"And the debt application process has only just started"Not...

"And the debt application process has only just started"
Not quite accurate.
The IDC loan covering more than 50% of the remaining capex requirements has already received credit approval from the IDC. Regarding the Angolan bank loans, the CFO is back in Australia after visiting Angola, according to recent announcements, to work on that debt application process. That bank discussion and initial part of the application process might be complete now that he is back in Australia.

Also, while the final Carrinho offtake agreement hasn't been signed yet, I can't see how you can assume the prerequisiate trials have not concluded. They could be in the process of negotiating or estimating required volumes and negotiating pricing, drawing up legal documents, etc.
The binding MOU with Carrinho was enough to receive the IDC loan approval conditional on the offtake made into a binding contract and it's likely the Angolan banks can do the same. Its possible that Carrinho is simply waiting on the remaing funding to be sourced. They have after all signed a binding MOU and clearly want and need the fertiliser, especially after the Angolan government mandate that requires them to buy local once local product is available and because it will be significantly cheaper than imported fertilisers.
We might see the Angolan bank loan and Carrinho offtake both finalised within days of each other.