Canada Growth Fund announces up to US$85 million investment in critical minerals with key strategic partners for acquisition of Manitoba's Thompson Mine Nickel Complex

THOMPSON, MB, Feb. 19, 2026 /CNW/ - Canada Growth Fund Inc. ("CGF") announced today its commitment to invest up to US$85 million (~C$116 million) as part of a broader transaction for the acquisition and turnaround of the Thompson Mine Complex (the "Thompson Mine"). CGF's investment is being pursued in partnership with Exiro Minerals Corp. ("Exiro"), Orion Resource Partners LP ("Orion"), and Vale Base Metals ("Vale" and together with CGF, Exiro and Orion, the "Consortium"). The Consortium will capitalize a new company, Exiro Nickel Company Inc. ("Exiro Nickel"), which will acquire the Thompson Mine from Vale and subsequently invest up to US$200 million to support an operational turnaround, positioning the asset for long-term profitable production, enhanced balance sheet strength and operational flexibility (the "Transaction"). This Transaction is also expected to improve the Thompson Mine's competitiveness, making it a flagship asset for northern Manitoba. Following closing of the Transaction, Vale will hold an 18.9% equity stake in Exiro Nickel and support a smooth ownership transition. The Transaction is expected to close by the end of 2026, subject to certain closing conditions, including regulatory and government approvals.

The Thompson Mine is an economic cornerstone in Manitoba and ranks among Canada's largest underground nickel mining operations. Through the Transaction, CGF is ensuring the continuity of operations at the Thompson Mine while supporting an operational turnaround to drive success and attract private capital. The Transaction builds on CGF's growing momentum in mining and critical minerals, marking its fourth investment or commitment in the sector, following investments in Foran Mining, Nouveau Monde Graphite and Rio Tinto's scandium production facilities.

"The Thompson Mine is a strategic asset, both for the nickel that supports critical supply chains and for the significant economic benefits it delivers to Manitoba and Canada. This transaction builds on CGF's growing portfolio of mining investments and strengthens Canada's position as a global leader in critical minerals. This transaction would also mark our first investment in Manitoba, and we are proud to support the province's economic development," said Yannick Beaudoin, President and Chief Executive Officer of Canada Growth Fund Investment Management ("CGFIM"). "With this investment, CGF continues to play a key role in mobilizing private capital, by forming partnerships with top-tier industry leaders, while assuming appropriate risk to advance investment-ready opportunities. Building on our progress to date, we expect to continue assessing additional mining investments as we help develop resilient, low-carbon critical minerals supply chains in Canada."

"Advancing a scalable project like the Thompson Nickel Operations takes boldness and courage. We are committed to making the right decisions to deliver long-term value, creating meaningful benefits for the city of Thompson and our Indigenous partners, as well as for Manitoba," said Shastri Ramnath, Chief Executive Officer of Exiro Nickel. "This transaction will benefit the entire region and secure its long-term sustainability. We are proud to write the next chapter in the Thompson Nickel Operations' history alongside our strategic partners, executing a revitalization plan that will endure for generations."

"Our partnership with Vale, Exiro and Canada Growth Fund brings together experienced stakeholders and reflects our confidence in the quality of the Manitoba operations, its 60-year history and growth potential. The consortium is aligned on building on this proven foundation, strengthening operations and advancing exploration across the Thompson Nickel Belt, while supporting high-quality jobs in Manitoba," Istvan Zollei, Managing Partner, Chief investment officier, Orion Resource Partners. "Orion has a strong track record of partnership-based investment in mining and we look forward to working with employees, local communities and Indigenous partners to ensure the Thompson Operations operate safely, sustainably and competitively for years to come."

"Today's announcement secures the future of mining at Thompson, a site with a significant endowment and great people, and which is a key part of northern Manitoba's rich mining history", said Shaun Usmar, Chief Executive Officer of Vale. "I am extremely proud of all our mining operations have contributed to the region over the past 60 years and am delighted this significant new investment will be able to help unlock the operation's full potential, providing long-term stability and investment for the operation, the workers, and the community."

First discovered in 1956 and in continuous operation since 1961, the Thompson Mine now includes two underground mines that employ nearly 700 people. The Thompson Mine remains a vital source of high-grade nickel, an essential material for clean technologies and advanced manufacturing, underscoring the Thompson Mine's strategic importance in meeting growing global demand.

