Exiro-led consortium to commit up to US$200M to Thompson nickel assets
Deal structure and timeline
A newly created company, Exiro Nickel, will acquire the Thompson Mine Complex with a planned capital commitment of up to US$200 million (C$280M), and the parties aim to close the transaction by the end of 2026. The buyer group is led by Exiro Minerals alongside Orion Resource Partners and the Canada Growth Fund, which together will hold the majority stake while Vale Base Metals moves to an 18.9% minority position.
Operational continuity and commercial ties
During the transition period, Vale will continue managing day-to-day operations at Thompson and has signed an offtake arrangement to purchase the mill's nickel concentrate — maintaining market access and commercial continuity for the asset. The consortium has signaled an intent to honor existing agreements with local stakeholders and Indigenous partners while pursuing safety and sustainability upgrades.
Asset profile and recent performance
Thompson consists of two underground mines and an adjacent processing mill situated on the 135-km-long Thompson Nickel Belt, which the new owners describe as having significant exploration upside. Production recently rose to 12.0 thousand metric tonnes of finished nickel in 2025, a 21.2% increase from the prior year.
Regional and policy context
Federal and provincial officials framed the investment as supporting regional employment and Canada’s role in critical mineral supply chains for clean technology. Public statements underscored the transaction as aligned with broader efforts to mobilize private capital into domestic critical-minerals projects.
- New company ownership split: majority by Exiro/Orion/CGF, VBM 18.9%.
- Transaction target close: end of 2026, subject to regulatory approvals.
- Immediate operational continuity: Vale retains operational control until close and holds an offtake contract.
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