Ann: Project Development Update, page-56

So,all the same issues they were facing a few years ago. This is why the share price is here.
During the years I traded TNG,the market cap was mostly range bound between $80M and about $130M.
For most of that time the alleged NPV of the project was nearly $5 Billion,currently,until the revised estimate is released,it's less than $3 Billion(pre tax).
Given that (some of)the same issues that faced the minesite approval now need to be overcome for the processing plant approval and the NPV has (at this moment) dropped $2B,I would think that the market cap returning to the previous range,would be not only reasonable, but not a bad result.
Artificial suppression as an explanation for the current SP is wishful thinking. The market is applying a risk discount based on not only the factors you mentioned,but also funding risk and managements history.
As TiVan is a 'hydrometallurgical' process, I'd want to see the water issue beyond doubt,before changing my sentiment. fwiw.