Mark Jarvis, CEO of Giga Metals Corp. announced that the Company has updated its NI 43-101 mineral resource estimate based on an additional 15 drill holes totaling 6,295 metres drilled in 2021 that were drilled for resource expansion and resource classification upgrade in addition to supplying geotechnical data. Since the 2019 mineral resource update, Giga Metals has performed resource expansion and geotechnical drilling in addition to revising its geological modeling.

In addition, the schema for classification of resources has been adjusted to reflect drill spacing and reflect confidence that the proposed production rate can reasonably be realized within specified periods of time (i.e. quarterly and yearly). In addition, metal prices have been adjusted to reflect the current economic environment. As a result, the Measured plus Indicated resources have grown; however, the Inferred resources have also grown as the volumes of the ultimate conceptual pit have expanded.

This comparison is provided for information purposes only. This comparison should not be interpreted as a statement of mineral reserves; mineral reserves can only be defined in a Pre-Feasibility or Feasibility study. For the purpose of advancing engineering studies, the confidence level in enough of the resource has been increased to the Measured plus Indicated categories to support advancing studies to the Pre-Feasibility and Feasibility levels.

The mineral resource estimates for Turnagain were prepared to industry standards and best practices using commercial mine-modeling and geostatistical software. Garth Kirkham, P.Geo. is the Independent Qualified Person responsible for the Turnagain mineral resource estimates for the purposes of NI 43-101.

Mineral Resources are classified under the categories of Measured, Indicated and Inferred according to Canadian Institute of Mining, Metallurgy and Petroleum (CIM) guidelines. Mineral resource classification was based primarily on drill hole spacing and on continuity of mineralization. The grid spacing for each resource category to classify the resources assuming the current production rate of metal production estimation is used as the driving factor.

Therefore, no Measured Resources can be declared based on one hole. The uncertainty based on current information suggests sampling must be on a scale of approximately 75 x 75 m to delineate Measured resources. Indicated Resources are delineated from multiple drill holes located on a nominal 150 m grid pattern and Inferred Resources are based on material not falling in the categories above and within a maximum 200 m of at least one drillhole.

Final resource classification shells were manually constructed on plan and section for reasonable prospect of eventual economic extraction. The spacing distances are intended to define contiguous volumes and they should allow for some irregularities due to actual drill hole placement. The final classification volume results typically must be adjusted manually to come to a coherent classification scheme.