Ann: Chairman's letter - Scheme of Arrangement, page-43

Currently Atlas experience a discount because of the grade of its ore, 58% not 62%. At the moment this discount is abnormally high 37% rather than 20-25% which is the rate that we have been working with for some time before that. This has caused Atlas to become unprofitable. The 20-25% has prevailed for some time ("normal") and in my view the current 37% discount will moderate in the next 3 to 6 months ("back to normal")

So it follows that Atlas will return to profitability if the discount moderates.

Its not that going it alone will change the discount rate - instead, the moderation of the discount will allow Atlas to move forward on its own as a profitable business.

Sorry if I was not clear.