SCHEDULE 13G/A 0001398344-24-002892 0001238990 XXXXXXXX LIVE 1 Common Stock 03/31/2025 0000315131 PHX MINERALS INC. 69291A100 1601 Northwest Expressway Valliance Bank Tower, Suite 1100 Oklahoma City OK 73118 Rule 13d-1(b) Punch & Associates Investment Management, Inc. MN 1582234.00 0.00 1582234.00 0.00 1582234.00 N 4.2 IA PHX MINERALS INC. 1601 Northwest Expressway, Valliance Bank Tower, Suite 1100, Oklahoma City, OK 73118 Punch & Associates Investment Management, Inc. 7701 France Ave. So., Suite 300 Edina, MN 55435 Minnesota N IA 1582234 4.2 1582234 0 1582234 0 N Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Punch & Associates Investment Management, Inc. /s/ Howard D. Punch, Jr. 04/07/2025