Vale Base Metals finalizes ownership change for Thompson mine complex

Vale Base Metals (VBM) has finalized a transaction that establishes Exiro Nickel Company as the new owner and operator of the Thompson mine complex in Manitoba, Canada. Exiro Minerals Corp., Orion Resource Partners LP, and Canada Growth Fund Inc. will jointly hold an 81.1% interest in Exiro Nickel, with VBM retaining a 18.9% minority interest.

The transaction includes a commitment to invest up to $200 million USD in the Thompson operations. VBM has also entered into a multi-year offtake agreement for nickel concentrate produced at the facility. Exiro Nickel will assume operational responsibility for the day-to-day management of the Thompson mine complex, with stated priorities including safe, responsible, and sustainable operations, and adherence to existing agreements with local and Indigenous communities.

Shaun Usmar, Chief Executive Officer of VBM, stated that the completion of this transaction marks an important new chapter for Thompson. He highlighted that focused investment and strong leadership provide the best opportunity for the operation to reach its full potential. VBM expressed satisfaction in remaining a stakeholder and looks forward to working with its new partners to realize Thompson's long-term potential.

The Thompson mine complex comprises two operating underground mines, a processing plant, and significant exploration potential. The region has a mining history spanning over 60 years and remains a key source of employment and economic activity in northern Manitoba. The transaction aligns with VBM's strategy to actively manage its portfolio and facilitate dedicated ownership and investment in Thompson.