Could be a few things.
The thermostst may not be opening.
The EGT is high if the boost and fuel has been 'turned up' too far.
The viscous coupling on the fan isn't 'coupled' and the fan isn't 'cooling'.
The temperature sensor isn't telling you the truth or is possibly not matched to the temp gauge so the readings are not true.
When it gets to this high temp, how long does it stay that way ?