Hallador Energy Co美股招股说明书(2026-01-13版)

Subject to Completion, dated January13, 2026 Preliminary Prospectus Supplement(To prospectus dated January13, 2026) $50,000,000 Hallador Energy Company Common Stock We are offering $50,000,000 in shares of our common stock, par value $0.01 per share. Our common stock is listed on The NasdaqCapital Market under the symbol “HNRG.” On January12, 2026, the last reported sale price of our common stock on The Nasdaq CapitalMarket was $20.29 per share. We intend to use the proceeds from this offering for general corporate purposes which may include the funding of certain initial financialcommitments in connection with the Company’s planned additional natural gas generating facility. See “Use of Proceeds.” Investing in our common stock involves risks. See “Risk Factors” beginning on pageS-5 of this prospectus supplement and the risksdiscussed under similar headings in the documents incorporated by reference into this prospectus supplement and the accompanyingprospectus, and any free writing prospectus that we have authorized for use in connection with this offering. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securitiesor passed upon the accuracy or adequacy of this prospectus supplement or accompanying prospectus. Any representation to thecontrary is a criminal offense. Per ShareTotalPublic Offering Price$$Underwriting Discounts and Commissions(1)$$Proceeds, before expenses, to us$$ (1)We have agreed to reimburse the underwriters for certain expenses. We refer you to “Underwriting” beginning on pageS-13 foradditional information regarding total underwriting compensation. We have granted the underwriters an option for a period of 30 days to purchase up to an additional $7,500,000 in shares of our commonstock. If the underwriters exercise the option in full, the total underwriting discounts and commissions payable by us will be $,and the total proceeds to us, before expenses, will be $. Each of Zarrell Gray and Charles R. Wesley,IV, each a member of our board of directors, has indicated an interest in purchasing shares ofour common stock in this offering at the public offering price with an aggregate value of up to $1,250,000. However, because indicationsof interest are not binding agreements or commitments to purchase, the underwriters may determine to sell more, fewer or no shares inthis offering to such directors, or such directors may determine to purchase more, fewer or no shares in this offering. The underwriterswill receive the same underwriting discounts and commissions on any shares of common stock purchased by such directors as they willfrom the other shares of common stock sold in this offering. Delivery of the shares of common stock is expected to be made on or about, 2026. Sole Bookrunner Texas Capital Securities Co-Manager Northland Capital Markets The date of this prospectus supplement is, 2026. TABLE OF CONTENTS ABOUT THIS PROSPECTUS SUPPLEMENTS-iiCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSS-iiiPROSPECTUS SUPPLEMENT SUMMARYS-1THE OFFERINGS-4RISK FACTORSS-5USE OF PROCEEDSS-7DIVIDEND POLICYS-8MATERIALU.S. FEDERALINCOMETAXCONSEQUENCESS-9UNDERWRITINGS-13LEGAL MATTERSS-22EXPERTSS-22WHERE YOU CAN FIND MORE INFORMATIONS-23INCORPORATION OF DOCUMENTS BY REFERENCES-23 Page ABOUT THIS PROSPECTUS1CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS2PROSPECTUS SUMMARY4RISK FACTORS5USE OF PROCEEDS6DESCRIPTION OF SECURITIES WE MAYOFFER7DESCRIPTION OF CAPITAL STOCK8DESCRIPTION OF DEBT SECURITIES10DESCRIPTION OF DEPOSITARY SHARES18DESCRIPTION OF WARRANTS19DESCRIPTION OF SUBSCRIPTION RIGHTS20DESCRIPTION OF PURCHASE CONTRACTS21DESCRIPTION OF UNITS22PLAN OF DISTRIBUTION23LEGAL MATTERS25EXPERTS25WHERE YOU CAN FIND MORE INFORMATION26INFORMATION INCORPORATED BY REFERENCE26 Neither we nor the underwriters have authorized anyone to provide you with any information other than the information contained in thisprospectus supplement and the accompanying prospectus, including the documents incorporated by reference herein and therein, and anyfree writing prospectus we have authorized for use in connection with this offering. We take no responsibility for, and can provide noassurances as to the reliability of, any other information that others may give you. You should not assume that the information containedin this prospectus supplement, the accompanying prospectus, the documents incorporated by reference herein or therein, and in any freewriting prospectus that we have authorized for use in connection with this offering is accurate as of any date other than the date of thoserespective documents. Our business, financial condition, liquidity, results of operations and prospects may have changed since thosedates. You should read this prospectus supplement, the accompanying prospectus, the documents incorporated by reference herein andtherein, and any free writing prospectus that we have authorized for use in connect