NovaGold Resources (NG) 10-Q 7 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	May. 31, 2015	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	NOVAGOLD RESOURCES INC
Entity Central Index Key	1,173,420
Document Type	10-Q
Document Period End Date	May 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--11-30
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	Q2
Document Fiscal Year Focus	2,015

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May. 31, 2015	Nov. 30, 2014
ASSETS
Cash and cash equivalents	$ 49,696	$ 70,325
Investments (note 4)	85,000	95,000
Other assets	3,178	3,735
Current assets	137,874	169,060
Investments (note 4)	574	901
Investment in affiliates (note 5)	262,092	284,865
Mineral properties	46,830	50,897
Deferred income taxes	10,528	11,445
Other assets	6,920	7,378
Total assets	464,818	524,546
LIABILITIES
Accounts payable and accrued liabilities	2,113	3,489
Debt (note 6)	0	15,112
Other liabilities	548	625
Current liabilities	2,661	19,226
Debt (note 6)	78,174	76,153
Deferred income taxes	22,123	24,051
Total liabilities	102,958	119,430
EQUITY
Common shares	1,938,042	1,936,336
Contributed surplus	77,601	74,038
Accumulated deficit	(1,658,586)	(1,640,103)
Accumulated other comprehensive income	4,803	34,845
Total equity	361,860	405,116
Total liabilities and equity	$ 464,818	$ 524,546

CONDENSED CONSOLIDATED INTERIM

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Operating expenses:
Equity loss of affiliates (note 5)	$ 3,939	$ 3,616	$ 6,561	$ 7,237
General and administrative (note 8)	3,150	4,640	11,652	12,342
Exploration and evaluation	148	0	301	0
Depreciation	9	8	18	18
Total operating expenses	7,246	8,264	18,532	19,597
Loss from operations	(7,246)	(8,264)	(18,532)	(19,597)
Other income (expense):
Interest income	187	150	365	466
Interest expense	(1,458)	(1,562)	(3,101)	(3,620)
Foreign exchange gain (loss)	(247)	(1,101)	3,215	1,348
Write-down of investments (note 4)	(426)	0	(426)	0
Other	0	140	0	25
Total other income (expense)	(1,944)	(2,373)	53	(1,781)
Loss before income taxes	(9,190)	(10,637)	(18,479)	(21,378)
Income tax (expense) recovery	6	(44)	(4)	6
Net loss	$ (9,184)	$ (10,681)	$ (18,483)	$ (21,372)
Loss per common share
Basic and diluted	$ (0.03)	$ (0.03)	$ (0.06)	$ (0.07)
Weighted average shares outstanding
Basic and diluted	317,862	317,295	317,821	317,117

CONDENSED CONSOLIDATED INTERIM4

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net loss	$ (9,184)	$ (10,681)	$ (18,483)	$ (21,372)
Unrealized gains (losses) on marketable securities Unrealized holding gains (losses) during period	(190)	(210)	(252)	109
Reclassification adjustment for losses included in net loss (note 11)	426	0	426	0
Net unrealized gain (loss), net of $(6), $44, $4 and $(6) tax (expense) recovery	236	(210)	174	109
Foreign currency translation adjustments	1,544	8,375	(30,216)	(8,712)
Other comprehensive income (loss)	1,780	8,165	(30,042)	(8,603)
Comprehensive loss	$ (7,404)	$ (2,516)	$ (48,525)	$ (29,975)

