Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 30, 2020 | Jan. 20, 2021 | May 31, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001173420 | ||
Entity Registrant Name | NOVAGOLD RESOURCES INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --11-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Nov. 30, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-31913 | ||
Entity Incorporation, State or Country Code | A1 | ||
Entity Address, Address Line One | 201 South Main, Suite 400 | ||
Entity Address, City or Town | Salt Lake City | ||
Entity Address, State or Province | UT | ||
Entity Address, Postal Zip Code | 84111 | ||
City Area Code | 801 | ||
Local Phone Number | 639-0511 | ||
Title of 12(b) Security | Common Shares | ||
Trading Symbol | NG | ||
Security Exchange Name | NYSEAMER | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,314,280,000 | ||
Entity Common Stock, Shares Outstanding | 331,320,620 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 30, 2020 | Nov. 30, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 60,906 | $ 67,549 |
Term deposits | 61,000 | 81,000 |
Current portion | 72,611 | 0 |
Other assets (Note 6) | 1,869 | 1,790 |
Current assets | 196,386 | 150,339 |
Notes receivable (Note 4) | 23,405 | 92,679 |
Investment in Donlin Gold (Note 5) | 2,614 | 1,840 |
Other assets (Note 6) | 2,036 | 977 |
Total assets | 224,441 | 245,835 |
Accounts payable and accrued liabilities | 900 | 880 |
Accrued payroll and related benefits | 2,215 | 2,143 |
Income taxes payable | 5 | 138 |
Lease obligations (Note 8) | 207 | 0 |
Other liabilities | 182 | 182 |
Current liabilities | 3,509 | 3,343 |
Promissory note (Note 7) | 109,801 | 103,787 |
Lease obligations (Note 8) | 404 | 0 |
Deferred income taxes (Note 14) | 0 | 751 |
Total liabilities | 113,714 | 107,881 |
Commitments and contingencies (Notes 7 and 8) | ||
Common shares Issued Authorized – 1,000 million shares, no par value and outstanding – 330.4 and 327.6 million shares, respectively | 1,972,029 | 1,965,573 |
Contributed surplus | 81,203 | 82,254 |
Accumulated deficit | (1,918,629) | (1,885,065) |
Accumulated other comprehensive loss | (23,876) | (24,808) |
Total equity | 110,727 | 137,954 |
Total liabilities and equity | $ 224,441 | $ 245,835 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Nov. 30, 2020 | Nov. 30, 2019 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 330,411,589 | 327,629,928 |
Common stock, shares outstanding (in shares) | 330,400,000 | 327,600,000 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Operating expenses: | |||
General and administrative (Note 11) | $ 18,735 | $ 16,321 | $ 18,493 |
Equity loss - Donlin Gold (Note 5) | 14,502 | 10,491 | 8,798 |
Operating Expenses, Total | 33,237 | 26,812 | 27,291 |
Loss from operations | (33,237) | (26,812) | (27,291) |
Interest expense on promissory note (Note 7) | (6,014) | (7,286) | (6,461) |
Accretion of notes receivable (Note 4) | 3,337 | 3,220 | 1,061 |
Other income, net (Note 13) | 1,569 | 4,395 | 1,751 |
Loss before income taxes and other items | (34,345) | (26,483) | (30,940) |
Income tax recovery (expense) (Note 14) | 781 | (1,278) | (526) |
Net loss from continuing operations | (33,564) | (27,761) | (31,466) |
Net loss from discontinued operations, net of tax (Note 15) | 0 | 0 | (81,299) |
Net loss | (33,564) | (27,761) | (112,765) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 932 | 48 | (4,062) |
Reclassification of cumulative translation adjustment included in net loss from discontinued operations (Note 15) | 0 | 0 | (13,776) |
Unrealized holding gain (loss) on marketable securities during period net of $nil, $nil and $128 tax recovery, respectively | 0 | 0 | (541) |
Reclassification adjustment for losses on marketable securities included in net loss from continuing operations (Note 13) | 0 | 0 | 76 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | 932 | 48 | (18,303) |
Comprehensive loss | $ (32,632) | $ (27,713) | $ (131,068) |
Net loss per common share – basic and diluted | |||
Continuing operations (in dollars per share) | $ (0.10) | $ (0.09) | $ (0.10) |
Discontinued operations (in dollars per share) | 0 | 0 | (0.25) |
Earnings Per Share, Basic and Diluted, Total | $ (0.10) | $ (0.09) | $ (0.35) |
Weighted average shares outstanding | |||
Basic and diluted (thousands) (in shares) | 329,269 | 325,785 | 322,487 |
Consolidated Statements of Lo_2
Consolidated Statements of Loss and Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Unrealized holding gain (loss) on marketable securities during period | $ 0 | $ 0 | $ 128 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Operating activities: | |||
Net loss | $ (33,564) | $ (27,761) | $ (112,765) |
Adjustments: | |||
Equity loss – Donlin Gold (Note 5) | 14,502 | 10,491 | 8,798 |
Share-based compensation (Note 12) | 7,057 | 6,176 | 7,727 |
Interest expense on promissory note (Note 7) | 6,014 | 7,286 | 6,461 |
Net loss from discontinued operations, net of tax (Note 15) | 0 | 0 | 81,299 |
Accretion of notes receivable (Note 4) | (3,337) | (3,220) | (1,061) |
Deferred income tax (recovery) expense (Note 14) | (751) | 671 | 80 |
Foreign exchange loss (gain) | 606 | (20) | 171 |
Change in fair value of marketable securities | (431) | (93) | 0 |
Other operating adjustments | 19 | 15 | 98 |
Net change in operating assets and liabilities (Note 17) | (135) | 328 | (1,200) |
Net cash used in operating activities of continuing operations | (10,020) | (6,127) | (10,392) |
Investing activities: | |||
Proceeds from term deposits | 81,000 | 219,000 | 62,000 |
Purchases of term deposits | (61,000) | (154,000) | (152,000) |
Funding of Donlin Gold | (15,276) | (11,122) | (8,907) |
Other | 0 | (17) | (13) |
Net cash provided from (used in) investing activities of continuing operations | 4,724 | 53,861 | (98,920) |
Net cash provided from (used in) investing activities of discontinued operations (Note 15) | 0 | 0 | 102,448 |
Net cash provided from (used in) investing activities | 4,724 | 53,861 | 3,528 |
Financing activities: | |||
Withholding tax on share-based compensation | (1,652) | (1,197) | 0 |
Net cash used in financing activities of continuing operations | (1,652) | (1,197) | 0 |
Effect of exchange rate changes on cash and cash equivalents | 305 | 8 | (86) |
Net change in cash and cash equivalents | (6,643) | 46,545 | (6,950) |
Cash and cash equivalents at beginning of period | 67,549 | 21,004 | 27,954 |
Cash and cash equivalents at end of period | $ 60,906 | $ 67,549 | $ 21,004 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Deferred Share Units [Member]Common Stock [Member] | Deferred Share Units [Member]Additional Paid-in Capital [Member] | Deferred Share Units [Member]Retained Earnings [Member] | Deferred Share Units [Member]AOCI Attributable to Parent [Member] | Deferred Share Units [Member] | Performance Share Units [Member]Common Stock [Member] | Performance Share Units [Member]Additional Paid-in Capital [Member] | Performance Share Units [Member]Retained Earnings [Member] | Performance Share Units [Member]AOCI Attributable to Parent [Member] | Performance Share Units [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | ||
Balance (in shares) at Nov. 30, 2017 | 322,219 | |||||||||||||||||||||
Balance at Nov. 30, 2017 | $ 1,951,587 | $ 83,534 | $ (1,744,917) | $ (6,175) | [1] | $ 284,029 | ||||||||||||||||
Share-based compensation | $ 0 | 7,727 | 0 | 0 | [1] | 7,727 | ||||||||||||||||
Share-based awards settled in shares (in shares) | 98 | 0 | ||||||||||||||||||||
Share-based awards settled in shares | $ 427 | $ (427) | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Stock options exercised (in shares) | 906 | |||||||||||||||||||||
Stock options exercised | $ 2,847 | (2,847) | 0 | 0 | [1] | 0 | ||||||||||||||||
Net loss | 0 | 0 | (112,765) | 0 | [1] | (112,765) | ||||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | 0 | (18,303) | [1] | (18,303) | ||||||||||||||||
Balance (in shares) at Nov. 30, 2018 | 323,223 | |||||||||||||||||||||
Balance (Accounting Standards Update 2016-01 [Member]) at Nov. 30, 2018 | $ 0 | $ 0 | $ 378 | $ (378) | $ 0 | |||||||||||||||||
Balance at Nov. 30, 2018 | $ 1,954,861 | 87,987 | (1,857,682) | (24,478) | [1] | 160,688 | ||||||||||||||||
Share-based compensation | $ 0 | 6,176 | 0 | 0 | [1] | 6,176 | ||||||||||||||||
Share-based awards settled in shares (in shares) | 32 | 438 | 438 | |||||||||||||||||||
Share-based awards settled in shares | $ 120 | $ (120) | $ 0 | $ 0 | $ 0 | $ 2,737 | $ (2,737) | $ 0 | $ 0 | [1] | $ 0 | |||||||||||
Stock options exercised (in shares) | 3,937 | |||||||||||||||||||||
Stock options exercised | $ 7,855 | (7,855) | 0 | 0 | [1] | 0 | ||||||||||||||||
Net loss | 0 | 0 | (27,761) | 0 | [1] | (27,761) | ||||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 48 | [1] | 48 | ||||||||||||||||
Withholding tax on PSUs | $ 0 | (1,197) | 0 | 0 | [1] | (1,197) | ||||||||||||||||
Balance (in shares) at Nov. 30, 2019 | 327,630 | |||||||||||||||||||||
Balance at Nov. 30, 2019 | $ 1,965,573 | 82,254 | (1,885,065) | (24,808) | 137,954 | |||||||||||||||||
Share-based compensation | $ 0 | 7,057 | 0 | 0 | $ 7,057 | |||||||||||||||||
Share-based awards settled in shares (in shares) | 410 | 648 | ||||||||||||||||||||
Share-based awards settled in shares | $ 1,026 | $ (1,026) | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Stock options exercised (in shares) | 2,372 | 3,905 | ||||||||||||||||||||
Stock options exercised | $ 5,430 | (5,430) | 0 | 0 | $ 0 | |||||||||||||||||
Net loss | 0 | 0 | (33,564) | 0 | (33,564) | |||||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 932 | 932 | |||||||||||||||||
