Turnagain Nickel-Cobalt Project PFS: $2.00B Capex Over a 30-Year Mine Life
Giga Metals Corp.'s Turnagain Nickel-Cobalt Project in Northwest British Columbia, Canada has a Pre-Feasibility Study (PFS) outlining initial capital of $2.00B. The mine plan runs 30 years at about 37000 t/y Ni + Co per year.
Giga Metals Corp.'s Turnagain Nickel-Cobalt Project has reported Pre-Feasibility Study (PFS) results for the nickel project in Northwest British Columbia, Canada. It reflects Giga Metals Corp.'s (GIGA.V) latest disclosed economics for the asset.
Economics. Initial capital expenditure is estimated at $2.00B. Economics are based on No base-case nickel/cobalt price deck disclosed in this presentation; PFS (Oct 2023) referenced. C1 costs year 3-28 average US$4.65/lb Ni..
Production and mine plan. The project envisions an open-pit operation. Life of mine is 30 years. Average annual production is approximately 37000 t/y Ni + Co. Average head grade is 0.205% Ni, 0.013% Co (P&P reserve grade). The open-pit strip ratio is 0.4:1.
These figures are extracted from Giga Metals Corp.'s technical disclosures and reflect the most recent PFS on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Proven | 408 Mt | 0.219% Ni, 0.013% Co | 1,970 million lbs Ni, 121 million lbs Co |
| Probable | 542 Mt | 0.194% Ni, 0.012% Co | 2,326 million lbs Ni, 146 million lbs Co |
| Proven & Probable | 950 Mt | 0.205% Ni, 0.013% Co | 4,296 million lbs Ni, 267 million lbs Co |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured & Indicated | 1,574 Mt | 0.210% Ni, 0.013% Co | 7,454 million lbs Ni, 452 million lbs Co |
| Inferred | 1,164 Mt | 0.206% Ni, 0.012% Co | 5,302 million lbs Ni, 316 million lbs Co |
Our Analysis
- Initial capex
- $2.00B
costlier than 91% of 528 projects we track
- Mine life
- 30yrs
- Study price assumption
- No base-case nickel/cobalt price deck disclosed in this presentation; PFS (Oct 2023) referenced. C1 costs year 3-28 average US$4.65/lb Ni.
A US$2.00B initial build against a company worth roughly US$6M is not a financing problem, it is the whole investment case. The capex itself is unremarkable in absolute terms, sitting below 9% of the 528 projects we track, but the ratio to equity is the number that matters: no nano-cap writes a cheque of that size from its own balance sheet. The realistic paths are a strategic partner or offtaker taking a large equity or streaming position, a joint venture that hands over a majority interest, or a full takeout by a larger miner. Each of those routes transfers value away from today's holders, and the dilution required to close a gap of this order would leave existing shareholders with a marginal stake in the outcome.
The economics are the supporting act, and they arrive with a PFS attached. A pre-feasibility study narrows estimates to roughly a plus or minus 25% band, which is a useful filter but not a build decision, and this one is dated October 2023. The 30-year mine life is a genuine asset, and the C1 guidance of US$4.65/lb nickel averaged over years 3 to 28 gives a cost anchor, though the presentation discloses no base-case price deck, so the revenue side of the return cannot be tested against anything. That absence matters more than usual here: with no price assumption to interrogate, the headline return rests on cost discipline and a long production profile rather than on demonstrated price leverage.
Northwest British Columbia is a mining-friendly jurisdiction with established permitting precedent, which helps at the margin but does not change the arithmetic. The single question is whether a partner can be found to carry a US$2.00B build alongside a company this small, on terms that leave existing holders with anything worth holding.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.
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