Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 30, 2023 | Jan. 16, 2024 | May 31, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Nov. 30, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-31913 | ||
Entity Registrant Name | NOVAGOLD RESOURCES INC | ||
Entity Incorporation, State or Country Code | A1 | ||
Entity Address, Address Line One | 201 South Main Street, 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 | NYSE | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,266,900,000 | ||
Entity Common Stock, Shares Outstanding (in shares) | 334,371,223 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Vancouver, Canada | ||
Auditor Firm ID | 271 | ||
Entity Central Index Key | 0001173420 | ||
Current Fiscal Year End Date | --11-30 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 45,749 | $ 63,882 |
Term deposits | 80,000 | 62,000 |
Notes receivable (Note 4) | 0 | 24,421 |
Other assets (Note 6) | 1,470 | 2,235 |
Current assets | 127,219 | 152,538 |
Investment in Donlin Gold (Note 5) | 3,071 | 3,848 |
Other assets (Note 6) | 3,000 | 2,803 |
Total assets | 133,290 | 159,189 |
Liabilities [Abstract] | ||
Accounts payable and accrued liabilities | 703 | 769 |
Accrued payroll and related benefits | 2,799 | 2,532 |
Other liabilities (Note 9) | 404 | 1,298 |
Current liabilities | 3,906 | 4,599 |
Promissory note (Note 7) | 136,748 | 123,685 |
Other liabilities (Note 9) | 859 | 1,002 |
Total liabilities | 141,513 | 129,286 |
Commitments and Contingencies | ||
Equity [Abstract] | ||
Common Shares Authorized – 1,000 million shares, no par value, Issued and outstanding – 334.2 and 333.8 million shares, respectively | 1,986,938 | 1,983,962 |
Contributed surplus | 88,621 | 82,866 |
Accumulated deficit | (2,059,311) | (2,012,508) |
Accumulated other comprehensive loss | (24,471) | (24,417) |
Total equity (deficit) | (8,223) | 29,903 |
Total liabilities and equity (deficit) | $ 133,290 | $ 159,189 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - shares | Nov. 30, 2023 | Nov. 30, 2022 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued (in shares) | 334,246,859 | 333,753,116 |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 334,246,859 | 333,753,116 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Operating expenses: | |||
General and administrative (Note 12) | $ 21,783 | $ 20,109 | $ 20,210 |
Equity loss - Donlin Gold (Note 5) | 18,529 | 28,163 | 16,625 |
Operating Expenses | 40,312 | 48,272 | 36,835 |
Loss from operations | (40,312) | (48,272) | (36,835) |
Interest expense on promissory note (Note 7) | (13,063) | (7,962) | (5,922) |
Interest and dividend income | 5,791 | 1,591 | 458 |
Accretion of notes receivable (Note 4) | 579 | 849 | 2,556 |
Remediation expense | 541 | 366 | 938 |
Other income (expense), net (Note 14) | 782 | 784 | 282 |
Loss before income taxes | (46,764) | (53,376) | (40,399) |
Income tax recovery (expense) (Note 15) | (39) | 33 | (137) |
Net loss | (46,803) | (53,343) | (40,536) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (54) | (1,128) | 587 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (54) | (1,128) | 587 |
Comprehensive loss | $ (46,857) | $ (54,471) | $ (39,949) |
Net loss per common share – basic and diluted (in dollars per share) | $ (0.14) | $ (0.16) | $ (0.12) |
Weighted average shares outstanding | |||
Basic and diluted (thousands) (in shares) | 334,057 | 333,236 | 331,546 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Operating activities: | |||
Net loss | $ (46,803) | $ (53,343) | $ (40,536) |
Adjustments: | |||
Equity loss – Donlin Gold | 18,529 | 28,163 | 16,625 |
Interest expense on promissory note | 13,063 | 7,962 | 5,922 |
Share-based compensation | 8,731 | 8,214 | 8,235 |
Remediation expense | 541 | 366 | 938 |
Foreign exchange (gain) loss | 43 | (595) | 336 |
Accretion of notes receivable | (579) | (849) | (2,556) |
Change in fair value of marketable securities | (269) | (189) | (418) |
Gain on sale of mineral property | (556) | 0 | (200) |
Other operating adjustments | 49 | (44) | 7 |
Net change in operating assets and liabilities (Note 17) | 535 | 2,056 | (1,784) |
Net cash used in operating activities | (7,786) | (12,371) | (9,863) |
Investing activities: | |||
Proceeds from term deposits | 148,000 | 148,000 | 141,578 |
Purchases of term deposits | (166,000) | (132,000) | (158,799) |
Funding of Donlin Gold | (17,752) | (28,435) | (17,587) |
Proceeds from notes receivable | 25,000 | 0 | 75,000 |
Proceeds from sale of mineral property | 556 | 0 | 200 |
Other | (132) | 73 | 0 |
Net cash provided from investing activities | (10,328) | (12,362) | 40,392 |
Financing activities: | |||
Withholding tax on share-based compensation | 0 | (2,122) | (731) |
Net cash used in financing activities | 0 | (2,122) | (731) |
Effect of exchange rate changes on cash and cash equivalents | (19) | (387) | 420 |
Net change in cash and cash equivalents | (18,133) | (27,242) | 30,218 |
Cash and cash equivalents at beginning of year | 63,882 | 91,124 | 60,906 |
Cash and cash equivalents at end of year | $ 45,749 | $ 63,882 | $ 91,124 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] Performance Share Units [Member] | Common Stock [Member] Deferred Share Units [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] Performance Share Units [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] Performance Share Units [Member] | Retained Earnings [Member] Deferred Share Units [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] Performance Share Units [Member] | AOCI Attributable to Parent [Member] Deferred Share Units [Member] | AOCI Attributable to Parent [Member] | Performance Share Units [Member] | Deferred Share Units [Member] | Total |
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 | |||||||||
Share-based compensation | $ 0 | 8,235 | 0 | 0 | 8,235 | |||||||||
Performance share units (PSUs) settled in shares (in shares) | 574 | 574,379 | ||||||||||||
Performance share units (PSUs) settled in shares | $ 1,460 | $ (1,460) | $ 0 | $ 0 | $ 0 | |||||||||
Stock options exercised (in shares) | 1,430 | |||||||||||||
Stock options exercised | $ 5,031 | (5,031) | 0 | 0 | 0 | |||||||||
Withholding tax on PSUs | 0 | (731) | 0 | 0 | (731) | |||||||||
Net loss | 0 | 0 | (40,536) | 0 | (40,536) | |||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 587 | 587 | |||||||||
Other comprehensive income (loss) | $ 0 | 0 | 0 | 587 | 587 | |||||||||
Balance (in shares) at Nov. 30, 2021 | 332,416 | |||||||||||||
Balance at Nov. 30, 2021 | $ 1,978,520 | 82,216 | (1,959,165) | (23,289) | 78,282 | |||||||||
Share-based compensation | $ 0 | 8,214 | 0 | 0 | 8,214 | |||||||||
Performance share units (PSUs) settled in shares (in shares) | 430 | 53 | 430,045 | |||||||||||
Performance share units (PSUs) settled in shares | $ 1,731 | $ 249 | (1,731) | (249) | $ 0 | $ 0 | $ 0 | |||||||
Stock options exercised (in shares) | 854 | |||||||||||||
Stock options exercised | $ 3,462 | (3,462) | 0 | 0 | 0 | |||||||||
Withholding tax on PSUs | 0 | (2,122) | 0 | 0 | (2,122) | |||||||||
Net loss | 0 | 0 | (53,343) | 0 | (53,343) | |||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (1,128) | (1,128) | |||||||||
Other comprehensive income (loss) | $ 0 | 0 | 0 | (1,128) | (1,128) | |||||||||
Balance (in shares) at Nov. 30, 2022 | 333,753 | |||||||||||||
Balance at Nov. 30, 2022 | $ 1,983,962 | 82,866 | (2,012,508) | (24,417) | 29,903 | |||||||||
Share-based compensation | $ 0 | 8,731 | 0 | 0 | $ 8,731 | |||||||||
Performance share units (PSUs) settled in shares (in shares) | 48 | 0 | ||||||||||||
Performance share units (PSUs) settled in shares | $ 246 | $ (246) | $ 0 | $ 0 | $ 0 | |||||||||
Stock options exercised (in shares) | 446 | 1,914,311 | ||||||||||||
Stock options exercised | $ 2,730 | (2,730) | 0 | 0 | $ 0 | |||||||||
Net loss | 0 | 0 | (46,803) | 0 | (46,803) | |||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (54) | (54) | |||||||||
