That represents about a 20% increase on previous forecasts, and comes with a slight capital cost increase of $9 million to $365 million.

Peak, which is capitalised at about A$20 million and which currently holds 75% of the project, has modelled Ngualla as now having an NPV of US$579 million and IRR of 24% - versus $445 million and 21% previously.

Ngualla is pegged to produce about 2810 tonnes per annum of neodymium-praseodynium (NdPr) oxide, with the market for the key permanent magnet elements forecast to rise from about 28,000t per annum last year to about 56,000tpa next year.

Prices for NdPr have doubled this year.

Ngualla is at the mining approval and financing stage, with changes in legislation that could see the Tanzanian government receiving a 16% free-carried interest in projects in the East African country a recent complication.

Peak started the current quarter with A$2.1 million cash, and reported earlier this month a US company was to invest $1.5 million at 4c per share.

Shares in Peak closed Friday at 4.3c. The stock was at 11c back in February.