<SEC-DOCUMENT>0001279569-14-000554.txt : 20140401
<SEC-HEADER>0001279569-14-000554.hdr.sgml : 20140401
<ACCEPTANCE-DATETIME>20140401171226
ACCESSION NUMBER:		0001279569-14-000554
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140401
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140401
DATE AS OF CHANGE:		20140401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NovaCopper Inc.
		CENTRAL INDEX KEY:			0001543418
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35447
		FILM NUMBER:		14735191

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1950 - 777 DUNSMUIR STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7Y 1K4
		BUSINESS PHONE:		(604) 669-6227

	MAIL ADDRESS:	
		STREET 1:		SUITE 1950 - 777 DUNSMUIR STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7Y 1K4
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>form8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: bold 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">(UNITED STATES</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION)</B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">_______________________</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 20pt"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of Report (Date of earliest event
reported):</B> <B>April 1, 2014</B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">_______________________</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">&#9;</FONT><FONT STYLE="font-size: 20pt"><B>NovaCopper
Inc.</B></FONT></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 20pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&#9;(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&#9;_______________________</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 38%; text-align: center; vertical-align: middle"><B>British Columbia</B></TD>
    <TD STYLE="width: 29%; text-align: center; vertical-align: middle"><B>001-35447</B></TD>
    <TD STYLE="width: 33%; text-align: center; vertical-align: middle"><B>98-1006991</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">(State or other jurisdiction of incorporation)</TD>
    <TD STYLE="text-align: center; vertical-align: middle">(Commission
File Number)</TD>
    <TD STYLE="text-align: center; vertical-align: middle">(I.R.S. Employer Identification Number)</TD></TR>
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<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">Suite 1950, 777 Dunsmuir Street<BR>
Vancouver, British Columbia<BR>
Canada, V7Y 1K4</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices,
including zip code)</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(604) 638-8088</B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant's telephone number, including
area code)</P>

<P STYLE="font: bold 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">N/A</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2 below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9744;<FONT STYLE="font-size: 10pt"> Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9744; <FONT STYLE="font-size: 10pt">Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9744; <FONT STYLE="font-size: 10pt">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.24d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0">&#9744; <FONT STYLE="font-size: 10pt; line-height: 110%">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.23e-4(c))</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Item 7.01.&#9;Regulation FD Disclosure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-weight: normal">On April 1, 2014, NovaCopper
Inc. issued a press release announcing the filing of a National Instrument 43-101 compliant technical report for the Bornite Project
dated April 1, 2014. A copy of the press release is furnished as Exhibit 99.1 to this report. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-weight: normal">In accordance with General
Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to
be &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement
or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth
by specific reference in such filing. <I> </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><B>Item 9.01 Financial
Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">(d) Exhibits</P>

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    <TD STYLE="width: 82%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">NovaCopper files NI 43-101 Technical Report on the Bornite Project, Northwest Alaska, USA</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 0 0 3.75in; text-align: justify"><B>NOVACOPPER INC.</B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 0 0 3.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: justify; text-indent: -4in">&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>Dated: April 1, 2014</TD><TD>By:<U></U></TD><TD><U>/s/ Elaine Sanders&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3.75in"></TD><TD STYLE="width: 0.25in"></TD><TD>Elaine M. Sanders, Chief Financial Officer</TD></TR></TABLE>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED APRIL 1, 2014
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 33%">&nbsp;<IMG SRC="image_005.jpg" ALT=""></TD>
    <TD STYLE="width: 34%; text-align: center; vertical-align: middle"><FONT STYLE="font: 18pt Arial, Helvetica, Sans-Serif"><B>News Release</B></FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
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    <td>
        <P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 0"><b>&nbsp;&nbsp;TSX, NYSE-MKT</b></P>
        <P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 0"><b>&nbsp;&nbsp;Symbol: NCQ</b></P></td></tr>
</table>
<P STYLE="margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>NovaCopper Files NI 43-101 Technical Report
on the Bornite Project, Alaska</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>April 1, 2014 - Vancouver, British Columbia
- NovaCopper Inc. </B>(TSX, NYSE-MKT: NCQ) (&quot;NovaCopper&rdquo; or &quot;the Company&rdquo;) is pleased to announce that it
has filed a National Instrument 43-101 (&ldquo;NI 43-101&rdquo;) compliant technical report (the &ldquo;Report&rdquo;) titled &ldquo;NI
43-101 Technical Report on the Bornite Project, Northwest Alaska, USA.&rdquo; The effective date of this report is April 1, 2014.
The report was compiled by Mr. Bruce Davis, FAusIMM, the president of BD Resource Consulting Inc., Mr. Robert Sim P.Geo., of Sim
Geological Inc., and Mr. Jeff Austin, P.Eng., of International Metallurgical and Environmental Inc. and describes the potential
in-pit and below-pit resources previously announced by the Company on March 18, 2014. The Report has been filed on SEDAR and EDGAR
and is also available on the Company&rsquo;s website at www.novacopper.com.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Bornite Project is located in the highly
prospective Ambler mining district of northwestern Alaska. Highlights of the technical report are as follows:</P>

