NovaGold Resources (NG) 10-Q 31 Mar 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Feb. 28, 2015	Mar. 25, 2015
Document And Entity Information
Entity Registrant Name	NOVAGOLD RESOURCES INC
Entity Central Index Key	1173420
Document Type	10-Q
Document Period End Date	28-Feb-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		317,861,632
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Feb. 28, 2015	Nov. 30, 2014
In Thousands, unless otherwise specified
ASSETS
Cash and cash equivalents	$66,957	$70,325
Investments (note 4)	90,000	95,000
Other assets	3,362	3,735
Current assets	160,319	169,060
Investments (note 4)	744	901
Investment in affiliates (note 5)	260,719	284,865
Mineral properties	46,570	50,897
Deferred income taxes	10,472	11,445
Other assets	6,904	7,378
Total assets	485,728	524,546
LIABILITIES
Accounts payable and accrued liabilities	2,016	3,489
Debt (note 6)	15,542	15,112
Other liabilities	549	625
Current liabilities	18,107	19,226
Debt (note 6)	77,148	76,153
Deferred income taxes	22,006	24,051
Total liabilities	117,261	119,430
Commitments and contingencies (note 13)
EQUITY
Common shares	1,938,042	1,936,336
Contributed surplus	76,804	74,038
Accumulated deficit	-1,649,402	-1,640,103
Accumulated other comprehensive income	3,023	34,845
Total equity	368,467	405,116
Total liabilities and equity	$485,728	$524,546

CONDENSED_CONSOLIDATED_INTERIM

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Operating expenses:
Equity loss of affiliates (note 5)	$2,622	$3,621
General and administrative (note 8)	8,502	7,702
Exploration and evaluation	153
Depreciation	9	10
Total operating expenses	11,286	11,333
Loss from operations	-11,286	-11,333
Other income (expense):
Interest income	178	316
Interest expense	-1,643	-2,058
Foreign exchange gain	3,462	2,449
Other		-115
Total other income (expense)	1,997	592
Loss before income taxes	-9,289	-10,741
Income tax (expense) recovery	-10	50
Net loss	($9,299)	($10,691)
Loss per common share
Basic and diluted	($0.03)	($0.03)
Weighted average shares outstanding
Basic and diluted (thousands)	317,780	316,932

CONDENSED_CONSOLIDATED_INTERIM1

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net loss	($9,299)	($10,691)
Unrealized gains (losses) on marketable securities
Unrealized holding gains (losses) during period (note 11)	-62	319
Reclassification adjustment for losses included in net income
Net unrealized gain (loss), net of $10 and $(50) tax (expense) recovery	-62	319
Foreign currency translation adjustments	-31,760	-17,087
Other comprehensive loss	-31,822	-16,768
Comprehensive loss	($41,121)	($27,459)

CONDENSED_CONSOLIDATED_INTERIM2

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Operating activities:
Net loss	($9,299)	($10,691)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	9	10
Deferred income taxes	10	-50
Foreign exchange (gain) loss	-3,462	-2,449
Share-based compensation	5,329	4,658
Equity losses of affiliates	2,622	3,621
Loss on derivative liabilities		115
Other	1,399	1,575
Withholding tax paid on share-based compensation	-827	-636
Net change in operating assets and liabilities (note 10)	-1,403	-1,367
Net cash used in operations	-5,622	-5,214
Investing activities:
Additions to property and equipment		-22
Proceeds from term deposits	45,000	50,000
Purchases of term deposits	-40,000	-50,000
Funding of affiliates	-2,528	-3,622
Net cash used in investing activities	2,472	-3,644
Financing activities:
Net cash used in financing activities
Effect of exchange rate changes on cash	-218	-82
Decrease in cash and cash equivalents	-3,368	-8,940
Cash and cash equivalents at beginning of period	70,325	81,262
Cash and cash equivalents at end of period	$66,957	$72,322

CONDENSED_CONSOLIDATED_INTERIM3

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF EQUITY (USD $)	Common Stock	Contributed surplus	Accumulated deficit	Accumulated other comprehensive income	Total
In Thousands, except Share data
Beginning Balance, Amount at Nov. 30, 2013	$1,933,953	$66,811	($1,599,619)	$64,504	$465,649
Beginning Balance, shares at Nov. 30, 2013	316,661
Net loss			-40,484		-40,484
Other comprehensive loss				-29,659	-29,659
Share-based compensation and related share issuances, amount	2,383	7,227			9,610
Share-based compensation and related share issuances, shares	627
Ending Balance, Amount at Nov. 30, 2014	1,936,336	74,038	-1,640,103	34,845	405,116
Ending Balance, Shares at Nov. 30, 2014	317,288
Net loss			-9,299		-9,299
Other comprehensive loss				-31,822	-31,822
Share-based compensation and related share issuances, amount	1,706	2,766			4,472
Share-based compensation and related share issuances, shares	574
Ending Balance, Amount at Feb. 28, 2015	$1,938,042	$76,804	($1,649,402)	$3,023	$368,467
Ending Balance, Shares at Feb. 28, 2015	317,862

