Giga Metals Buys Out Mitsubishi to Own Turnagain Project Outright
Giga Metals is acquiring Mitsubishi's ~15% stake in the Turnagain Joint Venture for nominal cost, giving it full ownership of the nickel project.
Giga Metals just made a move that every junior miner dreams about: full ownership of its flagship asset for next to nothing. The Vancouver-based company announced on September 28, 2026, that Mitsubishi Corporation has exercised its Put Right under the Turnagain Joint Venture agreement, electing to sell its roughly 15% stake back to Giga Metals for nominal consideration.
The deal traces back to the original joint venture agreement signed on August 15, 2022. That agreement included a Put Right provision — essentially an exit door for Mitsubishi — and the Japanese conglomerate has now walked through it. When a major strategic partner exits at nominal value, the market reads that two ways: either the asset isn't worth the trouble, or the junior is picking up serious upside on the cheap. Your read matters here.
Read more Boeing 737 Max 10 Certification Hits Another Software Snag →
The transaction is expected to close on or around October 12, 2026. Once complete, Giga Metals will hold 100% of the Turnagain Project, consolidating control without diluting shareholders or taking on heavy debt to do it. That's a structurally cleaner balance sheet position heading into whatever comes next for the project.
For retail traders watching the nickel and battery-metals space, full project ownership removes a layer of joint-venture complexity that can cloud valuations. Giga Metals trades on the TSX Venture Exchange under the ticker GIGA, and also on the OTCQB as GIGGF and on the Frankfurt Stock Exchange as BRR2. Watch volume and price action around the October 12 close date — that's your catalyst window.
Continue reading at GlobalNewswire.
