Refer to page 47 second paragraph from the bottom of the Offer Circular....it appears that the valuation was shared with BHP but not shareholders????....

https://www.noronttender.ca/wp-content/uploads/2021/07/Offer_Circular_English.pdf

On July 16, 2021, Noront’s financial advisors informed BHP’s financial advisors of the preliminary indicative value range for the Common Shares as of that date that had been provided to the Special Committee earlier that day by Stifel, the independent valuator selected by the Special Committee.

On July 20, 2021, BHP made a non-binding proposal to the Special Committee to offer to acquire all of the Common Shares not owned by BHP by way of a Noront Board-supported take-over bid at a price of $0.50 per Common Share in cash. The proposal contemplated that the Lock-Up Agreements would be entered into with the Locked-Up Shareholders concurrent with the execution of the Support Agreement. It also contemplated that BHP and Noront would enter into an agreement whereby Noront would agree to negotiate exclusively with BHP until August 3, 2021, during which period the terms of the proposed transaction could be finalized and the Lock-Up Agreements could be obtained.

On July 21, 2021, following negotiations between the Special Committee and Noront’s advisors and BHP and its advisors, BHP submitted a revised non-binding proposal, increasing the Offer Price to $0.55 per Common Share and shortening the exclusivity period such that it would expire on July 30, 2021. That evening, BHP and Noront entered into an exclusivity agreement.