Ann: Grande Cote Definitive Feasibility Study Res, page-6

re: Ann: Grande Cote Definitive Feasibility S... An irr of 21% whilst attrative is not fantastic enough to create a lot of interest in the IPO, althoug the currrent sp of MDL is starting to look more attrative

You can easily determine the NPV. Its simply the discount rate that makes the NPV value of the project equal to zero.

Still to read the FS, so cannot comment further.