Financial Data and Key Metrics Changes - The company ended the quarter with US $45.2 million in cash and receivables of US $26 million, including US $11 million from the second tranche of a PIPE transaction and US $15 million from an acreage sale [5][11] - Cash flow primarily funded the SS2H ST1 stimulation and flow testing, with expectations to receive an additional US $15 million by year-end [11] Business Line Data and Key Metrics Changes - Record flow rates were achieved from the SS2H ST1 well, with a 2% increase in rates over the last 30 days of testing without downhole intervention [2][6] - The company has commenced a farmout process for approximately 400,000 acres in the Beetaloo Basin, attracting strong interest from various qualified counterparties [4] Market Data and Key Metrics Changes - The Beetaloo Basin is showing distinct characteristics compared to the Marcellus Shale, with higher gas in place and total organic carbon (TOC) [3][7] - The company is focused on securing approvals for longer-term production and has received consent from native title holders to sell gas under new legislation [4] Company Strategy and Development Direction - The company aims to commence gas sales from the Beetaloo Basin by mid-2026, with plans to ramp up volumes for potential Southeast market distribution [12][30] - The strategy includes pursuing both domestic gas sales and LNG development, with a phased approach to infrastructure development [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Beetaloo Basin's potential to transform energy security for the Northern Territory and Australia's East Coast [12] - The company is actively seeking a new CEO and expects to announce the position by the end of the calendar year [5] Other Important Information - The company has implemented anti-vibrating technology to address tool failures in drilling operations, aiming to reduce non-productive time [8] - Infrastructure projects are underway to transport additional volumes to the local pipeline network, with completion expected by mid-2026 [10] Q&A Session Summary Question: Can you provide details on drill times and tool failures? - Management noted typical failures in hostile environments, with the best segments of recent wells achieving around 19 days, indicating potential for improvement [15][16] Question: What is the plan for the upcoming well? - The upcoming well will undergo stimulation and flow testing, with plans to shut it in for a pilot project after testing [17][19] Question: What does a successful farmout outcome look like? - Management indicated it is premature to discuss specifics but noted strong interest from various companies [27] Question: Are both domestic gas sales and LNG development still priorities? - Management confirmed both markets are still of interest, with different timelines for each [30] Question: When can we expect to conclude the farmout process? - Management suggested a reasonable expectation for an announcement around Q1 2026 [38] Question: What explains the unusual production behavior from the SS2H well? - Management attributed it to unique geological characteristics and potential reservoir engineering factors [40][41] Question: What factors will influence the timing of the next drilling program? - The next drilling campaign will largely depend on the farmout process and partner decisions [46][47] Question: Is there a plan for local sand solutions in Phase Two? - Management confirmed ongoing efforts to utilize local sand, pending technical and procedural evaluations [71]

Financial Data and Key Metrics Changes - The company ended the quarter with $45.2 million in cash and receivables of $26 million, including $11 million from the second tranche of a PIPE transaction and $15 million from an acreage sale [5][11] - Cash balance and receivables totaled $71.1 million, with expectations to secure a financing facility for the remaining share of the SPCF infrastructure [11] Business Line Data and Key Metrics Changes - Record flow rates were achieved from the SS2H ST1 well, with a 2% increase in rates over the last 30 days of testing without downhole intervention [2][6] - The company has commenced a farmout process for approximately 400,000 acres in the Beetaloo Basin, attracting strong interest from qualified counterparties [4] Market Data and Key Metrics Changes - The Beetaloo Basin is showing distinct characteristics compared to the Marcellus Shale, indicating lower decline rates supported by higher gas in place and total organic carbon [7] - The company is focused on securing approvals for long-term production and has received consent from native title holders to sell gas under the new beneficial use of gas legislation [4][10] Company Strategy and Development Direction - The company aims to commence gas sales from the Beetaloo Basin by mid-2026, with plans to ramp up volumes for potential long-haul transportation to Southeast markets [12][28] - The strategy includes pursuing both domestic gas sales and LNG development, with a phased approach to infrastructure development [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the unique geological characteristics of the Beetaloo Basin, which may lead to better performance than other shale wells [37][38] - The company is optimistic about the ongoing farmout process and expects to conclude it by Q1 2026, with a focus on maximizing value [26][35] Other Important Information - The company is progressing discussions with financiers to secure funding for the SPCF construction, with a focus on local sand solutions for future operations [11][67] - The board has been strengthened with the addition of experienced directors, enhancing leadership and strategic capabilities [4] Q&A Session Summary Question: Can you provide details on drill times and tool failures? - Management noted typical failures in horizontal drilling, with the best segments of recent wells achieving around 19 days, indicating potential for improvement [15][16] Question: What is the plan for the upcoming well? - The upcoming well will undergo stimulation and flow testing, with plans to shut it in for a pilot project after testing [17][18] Question: What does a successful farmout outcome look like? - Management indicated it is premature to discuss specifics but noted strong interest from various companies [26] Question: Are both domestic gas sales and LNG development still part of the strategy? - Management confirmed that both markets are still being pursued, with different timelines for each [28] Question: When can we expect to conclude the farmout process? - Management suggested Q1 2026 as a reasonable expectation for announcing the outcome of the farmout process [35] Question: What is the status of the native title holder agreement? - The agreement allows for gas sales for three years, with ongoing discussions to secure a production license [65][66] Question: Is there a plan for local sand solutions? - Management confirmed ongoing efforts to develop local sand solutions, with extensive testing being conducted [67]

Financial Data and Key Metrics Changes - The company ended the quarter with US $45.2 million in cash and receivables of US $26 million, including US $11 million from the second tranche of a PIPE transaction and US $15 million from an acreage sale [5][11] - Cash flow primarily funded the SS2H ST1 stimulation and flow testing, with expectations to receive an additional US $15 million by year-end [11] Business Line Data and Key Metrics Changes - Record flow rates were reported from the SS2H ST1 well, with a 2% increase over the last 30 days of testing without downhole intervention [2][6] - The company has commenced a farmout process for approximately 400,000 acres in the Beetaloo Basin, attracting strong interest from various qualified counterparties [4] Market Data and Key Metrics Changes - The Beetaloo Basin is showing distinct characteristics compared to the Marcellus Shale, indicating lower decline rates supported by higher gas in place and total organic carbon [7] - The company is focused on securing approvals for longer-term production and has received consent from native title holders to sell gas under new legislation [4][10] Company Strategy and Development Direction - The company aims to commence gas sales from the Beetaloo Basin by mid-2026, with plans to ramp up volumes for potential Southeast market distribution [12][30] - The strategy includes pursuing both domestic gas sales and LNG development, with a phased approach to infrastructure development [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the unique geological characteristics of the Beetaloo Basin, which may lead to better performance than other shale wells [40][41] - The company is actively working on securing financing for infrastructure projects and expects to announce further updates soon [11][62] Other Important Information - The SPCF compression and dehydration facility is on track for completion and commissioning by mid-2026, with the Stuart Plateau Pipeline expected to be completed by year-end [10][11] - The board has been strengthened with the addition of experienced directors from Pioneer Natural Resources [4] Q&A Session Summary Question: Can you provide details on drill times and tool failures? - The company has encountered typical downhole failures but has achieved drilling times as low as 19 days for the best segments of recent wells, indicating potential for improvement [15][16] Question: What is the plan for the upcoming well? - The upcoming well will undergo stimulation and flow testing, with plans to shut it in for a pilot project after testing [17][19] Question: What does a successful farmout outcome look like? - Management indicated it is premature to discuss specifics but noted strong interest from various companies in the farmout process [27] Question: Are both domestic gas sales and LNG development still priorities? - Yes, both markets are being pursued, with a focus on domestic sales first, followed by LNG development as infrastructure allows [30][31] Question: What is the timeline for the farmout process conclusion? - The best-case scenario for concluding the