Exiro Nickel Company Inc. (“Exiro Nickel”) is pleased to confirm the closing of its previously announced acquisition (the “Transaction”) of the Thompson Operations from Vale Base Metals (“VBM”), marking the beginning of a new era for one of Canada’s most storied mining operations and for the community of Thompson, Manitoba.
asserted
Inc. → confirm → Thompson
The Thompson Mines (T1 and T3), Pipe Mine, and Concentrator together form one of Canada’s most productive nickel complexes, with a 2.0 Mt annual milling capacity, and have been at the heart of northern Manitoba and Thompson’s economy for generations.
asserted
Mines → form → generations
Under Exiro Nickel’s ownership, they will continue to do so through a disciplined long-term operating plan led by a management team with deep roots in Manitoba and the Thompson Nickel Belt.
asserted
they → continue → Manitoba
“Thompson is one of Canada’s great nickel operations, and we believe its best years are still ahead,” said Shastri Ramnath, CEO of Exiro Nickel.
asserted
Ramnath → believe → Nickel
“The people here have created something remarkable, and our goal is to build on it.
asserted
goal → create → it
The geology is compelling, the workforce is exceptional, and the opportunity to unlock the potential of the Thompson Nickel Belt has never been greater.
asserted
opportunity → unlock → Belt
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.
asserted
that → build → Belt
Exiro Nickel has been capitalized by a consortium that includes Orion Resource Partners LP (“Orion”), the Canada Growth Fund Inc. (“CGF”), Exiro Minerals Corp. (“Exiro Minerals”), and VBM, with VBM retaining an 18.9% ownership and a multi-year offtake agreement for nickel concentrate produced at the Thompson Concentrator.
asserted
VBM → capitalize → Concentrator
CGF has committed up to US$85 million of the total capitalization, reflecting federal confidence in the Thompson Nickel Belt as a critical piece of Canada’s domestic minerals supply chain.
asserted
CGF → commit → chain
Exiro Nickel will have up to US$200 million of new capital to invest in the Thompson Operations.
asserted
Nickel → have → Operations
Exiro Nickel recognizes the importance of relationships with Indigenous Peoples and communities across the Thompson Nickel Belt and northern Manitoba, and look forward to continuing the work with Nisichawayasihk Cree Nation (NCN) and honouring existing commitments, while engaging respectfully with neighbouring Indigenous communities, including Tataskweyak Cree Nation (TCN) and the Manitoba Métis Federation (MMF), as well as municipalities, organizations, and community partners throughout the region.
asserted
Nickel → recognize → region
Exiro Nickel is committed to listening, learning, and building relationships grounded in mutual respect, transparency, and shared interests as it establishes its long-term presence in northern Manitoba.
asserted
it → commit → Manitoba
Both the federal and Manitoba governments welcomed the completion of the Transaction.
asserted
governments → welcome → Transaction
This deal shows what can happen when Manitoba, Canada, municipal governments and First Nations work together to protect jobs in the north.
asserted
what → show → north
The Thompson operations have been a cornerstone of Manitoba’s economy for decades, supporting workers, families and businesses across northern Manitoba.
asserted
operations → support → Manitoba
This helps ensure this mine can continue creating opportunities for Manitobans for years to come.”
asserted
mine → help → years
Minister Rebecca Chartrand, Federal Minister of Northern and Indigenous Affairs: “For more than 60 years, the Thompson Mine Complex has been a cornerstone of the economy in northern Manitoba, supporting workers, families and communities while helping to supply nickel that the world needs.
asserted
world → support → that
This moment marks the beginning of an important new chapter for Thompson and its surrounding communities.
asserted
moment → mark → Thompson
This demonstrates the confidence that industry, investors and governments have in the future of this region and its importance for the Canadian economy.
asserted
industry → demonstrate → economy
By advancing this project, we are creating opportunities for northern and Indigenous communities, supporting well-paid jobs and helping ensure that Manitoba continues to play a leading role in Canada’s critical minerals industry.”
asserted
Manitoba → advance → industry
“Today marks an important milestone for the Thompson Mine Complex, a strategic asset for Manitoba and for Canada.
asserted
Today → mark → Canada
We are proud to support its development alongside Exiro Nickel and top-tier industry leaders.
asserted
We → support → Nickel
Through our ability to structure unique transactions, we help de-
asserted
we → structure → transactions
risk projects that will enable Canada to position itself as a leader in the production of critical minerals essential to our industrial base and to our partners
asserted
that → risk → partners
“Today marks an important milestone for Thompson and the beginning of an exciting new chapter for this high-quality nickel asset.
asserted
Today → mark → asset
Orion is proud to be investing alongside Exiro Nickel, the Canada Growth Fund, and Vale Base Metals to support its long-term future.
asserted
Orion → invest → future
We look forward to working with our partners to unlock Thompson’s potential, support local communities, and strengthen critical mineral supply chains.”
asserted
We → look → chains
Shaun Usmar, CEO, Vale Base Metals: “Completing this transaction marks an important new chapter for Thompson and for the people who have built its proud mining history, many of whom are the second or even third generation in their families to work at the operation.
asserted
many → complete → operation
I want to recognize and congratulate our new partners, Exiro Nickel, Orion Resource Partners and Canada Growth Fund, on the completion of this transaction.
asserted
I → want → transaction
VBM is proud to remain a shareholder and excited to work with our partners to realize Thompson’s immense long-term potential.
asserted
VBM → remain → potential
We continue to believe in the strategic value of Canadian nickel and our retained interest and offtake agreement allow us to maintain that connection in Manitoba.
asserted
us → continue → Manitoba
The Thompson Nickel Belt is the fourth largest nickel district globally, with over 60 years of production history and more than 2.7 Mt of nickel produced to date.
asserted
Belt → produce → date
The Thompson Operations sit within a 135-kilometre belt with over 40 Mt in current mineral resources and significant exploration upside.
asserted
Operations → sit → resources
Exiro Nickel’s plan targets a responsible production ramp-up toward 2.0 Mt Concentrator capacity within five years and a goal of achieving cash flow positive operations within two to three years.
asserted
plan → target → years
Exiro Nickel will maintain a full operational presence in Thompson, with an executive office located in Toronto, Ontario.
asserted
Nickel → maintain → Toronto
The company will be formally introduced to Manitoba’s broader mining sector at CCMEC 2026 in Winnipeg on November 2–3, where Ms. Ramnath will present the company’s vision for the Thompson Nickel Belt.
asserted
Ramnath → introduce → Belt
Exiro Nickel Company is Canada’s newest nickel producer and a proudly Canadian-owned company, formed to acquire and operate the Thompson Operations following a strategic review by Vale Base Metals.
asserted
Company → own → Metals
The company was co
asserted
company → co → ?
Exiro Nickel is committed to the long-term development of the Thompson Nickel Belt through operational excellence, responsible mining, and meaningful partnerships with Indigenous communities, employees, and the people of northern Manitoba.
asserted
Nickel → commit → Manitoba
About Exiro Minerals
Exiro Minerals will be a minority shareholder in Exiro Nickel, bringing a team with extensive success in nickel discovery and brownfields exploration, along with geological data, and resource building expertise.
asserted
Minerals → bring → data
…and 21 more, not listed.
The Aporia
