SEMPER AUGUSTUS INVESTMENTS GROUP LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DECK	DECKERS OUTDOOR CORP	639,698 (+70.7%)	$66,317 (+74.5%)	7.6%	$103.26	-9.2%	COM	243537107
DLTR	DOLLAR TREE INC	512,660 (+1.5%)	$63,062 (+32.3%)	7.3%	$84.86	+26.3%	COM	256746108
ALK	ALASKA AIR GROUP INC	409,282 (+8.1%)	$20,587 (+9.2%)	2.4%	$48.29	-4.3%	COM	011659109
GLDM	WORLD GOLD TR	23,979 (+20.7%)	$2,047 (+34.8%)	0.2%	$61.92	—	SPDR GLD MINIS	98149E303
EQNR	EQUINOR ASA	598,385 (+4.3%)	$14,140 (+1.1%)	1.6%	$24.38	—	SPONSORED ADR	29446M102
SBUX	STARBUCKS CORP	241,470 (+1.0%)	$20,334 (+0.6%)	2.3%	$70.53	+19.2%	COM	855244109

Exited Positions (1)

PSX PHILLIPS 66 0.0%

Value ($000) $200 Shares 1,472 Est. Cost $126.39 Unrealized +6.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PSX	PHILLIPS 66	1,472	$200	0.0%	$126.39	+6.0%	—	718546104

Decreased Positions (8)

NEM NEWMONT CORP 7.6%

Value ($000) $66,224 (+15.8%) Shares 663,239 (-2.2%) Est. Cost $34.76 Unrealized +159.5%

KGC KINROSS GOLD CORP 6.8%

Value ($000) $59,500 (-7.5%) Shares 2,112,933 (-18.4%) Est. Cost $5.28 Unrealized +392.5%

FIVE FIVE BELOW INC 5.7%

Value ($000) $49,959 (+4.7%) Shares 265,234 (-14.0%) Est. Cost $105.45 Unrealized +54.2%

GEV GE VERNOVA INC 0.1%

Value ($000) $1,303 (-38.3%) Shares 1,994 (-42.0%) Est. Cost $158.10 Unrealized +285.2%

SGOV ISHARES TR 0.0%

Value ($000) $355 (-36.6%) Shares 3,541 (-36.4%) Est. Cost $100.67 Unrealized —

SMHI SEACOR MARINE HLDGS INC 0.1%

Value ($000) $1,253 (-8.7%) Shares 208,175 (-1.6%) Est. Cost $15.11 Unrealized -56.3%

AXP AMERICAN EXPRESS CO 0.1%

Value ($000) $1,273 (-6.7%) Shares 3,441 (-16.2%) Est. Cost $69.25 Unrealized +415.5%

FLEX FLEX LTD 0.0%

Value ($000) $271 (-8.2%) Shares 4,485 (-11.9%) Est. Cost $38.97 Unrealized +58.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NEM	NEWMONT CORP	663,239 (-2.2%)	$66,224 (+15.8%)	7.6%	$34.76	+159.5%	COM	651639106
KGC	KINROSS GOLD CORP	2,112,933 (-18.4%)	$59,500 (-7.5%)	6.8%	$5.28	+392.5%	COM	496902404
FIVE	FIVE BELOW INC	265,234 (-14.0%)	$49,959 (+4.7%)	5.7%	$105.45	+54.2%	COM	33829M101
GEV	GE VERNOVA INC	1,994 (-42.0%)	$1,303 (-38.3%)	0.1%	$158.10	+285.2%	COM	36828A101
SGOV	ISHARES TR	3,541 (-36.4%)	$355 (-36.6%)	0.0%	$100.67	—	0-3 MNTH TREASRY	46436E718
SMHI	SEACOR MARINE HLDGS INC	208,175 (-1.6%)	$1,253 (-8.7%)	0.1%	$15.11	-56.3%	COM	78413P101
AXP	AMERICAN EXPRESS CO	3,441 (-16.2%)	$1,273 (-6.7%)	0.1%	$69.25	+415.5%	COM	025816109
FLEX	FLEX LTD	4,485 (-11.9%)	$271 (-8.2%)	0.0%	$38.97	+58.5%	ORD	Y2573F102

Unchanged Positions (23)

