Giga Metals Takes Full Control of Turnagain After Mitsubishi Exit

Giga Metals said on September 28, 2026, that Mitsubishi Corp has elected to exercise its Put Right under the Turnagain Joint Venture agreement dated August 15, 2022, and agreed to sell its approximate 15% interest in the project back to Giga for nominal consideration. The company said the repurchase is expected to close on or around October 12, 2026.

For a retail holder following the name, the key point is that Giga said it will move to 100% ownership of Turnagain after the transaction closes. The company described Turnagain as its core asset in northern British Columbia.

Giga’s chief executive, Scott Lendrum, thanked Mitsubishi for its investment in the project and said the company completed a pre-feasibility study of its nickel/cobalt deposit in 2023. He also said that, due to continued uncertainty in the nickel market, Giga has turned its attention to the copper exploration potential in the 80% of the Turnagain ultramafic system that remains unexplored or underexplored.

Lendrum said a multi-phase exploration program is currently underway, guided by Dr. Stephen Beresford, with an emphasis on known copper mineralization and the potential of the Attic Zone.

Mitsubishi’s Kota Ikenishi, general manager of the Battery Minerals Department, said the decision was not a reflection of Turnagain or of Giga’s team, and said it resulted from Mitsubishi’s broader portfolio review and assessment of the North American nickel and EV markets since investment.