Giga Metals Corp. announced the results of a Pre-Feasibility Study (PFS) prepared in accordance with National Instrument 43-101 for the Turnagain Nickel-Cobalt Project located in British Columbia, Canada. Turnagain is owned by Hard Creek Nickel Corp, a joint venture owned by Giga Metals (85%) and Mitsubishi Corporation (15%).

All currencies are in USD. 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 USD 717 million (7% discount rate) and post-tax IRR and NPV of 11.4% and USD 574 million at a long-term nickel price of USD 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: USD 3.85/lb Ni in concentrate before byproduct credits at mine gate (Y3 ? 28 operating period).

The Pre-Feasibility Study builds on significant metallurgical and engineering studies and confirms the ability of Turnagain to produce high-quality nickel concentrate. Nickel concentrate is expected to be in greater demand for production of nickel products such as mixed hydroxide precipitate (MHP), mixed sulphide precipitate (MSP), high nickel content smelter matte or other forms of Class I products. MHP and Class I nickel demand is growing for the electric vehicle (EV) market, particularly materials sourced in a socially and environmentally responsible manner.

The PFS has been led and prepared by Tetra Tech Canada Inc. Giga Metals? primary driver for this update was to deliver a reliable and comprehensive PFS incorporating all project-related components for discussion with potential strategic partners and communities, targeting improvement opportunities, and serving as a basis for future engineering and environmental studies. All currencies are in USD using an exchange rate of USD 1.00 = CAD 1.30 and all production and cost data are typical full operating year (average of years 3 - 28) unless otherwise indicated.

Giga Metals expects to file the Technical Report for the PFS prepared in accordance with the requirements of National Instrument 43?101 on SEDAR+ within 45 days of this news release, including a description of the updated Mineral Resource Estimate and the Mineral Reserve Estimate. Summary: The PFS demonstrates a long-life, large-scale project that will deliver high-grade nickel sulphide concentrate with no significant deleterious impurities, into commercially proven processes such as pyrometallurgical smelters or hydrometallurgical refining using pressure oxidation facilities. The project has notable responsible mining characteristics beyond the low-carbon production including the following.

Sequestration of CO2 through naturally occurring mineral carbonation, transforming the Tailings Management Facility (TMF) into a permanent carbon mineralization facility. Safe and efficient tailings storage using centreline and downstream tailings dams in sub-aerial valley impoundment. Near-neutral water balance.

Located in a well-regulated and experienced mining jurisdiction that has adopted First Nations? rights to achieve informed consent during the permitting process. Typical values are annual or weight-averaged by processing plant feed or nickel production, as appropriate.

Site operating costs include all direct operating costs and G&A. Net operating costs are inclusive of transport to the destination port (assumed Asia) and net payment for contained cobalt and platinum-group elements byproducts after typical deductions and charges. Sustaining capital costs include ongoing TMF development, mining equipment, plant and infrastructure capital equipment replacement, and closure-related costs, net of salvage value. At projected long-term metals prices of USD 21,500/t Ni (USD 9.75/lb) and USD 58,500/t Co (USD 26.54/lb) and smelter terms of 78% and 50% payment, respectively, Turnagain is expected to have a pre-tax IRR and NPV of 11.1% and USD 717 million, and a post-tax IRR and NPV of 11.4% and USD 574 million, respectively.

The three price cases below are 7%, 19%, and 32% below the 20-year inflation-adjusted average price of USD 26,700/t Ni, respectively. No price consideration related to environmental, social and governance (ESG) metrics or ally-shoring aspects have been applied. Other sensitivity parameters have a smaller effect.

PFS Major Components: Geology and Mineralogy: The Turnagain Project is hosted in the Turnagain ultramafic complex, with predominantly dunite-serpentinite-wehrlite mineralization. Showings of semi-massive and massive sulphides have been identified by work to date. These semi-massive and massive zones, plus broad zones of disseminated sulphides, are generally hosted by dunite and wehrlite near the southern and eastern margins of the ultramafic body.

Primary sulphide minerals consist of pyrrhotite and pentlandite with minor chalcopyrite. Interstitial and blebby sulphides, with grain sizes ranging from 1 to 4 mm, are evident in widespread disseminated zones seen in drill cores. Mineral Resource Estimate: The mineral resource released in October 2022 has been updated through revised modeling.

The PFS mineral resource is shown below. This resource estimate includes the potentially mineable Horsetrail-Northwest-Duffy and Hatzl zones (north and south of Turnagain River, respectively) and excludes the resources located under the Turnagain River and within an assumed ecological offset boundary. Approximately 95% of the Measured and Indicated Resources lie in the Horsetrail-Northwest-Duffy zones north of the Turnagain River that are the focus of the current mine plan.

The mineral resources are contained in a large, contiguous, near-surface deposit amenable to large-scale open-pit mining techniques. This mineral resource is based on 254 Turnagain area drill holes completed from 2002 through 2021 including both resource and geotechnical drill holes in the ultramafic intrusive.