☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Delaware |
93-4111196 |
||
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
||
Suite 01, Level 39, Tower One,
International Towers Sydney 100
Barangaroo Avenue, New South Wales,
Australia
|
2000 |
||
(Address of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, $0.001 par value |
TBN |
New York Stock Exchange |
Large accelerated filer |
☐ |
Accelerated filer |
☐ |
|
Non-accelerated filer |
☒ |
Smaller reporting company |
☒ |
|
Emerging growth company |
☒ |
Note |
December 31,
2024
|
June 30,
2024
|
|||
ASSETS |
|||||
Current assets |
|||||
Cash and cash equivalents |
$59,442,407 |
$74,745,897 |
|||
Trade and other receivables: |
|||||
Joint interest billing |
3,565,181 |
10,298,322 |
|||
ATO receivable |
2,072,833 |
700,115 |
|||
Other tax receivables |
45,478 |
11,514 |
|||
Assets held for sale |
3 |
— |
8,366,000 |
||
Prepaid expenses and other current assets |
2,188,368 |
3,209,033 |
|||
Total current assets |
67,314,267 |
97,330,881 |
|||
Natural gas properties, successful efforts method: |
|||||
Unproved properties |
3 |
264,156,414 |
230,119,448 |
||
Assets under construction - natural gas equipment |
3 |
11,850,337 |
7,542,064 |
||
Property, plant and equipment, net |
3 |
222,898 |
102,244 |
||
Operating lease right-of-use assets |
4 |
833,824 |
962,052 |
||
Finance lease right-of-use assets |
4 |
15,632,023 |
20,697,452 |
||
Prepaid expenses and other non-current assets |
2,909,823 |
1,889,890 |
|||
Total non-current assets |
295,605,319 |
261,313,150 |
|||
TOTAL ASSETS |
$362,919,586 |
$358,644,031 |
|||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||||
Current liabilities |
|||||
Accounts payable and accrued expenses |
5 |
$22,565,505 |
$14,832,599 |
||
Current portion of operating lease obligations |
4 |
279,401 |
397,999 |
||
Current portion of finance lease obligations |
4 |
15,205,744 |
12,767,400 |
||
Total current liabilities |
38,050,650 |
27,997,998 |
|||
Operating lease obligations |
4 |
573,239 |
587,250 |
||
Finance lease obligations |
4 |
6,618,699 |
14,141,713 |
||
Asset retirement obligations |
6 |
8,523,832 |
8,140,992 |
||
Other non-current liabilities |
103,976 |
90,378 |
|||
Total non-current liabilities |
15,819,746 |
22,960,333 |
|||
Total liabilities |
53,870,396 |
50,958,331 |
|||
Commitments and contingencies (Note 11) |
|||||
Stockholders’ equity |
|||||
Common stock, $0.001 par value, 10,000,000,000 authorized; 14,536,774
and 13,915,524 issued and outstanding at December 31, 2024 and
June 30, 2024, respectively.
|
14,536 |
13,915 |
|||
Additional paid-in capital |
420,230,876 |
404,594,023 |
|||
Accumulated other comprehensive loss |
(25,924,767) |
(11,512,975) |
|||
Accumulated deficit |
(150,441,291) |
(130,379,771) |
|||
Total Tamboran Resources Corporation
stockholders’ equity
|
243,879,354 |
262,715,192 |
|||
Noncontrolling interest |
65,169,836 |
44,970,508 |
|||
Total stockholders’ equity |
309,049,190 |
307,685,700 |
|||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$362,919,586 |
$358,644,031 |
Three months ended December 31, |
Six months ended December 31, |
||||||||
Note |
2024 |
2023 |
2024 |
2023 |
|||||
Revenue and other operating income |
$— |
$— |
$— |
$— |
|||||
Operating costs and expenses |
|||||||||
Compensation and benefits, including
stock-based compensation
|
(1,682,928) |
(506,403) |
(3,902,061) |
(1,764,394) |
|||||
