Meridian Mining released a definitive feasibility study for its Cabaçal gold-copper-silver project in Brazil, reporting a net present value of $2.1 billion and a 108% internal rate of return under base-case metal prices. The existing project record specifies the NPV as $2.09 billion after tax and discounted at 5%, with a 0.9-year payback period. NPV measures project value after discounting future cash flows, while IRR estimates the annualized return implied by the investment.