Corporate
Vale Base Metals Partners with Exiro, Orion and Canada Growth Fund to Form Exiro Nickel Company with $200M Investment
•February 19, 2026
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Why It Matters
The deal locks in long‑term nickel supply and safeguards thousands of jobs in northern Manitoba, reinforcing Canada’s position in the growing clean‑energy metals market.
Key Takeaways
- •$200M consortium investment backs Thompson nickel operations.
- •Exiro Nickel Company ownership: 81.1% partners, 18.9% Vale.
- •Production rose 21% to 12,000 tonnes in 2025.
- •Vale signs offtake agreement for Thompson concentrate.
- •Deal aims to sustain jobs and regional economy.
Pulse Analysis
Nickel’s role in electric‑vehicle batteries and renewable‑energy storage has driven a global scramble for stable supply. Vale’s strategic review of its Thompson assets reflected this pressure, prompting the company to seek partners who could inject capital and share risk. By aligning with Exiro Minerals, Orion Resource Partners and the Canada Growth Fund, Vale not only secures up to $200 million for the complex but also leverages partners’ expertise in financing and regional development, creating a diversified ownership model that can weather commodity cycles.
The newly created Exiro Nickel Company will control the two underground mines, the adjacent mill, and a 135‑kilometre nickel belt rich in untapped resources. With an 81.1% stake, the consortium assumes primary responsibility for future expansion, while Vale’s 18.9% minority interest and ongoing operational role ensure continuity and technical oversight. The offtake agreement guarantees Vale a steady stream of concentrate, reinforcing its status as Canada’s leading nickel producer and providing a predictable revenue base for the new entity.
Beyond the balance sheet, the partnership carries significant socioeconomic weight. Thompson’s workforce, many of whom depend on the mine for stable employment, will benefit from the investment’s focus on safety, sustainability and community engagement. The infusion of capital also opens avenues for exploration along the Thompson Nickel Belt, potentially extending the mine’s life and enhancing Canada’s strategic metal reserves. In a market where ESG considerations increasingly influence investment decisions, the consortium’s commitment to responsible mining could attract further private and public funding, positioning the region as a benchmark for future nickel projects.
Deal Summary
Vale Base Metals announced a partnership with Exiro Minerals Corp, Orion Resource Partners LP and Canada Growth Fund Inc to create a new joint venture, Exiro Nickel Company, to invest up to $200 million in the Thompson Mine Complex in Manitoba. The consortium will own 81.1% of the new company, with Vale holding the remaining 18.9%, and the transaction is expected to close by the end of 2026.
Article
Source: International Mining (IM-Mining)
Vale Base Metals today announced it is partnering with three companies to create a new consortium of owners that will invest up to $200 million to secure the future of nickel mining and jobs in Thompson, Manitoba.
Exiro Minerals Corp, Orion Resource Partners LP and Canada Growth Fund Inc will form a new company alongside Vale Base Metals to invest in the Thompson Mine Complex. Exiro, Orion and CGF will own 81.1% of the new company, while VBM will own an 18.9% minority stake.
The new company will be known as Exiro Nickel Company.
VBM has also signed an offtake agreement for the nickel concentrate produced at the Thompson Mill to maintain its strategic position as Canada’s leading nickel producer, it says.
The transaction is expected to close by the end of 2026, subject to certain closing conditions including customary regulatory and government authorisation. If approved, the transaction will conclude the strategic review VBM launched for the Thompson operations in January 2025. In the interim, VBM will maintain day-to-day operational responsibility for the mining complex until the deal closes.
The consortium recognises the value of stable employment in the region and believes this transaction and investment offers the best opportunity for a competitive and sustainable future for the new company and the employees and community who depend on it, it says. Exiro Nickel is committed to running the Thompson operations safely, responsibly and sustainably, investing in its future while honouring all existing agreements with local stakeholders and Indigenous communities.
The Thompson Mine Complex includes two underground operating mines, an adjacent mill and significant exploration opportunities on the 135-km long Thompson Nickel Belt, a deposit with significant resource upside and a rich history of mining since 1956. In 2025, Thompson produced 12,000 t of VBM’s finished nickel – an increase of 21.2% from the 9,900 t produced in 2024.
The strategic review of the Thompson operations was part of an ongoing process to ensure the competitiveness of VBM’s global mining portfolio and give its Manitoba mining operations the best opportunity to create long-term shareholder and societal value.
Shaun Usmar, CEO of Vale Base Metals, said: “Today’s announcement secures the future of mining at Thompson, a site with a significant endowment and great people, and which is a key part of northern Manitoba’s rich mining history. We believe in the strategic value of nickel and are proud to be part of Thompson’s new future.”
The post Exiro, Orion, Vale and Canada Growth Fund back future of Thompson Mine Complex appeared first on International Mining.
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