HNRG

EX-99.1

2 hnrg-20260810xex99d1.htm

EX-99.1

EXHIBIT 99.1

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Hallador Reports Q2 2026 Results; Gas Project Budget Reduced Below $800 Million

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- Turtle Creek COD Expedited to the Second Half of 2028 -

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- Contracted Forward Sales Reach $2.4 Billion at the Segment Level -

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- Management to Host Conference Call Today at 5:00 p.m. ET -

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TERRE HAUTE, Ind., August 10, 2026 – Hallador Energy Company (Nasdaq: HNRG) (“Hallador” or the “Company”) today reported its financial and operating results for the second quarter ended June 30, 2026. The Company is also providing an update on the continued advancement of its Merom natural gas generation project, now formally named Turtle Creek Gas (“Turtle Creek”), including progress on equipment procurement, financing and interconnection.

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“Since our strategic update in June, we have made significant progress across key elements of the Turtle Creek project,” said Brent Bilsland, Chairman and Chief Executive Officer. “We recently completed a site visit to get a firsthand update of the disassembly of the turbine equipment, which is underway with a substantial Siemens workforce on site, and we continue to be pleased with both the progress of the disassembly efforts and the condition of the turbine equipment. Shipment of the equipment remains on schedule for September, and the generator interconnection process is also advancing. As the equipment, restoration and construction scopes become more defined, the project economics have become even more compelling, and we now expect total project cost to be below $800 million, or approximately $1,700/kW — which we believe is a significant cost advantage relative to competing new-build capacity — while moving forward our targeted commercial operation timeframe to the second half of 2028, a timeline we believe is materially ahead of comparable projects. This progress moves us closer to a final investment decision on a 460 MW peaking project that would meaningfully expand and diversify our dispatchable generation platform. At the same time, the market backdrop continues to validate the strategic rationale for that investment. We are seeing robust demand for accredited capacity and energy from a growing and increasingly diverse set of counterparties, and are working towards additional forward sales before the end of the year. With $2.4 billion of revenue already contracted through 2040, and potentially more sales on the way, we believe Hallador offers investors a degree of revenue visibility that we believe is among the strongest in the sector.”

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“Operationally, the second quarter is traditionally our lightest period of the year, as we take one of Merom's two units offline each spring for an approximately 60-day scheduled maintenance outage. During this year's outage at Unit 1, we completed major reliability upgrades designed to address the unplanned downtime the unit experienced in recent quarters. Unit 2 performed well over the course of the quarter; however, the limited unplanned downtime it did experience coincided with periods of elevated market prices, which magnified the financial impact by requiring us to purchase power at high prices to meet our delivery obligations. Together, these factors weighed on our second quarter results but do not, in our view, reflect the earning power of the plant. With the scheduled outage behind us and the reliability investments in place, we believe Merom is positioned to run more reliably going forward, and we expect generation volumes to improve sequentially in the third quarter.”

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Turtle Creek Update

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The project’s interconnection application entered MISO’s Expedited Resource Addition Study (“ERAS”) process on June 2, 2026. Hallador expects to receive the results of that process, including the required system upgrade costs, in mid-August and, following its review, is targeting a final investment decision of the project and execution of a

generator interconnection agreement in September. Indications to date from the study process have been encouraging.

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In parallel, the Company is finalizing the construction scope and advancing financing discussions as it evaluates the appropriate capital structure for the project, with the objective of financing the project while minimizing equity dilution. Together, the interconnection, construction, and financing workstreams are among the principal remaining steps toward a final investment decision. The Company is now targeting commercial operation in the second half of 2028.

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Second Quarter 2026 Highlights

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●Second quarter results reflected higher maintenance costs associated with the annual planned outage at Merom Unit 1, during which the Company completed significant reliability upgrades, and higher purchased power costs resulting from limited unplanned downtime at Unit 2 that coincided with periods of elevated power prices, requiring the Company to purchase power to meet its delivery obligations. These impacts were partially offse

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Hallador Energy Company_March 12, 2026 0000788965false00007889652026-03-122026-03-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 ​

FORM 8-K

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CURRENT REPORT

​ Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ​ Date of Report (Date of earliest event reported): March 12, 2026 ​

Hallador Energy Company (Exact name of registrant as specified in its charter) ​

Colorado 001-34743 84-1014610

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

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1183 East Canvasback Drive, Terre Haute, Indiana 47802

(Address, including zip code, of principal executive offices)

​ Registrant’s telephone number, including area code: (812) 299-2800 ​ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ​

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

​ Securities registered pursuant to Section 12(b) of the Act: ​

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Shares, $.01 par value

HNRG

Nasdaq

​ ​ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ​ Emerging growth company ☐ ​ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ ​

Item 2.02 - Results of Operations and Financial Condition ​ On March 12, 2026, Hallador Energy Company issued a press release announcing its fourth quarter and full year 2025 financial and operating results. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. ​ The information included in this Current Report on Form 8-K, including Exhibit 99.1 hereto, that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K, including Exhibit 99.1 hereto, that is furnished pursuant to this Item 2.02 shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing. ​ Item 9.01 – Financial Statements and Exhibits ​ (d)  Exhibits ​ 99.1 – Hallador Energy Company Reports Fourth Quarter and Full Year 2025 Financial and Operating Results ​ 104 – Cover Page Interactive Data File (embedded within the Inline XBRL document) ​

SIGNATURE

​ Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ​ ​

March 12, 2026 By: /s/ TODD E. TELESZ

Todd E. Telesz CFO

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