Tamboran Resources Corp
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
TBN$28.90+3.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-14.
0001628280-25-025261
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001628280-25-052026
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 214 previous paragraphs and 168 current paragraphs.
66 unchanged; 70 reworded; 31 added; 57 removed; 21 previous and 1 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (31)
Current report
Certain amounts in the Company's consolidated financial statements may not add up or recalculate due to
Current report
rounding.
Current report
months ended September 30, 2024, primarily as a result of the forfeiture of stock-based compensation awards during the
Current report
period for individuals who left the business and increased capitalized internal labor costs.
Current report
compared to thethree months ended September 30, 2024, increasing by just$0.1 million during thethree months ended
Current report
million as compared to thethree months ended September 30, 2024 as the current period was heavily focused on the
Current report
drilling of SS-4H, SS-5H, and SS-6H, resulting in a larger portion of costs capitalized and less costs incurred related to
Current report
topographical, geographical and geophysical studies.
Current report
Camp expense recoveries, net. For thethree months ended September 30, 2025, expenses for the newly established
Current report
field camp of$1.6 million were recognized primarily related to mobilization expenses of the modular buildings and related
Current report
equipment to the site. These costs are offset by recoveries from external parties who utilize the camp.
Current report
expenses related to headcount.
Current report
September 30, 2025, as compared to thethree months ended September 30, 2024, primarily due to lower cash balances and
Current report
lower interest rates for the period ended September 30, 2025 and an increase in interest expense related to the Facility
Current report
Agreement with Macquarie Bank Limited entered into in December 2024.
Current report
gain of$12.1 million, primarily due to the significant strengthening of the Australian Dollar as of September 30, 2024, as
Current report
2025, together with our existing cash on hand, to be sufficient to fund remaining drilling costs of SS-4H, SS-5H and SS-6H
Current report
our own, or with a majority working interest.
Current report
$0.1 million from June 30, 2025. Cash calls received throughout the period and proceeds from our subscription agreements
Current report
to institutional investors received in July 2025 were primarily offset by spending from operations on the SS-4H, SS-5H and
Current report
SS-6H pilot wells, construction of the SPCF facility and other corporate expenditure in the fiscal period.
Current report
within the license term.
Current report
performance bond facility fees, accretion of asset retirement obligations, interest expense, and foreign exchange
Current report
wells, expenditure of$7.6 million of spend related to SPCF and$0.9 million related to interest on financing lease
Current report
liabilities.
Current report
proceeds from the issuance of common stock of$11.0 million that occurred in the current period compared to$7.4 million
Current report
in gross proceeds from the greenshoe option exercised in July 2024, $29.0 million attributable to contributions from
Current report
noncontrolling interest holders to fund their share of cash calls,$1.9 million of advance contributions received from
Current report
noncontrolling interest holders, partially offset by common stock issuance transaction costs of$0.6 million, repayments of
Current report
finance lease liabilities of$3.1 million and$0.3 million related to the payment of performance bond facility establishment
Removed paragraphs (57)
Previous report
based compensation, increased by$0.5 million during thethree months ended March 31, 2025, as compared to thethree
Previous report
months ended March 31, 2024, due primarily to restricted stock units granted in August 2024 and increased headcount as
Previous report
compared to the comparative period, while the prior period reflected performance-based bonuses issued during the period.
Previous report
during thethree months ended March 31, 2025, as compared to thethree months ended March 31, 2024, as a majority of
Previous report
the legal fees incurred during the comparative period were deferred to stock issuance costs within the condensed
Previous report
consolidated balance sheet, reducing the portion of costs expensed. Other legal, consultancy and professional fees remained
Previous report
fairly consistent during thethree months ended March 31, 2025.
Previous report
expense was recognized related to topographical, geographical and geophysical studies.
Previous report
related to headcount, travel, insurance, and office and administrative fees.
Previous report
2025, as compared to thethree months ended March 31, 2024, primarily due to interest received from term deposits using
Previous report
IPO proceeds during the period ended March 31, 2024 which did not exist during the comparative period.
Previous report
loss of$12.2 million, primarily due to the weakening of the Australian Dollar as of March 31, 2024, as compared to
Previous report
Result of Operations for the Nine Months Ended March 31, 2025 and 2024
Previous report
based compensation, increased by$2.6 million during thenine months ended March 31, 2025, as compared to thenine
Previous report
months ended March 31, 2024, due primarily to the restricted stock units granted in August 2024 and increased headcount
Previous report
as compared to the comparative period.
