Ann: Presentation - RIU Sydney Resources Roundup Conference, page-60

Interesting perspective and a very valid post IMO.
I think your view that Fenix is a vehicle to only unlock value from current project was 100% the view of the former MD Rob B. The dividend policy is consistent with that approach.
However, you would have to be under a rock to not note the change in sentiment with JW and the new BoD which is very much preparing for a growth transaction (or at least looking for them).
There does not appear to be any evidence of a "frantic search". Lots of clarity has been provided on the strategy and what they are looking for. There is 4 or 5 more good years at Iron Ridge before any decision to bring in the butcher and wind up.
Like you, I would also be deeply disappointed if we went backwards into greenfields and brownfields or fundamentally changed the risk profile.
One thing for certain: whatever the company does or does not do, Mal will tell us all, ad infinitum, that it is without merit.
I am hoping we can have our cake and eat it too: continue to milk the cow (doing a good job so far) for as long as we can (mine life extensions?) and also find and fund new projects in a similar fashion (small capital and strong ROI).
Good luck!
J9