Peak Rare Earths has experienced a significant rise on the exchange, jumping as much as 6.1% to A$0.525.

This spike marks its biggest intraday gain since July 11.

At these levels, Peak Rare Earths (ASX:PEK) reaches its highest standing since July 21.

The company reported that it had secured an agreement to supply rare-earths concentrate from its Ngualla project in Tanzania to the Singapore-based unit of Chinese rare earths processor Shenghe Resources Holding.

The supply agreement is drafted for an initial term of seven years.

Peak Rare Earths (ASX:PEK) expects the completion of the Ngualla project’s construction and development by early 2026.

The firm’s shares are up 15.1% this year, up to its last close.

Peak Rare Earths (ASX:PEK) is a company primarily associated with the extraction and supply of rare earth materials.