Orion-backed Exiro Nickel completes Thompson mining complex acquisition

Vale Base Metals said it completed the transaction that makes Exiro Nickel the owner and operator of the Thompson Mining Complex in Manitoba, Canada. Exiro Minerals, Orion Resource Partners and Canada Growth Fund together hold 81.1% of Exiro Nickel, while Vale Canada retains 18.9%. The company said all customary regulatory and government approvals were obtained.

The deal includes a commitment to invest up to $200 million, about C$280 million, in Thompson. Vale Base Metals also signed a multi-year offtake agreement for nickel concentrate produced at the site. Exiro Nickel takes over day-to-day operations and said it will honor existing agreements with local stakeholders and Indigenous communities.

VBM CEO Shaun Usmar said the closing begins a new chapter for Thompson and its workforce. He said VBM remains a shareholder and believes in the strategic value of Canadian nickel, with the remaining stake and offtake preserving its link to Manitoba. The transaction ends VBM’s strategic review of Thompson, launched in January 2025.