Glossary · Economics
Pre-Feasibility Study (PFS)
A comprehensive technical and economic study of a project at a Mineral Resource level, sufficient to convert Indicated Resources to Probable Reserves.
A Pre-Feasibility Study is the middle tier of economic study under NI 43-101 / JORC — between the Preliminary Economic Assessment (PEA) and the Feasibility Study (FS). It addresses mining method, process flowsheet, infrastructure, environmental, and social factors at a level of accuracy typically ±20–25%. A positive PFS allows the issuer to declare Probable Mineral Reserves from Indicated Resources, which is what most institutional financing requires.