CONDENSED CONSOLIDATED INTERIM5

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Operating activities:
Net loss	$ (9,184)	$ (10,681)	$ (18,483)	$ (21,372)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	9	8	18	18
Deferred income taxes	(6)	44	4	(6)
Foreign exchange (gain) loss	247	1,101	(3,215)	(1,348)
Share-based compensation	728	1,907	6,057	6,565
Equity losses of affiliates	3,939	3,616	6,561	7,237
Write-down of investments	426	0	426	0
Other	1,287	1,095	2,686	2,785
Withholding tax on share based compensation	0	0	(827)	(636)
Net change in operating assets and liabilities (note 10)	18	2,436	(1,385)	1,069
Net cash used in operations	(2,536)	(474)	(8,158)	(5,688)
Investing activities:
Additions to property and equipment	0	0	0	(22)
Proceeds from term deposits	50,000	60,000	95,000	110,000
Purchases of term deposits	(45,000)	(55,000)	(85,000)	(105,000)
Funding of affiliates	(3,934)	(5,569)	(6,462)	(9,191)
Net cash provided from (used in) investing activities	1,066	(569)	3,538	(4,213)
Financing activities:
Repayment of debt	(15,829)	0	(15,829)	0
Net cash provided from financing activities	(15,829)	0	(15,829)	0
Effect of exchange rate changes on cash	38	50	(180)	(32)
Decrease in cash and cash equivalents	(17,261)	(993)	(20,629)	(9,933)
Cash and cash equivalents at beginning of period	66,957	72,322	70,325	81,262
Cash and cash equivalents at end of period	$ 49,696	$ 71,329	$ 49,696	$ 71,329

CONDENSED CONSOLIDATED INTERIM6

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock	Contributed Surplus	Accumulated Deficit	Accumulated Other Comprehensive Income / Loss	Total
Beginning Balance, shares at Nov. 30, 2013	316,661
Beginning Balance, amount at Nov. 30, 2013	$ 1,933,953	$ 66,811	$ (1,599,619)	$ 64,504	$ 465,649
Net loss			$ (40,484)		(40,484)
Other comprehensive income				$ (29,659)	(29,659)
Stock based compensation and related share issuances, shares	627
Stock based compensation and related share issuances, amount	$ 2,383	$ 7,227			9,610
Ending Balance, shares at Nov. 30, 2014	317,288
Ending Balance, amount at Nov. 30, 2014	$ 1,936,336	$ 74,038	$ (1,640,103)	$ 34,845	405,116
Net loss			$ (18,483)		(18,483)
Other comprehensive income				$ (30,042)	(30,042)
Stock based compensation and related share issuances, shares	574
Stock based compensation and related share issuances, amount	$ 1,706	$ 3,563			5,269
Ending Balance, shares at May. 31, 2015	317,862
Ending Balance, amount at May. 31, 2015	$ 1,938,042	$ 77,601	$ (1,658,586)	$ 4,803	$ 361,860

NOTE 1. NATURE OF OPERATIONS AN

NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION	6 Months Ended
	May. 31, 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	6 Months Ended
	May. 31, 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 International Financial Reporting Standards, as issued by the IASB (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	6 Months Ended
	May. 31, 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 considering 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	6 Months Ended
	May. 31, 2015
Schedule of Investments [Abstract]
NOTE 4. INVESTMENTS	At May 31, 2015 Cost Unrealized Fair Value Basis Gain Loss Basis Current: Term deposits $ 85,000 $ — $ — $ 85,000 Long-term: Marketable equity securities $ 493 $ 81 $ — $ 574 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 large Canadian financial institutions with original maturities of 12 months or less. Marketable equity securities include available-for-sale investments in mineral exploration companies. During the second quarter of 2015, the Company recognized impairments for other-than-temporary declines in value of $426 for marketable equity securities. At May 31, 2015, after recognition of the impairments, there were no unrealized losses.

