Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF) chief executive George Bennett has topped up his holding in the company with the acquisition of £43,000 worth of shares at 9.9p each.
The South Africa-focused rare earth metals specialist recently published a preliminary economic assessment for its Phalaborwa project indicating a net present value of US$627mln, an internal rate of return of 40%, an average operating margin of 75% and a two-year payback period.
At current rare earth prices, the NPV rises to US$1bn.
House broker SP Angel recently raised its valuation for the stock to 60p from 51p based on the PEA at Phalaborwa.
Shares rose 6.7% on Tuesday to 10.5p.