Brazilian Critical Minerals (ASX:BCM) is trading "cheap" given the potential value of the company's Ema rare earths project in Brazil, according to a Monday report by Euroz Hartleys.

On Monday, the company said results from field trials at the project showed pregnant leach solutions grades reaching 7,800 parts per million of total rare earth oxides, which could advance the project into production.

The results also demonstrate that the resource could be leached into a solution via the in-situ recovery process.

Euroz believes that even under conservative assumptions, the project's development could support a much higher valuation than the company's current market price.

The firm maintained the company's speculative buy rating and its AU$0.06 price target.

Shares of the company fell 8% in recent Tuesday trade.