Obviously the price assumptions have changed - some for the...

Obviously the price assumptions have changed - some for the better, some for the worse.
The Cu grade at Dante actually looks better than for Ivanhoe, although their 3PGE is higher than TM1.
Similarly, Ivanhoe show nothing for vanadium & titanium.
As you so correctly state, the depth for Ivanhoe is a killer: "The average depth to the floor rocks (below the base of Platreef) is approximately 1,200 m, and the depth to the floor rocks ranges from 300 m to 1,500 m."
Yet according to the FS, Ivanhoe can still mine this economikcally.
Given the location, outcropping depth profile, sovereign advantages of WA over SA & commodity mix at the Dante Reefs, I think that even at this very early stage, TM1 is sitting on something special.
In fact, if I were Mr. Friedland, I'd be taking a long, hard look at TM1.