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   1,212 8,254 SH   SOLE   8,254 0 0
AZZ Incorporated COM 002474104   343 4,100 SH   SOLE   4,100 0 0
AbbVie Inc. COM 00287Y109   7,205 34,390 SH   SOLE   34,390 0 0
Allstate Corporation COM 020002101   466 2,250 SH   SOLE   2,250 0 0
Alphabet Cl C COM 02079K305   384 2,460 SH   SOLE   2,460 0 0
Amazon.com COM 023135106   1,082 5,685 SH   SOLE   5,685 0 0
Apple Inc. COM 037833100   566 2,550 SH   SOLE   2,550 0 0
AutoZone, Inc. COM 053332102   1,582 415 SH   SOLE   415 0 0
Berkshire Hathaway COM 084670108   6,388 8 SH   SOLE   8 0 0
Berkshire Hathaway Cl B COM 084670702   8,798 16,520 SH   SOLE   16,520 0 0
Bristol-Myers Squibb Company COM 110122108   297 4,875 SH   SOLE   4,875 0 0
Caterpillar COM 149123101   322 975 SH   SOLE   975 0 0
Cheniere Energy, Inc. COM 16411R208   7,883 34,065 SH   SOLE   34,065 0 0
Chevron Corp COM 166764100   364 2,175 SH   SOLE   2,175 0 0
Chord Energy Corp COM 674215207   5,291 46,935 SH   SOLE   46,935 0 0
Columbia Sportswear COM 198516106   265 3,500 SH   SOLE   3,500 0 0
ConocoPhillips Company COM 718507BK1   5,850 55,700 SH   SOLE   55,700 0 0
Costco Wholesale COM 22160K105   312 330 SH   SOLE   330 0 0
Coterra Energy Inc. COM 127097103   5,854 202,545 SH   SOLE   202,545 0 0
Diamondback Energy Inc COM 25278X109   4,222 26,405 SH   SOLE   26,405 0 0
Dollar General Corporation COM 256677105   9,817 111,650 SH   SOLE   111,650 0 0
EOG Resources, Inc. COM 26875P101   5,084 39,645 SH   SOLE   39,645 0 0
FRMO Corporation COM 30262F205   829 100,821 SH   SOLE   100,821 0 0
International Business Machine COM 459200101   13,691 55,058 SH   SOLE   55,058 0 0
Johnson & Johnson COM 478160104   8,701 52,465 SH   SOLE   52,465 0 0
Keweenaw Land Association COM 493026108   389 10,792 SH   SOLE   10,792 0 0
Merck & Co. COM 58933Y105   662 7,375 SH   SOLE   7,375 0 0
Mesabi Trust Ctfs COM 590672101   10,964 403,075 SH   SOLE   403,075 0 0
Mettler-Toledo Int'l Inc. COM 592688105   1,659 1,405 SH   SOLE   1,405 0 0
Mexco Energy COM 592770101   91 12,044 SH   SOLE   12,044 0 0
Microsoft Corp COM 594918104   291 775 SH   SOLE   775 0 0
Oracle Corp COM 68389X105   3,692 26,410 SH   SOLE   26,410 0 0
Organon & Co. COM 68622V106   7,265 487,925 SH   SOLE   487,925 0 0
Pfizer, Inc COM 717081103   4,108 162,130 SH   SOLE   162,130 0 0
Texas Pacific Land Corporation COM 882610108   31,406 23,703 SH   SOLE   23,703 0 0
Timken Company COM 887389104   278 3,875 SH   SOLE   3,875 0 0
Viatris COM 92556V106   219 25,120 SH   SOLE   25,120 0 0
YUM Brands Inc COM 988498101   209 1,325 SH   SOLE   1,325 0 0
Bristol-Myers Squibb Contingen RTS 110122157   0 552,539 SH   SOLE   552,539 0 0
Surface Oncology Inc. RTS 868cvr010   21 20,000 SH   SOLE   20,000 0 0
ABB Ltd ADR 000375204   7,131 136,760 SH   SOLE   136,760 0 0
Accelleron Industries AG ORD ADR H0029X106   2,696 53,915 SH   SOLE   53,915 0 0
Autoliv, Inc. ADR 052800109   8,461 95,655 SH   SOLE   95,655 0 0
Banco Latinoamericano de Expor ADR P16994132   13,680 373,761 SH   SOLE   373,761 0 0
Franco-Nevada Coporation ADR 351858105   8,919 56,607 SH   SOLE   56,607 0 0
Investor AB 'B' ORD W48102128   15,445 507,219 SH   SOLE   507,219 0 0
Nestle S.A. ADR 641069406   7,296 72,120 SH   SOLE   72,120 0 0
Novartis AG ADR 66987V109   498 4,465 SH   SOLE   4,465 0 0
Pershing Square Holdings ADR G7016V101   906 18,500 SH   SOLE   18,500 0 0
Pilot Corporation ORD J6378K106   4,236 152,266 SH   SOLE   152,266 0 0
SKF Aktiebolaget ADR 784375404   3,945 195,225 SH   SOLE   195,225 0 0
Shell plc ADR 780259305   4,532 61,851 SH   SOLE   61,851 0 0
Siemens AG ADR 826197501   9,137 79,190 SH   SOLE   79,190 0 0
Subaru Corporation ADR 86428V104   5,218 585,601 SH   SOLE   585,601 0 0
Triple Flag Precious Metals Co ADR 89679M104   228 11,925 SH   SOLE   11,925 0 0
Wheaton Precious Metals Corp ADR 962879102   7,948 102,593 SH   SOLE   102,593 0 0
Citigroup Cap XIII Tr Pfd PFD 173080201   8,936 299,260 SH   SOLE   299,260 0 0