Mr. Mark Jarvis reports

GIGA METALS ANNOUNCES TERMS OF $6 MILLION OFFERING

Further to its previously announced overnight marketed public offering of units of the company, Giga Metals Corp. has entered into an underwriting agreement with a syndicate of underwriters led by Cantor Fitzgerald Canada Corp., as lead underwriter and sole book runner, and including Canaccord Genuity Corp., Haywood Securities Inc. and Echelon Wealth Partners Inc. to sell: (i) 7.8 million common share units at a price to the public of 45 cents per common unit and (ii) 4.8 million flow-through shares units at a price to the public of 51 cents per FT unit. Each common unit shall comprise one common share in the capital of the company and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at 60 cents at any time on or before the date which is 36 months after the closing date. Each FT unit shall comprise one common share in the capital of the company that qualify as flow-through shares for purposes of the Income Tax Act (Canada) and one warrant.

The company has granted to the underwriters an option, exercisable in whole or in part, in the sole discretion of the underwriters, for a period of 30 days from and including the closing of the offering, to purchase up to an additional 1.17 million common units at the common unit price and 720,000 FT units at the FT unit price. If the overallotment option is exercised in full, the total gross proceeds to the company will be approximately $6.9-million.

The company will pay the underwriters a cash commission equal to 6.5 per cent of the gross proceeds of the offering, including proceeds received from the exercise of the overallotment option, in addition to broker warrants to purchase up to 6.5 per cent of the number of offered units, including the offered units from the exercise of the overallotment option sold in the offering, at the closing of the offering. Each broker warrant shall entitle the underwriters to purchase one unit having the same terms as a common unit at the common unit price at any time on or before the date which is 36 months after the closing date.

The offered units will be offered by way of a short form prospectus in Canada in the provinces of Ontario, British Columbia and Alberta. The offered units will not be offered or sold in the United States except under Rule 144A or Regulation D or in such other manner as to not require registration under the United States Securities Act of 1933, as amended. The offered units may also be offered in those jurisdictions outside of Canada and the United States as agreed to by the company and the underwriters provided that no prospectus filing or comparable obligation arises and the company does not thereafter become subject to continuous disclosure obligations in such jurisdictions.

The offering is expected to close on or about April 16, 2021, and will be subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange of the listing of the common shares and warrants (including the common shares and warrants comprising the units, the common shares issuable upon the exercise of the warrants, and the warrants and common shares issuable pursuant to the exercise of the broker warrants).

Proceeds received from the sale of the FT units will be used solely to incur Canadian exploration expenses as defined in Subsection 66.1(6) of the Income Tax Act (Canada) on Giga Metals' directly and indirectly held mineral properties in British Columbia and renounced to subscribers effective Dec. 31, 2021. Proceeds received from the sale of the common units will be used for development and exploration expenses at the Turnagain project in British Columbia as well as for general corporate expenses and purposes.

About Giga Metals Corp.

Giga Metals is focused on metals critical to modern batteries, especially those used in electric vehicles and energy storage. The company'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.

We seek Safe Harbor.