UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K Commission file number: 001-3473 HALLADOR ENERGY COMPANY (www.halladorenergy.com) "COAL KEEPS YOUR LIGHTS ON" "COAL KEEPS YOUR LIGHTS ON" Colorado 84-1014610 (State of incorporation) (IRS Employer Identification No.) 1183 East Canvasback Drive, Terre Haute, Indiana 47802 (Address of principal executive offices) (Zip Code) Issuer's telephone number: 812.299.2800 Securities registered pursuant to Section 12(b) of the Act: | Tit ...

Hallador Energy Company (NASDAQ:HNRG) Q3 2021 Earnings Conference Call November 9, 2021 2:00 PM ET Company Participants Becky Palumbo – Director-Investor Relations Larry Martin – Chief Financial Officer Brent Bilsland – President and Chief Executive Officer Conference Call Participants Dustin Shapir – CastleKnight Lucas Pipes – B. Riley FBR Andrew Lo – Hallmark Investment Corp John Moran – Robotti & Company Operator Good afternoon, and welcome to the Hallador Energy Company Third Quarter 2021 Earnings Call. ...

Financial Performance - Q3 2021 net income was $8.0 million, with adjusted EBITDA of $20.5 million, reflecting strong operational performance [80] - Operating cash flow for Q3 was $24.1 million, with bank debt reduced by $15.2 million, resulting in a leverage ratio of 2.29X [81] - Cash provided by operations for the nine months ended September 30, 2021, was $37.0 million, up from $34.1 million in the same period of 2020 [93] - The company's interest expense decreased by approximately $4.7 million in the first nine months of 2021 compared to 2020, primarily due to a reduction in non-cash expenses from interest rate swap agreements and a declining bank debt balance [99] - The effective tax rate for the nine months ended September 30, 2021, is estimated at ~31%, down from ~69% in 2020, influenced by statutory depletion differences [104] - The company reported a basic and diluted earnings per share of $0.26 for the third quarter of 2021, compared to a loss of $(0.15) in the fourth quarter of 2020 [103] Sales and Production - During Q3 2021, the company shipped 2.04 million tons, with an average sales price of $38.71 per ton, the lowest of the year [81] - The company expects to ship 1.6 million tons in Q4 2021 at an average price of $41.40 per ton, projecting a total of 6.2 million tons for the full year [81] - In the first nine months of 2021, the company sold 4,619,000 tons at an average price of $38.86 per ton, compared to 4,355,000 tons at $40.68 per ton in the same period of 2020, reflecting a decrease in average price due to contract mix changes [96] - For the third quarter of 2021, the company sold 2,042,000 tons at an average price of $38.71 per ton, down from 1,585,000 tons at $40.85 per ton in the third quarter of 2020, attributed to contract mix changes [101] Operating Costs - Production costs in Q3 2021 were $33.15 per ton, a $2.95 increase from Q2 2021, attributed to longer travel times and supply chain disruptions [81] - Operating costs for all coal mines averaged $31.17 per ton for the nine months ended September 30, 2021, up from $30.03 per ton in 2020, exceeding prior guidance of $29-$30 per ton [97] - The average cost per ton for Oaktown was $29.17 for the first nine months of 2021, compared to $28.59 in 2020, indicating rising operational costs [97] - The company expects operating costs associated with the idled Prosperity mine to be $0.3 million for the remainder of 2021, with prior costs of $0.8 million during the nine months ended September 30, 2021 [97] Market Outlook - The company anticipates higher average sales prices for 2022 compared to 2021, supported by strong coal demand [81] - The coal market shows signs of improvement, with significant increases in gas prices and coal export prices [88] Employee and Administrative Costs - General and administrative expenses increased by $0.5 million in the first nine months of 2021 compared to 2020, mainly due to additional legal fees for development projects, with an expected G&A of approximately $3.2 million for the remainder of 2021 [98] - The total number of employees and contractors at Sunrise Coal increased to 727 as of September 30, 2021, from 658 in the same period of 2020 [100] Coal Operating Margins - Operating margins from coal decreased by $10.8 million in the first nine months of 2021 compared to the same period in 2020, with margins at $7.70 per ton [93] Renewable Energy Development - The company plans to develop up to 1000 MW of renewable power, with 200 MW from solar and battery storage expected by 2025 [89]

Hallador Energy Company (NASDAQ:HNRG) Q2 2021 Results Conference Call August 10, 2021 2:00 PM ET Company Participants Becky Palumbo - Director, Investor Relations Larry Martin - Chief Financial Officer Brent Bilsland - President and Chief Executive Officer Conference Call Participants Matthew Key - B. Riley Securities Operator Good day, and welcome to the Hallador Energy Company Second Quarter 2021 Earnings Call. All participants will be in listen-only mode. [Operator Instructions]. After today’s presentati ...

