SCHEDULE 13G/A 0001104659-23-018551 0001140753 XXXXXXXX LIVE 4 Common Stock 09/30/2025 0000788965 Hallador Energy Co 40609P105 1183 East Canvasback Drive Terre Haute IN 47802 Rule 13d-1(b) Aegis Financial Corporation b DE 0.00 2010994.00 0.00 2010994.00 2010994.00 N 4.7 IA Scott L. Barbee b X1 0.00 2010994.00 0.00 2010994.00 2010994.00 N 4.7 IN Hallador Energy Co 1183 East Canvasback Drive Terre Haute, IN, 47802 (i) Aegis Financial Corporation ("AFC") (ii) Scott L. Barbee ("Barbee") 6862 Elm Street, Suite 830, McLean, Virginia 22101 (i) AFC: Delaware (ii) Barbee: United States N IA 2,010,994 shares may be deemed beneficially owned within the meaning of Rule 13d-3 of the Act by (1) Aegis Financial Corporation by virtue of its investment discretion and/or voting authority granted by certain clients; and (2) Scott L. Barbee by virtue of his control of Aegis Financial Corporation Mr. Barbee disclaims beneficial ownership of any shares reported on the Schedule. 4.7% 0 2,010,994 0 2,010,994 N Y N The clients of Aegis Financial Corporation, a registered investment adviser, including one investment company registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends and proceeds from the sale of shares included on this Schedule. To the best of Aegis Financial Corporation's knowledge, no single account owns more than 5% of the outstanding stock. 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. Aegis Financial Corporation /s/ Justin P. Harrison 11/12/2025 Scott L. Barbee /s/ Scott L. Barbee 11/12/2025 JOINT FILING AGREEMENT AMONG AEGIS FINANCIAL CORPORATION, AND SCOTT L. BARBEE WHEREAS, in accordance with Rule 13d-1(k) under the Securities and Exchange Act of 1934 (the "Act"), only one joint statement and any amendments thereto need to be filed whenever one or more persons are required to to file such a statement or any amendments thereto pursuant to Section 13(d) of the Act with respect to the same securities, provided that said persons agree in writing that such statement or amendments thereto is filed on behalf of each of them; NOW, THEREFORE, the parties hereto agree as follows: Aegis Financial Corporation, AND SCOTT L. BARBEE hereby agree, in accordance with Rule 13d-1(k) under the Act, to file a statement on Schedule 13G relating to their ownership of Common Stock of the Issuer and do hereby further agree that said statement shall be filed on behalf of each of them.