#Canada #Vale Base Metals #Thompson Mine #Exiro Nickel #Thompson, Manitoba

Vale Base Metals Completes Major Transaction

Vale Base Metals (VBM) has officially concluded its transaction for a significant change in ownership at the Thompson Mine Complex in Manitoba, Canada. In a move that marks a new chapter for the operation, Exiro Nickel Company has taken the reins as the new owner and operator, with VBM retaining a minority share of 18.9% and entering a long-term purchase agreement for nickel concentrate produced at the site.

The deal, announced on October 16, 2026, includes a commitment of up to $200 million in new investments aimed at revitalizing and sustaining the operation for years to come. This influx of capital and strategic direction is expected to enhance the long-term viability of Thompson, especially as VBM seeks to streamline its operations and invest in dedicated ownership and management.

Background

Thompson Mine has a rich history, having been a vital source of nickel and other resources for over 60 years, contributing significantly to the local economy and employment in Northern Manitoba. The Thompson Mine Complex encompasses two underground mines, an adjacent mill, and vast opportunities for exploration along the 135-kilometer Thompson Nickel Belt.

VBM's decision to partner with Exiro Nickel, along with Orion Resource Partners and the Canada Growth Fund, underscores a commitment to not only maintain but enhance the operational standards at Thompson. CEO Shaun Usmar highlighted the important role of the local workforce, many of whom have generations of family history working in the mine, as key to realizing the site’s full potential.

Commitment to Community and Sustainability

Exiro Nickel’s management approach intends to be responsible and sustainable, fostering strong relationships with local stakeholders and Indigenous communities. This aligns with VBM’s strategy to uphold its environmental, social, and governance (ESG) commitments, ensuring that the mine operates within best practices while also benefiting the local community.

“The culmination of this transaction marks an important new chapter for Thompson and for the people who have forged its proud mining history,” Usmar stated. He emphasized the significance of the investment and the vital role of their partners in making this transition possible. “We are proud to remain a shareholder and look forward to unlocking Thompson's immense long-term potential,” he added.

Future Prospects

The completion of this transaction concludes a strategic review VBM initiated in January 2025, aimed at redefining operational efficiencies and the overall direction of the Thompson operations. With Exiro Nickel now in charge, significant enhancements in daily management and operational oversight are anticipated, paving the way for improved productivity and future exploration ventures.

VBM stands to benefit from its continued involvement as a shareholder and supplier under their long-term purchase agreement, reinforcing its commitment to Canadian nickel, a metal that has seen rising demand in various industries, including electric vehicle production and battery manufacturing.

As the transition unfolds, both VBM and Exiro Nickel remain optimistic about the future of the Thompson Mine. By aligning investments with operational integrity and community engagement, they hope to position the Thompson Mine once again as a cornerstone of Manitoba’s mining industry, providing sustainable jobs and economic growth for the region.

About Vale Base Metals

Vale Base Metals is a global leader in the supply of critical minerals, including responsibly sourced high-purity nickel and copper concentrates. With operations in Canada, Brazil, the UK, Japan, and Indonesia, VBM's extensive portfolio includes world-class mining complexes and projects that are well-integrated and designed to meet the demands of a rapidly evolving global market.