Australia's Peak Rare Earths jumps most in nearly six months on Tanzania project hopes

Peak Rare Earths

11/04/2023 03:19

** Shares of Peak Rare Earths Ltd  PEK.AX  surge as much as
23.4% to A$0.580, posting their biggest intraday pct gain since
Oct. 18, 2022
    ** Rare-earths minerals co says it has been formally invited
to a framework agreement signing ceremony for the Ngualla Rare
Earth Project, to be presided by the President of Tanzania
    ** Ceremony to be held on April 17 in Dodoma, the national
capital of Tanzania
    ** Analysts at Canaccord Genuity Capital Markets say they
see the ceremony as a formality and the agreement as being
finalised 
    ** Brokerage says with this major de-risking milestone
achieved, co will now seek to execute binding offtakes and
financing ahead of targeted final investment decision in July
    ** Shares touch their highest level since March 10
    ** Volumes 3x the 30-day average of 225,514 shares
    ** Stock up 9.3% YTD, as of last close

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))