Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Jan. 17, 2017 | May 31, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | NOVAGOLD RESOURCES INC | ||
Entity Central Index Key | 1,173,420 | ||
Trading Symbol | ng | ||
Current Fiscal Year End Date | --11-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 321,529,277 | ||
Entity Public Float | $ 1,266,094 | ||
Document Type | 10-K | ||
Document Period End Date | Nov. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 30, 2016 | Nov. 30, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 30,274 | $ 41,731 |
Term deposits | 75,000 | 85,000 |
Other assets (note 7) | 2,064 | 3,310 |
Current assets | 107,338 | 130,041 |
Mineral property (note 6) | 43,359 | 43,605 |
Deferred income taxes (note 12) | 9,397 | 9,711 |
Other assets (note 7) | 5,812 | 6,263 |
Total assets | 408,261 | 433,584 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 2,837 | 3,066 |
Other liabilities | 214 | 451 |
Current liabilities | 3,051 | 3,517 |
Promissory note (note 8) | 84,812 | 80,261 |
Deferred income taxes (note 12) | 20,135 | 20,510 |
Total liabilities | 107,998 | 104,288 |
Commitments and contingencies (note 17) | ||
EQUITY | ||
Common shares Authorized - 1,000 million shares, no par value, Issued and outstanding – 320.0 and 317.9 million shares, respectively | 1,942,451 | 1,938,262 |
Contributed surplus | 82,573 | 80,774 |
Accumulated deficit | (1,705,901) | (1,672,055) |
Accumulated other comprehensive income (loss) | (18,860) | (17,685) |
Total equity | 300,263 | 329,296 |
Total liabilities and equity | 408,261 | 433,584 |
Donlin Gold [Member] | ||
ASSETS | ||
Investment | 951 | 1,058 |
Galore Creek [Member] | ||
ASSETS | ||
Investment | $ 241,404 | $ 242,906 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Nov. 30, 2016 | Nov. 30, 2015 |
Common shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares issued (in shares) | 320,000,000 | 317,900,000 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Operating expenses: | |||
Equity loss | $ 9,968 | $ 11,408 | $ 15,926 |
General and administrative (note 10) | 20,179 | 19,922 | 22,082 |
Studies and evaluation | 0 | 366 | 0 |
30,147 | 31,696 | 38,008 | |
Loss from operations | (30,147) | (31,696) | (38,008) |
Other income (expense) (note 11) | (3,422) | (103) | (2,213) |
Loss before income taxes | (33,569) | (31,799) | (40,221) |
Income tax expense (note 12) | (277) | (153) | (263) |
Net loss | (33,846) | (31,952) | (40,484) |
Other comprehensive income (loss): | |||
Unrealized holding gains (losses) on marketable securities during period | 477 | (227) | (288) |
Net of tax | 0 | 426 | 0 |
Net unrealized gain (loss), net of $(69), $(2) and $14 tax recovery (expense) | 477 | 199 | (288) |
Foreign currency translation adjustments | (1,652) | (52,729) | (29,371) |
Net current-period other comprehensive income (loss) | (1,175) | (52,530) | (29,659) |
Comprehensive income (loss) | $ (35,021) | $ (84,482) | $ (70,143) |
Net loss per common share | |||
Basic and diluted (in dollars per share) | $ (0.11) | $ (0.10) | $ (0.13) |
Weighted average shares outstanding | |||
Basic and diluted (in shares) | 319,774 | 317,850 | 317,203 |
Donlin Gold [Member] | |||
Operating expenses: | |||
Equity loss | $ 8,819 | $ 11,016 | $ 13,985 |
Galore Creek [Member] | |||
Operating expenses: | |||
Equity loss | $ 1,149 | $ 392 | $ 1,941 |
Consolidated Statements of Los5
Consolidated Statements of Loss and Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Net unrealized gain (loss), tax recovery (expense) | $ (69) | $ (2) | $ 14 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Operating activities: | |||
Net loss | $ (33,846) | $ (31,952) | $ (40,484) |
Adjustments: | |||
Equity losses of affiliates | 9,968 | 11,408 | 15,926 |
Share-based compensation | 10,263 | 9,488 | 10,197 |
Interest on promissory note | 4,551 | 4,108 | 4,425 |
Foreign exchange gain | (182) | (4,771) | (3,688) |
Other than Temporary Impairment Losses, Investments | 426 | ||
Other | 28 | 235 | 1,279 |
Withholding tax on share-based compensation | (4,275) | (827) | (636) |
Changes in operating assets and liabilities: | |||
Other assets | 2,259 | 908 | 3,319 |
Accounts payable and accrued liabilities | (225) | (275) | 56 |
Other liabilities | (237) | (174) | (202) |
Net cash used in operating activities | (11,696) | (11,426) | (9,808) |
Investing activities: | |||
Proceeds from term deposits | 100,000 | 135,000 | 215,000 |
Purchases of term deposits | (90,000) | (125,000) | (200,000) |
Funding of affiliates | (9,732) | (10,964) | (15,946) |
Other | (21) | ||
Net cash used in investing activities | 268 | (964) | (967) |
Financing activities: | |||
Repayment of debt | (15,829) | ||
Net cash used in financing activities | (15,829) | ||
Effect of exchange rate changes on cash | (29) | (375) | (162) |
Net change in cash and cash equivalents | (11,457) | (28,594) | (10,937) |
Cash and cash equivalents at beginning of period | 41,731 | 70,325 | 81,262 |
Cash and cash equivalents at end of period | $ 30,274 | $ 41,731 | $ 70,325 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Nov. 30, 2013 | 316,661 | ||||
Balance at Nov. 30, 2013 | $ 1,933,953 | $ 66,811 | $ (1,599,619) | $ 64,504 | $ 465,649 |
Net loss | (40,484) | (40,484) | |||
Other comprehensive loss | (29,659) | (29,659) | |||
Share-based compensation and related share issuances (in shares) | 627 | ||||
Share-based compensation and related share issuances | $ 2,383 | 7,227 | 9,610 | ||
Balance (in shares) at Nov. 30, 2014 | 317,288 | ||||
Balance at Nov. 30, 2014 | $ 1,936,336 | 74,038 | (1,640,103) | 34,845 | 405,116 |
Net loss | (31,952) | (31,952) | |||
Other comprehensive loss | (52,530) | (52,530) | |||
Share-based compensation and related share issuances (in shares) | 622 | ||||
Share-based compensation and related share issuances | $ 1,926 | 6,736 | 8,662 | ||
Balance (in shares) at Nov. 30, 2015 | 317,910 | ||||
Balance at Nov. 30, 2015 | $ 1,938,262 | 80,774 | (1,672,055) | (17,685) | 329,296 |
Net loss | (33,846) | (33,846) | |||
Other comprehensive loss | (1,175) | (1,175) | |||
Share-based compensation and related share issuances (in shares) | 2,106 | ||||
Share-based compensation and related share issuances | $ 4,189 | 1,799 | 5,988 | ||
Balance (in shares) at Nov. 30, 2016 | 320,016 | ||||
Balance at Nov. 30, 2016 | $ 1,942,451 | $ 82,573 | $ (1,705,901) | $ (18,860) | $ 300,263 |