Withholding tax on PSUs | $ 0 | (1,652) | 0 | 0 | (1,652) | |||||||||||||||||
Balance (in shares) at Nov. 30, 2020 | 330,412 | |||||||||||||||||||||
Balance at Nov. 30, 2020 | $ 1,972,029 | $ 81,203 | $ (1,918,629) | $ (23,876) | $ 110,727 | |||||||||||||||||
[1] | Accumulated other comprehensive loss |
Note 1 - The Company
Note 1 - The Company | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1 NOVAGOLD RESOURCES INC. and its affiliates and subsidiaries (collectively, “NOVAGOLD” or the “Company”) operate in the mining industry, focused on the exploration for and development of gold mineral properties. The Company has no realized revenues from its planned principal business purpose. The Company’s principal asset is a 50% interest in the Donlin Gold project in Alaska, USA. The Donlin Gold project is owned and operated by Donlin Gold LLC, a limited liability company that is owned equally by wholly-owned subsidiaries of NOVAGOLD and Barrick Gold Corporation (“Barrick”). |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 Presentation The Consolidated Financial Statements include the accounts of NOVAGOLD RESOURCES INC. and its wholly-owned subsidiaries NOVAGOLD U.S. Holdings Inc., NOVAGOLD Resources Alaska Inc., NOVAGOLD USA, Inc., and AGC Resources Inc. All inter-company transactions and balances are eliminated on consolidation. The Consolidated Financial Statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP). The preparation of the Company’s Consolidated Financial Statements in accordance with US GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of expenses during the reporting period. The Company bases its estimates and assumptions on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from the amounts recorded in these Consolidated Financial Statements. References in these Consolidated Financial Statements and Notes to $ refer to United States (US) dollars and C$ to Canadian dollars. Dollar amounts are in thousands, except for per share amounts. Foreign c urrency The functional currency for NOVAGOLD RESOURCES INC. is the Canadian dollar and the functional currency for the Company’s U.S. operations is the U.S. dollar. Therefore, gains and losses on U.S. dollar denominated transactions and the effect of translating U.S. dollar denominated balances of Canadian operations are recorded in net loss. The effects of translating the Company’s Canadian operations from the Canadian dollar to the U.S. dollar are recorded in Other comprehensive income (loss). Cash and cash equivalents Cash and cash equivalents consist of cash balances and highly liquid investments with original maturities of three Term deposits The Company’s term deposits are classified as held to maturity and recorded at cost. Term deposits are held at Chartered Canadian banks with original maturities of 12 not Discontinued o perations The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results when the business is classified as held for sale. The results of discontinued operations are reported in Net income (loss) from discontinued operations net of tax On July 27, 2018, 15. Contingent note receivable A portion of the proceeds related to the sale of Galore Creek to Newmont includes a $75,000 note receivable, contingent upon the approval of a Galore Creek project construction plan by the owner(s). The Company has not not not Investment in affiliates Investments in unconsolidated ventures over which the Company has the ability to exercise significant influence, but does not 50/50 not The equity method is a basis of accounting for investments whereby the investment is initially recorded at cost and the carrying value is adjusted thereafter to include the investor’s pro rata share of post-acquisition earnings or losses of the investee, as computed by the consolidation method. Cash funding increases the carrying value of the investment. Profit distributions received or receivable from an investee reduce the carrying value of the investment. Donlin Gold LLC is a non-publicly traded equity investee owning an exploration and development project. Therefore, the Company assesses whether there has been a potential impairment triggering event for other-than-temporary impairment by testing the underlying assets of the equity investee for recoverability and assessing whether there has been a change in the development plan or strategy for the project. If the underlying assets are not Income taxes The Company accounts for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of the Company’s liabilities and assets and the related income tax basis for such liabilities and assets. This method generates deferred income tax liabilities and assets for the Company, as measured by the statutory tax rates in effect. The Company derives its deferred income tax charge or benefit by recording the change in deferred income tax liabilities and asset balances for the year. The Company’s deferred income tax assets include certain future tax benefits. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not not Share-based payments The Company records share-based compensation awards exchanged for employee services at fair value on the date of the grant and expenses the awards in the Consolidated Statements of Loss over the requisite employee service period. The fair values of stock options are determined using a Black-Scholes option pricing model. The fair values of PSUs are determined using a Monte Carlo valuation model. The Company’s estimates may not Net income (loss) per common share Basic and diluted income (loss) per share are presented for Net income (loss). Basic income (loss) per share is computed by dividing Net income (loss) by the weighted-average number of outstanding common shares for the period. Diluted income per share reflects the potential dilution that could occur if securities or other contracts that may Recently adopted accounting pronouncements Leases In February 2016, No. 2016 02 842, one On December 1, 2019, November 30, 2020 842. No 840, December 1, 2019. not one Adoption of the new standard resulted in recording an operating lease ROU asset and operating lease liability of approximately $399 on our Consolidated Balance Sheet as of December 1, 2019. not 8. The Company reviews all contracts and determines if the arrangement represents or contains a lease, at inception. Operating leases are included in Other non-current assets Other current non-current liabilities not Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may 12 not not Recently is sued accounting pronouncements Fair Value Disclosure Requirements In August 2018, No. 2018 13 December 1, 2020. not |
Note 3 - Segmented Information
Note 3 - Segmented Information | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 3 Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer. The Chief Executive Officer considers the business from a geographic perspective considering the performance of our investments in the Donlin Gold project in Alaska, USA (Note 5 July 27, 2018, 15 |
Note 4 - Notes Receivable
Note 4 - Notes Receivable | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4 – NOTES RECEIVABLE The Company has notes receivable from Newmont Corporation (“Newmont”) including a $75,000 note receivable upon the earlier of the completion of a new Galore Creek project pre-feasibility study or July 27, 2021, July 27, 2023. three five $75,000 $25,000 three five November 30, 2020, $75,000 $75,000 not not November 30, 2020. Changes in the Company’s Notes Receivable Years ended November 30, 2020 2019 2018 Balance – beginning of period $ 92,679 $ 89,459 $ — Fair value of notes receivable — — 88,398 Accretion of notes receivable 3,337 3,220 1,061 Balance – end of period $ 96,016 $ 92,679 $ 89,459 Notes receivable consist of: As of November 30, 2020 2019 Current portion $ 72,611 $ — Non-current portion 23,405 92,679 $ 96,016 $ 92,679 |
Note 5 - Investment in Donlin G
Note 5 - Investment in Donlin Gold | 12 Months Ended |
Nov. 30, 2020 | |
Donlin Gold [Member] | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 5 – INVESTMENT IN DONLIN GOLD The Donlin Gold project is owned and operated by Donlin Gold LLC, a limited liability company in which wholly-owned subsidiaries of NOVAGOLD and Barrick each own a 50% interest. Donlin Gold LLC has a board of four two two Changes in the Company’s I nvestment in Donlin Gold Years ended November 30, 2020 2019 2018 Balance – beginning of period $ 1,840 $ 1,209 $ 1,100 Share of losses: Mineral property expenditures (14,339 ) (10,434 ) (8,785 ) Depreciation (163 ) (57 ) (13 ) (14,502 ) (10,491 ) (8,798 ) Funding 15,276 11,122 8,907 Balance – end of period $ 2,614 $ 1,840 $ 1,209 The following amounts represent the Company’s 50% Non-current assets: Mineral property As of November 30, 2020 2019 Current assets: Cash, prepaid expenses, and other receivables $ 2,654 $ 3,115 Non-current assets: Right-of-use assets, property and equipment 1,339 462 Non-current assets: Mineral property 32,615 32,692 Current liabilities: Accounts payable, accrued liabilities and lease obligations (1,271 ) (1,737 ) Non-current liabilities: Reclamation and lease obligations (723 ) (692 ) Net assets $ 34,614 $ 33,840 |
Note 6 - Other Assets
Note 6 - Other Assets | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | NOTE 6 – OTHER ASSETS As of November 30, 2020 2019 Other current assets: Accounts and interest receivable $ 577 $ 1,100 Prepaid expenses 1,292 690 $ 1,869 $ 1,790 Other long-term assets: Marketable equity securities $ 1,402 $ 935 Right-of-use assets 600 — Office equipment 34 42 $ 2,036 $ 977 |
Note 7 - Promissory Note
