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Pre-Feasibility Study
Stage 4 of 8
Pre-Feasibility Study — a more rigorous economic and engineering study narrowing down mine design, costs, and returns ahead of a full feasibility study.
A Pre-Feasibility Study (PFS) is a substantially more rigorous economic and engineering study than a PEA. It narrows down mine design, metallurgy, infrastructure, and cost assumptions using mostly Measured and Indicated resources, and is the point at which a project's economics start to be taken seriously by institutional investors and potential financing partners. Many junior miners treat a positive PFS as the real inflection point in their story — the moment a project starts looking like a genuine future mine rather than a resource on paper.
How this phase gets valued
P / NAV
Typically ~0.2–0.4x NAV — financing and permitting risk are still entirely ahead of the company.
What drives speculation at this stage
The deposit's scale is largely known, so attention shifts from drill results to whether the numbers hold up: institutional and specialist capital starts taking the PFS's NPV and IRR seriously as inputs, not just the resource behind them.
Companies At This Stage51
Aftermath Silver Ltd.
AAG
Berenguela Project, Puno, Peru
US$0.34 (CAD 0.49)
Ariana Resources plc
AAU
Dokwe Gold Project, Zimbabwe (development); Zenit Madencilik (Tavşan Mine), Turkey (9.9% equity stake)
US$0.019 (GBP 0.014)
Astral Resources NL
AAR
Mandilla Gold Project, Kalgoorlie, Western Australia
US$0.098 (AUD 0.14)
Aurum Resources Limited
AUE
Boundiali Gold Project, Cote d'Ivoire
US$0.34 (AUD 0.49)
Barton Gold Holdings Limited
BGD
Multi-asset portfolio (Tunkillia Gold Project flagship; Challenger Gold Project and Central Gawler Mill; Tarcoola Gold Project; Wudinna Gold Project), Gawler Craton, South Australia
US$0.60 (AUD 0.85)
Bravo Mining Corp.
BRVO
Luanga PGM+Au+Ni Project
US$1.61 (CAD 2.26)
Camino Minerals Corporation
COR
Puquios Copper Project, La Higuera, Coquimbo Region, Chile (50% JV; Nittetsu Mining 50%)
US$0.19 (CAD 0.26)
Carnaby Resources Limited
CNB
Greater Duchess Copper-Gold Project, Mount Isa Region, Queensland
US$0.57 (AUD 0.82)
Cavalier Resources Limited
CVR
Crawford Gold Project (east of Leonora, WA)
US$0.13 (AUD 0.18)
Challenger Gold Limited
CEL
Multi-asset portfolio (Hualilan Gold Project, San Juan, Argentina, flagship; Colorado V concession (CEL 50%) of the El Guayabo Gold-Copper Project, El Oro, Ecuador)
US$1.15 (AUD 1.64)
Conico Ltd
CNJ
Mt Thirsty Cobalt-Nickel-Manganese-Scandium Project (50% JV with Greenstone Resources, near Norseman, WA) -- flagship; also Ryberg and Mestersvig (Greenland, 100%)
US$0.0063 (AUD 0.009)
ExGen Resources Inc.
EXG
Empire Mine Project, Alder Creek district, Custer County, Idaho, USA -- 20% interest via Konnex Resources Inc. (Phoenix Copper Ltd 80%, operator); also the Telegraph and Southmore copper-gold exploration projects in British Columbia's Golden Triangle, the MacRex copper-gold property near Port Alberni, British Columbia, the Gordon Lake gold property in the Northwest Territories, and the Buena Vista and Boss copper-gold and Spark North, Spark South, Libra and Augusta lithium projects in Nevada
US$0.075 (CAD 0.11)
FPX Nickel Corp.
FPX
Baptiste Nickel Project, Decar Nickel District, British Columbia
US$0.20 (CAD 0.28)
First Mining Gold Corp.
FF
Springpole Gold Project, Ontario
US$0.45 (CAD 0.63)
Giga Metals Corporation
GIGA
Turnagain Nickel-Cobalt Project, northern British Columbia (85% via Hard Creek Nickel; rising to 100% when the repurchase of Mitsubishi's 15% closes, expected around 12 October 2026)
US$0.039 (CAD 0.055)
GoldQuest Mining Corp.
GQC
Romero Gold-Copper Project, San Juan Province, Dominican Republic
US$0.51 (CAD 0.72)
Guardian Metal Resources PLC
GMET
Pilot Mountain & Tempiute Tungsten Projects, Nevada, USA
US$1.28 (GBP 0.96)
Havilah Resources Limited
HAV
Kalkaroo Copper-Gold Project and Mutooroo Copper-Cobalt Project (South Australia)
US$0.53 (AUD 0.76)
Hot Chili Limited
HCH
Costa Fuego Project, Atacama Region, Chile
US$1.01 (AUD 1.45)
International Tower Hill Mines Ltd.