Previous report
during thenine months ended March 31, 2025, as compared to thenine months ended March 31, 2024, primarily due to
Previous report
professional fees related to implementation of the scheme of arrangement and IPO readiness incurred in the comparative
Previous report
period in 2024 which did not recur in thenine months ended March 31, 2025.
Previous report
Loss on remeasurement of assets classified as held for sale. The Group recognized a loss on assets classified as
Previous report
held for sale amounting to$0.4 million during thenine months ended March 31, 2025, due to the write down of rig 403 to
Previous report
the fair value less costs to sell. In contrast, a loss on assets classified as held for sale amounting to$0.03 million was
Previous report
recognized during thenine months ended March 31, 2024, due to the sale of a smaller rig, rig 301.
Previous report
as SPCF for the new well and related well pads drilled during the period. As the Group drilled two additional wells and
Previous report
established the SPCF site during thenine months ended March 31, 2025, the expense for the current period has increased
Previous report
marginally from that of the comparative period.
Previous report
Exploration expense. Exploration expense increased by$0.7 million during thenine months ended March 31,
Previous report
2025, as compared tonine months ended March 31, 2024, primarily due to increased activity for topographical,
Previous report
geographical and geophysical studies and other indirect expenditure relating to the non-operated joint venture in the current
Previous report
period.
Previous report
facility.
Previous report
Checkerboard fee. During thenine months ended March 31, 2025, the Group incurred an expense of$6.0 million
Previous report
related to thesatisfaction of certain payment obligations to DWE under the TB1 Joint Venture Agreement. This obligation
Previous report
was satisfied through the issuance of common stock, subsequent to shareholder approval received in November 2024.
Previous report
related to insurance, headcount, travel, and other office and administrative fees.
Previous report
Interest income, net. Interest income, netincreased by$1.1 million during thenine months ended March 31, 2025,
Previous report
as compared to thenine months ended March 31, 2024, primarily due to interest received from term deposits using IPO
Previous report
proceeds during the period ended March 31, 2025, which did not exist during the comparative period.
Previous report
Foreign currency translation. For thenine months ended March 31, 2025, we recognized a foreign currency
Previous report
translation loss of$15.5 million, primarily due to the weakening of the Australian Dollar as of March 31, 2025, as
Showing the first 40 of 57 passages. Open the source sections for the rest.
Reworded paragraphs (70)
Previous wording
Revenue and other operating income. We have not yet commenced natural gas production; therefore, we did not
Current wording
Revenue and other operating income. We have not yet commenced natural gas production; therefore, we did not earn
Previous wording
earn any revenue and other operating income during thethree months ended March 31, 2025 and 2024, respectively.
Current wording
any revenue and other operating income during thethree months ended September 30, 2025 and 2024, respectively.
Previous wording
Compensation and benefits, including stock-based compensation. Compensation and benefits, including stock-
Current wording
Compensation and benefits, including stock-based compensation. Compensation and benefits, including stock-based
Previous wording
Consultancy, legal and professional fees. Consultancy, legal and professional fees increased by$0.3 million
Current wording
Consultancy, legal and professional fees. Consultancy, legal and professional fees remained fairly consistent as
Previous wording
Exploration expense. For thethree months ended March 31, 2025, an expense for exploration of $1.2 million
Current wording
Exploration expense. For thethree months ended September 30, 2025, the exploration expense decreased by $0.3
Previous wording
$2.0 million related tocertain studies and pre-front-end engineering and design services related to the proposed NT LNG
Current wording
$0.2 million related tocertain studies and pre-front-end engineering and design services related to the proposed NT LNG
Previous wording
General and administrative. General and administrative costs increased by$0.8 million during thethree months
Current wording
General and administrative. General and administrative costs increased by$0.2 million during thethree months
Previous wording
ended March 31, 2025, as compared to thethree months ended March 31, 2024, primarily as a result of increased expenses
Current wording
ended September 30, 2025, as compared to thethree months ended September 30, 2024, primarily as a result of increased
Previous wording
Interest income, net. Interest income, netdecreased by$0.2 million during thethree months ended March 31,
Current wording
Interest income (expense), net. Interest income, netdecreased by$1.1 million during thethree months ended
Previous wording
translation gain of$1.5 million, primarily due to the strengthening of the Australian Dollar as of March 31, 2025, as
Current wording
translation gain of$1.7 million, primarily due to the slight strengthening of the Australian Dollar as of September 30, 2025,
Previous wording
compared to December 31, 2024. In thethree months ended March 31, 2024, we recognized a foreign currency translation
Current wording
as compared to June 30, 2025. In thethree months ended September 30, 2024, we recognized a foreign currency translation
Previous wording
December 31, 2023. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and
Current wording
compared to June 30, 2024. Foreign exchange gains and losses resulting from the settlement of foreign currency
Previous wording
from the translation at fiscal year-end exchange rates of monetary assets and liabilities denominated in foreign currencies
Current wording
transactions and from the translation at fiscal year-end exchange rates of monetary assets and liabilities denominated in
Previous wording
are recognized on our condensed consolidated statement of operations and comprehensive loss.