Note 7 - Promissory Note | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 – PROMISSORY NOTE The Company has a promissory note payable to Barrick of $109,801, comprised of $51,576 in principal, and $58,225 in accrued interest at U.S. prime plus 2%. The promissory note resulted from the agreement that led to the formation of Donlin Gold LLC, where the Company agreed to reimburse Barrick for a portion of their expenditures incurred from April 1, 2006 November 30, 2007. Changes in the Company’s Promissory Note Years ended November 30, 2020 2019 2018 Balance – beginning of period $ 103,787 $ 96,501 $ 90,040 Interest expense on promissory note 6,014 7,286 6,461 Balance – end of period $ 109,801 $ 103,787 $ 96,501 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 8 – LEASES The Company leases office space under non-cancelable operating leases with original lease terms of five may five not not The Company performed evaluations of its contracts and determined each of its identified leases are operating leases. Additionally, short-term leases, which have an initial term of 12 not Lease expenses are included in General and administrative expense – Office expense November 30, 2020: Operating lease cost $ 216 Variable lease cost 120 Short-term lease cost 4 $ 340 On February 1, 2020, Future minimum lease payments under non-cancellable operating leases as of November 30, 2020, 2021 $ 232 2022 237 2023 90 2024 92 2025 8 Thereafter — Total future minimum lease payments 659 Less: imputed interest (48 ) Total $ 611 Other information regarding leases for the year ended November 30, 2020 Cash paid for operating leases $ 204 Right-of-use assets obtained in exchange for lease liabilities $ 380 Weighted average remaining lease term (years) – operating leases 3.1 Weighted average discount rate – operating leases 5 % |
Note 9 - Share Capital
Note 9 - Share Capital | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 – SHARE CAPITAL Common shares The Company is authorized to issue 1,000,000,000 common shares without par value, of which 330,411,589 were issued and outstanding as of November 30, 2020, November 30, 2019. Preferred shares Pursuant to the Company’s Notice of Articles filed under the Business Corporations Act (British Columbia), the Company is authorized to issue 10,000,000 preferred shares without par value. The authorized but unissued preferred shares may one November 30, 2020 2019, |
Note 10 - Fair Value Accounting
Note 10 - Fair Value Accounting | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 10 – FAIR VALUE ACCOUNTING Financial instruments measured at fair value are classified into one three three Level 1 Level 2 not Level 3 no The Company’s marketable equity securities are valued using quoted market prices in active markets and as such are classified within Level 1 November 30, 2020 ( November 30, 2019), |
Note 11 - General and Administr
Note 11 - General and Administrative | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
General and Administrative Expenses [Text Block] | NOTE 11 – GENERAL AND ADMINISTRATIVE Years ended November 30, 2020 2019 2018 Share-based compensation (Note 12) $ 7,057 $ 6,176 $ 7,727 Salaries and benefits 6,274 5,904 6,531 Office expense 2,199 2,311 2,346 Professional fees 2,139 972 949 Corporate communications and regulatory 1,059 943 918 Depreciation 7 15 22 $ 18,735 $ 16,321 $ 18,493 |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 1 2 – SHARE-BASED COMPENSATION Share incentive awards include a stock option plan for directors, executives, employees and eligible consultants, a PSU plan for executives, employees, and eligible consultants and a DSU plan for non-executive directors of the Company. Options granted to purchase common shares have exercise prices not November 30, 2020, three The Company recognized share-based compensation expense (see Note 1 1 - General and administrative Years ended November 30, 2020 2019 2018 Stock options $ 4,309 $ 3,694 $ 3,767 Performance share unit plan 2,547 2,320 3,783 Deferred share unit plan 201 162 177 $ 7,057 $ 6,176 $ 7,727 Stock options Stock options granted under the Company’s share-based incentive plans generally expire five one third first A summary of stock options outstanding as of November 30, 2020, November 30, 2020 Number of stock options (thousands) Weighted- average exercise price per share Weighted- average remaining contractual term (years) Aggregate intrinsic value November 30, 2019 12,527 $ 3.98 Granted 1,781 7.27 Exercised (3,905 ) 3.96 November 30, 2020 10,403 $ 4.59 2.32 $ 56,113 Vested and exercisable as of November 30, 2020 5,722 $ 4.18 1.62 $ 33,146 The following table summarizes other stock option-related information: Years ended November 30, 2020 2019 2018 Weighted-average assumptions used to value stock option awards: Expected volatility 46.1 % 46.9 % 50 % Expected term of options (years) 4 4 3 Expected dividend rate — — — Risk-free interest rate 1.5 % 2.7 % 1.8 % Expected forfeiture rate 3.1 % 3.1 % 2.3 % Weighted-average grant-date fair value $ 2.70 $ 1.46 $ 1.35 Intrinsic value of options exercised $ 24,137 $ 20,527 $ 3,744 Cash received from options exercised $ — $ — $ — As of November 30, 2020, two Performance share units The Company has a PSU plan that provides for the issuance of PSUs in amounts as approved by the Company’s Compensation Committee. Each PSU award entitles the participant to receive one common share of the Company at the end of a specified period. The Compensation Committee may may no The value of each PSU granted is estimated at the grant date using a Monte Carlo simulation model. The Monte Carlo simulation model requires the input of subjective assumptions, including the share price volatility of the Company’s stock, as well as comparator index and the correlation of returns between the comparator index and the Company. Expected volatility is based on the historical volatility of the Company’s shares and the comparator index at the grant date. These estimates involve inherent uncertainties and the application of management’s judgment. As a result, if other assumptions had been used, our recorded share-based compensation expense would have been different from that reported. A summary of PSU awards outstanding and activity during the year ended November 30, 2020 Number of PSU awards (thousands) Weighted- average grant day fair value per award Aggregate intrinsic value November 30, 2019 1,664 $ 3.76 Granted 452 6.97 Vested (648 ) 3.85 Performance adjustment 216 3.85 November 30, 2020 1,684 $ 4.59 $ 24,107 As of November 30, 2020, December 1, 2020 two The following table summarizes other PSU-related information: Years ended November 30, 2020 2019 2018 Performance multiplier on PSUs vested 150 % 82 % — % Common shares issued (thousands) 648 438 — Total fair value of common shares issued $ 2,855 $ 1,607 $ — Withholding tax paid on PSUs vested $ 1,652 $ 1,197 $ — Deferred share units The Company has a DSU plan that provides for the issuance of DSUs in amounts where the Directors receive half of their annual retainer in DSUs and have the option to elect to receive all or a portion of the other half of their annual retainer in DSUs. Each DSU entitles the Directors to receive one common share when they retire from the Company. The Company granted 21,602, 35,851 and 45,103 DSUs to Directors with a weighted-average grant day fair value of $9.07, $4.40 and $4.07 per DSU during 2020, 2019 2018, nil, 2020, 2019 2018, November 30, 2020, |
Note 13 - Other Income (Expense
Note 13 - Other Income (Expense), Net | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 1 3 – OTHER INCOME (EXPENSE) , NET Years ended November 30, 2020 2019 2018 Interest income $ 1,744 $ 4,190 $ 1,998 Change in fair market value of marketable securities 431 93 — Foreign exchange gain (loss) (606 ) 20 (171 ) Other gain (loss) — 92 (76 ) $ 1,569 $ 4,395 $ 1,751 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 1 4 – INCOME TAXES The British Columbia provincial corporate tax rate increased from 11% to 12% commencing January 1, 2018, 2018, 2019 The U.S. tax reform enacted on December 22, 2017 ( 250 November 30, 2020. November 30, 2020. no no The Act also includes other provisions including the limitations on the use of future losses, repeal of the Alternative Minimum Tax regime, and the introduction of a base erosion and anti-abuse tax. These provisions are not may The Company’s Income tax (recovery) expense Years ended November 30, 2020 2019 2018 Current: Canada $ — $ — $ — Foreign (30 ) 607 446 (30 ) 607 446 Deferred: Canada — — — Foreign (751 ) 671 80 (751 ) 671 80 Income tax (recovery) expense $ (781 ) $ 1,278 $ 526 The Company’s Loss before income tax and other items Years ended November 30, 2020 2019 2018 Canada $ (16,447 ) $ (12,584 ) $ (15,018 ) Foreign (17,898 ) (13,899 ) (15,922 ) $ (34,345 ) $ (26,483 ) $ (30,940 ) The Company’s Income tax expense Years ended November 30, 2020 2019 2018 Loss before income taxes and other items $ (34,345 ) $ (26,483 ) $ (30,940 ) Combined federal and provincial statutory tax rate 27 % 27 % 26.92 % Income tax recovery based on statutory income tax rates (9,273 ) (7,150 ) (8,329 ) Reconciling items: Non-deductible expenditures 1,911 2,136 2,150 Foreign accrual property income (FAPI) 652 180 580 Effect of consolidated return for U.S. subsidiaries (751 ) — — Effect of different statutory tax rates on earnings or losses of subsidiaries (2 ) (658 ) (574 ) Effect of statutory tax rate change — — 73,135 Change in valuation allowance on deferred tax assets 6,638 6,773 (66,466 ) Other 44 (3 ) 30 Income tax (recovery) expense $ (781 ) $ 1,278 $ 526 Effective tax rate 2.3 % (4.8 )% (1.7 )% Components of the Company’s deferred income tax assets (liabilities) are as follows: As of November 30, 2020 2019 Deferred tax income assets: Net operating loss carry forwards $ 183,422 $ 175,383 Capital loss carry forwards 49,307 47,953 Mineral properties 654 638 Intangible assets 484 473 Property and equipment 203 194 Investment in affiliates 35,933 33,508 Unpaid interest expense 2,105 2,105 Unrealized loss on investments 316 368 Other 685 569 273,109 261,191 Valuation allowances (271,016 ) (260,920 ) 2,093 271 Deferred income tax liabilities: Investment tax credit — (8 ) Notes receivable (1,975 ) (759 ) Capitalized assets and other (118 ) (255 ) (2,093 ) (1,022 ) Net deferred income tax assets (liabilities) $ — $ (751 ) These amounts reflect the classification and presentation that is reported for each tax jurisdiction in which the Company operates. Net deferred income tax assets and liabilities consist of: As of November 30, 2020 2019 Non-current deferred income tax assets $ — $ — Non-current deferred income tax liabilities — (751 ) $ — $ (751 ) Net operating losses available to offset future taxable income are as follows: Year of Expiry U.S. Canada 2024 $ 1,032 $ — 2025 1,246 — 2026 13,382 19,166 2027 18,493 1,861 2028 85 — 2029 11,223 12,062 2030 10,916 16,051 2031 16,580 15,975 2032 309,772 19,496 2033 14,529 14,712 2034 15,607 10,585 2035 16,383 9,666 2036 14,764 9,512 2037 14,111 6,329 2038 — 6,433 2039 — 5,843 2040 — 7,365 Indefinite 39,448 — $ 497,571 $ 155,056 Under the U.S. tax reform, net operating losses arising in tax years ending after December 31, 2017 November 30, 2019: Future use of U.S. loss carry-forwards is subject to certain limitations under provisions of the Internal Revenue Code including limitations subject to Section 382, 50% three January 22, 2009 December 31, 2012 three may 382. may may may Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax asset. Significant pieces of objective negative evidence evaluated included the cumulative loss incurred as of November 30, 2020. November 30, 2020, November 30, 2019: not no may Uncertain tax position There were no uncertain tax positions as of November 30, 2020, 2019 2018. November 30, 2020, 2019 2018, November 30, 2020 2016 2020 2017 2020 |
Note 15 - Discontinued Operatio
Note 15 - Discontinued Operations | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 1 5 – DISCONTINUED OPERATIONS Galore Creek transaction On July 27, 2018, July 27, 2021; July 27, 2023; no The details of our Net loss from discontinued operations, net of tax November 30, 2018 Equity loss – Galore Creek $ (1,203 ) Income tax expense — Galore Creek operations, net of tax (1,203 ) Loss on sale of Galore Creek, net of tax (80,096 ) $ (81,299 ) For the year ended November 30, 2018, L oss on sale of Galore Creek, net of tax Cash consideration received on closing $ 100,000 Refund of reclamation deposits 4,897 Less closing costs (721 ) 104,176 Fair value of notes receivable (Note 5) 88,398 Net proceeds 192,574 Less book values: Investment in GCP (248,367 ) Copper Canyon mineral property (44,577 ) Reclamation deposits (4,967 ) Reclassification of cumulative foreign currency translation adjustments 13,776 Deferred income tax recovery 11,465 $ (80,096 ) Other comprehensive income (loss) November 30, 2018 not not Other comprehensive income (loss) The details of our Net cash provided from (used in) investing activities of discontinued operations November 30, 2018 Funding of Galore Creek Partnership $ (1,475 ) Net cash proceeds received 99,279 Reclamation deposits 4,644 $ 102,448 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 16 – RELATED PARTY TRANSACTIONS The Company provided technical services to Donlin Gold LLC for $658 in 2018. not 2020 2019. November 30, 2020, November 30, 2019: $nil Other current assets |
Note 17 - Net Change in Operati
Note 17 - Net Change in Operating Assets and Liabilities | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Net Change in Operating Assets and Liabilities [Text Block] | NOTE 17 – NET CHANGE IN OPERATING ASSETS AND LIABILITIES Years ended November 30, 2020 2019 2018 Changes in operating assets and liabilities: Other assets $ (65 ) $ 646 $ (1,471 ) Accounts payable and accrued liabilities (137 ) 84 233 Accrued payroll and related benefits 67 (402 ) 38 $ (135 ) $ 328 $ (1,200 ) |
Note 18 - Supplemental Cash Flo
Note 18 - Supplemental Cash Flow Information | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 1 8 – SUPPLEMENTAL CASH FLOW INFORMATION Years ended November 30, 2020 2019 2018 Interest received $ 2,265 $ 3,094 $ 1,038 Income taxes paid $ 376 $ 692 $ 331 Non-cash i nvesting a ctivities During 2018, 4 |
Note 19 - Unaudited Supplementa
Note 19 - Unaudited Supplementary Data | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 1 9 – UNAUDITED SUPPLEMENTARY DATA Quarterly data The following is a summary of selected quarterly financial information (unaudited): 2020 Q1 Q2 Q3 Q4 Loss from operations $ (6,282 ) $ (8,087 ) $ (10,895 ) $ (7,973 ) Net loss $ (6,595 ) $ (7,233 ) $ (12,736 ) $ (7,000 ) Net loss per common share, basic and diluted $ (0.02 ) $ (0.02 ) $ (0.04 ) $ (0.02 ) 2019 Q1 Q2 Q3 Q4 Loss from operations $ (5,663 ) $ (6,413 ) $ (7,216 ) $ (7,520 ) Net loss $ (6,323 ) $ (5,515 ) $ (8,056 ) $ (7,867 ) Net loss per common share, basic and diluted $ (0.02 ) $ (0.02 ) $ (0.02 ) $ (0.02 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Presentation The Consolidated Financial Statements include the accounts of NOVAGOLD RESOURCES INC. and its wholly-owned subsidiaries NOVAGOLD U.S. Holdings Inc., NOVAGOLD Resources Alaska Inc., NOVAGOLD USA, Inc., and AGC Resources Inc. All inter-company transactions and balances are eliminated on consolidation. The Consolidated Financial Statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP). The preparation of the Company’s Consolidated Financial Statements in accordance with US GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of expenses during the reporting period. The Company bases its estimates and assumptions on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from the amounts recorded in these Consolidated Financial Statements. References in these Consolidated Financial Statements and Notes to $ refer to United States (US) dollars and C$ to Canadian dollars. Dollar amounts are in thousands, except for per share amounts. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign c urrency The functional currency for NOVAGOLD RESOURCES INC. is the Canadian dollar and the functional currency for the Company’s U.S. operations is the U.S. dollar. Therefore, gains and losses on U.S. dollar denominated transactions and the effect of translating U.S. dollar denominated balances of Canadian operations are recorded in net loss. The effects of translating the Company’s Canadian operations from the Canadian dollar to the U.S. dollar are recorded in Other comprehensive income (loss). |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents consist of cash balances and highly liquid investments with original maturities of three |
Term Deposits, Policy [Policy Text Block] | Term deposits The Company’s term deposits are classified as held to maturity and recorded at cost. Term deposits are held at Chartered Canadian banks with original maturities of 12 not |
Discontinued Operations, Policy [Policy Text Block] | Discontinued o perations The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results when the business is classified as held for sale. The results of discontinued operations are reported in Net income (loss) from discontinued operations net of tax On July 27, 2018, 15. |
Contingent Note Receivable, Policy [Policy Text Block] | Contingent note receivable A portion of the proceeds related to the sale of Galore Creek to Newmont includes a $75,000 note receivable, contingent upon the approval of a Galore Creek project construction plan by the owner(s). The Company has not not not |
Equity Method Investments [Policy Text Block] | Investment in affiliates Investments in unconsolidated ventures over which the Company has the ability to exercise significant influence, but does not 50/50 not The equity method is a basis of accounting for investments whereby the investment is initially recorded at cost and the carrying value is adjusted thereafter to include the investor’s pro rata share of post-acquisition earnings or losses of the investee, as computed by the consolidation method. Cash funding increases the carrying value of the investment. Profit distributions received or receivable from an investee reduce the carrying value of the investment. Donlin Gold LLC is a non-publicly traded equity investee owning an exploration and development project. Therefore, the Company assesses whether there has been a potential impairment triggering event for other-than-temporary impairment by testing the underlying assets of the equity investee for recoverability and assessing whether there has been a change in the development plan or strategy for the project. If the underlying assets are not |
Income Tax, Policy [Policy Text Block] | Income taxes The Company accounts for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of the Company’s liabilities and assets and the related income tax basis for such liabilities and assets. This method generates deferred income tax liabilities and assets for the Company, as measured by the statutory tax rates in effect. The Company derives its deferred income tax charge or benefit by recording the change in deferred income tax liabilities and asset balances for the year. The Company’s deferred income tax assets include certain future tax benefits. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not not |