farmout process is around Q1 2026, but timing may vary [38] Question: What explains the unusual production behavior from the SS2H well? - Management suggested unique geological characteristics and reservoir engineering factors may explain the well's performance [40][41] Question: What factors will influence the next drilling program? - The next drilling campaign will largely depend on the farmout process and partner decisions, with plans to start after the wet season [46][47] Question: What is the status of the SPCF funding? - The company is pursuing an infrastructure debt facility and has spent about $20 million to date, with an additional $70 to $80 million needed [61] Question: What is the plan for local sand sourcing? - The company is committed to using local sand and is conducting tests to ensure quality and compliance with regulations [71][72]

Financial Data and Key Metrics Changes - The company ended the quarter with US $45.2 million in cash and receivables of US $26 million, including US $11 million from the second tranche of a PIPE transaction and US $15 million from an acreage sale [6][11] - Cash flow primarily funded the SS2H ST1 stimulation and flow testing, with expectations to receive an additional US $15 million by year-end [11] Business Line Data and Key Metrics Changes - Record flow rates were achieved from the SS2H ST1 well, with a 2% increase in rates over the last 30 days of testing without downhole intervention [3][7] - The company has commenced a farmout process for approximately 400,000 acres in the Beetaloo Basin, attracting strong interest from qualified counterparties [5] Market Data and Key Metrics Changes - The Beetaloo Basin is showing distinct characteristics compared to the Marcellus Shale, with higher gas in place and total organic carbon (TOC) [4][7] - The company is focused on securing approvals for longer-term production and has received consent from native title holders to sell gas under new legislation [5][6] Company Strategy and Development Direction - The company aims to commence gas sales from the Beetaloo Basin by mid-2026, with plans to expand volumes to Southeast markets in the future [12][26] - The strategy includes pursuing both domestic gas sales and LNG development, with a phased approach to infrastructure development [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of the Beetaloo Basin to transform energy security for the Northern Territory and Australia's East Coast [12] - The company is optimistic about the ongoing drilling campaign and the unique geological characteristics of the basin that may lead to improved production outcomes [32][34] Other Important Information - The SPCF compression and dehydration facility is on track for completion and commissioning in mid-2026, with all necessary components in place [10][11] - The company is actively seeking a new CEO, with expectations to announce the position by the end of the calendar year [6] Q&A Session Summary Question: Can you provide details on drill times and tool failures? - Management noted typical failures associated with horizontal drilling in challenging environments, with the best segments of recent wells achieving around 19 days [15][16] Question: What is the plan for the upcoming well? - The upcoming well will undergo stimulation and flow testing, with plans to shut it in for a pilot project after testing [17][18] Question: What does a successful farmout outcome look like? - Management indicated it is premature to discuss specifics but noted strong interest from various companies [24][25] Question: Are both domestic gas sales and LNG development still part of the strategy? - Yes, both markets are still being pursued, with different timelines for each [26][27] Question: When can we expect to conclude the farmout process? - Management suggested a reasonable expectation for an announcement around Q1 2026 [30][31] Question: What is the status of the SPCF funding? - The company is pursuing an infrastructure debt facility and has spent about $20 million to date, with a remaining need of $70 to $80 million [43][44] Question: What are the plans regarding local sand solutions? - The company is focused on using local sand and is conducting extensive testing to ensure quality [51][52]

All statements, other than statements of historical fact included in this presentation regarding our strategy, present and future operations, financial position, estimated revenues and losses, projected costs, estimated reserves, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, words such as "may," "assume," "forecast," "could," "should," "will," "plan," "believe," "anticipate," "intend," "estimate," "expect," "project," "budget", "achieve," "prog ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2025 Tamboran Resources Corporation (Exact name of Registrant as specified in its Charter) Delaware 93-4111196 (State or other jurisdiction of incorporation or organization) Suite 01, Level 39, Tower One, International Towers, Sydney 100 Barangaroo Avenue, Barangaroo, New South Wales, Australia (Address of ...