Other comprehensive income (loss) | $ 0 | 0 | 0 | (54) | (54) | |||||||||
Balance (in shares) at Nov. 30, 2023 | 334,247 | |||||||||||||
Balance at Nov. 30, 2023 | $ 1,986,938 | $ 88,621 | $ (2,059,311) | $ (24,471) | $ (8,223) |
Note 1 - The Company
Note 1 - The Company | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1 THE COMPANY 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 not 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 (“Donlin Gold”), 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, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Presentation The Consolidated Financial Statements include the accounts of NOVAGOLD RESOURCES INC. and its wholly-owned subsidiaries including 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 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 months or less, that are cash equivalents. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. 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 months or less. The term deposits are not traded in an active market. 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 assigned a value to the contingent note receivable as management determined that the approval of the Galore Creek project construction was not probable as of the closing of the Galore Creek sale or in subsequent periods. The contingent note will be recognized when, in management’s judgement, it is probable that the payment will occur, and that the amount recorded will not reverse in future periods. Investment in affiliates Investments in unconsolidated ventures over which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method and include the Company’s investment in the Donlin Gold project. The Company identified Donlin Gold as a Variable Interest Entity (VIE) as the entity is dependent on funding from its owners. All funding, ownership, voting rights, and power to exercise control is shared equally on a 50/50 basis between the owners of the VIE. Therefore, the Company has determined that it is not the primary beneficiary of the VIE. The Company’s maximum exposure to loss is its equity investment in Donlin Gold. 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 is a non-publicly traded equity investee owning an exploration and development project. Therefore, the Company assesses whether there has been a potential triggering event for other-than-temporary impairment by assessing 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 recoverable, the Company will record an impairment charge equal to the difference between the carrying amount of the investee and its fair value. 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 that some portion or all of the deferred income tax assets will not be realized. 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 fair values of PSU retention incentive awards are based on their grant date market prices. The Company’s estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company’s performance, and the Company’s performance in relation to its peers. 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 require the issuance of common shares in the future were converted. Diluted income per share is computed by increasing the weighted-average number of outstanding common shares to include the additional common shares that would be outstanding after conversion and adjusting net income for changes that would result from the conversion. Only those securities or other contracts that result in a reduction in earnings per share are included in the calculation. |
Note 3 - Segmented Information
Note 3 - Segmented Information | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 3 SEGMENTED INFORMATION 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 the 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 investment in the Donlin Gold project in Alaska, USA (Note 5). |
Note 4 - Notes Receivable
Note 4 - Notes Receivable | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4 NOTES RECEIVABLE Changes in the Company’s Notes receivable Years ended November 30, 2023 2022 2021 Balance – beginning of period $ 24,421 $ 23,572 $ 96,016 Accretion of notes receivable 579 849 2,556 Payment received (25,000 ) — (75,000 ) Balance – end of period $ — $ 24,421 $ 23,572 Galore Creek On July 27, 2018, the Company sold its interest in the Galore Creek project to a subsidiary of Newmont Corporation (“Newmont”) for cash proceeds of $100,000, a $75,000 note due upon the earlier of the completion of a Galore Creek pre-feasibility study or July 27, 2021, a $25,000 note due upon the earlier of the completion of a Galore Creek feasibility study or July 27, 2023, and a contingent note for $75,000 due upon approval of a Galore Creek project construction plan by the owner(s). The Company received from Newmont $75,000 on July 27, 2021, and $25,000 on July 27, 2023. No value was assigned to the final $75,000 contingent note. The Company determined that Galore Creek project construction approval was not probable as of the closing of the Galore Creek sale. The Company’s assessment did not change as of November 30, 2023. Minas San Roque On November 3, 2021, the Company sold its 49% interest in the Minas San Roque project in Argentina to Marifil S.A., a subsidiary of International Iconic Gold Mines Ltd. (“Iconic”) for cash proceeds of C$250 upon closing, a C$750 note receivable due on November 1, 2022, and a C$1,000 note receivable due on November 1, 2023. On closing, the Company determined the fair value of the notes was nil |
Note 5 - Investment in Donlin G
Note 5 - Investment in Donlin Gold | 12 Months Ended |
Nov. 30, 2023 | |
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, a limited liability company in which wholly-owned subsidiaries of NOVAGOLD and Barrick each own a 50% interest. Donlin Gold has a board of four two two Changes in the Company’s Investment in Donlin Gold Years ended November 30, 2023 2022 2021 Balance – beginning of period $ 3,848 $ 3,576 $ 2,614 Share of losses: Mineral property expenditures (17,918 ) (27,690 ) (16,286 ) Depreciation (571 ) (427 ) (300 ) Accretion (40 ) (46 ) (39 ) (18,529 ) (28,163 ) (16,625 ) Funding 17,752 28,435 17,587 Balance – end of period $ 3,071 $ 3,848 $ 3,576 The following amounts represent the Company’s 50% share of the assets and liabilities of Donlin Gold. Donlin Gold capitalized the initial contribution of the Donlin Gold property as Non-current assets: Mineral property As of November 30, 2023 2022 Current assets: Cash, prepaid expenses, and other receivables $ 3,410 $ 4,220 Non-current assets: Right-of-use assets, property and equipment 1,456 2,036 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (1,669 ) (2,322 ) Non-current liabilities: Reclamation and lease obligations (741 ) (701 ) Net assets $ 35,071 $ 35,848 |
Note 6 - Other Assets
Note 6 - Other Assets | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | NOTE 6 OTHER ASSETS As of November 30, 2023 2022 Other current assets: Accounts receivable $ 43 $ 301 Interest receivable 99 62 Receivable from Donlin Gold 203 574 Prepaid expenses 1,125 1,298 $ 1,470 $ 2,235 Other long-term assets: Marketable equity securities $ 2,102 $ 1,845 Right-of-use assets 757 939 Office equipment 141 19 $ 3,000 $ 2,803 |
Note 7 - Promissory Note
Note 7 - Promissory Note | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 PROMISSORY NOTE The Company has a promissory note payable to Barrick of $136,748, comprised of $51,576 in principal, and $85,172 in accrued interest at U.S. prime plus 2%. The average effective interest rate was 10.3%, 6.8%, and 5.3% in 2023, 2022 and 2021, respectively. The promissory note resulted from the agreement that led to the formation of Donlin Gold, where the Company agreed to reimburse Barrick for a portion of their expenditures incurred from April 1, 2006 to November 30, 2007. The promissory note and accrued interest are payable from 85% of the Company’s share of revenue from future mine production or from any net proceeds resulting from a reduction of the Company’s interest in Donlin Gold. The carrying value of the promissory note approximates fair value. Changes in the Company’s Promissory Note Years ended November 30, 2023 2022 2021 Balance – beginning of period $ 123,685 $ 115,723 $ 109,801 Interest expense on promissory note 13,063 7,962 5,922 Balance – end of period $ 136,748 $ 123,685 $ 115,723 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Nov. 30, 2023 | |
