Tamboran Resources Corp
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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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.
Dec 31, 2025 · Filed Feb 11, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-11.
0001628280-26-007263
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 168 previous paragraphs and 226 current paragraphs.
77 unchanged; 68 reworded; 50 added; 21 removed; 2 previous and 31 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 (50)
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compensation, increased by$1.6 million during thethree months ended December 31, 2025, as compared to thethree
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months ended December 31, 2024, largely due to the transition to a calendar year employee bonus schedule and
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compensation awarded to the interim CEO.
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over-period.
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as the SPCF pad. The incremental expense period over period is driven by the three wells drilled in Q1 which had a full
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quarter of accretion in the current period.
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field camp of$1.0 million were recognized primarily related to camp utilization, camp services, and related consumables.
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facility. These studies were substantially completed in the prior period.
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Checkerboard fee. During thethree months ended December 31, 2024, the Group incurred an expense of$6.0
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million related to thesatisfaction of certain payment obligations to DWE under the TB1 Joint Venture Agreement. This
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obligation was satisfied through the issuance of common stock, subsequent to shareholder approval received in November
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2024 and is a nonrecurring event.
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December 31, 2025, as compared to thethree months ended December 31, 2024, primarily due to the increase in interest
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into in December 2024.
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translation loss of$29.2 million, primarily due to the significant weakening of the Australian Dollar as of December 31,
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comprehensive loss.
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compensation, increased by$1.4 million during thesix months ended December 31, 2025, as compared to thesix months
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ended December 31, 2024, largely due to the transition to a calendar year employee bonus schedule and compensation
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awarded to the interim CEO.
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over-period.
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as the SPCF pad. The incremental expense period over period is driven by the three wells drilled in Q1 which had a full
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quarter of accretion in the current period.
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topographical, geographical and geophysical studies.
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facility. These studies were substantially completed in the prior period.
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Checkerboard fee. During thesix months ended December 31, 2024, the Group incurred an expense of$6.0
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million related to thesatisfaction of certain payment obligations to DWE under the TB1 Joint Venture Agreement. This
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obligation was satisfied through the issuance of common stock, subsequent to shareholder approval received in November
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2024 and is a nonrecurring event.
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expenses related to headcount.
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December 31, 2025, as compared to thesix months ended December 31, 2024, primarily due to the increase in interest
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expense on increased drawdowns for bank guarantees under the Facility Agreement with Macquarie Bank Limited entered
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into in December 2024.
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Foreign currency translation. For thesix months ended December 31, 2025, we recognized a foreign currency
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as compared to June 30, 2025. In thesix months ended December 31, 2024, we recognized a foreign currency translation
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period and PIPE announced in October 2025 (PIPE proceeds received in January 2026), together with our existing cash on
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and Share Purchase Plan, proceeds from the Syndicated Facility during the period were primarily offset by spending from
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in the fiscal period.
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Sweetpea’s committed spend as of December 31, 2025, was$23.3 million, which was related totwo licenses, EP 136
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2025, requesting an extension of the permit for a period of 18 months. This application remains under review. As such, the
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work program conditions for a period of six months to June 30, 2026. The total minimum work program commitments
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thousands):
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rounding.
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compensation, decreased by$0.2 million during thethree months ended September 30, 2025, as compared to thethree
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months ended September 30, 2024, primarily as a result of the forfeiture of stock-based compensation awards during the
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period for individuals who left the business and increased capitalized internal labor costs.
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compared to thethree months ended September 30, 2024, increasing by just$0.1 million during thethree months ended
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as the SPCF pad.
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facility.
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September 30, 2025, as compared to thethree months ended September 30, 2024, primarily due to lower cash balances and
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lower interest rates for the period ended September 30, 2025 and an increase in interest expense related to the Facility
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to institutional investors received in July 2025 were primarily offset by spending from operations on the SS-4H, SS-5H and
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As of September 30, 2025, the Company’s wholly owned subsidiary, Sweetpea committed to spend$23.1 million
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million over the following five years.
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Department of Industry, Tourism and Trade) in September 2023, and approved in July 2024, granting a five-year extension
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within the license term.
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program, and is currently pending resolution.
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liabilities.
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fees.
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accounting policies relate to the more significant estimates and assumptions used in preparing the consolidated financial
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statements.
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described in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025.
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entitled “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, and “Cautionary Note
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entitled “Risk Factors” in this Quarterly Report and in our Annual Report on Form 10-K for the fiscal year ended June 30,
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Regarding Forward-Looking Statements” in this report.
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2025, and “Cautionary Note Regarding Forward-Looking Statements” in this report.
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The following tables present selected financial information for the periods presented (dollar amounts in
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The following tables present selected financial information for the periods presented (in thousands):
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Certain amounts in the Company's consolidated financial statements may not add up or recalculate due to
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Certain amounts in the Group's consolidated financial statements may not add up or recalculate due to rounding.
