Slide 1: 2026 Beetaloo Basin Site Tour
For personal use only NYSE: TBN, ASX: TBN 2026 Beetaloo Basin Site Tour August 31 – September 1, 2026 SHENANDOAH SOUTH WELLPAD, NORTHERN TERRITORY, AUSTRALIA
Slide 2: Disclaimer
Disclaimer Disclaimer The information in this presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which include
Slide 3: Key deliverables and upcoming catalysts
Key deliverables and upcoming catalysts First Beetaloo Basin gas sales imminent Key 12-month achievements For personal use only ✓ FID of the Shenandoah South Pilot Project ✓ Completed acquisition of Falcon Oil & Gas ✓ Strengthened balance sheet raising ~US$300 million since September 2025 ✓ Secured
Slide 4: Investment highlights
Investment highlights Systematically de-risking one of the largest undeveloped non-associated gas projects in the world outside the Middle East and Russia Beetaloo investment case Tamboran’s ~2.8 million prospective acres (net) For personal use only Proven team Most experienced operator Beetaloo dep
Slide 5: Company overview
For personal use only Company overview
Slide 6: Capital structure
Capital structure Strong balance sheet with US$298 million in cash supporting joint venture partnership discussions Tamboran Resources Corporation (as at close August 27, 2026) US Peer Market Capitalization For personal use only (US$ billion)(4) Combined NYSE: TBN ASX: TBN Stock code: Equivalent 34.
Slide 7: Tamboran HSE performance
Tamboran HSE performance Operating in a manner that prioritizes safety and minimizes environmental impacts Incidents - Health and Safety >200,000 Zero Zero For personal use only 9 9 Exposure hours Serious Injuries or Reportable Environmental (at July 31, 2026) Fatalities Incidents 6 Health and Safet
Slide 8: Community engagement
Community engagement Focused on local partnerships to bring new opportunities and secure a sustainable future Supporting NT communities Strong community engagement For personal use only Partnering with NT communities for a sustainable future A$300,000 invested in regional community initiatives Tambo
Slide 9: Beetaloo Basin de-risking
Beetaloo Basin de-risking Key requirements for a successful shale development For personal use only Key requirements Progress made to date Status Owns 2.8 million (net) of the 5.1 million prospective acres within the Beetaloo Basin depocenter, with enough recoverable gas Scalable resource size Achie
Slide 10: Proven team
Proven team For personal use only Proven Board and management team with history of successful shale development across multiple basins within the USA
Slide 11: Tamboran Board of Directors
Tamboran Board of Directors Proven early-stage E&P operators, capital markets depth and Northern Territory track record For personal use only Dick Stoneburner Scott Sheffield Fred Barrett Jeff Bellman Ryan Dalton Patrick Elliott Phillip Pace Andrew Robb David Siegel Chairman Non-Exec Director Non-Ex
Slide 12: Tamboran Executive Management Team
Tamboran Executive Management Team Proven upstream and capital markets experience to unlock the Beetaloo Basin For personal use only Todd Abbott Faron Thibodeaux Eric Dyer Chief Executive Officer Chief Operating Officer Chief Financial Officer − Commenced the CEO role in January 2026 − Over 40 years
Slide 13: Geological overview
Geological overview For personal use only Tamboran is the largest acreage holder in the Beetaloo Basin and the only working interest holder across the high-quality, contiguous shale resource in both the Beetaloo East and West depocenters
Slide 14: Beetaloo Basin deposition
Beetaloo Basin deposition Beetaloo Basin depocenter lies at the core of the original basin driving contiguous shale with little variability For personal use only Little variation in shale formation for >175 miles High preservation of TOC Consistent thickness between 200 – 300 feet 14
Slide 15: Regional geology provides ideal setting for multi-decade development
Regional geology provides ideal setting for large, multi-decade Beetaloo Basin development Comparison of Marcellus and Velkerri Shale depositional basins Lithology Distribution Depth Thickness Appalachian Basin − Foreland basin formed during For personal use only tectonic collision. − Produces asymm
Slide 16: Significant Beetaloo Basin de-risking
Significant Beetaloo Basin de-risking Historic appraisal across the Beetaloo Basin has demonstrated contiguous nature of Velkerri Shale across the two depocenters Shenandoah Kalala Amungee Velkerri 76 A Beetaloo W1 A’ Base Velkerri B Shale Depth (mTVD) − >6,000 miles of 2D Regional Grid from Integra
Slide 17: Favorable shale properties
Favorable shale properties Velkerri B Shale hosts favorable properties when compared to those of the Marcellus dry gas window Beetaloo West (Shenandoah South) Velkerri B Shale Properties Beetaloo East Velkerri B Shale Properties For personal use only Marcellus Data Sources: Enverus, Nutech 17
Slide 18: Beetaloo West acreage
Beetaloo West acreage Primary focus of Tamboran’s development and initial gas sales | Three stacked landing zones within depocenter Shenandoah South 1H For personal use only Potential Velkerri C Shale 1.6 million acres within the depocenter at Landing depth of >8,200 feet Zone Beetaloo West Three be
Slide 19: Beetaloo East acreage
Beetaloo East acreage Significant upside opportunity across >500,000 prospective acres with four landing zones Maverick 1 Tanumbirini Maverick 1 (2022) Tanumbirini 1 (2016) For personal use only ~500,000 acres within the depocenter at depth of >8,200 feet Potential e (C1) C shale (C1) Velkerri C l U
Slide 20: Strategic partnerships and local resources
Strategic partnerships and local resources For personal use only Tamboran has secured strategic partnerships with important onshore US shale service providers H&P, Liberty and Baker Hughes to accelerate applications of modern well design into the Beetaloo Basin