NOTE 5. INVESTMENT IN AFFILIATE

NOTE 5. INVESTMENT IN AFFILIATES	6 Months Ended
	May. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
NOTE 5. INVESTMENT IN AFFILIATES	At May 31, 2015 At November 30, 2014 Donlin Gold LLC, Alaska, U.S.A $ 1,486 $ 1,618 Galore Creek Partnership, British Columbia, Canada 260,606 283,247 $ 262,092 $ 284,865 Donlin Gold LLC On December 1, 2007, together with a subsidiary of Barrick Gold Corporation (“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. The Company has a 50% interest in Donlin Gold LLC. Changes in the Company’s 50% investment in Donlin Gold LLC are summarized as follows: Six months ended May 31, 2015 2014 Balance – beginning of period $ 1,618 $ 1,720 Funding 6,018 7,746 Share of losses (6,150 ) (5,986 ) Balance – end of period $ 1,486 $ 3,480 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 May 31, 2015 At November 30, 2014 Current assets: Cash, prepaid expenses and other receivables $ 2,217 $ 2,294 Non-current assets: Property and equipment 317 403 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (1,048 ) (1,079 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 33,486 $ 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 IFRS 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: Six months ended May 31, 2015 2014 Balance – beginning of period $ 283,247 $ 305,735 Funding 444 1,445 Share of losses (411 ) (1,250 ) Exploration tax credit — (693 ) Foreign currency translation (22,674 ) (6,259 ) Balance – end of period $ 260,606 $ 298,978 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. The following amounts represent the Company’s 50% share of the assets and liabilities of the Partnership: At May 31, 2015 At November 30, 2014 Current assets: Cash, prepaid expenses and other receivables $ 387 $ 386 Non-current assets: Property and equipment 234,610 254,991 Current liabilities: Accounts payable and accrued liabilities (330 ) (360 ) Non-current liabilities: Payables and reclamation obligation (7,690 ) (8,268 ) Net assets $ 226,977 $ 246,749 Equity losses of affiliates Three months ended May 31, Six months ended May 31, 2015 2014 2015 2014 Donlin Gold LLC: Mineral property expenditures $ 3,612 $ 3,083 $ 6,065 $ 5,893 Depreciation 42 48 85 94 3,654 3,131 6,150 5,987 Galore Creek Partnership: Mineral property expenditures 12 47 25 328 Care and maintenance expense 273 438 386 922 285 485 411 1,250 $ 3,939 $ 3,616 $ 6,561 $ 7,237

NOTE 6. DEBT

NOTE 6. DEBT	6 Months Ended
	May. 31, 2015
Debt Disclosure [Abstract]
NOTE 6. DEBT	At May 31, 2015 At November 30, 2014 Convertible notes $ — $ 15,112 Promissory note 78,174 76,153 78,174 91,265 Less: current portion — (15,112 ) $ 78,174 $ 76,153 Scheduled minimum debt repayments are $nil for the remainder of 2015 through 2019, and $78,174 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 (“Notes”) issued by the Company on March 26, 2008 was repaid on May 1, 2015. Changes in the carrying value of the Notes are summarized as follows: Six months ended May 31, 2015 2014 Balance – beginning of period $ 15,112 $ 13,570 Accretion expense 717 739 Repayment of Notes (15,829 ) — Balance – end of period $ — $ 14,309 The following table provides the net amounts recognized in the Condensed Consolidated Balance Sheets related to the Notes: At May 31, 2015 At November 30, 2014 Principal amount $ — $ 15,829 Unamortized debt discount — (717 ) Net carrying amount $ — $ 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 US prime plus 2%, amounting to $26,574 in accrued interest since the inception of the promissory note.

NOTE 7. FAIR VALUE ACCOUNTING

NOTE 7. FAIR VALUE ACCOUNTING	6 Months Ended
	May. 31, 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 $574 at May 31, 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	6 Months Ended
	May. 31, 2015
Other income (expense):
NOTE 8. GENERAL AND ADMINISTRATIVE EXPENSES	Three months ended May 31, Six months ended May 31, 2015 2014 2015 2014 Salaries $ 1,532 $ 1,470 $ 3,050 $ 3,103 Share-based compensation 728 1,907 6,057 6,565 Office expense 575 506 1,068 1,168 Professional fees 136 388 378 782 Corporate development 179 369 1,099 724 $ 3,150 $ 4,640 $ 11,652 $ 12,342