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Consultancy, legal and professional fees. Consultancy, legal and professional fees remained fairly consistent as
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Consultancy, legal and professional fees. Consultancy, legal and professional fees remained fairly consistent period-
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Exploration expense. For thethree months ended September 30, 2025, the exploration expense decreased by $0.3
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Exploration expense. For thethree months ended December 31, 2025, the exploration expense decreased by $1.0
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equipment to the site. These costs are offset by recoveries from external parties who utilize the camp.
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These costs are offset by recoveries from external parties who utilize the camp.
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$0.2 million related tocertain studies and pre-front-end engineering and design services related to the proposed NT LNG
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$0.1 million related tocertain studies and pre-front-end engineering and design services related to the proposed NT LNG
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General and administrative. General and administrative costs increased by$0.2 million during thethree months
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General and administrative. General and administrative costs increased by$0.3 million during thethree months
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Interest income (expense), net. Interest income, netdecreased by$1.1 million during thethree months ended
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Interest income (expense), net. Interest income, netdecreased by$0.5 million during thethree months ended
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Agreement with Macquarie Bank Limited entered into in December 2024.
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expense on increased drawdowns for bank guarantees under the Facility Agreement with Macquarie Bank Limited entered
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translation gain of$1.7 million, primarily due to the slight strengthening of the Australian Dollar as of September 30, 2025,
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translation gain of$6.8 million, primarily due to the slight strengthening of the Australian Dollar as of December 31, 2025,
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as compared to June 30, 2025. In thethree months ended September 30, 2024, we recognized a foreign currency translation
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as compared to September 30, 2025. In thethree months ended December 31, 2024, we recognized a foreign currency
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field camp of$1.6 million were recognized primarily related to mobilization expenses of the modular buildings and related
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camp of$2.7 million were recognized primarily related to mobilization expenses of the modular buildings and related
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gain of$12.1 million, primarily due to the significant strengthening of the Australian Dollar as of September 30, 2024, as
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loss of$17.0 million, primarily due to the significant weakening of the Australian Dollar as of December 31, 2024, as
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We are a development stage enterprise and will continue to be so until commencement of substantial production from
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We are a development stage company and will continue to be so until commencement of substantial production from
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our natural gas properties. We do not expect to generate any revenue from production until late 2026, at the earliest, which
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our natural gas properties. We do not expect to generate any revenue from production until the second half of calendar year
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will depend upon successful drilling results, additional and timely capital funding, negotiation of certain commercial
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2026, at the earliest, which will depend upon successful drilling results, additional and timely capital funding, negotiation
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agreements and access to suitable infrastructure. Until then, our primary sources of liquidity are expected to be cash on
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of certain commercial agreements and access to suitable infrastructure. Until then, our primary sources of liquidity are
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hand and funds from future private and public equity placements, debt funding and asset sales.
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expected to be cash on hand and funds from future private and public equity placements, debt funding and/or asset sales.
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$43.4 million to progress our development plans. We expect the proceeds from the public offering received in October
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$45.5 million to progress our development plans. We expect the proceeds from the public offering during the current fiscal
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2025, together with our existing cash on hand, to be sufficient to fund remaining drilling costs of SS-4H, SS-5H and SS-6H
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hand, to be sufficient to fund remaining drilling and stimulation costs of SS-4H, SS-5H and SS-6H and to carry out flow
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and to carry out stimulation activities and flow testing of SS-5H. However, we may require significant additional funds
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testing of SS-5H. However, we may require significant additional funds earlier than we currently expect in order to execute
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earlier than we currently expect in order to execute our strategy as planned. Additional funding may not be available to us
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our strategy as planned. Additional funding may not be available to us on acceptable terms or at all. In addition, the terms
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on acceptable terms or at all. In addition, the terms of any financing may adversely affect the holdings or the rights of our
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of any financing may adversely affect the holdings or the rights of our stockholders. For example, if we raise additional
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stockholders. For example, if we raise additional funds by issuing additional equity securities, further dilution to our
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funds by issuing additional equity securities, further dilution to our existing stockholders will result. If we are unable to
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curtail one or more of our planned activities. We also could be required to seek funds through arrangements with
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obtain funding on a timely basis, we may be required to significantly curtail one or more of our planned activities. We also
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collaborators or others that may require us to relinquish rights to some of our assets which we would otherwise develop on
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to some of our assets which we would otherwise develop on our own, or with a majority working interest.
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As of September 30, 2025, we had$39.6 million of cash and cash equivalents. This balance represents anincrease of
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As of December 31, 2025, we had$83.4 million of cash and cash equivalents. This balance represents anincrease of
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$0.1 million from June 30, 2025. Cash calls received throughout the period and proceeds from our subscription agreements
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$44.0 million from June 30, 2025. Cash calls received, proceeds from our subscription agreements to institutional investors
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SS-6H pilot wells, construction of the SPCF facility and other corporate expenditure in the fiscal period.
