Joint venture to develop the Turnagain Nickel Deposit

The Turnagain nickel-cobalt project, located 70 km east of Dease Lake, British Columbia, contains one of the few significant undeveloped sulphide nickel and cobalt resources in the world.

On September 1, 2022, Giga announced that it completed a previously announced joint venture transaction with MC establishing Hard Creek. As announced on August 15, 2022, with the closing MC received a 15% equity interest in the joint venture for a cash consideration of C$8 million, while Giga received an 85% equity interest in exchange for contributing all related assets for Turnagain, its core asset.

Pursuant to the terms of the shareholders' agreement governing Hard Creek, Giga, with support from MC, will operate the joint venture. In addition to developing the project as one of the greenest and most environmentally friendly nickel projects globally, both Giga and MC intend for Hard Creek to work closely with local communities and relevant First Nations communities to develop the project in a way which will be beneficial for all stakeholders in British Columbia.

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Giga Metals is focused on metals critical to modern batteries, especially those used in Electric Vehicles and Energy Storage.

Mitsubishi Corporation engages in a wide range of businesses spanning multiple industries, overseen by its 10 Business Groups: Natural Gas, Industrial Materials, Petroleum & Chemicals, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution, Urban Development plus the recent addition of the Industry DX Group.