How long is a piece of string? I have no idea what the scope and...

How long is a piece of string? I have no idea what the scope and scale of the strategic review is, but I know that others have built iron ore pelletising plants in India with capital costs starting from INR 900 crore to 1200 crores. You would to, with a little independent research.  That is approx AUD180m to 240m. Huge dollars for a non producing minnow, and many multiples of our market cap - so at the highly ambitious and implausible end of the spectrum of possibilities. But not impossible. We are led to believe (by previous management) that there was notable interest from China in a 50/50 JV (on free carry for IOR) for a steel plant. Free carry based on what? Obviously the Chinese who want to get into Indian steel industry but need a proxy (allegedly) saw our position as having significant value. Unless our actions or inactions since then have seriously squandered our perceived position in the eyes of such potential partners, it remains a possibility, in my opinion. Albeit remote. A possibility made more worthwhile exploring given the increasing gap that appears evident between the grade of Phase 2 output and what the market is willing to pay a premium for. I maybe wrong, and the company may not spend more than a few cursory minutes contemplating and dismissing such an accelerated strategy, but you and I do not know that at this stage. What we do know is that the imperative for doing things in a materially different way and in a materially different scale - is there. Hopefully (for me) the strategic review is considering things such as this.

I recognize the resulting dilution would be massive, but my novice investing framework informs me that, rationally speaking, 1% of something always trumps 100% of nothing.

Of course you are free to have your own opinion, and also to deride those articulated by others. I note that you exercise your freedom frequently in these threads. Well done. I hope it provides you the release you obviously and relentlessly seek.