On February 19, 2026, a consortium comprising Canada Growth Fund Inc. (CGF), Exiro Minerals Corp., Orion Resource Partners LP and Vale Base Metals announced an agreement to acquire the Thompson Mine Complex in Manitoba, Canada from Vale Base Metals. The consortium is capitalizing a newly formed company, Exiro Nickel Company Inc., which has entered into an asset purchase agreement to acquire a 100 percent interest in the Thompson Operations, including the producing Thompson nickel mine and concentrator, the Pipe mine, and approximately 135 kilometres of exploration assets along the Thompson Nickel Belt. The decommissioned smelter and refinery are excluded. Exiro, Orion and CGF will collectively own 81.1 percent of Exiro Nickel, while Vale will retain an 18.9 percent minority stake and support a smooth ownership transition. CGF has committed to invest up to US$85 million as part of a broader US$200 million capitalization, which the consortium will invest to support an operational turnaround, position the asset for long-term profitable production and strengthen its balance sheet. Vale has also signed an offtake agreement for the nickel concentrate produced at the Thompson Mill. In 2025, the complex produced 12,000 metric tonnes of finished nickel, up 21.2 percent from 2024. The transaction concludes the strategic review Vale launched for the Thompson operations in January 2025. It is expected to close by the end of 2026, subject to customary regulatory and government approvals. Vale will maintain day-to-day operational responsibility until closing.