UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Commission File Number) Delaware 001-42149 93-4111196 (IRS Employer Identification Number) Suite 01, Level 39, Tower One, International Towers Sydney 100 Barangaroo Avenue, Barangaroo NSW 2000 (Address of principal executive offices, including Zip Code) Registrant's telephone number, including area code: Australia +61 2 8330 6626 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Repo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (+61) 2 8330 6626 For the transition period from to Commission file number 001-42149 _________________________ Tamboran Resources Corporation (Ex ...

Group 1 - Proactive Investors provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive focuses on sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Group 2 - Proactive has a strong emphasis on technology adoption, utilizing various tools to enhance workflows [4] - The company employs automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Revenue and Production - The company did not earn any revenue or other operating income during the three and six months ended December 31, 2024 and 2023, as it has not yet commenced natural gas production[139][151]. - The company anticipates that it will not generate revenue from production until 2026, depending on successful drilling results and additional capital funding[165]. Operating Costs and Expenses - Total operating costs and expenses for the three months ended December 31, 2024, were $15.0 million, an increase of 123% compared to $6.7 million in the same period of 2023[137]. - Compensation and benefits, including stock-based compensation, increased by $1.2 million (approximately 237%) for the three months ended December 31, 2024, compared to the same period in 2023, primarily due to restricted stock units granted and increased headcount[140]. - General and administrative costs increased by $1.2 million (approximately 75%) during the six months ended December 31, 2024, compared to the same period in 2023, due to increased expenses related to headcount and operational activities[159]. - The company recognized a loss on assets classified as held for sale amounting to $0.4 million during the six months ended December 31, 2024, compared to a loss of $0.03 million in the same period of 2023[154]. Cash Flow and Financial Position - As of December 31, 2024, the company had $59.4 million in cash and cash equivalents, a decrease of $15.3 million from June 30, 2024[170]. - For the six months ended December 31, 2024, net cash used in operating activities was $8.9 million, compared to $10.5 million for the same period in 2023, with a net loss of $22.3 million[184]. - Net cash used in investing activities for the six months ended December 31, 2024, was $35.8 million, up from $27.0 million in the prior year, primarily due to $42.1 million spent on exploration and evaluation activities[185]. - Net cash from financing activities was $31.4 million for the six months ended December 31, 2024, a decrease from $64.2 million in the same period of 2023[186]. Foreign Currency and Other Losses - The company recognized a foreign currency translation loss of $29.2 million for the three months ended December 31, 2024, compared to a gain of $13.7 million in the same period of 2023[149][161]. - The company incurred a net loss of $22.3 million for the six months ended December 31, 2024, which included non-cash impacts such as depreciation and amortization[184]. Future Commitments and Plans - The company expects to incur approximately $50.0 million in expenses to progress its development plans for the remainder of the fiscal year ending June 30, 2025[168]. - The company has capital commitments totaling $21.9 million for its subsidiary Sweetpea, with plans to develop and commercialize assets and incur expenses related to regulatory compliance[171][172]. - The Beetaloo Joint Venture has a commitment of $70.4 million for drilling and multi-stage hydraulic fracturing through May 2028[177]. - A renewal application for EP 136 was approved in July 2024, granting a five-year extension with a minimum work program commitment of $13.2 million[174]. Financing Activities - The company received $7.4 million in gross proceeds from the greenshoe option exercised in July 2024, contributing to financing activities[186]. - The company has $6.36 million in letters of credit issued under a Facility Agreement, with $18.64 million of unused credit under Facility A as of December 31, 2024[181]. Feasibility Studies - For the six months ended December 31, 2024, the company incurred expenses of $3.2 million related to LNG feasibility studies[157].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 12, 2025 Tamboran Resources Corporation Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 C ...

