Key Facts
PEA: Early scoping study. Can include inferred resources. Not a feasibility study.
PFS: More detailed. Generally limited to indicated and measured resources.
FS: Highest level. Used for financing and construction decisions. Typically excludes inferred resources.
What to check
What study level is claimed?
What percentage of the resource is inferred?
What metal price assumptions were used?
Is the technical report available on SEDAR+?
Does the release distinguish the study from a full feasibility?
TL;DR
PEA is the lowest study level and can include inferred resources. PFS and FS are higher confidence. Always check the technical report and the resource categories used.
Commodity Ape is information and commentary, not investment advice. Junior resource stocks are high risk and can lose most or all of their value. Do your own work.