Vale Base Metals (VBM) is set to establish a consortium with three companies to inject up to $200m (C$273.86m) into the Thompson Mine Complex in Manitoba, Canada. This initiative aims to safeguard the future of nickel mining and ensure job stability in the region. The new entity, Exiro Nickel Company, will comprise Exiro Minerals, Orion Resource Partners, the Canada Growth Fund (CGF) and VBM. Exiro, Orion and CGF will hold 81.1% of Exiro Nickel Company, with VBM retaining an 18.9% stake. VBM has also ...

Thompson, Manitoba--(Newsfile Corp. - February 19, 2026) - Exiro Nickel Company Inc. ("Exiro Nickel") is pleased to announce that it has entered into an asset purchase agreement ("Agreement") to acquire a 100% interest in the Thompson Operations in Manitoba, Canada from Vale Base Metals ("Vale Base Metals"), including the producing Thompson nickel mine, plus exploration assets in the Thompson Nickel Belt. The transaction is expected to close by the end of 2026, subject to certain closing conditions includi ...

Core Viewpoint - Eramet's joint-venture PT Weda Bay Nickel has received a production quota of 12 million wet metric tons (Mwmt) from Indonesian authorities, significantly lower than the previously approved quota of 42 Mwmt for 2025 [1][3]. Group 1: Production Quota and Adjustments - The initial production and sales volume granted to PT WBN is 12 Mwmt, compared to an initial RKAB of 32 Mwmt and a revised quota of 42 Mwmt in July 2025 [1]. - PT WBN acknowledges the complex production quota policy by Indonesian authorities aimed at sustainable management of the nickel industry, which has led to an increase in the nickel ore index [2]. - PT WBN plans to prepare a Work Plan and Budget (RKAB) and will engage with local authorities and stakeholders to adjust its mining setup to minimize economic impacts on North Maluku [3]. Group 2: Future Plans and Commitments - PT WBN intends to apply for a revision of the production quota to a higher volume, reflecting the supply needs from smelter and HPAL facilities in the IWIP industrial park, estimated to exceed 100 Mwmt [3]. - The company is committed to maintaining a constructive dialogue with Indonesian authorities to secure sustainable production levels that benefit employees, local communities, and the regional economy [4]. Group 3: Company Overview - Eramet focuses on transforming mineral resources to provide sustainable solutions for industrial growth and energy transition challenges, recovering essential metals like manganese, nickel, lithium, and cobalt [5]. - The company aims to be a reference for responsible transformation of Earth's mineral resources, contributing to robust infrastructures and efficient technologies [6].

Core Viewpoint - Canada Nickel Company has secured a US$32 million bridge loan facility from Auramet International to advance its Crawford Nickel Sulphide Project and repay an existing loan with BT Capital [1][2]. Loan Facility - The bridge loan will close on or before February 9, 2026, and is due on May 9, 2026, with an interest rate of 1.00% per month and a 2.5% arrangement fee [2]. - Auramet will receive 1,750,000 one-year warrants at a 5% premium to the 5-day volume weighted average price of the company's shares prior to the closing date [2]. - Proceeds from the loan will be used for working capital and to repay the existing loan with BT Capital, subject to customary conditions including TSX Venture Exchange approval [2]. About Auramet - Auramet is a private company established in 2004, specializing in physical precious metals trading and project finance advisory services, with over $1.3 billion in term financing provided to date [3]. About Canada Nickel Company - Canada Nickel is focused on advancing nickel-sulphide projects to meet the demand from the electric vehicle and stainless-steel markets [4]. - The company is developing processes for net zero carbon nickel, cobalt, and iron products and is anchored by its Crawford Nickel-Cobalt Sulphide Project in the Timmins-Cochrane mining camp [4].

