Ann: Acquisition of Mid-West Iron Ore and Port Assets, page-17

How does this deal expand LOM of Iron Ridge though?

Iron Ridge has a relatively shallow resource base (8.3mt at the end of last June, probably somewhere around 7m not after 2022-23 production). I'm not sure there are that many exploration opportunities at Iron Ridge (not something that FEX have really pushed for), so this won't expand LOM. In fact, todays announcement says that this acquisition will lead to increased production at Iron Ridge, which whilst nice in the short term, will actually lead to a decrease in LOM of the remaining resources at Iron Ridge.

I don't see Shine being a stand alone asset that will make FEX profitable once Iron Ridge has been depleted. They need to target some exploration assets or quality assets with a longer LOM to prolong the tenure that FEX will be around for. This acquisition doesn't really solve any of those issues that have been known for sometime, but they actually accelerate those issues if they focus on increasing prodcution at iron Ridge.

As krkelly states above, this is why they went after Scorpions assets and have then sat on their hands seemingly since they acquired the farm in rights.