DG DOLLAR GEN CORP NEW 14.1%

Value ($000) $122,939 Shares 925,955 Est. Cost $113.05 Unrealized -1.4%

OLN OLIN CORP 4.7%

Value ($000) $40,482 Shares 1,943,440 Est. Cost $22.26 Unrealized -3.7%

PSKY PARAMOUNT SKYDANCE CORP 1.0%

Value ($000) $8,831 Shares 659,061 Est. Cost $14.51 Unrealized +7.3%

CMI CUMMINS INC 2.3%

Value ($000) $20,303 Shares 39,774 Est. Cost $138.91 Unrealized +235.7%

DINO HF SINCLAIR CORP 1.9%

Value ($000) $16,521 Shares 358,527 Est. Cost $37.75 Unrealized +35.9%

VLO VALERO ENERGY CORP 3.7%

Value ($000) $32,340 Shares 198,658 Est. Cost $118.46 Unrealized +42.5%

MRK MERCK & CO INC 0.5%

Value ($000) $4,678 Shares 44,443 Est. Cost $31.24 Unrealized +198.5%

BRK/B BERKSHIRE HATHAWAY INC DEL 14.4%

Value ($000) $125,266 Shares 249,211 Est. Cost $173.46 Unrealized +186.8%

XOM EXXON MOBIL CORP 0.8%

Value ($000) $6,926 Shares 57,556 Est. Cost $51.76 Unrealized +123.1%

COST COSTCO WHSL CORP NEW 0.3%

Value ($000) $2,972 Shares 3,447 Est. Cost $126.60 Unrealized +615.4%

TRV TRAVELERS COMPANIES INC 0.6%

Value ($000) $5,540 Shares 19,100 Est. Cost $63.44 Unrealized +342.3%

NXPI NXP SEMICONDUCTORS N V 0.3%

Value ($000) $2,886 Shares 13,298 Est. Cost $114.83 Unrealized +86.1%

PHYS SPROTT ASSET MANAGEMENT LP 0.1%

Value ($000) $788 Shares 23,869 Est. Cost $18.06 Unrealized —

DIS DISNEY WALT CO 1.9%

Value ($000) $16,586 Shares 145,782 Est. Cost $99.27 Unrealized +10.3%

AAPL APPLE INC 0.1%

Value ($000) $1,126 Shares 4,140 Est. Cost $176.96 Unrealized +51.6%

BRK/A BERKSHIRE HATHAWAY INC DEL 10.1%

Value ($000) $87,557 Shares 116 Est. Cost $288798.56 Unrealized +158.5%

GE GE AEROSPACE 0.3%

Value ($000) $2,881 Shares 9,352 Est. Cost $62.95 Unrealized +377.8%

KO COCA COLA CO 0.1%

Value ($000) $1,072 Shares 15,328 Est. Cost $29.45 Unrealized +135.7%

SYF SYNCHRONY FINANCIAL 0.0%

Value ($000) $370 Shares 4,437 Est. Cost $42.14 Unrealized +81.1%

GEHC GE HEALTHCARE TECHNOLOGIES I 0.0%

Value ($000) $376 Shares 4,581 Est. Cost $71.08 Unrealized +9.6%

OVV OVINTIV INC 0.1%

Value ($000) $646 Shares 16,487 Est. Cost $45.63 Unrealized -15.0%

CVX CHEVRON CORP NEW 0.1%

Value ($000) $974 Shares 6,389 Est. Cost $114.65 Unrealized +32.1%

SHEL SHELL PLC 0.0%

Value ($000) $365 Shares 4,968 Est. Cost $56.61 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DG	DOLLAR GEN CORP NEW	925,955	$122,939	14.1%	$113.05	-1.4%	COM	256677105
OLN	OLIN CORP	1,943,440	$40,482	4.7%	$22.26	-3.7%	COM PAR $1	680665205
PSKY	PARAMOUNT SKYDANCE CORP	659,061	$8,831	1.0%	$14.51	+7.3%	COM CL B	69932A204
CMI	CUMMINS INC	39,774	$20,303	2.3%	$138.91	+235.7%	COM	231021106
DINO	HF SINCLAIR CORP	358,527	$16,521	1.9%	$37.75	+35.9%	COM	403949100
VLO	VALERO ENERGY CORP	198,658	$32,340	3.7%	$118.46	+42.5%	COM	91913Y100
MRK	MERCK & CO INC	44,443	$4,678	0.5%	$31.24	+198.5%	COM	58933Y105
BRK/B	BERKSHIRE HATHAWAY INC DEL	249,211	$125,266	14.4%	$173.46	+186.8%	CL B NEW	084670702
XOM	EXXON MOBIL CORP	57,556	$6,926	0.8%	$51.76	+123.1%	COM	30231G102
COST	COSTCO WHSL CORP NEW	3,447	$2,972	0.3%	$126.60	+615.4%	COM	22160K105
TRV	TRAVELERS COMPANIES INC	19,100	$5,540	0.6%	$63.44	+342.3%	COM	89417E109
NXPI	NXP SEMICONDUCTORS N V	13,298	$2,886	0.3%	$114.83	+86.1%	COM	N6596X109
PHYS	SPROTT ASSET MANAGEMENT LP	23,869	$788	0.1%	$18.06	—	PHYSICAL GOLD TR	85207H104
DIS	DISNEY WALT CO	145,782	$16,586	1.9%	$99.27	+10.3%	COM	254687106
AAPL	APPLE INC	4,140	$1,126	0.1%	$176.96	+51.6%	COM	037833100
BRK/A	BERKSHIRE HATHAWAY INC DEL	116	$87,557	10.1%	$288798.56	+158.5%	CL A	084670108
GE	GE AEROSPACE	9,352	$2,881	0.3%	$62.95	+377.8%	COM NEW	369604301
KO	COCA COLA CO	15,328	$1,072	0.1%	$29.45	+135.7%	COM	191216100
SYF	SYNCHRONY FINANCIAL	4,437	$370	0.0%	$42.14	+81.1%	COM	87165B103
GEHC	GE HEALTHCARE TECHNOLOGIES I	4,581	$376	0.0%	$71.08	+9.6%	COMMON STOCK	36266G107
OVV	OVINTIV INC	16,487	$646	0.1%	$45.63	-15.0%	COM	69047Q102
CVX	CHEVRON CORP NEW	6,389	$974	0.1%	$114.65	+32.1%	COM	166764100
SHEL	SHELL PLC	4,968	$365	0.0%	$56.61	—	SPON ADS	780259305