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 five Lease expenses are included in General and administrative expense Office expense Years ended November 30, 2023 2022 2021 Operating lease cost $ 232 $ 234 $ 235 Variable lease cost 121 126 122 Short-term lease cost 5 5 4 $ 358 $ 365 $ 361 Future minimum lease payments under non-cancellable operating leases as of November 30, 2023, were as follows: 2024 $ 234 2025 157 2026 154 2027 159 2028 164 Thereafter 56 Total future minimum lease payments 924 Less: imputed interest (123 ) $ 801 Other information regarding leases includes the following: Years ended November 30, 2023 2022 2021 Cash paid for operating leases $ 193 $ 238 $ 235 Variable lease cost 121 126 127 Short-term lease cost 5 5 5 $ 319 $ 369 $ 367 ROU assets obtained in exchange for lease liabilities $ — $ 750 $ — Weighted average: Remaining lease term (years) – operating leases 4.8 5.6 2.3 Discount rate – operating leases 5.9 % 5.8 % 5.0 % |
Note 9 - Other Liabilities
Note 9 - Other Liabilities | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | NOTE 9 OTHER LIABILITIES As of November 30, 2023 2022 Other current liabilities: Remediation liabilities $ 212 $ 1,156 Lease obligations 192 142 $ 404 $ 1,298 Other long-term liabilities: Remediation liabilities $ 250 $ 200 Lease obligations 609 802 $ 859 $ 1,002 |
Note 10 - Share Capital
Note 10 - Share Capital | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 10 SHARE CAPITAL Common shares The Company is authorized to issue 1,000,000,000 common shares without par value, of which 334,246,859 were issued and outstanding as of November 30, 2023, and 333,753,116 were issued and outstanding as of November 30, 2022. 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 be issued in designated series from time to time by one or more resolutions adopted by the Directors. The Directors have the authority to determine the preferences, limitations, and relative rights of each series of preferred shares. As of November 30, 2023 and 2022, no preferred shares were issued or outstanding. |
Note 11 - Fair Value Accounting
Note 11 - Fair Value Accounting | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 11 FAIR VALUE ACCOUNTING Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the significance of the inputs used in making the measurement. The three levels of the fair value hierarchy are as follows: Level 1 Level 2 Level 3 The Company’s financial instruments consist of cash and cash equivalents, term deposits, accounts receivable, receivable from Donlin Gold, accounts payable and accrued liabilities, and promissory note. The fair value of the promissory note approximates its carrying value based on accrued interest at U.S. prime plus 2% and the terms for repayment from future mine production or from any net proceeds resulting from a reduction of the Company’s interest in Donlin Gold. The fair values of the Company’s other financial instruments approximate their carrying value due to the short‐term nature of their maturity. The Company’s financial instruments initially measured at fair value and then held at amortized cost include cash and cash equivalents, term deposits, accounts receivable, receivable from Donlin Gold, accounts payable and accrued liabilities, and promissory note. The Company’s marketable equity securities are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the marketable equity securities was $2,102 as of November 30, 2023 ($1,845 as of November 30, 2022), calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company. |
Note 12 - General and Administr
Note 12 - General and Administrative | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
General and Administrative Expenses [Text Block] | NOTE 12 GENERAL AND ADMINISTRATIVE Years ended November 30, 2023 2022 2021 Share-based compensation (Note 13) $ 8,731 $ 8,214 $ 8,235 Salaries and benefits 7,009 6,710 6,599 Office expense 3,302 2,992 2,544 Professional fees 1,647 1,177 1,849 Corporate communications and regulatory 1,084 1,009 976 Depreciation 10 7 7 $ 21,783 $ 20,109 $ 20,210 |
Note 13 - Share-based Compensat
Note 13 - Share-based Compensation | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 13 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 less than the fair market value of the underlying share at the date of grant. As of November 30, 2023, 30,610,851 common shares were available for future share incentive plan awards under all three plans. The Company recognized share-based compensation expense (see Note 12 - General and administrative Years ended November 30, 2023 2022 2021 Stock options $ 4,594 $ 4,642 $ 4,721 Performance share unit plan 3,910 3,345 3,278 Deferred share unit plan 227 227 236 $ 8,731 $ 8,214 $ 8,235 Stock options Stock options granted under the Company’s share-based incentive plans generally expire five one-third A summary of stock options outstanding as of November 30, 2023, and activity during the year ended November 30, 2023 are as follows: Number of stock options Weighted- average exercise price per share Weighted- average remaining contractual term (years) Aggregate intrinsic value November 30, 2022 7,717,413 $ 6.18 Granted 2,291,800 5.71 Exercised (1,914,311 ) (3.73 ) Cancelled (488,702 ) (7.08 ) November 30, 2023 7,606,200 $ 6.59 2.38 $ 505 Vested and exercisable as of November 30, 2023 3,881,316 $ 6.75 1.28 $ 505 The following table summarizes other stock option-related information: Years ended November 30, 2023 2022 2021 Weighted-average assumptions used to value stock option awards: Expected volatility 48.4 % 46.5 % 47.2 % Expected term of options (years) 4 4 4 Expected dividend rate — — — Risk-free interest rate 3.85 % 1.13 % 0.3 % Expected forfeiture rate 2.8 % 2.9 % 3.0 % Weighted-average grant-date fair value $ 2.40 $ 2.49 $ 3.63 Intrinsic value of options exercised $ 2,339 $ 5,723 $ 12,543 Cash received from options exercised $ — $ — $ — As of November 30, 2023, the Company had $2,721 of unrecognized compensation cost related to 3,724,884 non-vested stock options expected to be expensed and vest over a period of approximately 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 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, 2023 are as follows: Number of PSU awards Weighted- average grant day fair value per award Aggregate intrinsic value November 30, 2022 1,257,200 $ 7.65 Granted 605,500 5.77 Retention awards granted 181,700 5.64 Expired (438,900 ) (6.96 ) November 30, 2023 1,605,500 $ 6.89 $ 760 As of November 30, 2023, the Company had 1,605,500 non-vested PSU awards outstanding of which 319,300 were fully expensed and subsequently expired with no value. The remaining 1,286,200 non-vested PSU awards with $3,771 of unrecognized compensation cost will be expensed over a period of approximately two The following table summarizes other PSU-related information: Years ended November 30, 2023 2022 2021 Performance multiplier on PSUs vested — % 93 % 150 % Common shares issued — 430,045 574,379 Total fair value of common shares issued $ — $ 2,903 $ 5,723 Withholding tax paid on PSUs vested $ — $ 2,122 $ 731 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 nil |
Note 14 - Other Income (Expense
