Exiro-led consortium to commit up to US$200M to Thompson nickel assets
Deal structure and timeline
A newly created company, Exiro Nickel, will acquire the Thompson Mine Complex with a planned capital commitment of up to US$200 million (C$280M), and the parties aim to close the transaction by the end of 2026. The buyer group is led by Exiro Minerals alongside Orion Resource Partners and the Canada Growth Fund, which together will hold the majority stake while Vale Base Metals moves to an 18.9% minority position.
Operational continuity and commercial ties
During the transition period, Vale will continue managing day-to-day operations at Thompson and has signed an offtake arrangement to purchase the mill's nickel concentrate — maintaining market access and commercial continuity for the asset. The consortium has signaled an intent to honor existing agreements with local stakeholders and Indigenous partners while pursuing safety and sustainability upgrades.
Asset profile and recent performance
Thompson consists of two underground mines and an adjacent processing mill situated on the 135-km-long Thompson Nickel Belt, which the new owners describe as having significant exploration upside. Production recently rose to 12.0 thousand metric tonnes of finished nickel in 2025, a 21.2% increase from the prior year.
Regional and policy context
Federal and provincial officials framed the investment as supporting regional employment and Canada’s role in critical mineral supply chains for clean technology. Public statements underscored the transaction as aligned with broader efforts to mobilize private capital into domestic critical-minerals projects.
- New company ownership split: majority by Exiro/Orion/CGF, VBM 18.9%.
- Transaction target close: end of 2026, subject to regulatory approvals.
- Immediate operational continuity: Vale retains operational control until close and holds an offtake contract.
Read Our Expert Analysis
Create an account or login for free to unlock our expert analysis and key takeaways for this development.
By continuing, you agree to receive marketing communications and our weekly newsletter. You can opt-out at any time.
Recommended for you
U.S.-backed consortium moves to buy 40% of Glencore copper and cobalt assets in the DRC
Glencore and the Orion Critical Mineral Consortium have signed a non-binding MoU that would give Orion CMC a 40% interest in Glencore’s Mutanda and Kamoto Copper Company operations in the Democratic Republic of Congo, implying a combined enterprise value near $9 billion. The deal would grant the consortium governance rights over board representation and the ability to direct the sale of its share of production under the U.S.-DRC strategic framework, while Glencore would continue operating the sites pending approvals and due diligence.
Northcliff advances pre‑construction work at Sisson tungsten‑molybdenum project in Canada
Northcliff has stepped up pre‑construction activities at its Sisson tungsten‑molybdenum site after securing targeted North American government funding. The company is updating engineering studies, conducting field investigations and pursuing financing and offtake talks ahead of a mid‑2026 feasibility completion target.
Rio Tinto secures majority control of Nemaska Lithium in Quebec
Rio Tinto has moved to majority ownership of Nemaska Lithium, giving it operational oversight of an integrated lithium project in Quebec and positioning the company to steer output toward the North American electric-vehicle market. The deal is backed by continued provincial funding and prior asset consolidation, and first commercial output from the Becancour processing complex is targeted for 2028.
American Lithium Minerals Expands Quebec Critical‑minerals Footprint
American Lithium Minerals closed three Quebec property acquisitions that add high‑priority REE, copper and precious‑metal targets across ~17,000 hectares and 539 claims, shifting the company to a multi‑commodity explorer with several drill‑ready options. Industry precedents show demand‑side memoranda (conditional offtake MoUs) can de‑risk financing, but the company will need rapid QA/QC drill confirmation, metallurgical validation and permitting to convert optionality into binding commercial engagement.
Blue Moon Metals Acquires Apex Asset, Bolsters US Ge and Ga Pipeline
Blue Moon Metals has agreed to take full ownership of the Apex germanium and gallium mine and will issue 7,031,959 shares to Teck , securing life-of-mine zinc offtake and a 0.5% NSR . The deal stitches the Apex resource into a US-centered processing corridor anchored by the Springer complex and Teck's Trail smelter, speeding North American critical minerals availability.
Franco-Nevada commits A$220M package to Minerals 260 to accelerate Bullabulling development
Franco‑Nevada will fund A$220 million to Minerals 260 via a A$170M gross royalty purchase plus a A$50M equity subscription, lifting its Bullabulling royalty to 2.45% and taking a ~4.9% shareholding; the deal is expected to be funded from Franco‑Nevada’s on‑hand liquidity and mirrors a broader strategy of tailored hybrid royalty-plus-equity investments to accelerate near-term development while preserving optionality. The structure includes an A$75M upfront payment, a A$95M FIRB‑contingent tranche and a royalty step‑down after 4 Moz produced, and proceeds are earmarked to compress the PFS timetable toward mid‑2026.
Shareholders Approve New Gold Sale to Coeur; Deal Set to Close in First Half of 2026
New Gold shareholders voted decisively to approve a transaction that will transfer all New Gold shares to a Coeur Mining subsidiary in exchange for Coeur stock. The deal carries a 0.4959 share exchange ratio and would leave Coeur with roughly 62% ownership of the combined group if it closes in H1 2026, subject to regulatory and court approvals.
Eldorado to Acquire Foran, Creating Canada‑Anchored Gold–Copper Producer
Eldorado Gold will acquire Foran Mining in a stock‑and‑cash arrangement that combines Eldorado’s balance sheet with Foran’s McIlvenna Bay development to create a larger, Canada‑anchored gold‑copper producer. The deal, subject to customary shareholder, court and regulator approvals and targeted to close in Q2 2026, is positioned to drive a mid‑decade production step and material cash generation in 2027 if development execution stays on plan.