Current wording
foreign currencies are recognized on our condensed consolidated statement of operations and comprehensive loss.
Previous wording
March 31, 2025, and 2024. We have provided a full valuation allowance on our net deferred tax asset because management
Current wording
September 30, 2025, and 2024. We have provided a full valuation allowance on our net deferred tax asset because
Previous wording
has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during
Current wording
management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax
Previous wording
a foreseeable future period. Management will continue to assess the potential for realizing deferred tax assets based upon
Current wording
assets during a foreseeable future period. Management will continue to assess the potential for realizing deferred tax assets
Previous wording
income forecast data and the feasibility of future tax planning strategies and may record adjustments to the valuation
Current wording
based upon income forecast data and the feasibility of future tax planning strategies and may record adjustments to the
Previous wording
allowance against deferred tax assets in future periods, as appropriate, that could have a material impact on the condensed
Current wording
valuation allowance against deferred tax assets in future periods, as appropriate, that could have a material impact on the
Previous wording
We are a development stage enterprise and will continue to be so until commencement of substantial production
Current wording
We are a development stage enterprise and will continue to be so until commencement of substantial production from
Previous wording
from our natural gas properties. We do not expect to generate any revenue from production until late 2026, at the earliest,
Current wording
our natural gas properties. We do not expect to generate any revenue from production until late 2026, at the earliest, which
Previous wording
which will depend upon successful drilling results, additional and timely capital funding, negotiation of certain commercial
Current wording
will depend upon successful drilling results, additional and timely capital funding, negotiation of certain commercial
Previous wording
hand, residual net proceeds from our IPO, and funds from future private and public equity placements, debt funding and
Current wording
hand and funds from future private and public equity placements, debt funding and asset sales.
Previous wording
Our future financial condition and liquidity will be impacted by, among other factors, the success of our
Current wording
Our future financial condition and liquidity will be impacted by, among other factors, the success of our exploration
Previous wording
exploration and appraisal drilling program, the number of commercially viable natural gas discoveries made, the quantities
Current wording
and appraisal drilling program, the number of commercially viable natural gas discoveries made, the quantities of natural
Previous wording
of natural gas discovered, the speed with which we can bring such discoveries to production, and the actual cost of
Current wording
gas discovered, the speed with which we can bring such discoveries to production, and the actual cost of exploration,
Previous wording
exploration, appraisal and development of our prospects.
Current wording
appraisal and development of our prospects.
Previous wording
$13.0 million to progress our development plans. We expect our existing cash on hand to be sufficient to fund our planned
Current wording
$43.4 million to progress our development plans. We expect the proceeds from the public offering received in October
Previous wording
flow testing of SS-2H ST1 and to progress SS-3H. However, we may require significant additional funds earlier than we
Current wording
and to carry out stimulation activities and flow testing of SS-5H. However, we may require significant additional funds
Previous wording
currently expect in order to execute our strategy as planned. Additional funding may not be available to us on acceptable
Current wording
earlier than we currently expect in order to execute our strategy as planned. Additional funding may not be available to us
Previous wording
terms or at all. In addition, the terms of any financing may adversely affect the holdings or the rights of our stockholders.