Note 1 - The Company
Note 1 - The Company | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1 NOVAGOLD RESOURCES INC. and its affiliates and subsidiaries (collectively, “NOVAGOLD” or the “Company”) operate in the mining industry, focused on the exploration for and development of gold and copper mineral properties. The Company has no 50% 50% 50% |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 Presentation These 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). References in these Consolidated Financial Statements and Notes to $ refer to United States dollars and C$ to Canadian dollars. Dollar amounts are in thousands, except for per share amounts. Use of estimates 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 more significant areas requiring the use of management estimates and assumptions include: investments in affiliates; mineral properties; income taxes; and share-based compensation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from the amounts estimated in these Consolidated Financial Statements. Principles of consolidation The Company’s Consolidated Financial Statements include NOVAGOLD RESOURCES INC. and its wholly-owned subsidiaries. The Company’s wholly-owned subsidiaries include NOVAGOLD Canada Inc., Copper Canyon Resources Inc., 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 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. 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 effect 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 consists of cash balances and highly liquid investments with original maturities of three Term deposits The Company’s term deposits are classified as held to maturity and recorded at cost. Term deposits are held at Chartered Canadian banks with original maturities of 12 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 investments in the Donlin Gold and Galore Creek projects. The Company identified Donlin Gold LLC and Galore Creek Partnership as Variable Interest Entities (VIEs) as these entities are dependent on funding from their owners. All funding, ownership, voting rights and power to exercise control is shared equally on a 50/50 The equity method is a basis of accounting for investments whereby the investment is initially recorded at cost and the carrying value is adjusted thereafter to include the investor’s pro rata share of post-acquisition earnings or losses of the investee, as computed by the consolidation method. Cash funding increases the carrying value of the investment. Profit distributions received or receivable from an investee reduce the carrying value of the investment. Donlin Gold LLC and Galore Creek Partnership are non-publicly traded equity investees owning exploration and development projects. Therefore, the Company assesses whether there has been a potential impairment triggering event for other-than-temporary impairment by testing the underlying assets of the equity investee for recoverability and assessing whether there has been a change in the development plan or strategy for the project. If the underlying assets are not recoverable, the Company will record an impairment charge equal to the difference between the carrying amount of the investee and its fair value. Mineral properties Mineral property expenditures are expensed as incurred except for expenditures associated with the acquisition of mineral property assets through a business combination or asset acquisition. The Company reviews and evaluates its mineral properties for impairment when events or changes in circumstances indicate that the related carrying amounts may may 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 asset will not be realized. Share-based payments The Company operates a stock option plan and a performance share unit (PSU) plan under which the Company grants equity instruments (options or shares) of the Company in consideration for services from employees and eligible consultants. The Company records share-based compensation awards at fair value on the date of the grant and expenses the awards in the consolidated statement of loss over the requisite employee service period. Share-based compensation expense includes an estimate for forfeitures. The fair values of stock options are determined using a Black-Scholes option pricing model. The fair values of PSUs are determined using a Monte Carlo valuation model. The Company's estimates may The Company operates a stock option plan and a deferred share unit (DSU) plan under which the Company grants equity instruments (options or shares) of the Company in consideration for services from directors. The Company records stock option compensation awards at fair value on the date of the grant and expenses the awards in the consolidated statement of loss over the requisite service period. Each DSU entitles the Company’s directors to receive one 50% 100% Net income (loss) per common share Basic and diluted income (loss) per share are presented for Net income (loss). Basic income (loss) per share is computed by dividing Net income (loss) by the weighted-average number of outstanding common shares for the period. Diluted income per share reflects the potential dilution that could occur if securities or other contracts that may Recently adopted accounting pronouncements Consolidation – Amendments to the Consolidation Analysis In February 2015, December 1, 2015. Recently issued accounting pronouncements Classification of Certain Cash Receipts and Cash Payments In August 2016, December 1, 2018. Compensation—Stock Compensation In March 2016, December 1, 2017. Leases In February 2016, December 1, 2019. Classification and Measurement of Financial Instruments In January 2016, December 1, 2018. |
Note 3 - Segmented Information
Note 3 - Segmented Information | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 3 Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer. The Chief Executive Officer considers the business from a geographic perspective considering the performance of our investments in the Donlin Gold project in Alaska, U.S.A. and the Galore Creek project in British Columbia, Canada. Segment information is provided on each of the material projects individually in notes 4 5. |
Note 4 - Investment in Donlin G
Note 4 - Investment in Donlin Gold | 12 Months Ended |
Nov. 30, 2016 | |