Group 1 - Proactive news team operates in major financial hubs globally, including London, New York, Toronto, Vancouver, Sydney, and Perth [1] - The company specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - Proactive employs experienced human content creators who utilize technology to enhance their workflows [4] Group 2 - The financial journalism team focuses on human-interest and macroeconomic content, covering sectors such as resources, biopharmaceuticals, technology, and blockchain since 2021 [5] - Proactive provides fast, accessible, informative, and actionable business and finance news to a global investment audience [5] - The company delivers news and insights across various markets, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [6] Group 3 - Proactive is committed to adopting technology and occasionally uses automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [7][8]

Financial Results - Tamboran Resources Corporation announced its financial and operating results for the quarter ended September 30, 2024, on November 12, 2024[2]. - The earnings presentation and press release are attached as Exhibit 99.1 and Exhibit 99.2, respectively[2]. - The financial statements and exhibits are formatted as inline XBRL and contained in Exhibit 101[5]. Regulatory Compliance - The report is filed under the Securities Exchange Act of 1934, ensuring compliance with regulatory requirements[3]. - The company is classified as an emerging growth company under the Securities Act of 1933[1]. - The report was signed by Eric Dyer, Chief Financial Officer, on behalf of Tamboran Resources Corporation[6].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q _________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-42149 _________________________ Tamboran Resources Cor ...

Company Overview - The company is an early-stage development firm with no material revenue expected until 2026 at the earliest[222]. - The company has drilled and completed only four wells as an operator, with only one well identified as productive based on initial flow rates[222]. - The company has no proved reserves and has not sold any natural gas produced to date[228]. - The company is dependent on distributions from TR Ltd. to cover taxes and corporate expenses, with no independent means of generating revenues[364]. Financial Projections and Risks - The company reported an accumulated deficit of $108.5 million as of June 30, 2023, and $130.4 million as of June 30, 2024, raising substantial doubt about its ability to continue as a going concern[280]. - The company does not expect to generate positive cash flow until at least 2026, and therefore does not anticipate paying dividends on its CDIs or common stock in the foreseeable future[379]. - The company has incurred significant operating losses and negative cash flows, with expectations of continued losses as it advances its development program[280]. - The company faces significant operational and financial risks in drilling, with costs often exceeding estimates[230]. - The company’s ability to raise capital may be limited by ASX rules regarding new share issuances[227]. - Limitations on new share issuances under ASX rules may restrict the ability to raise additional capital, adversely affecting business development[405]. Operational Plans and Challenges - The company plans to drill six additional wells through 2025, estimating gross expenses of approximately $26 million for each well[224]. - The company aims for a gross production goal of 2.0 Bcf/d, but there are uncertainties regarding achieving this target[229]. - The company intends to import and implement U.S. practices and technology for natural gas development in the Northern Territory, but faces challenges in attracting and training a qualified workforce[232]. - The company’s business plan includes delivering natural gas to the Northern Territory and select markets in South and East Asia, contingent on additional pipeline capacity[227]. - The company is dependent on the success of its drilling program and infrastructure development in the Beetaloo, which is still in the early stages of development[281]. Market and Pricing Risks - The company’s business model relies on higher natural gas prices from Asian and domestic Australian markets compared to U.S. prices, making it vulnerable to price fluctuations[248]. - Natural gas prices are volatile and a sustained decline could adversely affect the company's financial condition and ability to raise capital[245]. - A significant portion of natural gas production may be interrupted due to various factors, including weather conditions and labor issues, potentially adversely affecting cash flow[237]. Regulatory and Compliance Risks - The company faces legal and regulatory risks that could result in substantial liabilities and impact operational performance[304]. - Changes in government policy regarding natural gas development could significantly affect operations and profitability[310]. - Compliance with environmental, social, and governance (ESG) expectations is critical, as failures could damage the company's reputation and lead to financial penalties[306]. - The company is required to produce natural gas in the Beetaloo on a Scope 1 net zero basis upon commencement of commercial production, with a threshold of 100,000 t-CO2-e emissions per financial year[328]. - Compliance with various environmental and occupational health and safety laws may lead to increased costs and operational delays, impacting financial performance[321]. Internal Controls and Governance - The company has identified a material weakness in its internal control over financial reporting, which may lead to inaccurate financial results or misstatements[381]. - The company identified material weaknesses in internal controls over financial reporting for fiscal years 2023 and 2024, including insufficient evidence of internal control performance and inadequate segregation of duties[383]. - A full review of processes and internal controls is being conducted with external consultants, and new controls and processes are being implemented[384]. - The company plans to hire additional accounting and finance personnel to ensure compliance with reporting requirements and maintain segregation of duties[384]. External Economic Factors - High market volatility and instability in the banking sector could adversely affect economic activity and the company's business operations[287]. - Ongoing geopolitical conflicts, including those in Ukraine and the Middle East, may lead to increased uncertainty in natural gas markets and higher prices, potentially impacting demand[288]. - A financial crisis or deteriorating economic climate could materially decrease worldwide demand for hydrocarbon-based products, affecting sales prices and operational capabilities[291]. - Risks related to pandemics and public health events could disrupt business operations and adversely affect liquidity and financial condition[292]. Environmental and Community Risks - Community opposition regarding the development of the Beetaloo could result in significant costs and delays, affecting the ability to obtain necessary government approvals[322]. - The company faces potential legal disputes and operational disruptions due to native title and heritage risks associated with natural gas exploration and development[324]. - Increased attention to ESG matters may lead to higher compliance costs and reduced demand for the company's products, adversely impacting financial performance[330]. Future Outlook - The company anticipates commencing construction of the NTLNG project as early as 2027, with a total purchase commitment of 4.4 Mtpa from bp and Shell, although these agreements are not binding[284]. - The company anticipates that achieving its vision of becoming an operational net zero emissions producer is uncertain and may depend on various external factors[329].

