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Vale Base Metals (VBM) has partnered with Exiro Minerals Corp., Orion Resource Partners LP, and Canada Growth Fund Inc. to create a new consortium investing up to $200 million in the Thompson Mine Complex in Manitoba. The new entity, Exiro Nickel Company, will be 81.1% owned by the partners, with VBM holding 18.9%.

VBM has also signed a nickel concentrate purchase agreement to maintain its position as a leading nickel producer in Canada. The transaction is expected to close by the end of 2026, subject to regulatory approvals.

VBM will remain responsible for day-to-day operations until the deal is finalized. The Thompson Mine Complex has a rich mining history since 1956 and produced 12,000 metric tons of finished nickel in 2025, a 21.2% increase from 2024.