Donlin Gold [Member] | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 4 The Donlin Gold project is owned and operated by Donlin Gold LLC, a limited liability company in which wholly owned subsidiaries of Barrick and NOVAGOLD each own a 50% four two two Changes in the Company’s investment in Donlin Gold LLC are summarized as follows: Years ended November 30, 2016 2015 2014 Balance – beginning of period $ 1,058 $ 1,618 $ 1,720 Share of losses Mineral property expenditures (8,689 ) (10,845 ) (13,811 ) Depreciation (130 ) (171 ) (174 ) (8,819 ) (11,016 ) (13,985 ) Funding 8,712 10,456 13,883 Balance – end of period $ 951 $ 1,058 $ 1,618 The following amounts represent the Company’s 50% $64,000 At November 30, 2016 2015 Current assets: Cash, prepaid expenses and other receivables $ 1,540 $ 1,762 Non-current assets: Property and equipment 101 232 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (690 ) (936 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 32,951 $ 33,058 |
Note 5 - Investment in Galore G
Note 5 - Investment in Galore Greek | 12 Months Ended |
Nov. 30, 2016 | |
Galore Creek [Member] | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 5 The Galore Creek project is owned by Galore Creek Partnership (GCP), a partnership in which Teck and a wholly owned subsidiary of NOVAGOLD each own a 50% four two two GCP prepares its financial statements under International Financial Reporting Standards, as issued by the IASB and presents its financial statements in Canadian dollars. In accounting for its investment in GCP, the Company converts and presents reported amounts in accordance with US GAAP and in U.S. dollars. Changes in the Company’s investment in GCP are summarized as follows: Years ended November 30, 2016 2015 2014 Balance – beginning of period $ 242,906 $ 283,247 $ 305,735 Share of losses Mineral property expenditures (169 ) (147 ) (442 ) Care and maintenance expense (980 ) (884 ) (1,499 ) Gain on sale of equipment — 639 — (1,149 ) (392 ) (1,941 ) Funding 1,020 508 2,063 Exploration tax credit — 107 (693 ) Foreign currency translation (1,373 ) (40,564 ) (21,917 ) Balance – end of period $ 241,404 $ 242,906 $ 283,247 The following amounts represent the Company’s 50% June 2011, 50% 50% 50% At November 30, 2016 2015 Current assets: Cash, prepaid expenses and other receivables $ 170 $ 497 Non-current assets: Mineral property 217,295 218,532 Current liabilities: Accounts payable and accrued liabilities (112 ) (365 ) Non-current liabilities: Reclamation obligation (7,260 ) (7,162 ) Net assets $ 210,093 $ 211,502 |
Note 6 - Mineral Property
Note 6 - Mineral Property | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Mineral Industries Disclosures [Text Block] | NOTE 6 In 2011, 40% 60% |
Note 7 - Other Assets
Note 7 - Other Assets | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | NOTE 7 At November 30, 2016 2015 Other current assets: Accounts and interest receivable $ 547 $ 295 Receivable from Galore Creek Partnership 28 28 Mineral exploration tax credit receivable — 1,487 Note receivable 935 919 Prepaid expenses 554 581 $ 2,064 $ 3,310 Other long-term assets: Note receivable $ — $ 939 Marketable equity securities 1,117 571 Receivable from Galore Creek Partnership 3,526 3,546 Restricted cash – reclamation deposit 1,111 1,117 Office equipment 58 90 $ 5,812 $ 6,263 |
Note 8 - Promissory Note
Note 8 - Promissory Note | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 The Company has a promissory note payable to Barrick of $51,576, 2%, $33,236 April 1, 2006 November 30, 2007. 85% |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9 Financial instruments measured at fair value are classified into one three three Level 1 Level 2 Level 3 The Company’s marketable equity securities are valued using quoted market prices in active markets and as such are classified within Level 1 $1,117 November 30, 2016 ($571 November 30, 2015), |
Note 10 - General and Administr
Note 10 - General and Administrative Expenses | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
General and Administrative Expenses [Text Block] | NOTE 10 Years ended November 30, 2016 2015 2014 Share-based compensation (note 13) $ 10,263 $ 9,488 $ 10,197 Salaries 6,167 6,164 6,022 Office expense 2,035 2,090 2,626 Corporate communications and regulatory 1,001 1,452 1,395 Professional fees 680 693 1,806 Depreciation 33 35 36 $ 20,179 $ 19,922 $ 22,082 |
Note 11 - Other Income (Expense
Note 11 - Other Income (Expense) | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 11 Years ended November 30, 2016 2015 2014 Interest income $ 947 $ 740 $ 854 Interest expense (4,551 ) (5,188 ) (6,838 ) Foreign exchange gain 182 4,771 3,688 Write-down of investments — (426 ) — Other — — 83 $ (3,422 ) $ (103 ) $ (2,213 ) During 2015, $426 November 30, 2016, 12 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 12 The Company’s Income tax expense consisted of: Years ended November 30, 2016 2015 2014 Current: Canada $ — $ — $ — Foreign 346 155 189 346 155 189 Deferred: Canada (69 ) (2 ) 74 Foreign — — — (69 ) (2 ) 74 Income tax expense $ 277 $ 153 $ 263 The Company’s Loss before income tax consisted of: Years ended November 30, 2016 2015 2014 Canada $ (18,912 ) $ (14,775 ) $ (20,372 ) Foreign (14,657 ) (17,024 ) (19,849 ) $ (33,569 ) $ (31,799 ) $ (40,221 ) The Company’s Income tax expense differed from the amounts computed by applying the Canadian statutory corporate income tax rates for the following reasons: Years ended November 30, 2016 2015 2014 Loss before income taxes (33,569 ) (31,799 ) $ (40,221 ) Combined federal and provincial statutory tax rate 26 % 26 % 26 % Income tax recovery based on statutory income tax rates (8,728 ) (8,268 ) (10,457 ) Reconciling items: Non-deductible expenditures 2,607 1,906 2,333 Foreign accrual property income 862 1,269 1,006 Effect of different statutory tax rates on earnings or losses of subsidiaries (2,218 ) (2,619 ) (3,027 ) Effect of tax losses expired 6 3,878 1,424 Change in valuation allowance on deferred tax assets 7,668 3,264 9,357 Other 80 723 (373 ) Income tax expense $ 277 $ 153 $ 263 Components of the Company’s deferred income tax assets (liabilities) are as follows: At November 30, 2016 2015 Deferred tax income assets: Asset retirement obligation $ 89 $ 186 Net operating loss carry forwards 222,036 212,619 Capital loss carry forwards 31,352 31,561 Mineral properties 16,503 16,596 Property and equipment 203 198 Investment