There is a possibility, that, due to all the changes with shaders, you may have corrupted shaders.
You can rebuild your shader cache pretty easily by deleting the old shader cache and letting the game rebuild it on startup.
Clear Steam Shader Cache for Conan Exiles
- Press
Win + R to open the Run dialog.
- Navigate to your Steam installation directory (typically
C:\Program Files (x86)\Steam or your custom library drive).
- Open the
steamapps folder, then open shadercache.
- Delete or (Rename - if you want to save it as a backup) the folder named
440900, which is the dedicated App ID for Conan Exiles.
Clear Global GPU Shader Cache (NVIDIA/AMD)
If you are still experiencing lag or stutters, clear your graphics card’s global DirectX and driver shader caches:
- NVIDIA: Press
Win + R, type %localappdata%, and open the NVIDIA folder. Delete the contents of the DXCache and GLCache folders.
- Windows Disk Cleanup: Press
Win + S, type Disk Cleanup, select your system drive (C:), check the box for DirectX Shader Cache, and click OK to delete the files or rename as a backup.
I do this every time there is an update. Just to keep my shaders up to date and to prevent new shaders trying to over write and corrupt old shaders.
Before you start, set the graphics level where you expect you will play. Then log out and follow the above instructions.
Log back in and allow the shader cache to rebuild, it will show a progress bar, bottom left of screen.
It is easy, does not break anything, and cleans up your shader cache, so worth a shot first, imo.
Raytracing on.
Low:
Medium:
Ultra:
Enhanced:
I would clean your shader cache first, then take a look. If it is still spray painted black, then I’m not sure what you would need to do.
The one variable: It was not raining when I took these screenshots.
Medium with Rain:
High with Rain:
I went back and stood until it started raining, which on Siptah is every 3 minutes. 
