Reclusive among the upper involucral leaves, the stem-tip Leucadendron argenteum female cones are sometimes hard to see, also because they tend to grow higher up on the trees than the male cones do on their trees.
The firmly clasping, overlapping bracts appear convincing as protectors of firstly the florets, and later the fruits that develop singly all around the cone under bract covering (Coates Palgrave, 2002; Rebelo, 1995; iNaturalist; Wikipedia).