Leases (Tables)

6 Months Ended

Dec. 31, 2025

The following table presents the classification and location of the Group’s leases on the condensed consolidated

balance sheets (in thousands):


	December 31, 2025	June 30, 2025
Right-of-use assets:
Operating lease right-of-use assets	$4,126	$1,549
Finance lease right-of-use assets	17,212	16,544
	21,338	18,093

Lease liabilities:
Current portion of operating lease obligations	2,829	391
Non-current portion of operating lease obligations	1,277	1,175
Current portion of finance lease obligations	11,713	15,307
Non-current portion of finance lease obligations	11,711	9,523
	$27,530	$26,396

The following table presents supplemental information for the Group’s non-cancellable leases for the six months

ended December 31, 2025, and 2024:


	Six months ended December 31,
	2025	2024
Operating leases:
Weighted-average remaining lease term	1.88	2.91
Weighted-average incremental borrowing rate	13.67%	11.50%
Finance leases:
Weighted-average remaining lease term	2.08	1.58
Weighted-average incremental borrowing rate	15.60%	13.45%

For the three months and six months ended December 31, 2025, and 2024, the components of the lease costs were as

follows (in thousands):


	Three months ended December 31,		Six months ended December 31,
	2025	2024	2025	2024
Operating leases:
Operating lease cost charged to profit and loss	$1,300	$130	$1,439	$287

Finance leases:
Interest on lease liabilities	809	693	1,476	1,489
Depreciation on right-of-use assets	2,195	2,533	4,515	5,065
Total finance lease cost	3,003	3,225	5,992	6,554
Less: Lease cost capitalized to unproved properties	(3,003)	(3,225)	(5,992)	(6,554)
Finance lease cost charged to profit and loss	$—	$—	$—	$—

The following table presents the cash flow information related to lease payments for the six months ended

December 31, 2025, and 2024 (in thousands):


	Six months ended December 31,
	2025	2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$2,215	$287
Financing cash flows for finance leases	6,135	5,504
	$8,350	$5,791

As of December 31, 2025, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are as

follows (in thousands):


As of December 31, 2025	Operating leases	Finance leases
Fiscal year ending June 30, 2026 (excluding six months period from July 1, 2025 to December 31, 2025)	$1,601	$5,392
Fiscal year ending June 30, 2027	2,202	14,418
Fiscal year ending June 30, 2028	344	7,545
Thereafter	482	—
Total lease payments	4,629	27,354
Less: Imputed interest	(524)	(3,929)
Present value of lease liabilities1	$4,105	$23,425

1 Includes both current and long-term portion of the lease liabilities.

As of December 31, 2025, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are as

follows (in thousands):


As of December 31, 2025	Operating leases	Finance leases
Fiscal year ending June 30, 2026 (excluding six months period from July 1, 2025 to December 31, 2025)	$1,601	$5,392
Fiscal year ending June 30, 2027	2,202	14,418
Fiscal year ending June 30, 2028	344	7,545
Thereafter	482	—
Total lease payments	4,629	27,354
Less: Imputed interest	(524)	(3,929)
Present value of lease liabilities1	$4,105	$23,425

1 Includes both current and long-term portion of the lease liabilities.