Note 14 - Other Income (Expense), Net | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 14 OTHER INCOME (EXPENSE), NET Years ended November 30, 2023 2022 2021 Gain on sale of mineral property $ 556 $ — $ 200 Change in fair market value of marketable securities 269 189 418 Foreign exchange gain (loss) (43 ) 595 (336 ) $ 782 $ 784 $ 282 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 15 INCOME TAXES The Company’s statutory tax rate is 27% and is expected to remain at this amount until 2024. The Company’s Income tax expense (recovery) Years ended November 30, 2023 2022 2021 Current: Canada $ — $ — $ 110 Foreign 39 (33 ) 27 39 (33 ) $ 137 Deferred: Canada — — — Foreign — — — — — — Income tax (recovery) expense $ 39 $ (33 ) $ 137 The Company’s Loss before income taxes Years ended November 30, 2023 2022 2021 Canada $ (18,213 ) $ (17,062 ) $ (17,723 ) Foreign (28,551 ) (36,314 ) (22,676 ) $ (46,764 ) $ (53,376 ) $ (40,399 ) The Company’s Income tax (recovery) expense Years ended November 30, 2023 2022 2021 Loss before income taxes $ (46,764 ) $ (53,376 ) $ (40,399 ) Combined federal and provincial statutory tax rate 27.0 % (12,626 ) 27.0 % (14,412 ) 27.0 % (10,908 ) Reconciling items: Non-deductible expenditures -5.9 % 2,767 -4.5 % 2,411 -6.1 % 2,483 Foreign accrual property income -3.6 % 1,682 -1.2 % 666 -1.9 % 771 Effect of different statutory tax rates on earnings or losses of subsidiaries 0.9 % (407 ) 1.0 % (518 ) 0.8 % (323 ) Change in valuation allowance on deferred tax assets -18.5 % 8,623 -22.3 % 11,852 -20.1 % 8,115 Other — — 0.1 % (32 ) — (1 ) Income tax (recovery) expense -0.1 % $ 39 0.1 % $ (33 ) -0.3 % $ 137 Components of the Company’s deferred income tax assets (liabilities) are as follows: As of November 30, 2023 2022 Deferred tax income assets: Net operating loss carry forwards $ 193,508 $ 188,783 Capital loss carry forwards 47,995 48,264 Mineral properties 624 628 Intangible assets 462 465 Property and equipment 184 198 Investment in affiliates 47,522 44,713 Unpaid interest expense 2,105 2,105 Unrealized loss on investments 196 233 Asset retirement obligation 131 386 Other 1,129 1,068 293,856 286,843 Valuation allowances (293,536 ) (285,611 ) 320 1,232 Deferred income tax liabilities: Notes receivable — (942 ) Capitalized assets and other (320 ) (290 ) (320 ) (1,232 ) Net deferred income tax assets (liabilities) $ — $ — 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 17,795 2027 18,493 1,777 2028 85 — 2029 11,223 11,515 2030 10,916 15,322 2031 16,580 15,249 2032 309,772 18,610 2033 14,529 14,044 2034 15,607 10,104 2035 16,383 9,227 2036 14,764 9,080 2037 14,111 6,037 2038 — 6,153 2039 — 5,578 2040 — 6,642 2041 — — 2042 — 6,854 2043 — 4,153 Indefinite 72,413 — $ 530,536 $ 158,140 U.S. net operating losses arising in tax years ending after December 31, 2017 can be carried over to each taxable year following the tax year of loss (indefinitely). The Company has capital loss carry-forwards of approximately $355,516 as of November 30, 2023 (November 30, 2022: $357,511) for Canadian tax purposes. These tax losses are carried forward indefinitely. 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, which relates to a 50% change in control over a three-year period and are further dependent upon the Company attaining profitable operations. Ownership changes occurred on January 22, 2009 and on December 31, 2012 and the U.S. tax losses related to NOVAGOLD Resources Alaska Inc. and its investment in Donlin Gold for the prior three-year periods prior to the change in control may be subject to limitation under Section 382. Accordingly, the Company’s ability to use these losses may be limited or they may expire un-utilized. Losses incurred to date may be further limited if a subsequent change in control occurs. 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, 2023. Such objective evidence limits the ability to consider other subjective evidence such as management’s projections for future growth. On the basis of this evaluation, as of November 30, 2023, a valuation allowance of $293,536 (November 30, 2022: $285,611), has been recorded in order to measure only the portion of the deferred tax asset that more likely than not will be realized. The amount of the deferred tax asset considered realizable; however, could be adjusted if estimates of future taxable income during the carry forward period are reduced or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as management’s projections for growth. Uncertain tax position There were no no |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 16 RELATED PARTY TRANSACTIONS The Company provided management and administrative services to Donlin Gold for $990 in 2023 ($681 in 2022 and $ nil Other current assets |
Note 17 - Net Change in Operati
Note 17 - Net Change in Operating Assets and Liabilities | 12 Months Ended |
Nov. 30, 2023 | |
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, 2023 2022 2021 Changes in operating assets and liabilities: Other assets $ 694 $ (1,962 ) $ 1,605 Accounts payable and accrued liabilities (62 ) 128 (240 ) Accrued payroll and related benefits 268 (92 ) 419 Remediation liability (1,435 ) (130 ) — $ (535 ) $ (2,056 ) $ 1,784 |
Note 18 - Supplemental Cash Flo
Note 18 - Supplemental Cash Flow Information | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 18 SUPPLEMENTAL CASH FLOW INFORMATION Years ended November 30, 2023 2022 2021 Interest and dividends received $ 5,754 $ 1,684 $ 1,024 Income taxes refunded $ 325 $ 17 $ — Income taxes paid $ 75 $ — $ 142 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Nov. 30, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 9B. Other Information None. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2023 | |
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 including 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 currency 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 months or less, that are cash equivalents. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. |
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 months or less. The term deposits are not traded in an active market. |
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 assigned a value to the contingent note receivable as management determined that the approval of the Galore Creek project construction was not probable as of the closing of the Galore Creek sale or in subsequent periods. The contingent note will be recognized when, in management’s judgement, it is probable that the payment will occur, and that the amount recorded will not reverse in future periods. |
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 control, are accounted for under the equity method and include the Company’s investment in the Donlin Gold project. The Company identified Donlin Gold as a Variable Interest Entity (VIE) as the entity is dependent on funding from its owners. All funding, ownership, voting rights, and power to exercise control is shared equally on a 50/50 basis between the owners of the VIE. Therefore, the Company has determined that it is not the primary beneficiary of the VIE. The Company’s maximum exposure to loss is its equity investment in Donlin Gold. 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 is a non-publicly traded equity investee owning an exploration and development project. Therefore, the Company assesses whether there has been a potential triggering event for other-than-temporary impairment by assessing 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 recoverable, the Company will record an impairment charge equal to the difference between the carrying amount of the investee and its fair value. |
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 that some portion or all of the deferred income tax assets will not be realized. |
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 fair values of PSU retention incentive awards are based on their grant date market prices. The Company’s estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company’s performance, and the Company’s performance in relation to its peers. |