NOTE 9. SHARE-BASED COMPENSATIO

NOTE 9. SHARE-BASED COMPENSATION	6 Months Ended
	May. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
NOTE 9. SHARE-BASED COMPENSATION	Three months ended May 31, Six months ended May 31, 2015 2014 2015 2014 Stock options $ (488 ) $ 831 $ 3,616 $ 4,567 Performance share unit plan 1,163 1,030 2,333 1,898 Deferred share unit plan 53 46 108 100 $ 728 $ 1,907 $ 6,057 $ 6,565 In the second quarter of 2015, stock option expense was decreased by a non-cash out-of-period adjustment of $1,048 in respect of an overstatement of stock option expense in the first quarter of 2015. In the first six 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$1.30 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 six 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	6 Months Ended
	May. 31, 2015
Increase (Decrease) in Operating Capital [Abstract]
NOTE 10. CHANGE IN OPERATING ASSETS AND LIABILITIES	Three months ended May 31, Six months ended May 31, 2015 2014 2015 2014 Decrease in receivables, deposits and prepaid amounts $ 173 $ 2,549 $ 505 $ 2,504 Decrease in accounts payable and accrued liabilities (154 ) (92 ) (1,813 ) (1,387 ) Decrease in reclamation and remediation liabilities (1 ) (21 ) (77 ) (48 ) $ 18 $ 2,436 $ (1,385 ) $ 1,069

NOTE 11. RECLASSIFICATIONS OUT

NOTE 11. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
	May. 31, 2015
EQUITY
NOTE 11. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME	Unrealized gain (loss) on marketable securities, net Foreign currency translation adjustments Total November 30, 2014 $ (104 ) $ 34,949 $ 34,845 Change in other comprehensive income (loss) before reclassifications (252 ) (30,216 ) (30,468 ) Reclassifications from accumulated other comprehensive income (loss) 426 — 426 Net current-period other comprehensive income (loss) 174 (30,216 ) (30,042 ) May 31, 2015 $ 70 $ 4,733 $ 4,803 There were no amounts reclassified from other comprehensive loss in the six month period ended May 31, 2014.

NOTE 12. RELATED PARTY TRANSACT

NOTE 12. RELATED PARTY TRANSACTIONS	6 Months Ended
	May. 31, 2015
Related Party Transactions [Abstract]
NOTE 12. RELATED PARTY TRANSACTIONS	In the first six months of 2015, the Company provided management services to Donlin Gold LLC for $nil ($149 in the first six months of 2014); and office rental and services to Galore Creek Partnership for $180 ($200 in the first six months of 2014). As of May 31, 2015, the Company has accounts receivable from Galore Creek Partnership of $308 (November 30, 2014: $335) included in other current assets and a receivable of $3,528 (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	6 Months Ended
	May. 31, 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 2020. Future minimum annual lease payments are $232 in the remainder of 2015, $361 in 2016 and $307 in 2017, totaling $900.

NOTE 14. SUPPLEMENTAL CASH FLOW

NOTE 14. SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	May. 31, 2015
Supplemental Cash Flow Elements [Abstract]
NOTE 14. SUPPLEMENTAL CASH FLOW INFORMATION	Six months ended May 31, 2015 2014 Interest received $ 313 $ 343 Interest paid $ 435 $ 435 Income taxes paid — $ 295

NOTE 2. SUMMARY OF SIGNIFICAN21

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	May. 31, 2015
Accounting Policies [Abstract]
Presentation	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 International Financial Reporting Standards, as issued by the IASB (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 4. INVESTMENTS (Tables)

NOTE 4. INVESTMENTS (Tables)	6 Months Ended
	May. 31, 2015
Schedule of Investments [Abstract]
Schedule of Investments	At May 31, 2015 Cost Unrealized Fair Value Basis Gain Loss Basis Current: Term deposits $ 85,000 $ — $ — $ 85,000 Long-term: Marketable equity securities $ 493 $ 81 $ — $ 574 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 AFFILIA23