Consultancy, legal and professional fees |
(1,004,147) |
(2,404,404) |
(2,683,825) |
(3,785,275) |
|||||
Depreciation and amortization |
(30,740) |
(29,072) |
(61,415) |
(58,084) |
|||||
Loss on remeasurement of assets classified
as held for sale
|
3 |
— |
(25,605) |
(376,000) |
(25,605) |
||||
Accretion of asset retirement obligations |
6 |
(242,066) |
(215,282) |
(499,804) |
(429,597) |
||||
Exploration expense |
(1,473,303) |
(2,482,137) |
(2,482,812) |
(3,387,001) |
|||||
LNG feasibility study expense |
(3,232,897) |
— |
(3,232,897) |
— |
|||||
Checkerboard fee |
7 |
(5,950,000) |
— |
(5,950,000) |
— |
||||
General and administrative |
(1,398,766) |
(1,069,047) |
(2,804,104) |
(1,597,986) |
|||||
Total operating costs and expenses |
(15,014,847) |
(6,731,950) |
(21,992,918) |
(11,047,942) |
|||||
Loss from operations |
(15,014,847) |
(6,731,950) |
(21,992,918) |
(11,047,942) |
|||||
Other income (expense) |
|||||||||
Interest income, net |
705,428 |
164,743 |
1,501,471 |
248,531 |
|||||
Foreign exchange loss, net |
(1,227,852) |
(888,538) |
(1,481,884) |
(274,192) |
|||||
Other income (expense), net |
37,167 |
(64,752) |
(282,340) |
(199,027) |
|||||
Total other income (expense) |
(485,257) |
(788,547) |
(262,753) |
(224,688) |
|||||
Net loss |
(15,500,104) |
(7,520,497) |
(22,255,671) |
(11,272,630) |
|||||
Less: Net loss attributable to noncontrolling
interest
|
(1,333,158) |
(1,494,166) |
(2,194,151) |
(2,056,601) |
|||||
Net loss attributable to Tamboran Resources
Corporation stockholders
|
$(14,166,946) |
$(6,026,331) |
$(20,061,520) |
$(9,216,029) |
|||||
Comprehensive income (loss) |
|||||||||
Net loss |
$(15,500,104) |
$(7,520,497) |
$(22,255,671) |
$(11,272,630) |
|||||
Other comprehensive income (loss) |
|||||||||
Foreign currency translation |
(29,158,105) |
13,650,998 |
(17,009,928) |
8,333,400 |
|||||
Total comprehensive income (loss) |
(44,658,209) |
6,130,501 |
(39,265,599) |
(2,939,230) |
|||||
Less: Total comprehensive income (loss)
attributable to noncontrolling interest
|
(5,358,510) |
746,029 |
(4,792,287) |
(655,891) |
|||||
Total comprehensive income (loss) attributable
to Tamboran Resources Corporation
stockholders
|
$(39,299,699) |
$5,384,472 |
$(34,473,312) |
$(2,283,339) |
|||||
Net loss per common stock |
|||||||||
Basic and diluted |
10 |
$(0.987) |
$(0.690) |
$(1.409) |
$(1.070) |
||||
Weighted average number of common stock
outstanding
|
|||||||||
Basic and diluted |
10 |
14,346,556 |
8,735,752 |
14,236,753 |
8,612,217 |
Common
stock
|
Additional
paid-in capital
|
Accumulated
other
comprehensive
loss
|
Accumulated
deficit
|
Total
Tamboran
Resources
stockholders’
equity
|
Noncontrolling
interest
|
Total
stockholders’
equity
|
|||||||
Balance at July 1,
2023
|
$7,080 |
$259,298,821 |
$(11,310,125) |
$(108,461,300) |
$139,534,476 |
$21,046,470 |
$160,580,946 |
||||||
Issuance of
common stock, net
of issuance cost
|
1,503 |
34,396,910 |
— |
— |
34,398,413 |
— |
34,398,413 |
||||||
Contributions from
noncontrolling
interest holders
|
— |
— |
— |
— |
— |
6,149,495 |
6,149,495 |
||||||
Stock-based
compensation
|
— |
268,403 |
— |
— |
268,403 |
— |
268,403 |
||||||
Foreign exchange
translation
|
— |
— |
(4,478,113) |
— |
(4,478,113) |
(839,485) |
(5,317,598) |
||||||
Net loss |
— |
— |
— |
(3,189,698) |
(3,189,698) |
(562,435) |
(3,752,133) |
||||||
Balance at
September 30,
2023
|
$8,583 |
$293,964,134 |
$(15,788,238) |
$(111,650,998) |
$166,533,481 |