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify">Highlights:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">At a base case 0.50% copper cutoff grade,
the Bornite Project is estimated to contain in-pit Indicated Resources of <B>14.1 million tonnes at 1.08%</B> copper for <B>334
million pounds of contained copper</B> (see <B>Table 1</B> for details).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">At a base case 0.50% copper cutoff grade,
the Bornite Project is estimated to contain in-pit Inferred Resources of <B>109.6 million tonnes at 0.94% copper</B> for <B>2.3
billion pounds of contained copper</B> (see <B>Table 1</B> for details).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">At a base case 1.50% copper cutoff grade,
the Bornite Project contains below-pit Inferred Resources of <B>55.6 million tonnes at 2.81% copper</B> for <B>3.4 billion pounds
of contained copper</B> (see <B>Table 2</B> for details).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Contained copper in Indicated resources have
increased from 179 to <B>334</B> <B>million pounds</B> which constitutes an <B>87% increase</B> in contained metal.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Contained copper in Inferred resources have
risen from 3,292 to <B>5,696</B> <B>million pounds</B> which constitutes a <B>73% increase</B> in contained metal.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Table 1: Bornite Deposit &ndash; In-Pit Mineral Resource Estimate</B></P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: #BFBFBF">
    <td nowrap colspan="4" style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Indicated</b></font></td>
    <td nowrap colspan="3" style="border-top: Black 1pt solid; border-right: black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Inferred</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D9D9D9">
    <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Cutoff % Cu</b></font></td>
    <td style="width: 13%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Tonnes (millions)</b></font></td>
    <td style="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Grade % Cu</b></font></td>
    <td style="width: 22%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Contained Cu (lbs, millions)</b></font></td>
    <td style="width: 13%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Tonnes (millions)</b></font></td>
    <td style="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Grade % Cu</b></font></td>
    <td style="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Contained Cu (lbs, millions)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">0.35</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">16.8</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">0.97</font></td>
    <td nowrap style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">360 </font></td>
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">123.4</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">0.88</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">2,389 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">0.40</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">16.1</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">1.00</font></td>
    <td nowrap style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">354 </font></td>
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">119.8</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">0.89</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">2,359 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">0.45</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">15.1</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">1.04</font></td>
    <td nowrap style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">345 </font></td>
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">115.4</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">0.91</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">2,319 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>0.50</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>14.1</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>1.08</b></font></td>
    <td nowrap style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>334 </b></font></td>
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>109.6</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>0.94</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>2,259 </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">0.55</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">12.9</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">1.13</font></td>
    <td nowrap style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">321 </font></td>
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">102.8</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">0.96</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">2,180 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td nowrap style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">0.60</font></td>
    <td nowrap style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">11.8</font></td>
    <td nowrap style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">1.18</font></td>
    <td nowrap style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">307 </font></td>
    <td nowrap style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">95.2</font></td>
    <td nowrap style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">0.99</font></td>
    <td nowrap style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">2,086 </font></td></tr>
</table>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Base Case cutoff grade of 0.50% Cu is highlighted
in table. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Resources stated as contained within a pit
shell developed using a metal price of US$3.00/lb Cu, mining costs of US$2.00/tonne, milling costs of US$11/tonne, G&amp;A cost
