Aquirian's (ASX:AQN) new supply agreement is an early validation of its integrated drill and blast model, supporting increased exposure to Western Australia gold activity and providing a pathway to higher-margin, vertically integrated earnings over time, said Euroz Hartleys in a Thursday note.

The research firm noted that the agreement with Brightstar Resources (ASX:BTR) totals AU$48 million over an initial three-year period and commences in September 2026.

The research firm said that the contract implies about AU$2.5 million in annual earnings before interest, taxes, depreciation, and amortization (EBITDA), when the previously guided 16% EBITDA margin is applied, being a conservative view.

Euroz Hartleys expects fiscal 2027 EBITDA of AU$8.5 million and fiscal 2026 EBITDA of AU$5.2 million.

Euroz Hartleys kept a buy rating on Aquirian with an under review price target of AU$0.70.

Aquirian's shares fell past 2% in recent Friday trade, while Brightstar Resources' shares tumbled 5%.