This is the 3463rd most frequent Russian word.
проектом
The Russian word "проектом" translates to "project" (instrumental case) in English.
In this sentence, 'проектом' is used in the instrumental case, indicating the means or tool ('new project') with which the action of 'занимаемся' is performed.
Мы занимаемся новым проектом.
We are working on a new project.
Here, 'проектом' is in the instrumental case, showing the context or basis ('your project') that causes the impressed feeling.
Она впечатлена вашим проектом.
She is impressed by your project.
'Проектом' is employed in the instrumental case once again, indicating the object to be shared ('this project').