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of Contents](#ic0f825eb4b8745a9a06ef0df9aeb9642_10)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n_________________________\n\nFORM 10-Q\n\n_________________________\n\n(Mark One)\n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF\n\n1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF\n\n1934\n\nFor the transition period from to \n\nCommission file number 001-42149\n\n_________________________\n\nTamboran Resources Corporation\n\n(Exact name of registrant as specified in its charter)\n\n_________________________\n\nDelaware\n\n93-4111196\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\nSuite 01, Level 39, Tower One,\n\nInternational Towers Sydney,\n\n100 Barangaroo Avenue,\n\nNew South Wales, Australia\n\n2000\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n(+61) 2 8330 6626\n\nRegistrant’s telephone number, including area code\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nCommon Stock, $0.001 par value\n\nTBN\n\nNew York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the\n\nSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required\n\nto file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes ☒  No ☐\n\n2\n\n[Table of Contents](#ic0f825eb4b8745a9a06ef0df9aeb9642_10)\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be\n\nsubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such\n\nshorter period that the registrant was required to submit such files).\n\nYes  ☒     No  ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a\n\nsmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated\n\nfiler,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\nEmerging growth company\n\n☒\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition\n\nperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the\n\nExchange Act.\n\n☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\n\nYes ☐   No ☒\n\nThe number of shares of common stock, par value $0.001, of Tamboran Resources Corporation outstanding as of May 1,\n\n2026 was 28,318,909.\n\n3\n\n[Table of Contents](#ic0f825eb4b8745a9a06ef0df9aeb9642_10)\n\n[Cautionary Note Regarding Forward-looking statements](#ic0f825eb4b8745a9a06ef0df9aeb9642_13)\n\n[4](#ic0f825eb4b8745a9a06ef0df9aeb9642_13)\n\n[Part I - Financial Information](#ic0f825eb4b8745a9a06ef0df9aeb9642_16)\n\n[6](#ic0f825eb4b8745a9a06ef0df9aeb9642_16)\n\n[Item 1. Financial Statements](#ic0f825eb4b8745a9a06ef0df9aeb9642_19)\n\n[6](#ic0f825eb4b8745a9a06ef0df9aeb9642_19)\n\n[Condensed Consolidated Balance Sheets](#ic0f825eb4b8745a9a06ef0df9aeb9642_22)\n\n[7](#ic0f825eb4b8745a9a06ef0df9aeb9642_22)\n\n[Condensed Consolidated Statements of Operations and Comprehensive Loss](#ic0f825eb4b8745a9a06ef0df9aeb9642_25)\n\n[8](#ic0f825eb4b8745a9a06ef0df9aeb9642_25)\n\n[Condensed Consolidated Statements of Stockholders’ Equity](#ic0f825eb4b8745a9a06ef0df9aeb9642_28)\n\n[9](#ic0f825eb4b8745a9a06ef0df9aeb9642_28)\n\n[Condensed Consolidated Statements of Cash Flows](#ic0f825eb4b8745a9a06ef0df9aeb9642_34)\n\n[11](#ic0f825eb4b8745a9a06ef0df9aeb9642_34)\n\n[Notes to the Condensed Consolidated Financial Statements](#ic0f825eb4b8745a9a06ef0df9aeb9642_37)\n\n[12](#ic0f825eb4b8745a9a06ef0df9aeb9642_37)\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic0f825eb4b8745a9a06ef0df9aeb9642_88)\n\n[35](#ic0f825eb4b8745a9a06ef0df9aeb9642_88)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#ic0f825eb4b8745a9a06ef0df9aeb9642_91)\n\n[43](#ic0f825eb4b8745a9a06ef0df9aeb9642_91)\n\n[Item 4. Controls and Procedures](#ic0f825eb4b8745a9a06ef0df9aeb9642_94)\n\n[43](#ic0f825eb4b8745a9a06ef0df9aeb9642_94)\n\n[Part II - Other Information](#ic0f825eb4b8745a9a06ef0df9aeb9642_97)\n\n[46](#ic0f825eb4b8745a9a06ef0df9aeb9642_97)\n\n[Item 1. Legal Proceedings](#ic0f825eb4b8745a9a06ef0df9aeb9642_100)\n\n[46](#ic0f825eb4b8745a9a06ef0df9aeb9642_100)\n\n[Item 1A. Risk Factors](#ic0f825eb4b8745a9a06ef0df9aeb9642_103)\n\n[46](#ic0f825eb4b8745a9a06ef0df9aeb9642_103)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#ic0f825eb4b8745a9a06ef0df9aeb9642_106)\n\n[53](#ic0f825eb4b8745a9a06ef0df9aeb9642_106)\n\n[Item 3. Defaults Upon Senior Securities](#ic0f825eb4b8745a9a06ef0df9aeb9642_109)\n\n[53](#ic0f825eb4b8745a9a06ef0df9aeb9642_109)\n\n[Item 4. Mine Safety Disclosures](#ic0f825eb4b8745a9a06ef0df9aeb9642_112)\n\n[53](#ic0f825eb4b8745a9a06ef0df9aeb9642_112)\n\n[Item 5. Other Information](#ic0f825eb4b8745a9a06ef0df9aeb9642_115)\n\n[53](#ic0f825eb4b8745a9a06ef0df9aeb9642_115)\n\n[Item 6. Exhibits](#ic0f825eb4b8745a9a06ef0df9aeb9642_118)\n\n[54](#ic0f825eb4b8745a9a06ef0df9aeb9642_118)\n\n[Signatures](#ic0f825eb4b8745a9a06ef0df9aeb9642_121)\n\n[55](#ic0f825eb4b8745a9a06ef0df9aeb9642_121)\n\n4\n\n[Table of Contents](#ic0f825eb4b8745a9a06ef0df9aeb9642_10)\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis report contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S.\n\nPrivate Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of\n\nfuture performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future\n\nof our business, future plans and strategies, projections, anticipated events and trends, the economy and other future\n\nconditions. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,”\n\n“commit,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and\n\nsimilar references to future periods.