Consortium Invests $200M in Thompson Nickel Mine

Vale S.A.===Vale Canada has announced a partnership with Exiro Minerals Corporation, Orion Resource Partners LP, and Canada===Canada Growth Fund Inc. to form a new consortium. This consortium will invest up to US$200 million (C$280 million) into the Thompson Mine Complex in Thompson, Canada===Manitoba, to secure the future of nickel mining and associated jobs. A new company, Exiro Nickel Company, will be formed, with Exiro, Orion, and Canada===Canada Growth Fund owning 81.1% and Vale S.A.===Vale Canada holding an 18.9% minority stake. Vale S.A.===Vale Canada has also signed an offtake agreement for the nickel concentrate produced at the Thompson Mill, maintaining its strategic position as Canada's leading nickel producer. The transaction is expected to close by the end of 2026, subject to regulatory approvals. This investment is seen as crucial for unlocking the full potential of the Thompson Mine Complex, supporting high-quality jobs, and strengthening Canada's role in the global critical minerals supply chain, particularly for Nickel.