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 require the issuance of common shares in the future were converted. Diluted income per share is computed by increasing the weighted-average number of outstanding common shares to include the additional common shares that would be outstanding after conversion and adjusting net income for changes that would result from the conversion. Only those securities or other contracts that result in a reduction in earnings per share are included in the calculation. |
Note 4 - Notes Receivable (Tabl
Note 4 - Notes Receivable (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Years ended November 30, 2023 2022 2021 Balance – beginning of period $ 24,421 $ 23,572 $ 96,016 Accretion of notes receivable 579 849 2,556 Payment received (25,000 ) — (75,000 ) Balance – end of period $ — $ 24,421 $ 23,572 |
Note 5 - Investment in Donlin_2
Note 5 - Investment in Donlin Gold (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Years ended November 30, 2023 2022 2021 Balance – beginning of period $ 3,848 $ 3,576 $ 2,614 Share of losses: Mineral property expenditures (17,918 ) (27,690 ) (16,286 ) Depreciation (571 ) (427 ) (300 ) Accretion (40 ) (46 ) (39 ) (18,529 ) (28,163 ) (16,625 ) Funding 17,752 28,435 17,587 Balance – end of period $ 3,071 $ 3,848 $ 3,576 As of November 30, 2023 2022 Current assets: Cash, prepaid expenses, and other receivables $ 3,410 $ 4,220 Non-current assets: Right-of-use assets, property and equipment 1,456 2,036 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (1,669 ) (2,322 ) Non-current liabilities: Reclamation and lease obligations (741 ) (701 ) Net assets $ 35,071 $ 35,848 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | As of November 30, 2023 2022 Other current assets: Accounts receivable $ 43 $ 301 Interest receivable 99 62 Receivable from Donlin Gold 203 574 Prepaid expenses 1,125 1,298 $ 1,470 $ 2,235 Other long-term assets: Marketable equity securities $ 2,102 $ 1,845 Right-of-use assets 757 939 Office equipment 141 19 $ 3,000 $ 2,803 |
Note 7 - Promissory Note (Table
Note 7 - Promissory Note (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Years ended November 30, 2023 2022 2021 Balance – beginning of period $ 123,685 $ 115,723 $ 109,801 Interest expense on promissory note 13,063 7,962 5,922 Balance – end of period $ 136,748 $ 123,685 $ 115,723 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Years ended November 30, 2023 2022 2021 Operating lease cost $ 232 $ 234 $ 235 Variable lease cost 121 126 122 Short-term lease cost 5 5 4 $ 358 $ 365 $ 361 Years ended November 30, 2023 2022 2021 Cash paid for operating leases $ 193 $ 238 $ 235 Variable lease cost 121 126 127 Short-term lease cost 5 5 5 $ 319 $ 369 $ 367 ROU assets obtained in exchange for lease liabilities $ — $ 750 $ — Weighted average: Remaining lease term (years) – operating leases 4.8 5.6 2.3 Discount rate – operating leases 5.9 % 5.8 % 5.0 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 234 2025 157 2026 154 2027 159 2028 164 Thereafter 56 Total future minimum lease payments 924 Less: imputed interest (123 ) $ 801 |
Note 9 - Other Liabilities (Tab
Note 9 - Other Liabilities (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Other Liabilities [Table Text Block] | As of November 30, 2023 2022 Other current liabilities: Remediation liabilities $ 212 $ 1,156 Lease obligations 192 142 $ 404 $ 1,298 Other long-term liabilities: Remediation liabilities $ 250 $ 200 Lease obligations 609 802 $ 859 $ 1,002 |
Note 12 - General and Adminis_2
Note 12 - General and Administrative (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
General and Administrative Expenses [Table Text Block] | Years ended November 30, 2023 2022 2021 Share-based compensation (Note 13) $ 8,731 $ 8,214 $ 8,235 Salaries and benefits 7,009 6,710 6,599 Office expense 3,302 2,992 2,544 Professional fees 1,647 1,177 1,849 Corporate communications and regulatory 1,084 1,009 976 Depreciation 10 7 7 $ 21,783 $ 20,109 $ 20,210 |
Note 13 - Share-based Compens_2
Note 13 - Share-based Compensation (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years ended November 30, 2023 2022 2021 Stock options $ 4,594 $ 4,642 $ 4,721 Performance share unit plan 3,910 3,345 3,278 Deferred share unit plan 227 227 236 $ 8,731 $ 8,214 $ 8,235 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of stock options Weighted- average exercise price per share Weighted- average remaining contractual term (years) Aggregate intrinsic value November 30, 2022 7,717,413 $ 6.18 Granted 2,291,800 5.71 Exercised (1,914,311 ) (3.73 ) Cancelled (488,702 ) (7.08 ) November 30, 2023 7,606,200 $ 6.59 2.38 $ 505 Vested and exercisable as of November 30, 2023 3,881,316 $ 6.75 1.28 $ 505 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years ended November 30, 2023 2022 2021 Weighted-average assumptions used to value stock option awards: Expected volatility 48.4 % 46.5 % 47.2 % Expected term of options (years) 4 4 4 Expected dividend rate — — — Risk-free interest rate 3.85 % 1.13 % 0.3 % Expected forfeiture rate 2.8 % 2.9 % 3.0 % Weighted-average grant-date fair value $ 2.40 $ 2.49 $ 3.63 Intrinsic value of options exercised $ 2,339 $ 5,723 $ 12,543 Cash received from options exercised $ — $ — $ — |
Schedule of Nonvested Performance-Based Units Activity [Table Text Block] | Number of PSU awards Weighted- average grant day fair value per award Aggregate intrinsic value November 30, 2022 1,257,200 $ 7.65 Granted 605,500 5.77 Retention awards granted 181,700 5.64 Expired (438,900 ) (6.96 ) November 30, 2023 1,605,500 $ 6.89 $ 760 |
Other PSU-related Information [Table Text Block] | Years ended November 30, 2023 2022 2021 Performance multiplier on PSUs vested — % 93 % 150 % Common shares issued — 430,045 574,379 Total fair value of common shares issued $ — $ 2,903 $ 5,723 Withholding tax paid on PSUs vested $ — $ 2,122 $ 731 |
Note 14 - Other Income (Expen_2
Note 14 - Other Income (Expense), Net (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Years ended November 30, 2023 2022 2021 Gain on sale of mineral property $ 556 $ — $ 200 Change in fair market value of marketable securities 269 189 418 Foreign exchange gain (loss) (43 ) 595 (336 ) $ 782 $ 784 $ 282 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended November 30, 2023 2022 2021 Current: Canada $ — $ — $ 110 Foreign 39 (33 ) 27 39 (33 ) $ 137 Deferred: Canada — — — Foreign — — — — — — Income tax (recovery) expense $ 39 $ (33 ) $ 137 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years ended November 30, 2023 2022 2021 Canada $ (18,213 ) $ (17,062 ) $ (17,723 ) Foreign (28,551 ) (36,314 ) (22,676 ) $ (46,764 ) $ (53,376 ) $ (40,399 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended November 30, 2023 2022 2021 Loss before income taxes $ (46,764 ) $ (53,376 ) $ (40,399 ) Combined federal and provincial statutory tax rate 27.0 % (12,626 ) 27.0 % (14,412 ) 27.0 % (10,908 ) Reconciling items: Non-deductible expenditures -5.9 % 2,767 -4.5 % 2,411 -6.1 % 2,483 Foreign accrual property income -3.6 % 1,682 -1.2 % 666 -1.9 % 771 Effect of different statutory tax rates on earnings or losses of subsidiaries 0.9 % (407 ) 1.0 % (518 ) 0.8 % (323 ) Change in valuation allowance on deferred tax assets -18.5 % 8,623 -22.3 % 11,852 -20.1 % 8,115 Other — — 0.1 % (32 ) — (1 ) Income tax (recovery) expense -0.1 % $ 39 0.1 % $ (33 ) -0.3 % $ 137 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of November 30, 2023 2022 Deferred tax income assets: Net operating loss carry forwards $ 193,508 $ 188,783 Capital loss carry forwards 47,995 48,264 Mineral properties 624 628 Intangible assets 462 465 Property and equipment 184 198 Investment in affiliates 47,522 44,713 Unpaid interest expense 2,105 2,105 Unrealized loss on investments 196 233 Asset retirement obligation 131 386 Other 1,129 1,068 293,856 286,843 Valuation allowances (293,536 ) (285,611 ) 320 1,232 Deferred income tax liabilities: Notes receivable — (942 ) Capitalized assets and other (320 ) (290 ) (320 ) (1,232 ) Net deferred income tax assets (liabilities) $ — $ — |
