Exiro Nickel has entered into an asset purchase agreement to acquire a 100% interest in the Thompson operations in Manitoba, Canada, from Vale Base Metals. This includes the producing Thompson nickel mine, plus exploration assets in the Thompson Nickel Belt.
“Today marks the launch of a new Canadian nickel company. Our team is honored and excited to be acquiring such a historic Canadian nickel asset. Our plan is to ramp up production utilizing the Thompson team, which has a well-established reputation for being collaborative and deeply committed to the region,” said Exiro Nickel CEO Shastri Ramnath.
“We see the Thompson Nickel Belt as a multi-generational asset, with decades of responsible mining and value creation still ahead. We have a deep respect for the workforce and the union that represents them, and they will be essential partners as we increase productivity while maintaining the high safety standards already established. We also look forward to continuing long-standing partnerships and relationships with the City of Thompson and local Indigenous communities and organizations.”
Under Exiro Nickel’s anticipated operating plan, ore will be processed at the on-site mill, with nickel concentrate transported by rail to Vale Base Metals’ processing facilities in Canada.
Vale Base Metals will receive an 18.9% equity ownership in Exiro Nickel and will retain offtake rights for a minimum of five years. Vale Base Metals may also receive up to $200 million in contingent payments linked to future nickel prices.
The transaction is expected to close by the end of 2026.
Source: Exiro Nickel