Exiro Nickel Company Inc. has closed its acquisition of the Thompson Operations in northern Manitoba from Vale Base Metals, taking ownership of one of Canada’s largest nickel complexes and committing to long-term investment in the region.
The deal covers the Thompson Mines, known as T1 and T3, the Pipe Mine, and the Concentrator, which together have a 2.0 million tonne annual milling capacity. The operations have been central to the economy of Thompson and northern Manitoba for decades.
Ownership and Financing Structure
Exiro Nickel is capitalized by a group that includes Orion Resource Partners LP, the Canada Growth Fund Inc., Exiro Minerals Corp., and Vale Base Metals. Vale Base Metals is retaining an 18.9% ownership stake in the new venture along with a multi-year offtake agreement for nickel concentrate produced at the Thompson Concentrator.
The Canada Growth Fund has committed up to US$85 million toward the total capitalization. Exiro Nickel said it will have up to US$200 million in new capital available to invest in the Thompson Operations going forward.
Shastri Ramnath, CEO of Exiro Nickel, said the company sees strong potential in the Thompson Nickel Belt and plans to invest in the operation’s workforce, mines, and exploration opportunities. She described Exiro Nickel as a Canadian company built for the moment, citing the geology and workforce at the site.
Indigenous and Community Relationships
Exiro Nickel said it intends to continue existing commitments with Nisichawayasihk Cree Nation and to engage with other Indigenous communities in the region, including Tataskweyak Cree Nation and the Manitoba Métis Federation, as well as local municipalities and organizations. The company said it is committed to building relationships based on mutual respect and transparency as it establishes a long-term presence in northern Manitoba.
Government Reaction
Both the federal and Manitoba governments welcomed the completion of the transaction. Manitoba Premier Wab Kinew said the deal reflects cooperation between Manitoba, Canada, municipal governments and First Nations to protect jobs in the north, calling the Thompson operations a cornerstone of the province’s economy for decades.
Federal Minister of Northern and Indigenous Affairs Rebecca Chartrand said the Thompson Mine Complex has supported the regional economy for more than 60 years and that the transaction reflects confidence from industry, investors and governments in the region’s future. She said the deal is expected to support jobs and strengthen Manitoba’s role in Canada’s critical minerals industry.
Yannick Beaudoin, President and CEO of Canada Growth Fund Investment Management, said the fund’s involvement is meant to help de-risk projects that position Canada as a leader in critical minerals production. Istvan Zollei, Managing Partner at Orion Resource Partners, said his firm is investing alongside Exiro Nickel, the Canada Growth Fund and Vale Base Metals to support Thompson’s long-term future.
Shaun Usmar, CEO of Vale Base Metals, said the completion of the transaction marks a new chapter for Thompson and the generations of workers who have built its mining history. He said Vale Base Metals remains a shareholder and continues to see strategic value in Canadian nickel through its retained interest and offtake agreement.
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