Ann: Target's Statement and Independent Expert's Report, page-57

DYOR:
Stefans, thanks for your comments.

If the acquirer instructs AGO team to produce more ore and use more efficient methods of processing/transporting (e.g. using third party facilities and rail, and economies of scale) say outstanding loan has been repaid by acquirer, better Fe mix with third party supplier, etc. costs come down without using expensive lawyers. AGO team becomes profitable and can utilise the DTA.

Note that IE report only looks at AGO valuation as a going-concern, see extract from my post recently:
"Also came across this item on pg 81 of appendix (pg 145 of Target's Statement):
"Whereas, the purpose of this analysis is to assess the premium that is likely to be paid for control, not specific strategic value to the acquirer. "
So if there are synergies for HPPL, FMG or any other bidder, this information is not included in any valuation given.
For example:
- Acquirer uses their rail infrastructure to transport in lieu of trucking.
- Blending AGO's iron ore in acquire's ore mix.
- Diversification into lithium/gold/copper.
- Port access and future port development.
- Lost opportunity for JV in lithium/gold/copper.
- Etc, please add to list."