NOTE_1_NATURE_OF_OPERATIONS_AN

NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION	3 Months Ended
	Feb. 28, 2015
Accounting Policies [Abstract]
NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION	NOVAGOLD RESOURCES INC. and its affiliates and subsidiaries (collectively, “NOVAGOLD” or the “Company”) operates in the mining industry, focused on the exploration for and development of gold and copper mineral properties. The Company has no operations or realized revenues from its planned principal business purpose. The Company’s principal assets include a 50% interest in the Donlin Gold project in Alaska, U.S.A. and a 50% interest in the Galore Creek project in British Columbia, Canada.
	The Condensed Consolidated Interim Financial Statements of NOVAGOLD are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with NOVAGOLD’s Consolidated Financial Statements for the year ended November 30, 2014. The year-end balance sheet data was derived from the audited financial statements and certain information and footnote disclosures required by United States generally accepted accounting principles (US GAAP) have been condensed or omitted.
	The functional currency for the Company’s Canadian operations is the Canadian dollar and the functional currency for the Company’s U.S. operations is the U.S. dollar. References to “$” refer to United States currency and “C$” to Canadian currency.

NOTE_2_SUMMARY_OF_SIGNIFICANT_

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Feb. 28, 2015
Accounting Policies [Abstract]
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Recently adopted accounting pronouncements
	Presentation of Financial Statements – Going Concern
	In August 2014, Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) guidance was issued that explicitly requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The Company elected early adoption of the new standard applied prospectively. Application of the new guidance had no impact on the consolidated financial position, results of operations or cash flows.
	Discontinued Operations
	In April 2014, ASC guidance was issued related to Discontinued Operations which changed the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. The updated guidance requires an entity to only classify dispositions as discontinued operations due to a major strategic shift or a major effect on an entity’s operations in the financial statements. The updated guidance will also require additional disclosures relating to discontinued operations. Application of the new guidance had no impact on the consolidated financial position, results of operations or cash flows.
	Foreign Currency Matters
	In March 2013, ASC guidance was issued related to Foreign Currency Matters to clarify the treatment of cumulative translation adjustments when a parent sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. The updated guidance also resolves the diversity in practice for the treatment of business combinations achieved in stages in a foreign entity. Application of the new guidance had no impact on the consolidated financial position, results of operations or cash flows.
	Disclosures about Offsetting Assets and Liabilities
	In November 2011, ASC guidance was issued related to disclosures about offsetting assets and liabilities. The new standard requires disclosures to allow investors to better compare financial statements prepared under US GAAP with financial statements prepared under IFRS. In January 2013, an update was issued to further clarify that the disclosure requirements are limited to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (i) offset in the financial statements or (ii) subject to an enforceable master netting arrangement or similar agreement. Application of the new guidance had no impact on the consolidated financial position, results of operations or cash flows.
	Recently issued accounting pronouncements
	Consolidation – Amendments to the Consolidation Analysis
	In February 2015, ASC guidance was issued to amend current consolidation guidance. The amendments affect both the variable interest entity and voting interest entity consolidation models. The need to assess an entity under a different consolidation model may change previous consolidation conclusions. The standard is effective for the Company’s fiscal year beginning December 1, 2016. Early application is permitted. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements.

NOTE_3_SEGMENTED_INFORMATION

NOTE 3. SEGMENTED INFORMATION	3 Months Ended
	Feb. 28, 2015
Segment Reporting [Abstract]
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 performance of the operating segments, has been identified as the Company’s Chief Executive Officer. The Company has one operating segment in exploration and development of mineral properties. The Chief Executive Officer considers the business from a geographic perspective through the performance of our investments in affiliates. Segment information is provided on each of the material projects individually in Note 5.

NOTE_4_INVESTMENTS

NOTE 4. INVESTMENTS	3 Months Ended
	Feb. 28, 2015
Schedule of Investments [Abstract]
NOTE 4. INVESTMENTS				At February 28, 2015
		Cost		Unrealized					Fair Value
		Basis		Gain		Loss			Basis
	Current:
	Term deposits	$	90,000	$	—	$	—		$	90,000
	Long-term:
	Marketable equity securities	$	906	$	161	$	(323	)	$	744
				At November 30, 2014
		Cost		Unrealized					Fair Value
		Basis		Gain		Loss			Basis
	Current:
	Term deposits	$	95,000	$	—	$	—		$	95,000
	Long-term:
	Marketable equity securities	$	990	$	139	$	(228	)	$	901
	Term deposits are held at two Canadian chartered banks with original maturities of less than 12 months. Marketable equity securities include available-for-sale investments in mineral exploration companies. At February 28, 2015 all unrealized losses were in a continuous loss position for less than 12 months.