of US$5.00/tonne, 87% metallurgical recoveries and an average pit slope of 43 degrees. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mineral Resources are not Mineral Reserves
and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted
into Mineral Reserves. See &ldquo;Cautionary Note to United States Investors.&rdquo; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred resources have a great amount of
uncertainty as to their existence and whether they can be mined legally or economically. It cannot be assumed that all or any part
of the Inferred resources will ever be upgraded to a higher category.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>Table 2: Bornite Deposit &ndash; Below-Pit Mineral Resource
Estimate</B></P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: #BFBFBF">
    <td nowrap colspan="4" style="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Inferred </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #D9D9D9">
    <td style="width: 20%; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Cutoff % Cu</b></font></td>
    <td style="width: 24%; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Tonnes (millions)</b></font></td>
    <td style="width: 21%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Grade % Cu</b></font></td>
    <td style="width: 35%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>Contained Cu (lbs, millions)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td nowrap style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">0.5</font></td>
    <td nowrap style="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">264.5</font></td>
    <td nowrap style="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">1.27</font></td>
    <td nowrap style="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">7,418</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">1.0</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">113.6</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">1.99</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">4,972</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>1.5</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>55.6</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>2.81</b></font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif"><b>3,437</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">2.0</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">40.9</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">3.21</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">2,887</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td nowrap style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">2.5</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">32.0</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">3.48</font></td>
    <td nowrap style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">2,448</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td nowrap style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">3.0</font></td>
    <td nowrap style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">22.3</font></td>
    <td nowrap style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">3.79</font></td>
    <td nowrap style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 11pt Arial, Helvetica, Sans-Serif">1,859</font></td></tr>
</table>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Base Case cutoff grade of 1.5% Cu is highlighted
in table. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mineral Resources are not Mineral Reserves
and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted
into Mineral Reserves. See &ldquo;Cautionary Note to United States Investors.&rdquo; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred resources have a great amount of
uncertainty as to their existence and whether they can be mined legally or economically. It cannot be assumed that all or any part
of the Inferred resources will ever be upgraded to a higher category.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is not aware of any environmental,
permitting, legal, title, taxation, social-political, marketing or other issue which may materially affect this estimate of mineral
resources. The estimates presented in the Technical Report constitute forward-looking statements and readers are urged not to place
undue reliance on such forward-looking statement. Additional cautionary and forward-looking statement information is detailed at
the end of this press release.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify">Qualified Persons</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify">Erin Workman, P.Geo., Director
of Technical Services for NovaCopper Inc., is a Qualified Person as defined by NI 43-101. Ms. Workman has reviewed the technical
information in this news release and approves the disclosure contained herein. Bruce Davis, FAusIMM, of BD Resource Consulting
Inc., Robert Sim, P.Geo., of Sim Geological Inc., and Jeff Austin, P.Eng., of International Metallurgical and Environmental Inc.,
and each a qualified person as defined by NI 43-101 have also reviewed the technical information in this news release and approve
the disclosure contained herein.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify">Neither Bruce Davis of BD Resource
Consulting Inc., Robert Sim of Sim Geological Inc., nor Jeff Austin of International Metallurgical &amp; Environmental Inc., nor
any associates employed in the preparation of the Bornite Project resource estimation have any beneficial interest in NovaCopper.
These Consultants are not insiders, associates, or affiliates of NovaCopper. The information in this press release is not dependent
upon any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any
future business dealings between NovaCopper and the Consultants. The Consultants were retained by NovaCopper to prepare the Bornite
Project resource estimate and are to be paid a fee for their work in accordance with normal professional consulting practices.</P>

