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.