$25,794,045 |
$192,327,526 |
||||||
Issuance of
common stock, net
of issuance cost
|
1,275 |
24,954,352 |
— |
— |
24,955,627 |
— |
24,955,627 |
||||||
Contributions from
noncontrolling
interest holders
|
— |
— |
— |
— |
— |
4,810,909 |
4,810,909 |
||||||
Stock-based
compensation
|
— |
(798) |
— |
— |
(798) |
— |
(798) |
||||||
Foreign exchange
translation
|
— |
— |
11,410,803 |
— |
11,410,803 |
2,240,195 |
13,650,998 |
||||||
Net loss |
— |
— |
— |
(6,026,331) |
(6,026,331) |
(1,494,166) |
(7,520,497) |
||||||
Balance at
December 31,
2023
|
$9,858 |
$318,917,688 |
$(4,377,435) |
$(117,677,329) |
$196,872,782 |
$31,350,983 |
$228,223,765 |
Common
stock
|
Additional
paid-in capital
|
Accumulated
other
comprehensive
loss
|
Accumulated
deficit
|
Total
Tamboran
Resources
stockholders’
equity
|
Noncontrolling
interest
|
Total
stockholders’
equity
|
|||||||
Balance at July 1,
2024
|
$13,915 |
$404,594,023 |
$(11,512,975) |
$(130,379,771) |
$262,715,192 |
$44,970,508 |
$307,685,700 |
||||||
Issuance of
common stock
under greenshoe
option, net of
issuance cost
|
309 |
6,930,541 |
— |
— |
6,930,850 |
— |
6,930,850 |
||||||
Contributions from
noncontrolling
interest holders
|
— |
— |
— |
— |
— |
5,902,678 |
5,902,678 |
||||||
Stock-based
compensation
|
— |
1,129,450 |
— |
— |
1,129,450 |
— |
1,129,450 |
||||||
Foreign exchange
translation
|
— |
— |
10,720,961 |
— |
10,720,961 |
1,427,216 |
12,148,177 |
||||||
Net loss |
— |
— |
— |
(5,894,574) |
(5,894,574) |
(860,993) |
(6,755,567) |
||||||
Balance at
September 30,
2024
|
$14,224 |
$412,654,014 |
$(792,014) |
$(136,274,345) |
$275,601,879 |
$51,439,409 |
$327,041,288 |
||||||
Issuance of
common stock as
checkerboard fee
|
312 |
5,949,688 |
— |
— |
5,950,000 |
— |
5,950,000 |
||||||
Contributions from
noncontrolling
interest holders
|
— |
— |
— |
— |
— |
19,088,937 |
19,088,937 |
||||||
Stock-based
compensation
|
— |
1,627,174 |
— |
— |
1,627,174 |
— |
1,627,174 |
||||||
Foreign exchange
translation
|
— |
— |
(25,132,753) |
— |
(25,132,753) |
(4,025,352) |
(29,158,105) |
||||||
Net loss |
— |
— |
— |
(14,166,946) |
(14,166,946) |
(1,333,158) |
(15,500,104) |
||||||
Balance at
December 31,
2024
|
$14,536 |
$420,230,876 |
$(25,924,767) |
$(150,441,291) |
$243,879,354 |
$65,169,836 |
$309,049,190 |
Six months ended December 31, |
|||
2024 |
2023 |
||
Cash flows from operating activities: |
|||
Net loss |
$(22,255,671) |
$(11,272,630) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|||
Depreciation and amortization |
61,415 |
58,084 |
|
Stock-based compensation |
1,834,418 |
267,605 |
|
Foreign exchange loss, net |
1,481,884 |
274,192 |
|
Loss on remeasurement of assets classified as held for sale |
376,000 |
25,605 |
|
Accretion of asset retirement obligations |
499,804 |
429,597 |
|
Checkerboard fee |
5,950,000 |
— |
|
Interest expense |
93,532 |
— |
|
Changes in operating assets and liabilities: |
|||
Trade and other receivables |
2,318 |
(3,167,448) |
|
Prepaid expenses and other assets |
679,778 |
(239,942) |
|
Accounts payable and accrued expenses |
2,361,130 |
2,969,442 |
|
Other non-current liabilities |
13,598 |
166,182 |
|
Net cash used in operating activities |
(8,901,794) |
(10,489,313) |
|
Cash flows from investing activities: |
|||
Payments for property, plant and equipment |
(196,722) |
— |
|
Payments for exploration and evaluation |
(42,090,373) |
(27,036,860) |
|
Payments for assets under construction |
