Tamboran Completes Retail Entitlement Offer Raising A$24.8 Million

Retail Entitlement Offer Finalised with Strong Take-Up

Tamboran Resources Corporation (ASX:TBN, NYSE: TBN) has wrapped up the retail component of its accelerated non-renounceable pro rata entitlement offer, securing about A$24.8 million at A$0.25 per new CHESS Depository Interest (CDI). The offer closed on April 27, 2026, with eligible retail securityholders applying for roughly 22.8 million new CDIs and an additional 3.2 million CDIs beyond their entitlement, reflecting a take-up rate near 25%. This retail raise complements the earlier institutional and underwritten offerings, bringing the total equity raise to approximately US$197.8 million (A$282.6 million).

Equity Raise Positioned to Accelerate Beetaloo Development

The capital injection will bankroll Tamboran’s aggressive drilling and resource delineation plans across key project areas including the Pilot Area, Orion Acreage, Beetaloo Central Development Area (BCDA), and EP 161 acreage. These efforts align with the company’s strategy to commercialise natural gas resources in the Northern Territory’s Beetaloo Basin, where Tamboran holds about 1.9 million net prospective acres, making it the dominant acreage holder in the region. The new CDIs are expected to be issued on May 4, 2026, and start trading on the ASX the following day, ranking equally with existing securities.

Tamboran’s recent capital raise builds on momentum from the company’s earlier $188M capital raise completed in April, which was accompanied by record gas flow rates from its Shenandoah South 6H well, underscoring the operational progress underpinning its development ambitions.

Offer Structure and Institutional Support

The retail entitlement offer is part of a broader equity raise that included an underwritten public offering of nearly 3 million common shares at US$35 each, raising around US$103 million, plus an option exercised by underwriters adding US$15.5 million. The institutional entitlement offer raised approximately A$87.7 million through the issuance of over 148 million new CDIs and a million common shares. Notably, about 73.4 million New CDIs not taken up by retail investors will be allocated to institutional investors who subunderwrote the retail offer, ensuring full subscription.

This capital raise follows earlier announcements where Tamboran launched a retail entitlement offer capped at A$27 million to support drilling acceleration in the Beetaloo Basin, a move that was partially underwritten and priced to reflect a discount to recent trading levels on the NYSE, as detailed in the company's prior retail entitlement offer launch.

Forward-Looking Risks and Development Challenges

While the equity raise provides Tamboran with substantial funding, the company’s forward-looking statements caution investors about the inherent uncertainties in early-stage natural gas exploration and production. Key risks include the need for significant additional capital, the speculative nature of drilling activities, regulatory and community challenges in the Northern Territory, and the operational complexities of scaling up production to meet commercial targets. Tamboran also highlights the importance of delivering natural gas on a Scope 1 net zero basis upon commercial production, reflecting increasing ESG considerations that may affect production costs and timelines.