NOTE 5. INVESTMENT IN AFFILIATES (Tables)	6 Months Ended
	May. 31, 2015
Summary of Investments in Affiliates	At May 31, 2015 At November 30, 2014 Donlin Gold LLC, Alaska, U.S.A $ 1,486 $ 1,618 Galore Creek Partnership, British Columbia, Canada 260,606 283,247 $ 262,092 $ 284,865
Equity losses of affiliates	Three months ended May 31, Six months ended May 31, 2015 2014 2015 2014 Donlin Gold LLC: Mineral property expenditures $ 3,612 $ 3,083 $ 6,065 $ 5,893 Depreciation 42 48 85 94 3,654 3,131 6,150 5,987 Galore Creek Partnership: Mineral property expenditures 12 47 25 328 Care and maintenance expense 273 438 386 922 285 485 411 1,250 $ 3,939 $ 3,616 $ 6,561 $ 7,237
Donlin Gold LLC, Alaska, USA
Changes in the Company's investment	Six months ended May 31, 2015 2014 Balance – beginning of period $ 1,618 $ 1,720 Funding 6,018 7,746 Share of losses (6,150 ) (5,986 ) Balance – end of period $ 1,486 $ 3,480
Net assets	At May 31, 2015 At November 30, 2014 Current assets: Cash, prepaid expenses and other receivables $ 2,217 $ 2,294 Non-current assets: Property and equipment 317 403 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (1,048 ) (1,079 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 33,486 $ 33,618
The Galore Creek Partnership, British Columbia, Canada
Changes in the Company's investment	Six months ended May 31, 2015 2014 Balance – beginning of period $ 283,247 $ 305,735 Funding 444 1,445 Share of losses (411 ) (1,250 ) Exploration tax credit — (693 ) Foreign currency translation (22,674 ) (6,259 ) Balance – end of period $ 260,606 $ 298,978
Net assets	At May 31, 2015 At November 30, 2014 Current assets: Cash, prepaid expenses and other receivables $ 387 $ 386 Non-current assets: Property and equipment 234,610 254,991 Current liabilities: Accounts payable and accrued liabilities (330 ) (360 ) Non-current liabilities: Payables and reclamation obligation (7,690 ) (8,268 ) Net assets $ 226,977 $ 246,749

NOTE 6. DEBT (Tables)

NOTE 6. DEBT (Tables)	6 Months Ended
	May. 31, 2015
Debt Disclosure [Abstract]
Summary of Debt	At May 31, 2015 At November 30, 2014 Convertible notes $ — $ 15,112 Promissory note 78,174 76,153 78,174 91,265 Less: current portion — (15,112 ) $ 78,174 $ 76,153
Convertible notes	Six months ended May 31, 2015 2014 Balance – beginning of period $ 15,112 $ 13,570 Accretion expense 717 739 Repayment of Notes (15,829 ) — Balance – end of period $ — $ 14,309
Net amounts recognized in the Balance Sheets	At May 31, 2015 At November 30, 2014 Principal amount $ — $ 15,829 Unamortized debt discount — (717 ) Net carrying amount $ — $ 15,112

NOTE 8. GENERAL AND ADMINISTR25

NOTE 8. GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	6 Months Ended
	May. 31, 2015
Other income (expense):
Summary of general and administrative expenses	Three months ended May 31, Six months ended May 31, 2015 2014 2015 2014 Salaries $ 1,532 $ 1,470 $ 3,050 $ 3,103 Share-based compensation 728 1,907 6,057 6,565 Office expense 575 506 1,068 1,168 Professional fees 136 388 378 782 Corporate development 179 369 1,099 724 $ 3,150 $ 4,640 $ 11,652 $ 12,342

NOTE 9. SHARE-BASED COMPENSAT26

NOTE 9. SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	May. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of share based compensation	Three months ended May 31, Six months ended May 31, 2015 2014 2015 2014 Stock options $ (488 ) $ 831 $ 3,616 $ 4,567 Performance share unit plan 1,163 1,030 2,333 1,898 Deferred share unit plan 53 46 108 100 $ 728 $ 1,907 $ 6,057 $ 6,565