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operations on the SS-4H, SS-5H and SS-6H pilot wells, construction of the SPCF facility and other corporate expenditure
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related to two licenses, EP 136 with total commitments of$13.9 million and EP 143 with total commitments of$9.2
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with total commitments of$14.0 million and EP 143 with total commitments of$9.3 million.
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A renewal application for EP 136 was submitted to the Department of Mining and Energy (“DME”) (formerly the
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A variation application for EP 136 was submitted to the Department of Mining and Energy (“DME”) in November
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for the period July 24, 2025 to July 23, 2030 with a minimum work program commitment of $13.9 million.
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Group maintains a minimum work program commitment of $14.0 million.
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A variation application for EP 143 was submitted to DME in August 2024 and approved in October 2024. The total
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An application for EP 143 was submitted to and approved by DME in December 2025 requesting to suspend the
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minimum work program commitments remain the same at$9.2 million with activity and associated spend being transferred
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remain the same at$9.3 million.
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permit, for which Santos Limited is the operator. Our commitment through March 2026 is approximately$2.3 million
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permit, for which Santos Limited is the operator. An application was approved in December 2025 to extend the term of the
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based on the minimum work requirements. There areno minimum commitment requirements after March 2026.
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2027 is expected to be$5.8 million based on the minimum work requirements. There areno minimum commitment
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and EP 117 of$11.5 million. An application was submitted to DME on September 26, 2024 to vary the year 2 and 3 work
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An application was submitted to DME in September 2024 to vary the year 2 and 3 work program and was approved
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The terms of the Beetaloo Joint Venture necessitate specific minimum work obligations through May 2028. These
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in November 2024. The terms of the Beetaloo Joint Venture continue to necessitate specific minimum work obligations
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2024, as compared to September 30, 2024. Foreign exchange gains and losses resulting from the settlement of foreign
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currency transactions and from the translation at fiscal year-end exchange rates of monetary assets and liabilities
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denominated in foreign currencies are recognized on our condensed consolidated statement of operations and
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Results of Operations for the Six Months Ended December 31, 2025 and 2024
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Revenue and other operating income. We have not yet commenced natural gas production; therefore, we did not earn
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any revenue and other operating income during thesix months ended December 31, 2025 and 2024, respectively.
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Compensation and benefits, including stock-based compensation. Compensation and benefits, including stock-based
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Consultancy, legal and professional fees. Consultancy, legal and professional fees remained fairly consistent period-
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Accretion of asset retirement obligations expense. For thesix months ended December 31, 2025, an expense for
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accretion of asset retirement obligations of$0.6 million was recognized. The recognition of such an expense was due to the
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accretion of asset retirement obligation liabilities in relation to all EPs, inclusive of EPs 76, 98, 117, 136 and 161, as well
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Exploration expense. For thesix months ended December 31, 2025, the exploration expense decreased by $1.4
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million as compared to thesix months ended December 31, 2024 as the current period was heavily focused on the drilling
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of SS-4H, SS-5H, and SS-6H, resulting in a larger portion of costs capitalized and less costs incurred related to
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Camp expense recoveries, net. For thesix months ended December 31, 2025, expenses for the newly established field
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equipment to the site, camp utilization, camp services, and related consumables. These costs are offset by recoveries from
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external parties who utilize the camp.
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LNG feasibility study expense. During thesix months ended December 31, 2025, the Group incurred expenses of
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$0.3 million related tocertain studies and pre-front-end engineering and design services related to the proposed NT LNG
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General and administrative. General and administrative costs increased by$0.5 million during thesix months
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ended December 31, 2025, as compared to thesix months ended December 31, 2024, primarily as a result of increased
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Interest income (expense), net. Interest income, netdecreased by$1.6 million during thesix months ended
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translation gain of$8.5 million, primarily due to the slight strengthening of the Australian Dollar as of December 31, 2025,
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Income tax expense. We have no income tax expense due to operating losses incurred for thesix months ended
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December 31, 2025, and 2024. We have provided a full valuation allowance on our net deferred tax asset because
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management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax
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assets during a foreseeable future period. Management will continue to assess the potential for realizing deferred tax assets
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based upon income forecast data and the feasibility of future tax planning strategies and may record adjustments to the
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valuation allowance against deferred tax assets in future periods, as appropriate, that could have a material impact on the
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condensed consolidated statement of operations and comprehensive loss.
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could be required to seek funds through arrangements with collaborators or others that may require us to relinquish rights
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existing stockholders will result. If we are unable to obtain funding on a timely basis, we may be required to significantly
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our own, or with a majority working interest.