Giga Metals Announces Filing of NI 43-101 Pre-Feasibility Study Technical Report (Vancouver, B.C., Canada) – Giga Metals Corp. (TSX.V: GIGA) (“Giga Metals” or the
October 24, 2023 TSX.V – GIGA / OTCQX – GIGGF / FSE – BRR2
Giga Metals Announces Filing of NI 43-101
Pre-Feasibility Study Technical Report
(Vancouver, B.C., Canada) – Giga Metals Corp. (TSX.V: GIGA) (“Giga Metals” or the
“Company”) announced that the Company has filed on www.sedarplus.ca an independent
technical report (the "Report") prepared in accordance with National Instrument 43-101
– Standards of Disclosure for Mineral Projects ("NI 43-101") supporting the results of a
Pre-Feasibility Study ("PFS") for the development of its Turnagain project located in
British Columbia, Canada. The results of the PFS were previously reported in the
Company's news release dated September 22, 2023, and there are no material differences
in the Report from those results. The effective date of the Report is September 22, 2023.
PFS Highlights:
- Large Long-life Mine: Annual production averaging 37,288 t/y Ni+Co in
concentrate over the nominal full operating rate period (Y3 – 28) based on a 30-
year project life with an extremely low strip ratio of 0.4 tonnes waste per tonne ore
- Positive Economics: Pre-tax IRR and NPV of 11.1% and $717M (7% discount
rate) and post-tax IRR and NPV of 11.4% and $574M at a long-term nickel price
of $9.75/lb, with 78% payability for nickel in concentrate
- High-grade Concentrate: Nickel concentrate averaging 18% Ni and 1.1% Co with
low impurities
- Low-carbon Operation: Scope 1+2 carbon intensity of <1.8 tonnes of CO2 per
tonne of Ni in concentrate
- Site Operating Costs: $3.85/lb Ni in concentrate before byproduct credits at mine
gate (Y3 – 28 operating period)
The full Report dated September 22, 2023, and entitled "Turnagain Nickel Project Pre-
feasibility Study, NI 43-101 Technical Report ", can be found on the Company's website
at https://gigametals.com/projects/technical-reports/ and on SEDARplus under the
Company's issuer profile at www.sedarplus.ca.
Qualified Persons
The PFS contributors who prepared or supervised the preparation of information that
forms the basis of the PFS disclosure in this news release are listed in the PFS document.
Lyle Trytten, P.Eng., Manager of Development for Giga Metals Corp, is a qualified
person as defined by NI 43-101. Mr. Trytten has reviewed and approved the technical
content of this news release.
The following persons are responsible for specific inputs into the PFS:
• Garth Kirkham, P.Geo., Kirkham Geosystems Ltd.: geological modelling, mineral
resource estimates
• Maurie Marks, P.Eng., Tetra Tech Canada Inc.: mining methods, mineral reserve
estimates, mining capital and operating cost estimates
• Ian Stillwell, P.Eng., BGC Engineering: mine and stockpile geotechnical design
• Matthew Cleary, P.Geo., BGC Engineering: hydrogeology
• Chris Martin, C.Eng., Sacanus Holdings Ltd: metallurgical testing, process design
• Jianhui (John) Huang, P.Eng., Tetra Tech Canada Inc.: recovery methods, process-
site services-G&A operating costs, and economic analysis
• David Moschini, P.Eng., Tetra Tech Canada Inc.: site water management
• Bereket Fisseha, P.Eng., Tetra Tech Canada Inc.: tailings management
• Ron Monk, M.Eng., P.Eng., Kerr Wood Leidal Associates Ltd: power supply design
• Hassan Ghaffari, P.Eng., Tetra Tech Canada Inc: other project infrastructure, overall
capital cost estimates, marketing study, and environment
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 sulphide nickel and
cobalt resources in the world. Turnagain is held in Hard Creek Nickel, a subsidiary owned
85% by Giga Metals Corporation and 15% by Mitsubishi Corporation. The Pre-Feasibility
Study results were announced in September 2023.
Forward looking statements
Certain statements in this news release are forward-looking statements, which reflect the
expectations of management regarding the Turnagain Project. Forward -looking
statements consist of statements that are not purely historical, including any statements
regarding beliefs, plans, expectations or intentions regarding the future. Any statements
that express or involve discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives or future events or performance (often, but not always, using words
or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might",
"should", "believe" and similar expressions) are not statements of historical fact and may
be "forward‐looking statements". Such statements in this news release include, but are not
limited to, statements with respect to the future potential economic viability of the Project,,
the estimation of mineral resources, mineral reserves and mineral prices, steps to be taken
towards commercialization of the Project, the timing and amount of estimated future
production and capital, operating and exploration expenditures and include, for greater
certainty, all estimates in the PFS such as the cash, flow, IRR, NPV's, initial capital and
life of mine production. 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 made in light of management's expertise 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 mineral
resource and mineral reserve estimates relating to the Project could prove to be inaccurate
for any reason whatsoever, (2) the Company may be unable to obtain financing for the
Project on acceptable terms or at all, (3) prices and demand for nickel, cobalt or battery
products could decline, (4) Project costs could differ substantially from those anticipated
in the PFS and make any commercialization uneconomic, (5) inferred and indicated
resources may not materialize, (6) permits, environmental opposition, government
regulation, cost overruns or any of many other factors may prevent the Company fro m
commercializing the Project, (7) additional but currently unforeseen work may be required
to advance to the feasibility stage, and (8) even if the 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 actual 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,
“Mark Jarvis”
MARK JARVIS
CEO
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 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