Brazilian Critical Minerals' (ASX:BCM) maiden mixed rare earth carbonate (MREC) production from the Ema Field Trial area in Amazonas, Brazil, is advancing well for its in-situ recovery of minerals despite a lower-grade feed, Euroz Hartleys said in a note on Thursday.
The Perth-based company recovered around 300 grams of MREC, grading 50% total rare earth oxide. The rare earth precipitation was effective, and impurity levels were reported as low, even with the lower-grade leach solution.
Euroz Hartleys views the MREC production as an important technical validation of BCM's ISR process at Ema, underpinning confidence in project expansion ahead of the Definitive Feasibility Study.
The brokerage reaffirmed a speculative buy rating on Brazilian Critical Minerals and raised its price target to AU$0.08 from AU$0.06.