HALLADOR ENERGY COMPANY

Ticker: HNRG CUSIP: 40609P105 Class: Common Stock

MAI Capital Management's Holding History (CIK: 0001040197)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 4 Value ($000) $0 Avg Close $20.26 Range $17.23 - $24.70

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	4	$0	$20.26	$17.23 - $24.70