(6,603,096) |
— |
|
Proceeds from sale of assets held for sale |
7,990,000 |
444,568 |
|
Payment of interest on finance lease liabilities |
(1,073,889) |
(387,045) |
|
Proceeds from government grants for exploration |
6,168,698 |
— |
|
Net cash used in investing activities |
(35,805,382) |
(26,979,337) |
|
Cash flows from financing activities: |
|||
Proceeds from issue of common stock |
— |
63,811,478 |
|
Proceeds from issue of shares under greenshoe option |
7,410,000 |
— |
|
Contributions received from noncontrolling interest holders |
30,315,756 |
6,608,717 |
|
Common stock issue transaction costs |
(479,150) |
(4,457,438) |
|
Payment of performance bond facility establishment fee |
(382,564) |
— |
|
Repayment of lease liabilities |
(5,503,668) |
(1,721,511) |
|
Net cash from financing activities |
31,360,374 |
64,241,246 |
|
Net (decrease) increase in cash and cash equivalents and restricted cash |
(13,346,802) |
26,772,596 |
|
Cash and cash equivalents and restricted cash at the beginning of period |
74,745,897 |
7,056,136 |
|
Effects of exchange rate changes on cash and cash equivalents |
(1,956,688) |
(661,738) |
|
Cash and cash equivalents and restricted cash at the end of period |
$59,442,407 |
$33,166,994 |
|
Supplemental cash flow information: |
|||
Non-cash investing and financing activities: |
|||
Accrued capital expenditure |
$5,845,825 |
$4,035,841 |
|
Asset retirement obligations |
$(444,827) |
$(72,433) |
|
Stock-based compensation |
$(2,756,624) |
$(267,605) |
|
Contribution receivable from noncontrolling interest holders |
$3,285,517 |
$4,351,687 |
|
Operating lease right-of-use assets and lease liabilities |
$(128,228) |
$(774,467) |
|
Interest accrued on finance lease liabilities |
$(414,617) |
$(1,191,036) |
|
Finance lease right-of-use assets and lease liabilities |
$— |
$(25,812,769) |
|
Non-cash finance lease costs capitalized to unproved properties |
$5,480,046 |
$7,603,229 |
December 31,
2024
|
June 30,
2024
|
||
ASSETS |
|||
Current assets |
|||
Cash and cash equivalents |
$11,230,191 |
$1,488,541 |
|
Trade and other receivables: |
|||
Joint interest billing |
3,565,181 |
10,298,322 |
|
Intercompany receivable |
4,359,082 |
7,415,684 |
|
ATO receivable |
2,072,833 |
615,480 |
|
Other receivable |
2,463 |
— |
|
Prepaid expenses and other current assets |
1,129,675 |
1,476,094 |
|
Total current assets |
22,359,425 |
21,294,121 |
|
Natural gas properties, successful efforts method: |
|||
Unproved properties |
210,864,387 |
167,998,061 |
|
Assets under construction - natural gas equipment |
11,850,337 |
7,542,064 |
|
Finance lease right-of-use assets |
15,632,023 |
20,697,452 |
|
Prepaid expenses and other non-current assets |
949,247 |
385,215 |
|
Total non-current assets |
239,295,994 |
196,622,792 |
|
TOTAL ASSETS |
$261,655,419 |
$217,916,913 |
|
LIABILITIES |
|||
Current liabilities |
|||
Accounts payable and accrued expenses |
$17,518,868 |
$10,569,865 |
|
Current portion of finance lease obligations |
15,205,744 |
12,767,400 |
|
Total current liabilities |
32,724,612 |
23,337,265 |
|
Finance lease obligations |
6,618,699 |
14,141,713 |
|
Asset retirement obligations |
4,575,103 |
4,174,178 |
|
Loan from Tamboran |
139,047,677 |
113,096,572 |
|
Total non-current liabilities |
150,241,479 |
131,412,463 |
|
TOTAL LIABILITIES |
$182,966,091 |
$154,749,728 |
Natural gas properties |
|||||||
EP 161 |
EP 136 |
EP 76, 98 and
117
|
Total |
