The broker analysts will add back in the “indirect” capex (project admin, insurance etc) to derive the total capex figure. They will also have to add on the 12.5% contingency, to arrive at the total additional amount of capex the company will actually need to raise for phase 2, beyond phase 1.
The Canaccord and Sprott ansaysts will sort this out in their analysis of the announcement.
In fairness to the company, table 1 in page 4 gives a true idea of the total phase 2 capex. It looks like someone got over-excited writing the headline bullet points.
Ann: Phase 2 DFS Confirms Tier One Status of HMW Project, page-44
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