Ann: Final Results- Phase One Drilling at Lynas Find Project-DKO.AX, page-247

Yes, think of the EV as the actual amount it would cost to buy the company, not just the cost of buying every share (market cap)

If you bought a company for $10 million and when you turn up for work you discover $5 million in a drum in the cellar, then that company really only cost you $5 million.
Same goes for a company you buy for $10 million that has a loan for $5 million, you now have to repay that loan so the company in fact cost you $15 million plus interest in the years to come.