RE:TNG LtdI just took a look at the TNG update and presentation, they are assuming some iron will be sold as pig iron at a decent price.
Lac Dore's initial FS assumed the iron was waste, probably because in 2001 iron ore pricing was in the toilet. I'm not sure if the TIVAN process and the calcination assumed in Lac Dore's case are exactly the same, but probably close enough.
Perhaps our resident Vanadium expert can find some spare time to help fill in the gaps in our knowledge.