Was everything management promised a lie? Not really; it was "forward looking statements", so it was not technically a lie. Either way, module 1 is never going to produce much platinum. The process simply does not measure up to what management promised.
The sad fact is that the ore from platinum mines is only around 5 PPM, and they are able to mine platinum at a profit. The catalytic converter "ore" averages roughly 400 PPM, and this process cannot extract it at a profit. It seems like it would be better to simply send the catalytic converter "ore" through the same process as the mined ore.
I think that Pendura probably believed that this process would work, so he did not intentionally mislead investors. But it does not really matter at this point. The fact is that the process has failed, and investors have lost pretty much everything.
Maybe a year from now, they will build module 2 after learning all the things that do not work in module 1. They problem is that they will be out of money by then, and the company has a good chance of being bankrupt.
This has been a harsh lesson in investing in small companies making big promises. You can NEVER believe what they say until the PROVE IT. You have to wait for RESULTS. The temptation is always to get in early, but that just sets you up for failure. Let other people take all the risk, and get in after there is evidence that the company can actually do what they claim.