A mining PFS great or otherwise must have at least1. An ore...

A mining PFS great or otherwise must have at least

1. An ore reserve. That means only indicated or measured resources can be used. Inferred resources should never appear in financial or mine life projections, it's frowned upon by the ASX now. If there is an ore reserve there must also be a reasonably detailed mine design. The pit optimisation "shells" that many juniors publish does not constitute a mine design

2. Demonstration of successful route for the production of saleable product. Lots of meaningful testwork with signed-off process recovery and ACTUAL PRODUCT SPECIFICATIONS.

3. Engineering estimates to an accuracy level of 25% plus or minus. OPEX and CAPEX are supported by reasonably detailed equipment lists, minor amounts of detail engineering and sufficiently detailed mass and energy balances. The process being estimated must be the process that produces the SALEABLE PRODUCT.

4. Consideration of how the product will be sold and the pricing mechanism. Is it under an offtake that has been signed, a toll processing deal, or is it a contract by contract process using an agent with reference price.


5. TRUTH

That is my list of five. There are many others.