Giga Metals Completes Final Tranche of Upsized Private Placement

On November 6, 2025, Giga Metals announced the closing of the second and final tranche of its private placement. The company issued 3,904,109 non-flow-through (NFT) units at $0.11 per unit for gross proceeds of $429,451. Each unit consists of one common share and one warrant exercisable at $0.25 for 36 months.

Combined with the first tranche closed on October 29, 2025, the total gross proceeds from this financing amount to approximately $1.98 million, significantly exceeding the initially announced target of $1.0 million on October 15, 2025.

The CEO, Scott Lendrum, stated the company is now "well-funded to advance exploration at Turnagain," with an immediate focus on evaluating underexplored areas like the Attic zone for copper and PGE potential. The company also announced it is proceeding with a previously disclosed shares-for-debt settlement of $63,250 by issuing 632,500 common shares at a deemed price of $0.10.

The completion of this upsized financing is materially positive for Giga Metals. The company's financial position was weak, as evidenced by the working capital deficit of $132,720 reported in its Q1 2025 financials (as of March 31, 2025) and the series of financings conducted throughout the year. Raising nearly double the initial target indicates strong investor interest at current levels and provides the company with a much-needed capital injection.

This funding is critical for executing the exploration program outlined in late 2024 and reaffirmed by the CEO. It shifts the company from a precarious financial state to one where it has a reasonable runway to conduct geophysics and potentially drilling on its newly identified copper-PGE targets.

However, this positive development must be weighed against the significant shareholder dilution. In 2025 alone, the company has issued over 28.5 million shares and over 30 million warrants through financings and debt settlements. This creates a substantial share and warrant overhang that could cap share price appreciation in the near to medium term.

While the news secures the company's short-term future and allows it to pursue value-additive exploration, it does not change the long-term, high-risk nature of the Turnagain project. The successful financing is a means to an end, not the end itself. The value now depends entirely on the results of the upcoming exploration work.

Giga Metals Corp. is a Canadian exploration company focused on base metals. Its flagship asset is the Turnagain Project, located in northern British Columbia. Turnagain is one of the world's largest undeveloped sulphide nickel-cobalt deposits.

The project is held in a joint venture subsidiary, Hard Creek Nickel Corp., which is owned 85% by Giga Metals and 15% by strategic partner Mitsubishi Corporation. A Pre-Feasibility Study (PFS) on the project was completed in October 2023. While the core asset is the large nickel-cobalt resource, the company's recent focus has shifted to exploring the potential for higher-grade copper and platinum-group element (PGE) mineralization in underexplored areas of the large property, such as the Attic zone.

The Turnagain property is subject to a 2% Net Smelter Return (NSR) royalty. An additional claim is subject to a 4% NSR, which the company can buy down.