NOTE_5_INVESTMENT_IN_AFFILIATE

NOTE 5. INVESTMENT IN AFFILIATES	3 Months Ended
	Feb. 28, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
NOTE 5. INVESTMENT IN AFFILIATES		At February 28,			At November 30,
		2015			2014
	Donlin Gold LLC, Alaska, U.S.A	$	1,474		$	1,618
	Galore Creek Partnership, British Columbia, Canada		259,245			283,247
		$	260,719		$	284,865
	Donlin Gold LLC
	On December 1, 2007, together with a subsidiary of Barrick, the Company formed a limited liability company (“Donlin Gold LLC”) to advance the Donlin Gold project in Alaska. Donlin Gold LLC has a board of four directors, with two directors selected by Barrick and two directors selected by the Company. All significant decisions related to Donlin Gold LLC require the approval of Barrick and the Company. NOVAGOLD has a 50% interest in Donlin Gold LLC.
	Changes in the Company’s 50% investment in Donlin Gold LLC are summarized as follows:
		Three months ended February 28,
		2015			2014
	Balance – beginning of period	$	1,618		$	1,720
	Funding		2,352			2,723
	Share of losses		(2,496	)		(2,855	)
	Balance – end of period	$	1,474		$	1,588
	The following amounts represent the Company’s 50% share of the assets and liabilities of Donlin Gold LLC. Donlin Gold LLC has capitalized as Mineral property the initial contribution of the Donlin Gold property with a carrying value of $64,000 resulting in a higher carrying value of the Mineral property than the Company.
		At February 28,			At November 30,
		2015			2014
	Current assets: Cash, prepaid expenses and other receivables	$	2,079		$	2,294
	Non-current assets: Property and equipment		361			403
	Non-current assets: Mineral property		32,692			32,692
	Current liabilities: Accounts payable and accrued liabilities		(966	)		(1,079	)
	Non-current liabilities: Reclamation obligation		(692	)		(692	)
	Net assets	$	33,474		$	33,618
	Galore Creek Partnership
	The Galore Creek project is owned by the Galore Creek Partnership (“Partnership”), a partnership in which a wholly owned subsidiary of NOVAGOLD and Teck Resources Limited (“Teck”) each own a 50% interest. The Partnership was formed in May 2007. Teck earned its 50% interest in the Partnership upon completion of its funding commitment of C$373,300 in June 2011. Commencing June 2011, the partners funded the project costs on a 50/50 basis. The Partnership prepares its financial statements under International Financial Reporting Standards, as issued by the IASB and are presented in Canadian dollars. In accounting for its investment in the Partnership, the Company converts and presents reported amounts in accordance with US GAAP and in U.S. dollars.
	Changes in the Company’s 50% investment in the Partnership are summarized as follows:
		Three months ended February 28,
		2015			2014
	Balance – beginning of period	$	283,247		$	305,735
	Funding		176			899
	Share of losses		(126	)		(766	)
	Foreign currency translation		(24,052	)		(12,536	)
	Balance – end of period	$	259,245		$	293,332
	The following amounts represent the Company’s 50% share of the assets and liabilities of the Partnership. As a result of recording the Company’s investment in the Partnership at fair value in June 2011, the carrying value of the Company’s 50% interest in the Partnership is higher than 50% of the book value of the Partnership. Therefore, the Company’s investment in the Partnership does not equal 50% of the net assets recorded by the Partnership:
		At February 28,			At November 30,
		15			2014
	Current assets: Cash, prepaid expenses and other receivables	$	241		$	386
	Non-current assets: Property and equipment		233,384			254,991
	Current liabilities: Accounts payable and accrued liabilities		(169	)		(360	)
	Non-current liabilities: Payables and decommissioning liabilities		(7,649	)		(8,268	)
	Net assets	$	225,807		$	246,749
	Equity losses of affiliates
		Three months ended February 28,
		2015			2014
	Donlin Gold LLC:
	Mineral property expenditures	$	2,453		$	2,810
	Depreciation		43			46
			2,496			2,856
	Galore Creek Partnership:
	Mineral property expenditures		13			281
	Care and maintenance expense		113			484
			126			765
		$	2,622		$	3,621

