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Feasibility Study
Stage 5 of 8
Feasibility Study — bankable-grade engineering and economics detailed enough to support a construction financing decision.
A Feasibility Study (FS) is bankable-grade: detailed enough that a bank, streaming/royalty company, or major partner could use it to underwrite construction financing. It finalizes mine design, metallurgical recovery, capital and operating costs, and permitting requirements to a level of confidence well beyond a PFS. Reaching a positive feasibility study is typically the last major technical milestone before a company commits to building the mine.
How this phase gets valued
P / NAV, bankable-grade
Typically ~0.3–0.5x NAV — the last major technical box is ticked, but financing risk hasn't cleared.
What drives speculation at this stage
Economics move from indicative to bankable-grade. This is the last stage where the investment case is still mostly about the asset itself, before financing and permitting execution take over as the dominant risk.
Companies At This Stage40
Abacus Mining and Exploration Corp.
AME
Ajax Copper-Gold-Silver Project (20% carried interest, KGHM Polska Miedz S.A. 80%/operator, near Kamloops, BC) -- non-active since a Dec 2017 EA certificate denial; also a 100% interest in Willow (Cu-Mo, Yerington, Nevada) -- the Nev-Lorraine lease was terminated 20 Jul 2026
US$0.011 (CAD 0.015)
AbraSilver Resource Corp.
ABRA
Diablillos Project, Salta/Catamarca Provinces, Argentina
US$8.03 (CAD 11.29)
Amex Gold Mining Inc.
AMX
Perron Gold Project, Quebec, Canada
US$2.67 (CAD 3.76)
Anax Metals Limited
ANX
Whim Creek Copper Project, Pilbara, Western Australia
US$0.02 (AUD 0.029)
Atomic Eagle Limited
AEU
Muntanga Uranium Project, Zambia
US$0.26 (AUD 0.37)
Aura Energy Limited
AEE
Tiris Uranium Project, Mauritania
US$0.051 (AUD 0.073)
Ausgold Limited
AUC
Katanning Gold Project, Western Australia
US$0.88 (AUD 1.26)
Australian Mines Limited
AUZ
Sconi Nickel-Cobalt-Scandium Project (Greenvale, Lucknow, Kokomo, Bell Creek and Minnamoolka deposits), North Queensland, Australia (100%)
US$0.084 (AUD 0.12)
Australian Vanadium Limited
AVL
Australian Vanadium Project, Gabanintha, Western Australia
US$0.12 (AUD 0.17)
Bannerman Energy Ltd
BMN
Etango Uranium Project, Namibia
US$2.26 (AUD 3.22)
Besra Gold Inc.
BEZ
Bau Gold Project (Bau Goldfield), Sarawak, Malaysia
US$0.052 (AUD 0.074)
Cambria Gold Mines Inc.
CAMB
Premier Gold Project (and Red Mountain Project), British Columbia
US$0.53 (CAD 0.75)
Centaurus Metals Limited
CTM
Jaguar Nickel-Cobalt Sulphide Project, Para State, Brazil (Carajas Mineral Province)
US$0.25 (AUD 0.36)
Critical Elements Lithium Corporation
CRE
Rose Lithium-Tantalum Project, James Bay, Quebec, Canada
US$0.21 (CAD 0.30)
Dateline Resources Limited
DTR
Colosseum Gold-Rare Earths Project, San Bernardino County, California, USA
US$0.065 (AUD 0.092)
Deep Yellow Limited
DYL
Tumas Project, Namibia
US$0.53 (AUD 0.76)
Euro Sun Mining Inc.
ESM
Rovina Valley Project (west-central Romania)
US$0.12 (CAD 0.17)
Falco Resources Ltd.
FPC
Horne 5 Project, Rouyn-Noranda, Quebec, Canada
US$0.33 (CAD 0.47)
Fortune Minerals Limited
FT
NICO Cobalt-Gold-Bismuth-Copper Project, Northwest Territories, Canada
US$0.075 (CAD 0.11)
Freeman Gold Corp
FMAN
Lemhi Gold Project, Lemhi County, Idaho
US$0.21 (CAD 0.30)
Generation Mining Limited
GENM
Marathon Copper-Palladium Project (Marathon, Geordie & Sally deposits, Ontario, Canada)
US$0.32 (CAD 0.45)
Geopacific Resources Ltd.
GPR
Woodlark Gold Project, Milne Bay, Papua New Guinea
US$0.019 (AUD 0.027)
Highland Copper Company Inc.
HI
Copperwood Project, Michigan
US$0.11 (CAD 0.15)
Honey Badger Silver Inc.
TUF
Prairie Creek Silver-Zinc-Lead Project, Mackenzie Mountains, NWT
US$0.55 (CAD 0.77)
Horizon Gold Limited
HRN
Gum Creek Gold Project, Western Australia
US$0.80 (AUD 1.14)
Investigator Silver Limited
IVR
Paris Silver Project, South Australia
US$0.031 (AUD 0.044)
Kutcho Copper Corp.
KC
Kutcho Project, British Columbia
US$0.28 (CAD 0.40)
Liberty Gold Corp.
LGD
Black Pine Oxide Gold Project, Idaho
US$1.37 (CAD 1.93)
Marimaca Copper Corp.
MARI
Marimaca Copper Project, Antofagasta Region, Chile
US$5.44 (CAD 7.65)
Meridian Mining plc
MNO
Cabaçal Project, Mato Grosso, Brazil
US$1.49 (CAD 2.09)
Mkango Magnetic Materials Limited
MKA
Songwe Hill Rare Earths Project (Malawi) + Pulawy Rare Earth Separation Plant (Poland)
US$0.43 (CAD 0.61)
NexGold Mining Corp.
NEXG
Multi-project developer -- see Projects tab (Goldboro, Goliath Gold Complex)
US$0.93 (CAD 1.31)
NovaGold Resources Inc.
NG
Donlin Gold Project, Alaska (60% interest, with Paulson Advisers)
$6.47
PMET Resources Inc.
PMET
Shaakichiuwaanaan Property (CV5 + CV13 spodumene pegmatites), Eeyou Istchee James Bay, Quebec, Canada
US$2.30 (CAD 3.23)
Paramount Gold Nevada Corp.
PZG
Multi-asset portfolio (Grassy Mountain Gold Project flagship, Oregon; Sleeper Gold Project, Nevada)
$1.01
Platinum Group Metals Ltd
PTM
Waterberg Project, Northern Limb of the Bushveld Complex, South Africa
US$1.16 (CAD 1.63)
RTG Mining Inc
RTG
Mabilo Copper-Gold Project, Camarines Norte, Philippines (40% JV interest)
US$0.023 (AUD 0.033)
Vista Gold Corp.
VGZ
Mt Todd Gold Project, Northern Territory, Australia
$2.72
Vizsla Silver Corp.
VZLA
Panuco Project, Sinaloa, Mexico
US$3.26 (CAD 4.59)
WIA Gold Limited
WIA
Kokoseb Gold Project, Erongo Region, Namibia
US$0.32 (AUD 0.46)