Share-based Payment Arrangement [Policy Text Block] | Share-based payments The Company records share-based compensation awards exchanged for employee services at fair value on the date of the grant and expenses the awards in the Consolidated Statements of Loss over the requisite employee service period. The fair values of stock options are determined using a Black-Scholes option pricing model. The fair values of PSUs are determined using a Monte Carlo valuation model. The Company’s estimates may not |
Earnings Per Share, Policy [Policy Text Block] | Net income (loss) per common share Basic and diluted income (loss) per share are presented for Net income (loss). Basic income (loss) per share is computed by dividing Net income (loss) by the weighted-average number of outstanding common shares for the period. Diluted income per share reflects the potential dilution that could occur if securities or other contracts that may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements Leases In February 2016, No. 2016 02 842, one On December 1, 2019, November 30, 2020 842. No 840, December 1, 2019. not one Adoption of the new standard resulted in recording an operating lease ROU asset and operating lease liability of approximately $399 on our Consolidated Balance Sheet as of December 1, 2019. not 8. The Company reviews all contracts and determines if the arrangement represents or contains a lease, at inception. Operating leases are included in Other non-current assets Other current non-current liabilities not Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may 12 not not Recently is sued accounting pronouncements Fair Value Disclosure Requirements In August 2018, No. 2018 13 December 1, 2020. not |
Note 4 - Notes Receivable (Tabl
Note 4 - Notes Receivable (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Notes Receivable [Table Text Block] | Years ended November 30, 2020 2019 2018 Balance – beginning of period $ 92,679 $ 89,459 $ — Fair value of notes receivable — — 88,398 Accretion of notes receivable 3,337 3,220 1,061 Balance – end of period $ 96,016 $ 92,679 $ 89,459 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of November 30, 2020 2019 Current portion $ 72,611 $ — Non-current portion 23,405 92,679 $ 96,016 $ 92,679 |
Note 5 - Investment in Donlin_2
Note 5 - Investment in Donlin Gold (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Donlin Gold [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Years ended November 30, 2020 2019 2018 Balance – beginning of period $ 1,840 $ 1,209 $ 1,100 Share of losses: Mineral property expenditures (14,339 ) (10,434 ) (8,785 ) Depreciation (163 ) (57 ) (13 ) (14,502 ) (10,491 ) (8,798 ) Funding 15,276 11,122 8,907 Balance – end of period $ 2,614 $ 1,840 $ 1,209 As of November 30, 2020 2019 Current assets: Cash, prepaid expenses, and other receivables $ 2,654 $ 3,115 Non-current assets: Right-of-use assets, property and equipment 1,339 462 Non-current assets: Mineral property 32,615 32,692 Current liabilities: Accounts payable, accrued liabilities and lease obligations (1,271 ) (1,737 ) Non-current liabilities: Reclamation and lease obligations (723 ) (692 ) Net assets $ 34,614 $ 33,840 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | As of November 30, 2020 2019 Other current assets: Accounts and interest receivable $ 577 $ 1,100 Prepaid expenses 1,292 690 $ 1,869 $ 1,790 Other long-term assets: Marketable equity securities $ 1,402 $ 935 Right-of-use assets 600 — Office equipment 34 42 $ 2,036 $ 977 |
Note 7 - Promissory Note (Table
Note 7 - Promissory Note (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Years ended November 30, 2020 2019 2018 Balance – beginning of period $ 103,787 $ 96,501 $ 90,040 Interest expense on promissory note 6,014 7,286 6,461 Balance – end of period $ 109,801 $ 103,787 $ 96,501 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Operating lease cost $ 216 Variable lease cost 120 Short-term lease cost 4 $ 340 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2021 $ 232 2022 237 2023 90 2024 92 2025 8 Thereafter — Total future minimum lease payments 659 Less: imputed interest (48 ) Total $ 611 |
Lessee, Operating Lease, Cash Payments and Weighted Average Infromation [Table Text Block] | Cash paid for operating leases $ 204 Right-of-use assets obtained in exchange for lease liabilities $ 380 Weighted average remaining lease term (years) – operating leases 3.1 Weighted average discount rate – operating leases 5 % |
Note 11 - General and Adminis_2
Note 11 - General and Administrative (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
General and Administrative Expenses [Table Text Block] | Years ended November 30, 2020 2019 2018 Share-based compensation (Note 12) $ 7,057 $ 6,176 $ 7,727 Salaries and benefits 6,274 5,904 6,531 Office expense 2,199 2,311 2,346 Professional fees 2,139 972 949 Corporate communications and regulatory 1,059 943 918 Depreciation 7 15 22 $ 18,735 $ 16,321 $ 18,493 |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years ended November 30, 2020 2019 2018 Stock options $ 4,309 $ 3,694 $ 3,767 Performance share unit plan 2,547 2,320 3,783 Deferred share unit plan 201 162 177 $ 7,057 $ 6,176 $ 7,727 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of stock options (thousands) Weighted- average exercise price per share Weighted- average remaining contractual term (years) Aggregate intrinsic value November 30, 2019 12,527 $ 3.98 Granted 1,781 7.27 Exercised (3,905 ) 3.96 November 30, 2020 10,403 $ 4.59 2.32 $ 56,113 Vested and exercisable as of November 30, 2020 5,722 $ 4.18 1.62 $ 33,146 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years ended November 30, 2020 2019 2018 Weighted-average assumptions used to value stock option awards: Expected volatility 46.1 % 46.9 % 50 % Expected term of options (years) 4 4 3 Expected dividend rate — — — Risk-free interest rate 1.5 % 2.7 % 1.8 % Expected forfeiture rate 3.1 % 3.1 % 2.3 % Weighted-average grant-date fair value $ 2.70 $ 1.46 $ 1.35 Intrinsic value of options exercised $ 24,137 $ 20,527 $ 3,744 Cash received from options exercised $ — $ — $ — |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Number of PSU awards (thousands) Weighted- average grant day fair value per award Aggregate intrinsic value November 30, 2019 1,664 $ 3.76 Granted 452 6.97 Vested (648 ) 3.85 Performance adjustment 216 3.85 November 30, 2020 1,684 $ 4.59 $ 24,107 |
Other PSU-related Information [Table Text Block] | Years ended November 30, 2020 2019 2018 Performance multiplier on PSUs vested 150 % 82 % — % Common shares issued (thousands) 648 438 — Total fair value of common shares issued $ 2,855 $ 1,607 $ — Withholding tax paid on PSUs vested $ 1,652 $ 1,197 $ — |
Note 13 - Other Income (Expen_2
Note 13 - Other Income (Expense), Net (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Years ended November 30, 2020 2019 2018 Interest income $ 1,744 $ 4,190 $ 1,998 Change in fair market value of marketable securities 431 93 — Foreign exchange gain (loss) (606 ) 20 (171 ) Other gain (loss) — 92 (76 ) $ 1,569 $ 4,395 $ 1,751 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended November 30, 2020 2019 2018 Current: Canada $ — $ — $ — Foreign (30 ) 607 446 (30 ) 607 446 Deferred: Canada — — — Foreign (751 ) 671 80 (751 ) 671 80 Income tax (recovery) expense $ (781 ) $ 1,278 $ 526 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years ended November 30, 2020 2019 2018 Canada $ (16,447 ) $ (12,584 ) $ (15,018 ) Foreign (17,898 ) (13,899 ) (15,922 ) $ (34,345 ) $ (26,483 ) $ (30,940 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended November 30, 2020 2019 2018 Loss before income taxes and other items $ (34,345 ) $ (26,483 ) $ (30,940 ) Combined federal and provincial statutory tax rate 27 % 27 % 26.92 % Income tax recovery based on statutory income tax rates (9,273 ) (7,150 ) (8,329 ) Reconciling items: Non-deductible expenditures 1,911 2,136 2,150 Foreign accrual property income (FAPI) 652 180 580 Effect of consolidated return for U.S. subsidiaries (751 ) — — Effect of different statutory tax rates on earnings or losses of subsidiaries (2 ) (658 ) (574 ) Effect of statutory tax rate change — — 73,135 Change in valuation allowance on deferred tax assets 6,638 6,773 (66,466 ) Other 44 (3 ) 30 Income tax (recovery) expense $ (781 ) $ 1,278 $ 526 Effective tax rate 2.3 % (4.8 )% (1.7 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of November 30, 2020 2019 Deferred tax income assets: Net operating loss carry forwards $ 183,422 $ 175,383 Capital loss carry forwards 49,307 47,953 Mineral properties 654 638 Intangible assets 484 473 Property and equipment 203 194 Investment in affiliates 35,933 33,508 Unpaid interest expense 2,105 2,105 Unrealized loss on investments 316 368 Other 685 569 273,109 261,191 Valuation allowances (271,016 ) (260,920 ) 2,093 271 Deferred income tax liabilities: Investment tax credit — (8 ) Notes receivable (1,975 ) (759 ) Capitalized assets and other (118 ) (255 ) (2,093 ) (1,022 ) Net deferred income tax assets (liabilities) $ — $ (751 ) As of November 30, 2020 2019 Non-current deferred income tax assets $ — $ — Non-current deferred income tax liabilities — (751 ) $ — $ (751 ) |
Summary of Operating Loss Carryforwards [Table Text Block] | Year of Expiry U.S. Canada 2024 $ 1,032 $ — 2025 1,246 — 2026 13,382 19,166 2027 18,493 1,861 2028 85 — 2029 11,223 12,062 2030 10,916 16,051 2031 16,580 15,975 2032 309,772 19,496 2033 14,529 14,712 2034 15,607 10,585 2035 16,383 9,666 2036 14,764 9,512 2037 14,111 6,329 2038 — 6,433 2039 — 5,843 2040 — 7,365 Indefinite 39,448 — $ 497,571 $ 155,056 |