Financial Performance - Q2 2021 net loss was $3.0 million, with adjusted EBITDA of $11.3 million [79] - Operating cash flow for Q2 was $9.9 million, with bank debt reduced by $5.9 million, resulting in a leverage ratio of 2.76X [80] - Cash provided by operations was $12.9 million for the six months ended June 30, 2021, down from $17.2 million in 2020 [91] - Operating margins from coal decreased by $3.9 million in the first six months of 2021 compared to the same period in 2020, with margins at $9.39 per ton [91] - Interest expense decreased by approximately $4.5 million in the first half of 2021, attributed to a reduction in non-cash expenses from interest rate swaps and a declining bank debt balance [98] - The effective tax rate for the first half of 2021 was estimated at ~25%, down from ~45% in the same period of 2020, due to the use of a discrete period method for tax calculations [104] Production and Shipments - Shipments improved to a 5.6 million ton annualized pace in Q2 2021, with expectations of ~7.0 million tons in the last half of 2021 [80] - In the first six months of 2021, the company sold 2,577,000 tons at an average price of $38.99 per ton, compared to 2,770,000 tons at $40.58 per ton in the same period of 2020, reflecting a decrease in average price per ton due to contract mix changes [94] - In Q2 2021, the company sold 1,403,000 tons at an average price of $38.92 per ton, compared to 1,244,000 tons at $40.57 per ton in Q2 2020, indicating a continued decrease in average price per ton [100] - Contracted tons for Q3-Q4 2021 are 3.6 million at $39.00 per ton, and for 2022, 5.1 million at $39.25 per ton [83] Costs and Expenditures - Q2 production costs were $30.20 per ton, a $1.32 increase from Q1 2021 and a $1.26 increase from Q2 2020 [80] - Operating costs for all coal mines averaged $29.60 per ton in the first half of 2021, down from $30.45 per ton in 2020, and are expected to remain within the guidance of $29-$30 per ton for the remainder of 2021 [95] - Operating costs for Q2 2021 averaged $30.20 per ton, slightly above the prior guidance of $29-$30 per ton, but expected to fall below $30 for the remainder of the year [101] - Capital expenditures for the first six months of 2021 totaled $10.8 million, with $6.0 million allocated for maintenance capex [92] Revenue and Other Income - Other revenues increased by $0.9 million in the first six months of 2021, primarily due to storage income and scrap sales [96] - Coal export prices have increased, with API 4 (Asia) prices rising to ~$130/tonne by August 2, 2021 [85] Workforce and Employment - The company employed 716 individuals and contractors as of June 30, 2021, an increase from 677 in the same period of 2020 [99] Strategic Initiatives - The company plans to develop up to 1000 MW of renewable power in partnership with Hoosier Energy, with 200 MW expected from solar and battery storage by 2025 [87] Accounting Estimates - The company identified critical accounting estimates related to coal reserves, interest rate swaps, and inventory valuation, which could significantly impact financial results if materially misstated [107]

Hallador Energy Company (NASDAQ:HNRG) Q1 2021 Earnings Conference Call May 4, 2021 2:00 PM ET Company Participants Becky Palumbo - Director, Investor Relations Larry Martin - Chief Financial Officer Brent Bilsland - President and Chief Executive Officer Conference Call Participants Lucas Pipes - B. Riley Securities Rob Lietzow - Lakeway Capital Operator Good day and welcome to the Hallador Energy Company First Quarter 2021 Earnings Conference Call. All participants will be in a listen-only mode. [Operator I ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number:001-34743 "COAL KEEPS YOUR LIGHTS ON" "COAL KEEPS YOUR LIGHTS ON" HALLADOR ENERGY COMPANY (www.halladorenergy.com) Colorado (State of incorporation) 84-1014610 ...

Hallador Energy Company (NASDAQ:HNRG) Q4 2020 Results Conference Call March 9, 2021 2:00 PM ET Company Participants Becky Palumbo - Director, Investor Relations Brent Bilsland - President and CEO Larry Martin - Chief Financial Officer Conference Call Participants Lucas Pipes - B. Riley Securities Douglas Dethy - D.C. Capital Partners Operator Good day. And welcome to the Hallador Energy Company Fourth Quarter and Full Year 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operato ...

