Mr. Lyle Trytten reports

GIGA METALS ANNOUNCES FILING OF NI 43-101 PRE-FEASIBILITY STUDY TECHNICAL REPORT

Giga Metals Corp. has filed on SEDAR+ an independent technical report prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects supporting the results of a prefeasibility study (PFS) for the development of its Turnagain project located in British Columbia, Canada. The results of the PFS were previously reported in the company's news release dated Sept. 22, 2023, and there are no material differences in the report from those results. The effective date of the report is Sept. 22, 2023.

PFS highlights:

• Large long-life mine: Annual production averaging 37,288 tonne per year Ni+Co (nickel plus cobalt) 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 tonne waste per tonne ore.
• Positive economics: Pretax IRR (internal rate of return) and NPV (net present value) of 11.1 per cent and $717-million (7-per-cent discount rate) and posttax IRR and NPV of 11.4 per cent and $574-million at a long-term nickel price of $9.75/pound, with 78-per-cent payability for nickel in concentrate.
• High-grade concentrate: Nickel concentrate averaging 18 per cent Ni and 1.1 per cent Co with low impurities.
• Low-carbon operation: Scope 1+2 carbon intensity of less than 1.8 tonnes of CO2 per tonne of Ni in concentrate.
• Site operating costs: $3.85/lb Ni in concentrate before byproduct credits at mine gate (Y3 -- 28 operating period).

The full Report dated Sept. 22, 2023, and entitled "Turnagain Nickel Project Pre-feasibility Study, NI 43-101 Technical Report," can be found on the company's website and on SEDAR+ under the company's issuer profile.

Qualified persons

The PFS contributors who prepared or supervised the preparation of information that forms the basis of the PFS disclosure in this news release are listed in the PFS document.

Lyle Trytten, PEng, manager of development for Giga Metals, is a qualified person as defined by NI 43-101. Mr. Trytten has reviewed and approved the technical content of this news release.

The following persons are responsible for specific inputs into the PFS:

• Garth Kirkham, PGeo, Kirkham Geosystems Ltd.: geological modelling, mineral resource estimates;
• Maurie Marks, PEng, Tetra Tech Canada Inc.: mining methods, mineral reserve estimates, mining capital and operating cost estimates;
• Ian Stillwell, PEng, BGC Engineering: mine and stockpile geotechnical design;
• Matthew Cleary, PGeo, BGC Engineering: hydrogeology;
• Chris Martin, CEng, Sacanus Holdings Ltd.: metallurgical testing, process design;
• Jianhui (John) Huang, PEng, Tetra Tech Canada: recovery methods, process-site services -- G&A operating costs and economic analysis;
• David Moschini, PEng, Tetra Tech Canada: site water management;
• Bereket Fisseha, PEng, Tetra Tech Canada: tailings management;
• Ron Monk, MEng, PEng, Kerr Wood Leidal Associates Ltd.: power supply design;
• Hassan Ghaffari, PEng, Tetra Tech Canada Inc: other project infrastructure, overall capital cost estimates, marketing study and environment.

About Giga Metals Corp.

Giga Metals' 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. Turnagain is held in Hard Creek Nickel, a subsidiary owned 85 per cent by Giga Metals and 15 per cent by Mitsubishi Corp. The prefeasibility study results were announced in September, 2023.

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