Tamboran Resources Corp
For the period ended Mar 31, 2026. Filed May 13, 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.
Mar 31, 2026 · Filed May 13, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-13.
0001628280-26-034593
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 226 previous paragraphs and 219 current paragraphs.
85 unchanged; 103 reworded; 26 added; 22 removed; 16 previous and 5 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 (26)
Current report
compensation, increased by$1.2 million during thethree months ended March 31, 2026, as compared to thethree months
Current report
ended March 31, 2025, largely due to increased headcount in relation to the comparative quarter, compensation awarded to
Current report
the new CEO during the quarter, and the payout of bonuses during the quarter for the 2025 calendar year at a higher payout
Current report
percentage than that accrued in the same quarter of fiscal year 2025.
Current report
as compared to thethree months ended March 31, 2025 as the prior period had increased activity fortopographical,
Current report
geographical and geophysical studies and other indirect expenditures while the current period focused on the flow test for
Current report
SS-6H and preparation of the stimulation programs of SS-3H, SS-4H, and SS-5H, the costs of which are capitalized.
Current report
compared to thethree months ended March 31, 2025 were fairly consistent period-over-period.
Current report
March 31, 2026, as compared to thethree months ended March 31, 2025, primarily due to interest received on deposits in
Current report
connection with our PIPE proceeds that occurred during the period ended March 31, 2026 which did not exist in the
Current report
comparative period.
Current report
translation gain of$15.5 million, primarily due to the significant strengthening of the Australian Dollar as of March 31,
Current report
translation gain of$1.5 million, primarily due to the strengthening of the Australian Dollar as of March 31, 2025, as
Current report
compensation, increased by$2.6 million during thenine months ended March 31, 2026, as compared to thenine months
Current report
geographical and geophysical studies.
Current report
who utilize the camp.
Current report
nonrecurring event.
Current report
to headcount.
Current report
Foreign currency translation. For thenine months ended March 31, 2026, we recognized a foreign currency
Current report
translation gain of$24.0 million, primarily due to the significant strengthening of the Australian Dollar as of March 31,
Current report
2026, as compared to June 30, 2025. In thenine months ended March 31, 2025, we recognized a foreign currency
Current report
or asset sales.
Current report
stimulation costs of SS-4H, SS-5H and SS-6H and committed SPCF construction costs. However, we may require
Current report
fiscal period.
Current report
program for years 3, 4 and 5 and extension of the term to December 31, 2029. The total minimum work program
Current report
commitments remained the same at$9.5 million.
Removed paragraphs (22)
Previous report
compensation, increased by$1.6 million during thethree months ended December 31, 2025, as compared to thethree
Previous report
topographical, geographical and geophysical studies.
Previous report
expenses related to headcount.
Previous report
into in December 2024.
Previous report
translation gain of$6.8 million, primarily due to the slight strengthening of the Australian Dollar as of December 31, 2025,
Previous report
currency transactions and from the translation at fiscal year-end exchange rates of monetary assets and liabilities
Previous report
comprehensive loss.
Previous report
compensation, increased by$1.4 million during thesix months ended December 31, 2025, as compared to thesix months
Previous report
awarded to the interim CEO.
Previous report
topographical, geographical and geophysical studies.
Previous report
expenses related to headcount.
Previous report
into in December 2024.
Previous report
Foreign currency translation. For thesix months ended December 31, 2025, we recognized a foreign currency
Previous report
translation gain of$8.5 million, primarily due to the slight strengthening of the Australian Dollar as of December 31, 2025,
Previous report
as compared to June 30, 2025. In thesix months ended December 31, 2024, we recognized a foreign currency translation
Previous report
transactions and from the translation at fiscal year-end exchange rates of monetary assets and liabilities denominated in
Previous report
hand, to be sufficient to fund remaining drilling and stimulation costs of SS-4H, SS-5H and SS-6H and to carry out flow
Previous report
testing of SS-5H. However, we may require significant additional funds earlier than we currently expect in order to execute
Previous report
in the fiscal period.
Previous report
work program conditions for a period of six months to June 30, 2026. The total minimum work program commitments
Previous report
remain the same at$9.3 million.
Previous report
establishment fees.
Reworded paragraphs (103)
Previous wording
accretion of asset retirement obligations of$0.6 million was recognized. The recognition of such an expense was due to the
Current wording
accretion of asset retirement obligations of$0.3 million was recognized. The recognition of such an expense was primarily
Previous wording
accretion of asset retirement obligation liabilities in relation to all EPs, inclusive of EPs 76, 98, 117, 136 and 161, as well
Current wording
due to the accretion of asset retirement obligation liabilities in relation to all EPs, inclusive of EPs 76, 98, 117, 136 and
Previous wording
as the SPCF pad. The incremental expense period over period is driven by the three wells drilled in Q1 which had a full
Current wording
161, as well as the SPCF pad. The incremental expense period over period is driven by the three wells drilled in Q1 which
Previous wording
quarter of accretion in the current period.
