Evolution Mining (ASX:EVN) said it entered into a development investment agreement with joint venture company Mt Rawdon Pumped Hydro (MRPH), advisory firm ICA Partners, and Government-owned CleanCo Queensland, for its Mt Rawdon mine in Queensland, according to a Tuesday filing with the Australian bourse.

MRPH, a 50/50 joint venture company owned by Evolution and an affiliate of ICA Partners, also owns the mine.

Under the terms of the agreement, CleanCo will provide AU$30 million in funding for further feasibility work, with an option to acquire MRPH for AU$50 million by September, the filing said.

If CleanCo proceeds with the acquisition, an additional AU$100 million could be paid if the project reaches a final investment decision by 2028.

Evolution will also sell land at the Mt Rawdon mine site to MRPH for AU$90 million upon project advancement.

Evolution Mining's shares rose 4% in recent Tuesday trade.