PEAK Resources hopes to ink a deal next month which would secure funding to bring its Ngualla rare earths project into production.
Peak, which is focused on developing the Ngualla project in Southern Tanzania, has entered into a non-binding memorandum of understanding (MoI) which details a three-stage funding process.
The company said the completion of the agreement in May would be dependent on the finalisation of due diligence and legal documentation.
Shares in the company were two cents higher at 15 cents at 1545 AEST on Tuesday.
The agreement comes as small mining explorers struggle to secure funding to take their projects to the next level.
Rare earth metals are used in a variety of modern technologies, with applications in the military, medical, scientific, aerospace and consumer sectors.
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