Summary of Operating Loss Carryforwards [Table Text Block] | Year of Expiry U.S. Canada 2024 $ 1,032 $ — 2025 1,246 — 2026 13,382 17,795 2027 18,493 1,777 2028 85 — 2029 11,223 11,515 2030 10,916 15,322 2031 16,580 15,249 2032 309,772 18,610 2033 14,529 14,044 2034 15,607 10,104 2035 16,383 9,227 2036 14,764 9,080 2037 14,111 6,037 2038 — 6,153 2039 — 5,578 2040 — 6,642 2041 — — 2042 — 6,854 2043 — 4,153 Indefinite 72,413 — $ 530,536 $ 158,140 |
Note 17 - Net Change in Opera_2
Note 17 - Net Change in Operating Assets and Liabilities (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Cash Flow, Operating Capital [Table Text Block] | Years ended November 30, 2023 2022 2021 Changes in operating assets and liabilities: Other assets $ 694 $ (1,962 ) $ 1,605 Accounts payable and accrued liabilities (62 ) 128 (240 ) Accrued payroll and related benefits 268 (92 ) 419 Remediation liability (1,435 ) (130 ) — $ (535 ) $ (2,056 ) $ 1,784 |
Note 18 - Supplemental Cash F_2
Note 18 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Years ended November 30, 2023 2022 2021 Interest and dividends received $ 5,754 $ 1,684 $ 1,024 Income taxes refunded $ 325 $ 17 $ — Income taxes paid $ 75 $ — $ 142 |
Note 1 - The Company (Details T
Note 1 - The Company (Details Textual) | Nov. 30, 2023 |
Donlin Gold [Member] | |
Equity Method Investment, Ownership Percentage | 50% |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | Jul. 27, 2018 |
Financing Receivable, after Allowance for Credit Loss | $ 0 | $ 24,421 | $ 23,572 | $ 96,016 | |
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | |||||
Financing Receivable, after Allowance for Credit Loss | $ 75,000 | $ 75,000 |
Note 4 - Notes Receivable (Deta
Note 4 - Notes Receivable (Details Textual) $ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Jan. 11, 2024 CAD ($) | Jul. 27, 2023 USD ($) | Nov. 03, 2021 CAD ($) | Jul. 27, 2021 USD ($) | Jul. 27, 2018 USD ($) | Dec. 31, 2022 CAD ($) | Nov. 30, 2023 USD ($) | Nov. 30, 2022 USD ($) | Nov. 30, 2021 USD ($) | Nov. 30, 2020 USD ($) | |
Financing Receivable, after Allowance for Credit Loss | $ 0 | $ 24,421 | $ 23,572 | $ 96,016 | ||||||
Proceeds from Collection of Notes Receivable | 25,000 | $ 0 | $ 75,000 | |||||||
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | ||||||||||
Financing Receivable, after Allowance for Credit Loss | $ 75,000 | 75,000 | ||||||||
Proceeds from Collection of Notes Receivable | $ 25,000 | $ 75,000 | ||||||||
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | ||||||||||
Financing Receivable, after Allowance for Credit Loss | $ 1,000 | 25,000 | ||||||||
Note Receivable Upon Approval of Galore Creek Project Construction Plan [Member] | ||||||||||
Financing Receivable, after Allowance for Credit Loss | 75,000 | |||||||||
Note Receivable upon Completion of Minas San Roque Project Prefeasibility [Member] | ||||||||||
Financing Receivable, after Allowance for Credit Loss | 750 | |||||||||
Note Receivable upon Completion of Minas San Roque Project Feasibility [Member] | ||||||||||
Financing Receivable, after Allowance for Credit Loss | $ 0 | |||||||||
Proceeds from Collection of Notes Receivable | $ 750 | |||||||||
Note Receivable upon Completion of Minas San Roque Project Feasibility [Member] | Subsequent Event [Member] | ||||||||||
Proceeds from Collection of Notes Receivable | $ 1,000 | |||||||||
Galore Creek [Member] | ||||||||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | $ 100,000 | |||||||||
Minas San Roque [Member] | ||||||||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | $ 250 | |||||||||
Interest Sold | 49% |
Note 4 - Notes Receivable - Not
Note 4 - Notes Receivable - Notes Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Balance – beginning of period | $ 24,421 | $ 23,572 | $ 96,016 |
Accretion of notes receivable (Note 4) | 579 | 849 | 2,556 |
Payment received | (25,000) | 0 | (75,000) |
Balance – end of period | $ 0 | $ 24,421 | $ 23,572 |
Note 5 - Investment in Donlin_3
Note 5 - Investment in Donlin Gold (Details Textual) - Donlin Gold [Member] $ in Millions | Nov. 30, 2023 USD ($) |
Equity Method Investment, Ownership Percentage | 50% |
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% |
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, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Current assets: Cash, prepaid expenses, and other receivables | $ 127,219 | $ 152,538 | |
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (703) | (769) | |
Accretion | $ (39) | ||
Income (Loss) from Equity Method Investments | (18,529) | (28,163) | (16,625) |
Donlin Gold [Member] | |||
Current assets: Cash, prepaid expenses, and other receivables | 3,410 | 4,220 | |
Non-current assets: Right-of-use assets, property and equipment | 1,456 | 2,036 | |
Non-current assets: Mineral property | 32,615 | 32,615 | |
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (1,669) | (2,322) | |
Non-current liabilities: Reclamation and lease obligations | (741) | (701) | |
Net assets | 35,071 | 35,848 | |
Donlin Gold [Member] | |||
Balance – beginning of period | 3,848 | 3,576 | 2,614 |
Mineral property expenditures | (17,918) | (27,690) | (16,286) |
Depreciation | (571) | (427) | (300) |
Accretion | (40) | (46) | |
Funding | 17,752 | 28,435 | 17,587 |
Balance – end of period | $ 3,071 | $ 3,848 | $ 3,576 |
Note 6 - Other Assets - Carryin
Note 6 - Other Assets - Carrying Amounts of Other Assets (Details) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Interest receivable | $ 99 | $ 62 |
Prepaid expenses | 1,125 | 1,298 |
Other Assets, Current | 1,470 | 2,235 |
Other long-term assets: | ||
Marketable equity securities | 2,102 | 1,845 |
Office equipment | 141 | 19 |
Other Assets, Noncurrent | 3,000 | 2,803 |
Other Noncurrent Assets [Member] | ||
Other long-term assets: | ||
Right-of-use assets | 757 | 939 |
Related Party [Member] | ||
Accounts receivable | 43 | 301 |
Nonrelated Party [Member] | ||
Accounts receivable | $ 203 | $ 574 |
Note 7 - Promissory Note (Detai
Note 7 - Promissory Note (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Notes Payable | $ 136,748 | $ 123,685 | $ 115,723 | $ 109,801 |
Barrick [Member] | Notes Payable, Other Payables [Member] | ||||
Notes Payable | 136,748 | |||
Debt Instrument, Face Amount | 51,576 | |||
Interest Payable | $ 85,172 | |||
Debt Instrument, Interest Rate, Effective Percentage | 10.30% | 6.80% | 5.30% | |
Percentage of Specified Revenue from Which the Promissory Note and Accrued Interest Are Payable | 85% | |||
Barrick [Member] | Notes Payable, Other Payables [Member] | Prime Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2% |
Note 7 - Promissory Note - Sche
Note 7 - Promissory Note - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Balance – beginning of period | $ 123,685 | $ 115,723 | $ 109,801 |
Interest expense on promissory note | 13,063 | 7,962 | 5,922 |
Balance – end of period | $ 136,748 | $ 123,685 | $ 115,723 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | Nov. 30, 2023 |
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Lessee, Operating Lease, Renewal Term | 5 years |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Cash paid for operating leases | $ 193 | $ 238 | $ 235 |
Variable lease cost | 121 | 126 | 127 |
Short-term lease cost | 5 | 5 | 5 |
Lease, Cost | 319 | 369 | 367 |
ROU assets obtained in exchange for lease liabilities | $ 0 | $ 750 | $ 0 |
Remaining lease term (years) – operating leases (Year) | 4 years 9 months 18 days | 5 years 7 months 6 days | 2 years 3 months 18 days |
Discount rate – operating leases | 5.90% | 5.80% | 5% |
General and Administrative Expense [Member] | |||
Operating lease cost | $ 232 | $ 234 | $ 235 |
Variable lease cost | 121 | 126 | 122 |
Short-term lease cost | 5 | 5 | 4 |
Lease, Cost | $ 358 | $ 365 | $ 361 |
Note 8 - Leases - Minimum Lease