Current wording
had a full quarter of accretion in the current period.
Previous wording
Exploration expense. For thethree months ended December 31, 2025, the exploration expense decreased by $1.0
Current wording
Exploration expense. For thethree months ended March 31, 2026, the exploration expense decreased by $0.5 million
Previous wording
Camp expense recoveries, net. For thethree months ended December 31, 2025, expenses for the newly established
Current wording
Camp expense recoveries, net. For thethree months ended March 31, 2026, expenses for the field camp of$0.6
Previous wording
field camp of$1.0 million were recognized primarily related to camp utilization, camp services, and related consumables.
Current wording
million were recognized primarily related to camp utilization, camp services, and related consumables. These costs are
Previous wording
These costs are offset by recoveries from external parties who utilize the camp.
Current wording
offset by recoveries from external parties who utilize the camp.
Previous wording
LNG feasibility study expense. During thesix months ended December 31, 2025, the Group incurred expenses of
Current wording
LNG feasibility study expense. During thethree months ended March 31, 2026, expenses related tocertain studies
Previous wording
$0.3 million related tocertain studies and pre-front-end engineering and design services related to the proposed NT LNG
Current wording
and pre-front-end engineering and design services related to the proposed NT LNG facility were de minimis as these
Previous wording
facility. These studies were substantially completed in the prior period.
Current wording
studies were substantially completed in prior periods.
Previous wording
General and administrative. General and administrative costs increased by$0.3 million during thethree months
Current wording
General and administrative. General and administrative costs during thethree months ended March 31, 2026, as
Previous wording
Interest income (expense), net. Interest income, netdecreased by$0.5 million during thethree months ended
Current wording
Interest income (expense), net. Interest income, netincreased by$0.6 million during thethree months ended
Previous wording
as compared to September 30, 2025. In thethree months ended December 31, 2024, we recognized a foreign currency
Current wording
2026, as compared to December 31, 2025. In thethree months ended March 31, 2025, we recognized a foreign currency
Previous wording
December 31, 2025, and 2024. We have provided a full valuation allowance on our net deferred tax asset because
Current wording
March 31, 2026, and 2025. We have provided a full valuation allowance on our net deferred tax asset because management
Previous wording
management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax
Current wording
has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during
Previous wording
assets during a foreseeable future period. Management will continue to assess the potential for realizing deferred tax assets
Current wording
a foreseeable future period. Management will continue to assess the potential for realizing deferred tax assets based upon
Previous wording
based upon income forecast data and the feasibility of future tax planning strategies and may record adjustments to the
Current wording
income forecast data and the feasibility of future tax planning strategies and may record adjustments to the valuation
Previous wording
valuation allowance against deferred tax assets in future periods, as appropriate, that could have a material impact on the
Current wording
allowance against deferred tax assets in future periods, as appropriate, that could have a material impact on the condensed
Previous wording
Results of Operations for the Six Months Ended December 31, 2025 and 2024
Current wording
Results of Operations for the Nine Months Ended March 31, 2026 and 2025
Previous wording
any revenue and other operating income during thesix months ended December 31, 2025 and 2024, respectively.
Current wording
any revenue and other operating income during thenine months ended March 31, 2026 and 2025, respectively.
Previous wording
months ended December 31, 2024, largely due to the transition to a calendar year employee bonus schedule and
Current wording
ended March 31, 2025, largely due to increased headcount in relation to the comparative period, the transition to a calendar
Previous wording
compensation awarded to the interim CEO.
Current wording
year employee bonus schedule, and compensation awarded to the interim and new CEO.