Beetaloo Basin Development & Resources - Tamboran controls approximately 1.9 million net prospective acres in Australia's Beetaloo Basin[26, 28] - The Beetaloo Basin has over 5,000 potential drilling locations across a single bench, with potential for >16,000 locations across 3 benches[29, 32] - Tamboran is progressing towards a farmout of ~400,000 acres in the Phase 2 Development Area[16, 33] Production & Well Performance - The Shenandoah South 2H ST1 (SS-2H ST1) well achieved a record Beetaloo Basin IP90 flow test of 6.7 MMcf/d[15, 54, 55] - The SS-2H ST1 well has a 5,483 foot (1,671 m) horizontal section[53, 55] - The initial Shenandoah South Pilot Project aims to deliver 40 TJ/d (~39 MMcf/d) of gross production[16, 64, 87] Market & Infrastructure - Tamboran has a take-or-pay Gas Sales Agreement (GSA) with the Northern Territory Government for 40 TJ/d (~39 MMcf/d) until mid-2041[74, 94, 117] - The Sturt Plateau Pipeline (SPP) will have a design capacity of 50 TJ/d (~49 MMcf/d), expandable to 100 TJ/d (~98 MMcf/d)[109, 111, 112] - The East Coast gas market is anticipated to have a >1 Bcf/d shortfall from the early 2030s[35, 74] Cost Reduction & Partnerships - Tamboran is targeting ~50% reduction in drilling & completion costs with continuous operations[75] - The company has secured local sand for upcoming completions at ~US$0.07/lb, a ~70% reduction compared to 2024 imported sand costs[86]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive focuses on sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Group 2 - Proactive has a history of adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

[Form 8-K Current Report](index=1&type=section&id=Form%208-K%20Current%20Report) This report details significant events, including financial results and exhibits, filed by Tamboran Resources Corporation [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) Tamboran Resources Corporation announced its Q1 2025 financial and operating results via an earnings presentation and press release - The company issued an earnings presentation and press release on May 14, 2025, to announce its financial and operating results for the quarter ended March 31, 2025[3](index=3&type=chunk) - Information in this report and its exhibits is considered 'furnished' rather than 'filed' under Section 18 of the Exchange Act, limiting associated legal liabilities[4](index=4&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section enumerates the exhibits accompanying the Form 8-K report, including financial presentations and data files Exhibits List | Exhibit No. | Description | | :--- | :--- | | 99.1 | Earnings Presentation, dated May 14, 2025 | | 99.2 | Press Release, dated May 14, 2025 | | 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | [Signatures](index=3&type=section&id=Signatures) The report was officially authorized and signed by Chief Financial Officer Eric Dyer on May 14, 2025 - The report was signed on behalf of Tamboran Resources Corporation by Eric Dyer, Chief Financial Officer, on May 14, 2025[8](index=8&type=chunk)[10](index=10&type=chunk)

Part I - Financial Information Presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for March 31, 2025, and June 30, 2024, detailing financial position and performance [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets | Metric | March 31, 2025 (USD) | June 30, 2024 (USD) | | :-------------------------- | :------------- | :------------ | | Cash and cash equivalents | $25,635,594 | $74,745,897 | | Total current assets | $37,947,197 | $97,330,881 | | Unproved properties | $303,320,471 | $230,119,448 | | Total non-current assets | $343,575,757 | $261,313,150 | | TOTAL ASSETS | $381,522,954 | $358,644,031 | | Total current liabilities | $34,376,797 | $27,997,998 | | Total liabilities | $56,188,250 | $50,958,331 | | Total stockholders' equity | $325,334,704 | $307,685,700 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Condensed Consolidated Statements of Operations and Comprehensive Loss | Metric | 3 Months Ended Mar 31, 2025 (USD) | 3 Months Ended Mar 31, 2024 (USD) | 9 Months Ended Mar 31, 2025 (USD) | 9 Months Ended Mar 31, 2024 (USD) | | :-------------------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue and other operating income | $0 | $0 | $0 | $0 | | Total operating costs and expenses | $(8,800,790) | $(3,559,936) | $(30,793,708) | $(14,607,878) | | Net loss | $(8,172,646) | $(2,647,338) | $(30,428,317) | $(13,919,968) | | Net loss attributable to Tamboran Resources stockholders | $(6,656,997) | $(3,282,555) | $(26,718,517) | $(12,498,584) | | Net loss per common stock (Basic and diluted) | $(0.458) | $(0.321) | $(1.864) | $(1.367) | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Condensed Consolidated Statements of Stockholders' Equity | Metric | Balance at July 1, 2024 (USD) | Balance at March 31, 2025 (USD) | | :---------------------------------- | :---------------------- | :------------------------ | | Common stock | $13,915 | $14,536 | | Additional paid-in capital | $404,594,023 | $421,949,930 | | Accumulated other comprehensive loss | $(11,512,975) | $(25,019,856) | | Accumulated deficit | $(130,379,771) | $(157,098,288) | | Total Tamboran Resources stockholders' equity | $262,715,192 | $239,846,322 | | Noncontrolling interest | $44,970,508 | $85,488,382 | | Total stockholders' equity | $307,685,700 | $325,334,704 | - Issuance of common stock under greenshoe option: **309 shares**, **$6,930,541**[28](index=28&type=chunk) - Contributions from noncontrolling interest holders: **$48,456,725** for the nine months ended March 31, 2025[192](index=192&type=chunk) - Net loss attributable to Tamboran Resources Corporation stockholders: **$(26,718,517)** for the nine months ended March 31, 2025[24](index=24&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | 9 Months Ended Mar 31, 2025 (USD) | 9 Months Ended Mar 31, 2024 (USD) | | :---------------------------------- | :-------------------------- | :-------------------------- | | Net cash used in operating activities | $(23,204,964) | $(10,494,282) | | Net cash used in investing activities | $(73,680,878) | $(45,362,228) | | Net cash from financing activities | $48,344,120 | $76,145,281 | | Net (decrease) increase in cash and cash equivalents | $(48,541,722) | $20,288,771 | | Cash and cash equivalents at end of period | $25,635,594 | $25,908,574 | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Note 1 – Business and Basis of Preparation](index=9&type=section&id=Note%201%20%E2%80%93%20Business%20and%20Basis%20of%20Preparation) Tamboran Resources, an early-stage natural gas company, has no revenue and faces substantial doubt about its going concern ability, relying on future capital - Tamboran Resources Corporation is an early-stage growth-oriented natural gas company, focused on developing low CO2 unconventional gas resources in the Beetaloo sub-basin, NT Australia[31](index=31&type=chunk) - The Group has not generated revenues since inception and had no revenues from its gas operations as of March 31, 2025[31](index=31&type=chunk)[37](index=37&type=chunk) - As of March 31, 2025, the Group had an accumulated deficit of **$157.1 million** since inception[37](index=37&type=chunk) - These factors raise substantial doubt regarding the Group's ability to continue as a going concern, dependent on obtaining additional capital[33](index=33&type=chunk)[37](index=37&type=chunk) [Note 2 – Variable Interest Entities](index=11&type=section&id=Note%202%20%E2%80%93%20Variable%20Interest%20Entities) The company consolidates TB1 and SPCF Sub Trust as Variable Interest Entities, acting as primary beneficiary due to management control and exposure to losses - Tamboran (B1) Pty Ltd ("TB1") is a **50/50** joint venture with Daly Waters Energy, LP ("DWE"), consolidated as a VIE where Tamboran is the primary beneficiary due to management control and greater exposure to losses[53](index=53&type=chunk)[54](index=54&type=chunk)[56](index=56&type=chunk) - TB1 completed the acquisition of a **77.5% share** of Beetaloo Basin assets, EP 76, EP 98, and EP 117[57](index=57&type=chunk) - Tamboran SPCF Pty Ltd ("TR SPCF") established SPCF Sub Trust, a **50%/50%** trust with Daly Waters Infrastructure, LP ("DWI") for the Sturt Plateau Compression Facility ("SPCF"), consolidated as a VIE where Tamboran is the primary beneficiary[63](index=63&type=chunk)[64](index=64&type=chunk) TB1 Assets and Liabilities (March 31, 2025 vs June 30, 2024) | Metric | March 31, 2025 (USD) | June 30, 2024 (USD) | | :---------------------------------- | :------------- | :------------ | | Cash and cash equivalents | $4,320,006 | $1,488,541 | | Unproved properties | $249,990,573 | $167,998,061 | | TOTAL ASSETS | $290,691,431 | $217,916,913 | | TOTAL LIABILITIES | $194,131,126 | $154,749,728 | SPCF Sub Trust Assets