Tamboran Resources Corporation — Fiscal 2026 Form 10-K Summary
Business context and reporting period
Tamboran Resources Corporation is an early-stage natural gas exploration and development company headquartered in Sydney, Australia. The company focuses on unconventional natural gas resources in the Beetaloo Basin in Australia’s Northern Territory and held approximately 2.8 million net prospective acres at year-end. The report covers the fiscal year ended June 30, 2026, with financial statements presented in U.S. dollars and the Australian dollar as the functional currency.
Tamboran remained in the exploration and appraisal stage at June 30, 2026, had no proved reserves, and had not generated natural gas revenue during the reporting period. Initial test gas sales began after year-end in September 2026.
Key financial metrics
| Metric | FY2026 | FY2025 |
|---|---|---|
| Revenue and other operating income | $0 | $0 |
| Operating costs and expenses | $32.7 million | $39.3 million |
| Loss from operations | $32.7 million | $39.3 million |
| Net loss | $30.5 million | $39.6 million |
| Net loss attributable to Tamboran stockholders | $26.1 million | $36.9 million |
| Basic and diluted loss per share | $1.161 | $2.517 |
| Net cash used in operating activities | $34.6 million | $29.6 million |
| Net cash used in investing activities | $187.6 million | $98.8 million |
| Net cash provided by financing activities | $412.3 million | $101.1 million |
| Cash and cash equivalents | $219.1 million | $39.4 million |
| Long-term debt, net | $59.0 million | $0 |
| Accumulated deficit | $193.4 million | $167.3 million |
Total assets increased to $1.154 billion from $446.5 million, primarily reflecting the Falcon acquisition, capitalized exploration and development spending, and construction of the Sturt Plateau Compression Facility. Unproved natural gas properties totaled $807.0 million, compared with $342.3 million in the prior year. Total capital commitments not recognized as liabilities were approximately $126.3 million, including $73.3 million for the Beetaloo Joint Venture and $23.0 million for midstream activities.
Material changes versus the prior comparable period
- Operating costs declined by $6.6 million, mainly because fiscal 2025 included $6.0 million of LNG feasibility expenses and a $6.0 million Checkerboard fee. These reductions were partly offset by higher compensation, general and administrative costs, asset retirement obligation accretion, and camp expenses.
- Net loss improved by $9.1 million, while loss attributable to Tamboran stockholders improved by $10.8 million. The improvement included higher net interest income and a smaller foreign exchange loss.
- Cash increased by $179.7 million, supported by approximately $291.0 million of net equity proceeds, $74.5 million of noncontrolling-interest contributions, and $58.9 million of debt proceeds. These inflows were offset by acquisition, drilling, facility construction, and corporate spending.
- Investing cash use increased by $88.8 million, including $112.0 million for exploration and evaluation, $37.3 million for the compression facility, $12.1 million for the Falcon acquisition, and $17.4 million related to an assigned note receivable.
- On May 28, 2026, Tamboran acquired approximately 98.1% of Falcon Australia and all interests in several other Falcon entities for $6.2 million in cash and 6.54 million Tamboran shares. The transaction added approximately $287.0 million of unproved properties and expanded the company’s Beetaloo position.
- Shares outstanding increased to 34.87 million at June 30, 2026 from 16.72 million, reflecting equity offerings, the Falcon acquisition, and other issuances.
Liquidity, debt, outlook, and risks
Management disclosed substantial doubt about the company’s ability to continue as a going concern because of recurring operating losses, negative operating cash flow, an accumulated deficit, significant future capital requirements, and the absence of established production revenues. Management believes cash on hand and the undrawn portion of the SPCF debt facility are sufficient to support operations over the following 12 months, but additional funding is expected to be required for later permit commitments and development activities.
Tamboran estimates approximately $113.3 million of investment for the fiscal year ending June 30, 2027 to advance the Shenandoah South Pilot Project. The company expects to fund planned activities through cash, available debt capacity, additional equity or debt financing, asset sales, farm-down transactions, or strategic partners. No assurance is provided that additional financing will be available on acceptable terms.
The Syndicated Facility permits aggregate borrowings of up to A$179.8 million and had approximately $60.6 million of principal outstanding at June 30, 2026. The facility matures in September 2029, bears interest based on BBSW plus applicable margins, and contains customary covenants and events of default.
Construction of the Sturt Plateau Compression Facility was approximately 90% complete and overall project completion was approximately 93% at June 30, 2026. First gas sales began September 5, 2026 at a discounted commissioning price. Sales are expected to ramp toward 40 TJ/d, approximately 41 MMcf/d gross, under the Northern Territory Government gas sales agreement, subject to well performance and commissioning.
Management’s longer-term plan includes expanding compression capacity, developing a pipeline to the Australian East Coast market, and potentially developing the Northern Territory LNG project. These phases depend on additional pipeline capacity, permits, financing, commercial contracts, strategic partners, and sustained Australian and Asian gas prices above North American levels.
- The company has no proved reserves and its acreage remains subject to appraisal, drilling, geological, technical, regulatory, and economic uncertainty.
- Development depends on substantial future capital, third-party infrastructure, equipment availability, permitting, land access, and successful well performance.
- The company is exposed to volatile natural gas prices, inflation, supply-chain constraints, foreign exchange movements, construction delays, cost overruns, and operational risks from drilling and hydraulic fracturing.
- Australian environmental, water, greenhouse-gas, native-title, heritage, hydraulic-fracturing, and biodiversity requirements could increase costs or delay or restrict operations.
- Facilities covered by the Safeguard Mechanism may require Scope 1 emissions to be offset. The company’s net-zero Scope 1 and 2 objectives are aspirational and may increase production costs.
- Tamboran identified a material weakness in internal control over financial reporting involving management review documentation and segregation-of-duties and system-access controls. Management’s disclosure controls were ineffective as of June 30, 2026.
- The company does not expect positive operating cash flow until at least 2028 and does not expect to pay dividends in the foreseeable future.
- A Federal Court of Australia proceeding challenging the Shenandoah South Pilot Project was dismissed with costs on June 26, 2026. The filing states that no other material pending legal proceeding was identified.
Most important facts for investors to verify
- Whether the Shenandoah South Pilot Project achieves sustained production near the 40 TJ/d contracted plateau and whether commissioning is completed as planned.
- The company’s actual post-year-end gas revenue, realized pricing, production costs, royalties, transportation charges, and operating cash flow.
- Available liquidity, remaining undrawn debt capacity, debt covenants, bank-guarantee requirements, and the timing and terms of future capital raises.
- Progress toward converting prospective resources into commercial production and any future proved-reserve disclosures.
- Completion and economic terms of the Falcon minority acquisition, Checkerboard transactions, farm-down arrangements, and related-party obligations.
- Final capital costs, operating performance, and expansion requirements for the SPCF, pipelines, and other midstream infrastructure.
- Remediation of the material weakness and effectiveness of internal controls in subsequent reporting periods.
- Permit renewals, minimum work commitments, native-title and heritage agreements, environmental approvals, and the outcome of the Australian Safeguard Mechanism review.