These are three escalating levels of mining-project engineering studies. PEA (Preliminary Economic Assessment) is scoping-level at ±35% capex accuracy. PFS (Pre-Feasibility Study) is intermediate at ±25%. FS (Feasibility Study, also called BFS or FFS) is bankable at ±15%. Each level has more testwork, more engineering, and more lender confidence than the level before.
Preliminary Economic Assessment (PEA)
Scoping-level. ±35% capex accuracy. Built on bench-scale testwork (bottle rolls, short columns) and concept-level engineering. Equipment costs from factored estimates rather than firm vendor quotes. Timeline: 3–6 months. Investment: typically $500K–$2M. Output: a Go/No-Go indication for further investment.
Pre-Feasibility Study (PFS)
Intermediate. ±25% capex accuracy. Includes column-leach testing, preliminary permit assessments, and flowsheet selection. Major equipment specifications are firmed; some vendor budgetary quotes are obtained. Timeline: 6–12 months. Investment: $3M–$10M. Output: a refined economic case suitable for further capital allocation but not yet bankable.
Feasibility Study (FS / BFS / FFS)
Bankable. ±15% capex accuracy. Full vendor quotes, NI 43-101-compliant resources and reserves, detailed flowsheet with P&IDs and equipment lists, fully-permitted plan, defined construction schedule and cost. Timeline: 12–18 months. Investment: $10M–$30M+. Output: a study a bank or lender will fund the project against.
KCA Track Record
KCA prepares studies at every level — and our bankable studies have an admirable track record for securing financing. Reference projects: Camino Rojo, Pinos Altos, Ocampo, La India, Dolores, Soledad Mountain, Ivrindi. See Feasibility Study Engineering.
Have a project that involves PEA vs PFS vs FS?
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