There is still a plausible path for Peak to build a rare earth supply chain without any Chinese involvement. Use the funds from Shenghe for the ore concentrate to develop and build a refinery (whether in Tanzania or in the UK is irrelevant to the broader point). Once the refinery is built, the need for Shenghe as a source of funds will be gone: Peak will be able to go directly to end users of rare earths.
Remember that Shenghe has only 19.9% of the company; that the MoU is non-binding (though likely to turn to a binding contract in some form); and that there is nothing to say that Peak is obliged to keep supplying after the term expires.
Concerning from a geopolitical situation? Sure. I've never said otherwise. But from the company's perspective - what reasonable alternative is there? I've asked that question a few times, and I'm yet to get an answer from you - or anybody else for that matter - that addresses that key question. Deal with the hand that you've got, not the hand you wish you were dealt.
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