Previous wording
Accretion of asset retirement obligations expense. For thesix months ended December 31, 2025, an expense for
Current wording
Accretion of asset retirement obligations expense. For thenine months ended March 31, 2026, an expense for
Previous wording
accretion of asset retirement obligations of$0.3 million was recognized. The recognition of such an expense was due to the
Current wording
accretion of asset retirement obligations of$0.9 million was recognized. The recognition of such an expense was due to the
Previous wording
Exploration expense. For thesix months ended December 31, 2025, the exploration expense decreased by $1.4
Current wording
Exploration expense. For thenine months ended March 31, 2026, the exploration expense decreased by $1.9 million
Previous wording
million as compared to thesix months ended December 31, 2024 as the current period was heavily focused on the drilling
Current wording
as compared to thenine months ended March 31, 2025 as the current period was heavily focused on the drilling of SS-4H,
Previous wording
of SS-4H, SS-5H, and SS-6H, resulting in a larger portion of costs capitalized and less costs incurred related to
Current wording
SS-5H, and SS-6H, resulting in a larger portion of costs capitalized and less costs incurred related totopographical,
Previous wording
Camp expense recoveries, net. For thesix months ended December 31, 2025, expenses for the newly established field
Current wording
Camp expense recoveries, net. For thenine months ended March 31, 2026, expenses for the field camp of$3.3
Previous wording
camp of$2.7 million were recognized primarily related to mobilization expenses of the modular buildings and related
Current wording
million were recognized primarily related to mobilization expenses of the modular buildings and related equipment to the
Previous wording
equipment to the site, camp utilization, camp services, and related consumables. These costs are offset by recoveries from
Current wording
site, camp utilization, camp services, and related consumables. These costs are offset by recoveries from external parties
Previous wording
LNG feasibility study expense. During thethree months ended December 31, 2025, the Group incurred expenses of
Current wording
LNG feasibility study expense. During thenine months ended March 31, 2026, the Group incurred expenses of$0.4
Previous wording
$0.1 million related tocertain studies and pre-front-end engineering and design services related to the proposed NT LNG
Current wording
million related tocertain studies and pre-front-end engineering and design services related to the proposed NT LNG
Previous wording
Checkerboard fee. During thesix months ended December 31, 2024, the Group incurred an expense of$6.0
Current wording
Checkerboard fee. During thesix months ended December 31, 2024, the Group incurred an expense of$6.0 million
Previous wording
million related to thesatisfaction of certain payment obligations to DWE under the TB1 Joint Venture Agreement. This
Current wording
related to thesatisfaction of certain payment obligations to DWE under the TB1 JVSA. This obligation was satisfied
Previous wording
obligation was satisfied through the issuance of common stock, subsequent to shareholder approval received in November
Current wording
through the issuance of common stock, subsequent to shareholder approval received in November 2024 and is a
Previous wording
General and administrative. General and administrative costs increased by$0.5 million during thesix months
Current wording
General and administrative. General and administrative costs increased by$0.5 million during thenine months ended
Previous wording
ended December 31, 2025, as compared to thethree months ended December 31, 2024, primarily as a result of increased
Current wording
March 31, 2026, as compared to thenine months ended March 31, 2025, primarily as a result of increased expenses related
Previous wording
Interest income (expense), net. Interest income, netdecreased by$1.6 million during thesix months ended
Current wording
Interest income (expense), net. Interest income, netdecreased by$1.0 million during thenine months ended
Previous wording
December 31, 2025, as compared to thethree months ended December 31, 2024, primarily due to the increase in interest
Current wording
March 31, 2026, as compared to thenine months ended March 31, 2025, primarily due to the increase in interest expense
Showing the first 40 of 103 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
consolidated statement of operations and comprehensive loss.
Current report — wording carried from elsewhere
consolidated statement of operations and comprehensive loss.
Current report — wording carried from elsewhere
significant additional funds after June 30, 2026, in order to execute our strategy as planned. Additional funding may not be
Current report — wording carried from elsewhere
to our existing stockholders will result. If we are unable to obtain funding on a timely basis, we may be required to
Current report — wording carried from elsewhere
payment of performance bond facility establishment fees.
Rearranged previous paragraphs (16)
Previous report — wording carried elsewhere
million as compared to thethree months ended December 31, 2024 as the current period was heavily focused on the
Previous report — wording carried elsewhere
drilling of SS-4H, SS-5H, and SS-6H, resulting in a larger portion of costs capitalized and less costs incurred related to
Previous report — wording carried elsewhere
Checkerboard fee. During thethree months ended December 31, 2024, the Group incurred an expense of$6.0
Previous report — wording carried elsewhere
2024 and is a nonrecurring event.
Previous report — wording carried elsewhere
condensed consolidated statement of operations and comprehensive loss.
Previous report — wording carried elsewhere
ended December 31, 2024, largely due to the transition to a calendar year employee bonus schedule and compensation
Previous report — wording carried elsewhere
external parties who utilize the camp.
Previous report — wording carried elsewhere
million related to thesatisfaction of certain payment obligations to DWE under the TB1 Joint Venture Agreement. This
Previous report — wording carried elsewhere
obligation was satisfied through the issuance of common stock, subsequent to shareholder approval received in November
Previous report — wording carried elsewhere
2024 and is a nonrecurring event.
Previous report — wording carried elsewhere
ended December 31, 2025, as compared to thesix months ended December 31, 2024, primarily as a result of increased
Previous report — wording carried elsewhere
December 31, 2025, as compared to thesix months ended December 31, 2024, primarily due to the increase in interest
Previous report — wording carried elsewhere
expense on increased drawdowns for bank guarantees under the Facility Agreement with Macquarie Bank Limited entered
Previous report — wording carried elsewhere
loss of$17.0 million, primarily due to the significant weakening of the Australian Dollar as of December 31, 2024, as
Previous report — wording carried elsewhere
condensed consolidated statement of operations and comprehensive loss.
Previous report — wording carried elsewhere
of any financing may adversely affect the holdings or the rights of our stockholders. For example, if we raise additional