<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 11pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify">About NovaCopper</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">NovaCopper Inc. is a base metals exploration
company focused on exploring and developing the Ambler mining district in Alaska. It is one of the richest and most-prospective
known copper-dominant districts located in one of the safest geopolitical jurisdictions in the world. It hosts world-class polymetallic
VMS deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits which have been found to host
high-grade copper mineralization. Exploration efforts have been focused on two deposits in the Ambler district &ndash; the Arctic
VMS deposit and the Bornite carbonate replacement deposit. A National Instrument 43-101-compliant Preliminary Economic Assessment
for the Arctic Deposit, completed in July 2013, identified a polymetallic open-pit project with the Net Present Value of $930 and
$535 million on the pre-tax and after-tax bases, respectively using an 8% discount rate and long-term metal prices of $2.90/lb
copper, $0.85/lb zinc, $0.90/lb lead, $22.70/oz silver and $1,300/oz gold. The Preliminary Economic Assessment is preliminary in
nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as reserves. There is no certainty the Preliminary Economic Assessment
will be realized. Both deposits are located within NovaCopper&rsquo;s land package that spans approximately 143,000 hectares. NovaCopper
has an agreement with NANA Regional Corporation, Inc., an Alaskan Native Corporation that provides a framework for the exploration
and potential development of the Ambler mining district in cooperation with the local communities. Our vision is to develop the
Ambler mining district into a premier North American copper producer.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">More information on the Company, its properties
and its management team is available on the Company&rsquo;s website at <B>www.novacopper.com</B>.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>NovaCopper Contact:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Patrick Donnelly</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Vice President, Corporate Communications</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">patrick.donnelly@novacopper.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>604-638-8088 or 1-855-638-8088</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B># # #</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Cautionary Note Regarding Forward-Looking Statements</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>This press release includes certain &quot;forward-looking
information&rdquo; and &quot;forward-looking statements&rdquo; (collectively &quot;forward-looking statements&rdquo;) within the
meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation
Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating
to the future operating or financial performance of NovaCopper, are forward-looking statements. Forward-looking statements are
frequently, but not always, identified by words such as &quot;expects&rdquo;, &quot;anticipates&rdquo;, &quot;believes&rdquo;,
&quot;intends&rdquo;, &quot;estimates&rdquo;, &quot;potential&rdquo;, &quot;possible&rdquo;, and similar expressions, or statements
that events, conditions, or results &quot;will&rdquo;, &quot;may&rdquo;, &quot;could&rdquo;, or &quot;should&rdquo; occur or be
achieved. These forward-looking statements may include statements regarding perceived merit of properties; exploration results
and budgets; mineral reserves and resource estimates; work programs; capital expenditures; timelines; strategic plans; market prices
for precious and base metals; or other statements that are not statements of fact. Forward-looking statements involve various risks
and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ
materially from NovaCopper's expectations include the uncertainties involving the need for additional financing to explore and
develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation
of drilling results and geological tests and the estimation of reserves and resources; the need for cooperation of government agencies
and native groups in the development and operation of properties; the need to obtain permits and governmental approvals; risks
of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and
permit requirements, unanticipated variation in geological structures, metal grades or recovery rates; unexpected cost increases,
which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange
rates; and other risks and uncertainties disclosed in NovaCopper&rsquo;s Annual Report on Form 10-K for the year ended November
30, 2013 filed with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission and
in other NovaCopper reports and documents filed with applicable securities regulatory authorities from time to time. NovaCopper's
forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. NovaCopper assumes
no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change,
except as required by law.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Cautionary Note to United States Investors</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>This press release has been prepared in accordance
with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless
otherwise indicated, all resource and reserve estimates included in this press release have been prepared in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects (&quot;NI 43-101&rdquo;) and the Canadian Institute of Mining, Metallurgy,
and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities
Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning
mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities
and Exchange Commission (&quot;SEC&rdquo;), and resource and reserve information contained herein may not be comparable to similar
information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term &quot;resource&rdquo;
does not equate to the term &quot;reserves&rdquo;. Under U.S. standards, mineralization may not be classified as a &quot;reserve&rdquo;
unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time
the reserve determination is made. The SEC's disclosure standards normally do not permit the inclusion of information concerning
&quot;measured mineral resources&rdquo;, &quot;indicated mineral resources&rdquo; or &quot;inferred mineral resources&rdquo; or
other descriptions of the amount of mineralization in mineral deposits that do not constitute &quot;reserves&rdquo; by U.S. standards
in documents filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories
will ever be converted into reserves. U.S. investors should also understand that &quot;inferred mineral resources&rdquo; have a
great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an &quot;inferred mineral resource&rdquo; will ever be upgraded to a higher category. Under Canadian
rules, estimated &quot;inferred mineral resources&rdquo; may not form the basis of feasibility or pre-feasibility studies except
in rare cases. Investors are cautioned not to assume that all or any part of an &quot;inferred mineral resource&rdquo; exists or
is economically or legally mineable. Disclosure of &quot;contained ounces&rdquo; in a resource is permitted disclosure under Canadian
regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute &quot;reserves&rdquo;
by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification
of &quot;reserves&rdquo; are also not the same as those of the SEC, and reserves reported by the Company in compliance with NI
43-101 may not qualify as &quot;reserves&rdquo; under SEC standards. Accordingly, information concerning mineral deposits set forth
herein may not be comparable with information made public by companies that report in accordance with U.S. standards. </I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>



<P STYLE="margin: 0; text-align: right"></P>

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