Peak Rare Earths Limited (ASX:PEK) explores and develops rare earth element deposits, with a focus on its flagship Ngualla Rare Earth Project in southern Tanzania; the project features one of the world's largest and highest-grade Neodymium-Praseodymium (NdPr) deposits, supporting production of high-grade rare earth concentrate for permanent magnets used in electric vehicles and wind turbines; it plans sequenced development including initial concentrate output from a mine, mill and concentrator, with downstream optionality for mixed rare earth carbonate refining and separated oxides like NdPr oxide. The company, founded in 2005 and headquartered in Perth, Australia, operates primarily through its Tanzanian subsidiary PR NG Minerals Ltd, which holds the Special Mining Licence for the Ngualla site covering 18.14 square kilometres; Ngualla boasts Ore Reserves of 18.5 million tonnes at 4.8% REO containing 887,000 tonnes REO, and Mineral Resources of 214.4 million tonnes at 2.15% REO for 4.61 million tonnes REO. In May 2025, Peak entered a binding scheme implementation deed with Ganzhou Chenguang Rare Earths New Material, a subsidiary of China's Shenghe Resources, for a A$158 million acquisition offering approximately A$0.359 per share, a near-200% premium to recent trading levels, following abandonment of a prior joint venture due to geopolitical concerns; the deal, recommended by the independent board, aims to accelerate Ngualla development and includes a A$7.5 million entitlement offer; progress continues on selling its UK Teesside refinery site.