Vale (VALE) sets up Thompson Nickel Belt consortium with US$200m pledge

Rhea-AI Filing Summary

Vale S.A. reports that its subsidiary Vale Base Metals is forming a new four-party consortium for the Thompson Nickel Belt in Manitoba with Exiro Minerals, Orion Resources Partners and Canada Growth Fund. Exiro, Orion and CGF will collectively hold 81.1% of a new company, while Vale Base Metals will retain an 18.9% minority stake.

The consortium partners have committed to investing up to US$ 200 million to support the future of nickel mining in Thompson. Vale Base Metals has also signed an offtake agreement for nickel concentrate from the Thompson Mill, helping it maintain its strategic position as a leading nickel producer in Canada. The transaction is expected to close by the end of 2026, subject to regulatory and government approvals.

Insights

Mining strategy and capital allocation analyst

Vale reshapes Thompson exposure via consortium while securing nickel offtake.

Vale Base Metals is moving Thompson Nickel Belt into a new consortium where partners Exiro, Orion and Canada Growth Fund will own 81.1%, and Vale retains an 18.9% minority stake. The group has committed up to US$ 200 million to support ongoing mining activities.

This structure fits into a strategic review of Thompson and suggests Vale is prioritizing portfolio competitiveness while limiting direct capital burden. An offtake agreement for nickel concentrate from the Thompson Mill helps preserve Vale’s role as a leading Canadian nickel supplier, aligning physical supply with its broader base metals strategy.

The transaction is expected to close by the end of 2026, subject to regulatory and government authorizations. Future disclosures in company reports may clarify how much of the up to US$ 200 million commitment is deployed and how the new ownership mix influences Thompson’s long-term production profile.

Form 6-K: How Foreign Companies Report to the SEC →

United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the

Securities Exchange Act of 1934

For the month of

February 2026

Vale S.A.

Praia de Botafogo nº 186, 18º andar, Botafogo
22250-145 Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Check One) Form 20-F x Form 40-F ¨

Press Release  

Vale Base Metals enters into an agreement to form a four-party consortium for Thompson Nickel Belt

Rio de Janeiro, February 19^th, 2026 – Vale S.A. (“Vale” or the “Company”) announces that its subsidiary Vale Base Metals (“VBM”) has signed an agreement with Exiro Minerals Corporation ("Exiro"), Orion Resources Partners LP ("Orion"), and Canada Growth Fund Inc. ("CGF") to create a new consortium of owners for the Thompson Nickel Belt in Manitoba.

The transaction is part of the strategic review of Thompson, aimed at strengthening the competitiveness of VBM’s global mining portfolio, and positioning the operations for long-term value creation.

Under the agreement, the companies will form a new company in which Exiro, Orion and CGF will own 81.1%, while VBM will retain an 18.9% minority stake. The consortium partners have also committed to investing up to US$ 200 million to secure the future of nickel mining in Thompson, Manitoba.

In addition, VBM has signed an offtake agreement for the nickel concentrate produced at the Thompson Mill to maintain its strategic position as Canada’s leading nickel producer.

The transaction is expected to close by the end of 2026, subject to customary regulatory and government authorization.

Marcelo Feriozzi Bacci

Executive Vice President, Finance and Investor Relations

For further information, please contact:

Vale.RI@vale.com

Thiago Lofiego: thiago.lofiego@vale.com

Luciana Oliveti: luciana.oliveti@vale.com

Pedro Terra: pedro.terra@vale.com

Patricia Tinoco: patricia.tinoco@vale.com

This press release may include statements that present Vale’s expectations about future events or results. All statements, when based upon expectations about the future, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Vale S.A. (Registrant)
	By:	/s/ Thiago Lofiego
Date: February 19, 2026		Director of Investor Relations

FAQ

What did Vale S.A. (VALE) announce regarding the Thompson Nickel Belt?

Vale announced that its subsidiary Vale Base Metals will form a new four-party consortium for the Thompson Nickel Belt in Manitoba. Exiro Minerals, Orion Resources Partners and Canada Growth Fund will join, shifting Thompson into a new ownership structure focused on long-term value creation.

How will ownership of the new Thompson Nickel Belt company be split for VALE?

The new company will be majority-owned by Exiro, Orion and Canada Growth Fund, holding a combined 81.1% interest. Vale Base Metals will retain an 18.9% minority stake, allowing Vale to stay involved in Thompson while reducing its direct ownership share.

How much capital is being committed to the Thompson Nickel Belt consortium with Vale?

Consortium partners have committed to invest up to US$ 200 million to secure the future of nickel mining in Thompson, Manitoba. This capital is intended to support operations and development as part of a broader strategic review of the Thompson assets.

What offtake agreement did Vale Base Metals sign in this Thompson transaction?

Vale Base Metals signed an offtake agreement for nickel concentrate produced at the Thompson Mill. This arrangement helps Vale maintain its strategic position as Canada’s leading nickel producer by ensuring continued access to concentrate from the Thompson operations.

When is the Thompson Nickel Belt consortium deal involving Vale expected to close?

The transaction is expected to close by the end of 2026, subject to customary regulatory and government authorization. Completion will depend on receiving these approvals, after which the new ownership structure and investment commitments can be fully implemented.

How does the Thompson Nickel Belt consortium fit Vale’s broader strategy?

The transaction is described as part of a strategic review of Thompson, aimed at strengthening the competitiveness of Vale Base Metals’ global mining portfolio. By bringing in partners and capital while keeping offtake rights, Vale targets long-term value creation from its nickel business.