Tamboran Resources Corp (TBN) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 13, 2026

Risk Assessment Details

Potential Dilution: 31.78% of current shares
Recent Dilution: 78.67% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
28M
Potential Supply
9M
Additional shares possible
Splits
None
Past 2 years

Summary

TBN currently has 28.3M outstanding shares. with moderate dilution risk from 9M authorized shares representing 31.8% potential dilution. The company has significantly diluted shareholders by 78.67% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 13, 2026

10-Q filing | 28.3M shares outstanding

28M 9M
May 04, 2026

8-K filing: Tamboran Resources Corporation settled a retail entitlement offer and issued an aggregate of 99,375,000 CHESS Depositary Interests underpinned by 496,875 shares of common stock for aggregate proceeds of A$24.8 million at an issue price of A$0.25 per CDI. ($24.8M proceeds)

20M 9M
Jan 29, 2026

S-3 filing: This S-3 filing by Tamboran Resources Corporation relates to the offering of up to 1,524,377 shares of common stock by selling securityholders.

20M 9M
Nov 25, 2025

8-K filing: Tamboran Resources Corporation completed a security purchase plan, issuing 537,794 shares of common stock represented by 107,558,800 CHESS Depositary Interests (CDIs), with each CDI representing 1/200th of a share, for aggregate proceeds of A$17.42 million at an issue price of A$0.162 per CDI. ($17.42M proceeds)

20M 7.5M
Nov 13, 2025

10-Q filing | 20.5M shares outstanding

20M 7.5M
Sep 30, 2025

8-K filing: Tamboran will issue 6,537,503 shares of its common stock and pay $23,663,080 in cash to Falcon in exchange for the equity interests of Falcon's subsidiaries.

18M 7.5M
Sep 25, 2025

10-K filing | 17.8M shares outstanding

18M 7.5M
Jul 23, 2025

S-3/A filing: This S-3/A filing from 2025-07-23 discusses the potential exercise of rights by holders and the possibility of offering unsubscribed securities through various methods.

15M 7.5M
Jul 22, 2025

8-K filing: Tamboran Resources Corporation completed two tranches of a PIPE Investment, issuing a total of 3,121,244 shares of common stock at $17.74 per share, and issued an additional 112,740 shares to Macquarie Bank Limited as prepayment for fees.

15M 7.5M
Jun 27, 2025

S-3 filing: The filing discusses the potential offering of various securities, including common stock, preferred stock, warrants, or units, through rights offerings or other methods such as direct sales, agents, underwriters, or standby underwriting arrangements. The securities will initially be issued in book-entry form and represented by global securities held by The Depository Trust Company (DTC).

15M 7.5M
May 15, 2025

8-K filing: Tamboran Resources Corporation entered into subscription agreements to issue and sell approximately 3.1 million shares of common stock for approximately $55.4 million, with $44.4 million expected to close on May 16, 2025, and the remaining $11 million subject to shareholder approval. ($55.4M proceeds)

15M 7.5M
May 14, 2025

10-Q filing | 14.5M shares outstanding

15M 7.5M
Feb 12, 2025

10-Q filing | 14.3M shares outstanding

14M 7.5M
Nov 12, 2024

10-Q filing | 14.1M shares outstanding

14M 7.5M
Jun 24, 2024

S-1/A filing: This is the initial public offering of common stock of Tamboran Resources Corporation, a Delaware corporation. We are offering 6,500,000 shares of our common stock.

18M 7.5M
Jun 20, 2024

S-1/A filing: This is the initial public offering of common stock of Tamboran Resources Corporation, offering 6,500,000 shares, with an option for underwriters to purchase up to 975,000 additional shares.

18M 7.5M
Jun 17, 2024

S-1/A filing: This is the initial public offering of common stock of Tamboran Resources Corporation, a Delaware corporation, offering 6,500,000 shares of common stock.

18M 7.5M
Jun 05, 2024

S-1/A filing: This is the initial public offering of common stock of Tamboran Resources Corporation.

N/A 0
May 03, 2024

S-1 filing: Tamboran Resources Corporation is offering shares of its common stock in an initial public offering. The underwriters have a 30-day option to purchase additional shares.

N/A 0
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