Tamboran Resources Corp.

Oil & Gas E&P • Energy • Sydney, NSW, United States • TBNRL (PNK)

61 2 8330 6626 Tower One, International Towers, Sydney, NSW 2000, Australia

Quarter: Q4 2025 Reported: December 8, 2025 Sentiment: Positive

Tamboran Resources Corporation, a natural gas company, engages in developing unconventional gas resources in the northern territory of Australia. Its assets include a 25% non-operated working interest in EP 161; a 38.75% working interest in EPs 76, 98, and 117; and a 100% working interest in EPs 136 and 143, as well as EP (A) 197, located in the Betaloo Basin. Tamboran Resources Corporation was founded in 2009 and is headquartered in Sydney, Australia.

Analysis Summary

Tamboran Resources Corporation's 2025 Annual Meeting of Stockholders, held on December 4, 2025, concluded with the successful approval of all six proposed matters, indicating strong shareholder confidence in the company's governance and compensation strategies.

Detailed Governance Outcomes: Shareholders elected Ryan Dalton, Andrew Robb, and Scott Sheffield as Class II directors for a three-year term. Ernst & Young was overwhelmingly ratified as the independent registered public accounting firm for the fiscal year ending June 30, 2026, with 11,140,446 votes for and only 1,233 against.

Strategic Compensation Initiatives: Key approvals included the issuance of 27,251 shares of Common Stock (which may be represented by CDIs or RSUs) to Richard Stoneburner, the Interim Chief Executive Officer, under the 2024 Equity Incentive Plan, in lieu of cash fees. Additionally, shareholders approved equity compensation for three directors: Scott Sheffield, Phillip Pace, and Jeffrey Bellman. Each will receive shares up to a value of US$200,000 annually for two fiscal years (totaling US$400,000 each) under the Plan, at their election, in lieu of cash directors' fees. These approvals underscore a strategy to align executive and director incentives with shareholder interests through equity ownership.

Management Commentary and Forward Guidance: The provided document is a formal 8-K filing detailing voting results and does not include management commentary, forward guidance, or a Q&A section typical of an earnings call. Therefore, no insights into operational performance, market trends, or future strategic direction beyond the approved compensation plans can be extracted.

Competitive Positioning and Market Trends: Not applicable as this document focuses solely on annual meeting resolutions.

Risk Factors and Concerns: While all proposals passed, the approval of significant equity compensation plans introduces potential share dilution, a common concern with such programs. The reliance on equity for key personnel compensation ties their incentives directly to stock performance. The document itself is limited to governance, providing no financial or operational risks.

Analyst Q&A Highlights: No Q&A section was part of this 8-K filing.

Key Highlights

• All three Class II director nominees (Ryan Dalton, Andrew Robb, Scott Sheffield) were successfully elected.
• Ernst & Young was ratified as the independent registered public accounting firm for fiscal year ending June 30, 2026.
• Shareholders approved the issuance of 27,251 shares to Interim CEO Richard Stoneburner as equity compensation.
• Equity compensation plans, totaling up to US$400,000 over two years for each, were approved for directors Scott Sheffield, Phillip Pace, and Jeffrey Bellman.
• All six proposals presented at the 2025 Annual Meeting received strong shareholder approval.

Financial Metrics

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revenue

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guidance

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Stock Performance (90 Days)

Data through Dec 26, 2025

Layoff Events

Earnings Calls

Positive Signals

• Unanimous election of all nominated directors.
• Overwhelming ratification of the independent auditor.
• Strong shareholder support for all six proposals.
• Approval of equity incentive plans designed to align management/director interests with shareholders.

Risks & Concerns

— Potential share dilution from approved equity compensation plans for executives and directors.
— Lack of operational or financial performance updates in this governance-focused report.
— Reliance on equity-based compensation for key personnel, tying their incentives directly to stock performance.