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
Estimated average burden
hours per response: 23.8
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M Company COM 88579Y101   840 7,005 SH   SOLE   7,005 0 0
AbbVie Inc. COM 00287Y109   9,114 56,395 SH   SOLE   56,395 0 0
Allstate Corporation COM 020002101   315 2,325 SH   SOLE   2,325 0 0
Alphabet Cl C COM 02079K305   217 2,440 SH   SOLE   2,440 0 0
Amazon.com COM 023135106   442 5,260 SH   SOLE   5,260 0 0
Apple Inc. COM 037833100   364 2,800 SH   SOLE   2,800 0 0
AutoZone, Inc. COM 053332102   740 300 SH   SOLE   300 0 0
Berkshire Hathaway COM 084670108   4,218 9 SH   SOLE   9 0 0
Berkshire Hathaway Cl B COM 084670702   5,350 17,319 SH   SOLE   17,319 0 0
Bristol-Myers Squibb Company COM 110122108   4,161 57,835 SH   SOLE   57,835 0 0
Caterpillar COM 149123101   261 1,090 SH   SOLE   1,090 0 0
Cheniere Energy, Inc. COM 16411R208   5,580 37,210 SH   SOLE   37,210 0 0
Columbia Sportswear COM 198516106   320 3,650 SH   SOLE   3,650 0 0
ConocoPhillips Company COM 718507BK1   8,226 69,710 SH   SOLE   69,710 0 0
Coterra Energy Inc. COM 127097103   6,216 252,997 SH   SOLE   252,997 0 0
Diamondback Energy Inc COM 25278X109   889 6,500 SH   SOLE   6,500 0 0
EOG Resources, Inc. COM 26875P101   5,639 43,535 SH   SOLE   43,535 0 0
FRMO Corporation COM 30262F205   545 66,128 SH   SOLE   66,128 0 0
Helmerich & Payne Inc. COM 423452101   362 7,300 SH   SOLE   7,300 0 0
Intel Corp COM 458140100   3,994 151,105 SH   SOLE   151,105 0 0
International Business Machine COM 459200101   7,296 51,783 SH   SOLE   51,783 0 0
Johnson & Johnson COM 478160104   7,457 42,213 SH   SOLE   42,213 0 0
Keweenaw Land Association COM 493026108   275 13,586 SH   SOLE   13,586 0 0
Kinder Morgan, Inc. COM 49456B101   3,267 180,710 SH   SOLE   180,710 0 0
Merck & Co. COM 58933Y105   4,763 42,928 SH   SOLE   42,928 0 0
Mesabi Trust Ctfs COM 590672101   7,900 438,384 SH   SOLE   438,384 0 0
Oracle Corp COM 68389X105   4,977 60,885 SH   SOLE   60,885 0 0
Organon & Co. COM 68622V106   2,872 102,825 SH   SOLE   102,825 0 0
Pfizer, Inc COM 717081103   4,172 81,423 SH   SOLE   81,423 0 0
Pure Cycle Corporation COM 746228303   183 17,500 SH   SOLE   17,500 0 0
Surface Oncology Inc. COM 86877M100   14 17,500 SH   SOLE   17,500 0 0
Texas Pacific Land Corporation COM 882610108   26,412 11,267 SH   SOLE   11,267 0 0
Timken Company COM 887389104   496 7,025 SH   SOLE   7,025 0 0
Viatris COM 92556V106   5,129 460,854 SH   SOLE   460,854 0 0
Bristol-Myers Squibb Contingen RTS 110122157   0 571,129 SH   SOLE   571,129 0 0
ABB Ltd ADR 000375204   3,801 124,787 SH   SOLE   124,787 0 0
Autoliv, Inc. ADR 052800109   5,199 67,888 SH   SOLE   67,888 0 0
Banco Latinoamericano de Expor ADR P16994132   7,213 445,236 SH   SOLE   445,236 0 0
Franco-Nevada Coporation ADR 351858105   7,606 55,732 SH   SOLE   55,732 0 0
Investor AB 'B' ORD W48102128   9,817 537,032 SH   SOLE   537,032 0 0
Nestle S.A. ADR 641069406   5,761 49,945 SH   SOLE   49,945 0 0
Novartis AG ADR 66987V109   487 5,365 SH   SOLE   5,365 0 0
Pershing Square Holdings ADR G7016V101   672 19,500 SH   SOLE   19,500 0 0
Pilot Corporation ORD J6378K106   4,473 122,050 SH   SOLE   122,050 0 0
SKF Aktiebolaget ADR 784375404   1,921 125,875 SH   SOLE   125,875 0 0
Shell plc ADR 780259305   3,610 63,390 SH   SOLE   63,390 0 0
Siemens AG ADR 826197501   4,635 67,376 SH   SOLE   67,376 0 0
Subaru Corporation ADR 86428V104   422 54,943 SH   SOLE   54,943 0 0
Triple Flag Precious Metals Co ADR 89679M104   289 21,000 SH   SOLE   21,000 0 0
Wheaton Precious Metals Corp ADR 962879102   3,619 92,613 SH   SOLE   92,613 0 0
Citigroup Cap XIII Tr Pfd PFD 173080201   3,081 108,475 SH   SOLE   108,475 0 0