AEGIS FINANCIAL CORP Long-Term Concentrated

Location: Mc Lean, VA

CIK: 0001140753 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 12, 2026

Total Value: $419M (100.0% shares, 0.0% debt)

Holdings (33)

EQX EQUINOX GOLD CORP 15.0%

Value $62.97M Shares 4,474,089 Est. Cost $4.87 Unrealized +158.9%

CVE CENOVUS ENERGY INC 13.9%

Value $58.44M Shares 3,454,121 Est. Cost $16.90 Unrealized +2.8%

PDS PRECISION DRILLING CORP 8.6%

Value $36.22M Shares 504,059 Est. Cost $56.91 Unrealized +7.9%

HNRG HALLADOR ENERGY COMPANY 8.2%

Value $34.54M Shares 1,814,026 Est. Cost $8.24 Unrealized +146.0%

NGS NATURAL GAS SVCS GROUP INC 5.4%

Value $22.58M Shares 671,112 Est. Cost $10.23 Unrealized +190.3%

ASIX ADVANSIX INC 5.0%

Value $20.93M Shares 1,209,629 Est. Cost $17.36 Unrealized 0.0%

MOS MOSAIC CO NEW 4.9%

Value $20.56M Shares 853,638 Est. Cost $26.75 Unrealized 0.0%

RYZ RYERSON HLDG CORP 4.2%

Value $17.8M Shares 707,390 Est. Cost $23.00 Unrealized 0.0%

PBF PBF ENERGY INC 4.0%

Value $16.82M Shares 620,289 Est. Cost $19.01 Unrealized +68.5%

GAU GALIANO GOLD INC 3.9%

Value $16.32M Shares 6,409,321 Est. Cost $1.40 Unrealized +76.4%

NOA NORTH AMERN CONSTR GROUP LTD 3.6%

Value $14.97M Shares 1,038,177 Est. Cost $14.50 Unrealized -1.9%

TDW TIDEWATER INC NEW 3.3%

Value $13.97M Shares 276,529 Est. Cost $47.23 Unrealized +11.8%

EGO ELDORADO GOLD CORP NEW 3.3%

Value $13.93M Shares 387,779 Est. Cost $7.12 Unrealized +320.6%

VET VERMILION ENERGY INC 2.6%

Value $11M Shares 1,320,492 Est. Cost $7.73 Unrealized +6.8%

RLJ RLJ LODGING TR 2.3%

Value $9.475M Shares 1,271,817 Est. Cost $7.45 Unrealized —

EFXT ENERFLEX LTD 2.0%

Value $8.509M Shares 551,151 Est. Cost $5.50 Unrealized +141.7%

BSET BASSETT FURNITURE INDS INC 2.0%

Value $8.399M Shares 501,119 Est. Cost $14.26 Unrealized +7.8%

ASTL ALGOMA STL GROUP INC 1.7%

Value $7.323M Shares 1,786,122 Est. Cost $6.49 Unrealized -38.6%

INBK FIRST INTERNET BANCORP 1.2%

Value $5.224M Shares 250,320 Est. Cost $20.11 Unrealized 0.0%

CLDT CHATHAM LODGING TR 1.1%

Value $4.621M Shares 678,530 Est. Cost $6.81 Unrealized —

ZEUS OLYMPIC STEEL INC 0.8%

Value $3.145M Shares 73,515 Est. Cost $35.69 Unrealized 0.0%

VLGEA VILLAGE SUPER MKT INC 0.5%

Value $1.973M Shares 55,733 Est. Cost $34.33 Unrealized 0.0%

WHG WESTWOOD HLDGS GROUP INC 0.4%

Value $1.72M Shares 99,926 Est. Cost $10.53 Unrealized +59.4%

IAUX I-80 GOLD CORP 0.4%

Value $1.66M Shares 1,126,349 Est. Cost $2.30 Unrealized -50.6%

HNNA HENNESSY ADVISORS INC 0.3%

Value $1.357M Shares 141,353 Est. Cost $7.13 Unrealized +38.8%

SLV ISHARES SILVER TR 0.3%

Value $1.14M Shares 17,698 Est. Cost $22.02 Unrealized —

ASC ARDMORE SHIPPING CORP 0.2%

Value $949K Shares 89,612 Est. Cost $7.85 Unrealized +51.4%

GFR GREENFIRE RES LTD NEW 0.2%

Value $853K Shares 179,131 Est. Cost $4.75 Unrealized 0.0%

MERC MERCER INTL INC 0.1%

