Hallador Energy Co — 10-K exhibit

Exhibit 96.2

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ESTIMATION OF SUNRISE COAL, LLC

2025 YEAR-END COAL RESERVES

OAKTOWN MINING COMPLEX

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Indiana and Illinois

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Prepared For

SUNRISE COAL, LLC

Terre Haute, Indiana

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By

John T. Boyd Company

Mining and Geological Consultants

Pittsburgh, Pennsylvania, USA

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Report No. 3467.009

FEBRUARY 2026

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Compare the property’s mineral resources and mineral reserves as of the end of the last fiscal year with the mineral resources and mineral reserves as of the end of the preceding fiscal year and explain any material change between the two.

Unless otherwise stated, coal resource and reserve estimates disclosed herein are completed in accordance with the standards and definitions provided by S-K 1300. It should be noted that BOYD considers the terms “mineral” and “coal” to be generally interchangeable within the relevant sections of S-K 1300.

1.0Coal Resources and Reserves

It is our professional opinion that as of December 31, 2025, Sunrise controlled approximately 30.7 million saleable product tons of underground mineable coal reserves at the Oaktown Mining Complex, located in Knox and Sullivan counties, Indiana, and Crawford and Lawrence counties, Illinois.

There are no reportable coal resources excluding those converted to coal reserves for the Oaktown Mining Complex, as of December 31, 2025.

Based upon our review and analysis, it is BOYD’s opinion that the resource and reserve statements provided herein are reasonable estimates of those controlled by Sunrise at the Oaktown Mining Complex, as of December 31, 2025. Our assessment concludes that extraction of the reported coal reserves remains technically, legally, and economically achievable after consideration of potentially material modifying factors. The statements of coal resources and coal reserves for the Oaktown Mining Complex (as of December 31, 2025) are therefore considered suitable and appropriate for public reporting.

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1.1Year-Over-Year Changes to Estimated Reserves

As shown below, Sunrise’s estimated underground mineable coal reserves for the Oaktown Mining Complex totaled approximately 34.4 million product tons as of December 31, 2024 (per the Oaktown TRS).

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Sunrise’s estimated surface mineable coal reserves for the Oaktown Mining Complex totaled approximately 30.7 million product tons remaining as of December 31, 2025, as summarized in the table on the following page.

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The coal reserves of the Oaktown Mining Complex decreased by approximately 3.8 million product tons, or 11%, in 2023. As summarized in the table below, the year-over-year change is the result of: (1) ordinary mining production (depletion), and (2) minor revisions to mining plans.

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2.0Disclaimers and Qualifications

This report provides BOYD’s assessment of Sunrise’s coal resources and coal reserves for the Oaktown Mining Complex. Our assessment was performed to obtain reasonable assurance that Sunrise’s estimates of coal resources and coal reserves are free from material misstatement. BOYD did not independently estimate coal resources or coal reserves as it was not required for the purposes of the assessment. We have relied on information provided by Sunrise regarding the Oaktown Mining Complex, as well as existing BOYD work files and reports. BOYD notes that nothing has come to our attention while preparing this resource/reserve estimate letter that would indicate the information provided to us is false or misleading, or that any material information has been withheld.

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BOYD’s assessment methods are considered consistent with accepted and prudent mining geology and engineering practices. We believe our assessment provides a reasonable and objective basis for our opinions. The individuals primarily responsible for this resource/reserve update letter are by virtue of their education, experience, and professional association considered Qualified Persons as defined in Subpart 1300 of Regulation S-K.

Estimates of any mineral resources and mineral reserves are always subject to a degree of uncertainty. The level of confidence that can be applied to a particular estimate is a function of, among other things: the amount, quality, and completeness of exploration data; the geological complexity of the deposit; and economic, legal, social, and environmental factors associated with mining the resource/reserve. By assignment, BOYD used the definitions provided in S-K 1300 to describe the degree of uncertainty associated with the estimates reported herein.

Respectfully submitted,

JOHN T. BOYD COMPANY

By: /S/ RONALD L. LEWIS

Ronald L. Lewis

Managing Director and COO

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