Aquirian (ASX:AQN) has a clear pathway to an extended period of "significant earnings growth," and the company's portion of the earnings from the planned joint venture with Hongda Civil Blasting Group has the potential to exceed that of the emulsion plant, Euroz Hartleys said in a Monday note.

The firm completed a 90-day strategic review of the Wubin energetics precinct and signed a non-binding framework agreement with Hongda Civil Blasting Group to form a 50:50 joint venture to establish a state-of-the-art automated electronic detonator manufacturing facility.

The midpoint of the analyst's assumptions implies the potential for up to AU$200 million in revenue and AU$60 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) for the joint venture, with AU$30 million in EBITDA attributable to the firm.

The investment firm maintained a speculative buy rating on Aquirian and a price target of AU$0.65 per share.