The $13 million incoming from undisclosed investors - aside from major shareholder ARCH Sustainable Resources which is putting in about $3.2 million to maintain its 24.7% stake in Evolution - will be raised from issuing new shares priced at 32c per share.

The funding is to be used to complete front-end engineering design work and an updated definitive feasibility study for Chilalo, as well as to investigate downstream opportunities and other activities including exploration.

Previous feasibility work in early 2020 outlined a project costing US$87 million to build and having a net present value of $323 million.

Chilalo's key selling point is claimed to be its "world leading flake size" that ensure any development should enjoy "highest margins".

Evolution had A$5.3 million cash at the end of June.

Shares in Evolution last traded at 36.5c, capitalising the company at $59 million.

The company was a $22 million, 20c per share IPO late last year, with $9.5 million of the funds raised used to extinguish a legacy debt.