||||
Balance at July 1, 2024 |
$23,744,221 |
$51,035,326 |
$155,339,901 |
$230,119,448 |
|||
Capital expenditure |
780,079 |
393,707 |
49,202,640 |
50,376,426 |
|||
Restoration assets |
— |
— |
444,827 |
444,827 |
|||
Interest on finance lease liability and related
depreciation of ROU assets capitalized
|
— |
— |
6,553,935 |
6,553,935 |
|||
Government grant |
— |
(6,168,698) |
— |
(6,168,698) |
|||
Effect of changes in foreign exchange rates |
(1,606,874) |
(3,285,570) |
(12,277,080) |
(17,169,524) |
|||
Balance at December 31, 2024 |
$22,917,426 |
$41,974,765 |
$199,264,223 |
$264,156,414 |
December 31,
2024
|
June 30,
2024
|
||
Right-of-use assets: |
|||
Operating lease right-of-use assets |
$833,824 |
$962,052 |
|
Finance lease right-of-use assets |
15,632,023 |
20,697,452 |
|
16,465,847 |
21,659,504 |
||
Lease liabilities: |
|||
Current portion of operating lease obligations |
279,401 |
397,999 |
|
Non-current portion of operating lease obligations |
573,239 |
587,250 |
|
Current portion of finance lease obligations |
15,205,744 |
12,767,400 |
|
Non-current portion of finance lease obligations |
6,618,699 |
14,141,713 |
|
$22,677,083 |
$27,894,362 |
Three months ended December 31, |
Six months ended December 31, |
||||||
2024 |
2023 |
2024 |
2023 |
||||
Operating leases: |
|||||||
Operating lease cost charged to profit and loss |
$130,028 |
$141,471 |
$287,174 |
$211,985 |
|||
Finance leases: |
|||||||
Interest on lease liabilities |
692,582 |
762,171 |
1,488,506 |
1,578,081 |
|||
Depreciation on right-of-use assets |
2,532,714 |
2,927,616 |
5,065,429 |
6,025,148 |
|||
Total finance lease cost |
3,225,296 |
3,689,787 |
6,553,935 |
7,603,229 |
|||
Less: Lease cost capitalized to unproved
properties
|
(3,225,296) |
(3,689,787) |
(6,553,935) |
(7,603,229) |
|||
Finance lease cost charged to profit and loss |
$— |
$— |
$— |
$— |
Six months ended
December 31,
|
|||
2024 |
2023 |
||
Cash paid for amounts included in the measurement of lease liabilities: |
|||
Operating cash flows for operating leases |
$287,174 |
$211,985 |
|
Financing cash flows for finance leases |
5,503,668 |
1,721,511 |
|
$5,790,842 |
$1,933,496 |
Six months ended
December 31,
|
|||
2024 |
2023 |
||
Operating leases: |
|||
Weighted-average remaining lease term |
2.91 |
3.02 |
|
Weighted-average incremental borrowing rate |
11.50% |
9.91% |
|
Finance leases: |
|||
Weighted-average remaining lease term |
1.58 |
1.83 |
|
Weighted-average incremental borrowing rate |
13.45% |
13.45% |
As at December 31, 2024 |
Operating leases |
Finance leases |
|
Fiscal year ending June 30, 2025 (excluding six months period from July 1, 2024 to
December 31, 2024)
|
$203,783 |
$8,775,073 |
|
Fiscal year ending June 30, 2026 |
320,503 |
14,417,500 |
|
Fiscal year ending June 30, 2027 |
330,808 |
632,000 |
|
Thereafter |
159,538 |
— |
|
Total lease payments |
1,014,632 |
23,824,573 |
|
Less: Imputed interest |
(161,992) |
(2,000,130) |
|
Present value of lease liabilities1 |
$852,640 |
$21,824,443 |
December 31,
2024
|
June 30,
2024
|
||
Accounts payable |
$11,242,126 |
$6,619,320 |
|
Accrued payroll |
755,943 |
13,216 |
|
Compensated absences |
737,818 |
668,825 |
|
Defined contribution superannuation payable |
— |
8,164 |
|
Accrued capital expenditure |
9,537,516 |
4,318,703 |
|
Accrued expenses |
292,102 |
3,204,371 |
|
Total accounts payable and accrued expenses |
$22,565,505 |
$14,832,599 |
Six months ended