in affiliates 42,743 42,099 Share issuance costs 137 776 Unpaid interest expense 3,044 4,458 Investment tax credit 2,921 2,938 Other 1,912 2,339 320,940 313,770 Valuation allowances (282,698 ) (275,305 ) 38,242 38,465 Deferred income tax liabilities: Investment in affiliates (36,110 ) (36,133 ) Mineral properties (11,251 ) (11,315 ) Investment tax credit (760 ) (764 ) Capitalized assets and other (859 ) (1,052 ) (48,980 ) (49,264 ) Net deferred income tax liabilities $ (10,738 ) $ (10,799 ) These amounts reflect the classification and presentation that is reported for each tax jurisdiction in which the Company operates. Net deferred income tax assets and liabilities consist of: At November 30, 2016 2015 Long-term deferred income tax: Assets $ 9,397 $ 9,711 Liabilities (20,135 ) (20,510 ) $ (10,738 ) $ (10,799 ) 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 24,359 2027 18,493 3,913 2028 85 517 2029 11,223 12,168 2030 10,916 17,507 2031 16,580 16,425 2032 309,772 28,776 2033 14,529 21,520 2034 15,607 9,964 2035 16,383 6,595 2036 14,587 10,037 $ 443,835 $ 151,781 Future use of U.S. loss carry-forwards is subject to certain limitations under provisions of the Internal Revenue Code including limitations subject to Section 382, 50% three January 22, 2009 December 31, 2012 three may 382. may may may The Company has recognized $9,397 (2015: $9,711, 2014: $11,445) 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, 2016. November 30, 2016, $282,698 (2015: $275,305, 2014: $281,071) may Uncertain tax position There were no November 30, 2016, 2015 2014. November 30, 2016, 2015 2014, no one November 30, 2016 2012 2016 2013 2016 |
Note 13 - Share-based Compensat
Note 13 - Share-based Compensation | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 13 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 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. At November 30, 2016, 21.9 The Company recognized share-based compensation expense (recorded in General and administrative expenses) as follows: Years ended November 30, 2016 2015 2014 Stock options $ 5,855 $ 4,736 $ 6,062 Performance share unit plan 4,184 4,537 3,944 Deferred share unit plan 224 215 191 $ 10,263 $ 9,488 $ 10,197 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, 2016, November 30, 2016 Number of stock options (thousands) Weighted- average exercise price per share Weighted- average Aggregate November 30, 2015 17,850 4.81 Granted 4,593 5.02 Exercised (1,445 ) 3.48 Expired/Forfeited (1,169 ) 12.61 November 30, 2016 19,829 4.50 2.27 32,916 Vested and exercisable as of November 30, 2016 16,367 4.52 1.97 26,842 The following table summarizes other stock option-related information: Years ended November 30, 2016 2015 2014 Weighted-average assumptions used to value stock option awards: Expected volatility 54 % 60 % 60 % Expected term of options (years) 3 3 3 Expected dividend rate — — — Risk-free interest rate 0.5 % 1.1 % 1.2 % Expected forfeiture rate 3 % 4 % 4 % Weighted-average grant-date fair value (C$ per share) 1.83 1.28 1.18 Intrinsic value of options exercised (C$) 5,279 565 884 Cash received from options exercised (C$) — — — As of November 30, 2016, C$1,068 1,165,000 one Performance share units The Company has a PSU plan that provides for the issuance of PSUs in amounts as approved by the Company’s Compensation Committee. Each PSU award entitles the participant to receive one may 0% 150%. may 0% 150% The value of each PSU granted is estimated at the grant date using a Monte Carlo simulation model. The Monte Carlo simulation model requires the input of subjective assumptions, including the share price volatility of the Company’s stock, as well as comparator group companies and the correlation of returns between the comparator companies and the Company. Expected volatility is based on the historical volatility of the Company’s shares and the comparator group companies shares at the grant date. These estimates involve inherent uncertainties and the application of management’s judgment. As a result, if other assumptions had been used, our recorded share-based compensation expense would have been different from that reported. A summary of PSU awards outstanding as of November 30, 2016, November 30, 2016 Number of PSU awards (thousands) Weighted- average grant day fair value per award (C$) Aggregate November 30, 2015 3,182 3.47 Granted 1,242 4.65 Vested (2,526 ) 3.18 Performance adjustment 721 3.18 Forfeited — — November 30, 2016 2,619 4.23 16,134 As of November 30, 2016, C$2,887 1,241,900 one The following table summarizes other PSU-related information: Years ended November 30, 2016 2015 2014 Performance multiplier on PSUs vested 140 % 137 % 85 % Common shares issued (thousands) 1,377 506 330 Total fair value of common shares issued (C$) 6,914 1,610 956 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 November 30, 2016, 44,770 C$6.62 not 2016, 2015 2014. November 30, 2016, 286,847 |
Note 14 - Share Capital
Note 14 - Share Capital | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 14 Common shares The Company is authorized to issue 1,000,000,000 without 320,016,000 November 30, 2016 317,910,000 November 30, 2015. 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 without may one November 30, 2016 2015, no |
Note 15 - Reclassifications Out
Note 15 - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 15 Unrealized gain (loss) on marketable securities, net Foreign currency translation adjustments Total November 30, 2015 $ 95 $ (17,780 ) $ (17,685 ) Change in other comprehensive income (loss) before reclassifications 477 (1,652 ) (1,175 ) Reclassifications from accumulated other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 477 (1,652 ) (1,175 ) November 30, 2016 $ 572 $ (19,432 ) $ (18,860 ) Details about accumulated other comprehensive income Amount reclassified from 2016 2015 2014 Marketable equity securities adjustments Impairment of marketable equity securities (1) $ — $ 426 $ — Tax benefit (expense) — — — Net of tax $ — $ 426 $ — (1) |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 16 The Company provided management services to Donlin Gold LLC for $nil in 2016 2015, $235 2014; $335 2016, $349 2015 $398 2014. As of November 30, 2016, $28 (2015: $28) $3,526 (2015: $3,546) November 30, 2016 $119 (2015: |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 17 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. Commitments The Company leases certain assets, such as office equipment and office facilities, under operating leases expiring at various dates through 2018. $325 2017, $18 2018 2019, $343. |
