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   1,080 9,879 SH   SOLE   9,879 0 0
AZZ Incorporated COM 002474104   238 4,100 SH   SOLE   4,100 0 0
AbbVie Inc. COM 00287Y109   8,332 53,763 SH   SOLE   53,763 0 0
Allstate Corporation COM 020002101   315 2,250 SH   SOLE   2,250 0 0
Alphabet Cl C COM 02079K305   349 2,475 SH   SOLE   2,475 0 0
Amazon.com COM 023135106   852 5,610 SH   SOLE   5,610 0 0
Apple Inc. COM 037833100   501 2,600 SH   SOLE   2,600 0 0
AutoZone, Inc. COM 053332102   959 371 SH   SOLE   371 0 0
Berkshire Hathaway COM 084670108   4,884 9 SH   SOLE   9 0 0
Berkshire Hathaway Cl B COM 084670702   5,988 16,790 SH   SOLE   16,790 0 0
Bristol-Myers Squibb Company COM 110122108   1,483 28,906 SH   SOLE   28,906 0 0
Caterpillar COM 149123101   310 1,050 SH   SOLE   1,050 0 0
Cheniere Energy, Inc. COM 16411R208   6,367 37,295 SH   SOLE   37,295 0 0
Chevron Corp COM 166764100   270 1,810 SH   SOLE   1,810 0 0
Columbia Sportswear COM 198516106   290 3,650 SH   SOLE   3,650 0 0
ConocoPhillips Company COM 718507BK1   7,677 66,145 SH   SOLE   66,145 0 0
Costco Wholesale COM 22160K105   215 325 SH   SOLE   325 0 0
Coterra Energy Inc. COM 127097103   6,607 258,879 SH   SOLE   258,879 0 0
Diamondback Energy Inc COM 25278X109   1,670 10,770 SH   SOLE   10,770 0 0
EOG Resources, Inc. COM 26875P101   5,106 42,215 SH   SOLE   42,215 0 0
FRMO Corporation COM 30262F205   513 79,939 SH   SOLE   79,939 0 0
Helmerich & Payne Inc. COM 423452101   615 16,975 SH   SOLE   16,975 0 0
Intel Corp COM 458140100   6,896 137,240 SH   SOLE   137,240 0 0
International Business Machine COM 459200101   10,319 63,092 SH   SOLE   63,092 0 0
Johnson & Johnson COM 478160104   7,859 50,143 SH   SOLE   50,143 0 0
Keweenaw Land Association COM 493026108   307 13,348 SH   SOLE   13,348 0 0
Kinder Morgan, Inc. COM 49456B101   2,275 128,967 SH   SOLE   128,967 0 0
Merck & Co. COM 58933Y105   4,461 40,919 SH   SOLE   40,919 0 0
Mesabi Trust Ctfs COM 590672101   9,286 453,632 SH   SOLE   453,632 0 0
Microsoft Corp COM 594918104   291 775 SH   SOLE   775 0 0
Olympic Steel COM 68162K106   333 5,000 SH   SOLE   5,000 0 0
Oracle Corp COM 68389X105   4,718 44,752 SH   SOLE   44,752 0 0
Organon & Co. COM 68622V106   2,523 174,970 SH   SOLE   174,970 0 0
Pfizer, Inc COM 717081103   3,618 125,661 SH   SOLE   125,661 0 0
Texas Pacific Land Corporation COM 882610108   17,221 10,952 SH   SOLE   10,952 0 0
Timken Company COM 887389104   501 6,250 SH   SOLE   6,250 0 0
Viatris COM 92556V106   6,517 601,714 SH   SOLE   601,714 0 0
Bristol-Myers Squibb Contingen RTS 110122157   0 560,789 SH   SOLE   560,789 0 0
Surface Oncology Inc. RTS 868cvr010   21 20,000 SH   SOLE   20,000 0 0
ABB Ltd ADR 000375204   6,182 139,500 SH   SOLE   139,500 0 0
Accelleron Industries AG ORD ADR H0029X106   1,437 50,000 SH   SOLE   50,000 0 0
Autoliv, Inc. ADR 052800109   7,821 70,975 SH   SOLE   70,975 0 0
Banco Latinoamericano de Expor ADR P16994132   9,780 395,324 SH   SOLE   395,324 0 0
Franco-Nevada Coporation ADR 351858105   6,276 56,639 SH   SOLE   56,639 0 0
Investor AB 'B' ORD W48102128   12,087 525,731 SH   SOLE   525,731 0 0
Nestle S.A. ADR 641069406   6,032 52,170 SH   SOLE   52,170 0 0
Novartis AG ADR 66987V109   428 4,240 SH   SOLE   4,240 0 0
Pershing Square Holdings ADR G7016V101   911 19,500 SH   SOLE   19,500 0 0
Pilot Corporation ORD J6378K106   3,920 131,616 SH   SOLE   131,616 0 0
SKF Aktiebolaget ADR 784375404   4,021 200,652 SH   SOLE   200,652 0 0
Sandoz Gp AG ADR 799926100   427 13,293 SH   SOLE   13,293 0 0
Shell plc ADR 780259305   4,116 62,551 SH   SOLE   62,551 0 0
Siemens AG ADR 826197501   7,381 78,906 SH   SOLE   78,906 0 0
Subaru Corporation ADR 86428V104   667 72,693 SH   SOLE   72,693 0 0
Triple Flag Precious Metals Co ADR 89679M104   386 28,975 SH   SOLE   28,975 0 0
Wheaton Precious Metals Corp ADR 962879102   4,608 93,388 SH   SOLE   93,388 0 0
Citigroup Cap XIII Tr Pfd PFD 173080201   6,478 226,963 SH   SOLE   226,963 0 0