Hello everyone, and welcome to Tamboran Resources financial year 2026 third quarter earnings presentation. My name is Todd Abbott, and I'm the Chief Executive Officer of Tamboran Resources.

I'm joined here today by Chief Financial Officer Eric Dyer, and Vice President Investor Relations and Corporate Development Chris Morbey. I'm going to take a different approach to earnings call from now on, and rather than go through each slide individually, I'm going to speak to key highlights, operational updates, upcoming catalysts, and then move straight to the Q&A, and the remainder of the presentation is going to be here for your information.

Moving to slide two, you can see our disclaimer, which relates to forward-looking statements within the presentation, and I encourage you to review that at your convenience. Slide three, the March 2026 quarter was eventful for Tamboran, and we saw several major steps forward as we continued to execute our Beetaloo Basin strategy and progress towards first production from the pilot area in the third quarter of this calendar year.

We announced a significant transaction with our Beetaloo Basin partner Daly Waters Energy to farm out approximately 10,000 acres across the pilot area and Beetaloo central development area for a staged carry of up to $28.5 million US. This transaction was conducted on very similar economic terms to the farm-in agreement between Daly Waters Energy and INPEX.

The INPEX and Daly Waters transaction has placed a significant data point for high-quality core Beetaloo Basin acreage, which mirrors our farm-out acreage across the lease line in the Orion Block. It also represents a significant step up from where Tamboran is currently trading.

On completion of the transaction with Daly Waters Energy, we will hold 44.375% interest in the pilot area and 10% interest in the Daly Waters Energy acreage. We continue to progress our joint venture on the Orion Block north of the pilot area, and a lot has changed since our last call.

The INPEX transaction has rerated the basin, and our follow-on deal with Daly Waters Energy has provided a carry to our near-term capital program. Those are two of the most important advantages of any farm-out.

I want to be clear, we continue to believe a joint venture with a strategic partner is important, and these discussions are continuing. The upward movement in asset valuation markers, progress in de-risking the Beetaloo, first gas sales coming closer, strong interest in Australian natural gas assets, and a number of additional tailwinds put us in a strong position.

The ongoing events in the Middle East have also amplified the importance of energy security, and highlight the value of the Beetaloo as a large, low-in situ CO2 gas resource in the Asia-Pacific region. That, along with the entry of INPEX, a sophisticated and very credible international gas company, have significantly increased attention on the basin.

Given that some of these companies are well advanced in their understanding of the asset, and some are just now engaging in their process, it's very difficult to predict the timing, but with our recent capital raise, we have the financial flexibility to focus on the right partnership and the appropriate value, while continuing to de-risk the asset. Development activities for the pilot project progressed throughout the quarter, despite the challenging weather conditions.

Construction on the Sturt Plateau compression facility was 88% complete at the end of April, with strong progress made on the installation of electrical, instrumentation, controls, and piping. Importantly, we remain within the P50 budget and schedule forecast for the project, with first gas on track for the third quarter of this calendar year.

The APA-owned pipeline connecting the facility to the Northern Territory gas network is undergoing final commissioning ahead of tie-in to the SPCF. Full credit goes to the Tamboran operations team and contractors for the safe execution of the project.

The remaining three wells required to deliver initial gas sales of approximately 40 million cubic feet per day, gross, to the Northern Territory government under the long-term CPI-escalated gas contract are being prepared for stimulation in the coming weeks. The program is expected to include a total of 180 stages across 30,000 feet of stimulated length.

Stimulation will be undertaken by the Liberty Energy fleet, with the SS-4H and 5H wells to be zipper-frac'd. We're also planning on testing multiple stages with local sand from the Beetaloo Basin during the campaign, which, if successful, will be a major driver of our cost reduction strategy.

This could reduce stimulation costs by $4 million US on future wells, assuming 60-stage 10,000-foot horizontals. The operations team is also preparing for the two-well program on the SS-1 pad, approximately 3 miles south of the SPCF.