Note 8 - Leases - Minimum Lease Payments (Details) $ in Thousands | Nov. 30, 2023 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 234 |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 157 |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 154 |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 159 |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 164 |
Thereafter | 56 |
Total future minimum lease payments | 924 |
Less: imputed interest | (123) |
Total Liabilities [Member] | |
Total | $ 801 |
Note 9 - Other Liabilities - Cu
Note 9 - Other Liabilities - Current and Long Term Liabilities (Details) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Other current liabilities: | ||
Remediation liabilities | $ 212 | $ 1,156 |
Lease obligations | 192 | 142 |
Other Liabilities, Current | 404 | 1,298 |
Other long-term liabilities: | ||
Remediation liabilities | 250 | 200 |
Lease obligations | 609 | 802 |
Other Liabilities, Noncurrent | $ 859 | $ 1,002 |
Note 10 - Share Capital (Detail
Note 10 - Share Capital (Details Textual) - shares | Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2019 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 | |
Common Stock, Shares, Issued | 334,246,859 | 333,753,116 | |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 334,246,859 | 333,753,116 | |
Preferred Stock, Shares Authorized | 10,000,000 | ||
Preferred Stock, Shares Issued (in shares) | 0 | 0 | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 |
Note 11 - Fair Value Accounti_2
Note 11 - Fair Value Accounting (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Equity Securities, FV-NI, Current | $ 2,102 | $ 1,845 |
Barrick [Member] | Notes Payable, Other Payables [Member] | Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2% |
Note 12 - General and Adminis_3
Note 12 - General and Administrative - Summary of General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Share-based compensation (Note 13) | $ 8,731 | $ 8,214 | $ 8,235 |
Salaries and benefits | 7,009 | 6,710 | 6,599 |
Office expense | 3,302 | 2,992 | 2,544 |
Professional fees | 1,647 | 1,177 | 1,849 |
Corporate communications and regulatory | 1,084 | 1,009 | 976 |
Depreciation | 10 | 7 | 7 |
General and Administrative Expense | $ 21,783 | $ 20,109 | $ 20,210 |
Note 13 - Share-based Compens_3
Note 13 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Nov. 30, 2023 | Dec. 15, 2022 | Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 30,610,851 | 30,610,851 | |||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 2,721 | $ 2,721 | |||
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% | 33.33% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares | 3,724,884 | 3,724,884 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | ||||
Performance Share Units [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award | 1 | 1 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,605,500 | 1,605,500 | 1,257,200 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 319,300 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 1,286,200 | 1,286,200 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,771 | $ 3,771 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 605,500 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.77 | ||||
Performance Share Units [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award | 1 | 1 | |||
Performance Share Units [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award, Adjusted, Multiplier | 0% | 0% | |||
Performance Share Units [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award, Adjusted, Multiplier | 150% | 150% | |||
Retention Performance Stock Units [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 181,700 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.64 | ||||
Retention Performance Stock Units [Member] | Executive Officer [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 181,700 | ||||
Deferred Share Units [Member] | Director [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 287,072 | 287,072 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 43,658 | 38,470 | 25,957 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.04 | $ 5.74 | $ 8.86 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 48,446 | 52,930 | 0 |
Note 13 - Share-based Compens_4
Note 13 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 24 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Share-based Compensation Expense | $ 8,731 | $ 8,214 | $ 8,235 |
Share-Based Payment Arrangement, Option [Member] | |||
Share-based Compensation Expense | 4,594 | 4,642 | 4,721 |
Performance Share Units [Member] | |||
Share-based Compensation Expense | 3,910 | 3,345 | 3,278 |
Deferred Share Units [Member] | |||
Share-based Compensation Expense | $ 227 | $ 227 | $ 236 |
Note 13 - Share-based Compens_5
Note 13 - Share-based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Nov. 30, 2023 USD ($) $ / shares shares | |
November 30, 2021 (in shares) | shares | 7,717,413 |
November 30, 2021 (in dollars per share) | $ / shares | $ 6.18 |
Granted (in shares) | shares | 2,291,800 |
Granted (in dollars per share) | $ / shares | $ 5.71 |
Exercised (in shares) | shares | (1,914,311) |
Exercised (in dollars per share) | $ / shares | $ (3.73) |
Cancelled (in shares) | shares | (488,702) |
Cancelled (in dollars per share) | $ / shares | $ (7.08) |
November 30, 2022 (in shares) | shares | 7,606,200 |
November 30, 2022 (in dollars per share) | $ / shares | $ 6.59 |
November 30, 2022 (Year) | 2 years 4 months 17 days |
November 30, 2022 | $ | $ 505 |
Vested and exercisable as of November 30, 2022 (in shares) | shares | 3,881,316 |
Vested and exercisable as of November 30, 2022 (in dollars per share) | $ / shares | $ 6.75 |
Vested and exercisable as of November 30, 2022 (Year) | 1 year 3 months 10 days |
Vested and exercisable as of November 30, 2022 | $ | $ 505 |
Note 13 - Share-based Compens_6
Note 13 - Share-based Compensation - Other Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Expected volatility | 48.40% | 46.50% | 47.20% |
Expected term of options (years) (Year) | 4 years | 4 years | 4 years |
Expected dividend rate | 0% | 0% | 0% |
Risk-free interest rate | 3.85% | 1.13% | 0.30% |
Expected forfeiture rate | 2.80% | 2.90% | 3% |
Weighted-average grant-date fair value (in dollars per share) | $ 2.4 | $ 2.49 | $ 3.63 |
Intrinsic value of options exercised | $ 2,339 | $ 5,723 | $ 12,543 |
Cash received from options exercised | $ 0 | $ 0 | $ 0 |
Note 13 - Share-based Compens_7
Note 13 - Share-based Compensation - PSU Awards Outstanding and PSU Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Nov. 30, 2023 USD ($) $ / shares shares | |
Performance Share Units [Member] | |
Balance, Numbers of awards (in shares) | shares | 1,257,200 |
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 7.65 |
Granted, Numbers of awards (in shares) | shares | 605,500 |
Granted, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 5.77 |
Expired, Numbers of awards (in shares) | shares | (438,900) |
Expired, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ (6.96) |
Balance, Number of awards (in shares) | shares | 1,605,500 |
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 6.89 |
Balance, Aggregate intrinsic value | $ | $ 760 |
Retention Performance Stock Units [Member] | |
Granted, Numbers of awards (in shares) | shares | 181,700 |
Granted, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 5.64 |
Note 13 - Share-based Compens_8
Note 13 - Share-based Compensation - Other PSU-related Information (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Withholding tax paid on PSUs vested | $ 0 | $ 2,122 | $ 731 |
Performance Share Units [Member] | |||
Performance multiplier on PSUs vested | 0% | 93% | 150% |
Common shares issued (in shares) | 0 | 430,045 | 574,379 |
Total fair value of common shares issued | $ 0 | $ 2,903 | $ 5,723 |
Withholding tax paid on PSUs vested | $ 0 | $ 2,122 | $ 731 |
Note 14 - Other Income (Expen_3
Note 14 - Other Income (Expense), Net - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Gain on sale of mineral property | $ 556 | $ 0 | $ 200 |
