TORONTO, Feb. 19, 2026 -- Vale Base Metals ("VBM") today announced it is partnering with three companies to create a new consortium of owners that will invest up to US$200 million (C$280 million) to secure the future of nickel mining and jobs in Thompson, Manitoba.
Exiro Minerals Corp. ("Exiro"), Orion Resource Partners LP ("Orion"), and Canada Growth Fund Inc. ("CGF") 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 ("Exiro Nickel.")
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.
The transaction is expected to close by the end of 2026, subject to certain closing conditions including customary regulatory and government authorization. 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 recognizes 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. 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 12.0 thousand metric tonnes of VBM's finished nickel – an increase of 21.2% from the 9.9 thousand metric tonnes 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.
Quote from Shaun Usmar, CEO of Vale Base Metals
- "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."
- "I am extremely proud of all our mining operations have contributed to the region over the past 60 years and am delighted this significant new investment will be able to help unlock the operation's full potential, providing long-term stability and investment for the operation, the workers, and the community."
Quote from Shastri Ramnath, CEO of Exiro Nickel Company
- "This transaction marks the launch of a new Canadian nickel company. We are pleased to partner with Vale Base Metals on this acquisition, to welcome them as a shareholder, and to collaborate with Thompson's highly skilled workforce. We look forward to stewarding the Thompson Nickel Belt as a long-life, multi-generational asset."
Quote from Istvan Zollei, Managing Partner, Chief Investment Officer, OMF, Orion Resource Partners
- "Our partnership with Vale Base Metals, Exiro and Canada Growth Fund brings together experienced stakeholders and reflects our confidence in the quality of the Manitoba operations, its 60-year history and growth potential. The consortium is aligned on building on this proven foundation, strengthening operations and advancing exploration across the Thompson Nickel Belt, while supporting high-quality jobs in Manitoba. Orion has a strong track record of partnership-based investment in mining and we look forward to working with employees, local communities and Indigenous partners to ensure the Thompson Operations operate safely, sustainably and competitively for years to come."
Quote from Yannick Beaudoin, CEO of Canada Growth Fund
- "The Thompson Mine is a strategic asset, both for the nickel that supports critical supply chains and for the significant economic benefits it delivers to Manitoba and Canada. This transaction builds on CGF's growing portfolio of mining investments and strengthens Canada's position as a global leader in critical minerals. This transaction would also mark our first investment in Manitoba, and we are proud to support the province's economic development. With this investment, CGF continues to play a key role in mobilizing private capital, by forming partnerships with top-tier industry leaders, while assuming appropriate risk to advance investment-ready opportunities."
Quotes from Government of Canada
The Honourable François-Philippe Champagne
Minister of Finance and National Revenue
- "This investment through the Canada Growth Fund is a win for Manitoba and a win for all Canadians. As a leading global producer, our nickel industry not only plays a vital role in our national economy, but it also plays a key role in our clean-tech future. It creates high-quality jobs, supports regional development, and generates billions in exports each year. Today's investment will help keep Canada competitive in the global clean technology supply chain while supporting economic growth here at home, for generations to come."
The Honourable Rebecca Chartrand
Minister of Northern & Arctic Affairs
MP, Churchill-Keewatinook Aski
- "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. Having been part of this region for 60 years, we remain firm believers in the strategic value of nickel. This significant new investment will help unlock the operation's full potential, providing long-term stability for our workers and the community as we build Thompson's new future."
The Honourable Tim Hodgson
Minister of Energy and Natural Resources
- "This investment reflects the strong alignment between industry and our new government to secure Canada's critical minerals future, including for nickel, which is critical for batteries, manufacturing, and electronics. By attracting new capital to Thompson, we are helping protect good jobs in Manitoba, supporting prosperity for the town of Thompson, and strengthening Canada's position as a reliable energy and mining superpower."
Quotes from Government of Manitoba
The Honourable Wab Kinew, Premier of Manitoba
- "This investment is about keeping good jobs in Manitoba. Mining is foundational to Thompson's economy, and securing this new investment ensures this operation can continue supporting workers, local businesses and the region for years to come."
The Honourable Jamie Moses, Minister of Business, Mining, Trade & Job Creation
- "This is a strong vote of confidence in northern Manitoba and in the workers and families who power the Thompson Mine Complex every single day. The partnership shows that the world sees value in Manitoba nickel and in the skilled workforce that has built Thompson into a mining hub since 1956. It also sends a clear signal that Manitoba is open for business and positions Manitoba as a reliable supplier in the global transition to clean energy."
About Vale Base Metals (www.valebasemetals.com)
Vale Base Metals is one of the world's largest producers of high-quality nickel and an important producer of responsibly sourced copper and cobalt. Vale Base Metals Limited is based in London, United Kingdom with its global operations centre in Toronto, Canada. The company also has operations in Newfoundland & Labrador, Ontario, Manitoba, Indonesia, Brazil, the United Kingdom and Japan. Vale Base Metals is 90 per cent owned by Vale S.A. and 10 per cent by Manara Minerals Investment Company.
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