Note 18 - Supplemental Cash Flo
Note 18 - Supplemental Cash Flow Information | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 18 Years ended November 30, 2016 2015 2014 Interest received $ 878 $ 639 $ 643 Interest paid $ — $ 435 $ 870 Income taxes paid $ 327 $ 120 $ 432 |
Note 19 - Unaudited Supplementa
Note 19 - Unaudited Supplementary Data | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 19 Quarterly data The following is a summary of selected quarterly financial information (unaudited): 2016 Q1 Q2 Q3 Q4 Loss from operations $ (9,530 ) $ (7,391 ) $ (6,422 ) $ (6,804 ) Net loss $ (9,977 ) $ (9,138 ) $ (7,381 ) $ (7,350 ) Loss per common share, basic and diluted $ (0.03 ) $ (0.03 ) $ (0.02 ) $ (0.02 ) 2015 Q1 Q2 Q3 Q4 Loss from operations $ (11,286 ) $ (7,246 ) $ (6,579 ) $ (6,585 ) Net loss $ (9,299 ) $ (9,184 ) $ (6,301 ) $ (7,168 ) Loss per common share, basic and diluted $ (0.03 ) $ (0.03 ) $ (0.02 ) $ (0.02 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Presentation These 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). References in these Consolidated Financial Statements and Notes to $ refer to United States dollars and C$ to Canadian dollars. Dollar amounts are in thousands, except for per share amounts. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates 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 more significant areas requiring the use of management estimates and assumptions include: investments in affiliates; mineral properties; income taxes; and share-based compensation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from the amounts estimated in these Consolidated Financial Statements. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The Company’s Consolidated Financial Statements include NOVAGOLD RESOURCES INC. and its wholly-owned subsidiaries. The Company’s wholly-owned subsidiaries include NOVAGOLD Canada Inc., Copper Canyon Resources Inc., 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 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. 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 effect 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 consists of cash balances and highly liquid investments with original maturities of three |
Term Deposits, Policy [Policy Text Block] | Term deposits The Company’s term deposits are classified as held to maturity and recorded at cost. Term deposits are held at Chartered Canadian banks with original maturities of 12 |
Equity Method Investments, Policy [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 investments in the Donlin Gold and Galore Creek projects. The Company identified Donlin Gold LLC and Galore Creek Partnership as Variable Interest Entities (VIEs) as these entities are dependent on funding from their owners. All funding, ownership, voting rights and power to exercise control is shared equally on a 50/50 The equity method is a basis of accounting for investments whereby the investment is initially recorded at cost and the carrying value is adjusted thereafter to include the investor’s pro rata share of post-acquisition earnings or losses of the investee, as computed by the consolidation method. Cash funding increases the carrying value of the investment. Profit distributions received or receivable from an investee reduce the carrying value of the investment. Donlin Gold LLC and Galore Creek Partnership are non-publicly traded equity investees owning exploration and development projects. Therefore, the Company assesses whether there has been a potential impairment triggering event for other-than-temporary impairment by testing the underlying assets of the equity investee for recoverability and assessing whether there has been a change in the development plan or strategy for the project. If the underlying assets are not recoverable, the Company will record an impairment charge equal to the difference between the carrying amount of the investee and its fair value. |
Mineral Properties, Policy [Policy Text Block] | Mineral properties Mineral property expenditures are expensed as incurred except for expenditures associated with the acquisition of mineral property assets through a business combination or asset acquisition. The Company reviews and evaluates its mineral properties for impairment when events or changes in circumstances indicate that the related carrying amounts may may |
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 asset will not be realized. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based payments The Company operates a stock option plan and a performance share unit (PSU) plan under which the Company grants equity instruments (options or shares) of the Company in consideration for services from employees and eligible consultants. The Company records share-based compensation awards at fair value on the date of the grant and expenses the awards in the consolidated statement of loss over the requisite employee service period. Share-based compensation expense includes an estimate for forfeitures. The fair values of stock options are determined using a Black-Scholes option pricing model. The fair values of PSUs are determined using a Monte Carlo valuation model. The Company's estimates may The Company operates a stock option plan and a deferred share unit (DSU) plan under which the Company grants equity instruments (options or shares) of the Company in consideration for services from directors. The Company records stock option compensation awards at fair value on the date of the grant and expenses the awards in the consolidated statement of loss over the requisite service period. Each DSU entitles the Company’s directors to receive one 50% 100% |
Earnings Per Share, Policy [Policy Text Block] | Net income (loss) per common share Basic and diluted income (loss) per share are presented for Net income (loss). Basic income (loss) per share is computed by dividing Net income (loss) by the weighted-average number of outstanding common shares for the period. Diluted income per share reflects the potential dilution that could occur if securities or other contracts that may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements Consolidation – Amendments to the Consolidation Analysis In February 2015, December 1, 2015. Recently issued accounting pronouncements Classification of Certain Cash Receipts and Cash Payments In August 2016, December 1, 2018. Compensation—Stock Compensation In March 2016, December 1, 2017. Leases In February 2016, December 1, 2019. Classification and Measurement of Financial Instruments In January 2016, December 1, 2018. |
