Mining Press Roundup: Vale Hands Thompson Nickel to an Exiro-Led Group as Vault Lending Nears

Exiro Minerals Corp., Orion Resource Partners LP and Canada Growth Fund Inc. have taken an 81.1% stake in Vale's Thompson nickel operations in northern Manitoba, with plans to invest up to $200 million. The deal puts a Canadian-backed group in charge of a critical-minerals asset that has operated for more than six decades. Vale Base Metals keeps a minority interest and a supply arrangement, so it stays tied to the mine's output. The transaction also concludes a strategic review the company began in January 2025.

Exiro Minerals, Orion and Canada Growth Fund: Taking Control of Thompson Nickel

Vale Base Metals (VBM), through its subsidiary Vale Canada Ltd., retains an 18.9% minority interest in the newly formed Exiro Nickel. Exiro Nickel now assumes day-to-day responsibility for the Thompson Mine Complex. The complex includes two operating underground mines, an adjacent mill and exploration opportunities across the 135-km-long Thompson Nickel Belt. VBM has also signed a multi-year agreement to buy nickel concentrate produced at the Thompson mill.

VBM CEO Shaun Usmar said: "Thompson has a significant nickel endowment and an exceptional workforce". The complex remains an important source of employment and economic activity in northern Manitoba, which is why the ownership change will be watched closely in the region.

The new owners have not yet said how the investment will be spent. The companies behind the deal have not specified a spending schedule or how the funds will be allocated, so the pace of any restart or expansion work is still unclear.

Project Vault: Preparing Loans for US Manufacturers

The US government-backed Project Vault is preparing to issue up to $1 billion in loans to American manufacturers seeking critical minerals. VaultCo, the entity managing the stockpiling initiative, is in talks with more than 70 companies across the supply chain, Bloomberg reported. VaultCo Executive Chairman Brett Lambert told Bloomberg: "In the first tranche, we'll have more than a dozen firms, followed by more than a dozen shortly after."

Lambert said recipients would not be publicly identified at this stage. The announcement is expected to disclose the types of minerals they have requested. Participants have asked for more than raw metals and minerals: their requests also cover specialized magnets, powders, alloys and other processed materials. Lambert told Bloomberg: "There isn't any one mineral that stands out, but the specificity of the requests have surprised me."

Launched in February, Project Vault is an independently governed public-private partnership. It is backed by a $10 billion loan from the US Export-Import Bank (EXIM) and nearly $2 billion in private investment. Glencore and Mercuria recently committed $500 million each, and Mercuria has already delivered 12,000 tonnes of copper from the Democratic Republic of Congo to the program.

Arafura Rare Earths: Binding NdPr Supply Deal With Traxys

Arafura Rare Earths (ASX:ARU) has agreed to supply Traxys North America with 850 tonnes of neodymium-praseodymium (NdPr) oxide a year from its Nolans project, up 70% from the volume in their original term sheet. The binding agreement runs for five years, with an option to extend by two years by mutual consent. Arafura's May 2026 term sheet with Traxys outlined annual deliveries of 500 tonnes of NdPr oxide and potential supplies of 7.5 tonnes of dysprosium-terbium oxides.

The counterparty has a US link. Traxys is one of three commodity trading and procurement companies selected to source and manage materials for the US strategic reserve program. Australia's A$1.2 billion Critical Minerals Strategic Reserve has separately committed to buying 500 tonnes of NdPr oxide annually from Nolans.

Hancock Prospecting, controlled by mining billionaire Gina Rinehart, holds a 17.5% stake in Arafura. Nolans is about 135 km from Alice Springs. Construction began this month, with first production expected in mid-2029. Arafura says the project could meet about 5% of global rare earth demand.

Hycroft Mining: Highest Gold Grades Yet at Vortex

Hycroft Mining (Nasdaq: HYMC) drilled the highest gold grades yet at its Nevada mine, extending a high-grade zone it is assessing for underground production. Hole H26D-6175A cut 19.6 metres grading 30.49 grams gold per tonne and 1,726.72 grams silver from 416.5 metres at Vortex, the company reported on Tuesday.