Gas Sales Agreements and Partnerships - Tamboran Resources Corporation signed a 15.5-year Binding Gas Sales Agreement to deliver 40 MMcf/d to the Northern Territory Government via the existing Amadeus Gas Pipeline[11] - The company has signed letters of intent with six East Coast gas buyers for up to 875 MMcf/d, which is over 50% of the current East Coast gas demand[4] - The company entered into strategic partnerships to import US technology and build additional pipelines into the Beetaloo Basin, including a two-year rig contract with Helmerich & Payne[8] Production Goals and Drilling Programs - Tamboran aims to grow Beetaloo Basin gas production to 2 Bcf/d (gross) by 2030 to supply the Northern Territory, East Coast, and Asia Pacific markets[7] - The average gross well cost for the 2024 drilling program is targeted at approximately US$28 million for two wells, with IP30 flow rates expected in Q1 2025[12] - The proposed Shenandoah South Pilot Project targets first gas from a ~40 MMcf/d (gross) pilot project in 1H 2026, with drilling of two horizontal wells commencing in 2024[10] - Upcoming milestones include completing drilling and stimulation activities by 4Q 2024 and securing final stakeholder approvals by YE 2024[22] Reservoir and Well Performance - The Shenandoah South 1H well logged approximately 480 ft of high-quality gas interval at around 10,000-foot depth, indicating favorable reservoir properties[9] - Shenandoah South 1H IP90 performance shows favorable comparison to average Marcellus Shale well performance, with an average flow rate of 24 MMCF/D per 10,000[17] - The Liberty Energy frac fleet, with 80,000 HP, has been imported to optimize stimulation of the Mid Velkerri B Shale, enhancing cost efficiency and well performance[15] Market Analysis and Future Projections - The East Coast gas market is projected to face potential shortfalls exceeding 1 Bcf/d by 2030, with prices for local contracts in 2024 estimated at A$12.60 per GJ (~US$8.45 per mcf)[6] - Phase 2 of Tamboran's strategy includes oversized new pipelines to provide 875 MMcf/d to the East Coast Gas Market, addressing projected shortfalls[20] - The Marcellus Shale in NE Pennsylvania produces approximately 14 Bcf/d from around 1 million acres, indicating significant production potential in similar regions[19] Project Development and Environmental Approvals - The proposed NTLNG project at Darwin has secured a 420-acre site and is targeting completion of pre-FEED studies by 1H 2025, with government support of approximately US$1.0 billion[21] - The environmental approval process for the NTLNG project is currently underway, expected to be completed by YE 2025[21] - Tamboran's proposed NTLNG project targets an export capacity of approximately 6.6 MTPA[20] - Tamboran holds a net working interest of approximately 387,600 acres in the deep Mid-Velkerri gas play, targeting future development potential[18] - The company is focusing on the development of the Mid Velkerri 'Lower B' shale target, which presents future upside potential[19]