NOTE 10. CHANGE IN OPERATING 27

NOTE 10. CHANGE IN OPERATING ASSETS AND LIABILITIES (Tables)	6 Months Ended
	May. 31, 2015
Supplemental Cash Flow Elements [Abstract]
CHANGE IN OPERATING ASSETS AND LIABILITIES	Three months ended May 31, Six months ended May 31, 2015 2014 2015 2014 Decrease in receivables, deposits and prepaid amounts $ 173 $ 2,549 $ 505 $ 2,504 Decrease in accounts payable and accrued liabilities (154 ) (92 ) (1,813 ) (1,387 ) Decrease in reclamation and remediation liabilities (1 ) (21 ) (77 ) (48 ) $ 18 $ 2,436 $ (1,385 ) $ 1,069

NOTE 11. RECLASSIFICATIONS OU28

NOTE 11. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	May. 31, 2015
EQUITY
Schedule of Accumulated Other Comprehensive Income (Loss)	Unrealized gain (loss) on marketable securities, net Foreign currency translation adjustments Total November 30, 2014 $ (104 ) $ 34,949 $ 34,845 Change in other comprehensive income (loss) before reclassifications (252 ) (30,216 ) (30,468 ) Reclassifications from accumulated other comprehensive income (loss) 426 — 426 Net current-period other comprehensive income (loss) 174 (30,216 ) (30,042 ) May 31, 2015 $ 70 $ 4,733 $ 4,803

NOTE 14. SUPPLEMENTAL CASH FL29

NOTE 14. SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	May. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Six months ended May 31, 2015 2014 Interest received $ 313 $ 343 Interest paid $ 435 $ 435 Income taxes paid — $ 295

NOTE 4. INVESTMENTS (Details)

NOTE 4. INVESTMENTS (Details) - USD ($) $ in Thousands	May. 31, 2015	May. 31, 2014
Current
Unrealized Gain	$ 0	$ 0
Unrealized Loss	0	0
Long-term Marketable equity securities
Unrealized Gain	81	139
Unrealized Loss	$ 0	$ (228)

NOTE 5. INVESTMENT IN AFFILIA31

NOTE 5. INVESTMENT IN AFFILIATES (Details) - USD ($) $ in Thousands	May. 31, 2015	Nov. 30, 2014	May. 31, 2014
Investment in affiliates	$ 262,092	$ 284,865
The Galore Creek Partnership, British Columbia, Canada
Investment in affiliates			$ 283,247
Donlin Gold LLC, Alaska, USA
Investment in affiliates	1,486		$ 1,618
The Galore Creek Partnership, British Columbia, Canada
Investment in affiliates	$ 260,606

NOTE 5. INVESTMENT IN AFFILIA32

NOTE 5. INVESTMENT IN AFFILIATES (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Balance - beginning of period			$ 284,865
Share of losses	$ (3,939)	$ (3,616)	(6,561)	$ (7,237)
Balance - end of period	262,092		262,092
Donlin Gold LLC Alaska USA
Balance - beginning of period			1,618	1,720
Funding			6,018	7,746
Share of losses			(6,150)	(5,986)
Balance - end of period	$ 1,486	$ 3,480	$ 1,486	$ 3,480

NOTE 5. INVESTMENT IN AFFILIA33

NOTE 5. INVESTMENT IN AFFILIATES (Details 2) - USD ($) $ in Thousands	May. 31, 2015	Nov. 30, 2014
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	$ 2,217
Non-current assets: Property and equipment	317
Non-current assets: Mineral property	32,692
Current liabilities: Accounts payable and accrued liabilities	(1,048)
Non-current liabilities: Reclamation obligation	(692)
Net assets	$ 33,486