NOTE_6_DEBT

NOTE 6. DEBT	3 Months Ended
	Feb. 28, 2015
Debt Disclosure [Abstract]
NOTE 6. DEBT		At February 28,			At November 30,
		2015			2014
	Convertible notes	$	15,542		$	15,112
	Promissory note		77,148			76,153
			92,690			91,265
	Less: current portion		(15,542	)		(15,112	)
		$	77,148		$	76,153
	Scheduled minimum debt repayments are $15,829 for the remainder of 2015, $nil in 2016 through 2019, and $77,148 thereafter. The carrying value of the debt approximates fair value.
	Convertible notes
	The remaining $15,829 principal amount of the original $95,000 in unsecured senior convertible notes issued by the Company on March 26, 2008 are due on May 1, 2015 and have been classified as a current liability. Changes in the carrying value of the Convertible notes (“Notes”) are summarized as follows:
		Three months ended February 28,
		2015			2014
	Balance – beginning of period	$	15,112		$	13,570
	Accretion expense		430			365
	Balance – end of period	$	15,542		$	13,935
	The following table provides the net amounts recognized in the Condensed Consolidated Balance Sheets related to the Notes:
		At February 28,			At November 30,
		2015			2014
	Principal amount	$	15,829		$	15,829
	Unamortized debt discount		(287	)		(717	)
			15,542			15,112
	Embedded derivative		—			—
	Net carrying amount	$	15,542		$	15,112
	Promissory note
	As part of the agreement that led to the formation of Donlin Gold LLC, the Company agreed to reimburse Barrick for a portion of their expenditures incurred from April 1, 2006 to November 30, 2007 out of the Company’s share of future mine production cash flow. The Company has a promissory note payable to Barrick for $51,600, plus interest at a rate of U.S. prime plus 2%, amounting to $25,548 in accrued interest since the inception of the promissory note.

NOTE_7_FAIR_VALUE_ACCOUNTING

NOTE 7. FAIR VALUE ACCOUNTING	3 Months Ended
	Feb. 28, 2015
Fair Value Disclosures [Abstract]
NOTE 7. 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 —		Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
	Level 2 —	Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
	Level 3 —		Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
	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 $744 at February 28, 2015 ($901 at November 30, 2014), calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company.

NOTE_8_GENERAL_AND_ADMINISTRAT

NOTE 8. GENERAL AND ADMINISTRATIVE EXPENSES	3 Months Ended
	Feb. 28, 2015
Other income (expense):
NOTE 8. GENERAL AND ADMINISTRATIVE EXPENSES		Three months ended February 28,
		2015		2014
	Salaries	$	1,518	$	1,633
	Share-based compensation		5,329		4,658
	Office expense		493		662
	Professional fees		242		394
	Corporate development and communications		920		355
		$	8,502	$	7,702

NOTE_9_SHAREBASED_COMPENSATION

NOTE 9. SHARE-BASED COMPENSATION	3 Months Ended
	Feb. 28, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
NOTE 9. SHARE-BASED COMPENSATION		Three months ended February 28,
		2015		2014
	Stock options	$	4,104	$	3,736
	Performance share unit plan		1,170		868
	Deferred share unit plan		55		54
		$	5,329	$	4,658
	In the first three months of 2015, the Company granted 4,359,000 share options to employees and directors with an exercise price of C$3.18 per share and a fair value of C$1.83 per share. The Company also granted 1,377,000 performance share units to employees with a fair value of C$3.86 per unit.
	In the first three months of 2014, the Company granted 6,092,000 share options to employees and directors with an exercise price of C$2.90 per share and a fair value of C$1.18 per share. The Company also granted 1,820,000 performance share units to employees with a fair value of C$3.18 per unit.

NOTE_10_CHANGE_IN_OPERATING_AS

NOTE 10. CHANGE IN OPERATING ASSETS AND LIABILITIES	3 Months Ended
	Feb. 28, 2015
Increase (Decrease) in Operating Capital [Abstract]
NOTE 10. CHANGE IN OPERATING ASSETS AND LIABILITIES		Three months ended February 28,
		2015			2014
	Increase in receivables, deposits and prepaid amounts	$	332		$	(45	)
	Decrease in accounts payable and accrued liabilities		(1,659	)		(1,295	)
	Decrease in reclamation and remediation liabilities		(76	)		(27	)
		$	(1,403	)	$	(1,367	)

NOTE_11_RECLASSIFICATIONS_OUT_

NOTE 11. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Feb. 28, 2015
EQUITY
NOTE 11. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME		Unrealized gain			Foreign			Total
		(loss) on			currency
		marketable			translation
		securities, net			adjustments
	30-Nov-14	$	(104	)	$	34,949		$	34,845
	Change in other comprehensive income (loss) before reclassifications		(62	)		(31,760	)		(31,822	)
	Reclassifications from accumulated other comprehensive income (loss)		—			—			—
	Net current-period other comprehensive income (loss)		(62	)		(31,760	)		(31,822	)
	28-Feb-15		(166	)		3,189			3,023
	There were no amounts reclassified from other comprehensive loss in the three months periods ended February 28, 2015 or 2014.