Current wording
on acceptable terms or at all. In addition, the terms of any financing may adversely affect the holdings or the rights of our
Previous wording
For example, if we raise additional funds by issuing additional equity securities, further dilution to our existing
Current wording
stockholders. For example, if we raise additional funds by issuing additional equity securities, further dilution to our
Previous wording
stockholders will result. If we are unable to obtain funding on a timely basis, we may be required to significantly curtail
Current wording
existing stockholders will result. If we are unable to obtain funding on a timely basis, we may be required to significantly
Previous wording
one or more of our planned activities. We also could be required to seek funds through arrangements with collaborators or
Current wording
curtail one or more of our planned activities. We also could be required to seek funds through arrangements with
Previous wording
others that may require us to relinquish rights to some of our assets which we would otherwise develop on our own, or with
Current wording
collaborators or others that may require us to relinquish rights to some of our assets which we would otherwise develop on
Previous wording
As of March 31, 2025, we had$25.6 million of cash and cash equivalents. This balance represents adecrease of
Current wording
As of September 30, 2025, we had$39.6 million of cash and cash equivalents. This balance represents anincrease of
Previous wording
As of March 31, 2025, the Company’s wholly owned subsidiary, Sweetpea committed to spend$22.0 million
Current wording
As of September 30, 2025, the Company’s wholly owned subsidiary, Sweetpea committed to spend$23.1 million
Previous wording
related to two licenses, EP 136 with total commitments of$13.3 million and EP 143 with total commitments of$8.7
Current wording
related to two licenses, EP 136 with total commitments of$13.9 million and EP 143 with total commitments of$9.2
Previous wording
for the period July 24, 2025 to July 23, 2030 with a minimum work program commitment of $13.3 million.
Current wording
for the period July 24, 2025 to July 23, 2030 with a minimum work program commitment of $13.9 million.
Previous wording
A variation application for EP 143 was submitted to DME in August 2024, and approved in October 2024. The
Current wording
A variation application for EP 143 was submitted to DME in August 2024 and approved in October 2024. The total
Showing the first 40 of 70 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
compensation, decreased by$0.2 million during thethree months ended September 30, 2025, as compared to thethree
Rearranged previous paragraphs (21)
Previous report — wording carried elsewhere
consolidated statement of operations and comprehensive loss.
Previous report — wording carried elsewhere
Revenue and other operating income. We have not yet commenced natural gas production; therefore, we did not
Previous report — wording carried elsewhere
earn any revenue and other operating income during thenine months ended March 31, 2025 and 2024, respectively.
Previous report — wording carried elsewhere
Compensation and benefits, including stock-based compensation. Compensation and benefits, including stock-
Previous report — wording carried elsewhere
Consultancy, legal and professional fees. Consultancy, legal and professional fees decreased by$0.8 million
Previous report — wording carried elsewhere
Accretion of asset retirement obligations expense. For thenine months ended March 31, 2025, an expense for
Previous report — wording carried elsewhere
accretion of asset retirement obligations of$0.8 million was recognized. The recognition of such an expense was due to the
Previous report — wording carried elsewhere
accretion of asset retirement obligation liabilities in relation to all EPs, inclusive of EPs 76, 98, 117, 136 and 161, as well
Previous report — wording carried elsewhere
LNG feasibility study expense. During thenine months ended March 31, 2025, the Group incurred expenses of
Previous report — wording carried elsewhere
$5.2 million related tocertain studies and pre-front-end engineering and design services related to the proposed NT LNG
Previous report — wording carried elsewhere
General and administrative. General and administrative costs increased by$2.0 million during thenine months
Previous report — wording carried elsewhere
ended March 31, 2025, as compared to thenine months ended March 31, 2024, primarily as a result of increased expenses
Previous report — wording carried elsewhere
Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at
Previous report — wording carried elsewhere
fiscal year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized on our
Previous report — wording carried elsewhere
Income tax expense. We have no income tax expense due to operating losses incurred for thenine months ended
Previous report — wording carried elsewhere
March 31, 2025, and 2024. We have provided a full valuation allowance on our net deferred tax asset because management
Previous report — wording carried elsewhere
has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during
Previous report — wording carried elsewhere
a foreseeable future period. Management will continue to assess the potential for realizing deferred tax assets based upon
Previous report — wording carried elsewhere
income forecast data and the feasibility of future tax planning strategies and may record adjustments to the valuation
Previous report — wording carried elsewhere
allowance against deferred tax assets in future periods, as appropriate, that could have a material impact on the condensed
Previous report — wording carried elsewhere
consolidated statement of operations and comprehensive loss.