Without having read this whole thread, as someone who has stuck...

Without having read this whole thread, as someone who has stuck around this the start, it somewhat baffles me that there is so much focus on the future of the company. I have only ever viewed - and management has at times even hinted at - this company as a vehicle to unlock the value in the current project.
If Fenix is afterwards wound up, assets sold off and capital returned to shareholders, I would be perfectly happy with this outcome.

In fact, I would prefer this certainty over a frantic search for, and likely over expenditure for a suitable project for acquisition. It would move the company from a somewhat predictable, albeit dependent on the IO price, producer to a greenfield or brown field explorer / developer with a significantly different risk profile.

I say we milk the cow for as long as we can and then sell it to the butcher.