Trilogy Metals Inc. — Director's Dealing 2014

Jul 10, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NovaCopper Inc. (NCQ)
CIK: 0001543418
Period of Report: 2014-07-07

Reporting Person: PAULSON & CO INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-07-07	Common Shares, no par value	P	2760870	—	Acquired	8673579	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-07-07	Warrants (right to buy)	$1.6	P	2760870	Acquired	2019-07-07	Common Shares, no par value (2760870)	Indirect

Footnotes

F1: Paulson & Co. Inc. ("Paulson") is an investment advisor registered under the Investment Advisors Act of 1940. Paulson is the investment manager of Paulson Advantage Master Ltd, Paulson Advantage Plus Master Ltd., Paulson Gold Master Fund Ltd., Paulson Partners Enhanced, L.P., Paulson Enhanced Ltd., Paulson International Ltd. and Paulson Partners L.P. (collectively, the "Funds") and certain separately managed accounts (the "Separately Managed Accounts"). John Paulson is the controlling person of Paulson. All securities reported on this Form 4 are owned by the Funds or held in the Separately Managed Accounts.

F2: Each of Paulson and John Paulson may be deemed to indirectly beneficially own the securities directly owned by the Funds or held in the Separately Managed Accounts. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Act"), the filing of this Form 4 shall not be deemed an admission by any person reporting on this Form 4 that such person, for purposes of Section 16 of the Act or otherwise, is the beneficial owner of any equity securities covered by this Form.

F3: The reported securities were included in 2,760,870 Units purchased by the Reporting Person for $1.15 per Unit. Each Unit consists of one Common Share and one Warrant to purchase one Common Share.