VANCOUVER, British Columbia, Sept. 28, 2026 (GLOBE NEWSWIRE) -- Giga Metals Corp. (TSX-V: GIGA; OTCQB: GIGGF; FSE: BRR2) ("Giga Metals" or the "Company") today announced that effective September 28, 2026, and subject to the provisions of the Turnagain Joint Venture agreement dated August 15, 2022, Mitsubishi Corp ("Mitsubishi") has elected to exercise its Put Right ("the Put") and has agreed to sell its approximate 15% in the Turnagain Joint Venture back to Giga for nominal consideration. The Put and associated repurchase of the Joint Venture interest is anticipated to close on or around October 12, 2026.
"We would like to express our sincere appreciation for the opportunity to partner with Giga Metals on the Turnagain project since 2022" said Kota Ikenishi, General Manager of the Battery Minerals Department, Mitsubishi Corporation. "This decision is not a reflection of Turnagain, nor of the dedication, commitment, and hard work demonstrated by the Giga team. Rather, it is the result of Mitsubishi's broader portfolio review and assessment of the North American nickel and EV markets since investment."
"We want to thank Mitsubishi for its investment in the Turnagain project," said Scott Lendrum, CEO of Giga Metals Corp. "Together, we completed a robust Pre-Feasibility study of our nickel/cobalt deposit in 2023. Since then, due to continued uncertainty in the nickel market, we have turned our attention to the copper exploration potential in the 80% of the Turnagain ultramafic system that remains unexplored or underexplored. A multi-phase exploration program is currently underway, guided by Dr. Stephen Beresford, with an emphasis on known copper mineralization and the significant potential of the Attic Zone."
About Giga Metals Corporation
Giga Metals Corporation's core asset is the Turnagain Project located in northern British Columbia, which contains one of the few significant undeveloped sulfide nickel and cobalt resources in the world. The Pre-Feasibility Study was released in October 2023. The Turnagain ultramafic complex is also prospective for copper, platinum and palladium mineralization in the Attic Zone, an area adjacent to the known nickel resource.
Qualified Person
Technical information herein has been reviewed and approved by Greg Ross, P.Geo. Mr. Ross is the Project Manager for Giga Metals and is a Qualified Person under NI 43-101.
Forward-looking Statements
Certain statements in this news release are forward-looking statements, which reflect the expectations of the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements include, but are not limited to, completion of the Private Placement and any additional funding for the Turnagain Project. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: the conditions to closing of the Private Placement may be not be satisfied; the Company may not be able to locate suitable investors for the Private Placement and the terms for any additional funding of the Turnagain Project may not be finalized. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
On behalf of the Board of Directors of Giga Metals Corporation
"Scott Lendrum"
SCOTT LENDRUM,
CEO & Director
Contact Information
Office Phone: +1 (604) 681-2300
Investor Inquiries: info@gigametals.com
Company Website: www.gigametals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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