Tamboran Resources appoints Jeff Bellman to board ahead of Beetaloo gas production
Tamboran Resource Corporation has appointed seasoned investment manager Jeff Bellman as a non-executive director, bolstering its board as the company progresses towards first gas production from the Beetaloo Basin in the Northern Territory. Bellman brings more than three decades of experience in the investment management industry, with a core focus on the global oil and gas sector. He has managed equity portfolios across a broad range of market capitalisations, developing enduring relationships with energy sector management teams over a 33-year career. The appointment, effective May 2, 2025, follows Bellman’s most recent role as managing director in the equities and fixed income group at Nuveen Investments, where he served for 12 years. “We are delighted to welcome Jeff at this important phase in the business, as we move towards first production from our Beetaloo Basin assets,” Tamboran chairman Dick Stoneburner said in a statement welcoming the appointment. “His background will enhance our board’s capabilities in supporting the financing of our phased asset commercialization.” Bellman will also serve on Tamboran’s audit & risk and sustainability committees, bolstering the company’s oversight as it advances development of its Northern Territory assets. Tamboran is the largest acreage holder and operator in the Beetaloo sub-basin, with about 1.9 million net prospective acres. The Beetaloo Basin is regarded as one of Australia’s most promising shale gas provinces, with Tamboran aiming to deliver low-carbon dioxide gas to both domestic and export markets. Bellman’s appointment adds financial and energy market depth to Tamboran’s boardroom as the company focuses on securing funding, finalising engineering plans and progressing towards initial production. Following a positive Definitive Feasibility Study (DFS) in the March quarter, Lithium Universe Ltd confirmed its decision to proceed with funding for the Bécancour Lithium Refinery in Québec, Canada, The project has been assessed as economically viable, delivering a strong pre-tax net present value (NPV) at an 8% discount rate of approximately US$718 million. A pre-tax internal rate of return (IRR) of 21.0% and a payback period of 3.9 years are based on key pricing assumptions of US$1,170 per tonne for spodumene concentrate (SC6) and US$20,970 per tonne for battery-grade lithium carbonate (Li₂CO₃). The project is expected to generate annual revenues of around US$383 million and deliver earnings before interest, tax, depreciation and amortisation (EBITDA) of approximately US$148 million. Breakeven prices are estimated at approximately US$740 per tonne for SC6 and US$14,000 per tonne for Li₂CO₃. Operating costs are forecast at approximately US$3,931 per tonne, with total capital expenditure estimated at US$549 million. This represents an 11% increase on the previous pre-feasibility study (PFS), attributed primarily to the inclusion of a Zero Liquid Discharge (ZLD) system and cost escalation. Lithium Universe Bécancour Refinery Estimated Pre-tax Cashflows. Spodumene SC6 historical prices vs LU7 Forecast and BG Lithium Carbonate historical prices vs LU7 Forecast. The facility will use proven Jiangsu refinery technology to produce up to 18,270 tonnes per year of battery-grade lithium carbonate, primarily for lithium iron phosphate (LFP) battery markets. Over 90% of lithium iron phosphate (LFP) battery manufacturing currently takes place outside North America, yet the region is undergoing rapid expansion. By 2028, almost 1,000 gigawatt-hours (GWh) of battery production capacity is expected to come online across North America, translating to a demand of approximately 850,000 tonnes of lithium carbonate equivalent (LCE) per year. However, with no domestic lithium conversion facilities currently operational, significant efforts are now underway to localise supply chains and reduce dependence on overseas processing. Design, location and operational economics Modelled on the successful Jiangsu plant, the Bécancour facility is designed to process 140,000 tonnes per annum (tpa) of spodumene concentrate with lithium recovery of 88% and plant availability of 86%. Québec was selected for its access to low-cost hydroelectric power (US$0.04/kWh), logistics infrastructure, and proximity to North American and trans-Atlantic end markets. Operating costs are projected at US$3,931 per tonne of lithium carbonate—well below the US$4,525/t cost for conversion in China using Canadian feedstock. Offtake discussions are underway with original equipment manufacturers (OEMs), particularly those with EV supply chain exposure in North America and Europe. Lithium Universe’s model includes take-or-pay pricing mechanisms and risk-sharing features, ensuring stability for both parties while supporting localisation of lithium conversion capacity. Two strategic partnerships were also announced. The first is a non-binding memorandum of understanding (MOU) with Lafarge Canada Inc. for the exclusive offtake of aluminosilicate by-product, an additive to cement that enhances strength and sustainability. The second is a collaboration with Polytechnique Montréal to develop lithium processing capabilities and educational programs supporting critical minerals expertise in Canada. Lithium Universe intends to bring in one or two strategic equity partners at the project level (up to 49%) and is appointing a debt advisor to secure financing. The company will also continue environmental and permitting assessments in coordination with government and local First Nations stakeholders. Given its current cash balance of A$0.2 million at March 31, 2025, the company anticipates requiring up to US$550 million to fund development. To conserve capital and focus on the Bécancour project, the company relinquished its remaining Canadian exploration tenements during the quarter. Cash outflows totalled A$727,000, with an end-of-quarter cash position of A$165,000. Lithium Universe is monitoring its financial position and will look for further funding to support ongoing activities when required.
May 05, 2025 | www.proactiveinvestors.com
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