The most rigorous economic study stage, sufficient to support a production decision and project financing.
A comprehensive technical and economic study of a mineral project used to demonstrate whether the project is economically viable and technically feasible. Feasibility studies are required before a project can proceed to development and must be prepared by qualified persons under NI 43-101 standards.
A feasibility study converts indicated and measured resources into reserves and is what banks lend against. Reaching it is the point at which a junior stops being an exploration story and becomes a construction financing problem.
Expect detailed capital and operating costs, metallurgical test work, permitting status and a defined mine plan. Compare its assumptions against the PEA that preceded it — the delta tells you how well the project held up under scrutiny.
108 terms have their own page: the definition, why it matters to an investor, where it shows up in practice, and the mistake people make with it.