That's planned to commence in mid-2026. The two commitment wells with Daly Waters will be tied into the SPCF infrastructure during the second half of the calendar year.

We're also participating in two wells with our partner Santos in the EP 161 acreage in the Beetaloo East depocenter, where we hold a 25% non-operating interest. Santos is currently upgrading the Ensign 971 rig ahead of drilling activity scheduled to commence in the third quarter of this calendar year.

The two wells are each planned to be stimulated with 60 stages across 10,000 feet and flow tested for up to 30 days. We are very excited to participate with Santos on progressing the development opportunity, and look forward to continuing this partnership to unlock value of the Beetaloo East depocenter acreage.

Since our last call, we significantly strengthened our balance sheet, raising $198 million US via an underwritten public offer and an institutional and retail entitlement offer. This was on top of the US$32 million received in the PIPE transaction in January of this year.

The funds from the raises solidify the balance sheet and provide us significant financial flexibility. At the end of the quarter, Tamboran had US$95 million in cash and US$39 million in undrawn debt net to Tamboran for funding of the SPCF.

The pro forma cash position, following the recent equity raise, increases our cash liquidity to US$298 million, which includes the $188 million raised net of fees, and the US$15 million we expect to receive from Daly Waters relating to the acreage sale in May 2025, which remains subject to certain conditions precedent. Finally, just a quick update on the Falcon transaction.

We received approval from both Tamboran and Falcon shareholders to progress the acquisition of Falcon's subsidiaries, and approval from the Supreme Court of British Columbia with respect to certain amendments of the plan of arrangement. We expect this transaction to conclude imminently, as we have now received the remaining regulatory approvals to consummate the deal, including those related to OFAC licensing.

Subject to finalizing mechanics for the delivery of the Tamboran shares to eligible Falcon shareholders, the transaction is anticipated to close by the end of the month. Moving to slide four, as you can see, we have a number of significant catalysts to deliver in 2026, the most significant being the delivery of first gas sales from the Beetaloo Basin in the third quarter of this calendar year.

Initial gas sales from the pilot project deliver royalties to the Northern Territory government and Native Title holders. Tamboran already employs a significant local workforce, and we anticipate this will continue to grow as activity levels increase over the coming years.

Importantly, these gas sales enable us to deliver the first long-term production data seen in the basin. That's an important milestone for Tamboran, the Beetaloo Basin, and the Northern Territory, reinforcing the basin's potential to deliver long-term economic benefits for all stakeholders.

The 2026 Beetaloo Basin program represents a key inflection point, with Tamboran planning to participate in the stimulation of five wells and the drilling of four wells across the basin. We look forward to providing a further update on our activities at our earnings call in September.

With that, I will hand it over to the operator for questions. Thanks.

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Thanks. Good morning, good afternoon.

That deal that INPEX had with Daly Waters certainly was a vote of confidence and validation of what's going on in the Beetaloo. It feels like there's a lot of momentum picking up, especially as you cited the ongoing issues in the Middle East.

Can you just give a general idea of how has that framed your thoughts about the short, medium, and long-term kind of progression of the Beetaloo? Where, as you start thinking about Phase 1, Phase 2, just give us a sense of what that means for pricing on some of those potential contracts and outlets, whether it's backfill LNG or anything else?

No, thanks, Scott. Just kind of reiterating a little bit from the remarks there.

When you look at what's going on kind of overseas, conflict in the Middle East, it has certainly amplified the focus on energy security. We hear that loud and clear from the people that we talk to.

The way I describe it is, look, it would be wonderful if that conflict was resolved today, and even if it is, that new awareness of the importance of energy security isn't going away. It certainly puts a sharp focus on an asset like the Beetaloo that's a large gas resource in a jurisdiction like Australia, in the neighborhood of the Asia-Pacific.

It has a very low in situ CO2. There's just a lot of things that make it really important.

We hear that rhetoric loud and clear. When I think about kind of short, medium, long term, I'll kind of give you a sense of how I see the play evolving.

I can't comment on pricing. There are active discussions on there, I can't get into that.