Note 4 - Investment in Donlin28
Note 4 - Investment in Donlin Gold (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Donlin Gold [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Years ended November 30, 2016 2015 2014 Balance – beginning of period $ 1,058 $ 1,618 $ 1,720 Share of losses Mineral property expenditures (8,689 ) (10,845 ) (13,811 ) Depreciation (130 ) (171 ) (174 ) (8,819 ) (11,016 ) (13,985 ) Funding 8,712 10,456 13,883 Balance – end of period $ 951 $ 1,058 $ 1,618 At November 30, 2016 2015 Current assets: Cash, prepaid expenses and other receivables $ 1,540 $ 1,762 Non-current assets: Property and equipment 101 232 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (690 ) (936 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 32,951 $ 33,058 |
Note 5 - Investment in Galore29
Note 5 - Investment in Galore Greek (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Galore Creek [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Years ended November 30, 2016 2015 2014 Balance – beginning of period $ 242,906 $ 283,247 $ 305,735 Share of losses Mineral property expenditures (169 ) (147 ) (442 ) Care and maintenance expense (980 ) (884 ) (1,499 ) Gain on sale of equipment — 639 — (1,149 ) (392 ) (1,941 ) Funding 1,020 508 2,063 Exploration tax credit — 107 (693 ) Foreign currency translation (1,373 ) (40,564 ) (21,917 ) Balance – end of period $ 241,404 $ 242,906 $ 283,247 At November 30, 2016 2015 Current assets: Cash, prepaid expenses and other receivables $ 170 $ 497 Non-current assets: Mineral property 217,295 218,532 Current liabilities: Accounts payable and accrued liabilities (112 ) (365 ) Non-current liabilities: Reclamation obligation (7,260 ) (7,162 ) Net assets $ 210,093 $ 211,502 |
Note 7 - Other Assets (Tables)
Note 7 - Other Assets (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | At November 30, 2016 2015 Other current assets: Accounts and interest receivable $ 547 $ 295 Receivable from Galore Creek Partnership 28 28 Mineral exploration tax credit receivable — 1,487 Note receivable 935 919 Prepaid expenses 554 581 $ 2,064 $ 3,310 Other long-term assets: Note receivable $ — $ 939 Marketable equity securities 1,117 571 Receivable from Galore Creek Partnership 3,526 3,546 Restricted cash – reclamation deposit 1,111 1,117 Office equipment 58 90 $ 5,812 $ 6,263 |
Note 10 - General and Adminis31
Note 10 - General and Administrative Expenses (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
General and Administrative Expenses [Table Text Block] | Years ended November 30, 2016 2015 2014 Share-based compensation (note 13) $ 10,263 $ 9,488 $ 10,197 Salaries 6,167 6,164 6,022 Office expense 2,035 2,090 2,626 Corporate communications and regulatory 1,001 1,452 1,395 Professional fees 680 693 1,806 Depreciation 33 35 36 $ 20,179 $ 19,922 $ 22,082 |
Note 11 - Other Income (Expen32
Note 11 - Other Income (Expense) (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Years ended November 30, 2016 2015 2014 Interest income $ 947 $ 740 $ 854 Interest expense (4,551 ) (5,188 ) (6,838 ) Foreign exchange gain 182 4,771 3,688 Write-down of investments — (426 ) — Other — — 83 $ (3,422 ) $ (103 ) $ (2,213 ) |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended November 30, 2016 2015 2014 Current: Canada $ — $ — $ — Foreign 346 155 189 346 155 189 Deferred: Canada (69 ) (2 ) 74 Foreign — — — (69 ) (2 ) 74 Income tax expense $ 277 $ 153 $ 263 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years ended November 30, 2016 2015 2014 Canada $ (18,912 ) $ (14,775 ) $ (20,372 ) Foreign (14,657 ) (17,024 ) (19,849 ) $ (33,569 ) $ (31,799 ) $ (40,221 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended November 30, 2016 2015 2014 Loss before income taxes (33,569 ) (31,799 ) $ (40,221 ) Combined federal and provincial statutory tax rate 26 % 26 % 26 % Income tax recovery based on statutory income tax rates (8,728 ) (8,268 ) (10,457 ) Reconciling items: Non-deductible expenditures 2,607 1,906 2,333 Foreign accrual property income 862 1,269 1,006 Effect of different statutory tax rates on earnings or losses of subsidiaries (2,218 ) (2,619 ) (3,027 ) Effect of tax losses expired 6 3,878 1,424 Change in valuation allowance on deferred tax assets 7,668 3,264 9,357 Other 80 723 (373 ) Income tax expense $ 277 $ 153 $ 263 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | At November 30, 2016 2015 Deferred tax income assets: Asset retirement obligation $ 89 $ 186 Net operating loss carry forwards 222,036 212,619 Capital loss carry forwards 31,352 31,561 Mineral properties 16,503 16,596 Property and equipment 203 198 Investment in affiliates 42,743 42,099 Share issuance costs 137 776 Unpaid interest expense 3,044 4,458 Investment tax credit 2,921 2,938 Other 1,912 2,339 320,940 313,770 Valuation allowances (282,698 ) (275,305 ) 38,242 38,465 Deferred income tax liabilities: Investment in affiliates (36,110 ) (36,133 ) Mineral properties (11,251 ) (11,315 ) Investment tax credit (760 ) (764 ) Capitalized assets and other (859 ) (1,052 ) (48,980 ) (49,264 ) Net deferred income tax liabilities $ (10,738 ) $ (10,799 ) At November 30, 2016 2015 Long-term deferred income tax: Assets $ 9,397 $ 9,711 Liabilities (20,135 ) (20,510 ) $ (10,738 ) $ (10,799 ) |
Summary of Operating Loss Carryforwards [Table Text Block] | Year of Expiry U.S. Canada 2024 $ 1,032 $ — 2025 1,246 — 2026 13,382 24,359 2027 18,493 3,913 2028 85 517 2029 11,223 12,168 2030 10,916 17,507 2031 16,580 16,425 2032 309,772 28,776 2033 14,529 21,520 2034 15,607 9,964 2035 16,383 6,595 2036 14,587 10,037 $ 443,835 $ 151,781 |
Note 13 - Share-based Compens34
