Broker Data, page-471

I like the big further upside from the green ammonia but this is also offering significant upside.

"LFP Batteries: To support the production of Lithium Iron Phosphate(LiFePO4) material and batteries by its new investors, Minbos commits to long term off-take of 100,000 tonnes per annum of high-grade phosphate rock at agreed market rates."

"Cabinda Project Financing
In July 2022, the Company announced it had completed a A$25m placement from a syndicate of investors that included an entity controlled by the Chairman of the world’s largest battery anode producer.Backed by the clear tailwinds for Angolan agriculture investment and requiring only a further funding US$40.0 million to complete construction and provide initial working capital.Minbos believes it is well positioned to fully fund the Cabinda Phosphate Project into production no later than H2 2023.The Placement funds were paired with a non-binding debt term sheet for US$25million signed with Long March Capital. The key points of the non-binding term sheet are as follows:• US$25m in tranches of US$5m, available for first drawdown on financial close• Term – 5 years• Interest Rate – competitive market interest rates to be agreed, with potential equity participation• Use of Proceeds – Capex for Cabinda Project, mining and fertilizer plant• Conditions – completion of due diligence by financiers, execution of definitive agreements, completion of acceptable DFS by Minbos, off-take and supply agreements to be in place and other customary conditions.In addition, we have assumed a A$30 million equity capital raising to take place in FY2024: 200 million additional shares at a price of $0.15."

I assume that FY 2024 means the 2023/2024 financial year. So Evolution appears to expect no capital raising until after June next year, probably to follow a string of news to get the sp up far enough to raise cash at 15c per share at that time.

I must have read their mind on this one with my post this morning;
On their sum of parts valuation, they have their green ammonia valuation at $60mill or 6c per share.