NOTE_12_RELATED_PARTY_TRANSACT

NOTE 12. RELATED PARTY TRANSACTIONS	3 Months Ended
	Feb. 28, 2015
Related Party Transactions [Abstract]
NOTE 12. RELATED PARTY TRANSACTIONS	In the first three months of 2015, the Company provided management services to Donlin Gold LLC for $nil ($58 in the first three months of 2014); and office rental and services to Galore Creek Partnership for $91 ($100 in the first three months of 2014).
	As of February 28, 2015, the Company has accounts receivable from Galore Creek Partnership of $307 (November 30, 2014: $335) included in other current assets and a receivable of $3,510 (November 30, 2014: $3,836) from Galore Creek Partnership included in other long-term assets.

NOTE_13_COMMITMENTS_AND_CONTIN

NOTE 13. COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Feb. 28, 2015
Commitments and Contingencies Disclosure [Abstract]
NOTE 13. COMMITMENTS AND CONTINGENCIES	General
	The Company follows ASC guidance in determining its accruals and disclosures with respect to loss contingencies. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.
	Obligations under operating leases
	The Company leases certain assets, such as office equipment and office facilities, under operating leases expiring at various dates through 2017. Future minimum annual lease payments are $334 in the remainder of 2015, $364 in 2016 and $310 in 2017, totaling $1,008.

NOTE_2_SUMMARY_OF_SIGNIFICANT_1

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Feb. 28, 2015
Accounting Policies [Abstract]
Presentation of Financial Statements - Going Concern	In August 2014, Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) guidance was issued that explicitly requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The Company elected early adoption of the new standard applied prospectively. Application of the new guidance had no impact on the consolidated financial position, results of operations or cash flows.
Discontinued Operations	In April 2014, ASC guidance was issued related to Discontinued Operations which changed the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. The updated guidance requires an entity to only classify dispositions as discontinued operations due to a major strategic shift or a major effect on an entity’s operations in the financial statements. The updated guidance will also require additional disclosures relating to discontinued operations. Application of the new guidance had no impact on the consolidated financial position, results of operations or cash flows.
Foreign Currency Matters	In March 2013, ASC guidance was issued related to Foreign Currency Matters to clarify the treatment of cumulative translation adjustments when a parent sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. The updated guidance also resolves the diversity in practice for the treatment of business combinations achieved in stages in a foreign entity. Application of the new guidance had no impact on the consolidated financial position, results of operations or cash flows.
Disclosures about Offsetting Assets and Liabilities	In November 2011, ASC guidance was issued related to disclosures about offsetting assets and liabilities. The new standard requires disclosures to allow investors to better compare financial statements prepared under US GAAP with financial statements prepared under IFRS. In January 2013, an update was issued to further clarify that the disclosure requirements are limited to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (i) offset in the financial statements or (ii) subject to an enforceable master netting arrangement or similar agreement. Application of the new guidance had no impact on the consolidated financial position, results of operations or cash flows.
Consolidation - Amendments to the Consolidation Analysis	In February 2015, ASC guidance was issued to amend current consolidation guidance. The amendments affect both the variable interest entity and voting interest entity consolidation models. The need to assess an entity under a different consolidation model may change previous consolidation conclusions. The standard is effective for the Company’s fiscal year beginning December 1, 2016. Early application is permitted. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements.

NOTE_4_INVESTMENTS_Tables

NOTE 4. INVESTMENTS (Tables)	3 Months Ended
	Feb. 28, 2015
Schedule of Investments [Abstract]
Schedule of Investments				At February 28, 2015
		Cost		Unrealized					Fair Value
		Basis		Gain		Loss			Basis
	Current:
	Term deposits	$	90,000	$	—	$	—		$	90,000
	Long-term:
	Marketable equity securities	$	906	$	161	$	(323	)	$	744
				At November 30, 2014
		Cost		Unrealized					Fair Value
		Basis		Gain		Loss			Basis
	Current:
	Term deposits	$	95,000	$	—	$	—		$	95,000
	Long-term:
	Marketable equity securities	$	990	$	139	$	(228	)	$	901

