Department of Finance Canada said the Canada Growth Fund committed up to US$85 million, about C$116 million, as part of a transaction involving the Vale Base Metals Thompson Mine Complex in Manitoba.
The investment forms part of a US$200 million capitalization alongside Vale Base Metals, Exiro Minerals Corp. and Orion Resource Partners. Finance Canada said the transaction was expected to close by the end of 2026, subject to regulatory, government, and other closing conditions.
The Thompson assets include two operating underground mines, an adjacent mill, and exploration opportunities. Finance Canada framed the investment around nickel supply chains, critical minerals, and skilled jobs in the region.
The Canada Growth Fund is a $15 billion arm's-length public investment vehicle. As of February 2026, Finance Canada said it had announced 19 transactions and committed $5 billion across six provinces.
Public capital is being used to support a critical-minerals asset that can affect regional jobs, supply chains, exports, and future taxable business income.