ITH
Livengood Gold Project
US$2.11 (CAD 2.96)
Iron Bear Resources Ltd
IBR
Iron Bear Magnetite Project (100%), Labrador Trough, near Schefferville, Canada
US$0.013 (AUD 0.019)
Ivanhoe Electric Inc.
IE
Santa Cruz Copper Project, Arizona (and Tintic Project, Utah)
$8.45
Legacy Iron Ore Limited
LCY
Mt Bevan magnetite JV (36.57% Legacy interest, South Yilgarn, WA) + Mt Celia gold (100%, South Laverton, WA)
US$0.0028 (AUD 0.004)
Lithium Chile Inc.
LITH
Salar de Arizaro Lithium Project, Salta Province, Argentina
US$0.20 (CAD 0.28)
Los Andes Copper Ltd.
LA
Vizcachitas Project, Valparaíso Region, Chile
US$8.75 (CAD 12.30)
Many Peaks Minerals Limited
MPK
Ferke Gold Project (Ouarigue Prospect), Daloa Greenstone Belt, Cote d'Ivoire
US$0.76 (AUD 1.09)
Mayfair Gold Corp.
MFG
Fenn-Gib Gold Project, Ontario, Canada
US$2.43 (CAD 3.42)
Minerals 260 Limited
MI6
Bullabulling Gold Project, Coolgardie, Western Australia
US$0.52 (AUD 0.74)
Namibia Critical Metals Inc.
NMI
Lofdal Heavy Rare Earths Project, Kunene Region, Namibia (~45% attributable after JOGMEC/Toyota Tsusho earn-in dilution)
US$0.11 (CAD 0.16)
Newcore Gold Ltd.
NCAU
Enchi Gold Project, Ghana
US$0.22 (CAD 0.31)
Nickel Creek Platinum Corp.
NCP
Nickel Shaw Ni-Cu-Co-PGM Project (100%, Yukon, Canada)
US$0.78 (CAD 1.09)
Phoenix Global Mining Ltd.
PXC
Empire Mine Copper-Gold-Silver Project (80%, Alder Creek district, near Mackay, Idaho, USA)
US$0.0074 (GBP 0.0055)
Qmines Limited
QML
Mt Chalmers Copper-Gold Project, Queensland
US$0.044 (AUD 0.063)
Revival Gold Inc
RVG
Beartrack-Arnett Gold Project, Idaho (and Mercur Gold Project, Utah)
US$0.48 (CAD 0.68)
Rupert Resources Ltd.
RUP
Ikkari Project, Sodankylä, Northern Finland
US$8.71 (CAD 12.00)
Saturn Metals Limited
STN
Apollo Hill Gold Project, Western Australia
US$0.30 (AUD 0.43)
Seabridge Gold Inc.
SA
KSM (Kerr-Sulphurets-Mitchell) Project, British Columbia
$25.83
Sky Metals Limited
SKY
Tallebung Tin-Tungsten-Silver Project (~70km NW of Condobolin, central-western NSW, Australia)
US$0.12 (AUD 0.17)
Solaris Resources Inc.
SLS
Warintza Project, Morona Santiago, Ecuador
US$6.98 (CAD 9.81)
Spanish Mountain Gold Ltd.
SPA
Spanish Mountain Gold Project, Cariboo Region, British Columbia
US$0.16 (CAD 0.22)
St. Augustine Gold and Copper Limited
SAU
Kingking Copper-Gold Project, Pantukan, Davao de Oro, Philippines
US$0.12 (CAD 0.17)
Surge Copper Corp.
SURG
Berg Copper-Molybdenum-Gold-Silver Project, British Columbia
US$0.32 (CAD 0.45)
Talamore Mining Corp.
TALA
Coffee Gold Project, Yukon
US$4.85 (CAD 6.82)
Tesoro Gold Ltd
TSO
El Zorro Gold Project (Ternera Deposit), Atacama Region, Chile
US$0.64 (AUD 0.91)
Thesis Gold & Silver Inc.
TAU
Lawyers-Ranch Project, British Columbia, Canada
US$1.92 (CAD 2.70)
Turaco Gold Limited
TCG
Afema Gold Project, Côte d'Ivoire
US$0.50 (AUD 0.71)
Valor Gold Corp.
VGC
Courageous Lake Gold Project, Northwest Territories
US$1.76 (CAD 2.48)
Victory Metals Limited
VTM
North Stanmore Heavy Rare Earths Project (Murchison region, near Cue, Western Australia)
US$0.92 (AUD 1.32)
West High Yield (W.H.Y.) Resources Ltd
WHY
Record Ridge Magnesium-Silica-Nickel Project, Rossland area, British Columbia, Canada (100%)
US$0.19 (CAD 0.27)
West Vault Mining Inc.
WVM
Hasbrouck Gold Project (near Tonopah, Nevada, USA)
US$1.17 (CAD 1.64)
Wildcat Resources Limited
WC8
Tabba Tabba Lithium-Tantalum Project, Western Australia
US$0.16 (AUD 0.22)