NOTE_5_INVESTMENT_IN_AFFILIATE1

NOTE 5. INVESTMENT IN AFFILIATES (Tables)	3 Months Ended
	Feb. 28, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Summary of Investments in Affiliates		At February 28,			At November 30,
		2015			2014
	Donlin Gold LLC, Alaska, U.S.A	$	1,474		$	1,618
	Galore Creek Partnership, British Columbia, Canada		259,245			283,247
		$	260,719		$	284,865
Changes in the Company's investment	Changes in the Company’s 50% investment in Donlin Gold LLC are summarized as follows:
		Three months ended February 28,
		2015			2014
	Balance – beginning of period	$	1,618		$	1,720
	Funding		2,352			2,723
	Share of losses		(2,496	)		(2,855	)
	Balance – end of period	$	1,474		$	1,588
	Changes in the Company’s 50% investment in the Partnership are summarized as follows:
		Three months ended February 28,
		2015			2014
	Balance – beginning of period	$	283,247		$	305,735
	Funding		176			899
	Share of losses		(126	)		(766	)
	Foreign currency translation		(24,052	)		(12,536	)
	Balance – end of period	$	259,245		$	293,332
Net assets	Current assets: Cash, prepaid expenses and other receivables	$	2,079		$	2,294
	Non-current assets: Property and equipment		361			403
	Non-current assets: Mineral property		32,692			32,692
	Current liabilities: Accounts payable and accrued liabilities		(966	)		(1,079	)
	Non-current liabilities: Reclamation obligation		(692	)		(692	)
	Net assets	$	33,474		$	33,618
		At February 28,			At November 30,
		15			2014
	Current assets: Cash, prepaid expenses and other receivables	$	241		$	386
	Non-current assets: Property and equipment		233,384			254,991
	Current liabilities: Accounts payable and accrued liabilities		(169	)		(360	)
	Non-current liabilities: Payables and decommissioning liabilities		(7,649	)		(8,268	)
	Net assets	$	225,807		$	246,749
Equity loss of affiliates	Equity losses of affiliates
		Three months ended February 28,
		2015			2014
	Donlin Gold LLC:
	Mineral property expenditures	$	2,453		$	2,810
	Depreciation		43			46
			2,496			2,856
	Galore Creek Partnership:
	Mineral property expenditures		13			281
	Care and maintenance expense		113			484
			126			765
		$	2,622		$	3,621

NOTE_6_DEBT_Tables

NOTE 6. DEBT (Tables)	3 Months Ended
	Feb. 28, 2015
Debt Disclosure [Abstract]
Summary of Debt		At February 28,			At November 30,
		2015			2014
	Convertible notes	$	15,542		$	15,112
	Promissory note		77,148			76,153
			92,690			91,265
	Less: current portion		(15,542	)		(15,112	)
		$	77,148		$	76,153
Convertible notes		Three months ended February 28,
		2015			2014
	Balance – beginning of period	$	15,112		$	13,570
	Accretion expense		430			365
	Balance – end of period	$	15,542		$	13,935
Net amounts recognized in the Balance Sheets		At February 28,			At November 30,
		2015			2014
	Principal amount	$	15,829		$	15,829
	Unamortized debt discount		(287	)		(717	)
			15,542			15,112
	Embedded derivative		—			—
	Net carrying amount	$	15,542		$	15,112

NOTE_8_GENERAL_AND_ADMINISTRAT1

NOTE 8. GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	3 Months Ended
	Feb. 28, 2015
Other income (expense):
Summary of general and administrative expenses		Three months ended February 28,
		2015		2014
	Salaries	$	1,518	$	1,633
	Share-based compensation		5,329		4,658
	Office expense		493		662
	Professional fees		242		394
	Corporate development and communications		920		355
		$	8,502	$	7,702

NOTE_9_SHAREBASED_COMPENSATION1

NOTE 9. SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Feb. 28, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of share based compensation		Three months ended February 28,
		2015		2014
	Stock options	$	4,104	$	3,736
	Performance share unit plan		1,170		868
	Deferred share unit plan		55		54
		$	5,329	$	4,658

NOTE_10_CHANGE_IN_OPERATING_AS1

NOTE 10. CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Feb. 28, 2015
Supplemental Cash Flow Elements [Abstract]
CHANGE IN OPERATING ASSETS AND LIABILITIES		Three months ended February 28,
		2015			2014
	Increase in receivables, deposits and prepaid amounts	$	332		$	(45	)
	Decrease in accounts payable and accrued liabilities		(1,659	)		(1,295	)
	Decrease in reclamation and remediation liabilities		(76	)		(27	)
		$	(1,403	)	$	(1,367	)

NOTE_11_RECLASSIFICATIONS_OUT_1

NOTE 11. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Feb. 28, 2015
EQUITY
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME		Unrealized gain			Foreign			Total
		(loss) on			currency
		marketable			translation
		securities, net			adjustments
	30-Nov-14	$	(104	)	$	34,949		$	34,845
	Change in other comprehensive income (loss) before reclassifications		(62	)		(31,760	)		(31,822	)
	Reclassifications from accumulated other comprehensive income (loss)		—			—			—
	Net current-period other comprehensive income (loss)		(62	)		(31,760	)		(31,822	)
	28-Feb-15		(166	)		3,189			3,023

