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   985 9,845 SH   SOLE   9,845 0 0
AbbVie Inc. COM 00287Y109   7,304 54,210 SH   SOLE   54,210 0 0
Allstate Corporation COM 020002101   245 2,250 SH   SOLE   2,250 0 0
Alphabet Cl C COM 02079K305   257 2,125 SH   SOLE   2,125 0 0
Amazon.com COM 023135106   715 5,485 SH   SOLE   5,485 0 0
Apple Inc. COM 037833100   543 2,800 SH   SOLE   2,800 0 0
AutoZone, Inc. COM 053332102   646 259 SH   SOLE   259 0 0
Berkshire Hathaway COM 084670108   4,660 9 SH   SOLE   9 0 0
Berkshire Hathaway Cl B COM 084670702   5,863 17,194 SH   SOLE   17,194 0 0
Bristol-Myers Squibb Company COM 110122108   3,755 58,710 SH   SOLE   58,710 0 0
Caterpillar COM 149123101   258 1,050 SH   SOLE   1,050 0 0
Cheniere Energy, Inc. COM 16411R208   5,705 37,445 SH   SOLE   37,445 0 0
Columbia Sportswear COM 198516106   282 3,650 SH   SOLE   3,650 0 0
ConocoPhillips Company COM 718507BK1   7,027 67,820 SH   SOLE   67,820 0 0
Coterra Energy Inc. COM 127097103   6,599 260,847 SH   SOLE   260,847 0 0
Diamondback Energy Inc COM 25278X109   1,195 9,100 SH   SOLE   9,100 0 0
EOG Resources, Inc. COM 26875P101   4,988 43,590 SH   SOLE   43,590 0 0
FRMO Corporation COM 30262F205   522 70,519 SH   SOLE   70,519 0 0
Helmerich & Payne Inc. COM 423452101   950 26,800 SH   SOLE   26,800 0 0
Intel Corp COM 458140100   4,638 138,702 SH   SOLE   138,702 0 0
International Business Machine COM 459200101   8,137 60,813 SH   SOLE   60,813 0 0
Johnson & Johnson COM 478160104   8,083 48,833 SH   SOLE   48,833 0 0
Keweenaw Land Association COM 493026108   284 13,348 SH   SOLE   13,348 0 0
Kinder Morgan, Inc. COM 49456B101   2,795 162,300 SH   SOLE   162,300 0 0
Merck & Co. COM 58933Y105   4,813 41,707 SH   SOLE   41,707 0 0
Mesabi Trust Ctfs COM 590672101   8,926 437,319 SH   SOLE   437,319 0 0
Microsoft Corp COM 594918104   264 775 SH   SOLE   775 0 0
Olympic Steel COM 68162K106   245 5,000 SH   SOLE   5,000 0 0
Oracle Corp COM 68389X105   5,268 44,235 SH   SOLE   44,235 0 0
Organon & Co. COM 68622V106   1,081 51,933 SH   SOLE   51,933 0 0
Pfizer, Inc COM 717081103   3,360 91,600 SH   SOLE   91,600 0 0
Surface Oncology Inc. COM 86877M100   15 17,500 SH   SOLE   17,500 0 0
Texas Pacific Land Corporation COM 882610108   14,926 11,338 SH   SOLE   11,338 0 0
Timken Company COM 887389104   572 6,250 SH   SOLE   6,250 0 0
Viatris COM 92556V106   5,664 567,579 SH   SOLE   567,579 0 0
Bristol-Myers Squibb Contingen RTS 110122157   0 571,129 SH   SOLE   571,129 0 0
ABB Ltd ADR 000375204   5,165 131,357 SH   SOLE   131,357 0 0
Accelleron Industries AG ORD ADR H0029X106   1,196 50,000 SH   SOLE   50,000 0 0
Autoliv, Inc. ADR 052800109   6,090 71,609 SH   SOLE   71,609 0 0
Banco Latinoamericano de Expor ADR P16994132   9,375 424,969 SH   SOLE   424,969 0 0
Franco-Nevada Coporation ADR 351858105   7,912 55,482 SH   SOLE   55,482 0 0
Investor AB 'B' ORD W48102128   10,446 533,777 SH   SOLE   533,777 0 0
Nestle S.A. ADR 641069406   6,017 49,995 SH   SOLE   49,995 0 0
Novartis AG ADR 66987V109   428 4,240 SH   SOLE   4,240 0 0
Pershing Square Holdings ADR G7016V101   703 19,500 SH   SOLE   19,500 0 0
Pilot Corporation ORD J6378K106   4,167 132,050 SH   SOLE   132,050 0 0
SKF Aktiebolaget ADR 784375404   2,978 171,125 SH   SOLE   171,125 0 0
Shell plc ADR 780259305   3,790 62,765 SH   SOLE   62,765 0 0
Siemens AG ADR 826197501   5,989 71,801 SH   SOLE   71,801 0 0
Subaru Corporation ADR 86428V104   593 63,443 SH   SOLE   63,443 0 0
Triple Flag Precious Metals Co ADR 89679M104   457 33,150 SH   SOLE   33,150 0 0
Wheaton Precious Metals Corp ADR 962879102   4,064 94,020 SH   SOLE   94,020 0 0
Citigroup Cap XIII Tr Pfd PFD 173080201   5,909 207,636 SH   SOLE   207,636 0 0