Giga Metals and Mitsubishi Corporation Complete Joint Venture Transaction
September 1 2022 TSXV - GIGA
Giga Metals and Mitsubishi Corporation Complete
Joint Venture Transaction
Vancouver, B.C. – Martin Vydra, President of Giga Metals Corporation (TSX.V: GIGA)
("Giga" or the "Company") announced today that the Company has completed its
previously announced joint venture transaction with Mitsubishi Corporation ("MC")
(Tokyo Stock Exchange: 8058) to form a new joint venture company, Hard Creek Nickel
Corp. ("Hard Creek"), to jointly pursue the development of the Turnagain Nickel Deposit
in northern British Columbia, Canada.
Further to the announcement on August 15, 2022, MC has now acquired a 15% equity
interest in Hard Creek in exchange for cash consideration of Cdn $8 million. Giga received
an 85% equity interest in Hard Creek in exchange for contributing all related assets for the
Turnagain Project. Pursuant to the terms of a shareholders' agreement governing Hard
Creek, Giga, with support from MC, will operate the joint venture, reporting to the board
of directors of Hard Creek, and will work on a Pre -Feasibility Study (PFS) for the
Turnagain Project with completion expected in the first half of 2023.
About Giga Metals Corporation
Giga Metals Corporation is focused on metals critical to modern batteries, especially those
used in Electric Vehicles and Energy Storage. The Company’s core asset is the Turnagain
Project, located in northern British Columbia, which contains one o f the few significant
undeveloped sulphide nickel and cobalt resources in the world. Giga Metals has formed a
joint venture with Mitsubishi Corporation to develop the Turnagain nickel/cobalt project
in Canada and plans to complete a Prefeasibility Study in H1 2023.
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, the timing and delivery of a PFS and the
future development of the Turnagain Project. Such statements are subject to risks and uncertainties
that may cause actual results, performance or developments to differ materially from those
contained in the statements. 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: (1) the timing of delivery of the PFS could
be delayed and additional and currently unforeseen work may be required to adv ance to the pre-
feasibility stage; (2) prices for nickel and cobalt could fall substantially or the project costs could
increase and make any commercialization uneconomic ;(3) inferred and indicated resources may
not materialize; (4) permits, environmental opposition, government regulation, cost overruns or
any of many other factors may prevent the commercialization of the Turnagain Project; and (5)
even if the Turnagain Project goes into production, there is no assurance that operations will be
profitable. 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 actu al results differed from those
projected in the forward -looking statements. Additional information about these and other
assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the
Company's most recent MD&A filed with Canadian security regulators.
On behalf of the Board of Directors,
MARTIN VYDRA
PRESIDENT
Tel - 604 681 2300
Contact Information
Office Phone - +1 (604) 681-2300
Investor Inquiries – [email protected]
Company Website: www.gigametals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Suite 203 – 700 West Pender St., Vancouver, BC, Canada V6C 1G8