The Group held unproved natural gas properties as of March 31, 2026 and June 30, 2025 amounting to $465.0

million and $342.3 million, respectively. These amounts reflect the Group’s exploration and evaluation projects, which are

pending the determination of proven and probable reserves and were not being depleted for the nine months ended

March 31, 2026, and 2025. These assets will be reclassified to proven gas properties when they are determined to be

productive or are assigned proved reserves. Upon this reclassification, the asset will be depleted upon commencement of

During the nine months ended March 31, 2026 and March 31, 2025, the Group recognized no impairment related to


	Natural gas properties
(in thousands)	EP 161	EP 136	EP 76, 98 and 117	Total
Balance at July 1, 2025	$25,091	$45,483	$271,740	$342,314
Capital expenditure	941	151	95,897	96,989
Restoration assets	—	—	60	60
Interest on finance lease liability and related depreciation of ROU assets capitalized	—	—	8,990	8,990
Disposal	—	(444)	—	(444)
Government grants	(66)	(54)	—	(120)
Effect of changes in foreign exchange rates	1,083	2,058	14,090	17,231
Balance at March 31, 2026	$27,049	$47,194	$390,777	$465,020

On September 30, 2025, the Beetaloo Joint Venture made a Final Investment Decision for the Shenandoah South

The Group held property, plant and equipment, including leasehold improvements, as of March 31, 2026 and

In April 2024, the Group began to execute agreements for the SPCF in the Beetaloo Basin which would deliver a

plant that would convert future raw gas to sales gas quality, subject to the terms of definitive development agreements. As

of March 31, 2026, construction of the facility is 86% complete. The Group held total assets under construction related to

the SPCF as of March 31, 2026 and June 30, 2025 of $61.2 million and $24.4 million, respectively. These costs of

construction include $2.0 million and $3.8 million of capitalized borrowing costs for the three months ended and nine

The 40 TJ/d (39 MMcf/d) SPCF is expected to be connected to the Amadeus Gas Pipeline (“AGP”) via the

construction of the 35-kilometer Sturt Plateau Pipeline (“SPP”) subject to achieving project milestones.

On September 30, 2025, it was announced that Tamboran, Tamboran (Beetaloo) Pty Ltd, a company organized under

the laws of Australia and an indirect wholly owned subsidiary of Tamboran (“Australia Sub”), Tamboran Resources

Investments Holding Corporation, a Delaware corporation and an indirect wholly owned subsidiary of Tamboran (“U.S.

Sub”) and Falcon Oil & Gas Ltd., a corporation incorporated under the Business Corporations Act (British Columbia)

(“Falcon”), entered into an Arrangement Agreement (as amended by that certain Amending Agreement dated as of March

31, 2026, by and among Tamboran, Australia Sub, U.S. Sub and Falcon, the “Arrangement Agreement”), pursuant to

which, on the terms and subject to the conditions set forth therein, (a) Australia Sub will acquire from Falcon

approximately 98.1% of the issued and outstanding equity interests (the “Falcon Interests”) of Falcon Oil & Gas Australia

Limited (“FOGA”) and (b) U.S. Sub will acquire from Falcon all of the issued and outstanding equity interests (together

with the Falcon Interests, the “Subject Interests”) of TXM Oil and Gas Exploration Kft., Falcon Oil & Gas Ireland Limited,

Falcon Oil & Gas Holdings Ireland Limited and Falcon Exploration and Production South Africa (Pty) Ltd (collectively,

the “Falcon Acquisition”). In exchange for the Subject Interests, at closing of the Falcon Acquisition (the “Closing”)

Tamboran will (a) issue to Falcon 6,537,503 shares of common stock (the “Falcon Parent stock consideration”) and (b) pay

$23.7 million in cash (the “Cash Consideration”) to a shareholder of Falcon that is subject to sanctions (the “Subject

Upon completion of the Falcon Acquisition, the Group will also enter into consulting agreements with certain

directors and officers of Falcon, pursuant to which the Group will issue to those directors and officers an aggregate of up to

On December 30, 2025, FOGA secured necessary approval from its minority shareholders for the sale of Falcon's

Following completion of the Falcon Acquisition, upon Australia Sub owning the Australia Interests, Australia Sub

will become entitled to compulsorily acquire the remaining 1.9% of the issued and outstanding equity interests of FOGA

(the “FOGA minority stock”) held by the shareholders other than Australia Sub (the “FOGA minority holders”). Australia

Sub will proceed with the compulsory acquisition of the FOGA minority stock for cash consideration at a price per share

no less than the price paid to Falcon for the Australia Interests. To the extent that any FOGA minority holders notify

Australia Sub that they wish to receive shares of Tamboran common stock in lieu of cash, Tamboran and Australia Sub will

consider and may agree to such requests. If Tamboran and Australia Sub agree to issue shares of Tamboran common stock

in lieu of cash to such requesting FOGA minority holders, Tamboran may issue to the FOGA minority holders up to an

On April 14, 2026, the parties received final court approval (the “Final Order”) from the Supreme Court of British

Columbia (the “Court”). Pursuant to the Final Order, the Subject Shareholder is entitled to receive the greater of the Cash

Consideration and the fair value of its ownership interests in Falcon, as determined by the Court. On May 5, 2026, the

Company received approval from the Foreign Assets Control of the U.S. Department of the Treasury issuing Tamboran an

amended license permitting the parties to consummate the Falcon Acquisition. The Falcon Acquisition is expected to be