Look, in the near term, we're focused on that delivery to the Northern Territory. That's the 40 million a day.

That's a CPI-escalated price, but it is confidential in the terms, we can't disclose that either, unfortunately. We'll kick that off in the third quarter of this year.

There are opportunities to expand our throughput through there. I would call that the medium term.

That pipeline is capable of 100 million a day. We can twin the compressor there and move an additional 50 million a day through a second compressor, a total of 100.

That incremental gas could go some to Darwin, some could go north to INPEX following the Daly Waters and INPEX deal, some could go to other manufacturing and mining operations in the area. An important thing to understand about all that is that our gas and the Daly Waters gas is jointly marketed by agreement, we're all aligned on moving that.

Longer term, now we're talking about large format pipelines, north and east. Those pipelines are commercial.

I think we're all confident those will happen. The timing is yet to be defined on it, but they are commercial, and an asset of this scale needs multiple outlets.

Hope that answers your question.

No, I appreciate all that context. Obviously, there's a lot going on, I appreciate any kind of color there.

My follow-up question was going to be on the cost savings, and I want to delve in a little bit more. You talked about obviously testing some of the local sand.

Obviously you've been here now a few months, can you give a sense of what other opportunities do you see to lower cost? As you look into next year, what is the hope to get well costs down to?

First off, thank you for bringing up the local sand. We'll have 10 stages put in on the upcoming completion program on local sand, and we'll have tracers and all that just to kind of confirm that works.

We like what we're seeing in the lab data. We're very optimistic there.

Assuming that works, that's a US$4 million kind of savings on each completion. That's a 10,000-foot 60-stage well.

A good movement there. When we think about other stuff on the drilling side, you're thinking about moving into things like oil-based mud, synthetic oil-based mud.

We're using water-based mud right now. As we get waste disposal facilities in the basin that can handle oil-based cuttings, that will help, that will increase our ROP, that will shorten our drill times.

There are certainly other optimizations that are to make, Scott, but really until we're kind of up at pace with a full-time program, we're not going to see everything that you would see kind of in a more mature US shale basin. That's just not the stage we're at right now.

Do you have a sense of where you think costs could be by next year?

No, next year is going to be a little bit hard to say because we're drilling a limited number of wells. We have the two wells—we'll drill a total of four wells next year.

That's going to include kind of some of the same: bringing the rig on, taking the rig back, a little bit of stop and start. You're not going to be at full efficiency there.

Going forward, as we get more wells and a more sustainable program, that's when you're really going to start seeing the lower cost.

Understood. Thank you.

Yeah.

Yes, Todd, good day to you and the rest of your team there.

I wanted to go back to,

thank you, your prepared remarks, and I appreciate that was great color on the close of Falcon. I want to ask a question about that and the timing of the farm-out.

It makes sense to me that your farm-out, you'd wait to close the Falcon deal before you finalize the farm-out. Now you're expecting Falcon close in the month of May, if I heard you correctly, but it looks like you're kind of sliding the farm-out more to back half of '26.

Is that the right read on the sequence here, and what implications does that have for the competition in that deal, or people are going to be worried you slide it, I should put a risk of this not happening. Perhaps it's because there's more people who are in the data room who weren't involved before.

That last part is really the correct read, Charles. Look, Falcon deal, exciting news, it's good to have that kind of near the end.

We've got Rowan on the line, he can answer any detailed questions that you have there, but that's been a lot of work by the team, a very complex deal, and kind of be here where we see light at the end of the tunnel is exciting. Look, that was certainly a question in the farm-out process by other potential partners.

They want to know what the status of that is, and certainly wanted confidence that that was going to close, it answers a question. There's more to it than that.

There's more complexity to it. A lot of things have happened since we've announced that farm-out process.

We talked about all the stuff in the Middle East, and we don't have to rehash that. The INPEX-Daly Waters deal has been important in our tag into it.

That has rerated the basin. It has brought in a very credible third party that's not only sophisticated, but very well informed.

