TBN · Tamboran Resources Corp

This unregistered retail entitlement offer represents a targeted capital raise from existing international shareholders, avoiding U.S. registration requirements via Regulation S. The issuance of 99.375 million CDIs — each representing 1/200th of a common share — results in proportional dilution to all shareholders, though participation was limited to those in specified non-U.S. jurisdictions. With gross proceeds of A$24.8 million at a fixed price of A$0.25 per CDI, the Company secured near-term liquidity without debt or warrant obligations. While the filing does not specify use-of-proceeds beyond 'general corporate purposes', such offerings commonly support working capital, exploration commitments, or administrative costs in resource companies. The absence of U.S. investor participation and exemption from SEC registration limits regulatory disclosure obligations but also excludes broader market visibility and potential U.S. institutional interest.