Tamboran Resources Reports $9.1 Million Net Loss for Quarter Ending September 30, 2025

Tamboran Resources Corporation has reported its financial results for the quarter ending September 30, 2025, revealing a net loss of $9.1 million, an increase from the $6.8 million loss recorded in the same period last year. The company continues to operate without generating any revenue, as it remains in the exploration and appraisal stage of its natural gas properties in the Beetaloo Basin, Northern Territory, Australia. The total operating costs for the quarter amounted to $8.2 million, up from $7.0 million in the previous year, primarily driven by increased exploration expenses and general administrative costs.

In terms of financial position, Tamboran's total assets increased to $484.2 million as of September 30, 2025, compared to $446.5 million at the end of the previous fiscal year. This growth was largely attributed to an increase in unproved natural gas properties, which rose to $378.8 million from $342.3 million. The company’s cash and cash equivalents stood at $39.6 million, reflecting a slight increase from $39.4 million at the end of June 2025. However, the company reported a working capital deficit of $3.9 million, attributed to rising trade payables and accruals due to increased drilling activities.

Strategically, Tamboran has made significant progress in its operations, including reaching a Final Investment Decision (FID) for the Shenandoah South Pilot Project. The company is also in the process of acquiring Falcon Oil and Gas Australia Limited, which is expected to enhance its operational capabilities and asset base. The acquisition is subject to shareholder approval and other customary closing conditions. Additionally, the company has engaged RBC Capital Markets to assist in a formal farm-down of its Phase 2 Development Area, which is expected to further bolster its financial position.

Operationally, Tamboran has focused on its drilling program, with significant expenditures directed towards the SS-4H, SS-5H, and SS-6H pilot wells. The company reported a net cash used in operating activities of $13.8 million for the quarter, compared to $4.2 million in the prior year. Cash used in investing activities also increased to $28.4 million, reflecting ongoing exploration and evaluation efforts. The company anticipates needing approximately $43.4 million to progress its development plans over the next fiscal year, with funding expected from recent public offerings and existing cash reserves.

Looking ahead, Tamboran's management remains optimistic about its future, emphasizing the importance of securing additional capital to fund ongoing exploration and development projects. The company is actively pursuing various funding avenues, including a Share Purchase Plan targeting up to A$46 million, and a PIPE investment expected to raise up to $32 million. However, the company acknowledges the substantial risks associated with its operations, including the need for successful drilling results and the volatility of natural gas prices, which could impact its financial condition and operational performance.