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   878 5,655 SH   SOLE   5,655 0 0
AZZ Incorporated COM 002474104   447 4,100 SH   SOLE   4,100 0 0
AbbVie Inc. COM 00287Y109   7,045 30,425 SH   SOLE   30,425 0 0
Allstate Corporation COM 020002101   483 2,250 SH   SOLE   2,250 0 0
Alphabet Cl C COM 02079K305   1,096 4,500 SH   SOLE   4,500 0 0
Amazon.com COM 023135106   1,242 5,655 SH   SOLE   5,655 0 0
Apple Inc. COM 037833100   649 2,550 SH   SOLE   2,550 0 0
AutoZone, Inc. COM 053332102   1,137 265 SH   SOLE   265 0 0
Berkshire Hathaway COM 084670108   5,279 7 SH   SOLE   7 0 0
Berkshire Hathaway Cl B COM 084670702   8,550 17,006 SH   SOLE   17,006 0 0
Builders FirstSource Inc COM 12008R107   513 4,235 SH   SOLE   4,235 0 0
Caterpillar COM 149123101   286 600 SH   SOLE   600 0 0
Cheniere Energy, Inc. COM 16411R208   6,994 29,765 SH   SOLE   29,765 0 0
Chevron Corp COM 166764100   370 2,385 SH   SOLE   2,385 0 0
Chord Energy Corp COM 674215207   5,589 56,240 SH   SOLE   56,240 0 0
ConocoPhillips Company COM 718507BK1   4,938 52,205 SH   SOLE   52,205 0 0
Copart Inc COM 217204106   2,945 65,485 SH   SOLE   65,485 0 0
Coterra Energy Inc. COM 127097103   4,706 198,994 SH   SOLE   198,994 0 0
Diamondback Energy Inc COM 25278X109   4,717 32,960 SH   SOLE   32,960 0 0
Dollar General Corporation COM 256677105   12,686 122,750 SH   SOLE   122,750 0 0
EOG Resources, Inc. COM 26875P101   4,298 38,335 SH   SOLE   38,335 0 0
FRMO Corporation COM 30262F205   826 93,877 SH   SOLE   93,877 0 0
International Business Machine COM 459200101   14,099 49,968 SH   SOLE   49,968 0 0
Johnson & Johnson COM 478160104   9,241 49,840 SH   SOLE   49,840 0 0
Keweenaw Land Association COM 493026108   291 7,652 SH   SOLE   7,652 0 0
Merck & Co. COM 58933Y105   581 6,925 SH   SOLE   6,925 0 0
Mesabi Trust Ctfs COM 590672101   10,711 365,929 SH   SOLE   365,929 0 0
Mettler-Toledo Int'l Inc. COM 592688105   2,881 2,347 SH   SOLE   2,347 0 0
Mexco Energy COM 592770101   374 40,861 SH   SOLE   40,861 0 0
Microsoft Corp COM 594918104   414 800 SH   SOLE   800 0 0
Oracle Corp COM 68389X105   5,252 18,675 SH   SOLE   18,675 0 0
Organon & Co. COM 68622V106   6,950 650,790 SH   SOLE   650,790 0 0
Pfizer, Inc COM 717081103   886 34,770 SH   SOLE   34,770 0 0
Texas Pacific Land Corporation COM 882610108   21,099 22,599 SH   SOLE   22,599 0 0
Timken Company COM 887389104   291 3,875 SH   SOLE   3,875 0 0
Viatris COM 92556V106   298 30,070 SH   SOLE   30,070 0 0
Bristol-Myers Squibb Contingen RTS 110122157   0 522,789 SH   SOLE   522,789 0 0
Surface Oncology Inc. RTS 868cvr010   21 20,000 SH   SOLE   20,000 0 0
ABB Ltd ADR 000375204   9,322 129,565 SH   SOLE   129,565 0 0
Accelleron Industries AG ORD ADR H0029X106   4,332 49,513 SH   SOLE   49,513 0 0
Autoliv, Inc. ADR 052800109   11,263 91,200 SH   SOLE   91,200 0 0
Banco Latinoamericano de Expor ADR P16994132   14,015 304,870 SH   SOLE   304,870 0 0
Franco-Nevada Coporation ADR 351858105   11,754 52,732 SH   SOLE   52,732 0 0
Investor AB 'B' ORD W48102128   14,492 475,144 SH   SOLE   475,144 0 0
Nestle S.A. ADR 641069406   6,767 73,734 SH   SOLE   73,734 0 0
Novartis AG ADR 66987V109   571 4,450 SH   SOLE   4,450 0 0
Pershing Square Holdings ADR G7016V101   630 10,175 SH   SOLE   10,175 0 0
Pilot Corporation ORD J6378K106   4,890 149,451 SH   SOLE   149,451 0 0
SKF Aktiebolaget ADR 784375404   4,353 174,311 SH   SOLE   174,311 0 0
Shell plc ADR 780259305   4,185 58,501 SH   SOLE   58,501 0 0
Siemens AG ADR 826197501   9,991 74,000 SH   SOLE   74,000 0 0
Subaru Corporation ADR 86428V104   6,019 595,371 SH   SOLE   595,371 0 0
Triple Flag Precious Metals Co ADR 89679M104   315 10,750 SH   SOLE   10,750 0 0
Wheaton Precious Metals Corp ADR 962879102   10,428 93,243 SH   SOLE   93,243 0 0
Citigroup Cap XIII Tr Pfd PFD 173080201   8,869 293,980 SH   SOLE   293,980 0 0