The Current deposit is hosted by serpentinized peridotite that intruded rocks of the Quetico Subprovince in the Midcontinent Rift, and is subdivided into three morphologically distinct regions — the shallow and thin Current–Bridge Zone in the northwest, the deep and thick 437–Southeast Anomaly (SEA) Zone in the southeast, and the thick Beaver–Cloud Zone in the middle. The magma parental to the Current deposit became saturated in sulfide as a result of the addition of external S from at least two sources — a deep source characterized by high Δ33S (< 3‰) values, and a shallow source, potentially the Archean metasedimentary country rocks, characterized by low Δ33S (< 0.3‰). Variations in Δ33S–S/Se–Cu/Pd values indicate that the contamination signatures were largely destroyed by interaction of the sulfide liquid with large volumes of uncontaminated silicate melt. The intrusion crystallized sequentially, with the Current–Bridge Zone crystallizing first, followed by the Beaver–Cloud Zone, and lastly by the 437–SEA Zone. This, along with the elevated Cu/Pd ratios in the 437–SEA Zone, which formed as a result of sulfide segregation during an earlier saturation event, and development of igneous layering in this zone, suggests that it represents the feeder channel to the Current deposit. After the intrusion crystallized, the base-metal sulfide mineralogy was modified by circulation of late-stage hydrothermal fluids, with pyrrhotite and pentlandite being replaced by pyrite and millerite, respectively. This fluid activity mobilized metals and semi-metals, including Fe, Ni, S, Se, Co, Cu, Ag, and As, but did not affect the PGE. This contribution highlights the importance of the interplay between magma dynamics and magmatic–hydrothermal processes in the formation of Ni–Cu–PGE-mineralized deposits.