Orion Resource Partners investment in the Thompson Mine Complex

On February 19, 2026, Vale Base Metals Limited ("Vale Base Metals") announced it is partnering with three companies to create a new consortium of owners that will invest up to US$200 million (C$280 million) in the Thompson Mine Complex in Thompson, Manitoba.

Known as the "Hub of the North," the Thompson Mine Complex spans 250 acres on the 135 km long Thompson Nickel Belt approximately 740 km north of Winnipeg. The site includes two active underground operating mines, an adjacent milling facility and significant exploration opportunities.

Exiro Minerals Corp. ("Exiro"), Orion Resource Partners LP ("Orion") and Canada Growth Fund Inc. ("CGF") will form a new company alongside Vale Base Metals to invest in the complex, with Exiro, Orion and CGF owning 81.1% of the new company and VBM owning an 18.9% minority stake.

The new company will be known as Exiro Nickel Company ("Exiro Nickel").

The transaction is expected to close by the end of 2026, subject to certain closing conditions including customary regulatory and government authorization. If approved, the transaction will conclude the strategic review VBM launched for the Thompson operations in January 2025. In the interim, VBM will maintain day-to-day operational responsibility for the mining complex until the deal closes.

Further information can be found on Newswire Canada’s website.

Orion is a global investment firm specializing in the metals and materials critical to sustainable economic growth and energy transition, with more than US$8 billion of assets under management and a team of more than 80 professionals across five global offices.

Based in Toronto, Exiro Minerals specializes in the exploration of high-quality mineral projects, utilizing a combination of modern technology, traditional methods, and historical data.

CGF is a C$15 billion arm's-length investment vehicle designed to attract private capital to build Canada's clean economy.

Vale Base Metals is one of the world's largest producers of high-quality nickel and an important producer of responsibly sourced copper and cobalt.