The delay of the TiO2 pigment plant The delay of the TiO2 pigment plant until 2025 has already been public since August of 2022. So the latest BoD’s decision to postpone its progress “until additional funds are made available”, although a news item, does not change anything with regard to the 2023 and 2024 revenue expectations at all and therefore it's not really reasonable to point the finger at this BoD's decision as one of reasons for the current drop in sp.
From 2023-Jan-24 NR: “Management has made the decision to postpone the company's existing plans to further develop its titanium dioxide (TiO2) pigment plant until additional funds are made available, either internally or externally. At this time, the company is exploring alternative debt financing or strategic association options with advisers and will provide an update as things progress”
From 2022-Aug-10 NR: “The Company does not expect a delay in the commissioning of its ilmenite concentration plant but now expects the commissioning of its TiO2 plant to be delayed until the first half of 2025”