410 SH   SOLE   178,410 0 0
Merck & Co. COM 58933Y105 3,914 42,928 SH   SOLE   42,928 0 0
Mesabi Trust Ctfs COM 590672101 10,505 428,409 SH   SOLE   428,409 0 0
Oracle Corp COM 68389X105 3,814 54,585 SH   SOLE   54,585 0 0
Organon & Co. COM 68622V106 3,084 91,375 SH   SOLE   91,375 0 0
Pfizer, Inc COM 717081103 4,083 77,873 SH   SOLE   77,873 0 0
Pure Cycle Corporation COM 746228303 184 17,500 SH   SOLE   17,500 0 0
Surface Oncology Inc. COM 86877M100 16 10,000 SH   SOLE   10,000 0 0
Texas Pacific Land Corporation COM 882610108 17,855 11,999 SH   SOLE   11,999 0 0
Timken Company COM 887389104 606 11,425 SH   SOLE   11,425 0 0
Viatris COM 92556V106 4,272 408,026 SH   SOLE   408,026 0 0
Bristol-Myers Squibb Contingen RTS 110122157 0 572,879 SH   SOLE   572,879 0 0
ABB Ltd ADR 000375204 3,292 123,162 SH   SOLE   123,162 0 0
Autoliv, Inc. ADR 052800109 4,782 66,813 SH   SOLE   66,813 0 0
Banco Latinoamericano de Expor ADR P16994132 5,908 445,211 SH   SOLE   445,211 0 0
Franco-Nevada Coporation ADR 351858105 7,097 53,937 SH   SOLE   53,937 0 0
Investor AB 'B' ORD W48102128 8,814 535,782 SH   SOLE   535,782 0 0
Koninklijke Philips NV ADR 500472303 564 26,207 SH   SOLE   26,207 0 0
Nestle S.A. ADR 641069406 5,813 49,945 SH   SOLE   49,945 0 0
Novartis AG ADR 66987V109 475 5,615 SH   SOLE   5,615 0 0
Pershing Square Holdings ADR G7016V101 586 19,500 SH   SOLE   19,500 0 0
Pilot Corporation ORD J6378K106 4,366 122,050 SH   SOLE   122,050 0 0
SKF Aktiebolaget ADR 784375404 916 62,425 SH   SOLE   62,425 0 0
Shell plc ADR 780259305 3,226 61,690 SH   SOLE   61,690 0 0
Siemens AG ADR 826197501 3,286 64,333 SH   SOLE   64,333 0 0
Subaru Corporation ADR 86428V104 279 31,435 SH   SOLE   31,435 0 0
Triple Flag Precious Metals Co ADR 89679M104 235 18,000 SH   SOLE   18,000 0 0
Wheaton Precious Metals Corp ADR 962879102 2,872 79,723 SH   SOLE   79,723 0 0