Core Insights - EV Nickel Inc. has announced positive results from a pilot-scale bioleaching and downstream metals recovery test program at its W4 Nickel Project, indicating readiness to advance towards a full-scale bioleaching facility [1][5] Bioleaching Technology - Bioleaching is a cost-effective processing technology that eliminates the need for expensive smelting and reduces upfront capital costs and operating expenses by minimizing energy consumption and complex materials handling [2] - The process utilizes naturally occurring bacteria to extract nickel at ambient temperatures, resulting in significantly lower greenhouse gas emissions compared to traditional methods [3] Pilot Program Results - The pilot program achieved nickel extraction rates of up to 98.9% and cobalt extraction rates of up to 98.8% under semi-continuous conditions, with nearly complete extraction within four days [5][6] - The pilot circuit operated continuously for 11 days, followed by 5 days of batch operation, resulting in 90.1% nickel and 89.6% cobalt extraction by day six [7][10] Product Recovery and Purity - The program demonstrated over 99% recovery of nickel and cobalt as a mixed hydroxide precipitate (MHP) and successful precipitation of nickel sulfate with a purity of up to 98.2% [8][10] - Iron removal was effective at over 99%, with minimal losses of nickel and cobalt, and magnesium was recovered as a saleable by-product [8][10] Future Development Plans - Based on the pilot results, the company plans to optimize processes to improve oxygen transfer efficiency, increase pulp density, and refine the nickel sulfate crystallization process [11] - Preliminary design criteria for a bioleach circuit processing 800 tonnes per day of W4 nickel ore have been developed, laying the groundwork for future engineering and economic studies [10] Strategic Positioning - EV Nickel aims to support North American on-shoring initiatives by providing clean nickel from its projects, which are located near Timmins, a hub for critical minerals [12][13] - The company is committed to collaborating with environmentally responsible organizations and stakeholders to develop essential critical minerals for the electric vehicle market [14]