and Liabilities (March 31, 2025) | Metric | March 31, 2025 (USD) | | :---------------------------------- | :------------- | | Cash and cash equivalents | $759,398 | | Assets under construction - natural gas equipment | $17,567,615 | | TOTAL ASSETS | $19,412,773 | | TOTAL LIABILITIES | $4,492,054 | [Note 3 – Property, Plant and Equipment & Natural Gas Properties](index=14&type=section&id=Note%203%20%E2%80%93%20Property,%20Plant%20and%20Equipment%20%26%20Natural%20Gas%20Properties) Unproved natural gas properties increased to **$303.3 million**, reflecting exploration; SPCF assets grew, and Rig 403 disposal resulted in a **$0.4 million** loss - Unproved natural gas properties increased to **$303.3 million** as of March 31, 2025, from **$230.1 million** at June 30, 2024[68](index=68&type=chunk) - Assets under construction related to the SPCF increased to **$17.6 million** as of March 31, 2025, from **$7.5 million** at June 30, 2024[73](index=73&type=chunk) - Disposal of rig 403 in October 2024 at a price of **$8.5 million**, resulting in a recognized loss on assets held for sale of **$0.4 million**[74](index=74&type=chunk) - Received a cash refund of **$6.2 million** in December 2024 for eligible R&D expenditure for EP 136[69](index=69&type=chunk) [Note 4 – Leases](index=15&type=section&id=Note%204%20%E2%80%93%20Leases) The company holds operating and finance leases, including a significant H&P Rig Lease, with total lease liabilities of **$26.9 million** as of March 31, 2025 Right-of-Use Assets and Lease Liabilities | Metric | March 31, 2025 (USD) | June 30, 2024 (USD) | | :---------------------------------- | :------------- | :------------ | | Operating lease right-of-use assets | $736,944 | $962,052 | | Finance lease right-of-use assets | $18,864,368 | $20,697,452 | | Total Right-of-Use Assets | $19,601,312 | $21,659,504 | | Current portion of operating lease obligations | $243,058 | $397,999 | | Non-current portion of operating lease obligations | $511,432 | $587,250 | | Current portion of finance lease obligations | $13,760,869 | $12,767,400 | | Non-current portion of finance lease obligations | $12,358,826 | $14,141,713 | | Total Lease Liabilities | $26,874,185 | $27,894,362 | - The drilling contract with Helmerich & Payne International Holdings LLC (H&P) for the FlexRig® is recognized as a finance lease, with an end date of mid-April 2027[78](index=78&type=chunk) - Finance lease expense is capitalized as part of unproved properties when the leased asset is directly involved in drilling wells[46](index=46&type=chunk) [Note 5 – Accounts Payable and Accrued Expenses](index=17&type=section&id=Note%205%20%E2%80%93%20Accounts%20Payable%20and%20Accrued%20Expenses) Accounts payable and accrued expenses increased to **$20.4 million** as of March 31, 2025, primarily due to higher accrued capital expenditure Accounts Payable and Accrued Expenses | Metric | March 31, 2025 (USD) | June 30, 2024 (USD) | | :---------------------------------- | :------------- | :------------ | | Accounts payable | $4,041,939 | $6,619,320 | | Accrued payroll | $1,209,350 | $13,216 | | Compensated absences | $859,540 | $668,825 | | Accrued capital expenditure | $13,504,113 | $4,318,703 | | Accrued expenses | $757,928 | $3,204,371 | | Total accounts payable and accrued expenses | $20,372,870 | $14,832,599 | [Note 6 – Asset Retirement Obligations](index=17&type=section&id=Note%206%20%E2%80%93%20Asset%20Retirement%20Obligations) Asset retirement obligations increased to **$8.9 million** as of March 31, 2025, driven by incurred liabilities and accretion expense, offset by FX changes Changes in Asset Retirement Obligations (9 Months Ended March 31, 2025) | Metric | Amount (USD) | | :---------------------------------- | :------------- | | Beginning asset retirement obligations | $8,140,992 | | Liabilities incurred | $476,728 | | Accretion expense | $774,431 | | Effect of changes in foreign exchange rates | $(524,203) | | Long-term asset retirement obligations | $8,867,948 | [Note 7 – Stockholders' Equity](index=18&type=section&id=Note%207%20%E2%80%93%20Stockholders'%20Equity) Common stock outstanding increased to **14,536,774 shares** due to greenshoe option exercise and **312,500 shares** issued to DWE for **$6.0 million** - Common stock outstanding increased to **14,536,774 shares** as of March 31, 2025[86](index=86&type=chunk) - Issued **308,750 shares** under the greenshoe