NOTE_4_INVESTMENTS_Details

NOTE 4. INVESTMENTS (Details) (USD $)	Feb. 28, 2015	Nov. 30, 2014
In Thousands, unless otherwise specified
Current
Cost Basis	$90,000	$95,000
Unrealized Gain	0	0
Unrealized Loss	0	0
Fair Value Basis	90,000	95,000
Long-term Marketable equity securities
Cost Basis	906	990
Unrealized Gain	161	139
Unrealized Loss	-323	-228
Fair Value Basis	$744	$901

NOTE_5_INVESTMENT_IN_AFFILIATE2

NOTE 5. INVESTMENT IN AFFILIATES (Details) (USD $)	Feb. 28, 2015	Nov. 30, 2014	Feb. 28, 2014	Nov. 30, 2013
In Thousands, unless otherwise specified
Investment in affiliates	$260,719	$284,865
Donlin Gold LLC, Alaska, USA
Investment in affiliates		1,618
Galore Creek Partnership, British Columbia, Canada
Investment in affiliates		283,247
Donlin Gold LLC, Alaska, USA
Investment in affiliates	$1,474	$1,618	$1,588	$1,720

NOTE_5_INVESTMENT_IN_AFFILIATE3

NOTE 5. INVESTMENT IN AFFILIATES (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Balance - beginning of period	$284,865
Share of losses	-2,622	-3,621
Balance - end of period	260,719
Donlin Gold LLC, Alaska, USA
Balance - beginning of period	1,618	1,720
Funding	2,352	2,723
Share of losses	-2,496	-2,855
Balance - end of period	$1,474	$1,588

NOTE_5_INVESTMENT_IN_AFFILIATE4

NOTE 5. INVESTMENT IN AFFILIATES (Details 2) (USD $)	Nov. 30, 2014	Feb. 28, 2015
In Thousands, unless otherwise specified
Donlin Gold LLC, Alaska, USA
Current assets: Cash, prepaid expenses and other receivables	$2,294
Non-current assets: Property and equipment	403
Non-current assets: Mineral property	32,692
Current liabilities: Accounts payable and accrued liabilities	-1,079
Non-current liabilities: Reclamation obligation	-692
Net assets	33,618
Donlin Gold LLC, Alaska, USA
Current assets: Cash, prepaid expenses and other receivables		2,079
Non-current assets: Property and equipment		361
Non-current assets: Mineral property		32,692
Current liabilities: Accounts payable and accrued liabilities		-966
Non-current liabilities: Reclamation obligation		-692
Net assets		$33,474

NOTE_5_INVESTMENT_IN_AFFILIATE5

NOTE 5. INVESTMENT IN AFFILIATES (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Balance - beginning of period	$284,865
Share of losses	-2,622	-3,621
Balance - end of period	260,719
Galore Creek Partnership, British Columbia, Canada
Balance - beginning of period	283,247	305,735
Funding	176	899
Share of losses	-126	-765
Foreign currency translation	-24,052	-12,536
Balance - end of period	$259,245	$293,332

NOTE_5_INVESTMENT_IN_AFFILIATE6

NOTE 5. INVESTMENT IN AFFILIATES (Details 4) (USD $)	Nov. 30, 2014	Feb. 28, 2015
In Thousands, unless otherwise specified
Galore Creek Partnership, British Columbia, Canada
Current assets: Cash, prepaid expenses and other receivables	$386
Non-current assets: Property and equipment	254,991
Current liabilities: Accounts payable and accrued liabilities	-360
Non-current liabilities: Payables and decommissioning liabilities	-8,268
Net assets	246,749
Galore Creek Partnership, British Columbia, Canada
Current assets: Cash, prepaid expenses and other receivables		241
Non-current assets: Property and equipment		233,384
Current liabilities: Accounts payable and accrued liabilities		-169
Non-current liabilities: Payables and decommissioning liabilities		-7,649
Net assets		$225,807

NOTE_5_INVESTMENT_IN_AFFILIATE7

NOTE 5. INVESTMENT IN AFFILIATES (Details 5) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Equity losses of affiliates	$2,622	$3,621
Galore Creek Partnership, British Columbia, Canada
Mineral property expenditures	13	281
Care and maintenance expense	113	484
Equity losses of affiliates	126	765
Donlin Gold LLC, Alaska, USA
Mineral property expenditures	2,453	2,810
Depreciation	43	46
Equity losses of affiliates	$2,496	$2,855