Transaction Highlights

• CGF will expand its mining portfolio with an up to US$85 million (~C$116 million) investment in Exiro Nickel alongside investments from Exiro, Orion and Vale to acquire the Thompson Mine from Vale.
• Exiro Nickel will operate the Thompson Mine following closing of the Transaction.
• Subject to the satisfaction of certain closing conditions, the Consortium will invest a total of up to US$200 million in Exiro Nickel to acquire the Thompson Mine and support a comprehensive operational turnaround plan.
• Following closing of the Transaction, Vale will hold an 18.9% equity stake in Exiro Nickel.
• The Transaction ensures continuity of operations and the long-term viability of nearly 700 jobs at one of Canada's largest underground nickel mining sites.
• The Thompson Mine is critical to North America's supply of critical minerals by producing 11,000+ tonnes of nickel concentrate annually.

About Canada Growth Fund

CGF is a $15 billion arm's-length investment vehicle designed to attract private capital to build Canada's clean economy. It uses investment instruments that absorb certain risks to catalyze private investment in low-carbon projects, technologies, businesses, and supply chains. Visit http://www.cgf-fcc.ca for more information.

About Canada Growth Fund Investment Management

In Budget 2023, the Government of Canada appointed PSP Investments, through a wholly owned subsidiary, to act as the asset manager for CGF. CGFIM serves as the independent and exclusive asset manager for CGF.

About Vale Base Metals 

Vale is one of the world's largest producers of high-quality nickel and an important producer of responsibly sourced copper and cobalt. Vale is based in London, United Kingdom with its global operations centre in Toronto, Canada. The company also has operations in Newfoundland & Labrador, Ontario, Manitoba, Indonesia, Brazil, and Japan. Vale is 90% owned by Vale S.A. and 10% owned by Manara Minerals Investment Company. 

About Exiro Minerals

Exiro Minerals will be a minority shareholder in Exiro Nickel, bringing to the table advanced exploration technologies and deep geological expertise.  Exiro Nickel will leverage this expertise to make new discoveries within the roughly 135km of prospective claims acquired as part of the Thompson Nickel Operation's assets.

About Exiro Nickel

Exiro Nickel, Canada's newest nickel producer, was born from the efforts of two veterans of Canada's mineral exploration and mining ecosystem, Shastri Ramnath (Chief Executive Officer, Exiro Minerals) and Stephanie Hart (Chief Executive Officer, Willeson Metals). These respected industry leaders successfully bid to acquire the Thompson Operations after bringing together a consortium of investors including Orion Resource Partners Management LP ("Orion"), Canada Growth Fund Inc. ("CGF"), Vale Base Metals and Exiro Minerals.

About Orion Resource Partners

Orion Resource Partners LP is a global investment firm specializing in the metals and materials critical to sustainable economic growth and energy transition, with more than $8 billion of assets under management and a team of more than 80 professionals across five global offices. Orion has successfully invested across the metals and materials value chain for over a decade, operating complementary investment strategies spanning the full liquidity spectrum, finding and capturing opportunities driven by the long-term trends of global decarbonization, the constrained supply of critical resources, and advancements in industrial technologies. Orion is a signatory to the UN PRI and the IFC Performance Standards on Environmental and Social Sustainability. For more information visit www.orionrp.com.

Advisors

Stikeman Elliott LLP is acting as legal advisor to CGF and CGFIM in connection with the Transaction.

PSP Investments' Conflict of Interest Policy

PSP Investments has established a policy to address the risk of any real, potential or perceived conflicts of interest in the context of the services provided by CGFIM to CGF, requiring PSP Investments and CGF to disclose where they have overlapping investments. 

At the time of the approval of the Transaction, PSP Investments held (i) an ownership stake in Vale S.A., the ultimate parent company of Vale Base Metals, of approximately 0.1% held through various portfolios in the context of its ordinary course public market activities and (ii) a passive minority limited partner interest, with no investment discretion or decision-making ability, in fund entities managed by Orion Resource Partners LP. 

The foregoing is being disclosed in accordance with PSP Investments' Conflicts of Interest Policy. 

SOURCE Canada Growth Fund Inc.

For CGF's Media relations, contact [email protected].