Ann: Half Yearly Report and Accounts, page-30

Unfortunately I agree with you. I had such high hopes for fenix but it's gone off the rails.

These are some horrible results and it's not just because of the iron ore price.

$13m profit before tax and $7m of that is a gain on revaluation of investment? So would it have been $6m without that?

Even if we sustain 10m or even 20m after tax per half with a current mine life of just 5 years we don't justify $160m market cap. More dilution to come.

I had an even million shares and I sold 800k of them early today at 26.5c.

I'll roll the dice on iron ore prices staying elevated with the china recovery but the rest is on the sidelines waiting for a better opportunity of which there are many.