NOTE_6_DEBT_Details

NOTE 6. DEBT (Details) (USD $)	Feb. 28, 2015	Nov. 30, 2014	Feb. 28, 2014	Nov. 30, 2013
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]
Convertible notes	$15,542	$15,112	$13,935	$13,570
Promissory note	77,148	76,153
Subtotal	92,690	91,265
Less: current portion	-15,542	-15,112
Total debt	$77,148	$76,153

NOTE_6_DEBT_Details_1

NOTE 6. DEBT (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Debt Disclosure [Abstract]
Balance - beginning of period	$15,112	$13,570
Accretion expense	430	365
Balance - end of period	$15,542	$13,935

NOTE_6_DEBT_Details_2

NOTE 6. DEBT (Details 2) (USD $)	Feb. 28, 2015	Nov. 30, 2014
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]
Principal amount	$15,829	$15,829
Unamortized debt discount	-287	-717
Total debt	15,542	15,112
Embedded derivative
Net carrying amount	$15,542	$15,112

NOTE_7_FAIR_VALUE_ACCOUNTING_D

NOTE 7. FAIR VALUE ACCOUNTING (Details Narrative) (USD $)	Feb. 28, 2015	Nov. 30, 2014
In Thousands, unless otherwise specified
Fair Value Disclosures [Abstract]
Fir value of the marketable equity securities	$744	$901

NOTE_8_GENERAL_AND_ADMINISTRAT2

NOTE 8. GENERAL AND ADMINISTRATIVE EXPENSES (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Other income (expense):
Salaries	$1,518	$1,633
Share based compensation	5,329	4,658
Office expense	493	662
Professional fees	242	394
Corporate development and communications	920	355
General and administrative	$8,502	$7,702

NOTE_9_SHAREBASED_COMPENSATION2

NOTE 9. SHARE-BASED COMPENSATION (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Note 9. Share-based Compensation Details
Stock options	$4,104	$3,736
Performance share unit plan	1,170	868
Deferred share unit plan	55	54
Net Share Based Compensation	$5,329	$4,658

NOTE_10_CHANGE_IN_OPERATING_AS2

NOTE 10. CHANGE IN OPERATING ASSETS AND LIABILITIES (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Supplemental Cash Flow Elements [Abstract]
Increase in receivables, deposits and prepaid amounts	$332	($45)
Decrease in accounts payable and accrued liabilities	-1,659	-1,295
Decrease in reclamation and remediation liabilities	-76	-27
Net change in operating assets and liabilities	($1,403)	($1,367)

NOTE_11_RECLASSIFICATIONS_OUT_2

NOTE 11. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014	Nov. 30, 2014
EQUITY
Unrealized gain (loss) on marketable securities, beginning	($104)
Foreign currency translation adjustments, beginning	34,949
Accumulated other comprehensive income, beginning	34,845
Unrealized holding gains (losses) during period	-62	319
Foreign currency translation adjustments	-31,760	-17,087
Change in other comprehensive income (loss) before reclassifications	-31,822
Reclassifications from accumulated other comprehensive income (loss)
Net unrealized gain (loss)	-62	319
Foreign currency translation adjustment	-31,760	-17,087
Other comprehensive income (loss)	-31,822	-16,768	-29,659
Unrealized gain (loss) on marketable securities, ending	-166		-104
Foreign currency translation adjustments, ending	3,189		34,949
Accumulated other comprehensive income, ending	$3,023		$34,845

NOTE_12_RELATED_PARTY_TRANSACT1

NOTE 12. RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2014	Feb. 28, 2015	Nov. 30, 2014
Galore Creek Partnership, British Columbia, Canada
Office rental and services	$91
Galore Creek Partnership, British Columbia, Canada
Account receivable, related party - current		307	335
Account receivable, related party - noncurrent		3,510	3,836
Office rental and services	100
Donlin Gold LLC, Alaska, USA
Management services	$58	$0

NOTE_13_COMMITMENTS_AND_CONTIN1

NOTE 13. COMMITMENTS AND CONTINGENCIES (Details Narrative) (USD $)	Feb. 28, 2015
In Thousands, unless otherwise specified
Commitments and Contingencies Disclosure [Abstract]
2015	$334
2016	364
2017	$310

NOTE_9_SHAREBASED_COMPENSATION3

NOTE 9. SHARE-BASED COMPENSATION (Details Narrative) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Note 9. Share-based Compensation Details Narrative
Granted share options to employees,shares	4,359,000	6,092,000
Granted share options to employees, Amount	$1,377,000	$1,820,000
Granted share options to employees, fair value of the options granted	$1.83	$1.18
Granted share options to employees, exercise price of the options granted	$3.18	$2.90