Note 15 - Discontinued Operat_2
Note 15 - Discontinued Operations (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Equity loss – Galore Creek $ (1,203 ) Income tax expense — Galore Creek operations, net of tax (1,203 ) Loss on sale of Galore Creek, net of tax (80,096 ) $ (81,299 ) Cash consideration received on closing $ 100,000 Refund of reclamation deposits 4,897 Less closing costs (721 ) 104,176 Fair value of notes receivable (Note 5) 88,398 Net proceeds 192,574 Less book values: Investment in GCP (248,367 ) Copper Canyon mineral property (44,577 ) Reclamation deposits (4,967 ) Reclassification of cumulative foreign currency translation adjustments 13,776 Deferred income tax recovery 11,465 $ (80,096 ) Funding of Galore Creek Partnership $ (1,475 ) Net cash proceeds received 99,279 Reclamation deposits 4,644 $ 102,448 |
Note 17 - Net Change in Opera_2
Note 17 - Net Change in Operating Assets and Liabilities (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Cash Flow, Operating Capital [Table Text Block] | Years ended November 30, 2020 2019 2018 Changes in operating assets and liabilities: Other assets $ (65 ) $ 646 $ (1,471 ) Accounts payable and accrued liabilities (137 ) 84 233 Accrued payroll and related benefits 67 (402 ) 38 $ (135 ) $ 328 $ (1,200 ) |
Note 18 - Supplemental Cash F_2
Note 18 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Years ended November 30, 2020 2019 2018 Interest received $ 2,265 $ 3,094 $ 1,038 Income taxes paid $ 376 $ 692 $ 331 |
Note 19 - Unaudited Supplemen_2
Note 19 - Unaudited Supplementary Data (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2020 Q1 Q2 Q3 Q4 Loss from operations $ (6,282 ) $ (8,087 ) $ (10,895 ) $ (7,973 ) Net loss $ (6,595 ) $ (7,233 ) $ (12,736 ) $ (7,000 ) Net loss per common share, basic and diluted $ (0.02 ) $ (0.02 ) $ (0.04 ) $ (0.02 ) 2019 Q1 Q2 Q3 Q4 Loss from operations $ (5,663 ) $ (6,413 ) $ (7,216 ) $ (7,520 ) Net loss $ (6,323 ) $ (5,515 ) $ (8,056 ) $ (7,867 ) Net loss per common share, basic and diluted $ (0.02 ) $ (0.02 ) $ (0.02 ) $ (0.02 ) |
Note 1 - The Company (Details T
Note 1 - The Company (Details Textual) $ in Thousands | 12 Months Ended |
Nov. 30, 2020USD ($) | |
Revenues, Total | $ 0 |
Donlin Gold [Member] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Jul. 27, 2018 | Nov. 30, 2020 | Dec. 01, 2019 | Nov. 30, 2019 | Nov. 30, 2018 | Nov. 30, 2017 |
Financing Receivable, after Allowance for Credit Loss, Total | $ 96,016 | $ 92,679 | $ 89,459 | $ 0 | ||
Operating Lease, Right-of-Use Asset | 600 | $ 0 | ||||
Operating Lease, Liability, Total | $ 611 | |||||
Accounting Standards Update 2016-02 [Member] | ||||||
Operating Lease, Right-of-Use Asset | $ 399 | |||||
Operating Lease, Liability, Total | $ 399 | |||||
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | ||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 75,000 | |||||
GCP [Member] | ||||||
Discontinued Operation, Ownership Percentage, Sold | 50.00% | |||||
Copper Canyon Property [Member] | ||||||
Discontinued Operation, Ownership Percentage, Sold | 40.00% |
Note 4 - Notes Receivable (Deta
Note 4 - Notes Receivable (Details Textual) $ in Thousands | Jul. 27, 2018USD ($)yr | Nov. 30, 2020USD ($) | Nov. 30, 2019USD ($) | Nov. 30, 2018USD ($) | Nov. 30, 2017USD ($) |
Financing Receivable, after Allowance for Credit Loss, Total | $ 96,016 | $ 92,679 | $ 89,459 | $ 0 | |
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | |||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 75,000 | ||||
Receivable Instrument, Term (Year) | 3 years | ||||
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | Measurement Input, Expected Term [Member] | |||||
Notes Receivable, Measurement Input | yr | 3 | ||||
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | |||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 25,000 | ||||
Receivable Instrument, Term (Year) | 5 years | ||||
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | Measurement Input, Expected Term [Member] | |||||
Notes Receivable, Measurement Input | yr | 5 | ||||
Note Receivable Upon Approval of Galore Creek Project Construction Plan [Member] | |||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 75,000 | ||||
Notes Receivable, Fair Value Disclosure | 0 | 96,016 | |||
Financing Receivable, Accumulated Accretion | $ 7,618 | ||||
Notes Receivable Upon Completion Of Galore Creek Project [Member] | |||||
Notes Receivable, Fair Value Disclosure | $ 88,398 | ||||
Notes Receivable Upon Completion Of Galore Creek Project [Member] | Measurement Input, Discount Rate [Member] | |||||
Notes Receivable, Measurement Input | 0.036 |
Note 4 - Notes Receivable - Cha
Note 4 - Notes Receivable - Changes in Notes Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Balance – beginning of period | $ 92,679 | $ 89,459 | $ 0 |
Fair value of notes receivable | 0 | 0 | 88,398 |
Accretion of notes receivable (Note 4) | 3,337 | 3,220 | 1,061 |
Balance – end of period | $ 96,016 | $ 92,679 | $ 89,459 |
Note 4 - Notes Receivable - Not
Note 4 - Notes Receivable - Notes Receivable (Details) - USD ($) $ in Thousands | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | Nov. 30, 2017 |
Current portion | $ 72,611 | $ 0 | ||
Non-current portion | 23,405 | 92,679 | ||
Financing Receivable, after Allowance for Credit Loss, Total | $ 96,016 | $ 92,679 | $ 89,459 | $ 0 |
Note 5 - Investment in Donlin_3
Note 5 - Investment in Donlin Gold (Details Textual) - Donlin Gold [Member] $ in Millions | Nov. 30, 2020USD ($) |
Equity Method Investment, Ownership Percentage | 50.00% |
Unconsolidated Ventures, Number of Directors | 4 |
Unconsolidated Ventures, Number of Directors, Selected By the Reporting Entity | 2 |
Equity Method Investment, Aggregate Cost | $ 64 |
Barrick [Member] | |
Unconsolidated Ventures, Number of Directors Selected By Venture Partners | 2 |
Barrick [Member] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Note 5 - Investment in Donlin_4
Note 5 - Investment in Donlin Gold - Summary of the Company's Investment in Donlin Gold LLC (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Income (Loss) from Equity Method Investments, Total | $ (14,502) | $ (10,491) | $ (8,798) |
Current assets: Cash, prepaid expenses, and other receivables | 196,386 | 150,339 | |
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (900) | (880) | |
Donlin Gold [Member] | |||
Balance – beginning of period | 1,840 | 1,209 | 1,100 |
Mineral property expenditures | (14,339) | (10,434) | (8,785) |
Depreciation | (163) | (57) | (13) |
Income (Loss) from Equity Method Investments, Total | (14,502) | (10,491) | (8,798) |
Funding | 15,276 | 11,122 | 8,907 |
Balance – end of period | 2,614 | 1,840 | $ 1,209 |
Current assets: Cash, prepaid expenses, and other receivables | 2,654 | 3,115 | |
Non-current assets: Right-of-use assets, property and equipment | 1,339 | 462 | |
Non-current assets: Mineral property | 32,615 | 32,692 | |
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (1,271) | (1,737) | |
Non-current liabilities: Reclamation and lease obligations | (723) | (692) | |
Net assets | $ 34,614 | $ 33,840 |
Note 6 - Other Assets - Carryin
Note 6 - Other Assets - Carrying Amounts of Other Assets (Details) - USD ($) $ in Thousands | Nov. 30, 2020 | Nov. 30, 2019 |
Accounts and interest receivable | $ 577 | $ 1,100 |
Prepaid expenses | 1,292 | 690 |
Other Assets, Current | 1,869 | 1,790 |
Marketable equity securities | 1,402 | 935 |
Right-of-use assets | 600 | 0 |
Office equipment | 34 | 42 |
Other Assets, Noncurrent, Total | $ 2,036 | $ 977 |
Note 7 - Promissory Note (Detai
Note 7 - Promissory Note (Details Textual) - USD ($) | 12 Months Ended | |||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | Nov. 30, 2017 | |
Notes Payable, Total | $ 109,801,000 | $ 103,787,000 | $ 96,501,000 | $ 90,040,000 |
Barrick [Member] | Notes Payable, Other Payables [Member] | ||||
Notes Payable, Total | 109,801,000 | |||
Debt Instrument, Face Amount | 51,576,000 | |||
Interest Payable | $ 58,225 | |||
Percentage of Specified Revenue from Which the Promissory Note and Accrued Interest Are Payable | 85.00% | |||
Barrick [Member] | Notes Payable, Other Payables [Member] | Prime Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Note 7 - Promissory Note - Sche
Note 7 - Promissory Note - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Balance – beginning of period | $ 103,787 | $ 96,501 | $ 90,040 |
Interest expense on promissory note (Note 7) | 6,014 | 7,286 | 6,461 |
Balance – end of period | $ 109,801 | $ 103,787 | $ 96,501 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Thousands | Feb. 01, 2020 | Nov. 30, 2020 |
Lessee, Operating Lease, Term of Contract (Year) | 5 years | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 380 | $ 380 |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) $ in Thousands | 12 Months Ended |
Nov. 30, 2020USD ($) | |
Operating lease cost | $ 216 |
Variable lease cost | 120 |
Short-term lease cost | 4 |
Lease, Cost, Total | $ 340 |
Note 8 - Leases - Minimum Lease
Note 8 - Leases - Minimum Lease Payments (Details) $ in Thousands | Nov. 30, 2020USD ($) |
2021 | $ 232 |
2022 | 237 |
2023 | 90 |
2024 | 92 |
2025 | 8 |
Thereafter | 0 |
Total future minimum lease payments | 659 |
Less: imputed interest | (48) |
Total | $ 611 |
Note 8 - Leases - Cash Payments
Note 8 - Leases - Cash Payments and Weighted Average Information (Details) - USD ($) $ in Thousands | Feb. 01, 2020 | Nov. 30, 2020 |
Cash paid for operating leases | $ 204 | |
Right-of-use assets obtained in exchange for lease liabilities | $ 380 | $ 380 |
