Tamboran Resources Corp (TBN) SEC Filings & Earnings Calls

Early stage of development with no material revenue expected until second half of 2026.

“Our early stage of development with no material revenue expected until the second half of 2026 and our limited operating history.” · word for word

Dilution risk

“this Amendment No. 7 is being filed to report a greater than 1% decrease in certain of the Reporting Persons' beneficial ownership that was due solely to the increase in outstanding shares of Common Stock as disclosed by the Issuer.” · word for word

Going concern uncertainty

“Our recurring losses from operations, negative cash flows and substantial cumulative net losses raise substantial doubt about our ability to continue as a going concern.” · word for word

No proved reserves

“We have no proved reserves at this time and have not sold any natural gas produced.”

Capital requirement risk

“Our business plan requires substantial additional capital, which we may be unable to raise on acceptable terms in the future, or at all.” · word for word

Pipeline dependency risk

“Our ability to deliver natural gas in significant quantities to these markets depends on the construction of additional pipeline capacity.” · word for word

Operational risk

“a downhole mechanical issue in SS2-2H led to it being plugged and sidetracked...the completion operations for the SS2-5H well were paused due to detected stress in the casing connection”

Forward-looking statements and risks related to oil and gas prices, development, funding, and regulatory approvals.

“Forward-looking statements caution about risks including movements in oil and gas prices, development risks, funding availability, and regulatory approvals.”

Pre-revenue cash burn

“We have not yet commenced natural gas production; therefore, we did not earn any revenue and other operating income.” · word for word

Dilution from Falcon acquisition

“Tamboran anticipates issuing 6,537,503 shares of Tamboran common stock to Falcon in exchange for Falcon’s equity interests in the Falcon Entities.” · word for word

Funding dependency

“We may require significant additional funds after June 30, 2026, in order to execute our strategy as planned.” · word for word

Weather disruptions and wet season delays could impact SPCF timeline.

“disruptions caused by wet weather; significant weather events in the region during the wet season”

Dependence on successful well stimulation and drilling results for first gas.

“stimulation program expected to test local sand; drilling of at least four wells and stimulation of at least five wells”

Pre-revenue status and funding dependency

“We do not expect to generate any revenue from production until the second half of calendar year 2026, at the earliest, which will depend upon successful drilling results, additional and timely capital funding, negotiation of certain commercial agreements and access to suitable infrastructure.” · word for word

Pending Falcon Acquisition execution risk

“The arrangement is subject to a number of conditions which may delay the Falcon Acquisition and could result in additional expenditures of money and resources or reduce the anticipated benefits, or result in termination of the Arrangement Agreement and Tamboran having to pay a termination fee.” · word for word

Significant capital commitments

“Capital commitments: Sweetpea $23,327, EP 161 $5,848, Beetaloo Joint Venture $76,609, Midstream $12,116 (in thousands).”

Dilution risk from equity financing

“If we raise additional funds by issuing additional equity securities, further dilution to our existing stockholders will result.” · word for word

Equipment issue may impede flow from SS-6H well toe section.

“final 1,374-foot (~419-metre) section, representing ~14% of the horizontal section from the toe may experience impeded flow due to an equipment issue” · word for word

Weather conditions could delay first gas sales.

“First sales from the SS Pilot Project remains on track for 3Q 2026, subject to weather conditions” · word for word

Going Concern Risk

“the substantial doubt raised by our recurring operational losses, negative cash flows, and cumulative net losses about our ability to continue as a going concern” · word for word

Dilution Risk

“the issue of 2,673,111 shares of Common Stock pursuant to the Company's Public Offering ... and ... approximately 1.52 million newly issued shares ... in the October 2025 PIPE Financing” · word for word

No Proved Reserves Risk

“the absence of proved reserves and the risk that our drilling may not yield natural gas in commercial quantities or quality” · word for word

No revenue until late 2026

“We do not expect to generate any revenue from production until late 2026, at the earliest.” · word for word

Significant capital requirements

“For the remainder of the fiscal year ending June 30, 2026, we estimate that we will need to invest approximately $43.4 million to progress our development plans.” · word for word

Funding uncertainty

“Additional funding may not be available to us on acceptable terms or at all.” · word for word

Weather and operational delays could impact first gas timeline.

“subject to weather conditions and soaking duration” · word for word

Coil tubing issue on SS-4H well may cause delays.

“an issue with the coil tubing resulted in the decision to stimulate the SS-6H well to remain on time and on-schedule. Recovery of the coil tubing is planned to follow the end of the SS-6H stimulation” · word for word

Going Concern Uncertainty

“the substantial doubt raised by our recurring operational losses, negative cash flows, and cumulative net losses about our ability to continue as a going concern” · word for word

No Proved Reserves

“the absence of proved reserves and the risk that our drilling may not yield natural gas in commercial quantities or quality” · word for word

Infrastructure Dependency

“our strategy to deliver natural gas to the Australian East Coast and select Asian markets being contingent upon constructing additional pipeline capacity, which may not be secured” · word for word