option in July 2024, generating **$7.4 million** in proceeds[86](index=86&type=chunk)[87](index=87&type=chunk) - Issued **312,500 shares** to DWE in November 2024, valued at **$6.0 million**, to satisfy the checkerboard fee obligation, following shareholder approval[86](index=86&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) [Note 8 – Stock-Based Compensation](index=18&type=section&id=Note%208%20%E2%80%93%20Stock-Based%20Compensation) Total stock-based compensation costs were **$4.2 million** for the nine months ended March 31, 2025, primarily from new RSU grants - Total stock-based compensation cost incurred for the nine months ended March 31, 2025, was **$4.2 million**[101](index=101&type=chunk) - Granted **47,400 Retention Awards RSUs** and **795,000 IPO Awards RSUs** on August 6, 2024, to employees[93](index=93&type=chunk)[95](index=95&type=chunk) - Granted **27,281 Director RSUs** on January 1, 2025, with a one-year cliff-vesting period[102](index=102&type=chunk) - Remaining costs to recognize for IPO Awards and Retention Awards, if all vesting conditions are met, total **$13.4 million**[101](index=101&type=chunk) [Note 9 – Income Taxes](index=20&type=section&id=Note%209%20%E2%80%93%20Income%20Taxes) The company reported **nil** effective tax rates due to operating losses, accumulating **$322.4 million** in tax losses with a full valuation allowance - Effective tax rates were **nil** for the three and nine months ended March 31, 2025, and 2024, due to operating losses[103](index=103&type=chunk) - Accumulated losses for tax purposes as of March 31, 2025, amounted to **$322.4 million**[103](index=103&type=chunk) - A full valuation allowance has been provided on net deferred tax assets[103](index=103&type=chunk) [Note 10 – Loss Per Share](index=21&type=section&id=Note%2010%20%E2%80%93%20Loss%20Per%20Share) Basic and diluted net loss per share for stockholders increased to **$(0.458)** (3 months) and **$(1.864)** (9 months) as of March 31, 2025 Loss Per Share | Metric | 3 Months Ended Mar 31, 2025 (USD) | 3 Months Ended Mar 31, 2024 (USD) | 9 Months Ended Mar 31, 2025 (USD) | 9 Months Ended Mar 31, 2024 (USD) | | :---------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net loss per share, basic and diluted | $(0.458) | $(0.321) | $(1.864) | $(1.367) | | Weighted average number of common stock outstanding | 14,536,774 | 10,223,449 | 14,336,033 | 9,145,388 | [Note 11 – Commitments and Contingencies](index=21&type=section&id=Note%2011%20%E2%80%93%20Commitments%20and%20Contingencies) Capital commitments total **$100.2 million**, primarily for Beetaloo Joint Venture and Sweetpea, with an **A$25.0 million** performance bond facility from Macquarie Bank Capital Commitments (March 31, 2025 vs June 30, 2024) | Commitment | March 31, 2025 (USD) | June 30, 2024 (USD) | | :-------------------- | :------------- | :------------ | | Sweetpea | $21,972,265 | $23,283,360 | | EP 161 | $2,500,400 | $2,649,600 | | Beetaloo Joint Venture | $70,761,319 | $62,642,340 | | Midstream (SPCF) | $4,955,806 | $1,971,843 | - Entered into a Facility Agreement with Macquarie Bank Limited for **A$25.0 million** in performance bonds (Facility A), with potential additional **A$10.0 million** (Facilities B & C)[120](index=120&type=chunk) - As of March 31, 2025, **A$7.7 million** of letters of credit were issued, and **A$17.3 million** of unused credit remained under Facility A[124](index=124&type=chunk) - Tamboran B1 Operator is required to put in place bank guarantees for the Sturt Plateau Pipeline (SPP) construction, estimated at **A$10.7 million** for Tamboran's share over the next three months[126](index=126&type=chunk) [Note 12 – Related Party Transactions](index=23&type=section&id=Note%2012%20%E2%80%93%20Related%20Party%20Transactions) Ongoing related party transactions include drilling services with H&P and joint venture expenditures/cash calls with DWE/DWI - Incurred **$10.2 million** in costs with H&P for drilling services for the nine months ended March 31, 2025[129](index=129&type=chunk) - DWE's share of Beetaloo Joint Venture expenditure due was **$44.8 million** for the nine months ended March 31, 2025, with **$5.8 million** in unpaid cash calls[132](index=132&type=chunk) - DWI's share of SPCF expenditure due was **$1.5 million** for the nine months ended March 31, 2025, with **$0.9 million** in unpaid cash calls[133](index=133&type=chunk) - Issued **312,500 shares** of Common Stock to DWE in satisfaction of the Group's obligation towards the Checkerboard fee[134](index=134&type=chunk) [Note 13 – Subsequent Events](index=23&type=section&id=Note%2013%20%E2%80%93%20Subsequent%20Events) Post-March 31, 2025, the company entered subscription agreements for **$55 million** in shares, an asset sale to DWE for **$15 million**, and a revised JVSA - On May 12, 2025, the Company entered into Subscription Agreements to issue approximately **3.1 million** newly issued shares of common stock for an aggregate purchase price of approximately **$55 million**[135](index=135&type=chunk) - On May 12, 2025, TR West and DWE entered into an Asset Sale Agreement, whereby DWE will acquire approximately **12.5%** of TR West's **77.5% interest** in applicable retention licenses for **$15 million**[138](index=138&type=chunk) - On May 12, 2025, the Company and DWE signed a Second Amended and Restated Joint Venture and Shareholders Agreement to finalize the checkerboard of the joint acreage position across EPs 76, 98, and 117[140](index=140&type=chunk)[220](index=220&type=chunk) - Upon completion of the checkerboard and sale to DWE, the Company will have retained approximately **1.9 million** net prospective, development-ready acres across the Beetaloo Basin[220](index=220&type=chunk) [Cautionary Note Regarding Forward-looking statements](index=25&type=section&id=Cautionary%20Note%20Regarding%20Forward-looking%20statements) This section contains forward-looking statements based on current beliefs, with actual results potentially differing due to development stage, capital needs, and operational risks - Forward-looking statements are based on current beliefs, expectations, and assumptions, not historical facts or assurances of future performance[144](index=144&type=chunk) - Future financial performance may differ from expectations due to factors such as the company's early stage of development, substantial additional capital requirements, and speculative nature of drilling activities[145](index=145&type=chunk) - The company does not assume any obligation to update or supplement any forward-looking statements, except as required by law[146](index=146&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and operations, noting increased net losses from higher operating expenses and a significant decrease in cash and cash equivalents [Results of Operations for the Three Months Ended March 31, 2025 and 2024](index=27&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031,%202025%20and%202024) - Net loss increased to **$(8.2) million** for the three months ended March 31, 2025, from **$(2.6) million** in the prior year[149](index=149&type=chunk) - Compensation and benefits, including stock-based compensation, increased by **$0.5 million** due to restricted stock units and increased headcount[151](index=151&type=chunk) - LNG feasibility study expense was **$2.0 million** for the three months ended March 31, 2025, with no comparable expense in the prior period[154](index=154&type=chunk) - Foreign currency translation resulted in a **$1.5 million gain** for the three months ended March 31, 2025, compared to a **$12.2 million loss** in the prior year, primarily due to the strengthening of the Australian Dollar[157](index=157&type=chunk) [Result of Operations for the Nine Months Ended March 31, 2025 and 2024](index=27&type=section&id=Result%20of%20Operations%20for%20the%20Nine%20Months%20Ended%20March%2031,%202025%20and%202024) - Net loss increased to **$(30.4) million** for the nine months ended March 31, 2025, from **$(13.9) million** in the prior year[149](index=149&type=chunk) - Compensation and benefits, including stock-based compensation, increased by **$2.6 million** due to restricted stock units and increased headcount[160](index=160&type=chunk) - LNG feasibility study expense was **$5.2 million** for the nine months ended March 31, 2025, with no comparable expense in the prior period[165](index=165&type=chunk) - Incurred a **$6.0 million** checkerboard fee related to the satisfaction of payment obligations to DWE[166](index=166&type=chunk) - Foreign currency translation resulted in a **$15.5 million loss** for the nine months ended March 31, 2025, compared to a **$3.9 million loss** in the prior year, primarily due to the weakening of the Australian Dollar[169](index=169&type=chunk) [Liquidity and Capital Resources](