Regulatory Environment - The coal mining industry faces extensive regulations that increase operational costs and affect profitability, with potential for significant monetary penalties and liabilities [15]. - Compliance with federal and state laws has substantially increased the cost of coal mining for domestic producers, although specific compliance costs have not been quantified [16]. - The permitting process for mining operations can extend over several years, potentially delaying or preventing the commencement of operations due to regulatory challenges [19]. - The Federal Mine Safety and Health Act imposes extensive safety and health standards, significantly affecting operating costs due to compliance requirements [21]. - Recent regulations have lowered the allowable respirable coal mine dust exposure limits, increasing operational costs related to monitoring and compliance [26]. - Federal and state laws require bonds to secure obligations for land reclamation used in mining, with increasing difficulty in securing new surety bonds without posting collateral [40]. - The Clean Air Act (CAA) imposes permitting requirements and emissions control measures on coal mining operations, potentially increasing operational costs and affecting the attractiveness of fossil fuels [41]. - Environmental advocacy groups are challenging permits for coal activities, claiming inadequate environmental analyses under the National Environmental Policy Act (NEPA) [50]. - The EPA is required to periodically re-evaluate National Ambient Air Quality Standards (NAAQS), which may impose additional emissions control requirements on coal-fired power plants [44]. - The EPA's veto power over Section 404 permits could create operational uncertainties and additional costs for coal mining operations [57]. Financial Impacts - The Black Lung Benefits Act imposes a tax of $1.10 per ton for underground-mined coal and $0.55 per ton for surface-mined coal, impacting overall operational costs [31]. - The company has accrued estimated costs for asset retirement obligations and mine closing, which could adversely affect future operating results if these accruals are insufficient [17]. - The Abandoned Mine Lands Program imposes a reclamation fee of $0.28 per ton for surface-mined coal and $0.12 per ton for underground-mined coal, which is scheduled to be in effect until September 30, 2021 [37]. - The EPA's Acid Rain Program regulates sulfur dioxide emissions from electric generating facilities, requiring affected facilities to purchase or trade emissions allowances [42]. - The Cross-State Air Pollution Rule (CSAPR) requires 28 states to reduce power plant emissions, but its relevance is decreasing due to ongoing coal plant retirements [42]. - The Mercury and Air Toxic Standards (MATS) regulate emissions of mercury and other pollutants from coal-fired power plants, leading to capital investments and potential premature retirements of older units [42]. - Future regulation of greenhouse gas (GHG) emissions could arise from new domestic legislation or EPA regulations, impacting demand and prices for fossil fuels [43]. - Future GHG emissions control initiatives may increase costs for fossil fuel production, potentially leading to customer shifts to alternative fuels [54]. - New TMDL regulations may require more costly water treatment, adversely affecting coal production [58]. Operational Aspects - Approximately 96% of the company's production capacity involves underground room and pillar mining, while 4% involves surface mining, adhering to the Surface Mining Control and Reclamation Act standards [35]. - The company has never had a permit suspended or revoked due to violations, and penalties assessed for violations have not been material [20]. - The company has obtained all necessary permits under CWA Section 404, but future mitigation requirements may increase costs and uncertainty [55]. - The Illinois Basin (ILB) has over 50,000 square miles of coal mining operations, centrally located near major coal-consuming regions [68]. Workforce and Safety - Hallador Energy employs 690 full-time employees, with a focus on competitive wages and comprehensive health benefits [73]. - The company maintains a robust safety program, with performance metrics at or below national averages in safety categories [74]. - Hallador Energy invests in employee education and training, covering all continuing education costs and offering tuition reimbursement [76]. - The company has no significant patents or trademarks, focusing on coal mining operations [78].

Hallador Energy Company (NASDAQ:HNRG) Q3 2020 Results Earnings Conference Call November 3, 2020 2:00 PM ET Company Participants Becky Palumbo - Director, Investor Relations Brent Bilsland - President and CEO Larry Martin - Chief Financial Officer Conference Call Participants Lucas Pipes - B. Riley Securities Mark Kaufman - MLK Investment Management Eric Fredback - Pacific Value Operator Good day. And welcome to Hallador Energy Third Quarter 2020 Earnings Conference Call. All participants will be in listen-o ...