Tamboran Resources (TBN) Q3 2025 TU earnings summary

Executive summary

• Completed 35-stage stimulation of SS-2H ST1 well in Beetaloo Basin, followed by a 62-day soak and commencement of a 90-day flow test in May 2025; IP30 results expected in June and IP90 by end of August.

• Fully funded to drill and complete three additional wells (SS4, SS5, SS6) in H2 2025, with spud of SS4H targeted for early July and batch completions planned for operational efficiency.

• First gas from the Shenandoah South Pilot Project remains on track for mid-2026, with infrastructure and equipment delivered ahead of schedule.

• Initiated a farm-out process for a 400,000-acre phase two development area, with RBC Capital Markets leading the process and updates expected throughout the year.

• Signed LOIs for gas supply with Arafura Rare Earths (up to 26 MMcf/d) and Linde Inc. (helium), with conversion to binding agreements targeted by year-end.

Financial highlights

• Ended the quarter with a cash balance of US$25.6 million; pro forma cash after May 2025 capital raise and acreage sale is US$96.0 million.

• Raised US$70.4 million in May 2025, including US$55.4 million PIPE at a 15% discount and US$15 million from an acreage sale.

• No debt reported at quarter end.

• Funds allocated primarily to drilling, stimulation, and midstream infrastructure for the SS Pilot Project.

Outlook and guidance

• Plan to flow test SS2H for 90 days, with IP30 and IP90 results to be reported in June and August 2025, respectively.

• Drilling and batch completion of SS3H, SS4H, SS5H, and SS6H scheduled for late 2025 to 1H 2026, incorporating local sand and operational learnings.

• First gas production from the SS Pilot Project expected in mid-2026, with potential Phase 1 expansion under evaluation.

• Formal farm-out process for Phase 2 Development Area to commence after IP30 flow test in June 2025.

• Multiple catalysts expected in the next 12 months, including flow test results, drilling, and construction milestones.