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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M Company COM 88579Y101   997 9,490 SH   SOLE   9,490 0 0
AbbVie Inc. COM 00287Y109   8,709 54,645 SH   SOLE   54,645 0 0
Allstate Corporation COM 020002101   258 2,325 SH   SOLE   2,325 0 0
Alphabet Cl C COM 02079K305   257 2,475 SH   SOLE   2,475 0 0
Amazon.com COM 023135106   579 5,610 SH   SOLE   5,610 0 0
Apple Inc. COM 037833100   462 2,800 SH   SOLE   2,800 0 0
AutoZone, Inc. COM 053332102   737 300 SH   SOLE   300 0 0
Berkshire Hathaway COM 084670108   4,190 9 SH   SOLE   9 0 0
Berkshire Hathaway Cl B COM 084670702   5,329 17,259 SH   SOLE   17,259 0 0
Bristol-Myers Squibb Company COM 110122108   4,061 58,585 SH   SOLE   58,585 0 0
Caterpillar COM 149123101   249 1,090 SH   SOLE   1,090 0 0
Cheniere Energy, Inc. COM 16411R208   6,160 39,085 SH   SOLE   39,085 0 0
Columbia Sportswear COM 198516106   329 3,650 SH   SOLE   3,650 0 0
ConocoPhillips Company COM 718507BK1   6,881 69,360 SH   SOLE   69,360 0 0
Coterra Energy Inc. COM 127097103   6,418 261,549 SH   SOLE   261,549 0 0
Diamondback Energy Inc COM 25278X109   1,039 7,690 SH   SOLE   7,690 0 0
EOG Resources, Inc. COM 26875P101   5,088 44,385 SH   SOLE   44,385 0 0
FRMO Corporation COM 30262F205   523 67,003 SH   SOLE   67,003 0 0
Intel Corp COM 458140100   5,086 155,690 SH   SOLE   155,690 0 0
International Business Machine COM 459200101   7,347 56,048 SH   SOLE   56,048 0 0
Johnson & Johnson COM 478160104   7,535 48,613 SH   SOLE   48,613 0 0
Keweenaw Land Association COM 493026108   296 13,348 SH   SOLE   13,348 0 0
Kinder Morgan, Inc. COM 49456B101   3,070 175,350 SH   SOLE   175,350 0 0
Merck & Co. COM 58933Y105   4,502 42,317 SH   SOLE   42,317 0 0
Mesabi Trust Ctfs COM 590672101   10,939 434,434 SH   SOLE   434,434 0 0
Microsoft Corp COM 594918104   223 775 SH   SOLE   775 0 0
Olympic Steel COM 68162K106   261 5,000 SH   SOLE   5,000 0 0
Oracle Corp COM 68389X105   5,420 58,335 SH   SOLE   58,335 0 0
Organon & Co. COM 68622V106   1,477 62,798 SH   SOLE   62,798 0 0
Pfizer, Inc COM 717081103   3,759 92,135 SH   SOLE   92,135 0 0
Pure Cycle Corporation COM 746228303   165 17,500 SH   SOLE   17,500 0 0
Surface Oncology Inc. COM 86877M100   9 12,500 SH   SOLE   12,500 0 0
Texas Pacific Land Corporation COM 882610108   18,822 11,065 SH   SOLE   11,065 0 0
Timken Company COM 887389104   511 6,250 SH   SOLE   6,250 0 0
Viatris COM 92556V106   4,907 510,091 SH   SOLE   510,091 0 0
Bristol-Myers Squibb Contingen RTS 110122157   0 571,129 SH   SOLE   571,129 0 0
ABB Ltd ADR 000375204   4,317 125,862 SH   SOLE   125,862 0 0
Accelleron Industries AG ORD ADR H0029X106   1,187 50,000 SH   SOLE   50,000 0 0
Autoliv, Inc. ADR 052800109   6,704 71,803 SH   SOLE   71,803 0 0
Banco Latinoamericano de Expor ADR P16994132   7,285 419,144 SH   SOLE   419,144 0 0
Franco-Nevada Coporation ADR 351858105   8,231 56,457 SH   SOLE   56,457 0 0
Investor AB 'B' ORD W48102128   10,402 535,887 SH   SOLE   535,887 0 0
Nestle S.A. ADR 641069406   6,090 50,045 SH   SOLE   50,045 0 0
Novartis AG ADR 66987V109   390 4,240 SH   SOLE   4,240 0 0
Pershing Square Holdings ADR G7016V101   683 19,500 SH   SOLE   19,500 0 0
Pilot Corporation ORD J6378K106   4,245 131,050 SH   SOLE   131,050 0 0
SKF Aktiebolaget ADR 784375404   3,193 161,350 SH   SOLE   161,350 0 0
Shell plc ADR 780259305   3,646 63,365 SH   SOLE   63,365 0 0
Siemens AG ADR 826197501   5,768 71,251 SH   SOLE   71,251 0 0
Subaru Corporation ADR 86428V104   504 63,443 SH   SOLE   63,443 0 0
Triple Flag Precious Metals Co ADR 89679M104   346 23,150 SH   SOLE   23,150 0 0
Wheaton Precious Metals Corp ADR 962879102   4,510 93,638 SH   SOLE   93,638 0 0
Citigroup Cap XIII Tr Pfd PFD 173080201   5,479 191,980 SH   SOLE   191,980 0 0