Value $612K Shares 308,927 Est. Cost $7.06 Unrealized -70.2%

XPL SOLITARIO RESOURCES CORP 0.1%

Value $441K Shares 632,458 Est. Cost $0.39 Unrealized +69.3%

CEF SPROTT ASSET MANAGEMENT LP 0.1%

Value $342K Shares 7,474 Est. Cost $28.41 Unrealized —

GLD SPDR GOLD TR 0.1%

Value $328K Shares 828 Est. Cost $191.17 Unrealized —

DC DAKOTA GOLD CORP 0.0%

Value $170K Shares 30,000 Est. Cost $3.13 Unrealized +53.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EQX	EQUINOX GOLD CORP	4,474,089	$62.97M	15.0%	$4.87	+158.9%	COM	29446Y502
CVE	CENOVUS ENERGY INC	3,454,121	$58.44M	13.9%	$16.90	+2.8%	COM	15135U109
PDS	PRECISION DRILLING CORP	504,059	$36.22M	8.6%	$56.91	+7.9%	COM NEW	74022D407
HNRG	HALLADOR ENERGY COMPANY	1,814,026	$34.54M	8.2%	$8.24	+146.0%	COM	40609P105
NGS	NATURAL GAS SVCS GROUP INC	671,112	$22.58M	5.4%	$10.23	+190.3%	COM	63886Q109
ASIX	ADVANSIX INC	1,209,629	$20.93M	5.0%	$17.36	0.0%	COM	00773T101
MOS	MOSAIC CO NEW	853,638	$20.56M	4.9%	$26.75	0.0%	COM	61945C103
RYZ	RYERSON HLDG CORP	707,390	$17.8M	4.2%	$23.00	0.0%	COM	783754104
PBF	PBF ENERGY INC	620,289	$16.82M	4.0%	$19.01	+68.5%	CL A	69318G106
GAU	GALIANO GOLD INC	6,409,321	$16.32M	3.9%	$1.40	+76.4%	COM	36352H100
NOA	NORTH AMERN CONSTR GROUP LTD	1,038,177	$14.97M	3.6%	$14.50	-1.9%	COM	656811106
TDW	TIDEWATER INC NEW	276,529	$13.97M	3.3%	$47.23	+11.8%	COM	88642R109
EGO	ELDORADO GOLD CORP NEW	387,779	$13.93M	3.3%	$7.12	+320.6%	COM	284902509
VET	VERMILION ENERGY INC	1,320,492	$11M	2.6%	$7.73	+6.8%	COM	923725105
RLJ	RLJ LODGING TR	1,271,817	$9.475M	2.3%	$7.45	—	COM	74965L101
EFXT	ENERFLEX LTD	551,151	$8.509M	2.0%	$5.50	+141.7%	COM	29269R105
BSET	BASSETT FURNITURE INDS INC	501,119	$8.399M	2.0%	$14.26	+7.8%	COM	070203104
ASTL	ALGOMA STL GROUP INC	1,786,122	$7.323M	1.7%	$6.49	-38.6%	COM	015658107
INBK	FIRST INTERNET BANCORP	250,320	$5.224M	1.2%	$20.11	0.0%	COM	320557101
CLDT	CHATHAM LODGING TR	678,530	$4.621M	1.1%	$6.81	—	COM	16208T102
ZEUS	OLYMPIC STEEL INC	73,515	$3.145M	0.8%	$35.69	0.0%	COM	68162K106
VLGEA	VILLAGE SUPER MKT INC	55,733	$1.973M	0.5%	$34.33	0.0%	CL A NEW	927107409
WHG	WESTWOOD HLDGS GROUP INC	99,926	$1.72M	0.4%	$10.53	+59.4%	COM	961765104
IAUX	I-80 GOLD CORP	1,126,349	$1.66M	0.4%	$2.30	-50.6%	COM	44955L106
HNNA	HENNESSY ADVISORS INC	141,353	$1.357M	0.3%	$7.13	+38.8%	COM	425885100
SLV	ISHARES SILVER TR	17,698	$1.14M	0.3%	$22.02	—	ISHARES	46428Q109
ASC	ARDMORE SHIPPING CORP	89,612	$949K	0.2%	$7.85	+51.4%	COM	Y0207T100
GFR	GREENFIRE RES LTD NEW	179,131	$853K	0.2%	$4.75	0.0%	COM SHS	39525U107
MERC	MERCER INTL INC	308,927	$612K	0.1%	$7.06	-70.2%	COM	588056101
XPL	SOLITARIO RESOURCES CORP	632,458	$441K	0.1%	$0.39	+69.3%	COM	8342EP107
CEF	SPROTT ASSET MANAGEMENT LP	7,474	$342K	0.1%	$28.41	—	PHYSICAL GOLD AN	85208R101
GLD	SPDR GOLD TR	828	$328K	0.1%	$191.17	—	GOLD SHS	78463V107
DC	DAKOTA GOLD CORP	30,000	$170K	0.0%	$3.13	+53.6%	COM	46655E100