NOTE 5. INVESTMENT IN AFFILIA34

NOTE 5. INVESTMENT IN AFFILIATES (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Balance - beginning of period			$ 284,865
Share of losses	$ (3,939)	$ (3,616)	(6,561)	$ (7,237)
Balance - end of period	262,092		262,092
The Galore Creek Partnership, British Columbia, Canada
Balance - beginning of period			283,247	305,735
Funding			444	1,445
Share of losses			(411)	(1,250)
Exploration tax credit			0	(693)
Foreign currency translation			(22,674)	(6,259)
Balance - end of period	$ 260,606	$ 298,978	$ 260,606	$ 298,978

NOTE 5. INVESTMENT IN AFFILIA35

NOTE 5. INVESTMENT IN AFFILIATES (Details 4) - USD ($) $ in Thousands	May. 31, 2015	May. 31, 2014
The 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 reclamation obligation		(8,268)
Net assets		$ 246,749
The Galore Creek Partnership, British Columbia, Canada
Current assets: Cash, prepaid expenses and other receivables	$ 387
Non-current assets: Property and equipment	234,610
Current liabilities: Accounts payable and accrued liabilities	(330)
Non-current liabilities: Payables and reclamation obligation	(7,690)
Net assets	$ 226,977

NOTE 5. INVESTMENT IN AFFILIA36

NOTE 5. INVESTMENT IN AFFILIATES (Details 5) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Equity losses of affiliates	$ 3,939	$ 3,616	$ 6,561	$ 7,237
Donlin Gold LLC Alaska USA
Mineral property expenditures				5,893
Depreciation				94
Equity losses of affiliates			6,150	5,986
The Galore Creek Partnership, British Columbia, Canada
Mineral property expenditures	12	47	25	328
Care and maintenance expense	273	438	386	922
Equity losses of affiliates	285	485	411	$ 1,250
Donlin Gold LLC, Alaska, USA
Mineral property expenditures	3,612	3,083	6,065
Depreciation	42	48	85
Equity losses of affiliates	$ 3,654	$ 3,131	$ 6,150

NOTE 6. DEBT (Details)

NOTE 6. DEBT (Details) - USD ($) $ in Thousands	May. 31, 2015	Nov. 30, 2014	May. 31, 2014	Nov. 30, 2013
Debt Disclosure [Abstract]
Convertible notes	$ 0	$ 15,112	$ 14,309	$ 13,570
Promissory note	78,174	76,153
Subtotal	78,174	91,265
Less: current portion	0	(15,112)
Total debt	$ 78,174	$ 76,153

NOTE 6. DEBT (Details 1)

NOTE 6. DEBT (Details 1) - USD ($) $ in Thousands	6 Months Ended
	May. 31, 2015	May. 31, 2014
Debt Disclosure [Abstract]
Balance - beginning of period	$ 15,112	$ 13,570
Repayment of Notes	(15,829)	0
Accretion expense	717	739
Balance - end of period	$ 0	$ 14,309

NOTE 6. DEBT (Details 2)

NOTE 6. DEBT (Details 2) - USD ($) $ in Thousands	May. 31, 2015	Nov. 30, 2014
Debt Disclosure [Abstract]
Principal amount	$ 0	$ 15,829
Unamortized debt discount	0	(717)
Net carrying amount	$ 0	$ 15,112

NOTE 8. GENERAL AND ADMINISTR40

NOTE 8. GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Other income (expense):
Salaries	$ 1,532	$ 1,470	$ 3,050	$ 3,103
Share based compensation	728	1,907	6,057	6,565
Office expense	575	506	1,068	1,168
Professional fees	136	388	378	782
Corporate development	179	369	1,099	724
General and administrative	$ 3,150	$ 4,640	$ 11,652	$ 12,342

NOTE 9. SHARE-BASED COMPENSAT41

NOTE 9. SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Note 9. Share-based Compensation Details
Stock options	$ (488)	$ 831	$ 3,616	$ 4,567
Performance share unit plan	1,163	1,030	2,333	1,898
Deferred share unit plan	53	46	108	100
Net Share Based Compensation	$ 728	$ 1,907	$ 6,057	$ 6,565

