I was playing in a simple test project - created a simple cube (cunning name: Cube) and applied a material to it (cunning name: NewMaterial).
With the project open I then opened another project and got errors on load about not finding NewMaterial.
LogLinker:Warning: Can't find file '/Game/NewMaterial'
LogLinker:Warning: Can't find file for asset '/Game/NewMaterial' while loading ../../../Engine/Content/BasicShapes/Cube.uasset.
LoadErrors:Error: Error /Engine/BasicShapes/Cube : Can't find file for asset. /Game/NewMaterial
LogLinker:Warning: Can't find file '/Game/NewMaterial'
LogLinker:Warning: Can't find file for asset '/Game/NewMaterial' while loading ../../../Engine/Content/BasicShapes/Cube.uasset.
LoadErrors:Error: Error /Engine/BasicShapes/Cube : Can't find file for asset. /Game/NewMaterial
LogLinker:Warning: Can't find file '/Game/NewMaterial'
LoadErrors: Info Failed to load /Game/NewMaterial.NewMaterial Referenced by Cube
LogLinker:Warning: Can't find file for asset '/Game/NewMaterial' while loading NULL.
My main project does have a Default level but does not have a cube in it, nor a NewMaterial.
When I click on the link to Cube in the error it takes me to Engine Content folder (StaticMesh’/Engine/BasicShapes/Cube.Cube’) .
So - I managed to edit the engine level Cube from my test level? When I open this asset in the editor it shows itself as pointing to the WorldGridMaterial and I was able to fix the load error by saving the asset again.