Link to Bridge Street Capital Research Report, page-6

You can't compare TNG with TMT

TMT isn't selling the iron at 54%, it's getting a 63%, or premium 62% Fe Platts price which is north of US$130/t.
TMT isn't selling vanadium pentoxide from Yarrabubba, it's getting a credit (we hope) for the contained vanadium in the iron product. If it's a 15% credit, Bridge reckons it's stonks. If it's 10% it's even stevens. If it's 20%, it's megastonks. Even though this foregoes ~80-90% of the vanadium value, the fact is there's no capex or opex required to get this is significantly different.
TMT would be selling ilmenite, for US$200/t, not pigment for $3600/t. Again, the difference is the sale of a concentrate to downstream reprocessors, versus internalising the capex and opex and doing it all yourself. Or, in the case of TNG, miraculously hoping someone does every part of your plant on a BOOT model so you don't have to wear any capex.

I'm not sure it's even possible to consider the projects as similar on this basis.