Exiro Nickel takes Thompson mines with up to $200m to invest

Exiro Nickel Company Inc. closed its acquisition of Vale Base Metals’ Thompson Operations on Oct. 16, gaining assets with 2.0 million tonnes of annual milling capacity, according to a company press release.

In the Oct. 16 release, Exiro Nickel said it will have up to US$200 million of new capital for the Manitoba operations. The Thompson Nickel Belt holds more than 40 million tonnes of current mineral resources, at least 20 times the concentrator’s annual capacity, according to Atlas360 calculations.

The acquired assets include the Thompson Mines, known as T1 and T3, the Pipe Mine and the Thompson Concentrator. Exiro Nickel said the sites are part of the Thompson Nickel Belt, which it described as the fourth-largest nickel district globally.

“Thompson is one of Canada's great nickel operations, and we believe its best years are still ahead,” Shastri Ramnath, Exiro Nickel’s chief executive officer, said in the press release. “Exiro Nickel is a Canadian company built specifically for this moment, and we are committed to investing in the people, the mines, and the operation and exploration potential that will define the next chapter of the Thompson Nickel Belt.”

Exiro Nickel said its capitalization comes from a consortium including Orion Resource Partners LP, Canada Growth Fund Inc., Exiro Minerals Corp. and Vale Base Metals. Canada Growth Fund has committed up to US$85 million of the total capitalization, or 42.5% of the US$200 million capital pool if fully drawn, according to Atlas360 calculations.

Vale Base Metals will retain 18.9% ownership and a multi-year offtake agreement for nickel concentrate produced at the Thompson Concentrator, the release said. An offtake agreement is a contract tied to future production, allowing Vale Base Metals to keep a commercial link to output from the site.

Shaun Usmar, CEO of Vale Base Metals, said in the release that the retained stake and offtake arrangement allow the company to “maintain that connection in Manitoba.” Vale Base Metals is 90% owned by Vale S.A. and 10% by Manara Minerals Investment Company, according to the release.

The Thompson Nickel Belt has more than 60 years of production history and has produced more than 2.7 million tonnes of nickel to date, Exiro Nickel said. Mineral resources, estimates of mineralized material, are not the same as reserves or a mine-life calculation.

Exiro Nickel said its plan targets a responsible ramp-up toward the concentrator’s 2.0 million-tonne annual capacity within five years. The company also said it aims to reach cash-flow-positive operations within two to three years.

Those targets remain company goals rather than reported operating results. The press release did not disclose the acquisition price or provide a detailed timetable for how the new capital will be divided among mining, processing and exploration.

The deal drew support from Manitoba Premier Wab Kinew and federal Northern and Indigenous Affairs Minister Rebecca Chartrand, both quoted in the release. Exiro Nickel also said it plans to continue work with Nisichawayasihk Cree Nation and engage with neighbouring Indigenous communities, including Tataskweyak Cree Nation and the Manitoba Métis Federation.

Exiro Nickel will keep an operational presence in Thompson and an executive office in Toronto. The company was formed to acquire and operate the Thompson Operations after a strategic review by Vale Base Metals, according to the release.

Exiro Nickel is scheduled to be introduced to Manitoba’s broader mining sector at CCMEC 2026 in Winnipeg on Nov. 2-3. Ramnath is due to present the company’s vision for the Thompson Nickel Belt.

Within five years of the Oct. 16 closing, Exiro Nickel’s stated target is a ramp-up toward the Thompson Concentrator’s 2.0 million-tonne annual capacity. The checkable measure is whether the company reports progress toward that operating rate.

Within two to three years of the Oct. 16 closing, the company said it aims to reach cash-flow-positive operations. The release did not define the cash-flow measure or provide a baseline for current operating cash flow.

Source: Press release, Exiro Nickel Company Inc. via GlobeNewswire, Oct. 16, 2026