Ann: Quarterly Activities and Cashflow Report, page-29

The real issue looks to be a lack of production.

Shaw and Partner's report says the WCP will produce 230kt of Heavy Mineral Concentrate per annum. So that is 19kt a month.

Announcement 1: 6.5kt HMC shipped
Announcement 2: 8.6kt HMC shipped
Announcement 3: 10kt HMC shipped
Announcement 4: 10.1kt HMC shipped
Announcement 5: 10.5kt HMC shipped

Quarterly report for 31 March 23: 3359kt mined, 29.9kt HMC produced

So they have shipped a bunch of concentrate but no final products. Looks like they have a long way to go in producing concentrate let alone any final products. If the May shipment announcement is similar to announcements 3-5 you'd have to ask some serious questions about the true status of the project.