December 31, 2024
|
|
Beginning asset retirement obligations |
$8,140,992 |
Liabilities incurred |
444,827 |
Accretion expense |
499,804 |
Effect of changes in foreign exchange rates |
(561,791) |
Long-term asset retirement obligations |
$8,523,832 |
Date |
Tamboran
common stock
|
Fair Market
Value at time
of Issuance
|
Details |
Net proceeds |
|||||
Balance at July 1, 2024 |
13,915,524 |
$396,924,177 |
|||||||
Capital raise |
July 2024 |
308,750 |
$24.00 |
$7,410,000 |
|||||
Issuance of common stock as
checkerboard fee
|
November 2024 |
312,500 |
$19.04 |
$5,950,000 |
|||||
Less: Transaction costs |
— |
$(479,150) |
12,880,850 |
||||||
Balance at December 31, 2024 |
14,536,774 |
$409,805,027 |
Expected term for performance period (in years) |
4.9 |
Expected volatility |
74.6% |
Risk-free interest rate |
3.7% |
Three months ended December 31, 2024 |
||||||
Stock-Based
Compensation Cost
Incurred
|
Remaining costs to
recognize, if all
vesting conditions are
met
|
Weighted average
remaining
contractual term (in
years)
|
||||
IPO Awards (Tranche 1) |
$748,273 |
$7,433,931 |
2.5 |
|||
IPO Awards (Tranche 2) |
$185,892 |
$1,846,794 |
2.5 |
|||
IPO Awards (Tranche 3) |
$508,291 |
$5,049,764 |
2.5 |
|||
Retention Awards |
$184,718 |
$732,847 |
1.0 |
|||
Total Cost Incurred |
$1,627,174 |
$15,063,336 |
||||
Total Stock Compensation Costs Capitalized |
899,092 |
|||||
Total Stock Compensation Costs Expensed |
$728,082 |
|||||
Total Cost Incurred |
$1,627,174 |
Six months ended December 31, 2024 |
||||||
Stock-Based
Compensation Cost
Incurred
|
Remaining costs to
recognize, if all
vesting conditions are
met
|
Weighted average
remaining
contractual term (in
years)
|
||||
IPO Awards (Tranche 1) |
$1,203,744 |
$7,433,931 |
2.5 |
|||
IPO Awards (Tranche 2) |
$299,043 |
$1,846,794 |
2.5 |
|||
IPO Awards (Tranche 3) |
$817,686 |
$5,049,764 |
2.5 |
|||
Retention Awards |
$297,155 |
$732,847 |
1.0 |
|||
Total Cost Incurred |
$2,617,628 |
$15,063,336 |
||||
Total Stock Compensation Costs Capitalized |
899,092 |
|||||
Total Stock Compensation Costs Expensed |
$1,718,536 |
|||||
Total Cost Incurred |
$2,617,628 |
Three months ended December 31, |
Six months ended December 31, |
||||||
2024 |
2023 |
2024 |
2023 |
||||
Numerator: |
|||||||
Net loss after income tax attributable to
Tamboran Resources Corporation stockholders
|
$(14,166,946) |
$(6,026,331) |
$(20,061,520) |
$(9,216,029) |
|||
Denominator: |
|||||||
Weighted average number of common stock
outstanding, basic and diluted
|
14,346,556 |
8,735,752 |
14,236,753 |
8,612,217 |
|||
Net loss per share, basic and diluted |
$(0.987) |
$(0.690) |
$(1.409) |
$(1.070) |
December 31,
2024
|
June 30,
2024
|
||
Committed at the reporting date but not recognized as liabilities, payable: |
|||
Sweetpea |
$21,860,137 |
$23,283,360 |
|
EP 161 |
2,487,640 |
2,649,600 |
|
Beetaloo Joint Venture |
70,400,212 |
62,642,340 |
|
Midstream |
1,195,542 |
1,971,843 |
Three months ended
December 31,
|
Six months ended
December 31,
|
|||
2024 |
2023 |
2024 |
2023 |
|
Revenue and other operating income |
$— |
$— |
$— |
$— |
Operating costs and expenses: |
||||
Compensation and benefits, including stock-based
compensation
|
(1,683) |
(506) |
(3,902) |
(1,764) |
Consultancy, legal and professional fees |
(1,004) |
(2,404) |
(2,684) |
(3,785) |
Depreciation and amortization |
(31) |
(29) |
(61) |
(58) |
Loss on remeasurement of assets classified as held for
sale