That has added a lot of enthusiasm and a lot of confidence to the people that are interested in this type of asset. We are seeing renewed conversations and additional conversations.

Following the capital raise, we have a lot of financial flexibility and the ability to be patient on this. My focus is less about getting a quick timing—I understand how it can be kind of read in the market—but my focus is not on timing, my focus is on getting the right partner at the right value for us.

Giving some of these other parties time to get up to speed and understand the asset gives us the best position to do that. I understand it can be frustrating that the answer isn't quite there yet, but we're being very thoughtful, and we're really confident about the position we're in right now.

Now, that is a great insight on your thinking and your process. Thank you for that.

Then as a follow-up, this is about the two wells you're going to drill with Santos. It looks like these two wells are going to be in another deep part of the basin, but it's a different operator.

I'm curious if you can talk about how perhaps Santos is approaching the drilling and completion of these wells differently? They have a different rig, they have an Ensign rig.

I think on your slide eight, it says they're going to flow test the wells for 12 months, and maybe that's because they're going to tie into this pipeline as part of the flow test. Can you just talk about how they're approaching differently, and if there's any cross-pollination between your team and their team, and anything that might come of that?

I'll step back a little bit. The 161 acreage is really good acreage, right?

There's potential four benches there. It's something we're very excited about.

Santos is going to drill the two 10,000-foot wells. They've got kind of a full modern completion, a little bit different than the last wells.

It's going to have larger casing, which will give them kind of a better completion job and better frac job on it. We're optimistic about the results of the wells.

The duration of the flow test, frankly, hasn't been finalized yet. I can tell you how kind of we would do it if we were operating it.

We're not operating it, Santos is, so that's going to be a discussion between the two companies. That hasn't been set yet, I'd kind of be talking out of school if I told you kind of where I think that was going to land exactly.

Got it. Thank you.

Yep.

Hi, good morning all, thanks for taking the call. Just a quick one for me.

We seem to be in a bit of a catalyst-heavy environment. If you try and look through this a bit, can we talk about post all of this?

Once pilot phase is up and running, I guess, what does the next operational stage look like? Is that operationally Phase 2, yep—

Paul, I'm sorry, I'm having a hard time hearing you. Could you move a little bit closer to the phone maybe?

Oh,

sure. Hang on one sec.

Better?

Much better, thank you.

Sorry about that. No, I was just asking, can you all still hear me?

Yes, gotcha.

Sorry. No, we're in a catalyst-heavy environment, but can you help us with this a bit, is this the laid out strategy as we kind of the best path we know?

Is it on to Phase 2, ramp that up with the workover, or ramp that up with the farm-in, ramp up Phase 2 B/d, or do you see, is there any long-term supply deals adjacent to that, or further M&A, or I guess how do you see the structure beyond kind of the full ramp of Phase 1?

Sorry, I think I caught most of that, Paul, but if I don't answer your question exactly, steer me on it. I think you're asking about kind of mid and longer-term strategy for the asset, is that right?

Yes, exactly.

Yeah. Near term, I think we've talked through the near-term strategy pretty well, most people understand that.

The key piece of data in the near-term strategy-wise that we're all looking for is the long-term production data, right? Once we get that, it clarifies a lot of things for a lot of people.

Longer term, de-risking the Orion asset and defining resource is important. Same in the eastern depocenter along with Santos and our 136 acreage, defining resource is going to be really important for attracting those large-diameter pipelines that we need for the basin.

That's kind of the intermediate phase as those come in. Then you're in a mode where once you get clarity on in-service dates for both of those pipelines, that's ramping up kind of the larger-scale drilling program to build volumes into those pipelines.

I think that's where we get all excited about it, right, because that's when you have full-time drilling programs, probably multiple rigs, and you're building into something pretty aggressively. Our focus in the near term is on the production test and the production data, and then deliveries to Darwin.

Next is de-risking resource to FID pipelines, and then third, it's developing the resource into those pipelines. Did I get your question right?

Did I hear it right?

You did. Sorry, the connection must be on my end.

That's it for me. Appreciate your time.

