Tamboran Resources (TBN) investor relations material

Executive summary

• First Beetaloo Basin gas sales began in September 2026: 0.31 Bcf sold for US$1.8 million, with first cash receipts in early November.

• The 40 TJ/d gross Pilot Project is contracted to the Northern Territory Government at a fixed, CPI-escalated price; take-or-pay revenue is expected in Q1 2027 after commissioning and well tie-ins.

• Well tests supported Velkerri B Shale deliverability; 2.8 million net prospective acres across two depocenters underpin staged resource appraisal and development.

Financial highlights

• 1Q FY27 gas sales generated US$1.8 million; EBITDAX was a loss of US$14.5 million.

• The financial statements recorded no revenue or other operating income during the quarter; US$2.8 million of commissioning gas proceeds reduced unproved property costs.

• September 30 cash was US$165 million; pro forma cash was ~US$180 million including US$15 million of near-term inflows subject to conditions precedent.

• Net loss was US$12.5 million versus US$9.1 million YoY; operating and investing cash outflows were US$10.2 million and US$94.4 million, respectively.

• Capital expenditure was US$56.9 million, primarily for SS2 and SS1 drilling and stimulation, EP 161 drilling, and SPCF construction.

Outlook and guidance

• SPCF commissioning was targeted for Q4 2026; the 40 TJ/d take-or-pay contract was forecast to commence in Q1 2027, with three additional wells to be completed and tied in for operational redundancy.

• SS1 wells were planned for stimulation in Q4 2026 and the wet season, with tie-in expected in Q1 2027; timing is subject to weather and execution.

• 2027 plans include BCDA and EP 161 appraisal, step-out drilling and flow testing; a proposed DWE/INPEX four-well program was slated for Q2 2027, subject to approvals.

• FY27 remaining Pilot Project investment was estimated at US$61.0 million; additional funding may be needed after June 30, 2027, through equity, debt, farm-downs or asset sales.