I agree. He is obviously making a mistake.
But his mistake isn't the sunk cost fallacy. It's a different kind of mistake. The sunk cost fallacy would be if he knew a better course of action existed but chose not to pursue it because "I've invested too much in my current plan to give up on it now." As far as he knows, however, no better course of action exists.
Stubbornly refusing to consider that you might have the wrong facts isn't the sunk cost fallacy. It's... well I don't know if there's a specific name for it, but in any case it's a different error.
Hubris, perhaps?