Brazilian Critical Minerals' (ASX:BCM) Ema ISR rare earth elements project has shown a modest increase in planned processing capacity, Euroz Hartleys said in a note on Tuesday, maintaining its stance on the stock.

Bankable Feasibility Study for the project showed upfront capital expenditure has increased to $74 million due to the inclusion of a $19 million carbon capture and storage system. This is below Euroz Hartleys' estimate of $110 million but higher than the prior Scoping Study estimate of $55 million.

The investment firm said the study also indicated a 6% improvement in ore grades, but at lower recovery rates, resulting in annual NdPr output of about 1,800 tonnes once it reaches the higher-capacity phase.

Euroz Hartleys maintained a speculative buy rating and price target of AU$0.08.