\n\nIt is possible that the future financial performance of Tamboran Resources Corporation (the “Company”) may differ\n\nfrom expectations due to a variety of factors, including but not limited to: our early stage of development with no material\n\nrevenue expected until late 2026 and our limited operating history; the substantial additional capital required for our\n\nbusiness plan, which we may be unable to raise on acceptable terms; risks related to the Falcon Acquisition (as defined\n\nbelow), including the risk that Tamboran and Falcon (as defined below) are expected to incur significant transaction costs\n\nin connection with the Falcon Acquisition, potential litigation related to the Falcon Acquisition, the risk that the combined\n\ncompany may be unable to realize the anticipated benefits of the Falcon Acquisition and the risk that the Falcon\n\nAcquisition may result in a loss of joint venture partners and other business partners and may result in the termination of\n\nexisting contracts; our strategy to deliver natural gas to the Australian East Coast and select Asian markets being contingent\n\nupon constructing additional pipeline capacity, which may not be secured; the absence of proved reserves and the risk that\n\nour drilling may not yield natural gas in commercial quantities or quality; the speculative nature of drilling activities, which\n\ninvolve significant costs and may not result in discoveries or additions to our future production or reserves; the challenges\n\nassociated with importing U.S. practices and technology to the Northern Territory, which could affect our operations and\n\ngrowth due to limited local experience; the critical need for timely access to appropriate equipment and infrastructure,\n\nwhich may impact our market access and business plan execution; the operational complexities and inherent risks of\n\ndrilling, completions, workover, and hydraulic fracturing operations that could adversely affect our business; the volatility\n\nof natural gas prices and its potential adverse effect on our financial condition and operations; the risks of construction\n\ndelays, cost overruns, and negative effects on our financial and operational performance associated with midstream\n\nprojects; the potential fundamental impact on our business if our assessments of the Beetaloo are materially inaccurate; the\n\nconcentration of all our assets and operations in the Beetaloo, making us susceptible to region-specific risks; our inability\n\nto make accretive acquisitions or successfully integrate acquired businesses or assets, including in connection with the\n\nFalcon Acquisition; the substantial doubt raised by our recurring operational losses, negative cash flows, and cumulative\n\nnet losses about our ability to continue as a going concern; complex laws and regulations that could affect our operational\n\ncosts and feasibility or lead to significant liabilities; community opposition that could result in costly delays and impede\n\nour ability to obtain necessary government approvals; exploration and development activities in the Beetaloo that may lead\n\nto legal disputes, operational disruptions, and reputational damage due to native title and heritage issues; the requirement to\n\nproduce natural gas on a Scope 1 net zero basis upon commencement of commercial production, with internal goals for\n\noperational net zero, which may increase our production costs; the increased attention to environmental, social and\n\ngovernance (“ESG”) matters and environmental conservation measures that could adversely impact our business\n\noperations; risks related to our corporate structure; risks related to our common stock and CHESS Depository Interests\n\n(“CDIs”); and the other risk factors discussed in this report and the Company’s filings with the Securities and Exchange\n\nCommission (the “SEC”).\n\nIt is not possible to foresee or identify all such factors. Any forward-looking statements in this report are based on\n\ncertain assumptions and analyses made by the Company in light of its experience and perception of historical trends,\n\ncurrent conditions, expected future developments, and other factors it believes are appropriate in the circumstances.\n\nForward-looking statements are not a guarantee of future performance and actual results or developments may differ\n\nmaterially from expectations. While the Company continually reviews trends and uncertainties affecting the Company’s\n\nresults of operations and financial condition, the Company does not assume any obligation to update or supplement any\n\nparticular forward-looking statements contained in this report, except as required by law.\n\nAdditionally, certain forward-looking and other statements in this report or at other locations, such as the Company’s\n\ncorporate website, regarding ESG matters are informed by various ESG standards and frameworks (which may include\n\nstandards for the measurement of underlying data) and the interests of various stakeholders. Accordingly, such information\n\nmay not be and should not be interpreted as necessarily being “material” under the federal securities laws for SEC\n\nreporting purposes, even if the Company uses the word “material” or “materiality” in such discussions. ESG information is\n\nalso often reliant on third-party information or methodologies that are subject to evolving expectations and best practices,\n\nand the Company’s approach to and discussion of these matters may continue to evolve as well. For example, the\n\n5\n\n[Table of Contents](#ic0f825eb4b8745a9a06ef0df9aeb9642_10)\n\nCompany’s disclosures may change due to revisions in framework requirements, availability of information, changes in its\n\nbusiness or applicable governmental policies, or other factors, some of which may be beyond its control.\n\n6\n\n[Table of Contents](#ic0f825eb4b8745a9a06ef0df9aeb9642_10)\n\nPart I - Financial Information"}