Anglesey has a 12% stake in Labrador Iron Mines, which owns 52% of the iron ore mine, located in Canada.
The PEA suggests a production time frame of 12 years after an 18-month construction period.
The firm said iron ore production would amount to 2mln tonnes per annum of 62% iron lump and sinter direct shipping ore.
Initial capital cost including contingency is forecast at US$65mln, which Anglesey said is relatively low.
The forecast after tax financial results are a net present value and an internal rate of return at US$90 per tonne for 62% iron ore of CA$109mln and 39% respectively, the company said.
Using the current 62% iron ore prices of US$160 per tonne, it increases these financial results to CA$459mln and 209% respectively.
Shares surged 23% to 6.26p on Tuesday before close.