Change in fair market value of marketable securities | 269 | 189 | 418 |
Foreign exchange gain (loss) | (43) | 595 | (336) |
Nonoperating Income (Expense) | $ 782 | $ 784 | $ 282 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Combined Federal and Provincial Statutory Income Tax Rate, Percent | 27% | 27% | 27% |
Deferred Tax Assets, Valuation Allowance | $ 293,536 | $ 285,611 | |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | $ 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | 0 | $ 0 |
Capital Loss Carryforward [Member] | |||
Tax Credit Carryforward, Amount | $ 355,516 | $ 357,511 |
Note 15 - Income Taxes - Compon
Note 15 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Current: | |||
Canada | $ 0 | $ 0 | $ 110 |
Foreign | 39 | (33) | 27 |
Current Income Tax Expense (Benefit) | 39 | (33) | 137 |
Deferred: | |||
Canada | 0 | 0 | 0 |
Foreign | 0 | 0 | 0 |
Deferred Income Tax Expense (Benefit) | 0 | 0 | 0 |
Income tax (recovery) expense | $ 39 | $ (33) | $ 137 |
Note 15 - Income Taxes - Loss B
Note 15 - Income Taxes - Loss Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Canada | $ (18,213) | $ (17,062) | $ (17,723) |
Foreign | (28,551) | (36,314) | (22,676) |
Loss before income taxes | $ (46,764) | $ (53,376) | $ (40,399) |
Note 15 - Income Taxes - Effect
Note 15 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Loss before income taxes | $ (46,764) | $ (53,376) | $ (40,399) |
Effective Income Tax Rate Reconciliation, Combined Federal and Provincial Statutory Income Tax Rate, Percent | 27% | 27% | 27% |
Combined federal and provincial statutory tax rate | $ (12,626) | $ (14,412) | $ (10,908) |
Reconciling items: | |||
Non-deductible expenditures | (5.90%) | (4.50%) | (6.10%) |
Non-deductible expenditures | $ 2,767 | $ 2,411 | $ 2,483 |
Foreign accrual property income | (3.60%) | (1.20%) | (1.90%) |
Foreign accrual property income | $ 1,682 | $ 666 | $ 771 |
Effect of different statutory tax rates on earnings or losses of subsidiaries | 0.90% | 1% | 0.80% |
Effect of different statutory tax rates on earnings or losses of subsidiaries | $ (407) | $ (518) | $ (323) |
Change in valuation allowance on deferred tax assets | (18.50%) | (22.30%) | (20.10%) |
Change in valuation allowance on deferred tax assets | $ 8,623 | $ 11,852 | $ 8,115 |
Other | 0% | 0.10% | 0% |
Other | $ 0 | $ (32) | $ (1) |
Income tax (recovery) expense | (0.10%) | 0.10% | (0.30%) |
Income tax (recovery) expense | $ 39 | $ (33) | $ 137 |
Note 15 - Income Taxes - Comp_2
Note 15 - Income Taxes - Components of the Company's Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Net operating loss carry forwards | $ 193,508 | $ 188,783 |
Capital loss carry forwards | 47,995 | 48,264 |
Mineral properties | 624 | 628 |
Intangible assets | 462 | 465 |
Property and equipment | 184 | 198 |
Investment in affiliates | 47,522 | 44,713 |
Unpaid interest expense | 2,105 | 2,105 |
Unrealized loss on investments | 196 | 233 |
Asset retirement obligation | 131 | 386 |
Other | 1,129 | 1,068 |
Deferred Tax Assets, Gross | 293,856 | 286,843 |
Valuation allowances | (293,536) | (285,611) |
Deferred Tax Assets, Net of Valuation Allowance | 320 | 1,232 |
Notes receivable | 0 | (942) |
Capitalized assets and other | (320) | (290) |
Deferred Tax Liabilities, Gross | (320) | (1,232) |
Net deferred income tax assets (liabilities) | $ 0 | $ 0 |
Note 15 - Income Taxes - Summar
Note 15 - Income Taxes - Summary of Operating Loss Carryforwards (Details) $ in Thousands | Nov. 30, 2023 USD ($) |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | $ 530,536 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 158,140 |
Expiring in 2024 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 1,032 |
Expiring in 2024 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 0 |
Expiring in 2025 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 1,246 |
Expiring in 2025 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 0 |
Expiring in 2026 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 13,382 |
Expiring in 2026 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 17,795 |
Expiring in 2027 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 18,493 |
Expiring in 2027 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 1,777 |
Expiring in 2028 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 85 |
Expiring in 2028 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 0 |
Expiring in 2029 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 11,223 |
Expiring in 2029 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 11,515 |
Expiring in 2030 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 10,916 |
Expiring in 2030 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 15,322 |
Expiring in 2031 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 16,580 |
Expiring in 2031 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 15,249 |
Expiring in 2032 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 309,772 |
Expiring in 2032 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 18,610 |
Expiring in 2033 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 14,529 |
Expiring in 2033 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 14,044 |
Expiring in 2034 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 15,607 |
Expiring in 2034 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 10,104 |
Expiring in 2035 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 16,383 |
Expiring in 2035 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 9,227 |
Expiring in 2036 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 14,764 |
Expiring in 2036 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 9,080 |
Expiring in 2037 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 14,111 |
Expiring in 2037 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 6,037 |
Expiring in 2038 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 0 |
Expiring in 2038 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 6,153 |
Expiring in 2039 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 0 |
Expiring in 2039 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 5,578 |
Expiring in 2040 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 0 |
Expiring in 2040 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 6,642 |
Expiring In 2041 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 0 |
Expiring In 2041 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 0 |
Expiring in 2042 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 0 |
Expiring in 2042 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 6,854 |
Expiring 2043 [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 0 |
Expiring 2043 [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 4,153 |
Indefinite [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | 72,413 |
Indefinite [Member] | Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | $ 0 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) - Donlin Gold [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Accounts Receivable, Related Parties | $ 203 | $ 574 | ||
Management and Administrative Services Provided [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 990 | $ 681 | $ 0 |
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, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Other assets | $ 694 | $ (1,962) | $ 1,605 |
Accounts payable and accrued liabilities | (62) | 128 | (240) |
Accrued payroll and related benefits | 268 | (92) | 419 |
Remediation liability | (1,435) | (130) | 0 |
Increase (Decrease) in Operating Capital | $ (535) | $ (2,056) | $ 1,784 |
Note 18 - Supplemental Cash F_3
Note 18 - Supplemental Cash Flow Information - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Interest and dividends received | $ 5,754 | $ 1,684 | $ 1,024 |
Income taxes refunded | 325 | 17 | 0 |
Income taxes paid | $ 75 | $ 0 | $ 142 |