Note 13 - Share-based Compensation (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Years ended November 30, 2016 2015 2014 Stock options $ 5,855 $ 4,736 $ 6,062 Performance share unit plan 4,184 4,537 3,944 Deferred share unit plan 224 215 191 $ 10,263 $ 9,488 $ 10,197 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of stock options (thousands) Weighted- average exercise price per share Weighted- average Aggregate November 30, 2015 17,850 4.81 Granted 4,593 5.02 Exercised (1,445 ) 3.48 Expired/Forfeited (1,169 ) 12.61 November 30, 2016 19,829 4.50 2.27 32,916 Vested and exercisable as of November 30, 2016 16,367 4.52 1.97 26,842 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years ended November 30, 2016 2015 2014 Weighted-average assumptions used to value stock option awards: Expected volatility 54 % 60 % 60 % Expected term of options (years) 3 3 3 Expected dividend rate — — — Risk-free interest rate 0.5 % 1.1 % 1.2 % Expected forfeiture rate 3 % 4 % 4 % Weighted-average grant-date fair value (C$ per share) 1.83 1.28 1.18 Intrinsic value of options exercised (C$) 5,279 565 884 Cash received from options exercised (C$) — — — |
Schedule of Share-based Compensation, Performance Share Units, Activity [Table Text Block] | Number of PSU awards (thousands) Weighted- average grant day fair value per award (C$) Aggregate November 30, 2015 3,182 3.47 Granted 1,242 4.65 Vested (2,526 ) 3.18 Performance adjustment 721 3.18 Forfeited — — November 30, 2016 2,619 4.23 16,134 |
Other PSU-related Information [Table Text Block] | Years ended November 30, 2016 2015 2014 Performance multiplier on PSUs vested 140 % 137 % 85 % Common shares issued (thousands) 1,377 506 330 Total fair value of common shares issued (C$) 6,914 1,610 956 |
Note 15 - Reclassifications O35
Note 15 - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized gain (loss) on marketable securities, net Foreign currency translation adjustments Total November 30, 2015 $ 95 $ (17,780 ) $ (17,685 ) Change in other comprehensive income (loss) before reclassifications 477 (1,652 ) (1,175 ) Reclassifications from accumulated other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 477 (1,652 ) (1,175 ) November 30, 2016 $ 572 $ (19,432 ) $ (18,860 ) Details about accumulated other comprehensive income Amount reclassified from 2016 2015 2014 Marketable equity securities adjustments Impairment of marketable equity securities (1) $ — $ 426 $ — Tax benefit (expense) — — — Net of tax $ — $ 426 $ — |
Note 18 - Supplemental Cash F36
Note 18 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Years ended November 30, 2016 2015 2014 Interest received $ 878 $ 639 $ 643 Interest paid $ — $ 435 $ 870 Income taxes paid $ 327 $ 120 $ 432 |
Note 19 - Unaudited Supplemen37
Note 19 - Unaudited Supplementary Data (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2016 Q1 Q2 Q3 Q4 Loss from operations $ (9,530 ) $ (7,391 ) $ (6,422 ) $ (6,804 ) Net loss $ (9,977 ) $ (9,138 ) $ (7,381 ) $ (7,350 ) Loss per common share, basic and diluted $ (0.03 ) $ (0.03 ) $ (0.02 ) $ (0.02 ) 2015 Q1 Q2 Q3 Q4 Loss from operations $ (11,286 ) $ (7,246 ) $ (6,579 ) $ (6,585 ) Net loss $ (9,299 ) $ (9,184 ) $ (6,301 ) $ (7,168 ) Loss per common share, basic and diluted $ (0.03 ) $ (0.03 ) $ (0.02 ) $ (0.02 ) |
Note 1 - The Company (Details T
Note 1 - The Company (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Revenues | $ 0 | $ 0 | $ 0 |
Donlin Gold [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Galore Creek [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Galore Creek [Member] | Teck [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% |
Note 2 - Summary of Significa39
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Nov. 30, 2016shares | |
Director [Member] | |
Deferred Share Unit Plan, Number of Common Shares Granted Upon Retirement Per DSU | 1 |
Maximum [Member] | |
Term Deposits, Original Maturities | 1 year |
Maximum [Member] | Director [Member] | |
Fair Value of Deferred Share Units, Percentage of Annual Retainers | 100.00% |
Minimum [Member] | Director [Member] | |
Fair Value of Deferred Share Units, Percentage of Annual Retainers | 50.00% |
Note 4 - Investment in Donlin40
Note 4 - Investment in Donlin Gold (Details Textual) - Donlin Gold [Member] $ in Millions | Nov. 30, 2016USD ($) |
Equity Method Investment, Ownership Percentage | 50.00% |
Unconsolidated Ventures, Number of Directors | 4 |
Unconsolidated Ventures, Number of Directors, Selected By the Reporting Entity | 2 |
Equity Method Investment, Aggregate Cost | $ 64 |
Barrick [Member] | |
Unconsolidated Ventures, Number of Directors Selected By Venture Partners | 2 |
Barrick [Member] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Note 4 - Investment in Donlin41
Note 4 - Investment in Donlin Gold - Summary of the Company's Investment in Donlin Gold LLC (Details) - USD ($) | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
$ (9,968,000) | $ (11,408,000) | $ (15,926,000) | |
Donlin Gold [Member] | |||
Balance – beginning of period | 1,058,000 | 1,618,000 | 1,720,000 |
Mineral property expenditures | (8,689,000) | (10,845,000) | (13,811,000) |
Depreciation | (130,000) | (171,000) | (174,000) |
(8,819,000) | (11,016,000) | (13,985,000) | |
Funding | 8,712,000 | 10,456,000 | 13,883,000 |
Balance – end of period | 951,000 | 1,058,000 | $ 1,618,000 |
Current assets: Cash, prepaid expenses and other receivables | 1,540 | 1,762 | |
Non-current assets: Property and equipment | 101 | 232 | |
Non-current assets: Mineral property | 32,692 | 32,692 | |
Current liabilities: Accounts payable and accrued liabilities | (690) | (936) | |
Non-current liabilities: Reclamation obligation | (692) | (692) | |
Net assets | $ 32,951 | $ 33,058 |
Note 5 - Investment in Galore42
Note 5 - Investment in Galore Greek (Details Textual) - Galore Creek [Member] | Nov. 30, 2016 |
Equity Method Investment, Ownership Percentage | 50.00% |
Unconsolidated Ventures, Number of Directors | 4 |
Unconsolidated Ventures, Number of Directors, Selected By the Reporting Entity | 2 |
Teck [Member] | |
Unconsolidated Ventures, Number of Directors Selected By Venture Partners | 2 |
Teck [Member] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Note 5 - Investment in Galore C
Note 5 - Investment in Galore Creek - Summary of the Company's Investment in GCP (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
$ (9,968) | $ (11,408) | $ (15,926) | |
Galore Creek [Member] | |||
Balance – beginning of period | 242,906 | 283,247 | 305,735 |
Mineral property expenditures | (169) | (147) | (442) |
Care and maintenance expense | (980) | (884) | (1,499) |
Gain on sale of equipment | 639 | ||
(1,149) | (392) | (1,941) | |
