Tamboran Resources Corporation(TBN) - 2025 Q2 - Quarterly Report

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$6.7 million in the same period of 2023[137]. - Compensation and benefits, including stock-based compensation, increased by $1.2 million (approximately 237$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].