Slide 21: Tamboran's Strategic Partnerships
Tamboran’s Strategic Partnerships Tamboran has secured and partnered with key service companies with US shale expertise to accelerate unlocking of the Basin For personal use only (2.9% TBN shareholder)(1) (3.6% TBN shareholder)(1) (1.4% TBN shareholder)(1) Strategic Drilling Partner Strategic Comple
Slide 22: Robust plans toward cost reduction
Robust plans toward cost reduction Targeting ~50% reduction in drilling and completion costs with progression toward continuous operations Targeted savings throughout drilling program Targeted savings throughout stimulation program For personal use only Costs in USD Costs in USD (10,000 ft well) 202
Slide 23: Local water and sand supply
Local water and sand supply Readily available sand and water supply will support cost reduction strategy, with key focus on protecting groundwater De-risking local sand source driving potential savings of ~US$4 million per well(1) For personal use only − Successful trial of field wash plant − >2 mil
Slide 24: Shenandoah South Pilot Project
Shenandoah South Pilot Project For personal use only Tamboran has progressed the Beetaloo Basin from exploration into first gas sales, with pilot volumes to provide long-term flow testing of Mid-Velkerri B Shale and deliver accelerated royalties to Native Title Holders and Northern Territory Governm
Slide 25: Shenandoah South Pilot Project
Shenandoah South Pilot Project Development on track to deliver first gas into the Northern Territory, marking a significant milestone for the Beetaloo Basin Tamboran has delivered on key upstream activities to For personal use only reach first gas sales in 3Q 2026 ✓ Secured binding take-or-pay contr
Slide 26: Sturt Plateau Compression Facility (SPCF)
Sturt Plateau Compression Facility (SPCF) Construction complete, commissioning underway ahead of first gas sales to the Northern Territory Government For personal use only ~40 TJ/d US$99 million ~US$2.5 million Initial volume Gross P50 capex Indicative monthly tariff − Simple gas dehydration and com
Slide 27: Multiple gas markets
Multiple gas markets For personal use only Three highly attractive markets trading at premiums to US Henry Hub price and potential future exposure to international LNG provides optionality to future commercialization
Slide 28: Multiple available markets
Multiple available markets Near-term focus on domestic sales with potential future growth to LNG markets Ichthys LNG (9.7 MTPA + expansion opportunity) Local NT gas market DLNG (3.7 MTPA + 6 MTPA expansion opportunity) 1 For personal use only Development to supply majority of local market via fixed-
Slide 29: Three attractive gas markets
Three attractive gas markets Strong market fundamentals offer premium pricing compared to US Henry Hub NT Local Market(1) Domestic East Coast Gas Market(2) Emerging Asia gas balance(3) For personal use only 140 1.2 400 Indicative timing of first gas into East Coast market 120 1.0 Shortfall opportuni
Slide 30: Asia needs the stability of Australian LNG
Asia needs the stability of Australian LNG Disrupted Middle East production underscores the importance of diversification for Asia Pacific gas buyers, with the Beetaloo Basin providing an opportunity to backfill and expand LNG supply from Australia For personal use only 1 Supplier of Asian LNG Deman
Slide 31: Territory Energy Link corridor
Territory Energy Link corridor Northern Territory Government led pipeline connecting Tamboran’s acreage in the Beetaloo Basin to Darwin − Northern Territory Government is progressing the Territory Energy Link (TEL), a multi-use For personal use only infrastructure corridor, including a gas pipeline
Slide 32: Progressing new pipeline infrastructure
Progressing new pipeline infrastructure Proposed new gas pipeline (~1 Bcf/d) aims to connect the Beetaloo Basin to the East Coast domestic gas market and LNG plants For personal use only Up to 1 Bcf/d ~US$3 – 4 billion US$1.25 – 1.75/GJ Initial capacity Indicative cost estimate Indicative toll to Ba
Slide 33: 2026/2027 catalysts
2026/2027 catalysts Key de-risking events over the next 18 months to drive potential valuation re-rate First gas sales from the SS Pilot Project to Northern Territory For personal use only 3Q 2026 Drilling of the Jibera South 1H and Newcastle South 1H wells with 3Q 2026 Santos-operated in EP 161 Dri
Slide 34: Appendix
For personal use only Appendix
Slide 35: Dominant Beetaloo Basin acreage position
Dominant Beetaloo Basin acreage position Tamboran’s 2.8 million net prospective acreage position is the largest of peers and the only operator to cover two depocenters For personal use only Gross Net Beetaloo depocenter Permits Prospective Interest Prospective (* Denotes Operator) Acres Acres Northe
Slide 36: East Coast domestic gas price
East Coast domestic gas price ~US$9.20 per mcf average contracted price for East Coast producers in 2027 | >158% higher than Henry Hub Agreed gas prices to the East Coast market for 2027 supply(1) − Majority of gas volumes on Australia’s East Coast are For personal use only 12 contracted business-to
Slide 37: Tamboran's proposed NTLNG Project at Middle Arm, Darwin
Tamboran’s proposed NTLNG Project at Middle Arm, Darwin Secured acreage on Middle Arm and pre-FEED provided optionality for future LNG export growth from Darwin For personal use only − Northern Territory Government awarded Tamboran 170-hectare (420-acre) site at Darwin in May 2023(1) − Signed an Int
Slide 38: Strengthened balance sheet following recent capital raise
Strengthened balance sheet following recent capital raise Total cash and expected near-term inflows of ~US$298 million at March 31, 2026 − Cash and expected near-term cash inflows of 3Q FY26 Change in Cash Balance For personal use only ~US$298 million at March 31, 2026(1) − Drawn debt of US$23 milli
Slide 39: For personal use only
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