Exiro, Orion, Vale and Canada Growth Fund back future of Thompson Mine Complex
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.”
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