Ivanhoe Australia has increased its molybdenum, rhenium and copper resource estimates at its Merlin project in Queensland.
Merlin, touted to be the world's highest grade molybdenum and rhenium deposit, has increased its indicated resource of molybdenum by 43 per cent.
Its rhenium resource estimate has increased 49 per cent and contained copper has been boosted by 14 per cent.
"It is also contained in about 23 per cent less tonnes, so you have a combined effect here of having a lot of additional revenue and less operating costs," Ivanhoe chief Peter Reeve told AAP on Wednesday.
Molybdenum is used in metal alloys to increase toughness, temperature strength and corrosion resistance.
Rhenium is also made into metal alloys, and is used to help produce high-octane fuel.