Vancouver-based Giga Metals Corp. has become the sole owner of its Turnagain nickel-cobalt project in northern British Columbia after Mitsubishi Corp. opted to sell back its roughly 15 per cent stake in the joint venture.
The Japanese trading company exercised a put right under the terms of the Turnagain Joint Venture agreement, which dates back to August 2022, agreeing to transfer its interest to Giga Metals for nominal consideration. The deal took effect September 28, 2026, with closing expected around October 12, 2026.
Kota Ikenishi, General Manager of Mitsubishi’s Battery Minerals Department, said the decision stemmed from a broader review of the company’s portfolio and its assessment of the North American nickel and electric vehicle markets, rather than any reflection on the Turnagain project itself or Giga’s work on it.
Shift Toward Copper Exploration
Giga Metals CEO Scott Lendrum thanked Mitsubishi for its investment since the partnership began in 2022, noting the two companies completed a Pre-Feasibility Study of the nickel-cobalt deposit in 2023. Since then, Lendrum said, continuing uncertainty in the nickel market has led Giga to redirect its focus toward the copper exploration potential found across the roughly 80 per cent of the Turnagain ultramafic system that remains unexplored or underexplored.
The company says a multi-phase exploration program is currently underway at the site, led by Dr. Stephen Beresford, targeting known copper mineralization as well as the Attic Zone, an area near the existing nickel resource that Giga considers a significant target.
About the Turnagain Project
The Turnagain Project, located in northern British Columbia, is described by Giga Metals as one of the few significant undeveloped sulfide nickel and cobalt resources in the world. Beyond nickel and cobalt, the ultramafic complex is also considered prospective for copper, platinum and palladium mineralization within the Attic Zone.
Giga Metals trades on the TSX Venture Exchange under the symbol GIGA, as well as on the OTCQB and Frankfurt Stock Exchange. The company’s release notes that technical information related to the project has been reviewed by Greg Ross, a professional geoscientist serving as the company’s Project Manager and a qualified person under NI 43-101 standards.
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