|
— |
(26) |
(376) |
(26) |
Accretion of asset retirement obligations |
(242) |
(215) |
(500) |
(430) |
Exploration expense |
(1,473) |
(2,482) |
(2,483) |
(3,387) |
LNG feasibility study expense |
(3,233) |
— |
(3,233) |
— |
Checkerboard fee |
(5,950) |
— |
(5,950) |
— |
General and administrative |
(1,399) |
(1,069) |
(2,804) |
(1,598) |
Total operating costs and expenses |
(15,015) |
(6,731) |
(21,993) |
(11,048) |
Other income (expense): |
||||
Interest income, net |
705 |
165 |
1,501 |
249 |
Foreign exchange loss, net |
(1,228) |
(889) |
(1,482) |
(274) |
Other income (expense), net |
37 |
(65) |
(282) |
(199) |
Total other income (expense) |
(486) |
(789) |
(263) |
(224) |
Net loss |
(15,501) |
(7,520) |
(22,256) |
(11,272) |
Foreign currency translation |
(29,158) |
13,651 |
(17,010) |
8,333 |
Total comprehensive income (loss) attributable to
noncontrolling interest
|
(5,359) |
746 |
(4,792) |
(656) |
Total comprehensive income (loss) attributable to
Tamboran Resources stockholders
|
$(39,300) |
$5,385 |
$(34,474) |
$(2,283) |
December 31,
2024
|
June 30,
2024
|
|
Cash and cash equivalents |
$59,442 |
$74,746 |
December 31,
2024
|
June 30,
2024
|
|
Capital commitments: |
||
Sweetpea |
$21,860 |
$23,283 |
EP 161 |
$2,488 |
$2,650 |
Beetaloo Joint Venture |
$70,400 |
$62,642 |
Midstream |
$1,196 |
$1,972 |
Six months ended
December 31,
|
||
2024 |
2023 |
|
Statement of Cash Flows: |
||
Net cash used in operating activities |
$(8,902) |
$(10,489) |
Net cash used in investing activities |
(35,805) |
(26,979) |
Net cash from financing activities |
31,360 |
64,241 |
Exhibit
number
|
Description |
3.1 |
Certificate of Incorporation of Tamboran Resources Corporation (filed as Exhibit 3.1 to the Company’s
Registration Statement on Form S-1 dated May 3, 2024, File No. 333-279119, and incorporated herein by
reference).
|
3.2 |
Amended and Restated Bylaws of Tamboran Resources Corporation (filed as Exhibit 3.2 to the Company’s
Registration Statement on Form S-1 dated June 17, 2024, File No. 333-279119, and incorporated herein by
reference).
|
10.1* |
Performance Bond Facility Agreement, dated December 19, 2024, by and among Tamboran (West) Pty Limited, as
borrower, Tamboran Resources Pty Ltd, as guarantor, and Macquarie Bank Limited, as lender (filed as Exhibit 10.1
to the Company’s Form 8-K dated December 31, 2024, File No. 001-42149, and incorporated herein by reference).
|
10.2* |
Deed of Guarantee and Indemnity, dated December 19, 2024, between Tamboran Resources Corporation, as
guarantor, and Macquarie Bank Limited, as lender (filed as Exhibit 10.2 to the Company’s Form 8-K dated
December 31, 2024, File No. 001-42149, and incorporated herein by reference).
|
31.1 |
|
31.2 |
|
32.1** |
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350 (furnished herewith). |
32.2** |
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350 (furnished herewith). |
101 |
Financial statements from the Quarterly Report on Form 10-Q of Tamboran Resources Corporation for the quarter
ended December 31, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the
Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations and
Comprehensive Loss, (iii) the Condensed Consolidated Statements of Stockholders’ Equity, (iv) the Condensed
Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements.
|
104 |
Cover Page Interactive Data file (formatted as iXBRL and contained in Exhibit 101). |