Weighted average remaining lease term (years) – operating leases (Year) | 3 years 1 month 6 days | |
Weighted average discount rate – operating leases | 5.00% |
Note 9 - Share Capital (Details
Note 9 - Share Capital (Details Textual) - shares | Nov. 30, 2020 | Nov. 30, 2019 |
Common Stock, Shares Authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued, Total (in shares) | 330,411,589 | 327,629,928 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | |
Preferred Stock, Shares Issued, Total (in shares) | 0 | |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 330,400,000 | 327,600,000 |
Note 10 - Fair Value Accounti_2
Note 10 - Fair Value Accounting (Details Textual) - USD ($) $ in Thousands | Nov. 30, 2020 | Nov. 30, 2019 |
Equity Securities, FV-NI | $ 1,402 | $ 935 |
Note 11 - General and Adminis_3
Note 11 - General and Administrative - Summary of General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Share-based compensation (Note 12) | $ 7,057 | $ 6,176 | $ 7,727 |
Salaries and benefits | 6,274 | 5,904 | 6,531 |
Office expense | 2,199 | 2,311 | 2,346 |
Professional fees | 2,139 | 972 | 949 |
Corporate communications and regulatory | 1,059 | 943 | 918 |
Depreciation | 7 | 15 | 22 |
General and Administrative Expense, Total | $ 18,735 | $ 16,321 | $ 18,493 |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Dec. 01, 2020 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 27,300,000 | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 2,642 | |||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Portion Vesting Per Year | 33.33% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares) | 4,681,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||
Performance Share Units [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award (in shares) | 1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 1,684,000 | 1,664,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 648,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 1,252,200 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,144 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 452,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.97 | |||
Performance Share Units [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award (in shares) | 1 | |||
Performance Share Units [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 431,800 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Multiplier | 150.00% | |||
Performance Share Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award, Adjusted, Multiplier | 0.00% | |||
Performance Share Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award, Adjusted, Multiplier | 150.00% | |||
Deferred Share Units [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 280,364 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 21,602 | 35,851 | 45,103 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.07 | $ 4.40 | $ 4.07 | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 0 | 31,721 | 98,160 |
Note 12 - Share-based Compens_4
Note 12 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Share-based Compensation Expense | $ 7,057 | $ 6,176 | $ 7,727 |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Expense | 4,309 | 3,694 | 3,767 |
Performance Share Units [Member] | |||
Share-based Compensation Expense | 2,547 | 2,320 | 3,783 |
Deferred Share Units [Member] | |||
Share-based Compensation Expense | $ 201 | $ 162 | $ 177 |
Note 12 - Share-based Compens_5
Note 12 - Share-based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Nov. 30, 2020USD ($)$ / sharesshares | |
Balance (in shares) | shares | 12,527 |
Weighted average exercise price outstanding, balance (in dollars per share) | $ / shares | $ 3.98 |
Granted (in shares) | shares | 1,781 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 7.27 |
Exercised (in shares) | shares | (3,905) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 3.96 |
Balance (in shares) | shares | 10,403 |
Weighted average exercise price outstanding, balance (in dollars per share) | $ / shares | $ 4.59 |
Outstanding, weighted-average remaining contractual term (Year) | 2 years 3 months 25 days |
Outstanding, aggregate intrinsic value | $ | $ 56,113 |
Vested and exercisable as of November 30, 2020 (in shares) | shares | 5,722 |
Vested and exercisable as of May 31, 2020, weighted average exercise price outstanding (in dollars per share) | $ / shares | $ 4.18 |
Vested and exercisable as of May 31, 2020, weighted-average remaining contractual term (Year) | 1 year 7 months 13 days |
Vested and exercisable as of May 31, 2020, aggregate intrinsic value | $ | $ 33,146 |
Note 12 - Share-based Compens_6
Note 12 - Share-based Compensation - Other Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Expected volatility | 46.10% | 46.90% | 50.00% |
Expected term of options (Year) | 4 years | 4 years | 3 years |
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 1.50% | 2.70% | 1.80% |
Expected forfeiture rate | 3.10% | 3.10% | 2.30% |
Weighted-average grant-date fair value (in dollars per share) | $ 2.70 | $ 1.46 | $ 1.35 |
Intrinsic value of options exercised | $ 24,137 | $ 20,527 | $ 3,744 |
Cash received from options exercised | $ 0 | $ 0 | $ 0 |
Note 12 - Share-based Compens_7
Note 12 - Share-based Compensation - PSU Awards Outstanding and PSU Activity (Details) - Performance Share Units [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Nov. 30, 2020USD ($)$ / sharesshares | |
Balance, Numbers of awards (in shares) | shares | 1,664,000 |
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 3.76 |
Granted, Numbers of awards (in shares) | shares | 452,000 |
Granted, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 6.97 |
Vested, Numbers of awards (in shares) | shares | (648,000) |
Vested, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 3.85 |
Performance adjustment, Numbers of awards (in shares) | shares | 216,000 |
Performance adjustment, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 3.85 |
Balance, Numbers of awards (in shares) | shares | 1,684,000 |
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 4.59 |
Balance, Aggregate intrinsic value | $ | $ 24,107 |
Note 12 - Share-based Compens_8
Note 12 - Share-based Compensation - Other PSU-related Information (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Withholding tax paid on PSUs vested | $ 1,652 | $ 1,197 | $ 0 |
Performance Share Units [Member] | |||
Performance multiplier on PSUs vested | 150.00% | 82.00% | 0.00% |
Common shares issued (in shares) | 648 | 438 | 0 |
Total fair value of common shares issued | $ 2,855 | $ 1,607 | $ 0 |
Withholding tax paid on PSUs vested | $ 1,652 | $ 1,197 | $ 0 |
Note 13 - Other Income (Expen_3
Note 13 - Other Income (Expense), Net - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Interest income | $ 1,744 | $ 4,190 | $ 1,998 |
Change in fair market value of marketable securities | 431 | 93 | 0 |
Foreign exchange gain (loss) | (606) | 20 | (171) |
Other gain (loss) | 0 | 92 | (76) |
Nonoperating Income (Expense), Total | $ 1,569 | $ 4,395 | $ 1,751 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2017 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 |
Effective Income Tax Rate Reconciliation, Combined Federal and Provincial Statutory Income Tax Rate, Percent | 27.00% | 27.00% | 26.92% | ||
Effective Income Tax Rate Reconciliation, Deduction, Foreign Derived Intangible Income, Percent | 37.50% | ||||
Deferred Tax Assets, Valuation Allowance, Total | $ 271,016 | $ 260,920 | |||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | $ 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | ||||
Capital Loss Carryforward [Member] | |||||
Tax Credit Carryforward, Amount | $ 364,799 | $ 354,356 | |||
Tax and Revenue Administration, British Columbia [Member] | |||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 12.00% | 11.00% |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Current: | |||
Canada | $ 0 | $ 0 | $ 0 |
Foreign | (30) | 607 | 446 |
Current Income Tax Expense (Benefit), Total | (30) | 607 | 446 |
Deferred: | |||
Canada | 0 | 0 | 0 |
Foreign | (751) | 671 | 80 |
Deferred Income Tax Expense (Benefit), Total | (751) | 671 | 80 |
Income tax (recovery) expense | $ (781) | $ 1,278 | $ 526 |
Note 14 - Income Taxes - Loss B
Note 14 - Income Taxes - Loss Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Canada | $ (16,447) | $ (12,584) | $ (15,018) |
Foreign | (17,898) | (13,899) | (15,922) |
Loss before income taxes and other items | $ (34,345) | $ (26,483) | $ (30,940) |
Note 14 - Income Taxes - Effect
Note 14 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Loss before income taxes and other items | $ (34,345) | $ (26,483) | $ (30,940) |
Combined federal and provincial statutory tax rate | 27.00% | 27.00% | 26.92% |
Income tax recovery based on statutory income tax rates | $ (9,273) | $ (7,150) | $ (8,329) |
Reconciling items: | |||
Non-deductible expenditures | 1,911 | 2,136 | 2,150 |
Foreign accrual property income (FAPI) | 652 | 180 | 580 |
Effect of consolidated return for U.S. subsidiaries | (751) | 0 | 0 |
Effect of different statutory tax rates on earnings or losses of subsidiaries | (2) | (658) | (574) |
Effect of statutory tax rate change | 0 | 0 | 73,135 |
Change in valuation allowance on deferred tax assets | 6,638 | 6,773 | (66,466) |
Other | 44 | (3) | 30 |
Income tax (recovery) expense | $ (781) | $ 1,278 | $ 526 |
Effective tax rate | 2.30% | (4.80%) | (1.70%) |
Note 14 - Income Taxes - Comp_2
Note 14 - Income Taxes - Components of the Company's Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Nov. 30, 2020 | Nov. 30, 2019 |