Core Viewpoint - Canada Nickel Company has filed independent technical reports supporting the initial mineral resource estimates for its Midlothian and Bannockburn Nickel Sulphide Projects, with no material differences from previously disclosed results [1][2]. Group 1: Technical Reports - The technical reports were issued on February 2, 2026, with an effective date for the mineral resource estimates of December 15, 2025 [2]. - The reports are titled "National Instrument 43-101 Initial Mineral Resource Estimate and Technical Report for the Midlothian Ni-Co-Pd-Pt Deposit" and "National Instrument 43-101 Initial Mineral Resource Estimate and Technical Report for the Bannockburn Ni-Co-Pd-Pt Deposit" [2]. - The reports were prepared by Caracle Creek International Consulting Inc. and are available on SEDAR+ [2]. Group 2: Financial and Corporate Actions - Canada Nickel has amended its option agreement for the Midlothian property, agreeing to issue 27,400 common shares to optionors in exchange for deferring a payment of $200,000 from November 2025 to January 2026 [3]. Group 3: Company Overview - Canada Nickel is focused on advancing nickel-sulphide projects to meet the growing demand in electric vehicle and stainless-steel markets [5]. - The company is pursuing the development of processes for producing net zero carbon nickel, cobalt, and iron products, and has applied for trademarks related to these initiatives [5]. - Canada Nickel's flagship project is the 100% owned Crawford Nickel-Cobalt Sulphide Project located in the Timmins-Cochrane mining camp [5].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The nickel price is currently in a consolidation phase. Last week, Indonesia's review of the compliance of port logistics in the nickel industrial park increased the risk of supply disruptions, and the rainy season in the main production areas poses a challenge to the stability of raw material supply. In December, the net import volume of nickel products increased significantly, while weak downstream demand led to a further accumulation of inventory contradictions. However, as nickel ore supply tightens and the supply - demand pattern is expected to improve, the nickel price still has upward momentum [3][4] Group 3: Summary by Relevant Catalogs Nickel Market - **Nickel Price and Market Sentiment**: The nickel price is in a volatile state. The Shanghai Nickel 2602 contract opened at 141,500 yuan/ton and closed at 148,010 yuan/ton last week, with a weekly increase of 4.71%. The overall market sentiment shows that although there are short - term supply disruptions, the long - term supply - demand situation may drive the price up [3][4][9] - **Nickel Ore**: As of January 26, the CIF prices of Philippine laterite nickel ore with grades of 0.9%, 1.5%, and 1.8% were 30, 59, and 78.5 dollars/wet ton respectively, with week - on - week increases of 1, 4, and 0 dollars/wet ton. The domestic trade prices of Indonesian Ni1.2% and Ni1.6% nickel ore also increased. The supply is affected by the rainy season, with mining and shipping in the main production areas severely disrupted. The port inventory of nickel ore decreased to 7.36 million wet tons as of January 23, a week - on - week decrease of 5.03% [33][36] - **Refined Nickel**: In December 2025, China's electrolytic nickel monthly output was 31,400 tons, a month - on - month increase of 21.7%. The inventory continued to accumulate, with the pure nickel social inventory (including the SHFE) increasing to 66,300 tons last week, a week - on - week increase of 4.38%. The cost of electrolytic nickel production also increased slightly [45][49][56] - **Nickel Intermediate Products**: As of January 26, the FOB prices of MHP and high - grade nickel matte increased. In December 2025, Indonesia's MHP and high - grade nickel matte production increased, while the MHP import volume decreased and the high - grade nickel matte import volume increased [41] - **Nickel Sulfate**: In December 2025, China's nickel sulfate monthly output decreased to 35,000 nickel tons, a month - on - month decrease of 4.47%. The market is in a state of supply - demand game, with some downstream manufacturers adopting a wait - and - see attitude. The cost of nickel salt production provides strong support, and the price is in a volatile and consolidating state [59][65] - **Ferronickel**: In December 2025, the national ferronickel production (metal content) decreased to 21,200 tons, a month - on - month decrease of 22.07%. The supply side remains at a high level, and the price is approaching the upper limit that steel mills can bear, with a key contradiction between cost and profit [70][72] Stainless Steel Market - **Stainless Steel Price and Market Performance**: The stainless steel futures market was strong last week. The main contract opened at 14,290 yuan/ton and closed at 14,725 yuan/ton, with a weekly increase of 3.15%. The spot price of the 304 variety also increased [76] - **Stainless Steel Production**: In December 2025, China's stainless steel crude steel production decreased to 3.2605 million tons, a month - on - month decrease of 6.66%. It is expected that the production in January 2026 will increase to 3.4065 million tons, a month - on - month increase of 4.48% [78] - **Stainless Steel Inventory**: As of January 23, the stainless steel social inventory decreased to 921,600 tons, a week - on - week decrease of 0.61%. The inventory is still on a downward trend, but the speed has slowed down [81] - **Stainless Steel Cost**: The cost of 304 cold - rolled stainless steel increased to 14,009 yuan/ton as of January 27, a week - on - week increase of 1.53%, mainly due to the increase in raw material prices [85] Industry News - PT Gag Nikel in Indonesia was fined for environmental audit defects, and the regulatory mechanism is becoming stricter [7] - The Indonesian Commercial Competition Supervisory Commission pointed out monopoly behavior in the port storage and logistics of the Morowali Industrial Park in Central Sulawesi and required the opening of port services and management [7] - Jilin Jien Nickel Industry Co., Ltd.'s 60,000 - ton nickel sulfate project was officially put into operation on December 31, 2025 [7] - The nickel mine of Vale Indonesia suspended mining activities due to the unapproved RKAB quota in 2026, but the smelting project is still in production [7] - Shengtun Mining Group Co., Ltd. terminated the investment in the 40,000 - nickel - metal - ton high - grade nickel matte project in Indonesia [7]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The situation of nickel - related events in Indonesia is uncertain, and there is a game between hedging and speculative positions in the nickel market. The concerns about nickel mines in Indonesia have intensified, and the rising price of nickel - iron supports the center of the stainless - steel market [2] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Nickel main contract was 144,370, down 1,740 from T - 1; the closing price of the stainless - steel main contract was 14,465, down 75 from T - 1. The trading volume of the Shanghai Nickel main contract was 404,592, a decrease of 118,804 from T - 1, and that of the stainless - steel main contract was 454,242, a decrease of 25,750 from T - 1 [2] - **Industrial Chain Data**: The price of 1 imported nickel was 142,900, down 2,050 from T - 1; the ex - factory price of 8 - 12% high - nickel pig iron was 1,054, up 1 from T - 1; the price of red clay nickel ore 1.5% (Philippines CIF) was 59, unchanged from T - 1 [2] 3.2 Macro and Industry News - Indonesia has suspended issuing new smelting licenses through the OSS platform for projects producing Nickel matte, MHP, FeNi, and NPI [2] - China's Ministry of Commerce and General Administration of Customs have decided to implement export license management for some steel products from January 1, 2026 [3] - Indonesia's energy and mineral resources department will revise the benchmark price formula for nickel ore products in early 2026, and will levy royalties on cobalt as an independent commodity [3] - Indonesia plans to cut the 2026 nickel ore production target from 379 million tons to 250 million tons [5] - Some Indonesian mines may face fines of about 80.2 trillion Indonesian rupiah for illegal occupation of forest land, and are negotiating with the government [5] - Indonesian officials said that nickel production in 2026 will be adjusted according to industry demand and smelter production capacity, possibly around 250 - 260 million tons [5] - The KPPU found monopoly behavior in the port storage and logistics of the IMIP park in Indonesia, and the park is negotiating with the KPPU [5] - A Singapore - flagged bulk carrier carrying about 50,000 tons of nickel ore sank on its way to Yangjiang, China [6] - Indonesia's energy and mineral resources department has started to approve the 2026 mining work plan and budget (RKAB) [6] 3.3 Trend Intensity - The trend intensity of nickel is 0, and that of stainless steel is 0, indicating a neutral outlook for both [7]

