Ann: Corporate Presentation March 2021, page-17

I don't consider TNG to be a significant Vanadium producer of the future
in the same category at VR8, TMT and possibly AVL. TNG will generate
most of their revenue from their Titanium product, just check their forecast
income streams. Also, the three above have relatively high grade V bearing
ore, around 0.7-0.9g/t, whereas TNG is much lower at ~0.2-0.3g/t, so
presumably more difficult to extract as economically compared to the main three.
Nearly all of the other ASX listed V explorers are trying to develop projects
with low grade V ore too (see page 153, Australian Critical Minerals prospectus 2020)

All IMHO, DYOR