NOTE 10. CHANGE IN OPERATING 42

NOTE 10. CHANGE IN OPERATING ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Decrease in receivables, deposits and prepaid amounts	$ 173	$ 2,549	$ 505	$ 2,504
Decrease in accounts payable and accrued liabilities	(154)	(92)	(1,813)	(1,387)
Decrease in reclamation and remediation liabilities	(1)	(21)	(77)	(48)
Net change in operating assets and liabilities (note 13)	$ 18	$ 2,436	$ (1,385)	$ 1,069

NOTE 11. ACCUMULATED OTHER COMP

NOTE 11. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014	Nov. 30, 2014
EQUITY
Unrealized net gain on marketable securities	$ 70		$ 70		$ (104)
Foreign currency translation adjustments	4,733		4,733		34,949
Accumulated other comprehensive income	4,803		4,803		34,845
Change in other comprehensive income (loss) before reclassifications, Unrealized net gain on marketable securities	(190)	$ (210)	(252)	$ 109
Change in other comprehensive income (loss) before reclassifications, Foreign currency translation adjustments			(30,216)
Change in other comprehensive income (loss) before reclassifications			(30,468)
Reclassifications from accumulated other comprehensive income (loss), Unrealized net gain on marketable securities	426	0	426	0
Reclassifications from accumulated other comprehensive income (loss)			426
Net current-period other comprehensive income (loss), Unrealized net gain on marketable securities			174
Net current-period other comprehensive income (loss), Foreign currency translation adjustments			(30,216)
Net current-period other comprehensive income (loss)	$ 1,780	$ 8,165	$ (30,042)	$ (8,603)	$ (29,659)

NOTE 12. RELATED PARTY TRANSA44

NOTE 12. RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	6 Months Ended
	May. 31, 2015	May. 31, 2014
The Galore Creek Partnership, British Columbia, Canada
Services provided to related party	$ 180	$ 200
Account receivable, related party - current	308
Account receivable, related party - noncurrent	3,528
Donlin Gold LLC, Alaska, USA
Services provided to related party	$ 0	$ 149

NOTE 14. SUPPLEMENTAL CASH FL45

NOTE 14. SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	May. 31, 2015	May. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Interest received	$ 313	$ 343
Interest paid	435	435
Income taxes paid	$ 0	$ 295

Uncategorized Items - ng-201505

Label	Element	Value
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	$ 476,811
The Galore Creek Partnership, British Columbia, Canada
Accounts Receivable, Related Parties, Noncurrent	us-gaap_AccountsReceivableRelatedPartiesNoncurrent	3,836
Accounts Receivable, Related Parties, Current	us-gaap_AccountsReceivableRelatedPartiesCurrent	335
Current
Available-for-sale Securities, Debt Securities, Current	us-gaap_AvailableForSaleSecuritiesDebtSecuritiesCurrent	85,000
Available-for-sale Securities, Debt Securities, Current	us-gaap_AvailableForSaleSecuritiesDebtSecuritiesCurrent	95,000
Available-for-sale Securities, Amortized Cost Basis	us-gaap_AvailableForSaleSecuritiesAmortizedCost	85,000
Available-for-sale Securities, Amortized Cost Basis	us-gaap_AvailableForSaleSecuritiesAmortizedCost	95,000
Long-term Marketable equity securities
Available-for-sale Securities, Equity Securities, Noncurrent	us-gaap_AvailableForSaleSecuritiesEquitySecuritiesNoncurrent	574
Available-for-sale Securities, Equity Securities, Noncurrent	us-gaap_AvailableForSaleSecuritiesEquitySecuritiesNoncurrent	901
Available-for-sale Securities, Amortized Cost Basis	us-gaap_AvailableForSaleSecuritiesAmortizedCost	493
Available-for-sale Securities, Amortized Cost Basis	us-gaap_AvailableForSaleSecuritiesAmortizedCost	$ 990