Investor Presentaiton
USE OF FUNDS AND CAPITAL STRUCTURE
Sources and uses of funds
Evolution's pro-forma capital structure²
Sources
Placement
New debt facility
Available cash¹
Total sources
A$m
Key metrics
Units
Evolution Transaction Evolution
Standalone funding Pro-forma7
525
Share price
A$/sh
4.14
3.80
4.12
200
(x) Shares outstanding
m
1,840
138
1,978
30
Market Capitalisation (indicative)
A$m
7,617
525
8,142
755
(-) Cash³
A$m
(79)
30
(49)
(+) Debt³,4
A$m
1,807
200
2,007
Uses
A$m
Enterprise Value (indicative)5
A$m
9,345
755
10,1008
Upfront cash
608
Book value of equity (BV)6
A$m
3,389
Estimated working capital adjustment
34
Gearing (ND/ ND + BV)
%
34%
3,914
34%
Stamp duty
66
Transaction costs
32
Integration cost
Total uses
15
755
Evolution
MINING
1. Cash on balance sheet and cash flow
2. Market data as at 4 December 2023
3. Cash, debt and Book Values as at 30 September 2023 (unaudited)
4. USPP debt converted to Australian dollars using cross currency swap rates
5. Enterprise value is defined as market capitalisation less cash plus debt
6. Impact of the transaction on Book Value of equity is net of transaction costs and stamp duty of A$102m
7. Evolution pro-forma share price, market capitalisation and enterprise value are a hypothetical calculation assuming that the Placement is fully subscribed at the Offer Price and based on the market price of Evolution
shares on 4 December 2023. These figures are not a prediction of what Evolution's share price, market capitalisation or enterprise value will be following completion of the Placement
8. Not inclusive of US$356m Triple Flag stream obligation
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