Toronto – October 16, 2026 -- Vale Base Metals (VBM) has completed the transaction that makes Exiro Nickel Company the new owner and operator of the Thompson Mine Complex in Manitoba, Canada, backed by a commitment to invest up to US$200 million (approximately CAD$280 million) in the operation.
Exiro, Orion and Canada Growth Fund take 81.1% of Exiro Nickel
Exiro Minerals Corp., Orion Resource Partners LP and Canada Growth Fund Inc. collectively hold 81.1% of Exiro Nickel. VBM, through its subsidiary Vale Canada Limited, retains an 18.9% minority interest. All customary regulatory and government authorizations have been received.
VBM secures multi-year offtake for Thompson nickel concentrate
VBM has entered into a multi-year offtake agreement for nickel concentrate produced at the Thompson mill. Together with the retained equity stake, the agreement keeps VBM tied to Canadian nickel supply from Manitoba.
Exiro Nickel assumes day-to-day operations at Thompson
Exiro Nickel now carries operational responsibility for the complex. It has committed to honour existing agreements with local stakeholders and Indigenous communities.
The complex includes two underground operating mines, an adjacent mill and exploration opportunities across the 135-kilometre-long Thompson Nickel Belt. Mining in the region dates back more than 60 years, and the operation remains an important source of employment and economic activity in northern Manitoba.
Deal ends strategic review launched in January 2025
The closing concludes the strategic review of the Thompson operations that VBM launched in January 2025. VBM describes the transaction as consistent with its strategy of actively managing its portfolio and enabling dedicated ownership and investment for Thompson.
VBM Chief Executive Officer Shaun Usmar said dedicated ownership, focused investment and strong leadership give the operation the best chance to become a resilient, district-scale asset in Manitoba. He noted that many Thompson employees are second- or third-generation workers at the site.