Ann: Gabanintha Pre-Feasibility Study and Maiden Ore Reserve, page-130

Don't deny the high capex being a long-term issue and as to whether titanium and pig iron revenue streams are significant in the overall picture, well, I've never otherwise before heard of revenue/product diversification being anything but a positive for a company. While not included in the DFS or stage 1 plan, TNG is also "ready to roll" with significantly higher value ferrovanadium and electrolyte technology. And yes there has been years of delays, but as you seem to understand, it's an exceptionally ambitious technology/project and being a new technology it obviously needs to go through appropriate due diligence before capex finance can even be considered, although it sounds like you are also aware that the FID process is now imminently underway. But I'll cease the TNG-specific discussion here now.

As quoted by someone else recently.... "Largos had over a year of teething problems and losses from maiden run to optimisation. Luckily they were backed by the big house. Windimurra failed twice and is still mothballed. Bushveld purchased an existing but old refinery and overhauled it and due to rising V prices was profitable day one. There are no others and none of the above  operate a hydro metallurgical process extracting all 3 commodities." The "tried and tested methodologies" do not seem to be particularly trusted or efficient. KRC capex was also monstrous for a significantly smaller NPV (than TNG). AVL capex one of the smaller amongst its peers, but it's only targeting vanadium... let's hope the V price holds up.