The latest result includes 1.7 metres grading 347.07 grams gold and 9,526.36 grams silver from 433.2 metres. Visible gold was observed in the core, and no true width was reported. Executive Chair and CEO Diane Garrett said: "The combination of higher grades and longer intercepts suggests we may be getting close to a potential source of the Vortex system."

Vortex and Brimstone high-grade domains contain measured and indicated resources of 18.1 million tonnes grading 154.71 grams silver and 0.512 gram gold per tonne, according to the January resource estimate. BMO Capital Markets analyst Brian Quast's Sept. 28 note estimated a $3.4-billion (C$4.8 billion) construction cost for Hycroft's broader milling project.

Minnova: Restart Plan for Manitoba's PL Gold Mine

Minnova (TSXV: MCI) outlined a C$76.2-million ($53.4-million) plan to bring Manitoba's PL gold mine back into production in 2028, using existing infrastructure to limit upfront spending. The preliminary economic assessment shows the operation near Sherridon, roughly 630 km northwest of Winnipeg, averaging 62,200 oz. annually over 10 years.

At $3,000-per-oz. gold, the study projects a $180.6-million after-tax net present value, discounted at 5%, and a 111% internal rate of return. All-in sustaining costs come in at $2,288 per oz. The economics are sensitive to price: a 20% gold-price decline to $2,400 cuts the after-tax value to $5 million.

PL's September resource estimate contains 3.76 million measured and indicated tonnes grading 4.98 grams gold per tonne for 601,158 ounces. Minnova shares fell 3.2% by midday Thursday in Toronto, valuing the company at about C$19 million ($13 million).

Fortuna Mining: Southern Arc Extends Diamba Sud at Depth

Fortuna Mining's hole DSR1149 in the Southern Arc zone at Diamba Sud in Senegal cut 40.8 metres of 3.9 grams gold per tonne from 228 metres downhole, extending the deposit at depth. Diamba Sud holds probable reserves of 20.5 million tonnes grading 1.75 grams gold for contained metal of 1.15 million oz. gold, according to an estimate dated April 2026.

Fortuna is targeting a final investment decision this quarter. It says negotiations over a tax stability agreement with Senegal are in their final stages, according to an Oct. 7 update. A feasibility study released in June used a 5% discount rate and a gold price of $3,500 per oz. On those inputs, Diamba Sud has an after-tax net present value of $1 billion, a 60% internal rate of return and a one-year payback period.

Equinox Gold: Quarterly Output Climbs After Orla Merger

Equinox Gold (TSX, NYSE: EQX) reported production of 237,019 oz in the September quarter, up from 176,836 oz in the previous three months, following its merger with Orla Mining. The company produced 611,483 oz in the first nine months of 2026. It says it is on track to meet its full-year guidance of 870,000 to 920,000 oz.

The company's South Railroad gold project in Nevada has also secured a federal record of decision and final federal permits. First gold production is scheduled for 2028.

What It Means

Two themes run through today's announcements. The first is the continued rearrangement of critical-minerals supply chains around North American and allied buyers. Thompson moves to a Canadian-backed owner with Vale still holding a stake and buying the concentrate. Project Vault readies loans for US manufacturers, and Arafura's Nolans project ties itself to a counterparty selected for the US strategic reserve program. Capital is moving toward processed and specialized materials as well as raw metal, and Lambert's comments on the specificity of Vault requests point the same way.

The second is gold developers advancing projects with the metal at elevated levels. According to market data, gold traded at $4,156/oz, up 1.1% versus the prior close, and silver was at $57.09/oz, up 2.4%. That backdrop matters to silver-rich Hycroft, to Minnova and Fortuna with their study economics, and to Equinox with its Nevada permits. For Exiro Nickel, the open question is the spending plan, which the deal's backers have yet to detail.

This roundup covers press releases published on October 16, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.