Net operating loss carry forwards | $ 183,422 | $ 175,383 |
Capital loss carry forwards | 49,307 | 47,953 |
Mineral properties | 654 | 638 |
Intangible assets | 484 | 473 |
Property and equipment | 203 | 194 |
Investment in affiliates | 35,933 | 33,508 |
Unpaid interest expense | 2,105 | 2,105 |
Unrealized loss on investments | 316 | 368 |
Other | 685 | 569 |
Deferred Tax Assets, Gross, Total | 273,109 | 261,191 |
Valuation allowances | (271,016) | (260,920) |
Deferred Tax Assets, Net of Valuation Allowance, Total | 2,093 | 271 |
Investment tax credit | 0 | (8) |
Notes receivable | (1,975) | (759) |
Capitalized assets and other | (118) | (255) |
Deferred Tax Liabilities, Gross, Total | (2,093) | (1,022) |
Net deferred income tax assets (liabilities) | 0 | (751) |
Non-current deferred income tax liabilities | 0 | (751) |
Deferred Tax Liabilities, Net, Total | 0 | (751) |
Other Assets [Member] | ||
Non-current deferred income tax assets | $ 0 | $ 0 |
Note 14 - Income Taxes - Summar
Note 14 - Income Taxes - Summary of Operating Loss Carryforwards (Details) $ in Thousands | Nov. 30, 2020USD ($) |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | $ 497,571 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2024 [Member] | |
Net operating loss carry-forwards | 1,032 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2025 [Member] | |
Net operating loss carry-forwards | 1,246 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2026 [Member] | |
Net operating loss carry-forwards | 13,382 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2027 [Member] | |
Net operating loss carry-forwards | 18,493 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2028 [Member] | |
Net operating loss carry-forwards | 85 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2029 [Member] | |
Net operating loss carry-forwards | 11,223 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2030 [Member] | |
Net operating loss carry-forwards | 10,916 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2031 [Member] | |
Net operating loss carry-forwards | 16,580 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2032 [Member] | |
Net operating loss carry-forwards | 309,772 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2033 [Member] | |
Net operating loss carry-forwards | 14,529 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2034 [Member] | |
Net operating loss carry-forwards | 15,607 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2035 [Member] | |
Net operating loss carry-forwards | 16,383 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2036 [Member] | |
Net operating loss carry-forwards | 14,764 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2037 [Member] | |
Net operating loss carry-forwards | 14,111 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2038 [Member] | |
Net operating loss carry-forwards | 0 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2039 [Member] | |
Net operating loss carry-forwards | 0 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Indefinite [Member] | |
Net operating loss carry-forwards | 39,448 |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2040 [Member] | |
Net operating loss carry-forwards | 7,365 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2040 [Member] | |
Net operating loss carry-forwards | 0 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 155,056 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2024 [Member] | |
Net operating loss carry-forwards | 0 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2025 [Member] | |
Net operating loss carry-forwards | 0 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2026 [Member] | |
Net operating loss carry-forwards | 19,166 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2027 [Member] | |
Net operating loss carry-forwards | 1,861 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2028 [Member] | |
Net operating loss carry-forwards | 0 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2029 [Member] | |
Net operating loss carry-forwards | 12,062 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2030 [Member] | |
Net operating loss carry-forwards | 16,051 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2031 [Member] | |
Net operating loss carry-forwards | 15,975 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2032 [Member] | |
Net operating loss carry-forwards | 19,496 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2033 [Member] | |
Net operating loss carry-forwards | 14,712 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2034 [Member] | |
Net operating loss carry-forwards | 10,585 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2035 [Member] | |
Net operating loss carry-forwards | 9,666 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2036 [Member] | |
Net operating loss carry-forwards | 9,512 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2037 [Member] | |
Net operating loss carry-forwards | 6,329 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2038 [Member] | |
Net operating loss carry-forwards | 6,433 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2039 [Member] | |
Net operating loss carry-forwards | 5,843 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Indefinite [Member] | |
Net operating loss carry-forwards | $ 0 |
Note 15 - Discontinued Operat_3
Note 15 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | Jul. 27, 2018 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | Nov. 30, 2017 |
Financing Receivable, after Allowance for Credit Loss, Total | $ 96,016 | $ 92,679 | $ 89,459 | $ 0 | |
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | |||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 75,000 | ||||
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | |||||
Financing Receivable, after Allowance for Credit Loss, Total | 25,000 | ||||
Note Receivable Upon Approval of Galore Creek Project Construction Plan [Member] | |||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 75,000 | ||||
Galore Creek [Member] | |||||
Discontinued Operation, Ownership Percentage, Sold | 50.00% | ||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates, Total | $ 100,000 |
Note 15 - Discontinued Operat_4
Note 15 - Discontinued Operations - Net Loss From Discontinued Operations (Details) - USD ($) $ in Thousands | Jul. 27, 2018 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total | $ 0 | $ 0 | $ (81,299) | |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | $ 0 | $ 0 | 102,448 | |
Galore Creek [Member] | ||||
Cash consideration received on closing | $ 100,000 | |||
Galore Creek [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Equity loss – Galore Creek | (1,203) | |||
Income tax expense | 0 | |||
Galore Creek operations, net of tax | (1,203) | |||
Loss on sale of Galore Creek, net of tax | (80,096) | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total | (81,299) | |||
Cash consideration received on closing | 100,000 | |||
Refund of reclamation deposits | 4,897 | |||
Less closing costs | (721) | |||
Disposal Group, Including Discontinued Operation, Net Cash Proceeds Received | 104,176 | |||
Fair value of notes receivable (Note 5) | 88,398 | |||
Net proceeds | 192,574 | |||
Reclamation deposits | (4,967) | |||
Reclassification of cumulative foreign currency translation adjustments | 13,776 | |||
Deferred income tax recovery | 11,465 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | (80,096) | |||
Funding of Galore Creek Partnership | (1,475) | |||
Net cash proceeds received | 99,279 | |||
Reclamation deposits | 4,644 | |||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 102,448 | |||
Galore Creek [Member] | Discontinued Operations, Disposed of by Sale [Member] | GCP [Member] | ||||
Investment in GCP | (248,367) | |||
Galore Creek [Member] | Discontinued Operations, Disposed of by Sale [Member] | Copper Canyon Property [Member] | ||||
Copper Canyon mineral property | $ (44,577) |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) - Donlin Gold [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Accounts Receivable, Related Parties | $ 6 | $ 0 | |
Technical Services Provided [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 | $ 658 |
Note 17 - Net Change in Opera_3
Note 17 - Net Change in Operating Assets and Liabilities - Net Change in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Other assets | $ (65) | $ 646 | $ (1,471) |
Accounts payable and accrued liabilities | (137) | 84 | 233 |
Accrued payroll and related benefits | 67 | (402) | 38 |
Increase (Decrease) in Operating Capital, Total | $ (135) | $ 328 | $ (1,200) |
Note 18 - Supplemental Cash F_3
Note 18 - Supplemental Cash Flow Information (Details Textual) $ in Thousands | 12 Months Ended |
Nov. 30, 2018USD ($) | |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 88,398 |
Note 18 - Supplemental Cash F_4
Note 18 - Supplemental Cash Flow Information - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Interest received | $ 2,265 | $ 3,094 | $ 1,038 |
Income taxes paid | $ 376 | $ 692 | $ 331 |
Note 19 - Unaudited Supplemen_3
Note 19 - Unaudited Supplementary Data - Selected Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Loss from operations | $ (7,973) | $ (10,895) | $ (8,087) | $ (6,282) | $ (7,520) | $ (7,216) | $ (6,413) | $ (5,663) | $ (33,237) | $ (26,812) | $ (27,291) |
Net loss | $ (7,000) | $ (12,736) | $ (7,233) | $ (6,595) | $ (7,867) | $ (8,056) | $ (5,515) | $ (6,323) | $ (33,564) | $ (27,761) | $ (112,765) |
Net loss per common share, basic and diluted (in dollars per share) | $ (0.02) | $ (0.04) | $ (0.02) | $ (0.02) | $ (0.02) | $ (0.02) | $ (0.02) | $ (0.02) | $ (0.10) | $ (0.09) | $ (0.35) |