Under the ownership structure, Exiro Minerals Corp., Orion Resource Partners LP, and Canada Growth Fund Inc. collectively hold an 81.1% interest in Exiro Nickel. Vale Base Metals, through its subsidiary Vale Canada Limited, retains an 18.9% minority interest.
The transaction has received all customary regulatory and government authorizations, allowing Exiro Nickel to assume day-to-day operational responsibility for the Thompson Mine Complex.
As part of the agreement, Vale Base Metals has also entered into a multi-year offtake arrangement for nickel concentrate produced at the Thompson mill. This arrangement allows VBM to maintain a commercial relationship with the operation while transitioning majority ownership and operational control to the new investor group.
The investment commitment of up to $200 million is intended to provide dedicated capital for the Thompson operation, supporting its long-term sustainability, operational development, and future growth opportunities.
The transaction represents the conclusion of a strategic review of the Thompson operations that Vale Base Metals launched in January 2025. The review was part of the company’s broader strategy to actively manage its portfolio and position individual assets under ownership structures capable of supporting their long-term potential.
The Thompson Mine Complex is an established nickel mining operation with a history spanning more than six decades. Its assets include two operating underground mines, an adjacent processing mill, and substantial exploration opportunities across the 135-kilometer-long Thompson Nickel Belt.
The region contains significant nickel resources and has historically played an important role in the economy of northern Manitoba, supporting employment, industrial activity, and local communities.
Under the new ownership structure, Exiro Nickel will oversee mining operations and pursue opportunities to strengthen the complex’s long-term competitiveness.
The company is expected to focus on operating the assets safely and sustainably while honoring existing agreements with local stakeholders and Indigenous communities.
The involvement of Orion Resource Partners and Canada Growth Fund brings additional institutional investment participation to the operation. Their ownership alongside Exiro Minerals is intended to support a dedicated investment strategy for Thompson.
For Vale Base Metals, retaining an 18.9% ownership interest provides continued exposure to the operation’s potential future performance without maintaining direct operational control.
The multi-year offtake agreement also preserves VBM’s access to nickel concentrate produced at Thompson, supporting its ongoing involvement in Canada’s critical minerals supply chain.
The transaction reflects the strategic importance of nickel as a mineral used in stainless steel production, batteries, and other industrial applications.
Canada’s nickel resources remain an important component of the country’s critical minerals industry, particularly as governments and manufacturers seek to strengthen domestic and regional supply chains for materials used in energy infrastructure, transportation, and advanced manufacturing.
Vale Base Metals is a global supplier of critical minerals, including copper concentrate, high-purity nickel, and responsibly sourced cobalt. Its operations, development projects, and refineries span Canada, Brazil, the United Kingdom, Japan, and Indonesia.
The company’s Canadian operations include assets in Ontario, Newfoundland and Labrador, and Manitoba, while its Brazilian portfolio includes the Salobo Copper Complex and a pipeline of copper development opportunities in the Carajás region.
Vale Base Metals is 90% owned by Vale S.A. and 10% owned by Manara Minerals Investment Company.
The completion of the Thompson transaction allows VBM to advance its portfolio management strategy while maintaining an economic interest in the mine and a long-term commercial relationship through the nickel concentrate offtake agreement.
For Exiro Nickel and its investment partners, the acquisition establishes a platform for dedicated ownership and investment in an established Canadian nickel mining district with significant existing infrastructure and exploration potential.
KEY QUOTES:
“Completing this transaction marks an important new chapter for Thompson and for the people who have built its proud mining history. Thompson has a significant nickel endowment and an exceptional workforce, many of whom are the second or even third generation in their families to work at the operation. We believe dedicated ownership, focused investment and strong leadership give the operation the best opportunity to realize its full potential as a resilient, district-scale asset in Manitoba.
I want to recognize and congratulate our new partners, Exiro, Orion Resource Partners and Canada Growth Fund, on the completion of this transaction. VBM is proud to remain a shareholder and excited to work with our partners to realize Thompson’s immense long-term potential. We continue to believe in the strategic value of Canadian nickel and our retained interest and offtake agreement allow us to maintain that connection in Manitoba. I would also like to thank our Thompson employees for their professionalism, dedication and commitment throughout this process, as well as the community, Indigenous and government partners and all stakeholders who have worked with us over the more than six decades that Thompson has been in operation.”
Shaun Usmar, Chief Executive Officer of Vale Base Metals
