HALLADOR ENERGY COMPANY

Ticker: HNRG CUSIP: 40609P105 Class: Common Stock

Value Aligned Research Advisors, LLC's Holding History (CIK: 0001963565)

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

Q4 2025

Shares 320,759 Value ($000) $6,107 Avg Close $20.26 Range $17.23 - $24.70

Q3 2025

Shares 320,759 Value ($000) $6,277 Avg Close $17.18 Range $14.87 - $22.01

Q2 2025

Shares 28,182 Value ($000) $446 Avg Close $15.45 Range $9.25 - $19.71

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	320,759	$6,107	$20.26	$17.23 - $24.70
Q3 2025	320,759	$6,277	$17.18	$14.87 - $22.01
Q2 2025	28,182	$446	$15.45	$9.25 - $19.71