Core Insights - The article highlights the successful metallurgical testing of six composites from Gemini North, demonstrating robust rougher flotation performance with nickel recoveries ranging from 81% to 85% and sulphur recoveries consistently above 97% under non-deslimed conditions [1] - The final cleaner concentrate grades exceeded 5% nickel, aligning with project targets for downstream bioleaching, with variability testing achieving grades as high as 9.70% Ni [1] Group 1 - Nickel recoveries achieved between 81% and 85% during rougher flotation [1] - Sulphur recoveries maintained above 97% under non-deslimed conditions [1] - Final cleaner concentrate grades surpassed 5% nickel, meeting project objectives [1] Group 2 - Variability testing resulted in nickel grades reaching up to 9.70% [1]

Core Insights - Canada Nickel has appointed Ausenco Engineering as the lead consultant for the Crawford Nickel Sulphide Project in Timmins, Ontario, with detailed engineering work set to begin [1][2] - The project aims to commence construction by the end of the year, supported by significant endorsements from the federal government [2][4] - Ausenco has a history of collaboration with Canada Nickel, having worked on various stages of the project since 2020 [3] Group 1: Project Development - Ausenco will handle detailed engineering for the process plant and supporting infrastructure at the Crawford project [1] - The Crawford Nickel Sulphide deposit is strategically located 42 km north of Timmins, near existing infrastructure [1] - Canada Nickel is focused on advancing nickel-sulphide projects to supply the electric vehicle and stainless-steel markets [3] Group 2: Partnerships and Community Engagement - Canada Nickel has established a significant agreement with the Mattagami, Matachewan, and Flying Post First Nations regarding the Crawford project [4] - Ausenco's vice-president expressed enthusiasm about the project's progression and the partnership with Canada Nickel [4]