The project was comprised of two bodies - the Company, owned and chaired by a Colin Dale, which held the licence to work on the line from NR, and the Society, which was the charity and is what most supporters were part of. NR revoked the licence because of serious H&S concerns and breaches of the agreement with them. Rather than inform supporters of the revokation, the company simply announced that they had plans to restore another section of the line which was lifted years ago. The truth only came to light when a supporter spotted the Daily Post article, linked above.
The article sums it up but the facebook group has been in uproar for a few days and the charming Mr Dale has been throwing out insults at anyone who dares question his conduct and has blamed NR for the revocation even though it's thanks to him using a digger twice the weight limit imposed by NR and also ignoring H&S issues relating to both vounteers and the general public. The piece of masonry dislodged from the bridge culvert was apparently 6-700kg in weight. I also heard something about the wall of an old goods shed now being missing...
I understand there is also a fraud investigation underway to establish what happened to money donated to two fundraisers - one to try and purchase a Class 08 shunter and one to acquire an EMU from the ERM at Coventry when it closed. A lot of angry punters online want their money back as both appeals fell well short and around £7k is unaccounted for.
The society, which from an outsider p.o.v seems to be made up of much more sensible and realistic people, is now looking to create a new company, cut all ties with Mr Dale and his associates, elect a new committee and gather a team including a professional planner and professional engineer who can guide the process of working with NR and Natural Resources Wales to restore trust in the project and keep the dream alive.
FWIW I am not a direct supporter or in any way associated - I have just been keeping an eye as I am always interested in new heritage railway restoration projects.