I'll leave it there.

All right, thanks, Paul.

Hi, Todd. Just a first question on NTLNG.

I was just wondering if you had any updates on that, and whether given the current environment and I suppose the increased appetite for local projects from Asia given the Middle East outage, if there's any kind of push to accelerate the NTLNG project at the moment? No,

thanks for the question. As we've done the pre-FEED studies there, and we've defined the opportunity there at Middle Arm for NTLNG.

That comes up in many of the conversations that we have, and it kind of just depends on the partner and the partner's capability, their interest level, and something like that. It's certainly a credible option that's out there, and certainly becomes part of those discussions.

In the near term, though, we don't intend to allocate capital towards that to progress kind of for instance a full FEED or to start material work until we understand exactly who that joint venture partner is and what their needs are. That's kind of the staging on that is: first, establish who that joint venture partner is, and then two, let's look together and what role does NTLNG play in our joint strategy.

Great. Then just one second one.

I suppose there's several players in the basin now. There's several partnerships in the basin.

I was just wondering really how much of a competition is there to get gas to market over the coming years, and kind of within that context, how are you thinking about your 100% owned acreage?

I'll kind of take those separately. Let's talk about it near term and long term on the marketing side.

Near term, if you look at the western acreage where we're partnered with Daly Waters, that's where our pilot activity is, that's where the SPCF is, that's where we'll be flowing gas third quarter. The infrastructure there is limited to about 100 million a day.

If we twin that compressor, we can get to the 100 million a day, but at that point, you're kind of plateaued until you get a larger-format pipeline there. There are multiple outlets for that gas over there.

The first gas will go to domestic use, to Darwin, and we think there's an opportunity to push those rates up a little bit. Then we have other domestic markets like manufacturing and mining in the area that we can move gas to.

Then the last is because of the INPEX deal with Daly Waters, there's likely some opportunities to move gas to Ichthys from there. In total, we're going to be limited to 100 million a day.

As I mentioned earlier, this is an important point: our agreements with Daly Waters all require that we jointly market our gas, all of it moves together. We're fully aligned on making all that work.

Over on the eastern side, on the non-operated piece with Santos and 161, and then our acreage around it with 136 and the Checker 10, there's less infrastructure there, there are less options to move that gas currently. It's going to take some work kind of following up on the prior question about what is going to be the production test plan for 161.

There's just less infrastructure there right now, so that's a little bit of a longer-term problem. For both sides of the basin, both depocenters, we do need the longer-term, large-format pipelines.

A little bit different than pipelines in the US, these pipelines are built with the idea of common access, there won't be one party that just monopolizes a pipeline. That's not really how it's going to work here.

We'll all work together, and the goal of the companies is to be efficient in capital so that we can get a pipeline each direction of the right size to utilize the capital and spread that cost out over the large volume. Feel good about both situations.

Near term is good, especially where we're producing, and longer term, just the way the pipeline regulations work here in Australia, we're in a good spot. Oh, sorry, you also asked about our intent with the other acreage.

I would say our near-term focus is first on the pilot area, where we're drilling development wells, wells that will go to production. Also 161—well, I'll put 161 and Orion together.

Those are areas where we're de-risking resource. Those kind of three areas are our primary focus.

I could also add the BCDA area, the Daly Waters operated stuff to the south of the pilot, where we'll be participating in wells there as they move forward with their INPEX work program. Beyond that, the other positions out there, certainly prospective, they're a little bit longer term, though.

Our goal is to use kind of those core areas that I mentioned to FID the pipelines.

Thanks. That's very clear.

Thanks.

Yep. First, I appreciate the questions and I appreciate the engagement.

I just want to send kind of some comments out to the team. The team has done amazing work this quarter.

It's been a busy quarter for us. Lots of transactions there, and now we're pivoting to the operations.

While I think the investment community is anxiously awaiting all those operations, I can tell you our operations team has not taken a break. They've been working this the entire time.

Thanks to the team at Tamboran, and thanks for the support of our investor community through the capital raise and on the call.