Funding | 1,020 | 508 | 2,063 |
Exploration tax credit | 107 | (693) | |
Foreign currency translation | (1,373) | (40,564) | (21,917) |
Balance – end of period | 241,404 | 242,906 | $ 283,247 |
Current assets: Cash, prepaid expenses and other receivables | 170 | 497 | |
Non-current assets: Mineral property | 217,295 | 218,532 | |
Current liabilities: Accounts payable and accrued liabilities | (112) | (365) | |
Non-current liabilities: Reclamation obligation | (7,260) | (7,162) | |
Net assets | $ 210,093 | $ 211,502 |
Note 6 - Mineral Property (Deta
Note 6 - Mineral Property (Details Textual) - Copper Canyon Property [Member] | 12 Months Ended |
Nov. 30, 2016 | |
Mineral Properties, Ownership Percentage | 40.00% |
Galore Creek [Member] | |
Mineral Properties, Ownership Percentage | 60.00% |
Note 7 - Other Assets - Carryin
Note 7 - Other Assets - Carrying Amounts of Other Assets (Details) - USD ($) $ in Thousands | Nov. 30, 2016 | Nov. 30, 2015 |
Other current assets: | ||
Accounts and interest receivable | $ 547 | $ 295 |
Receivable from Galore Creek Partnership | 28 | 28 |
Mineral exploration tax credit receivable | 1,487 | |
Note receivable | 935 | 919 |
Prepaid expenses | 554 | 581 |
2,064 | 3,310 | |
Other long-term assets: | ||
Note receivable | 939 | |
Marketable equity securities | 1,117 | 571 |
Receivable from Galore Creek Partnership | 3,526 | 3,546 |
Restricted cash – reclamation deposit | 1,111 | 1,117 |
Office equipment | 58 | 90 |
$ 5,812 | $ 6,263 |
Note 8 - Promissory Note (Detai
Note 8 - Promissory Note (Details Textual) - Barrick [Member] - Notes Payable, Other Payables [Member] $ in Thousands | 12 Months Ended |
Nov. 30, 2016USD ($) | |
Notes Payable | $ 51,576 |
Interest Payable | $ 33,236 |
Percentage of Specified Revenue from Which the Promissory Note and Accrued Interest Are Payable | 85.00% |
Prime Rate [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting (Details Textual) - USD ($) $ in Thousands | Nov. 30, 2016 | Nov. 30, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable Securities, Equity Securities | $ 1,117 | $ 571 |
Note 10 - General and Adminis48
Note 10 - General and Administrative Expenses - Summary of General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Share-based compensation (note 13) | $ 10,263 | $ 9,488 | $ 10,197 |
Salaries | 6,167 | 6,164 | 6,022 |
Office expense | 2,035 | 2,090 | 2,626 |
Corporate communications and regulatory | 1,001 | 1,452 | 1,395 |
Professional fees | 680 | 693 | 1,806 |
Depreciation | 33 | 35 | 36 |
$ 20,179 | $ 19,922 | $ 22,082 |
Note 11 - Other Income (Expen49
Note 11 - Other Income (Expense) (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Other than Temporary Impairment Losses, Investments | $ 426 |
Note 11 - Other Income (Expen50
Note 11 - Other Income (Expense) - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Interest income | $ 947 | $ 740 | $ 854 |
Interest expense | (4,551) | (5,188) | (6,838) |
Foreign exchange gain | 182 | 4,771 | 3,688 |
Write-down of investments | (426) | ||
Other | 83 | ||
$ (3,422) | $ (103) | $ (2,213) |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 |
Deferred Tax Assets, Dependent on the Reversal of Existing Taxable Temporary Differences | $ 9,397 | $ 9,711 | $ 11,445 |
Deferred Tax Assets, Valuation Allowance | 282,698 | 275,305 | 281,071 |
Unrecognized Tax Benefits | 0 | 0 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 | $ 0 |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Canada | |||
Foreign | 346 | 155 | 189 |
346 | 155 | 189 | |
Deferred: | |||
Canada | (69) | (2) | 74 |
Foreign | |||
(69) | (2) | 74 | |
Income tax expense | $ 277 | $ 153 | $ 263 |
Note 12 - Income Taxes - Loss B
Note 12 - Income Taxes - Loss Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Canada | $ (18,912) | $ (14,775) | $ (20,372) |
Foreign | (14,657) | (17,024) | (19,849) |
Loss before income taxes | $ (33,569) | $ (31,799) | $ (40,221) |
Note 12 - Income Taxes - Effect
Note 12 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Loss before income taxes | $ (33,569) | $ (31,799) | $ (40,221) |
Combined federal and provincial statutory tax rate | 26.00% | 26.00% | 26.00% |
Income tax recovery based on statutory income tax rates | $ (8,728) | $ (8,268) | $ (10,457) |
Reconciling items: | |||
Non-deductible expenditures | 2,607 | 1,906 | 2,333 |
Foreign accrual property income | 862 | 1,269 | 1,006 |
Effect of different statutory tax rates on earnings or losses of subsidiaries | (2,218) | (2,619) | (3,027) |
Effect of tax losses expired | 6 | 3,878 | 1,424 |
Change in valuation allowance on deferred tax assets | 7,668 | 3,264 | 9,357 |
Other | 80 | 723 | (373) |
Income tax expense | $ 277 | $ 153 | $ 263 |
Note 12 - Income Taxes - Comp55
Note 12 - Income Taxes - Components of the Company's Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 |
Asset retirement obligation | $ 89 | $ 186 | |
Net operating loss carry forwards | 222,036 | 212,619 | |
Capital loss carry forwards | 31,352 | 31,561 | |
Mineral properties | 16,503 | 16,596 | |
Property and equipment | 203 | 198 | |
Investment in affiliates | 42,743 | 42,099 | |
Share issuance costs | 137 | 776 | |
Unpaid interest expense | 3,044 | 4,458 | |
Investment tax credit | 2,921 | 2,938 | |
Other | 1,912 | 2,339 | |
320,940 | 313,770 | ||
Valuation allowances | (282,698) | (275,305) | $ (281,071) |
38,242 | 38,465 | ||
Investment in affiliates | (36,110) | (36,133) | |
Mineral properties | (11,251) | (11,315) | |
Investment tax credit | (760) | (764) | |
Capitalized assets and other | (859) | (1,052) | |
(48,980) | (49,264) | ||
Net deferred income tax liabilities | (10,738) | (10,799) | |
Long-term deferred income tax: | |||
Assets | 9,397 | 9,711 | |
Liabilities | (20,135) | (20,510) | |
$ (10,738) | $ (10,799) |
Note 12 - Income Taxes - Summar
Note 12 - Income Taxes - Summary of Operating Loss Carryforwards (Details) $ in Thousands | Nov. 30, 2016USD ($) |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | $ 443,835 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2024 [Member] | |
Net operating loss carry-forwards | 1,032 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2025 [Member] | |
Net operating loss carry-forwards | 1,246 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2026 [Member] | |
Net operating loss carry-forwards | 13,382 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2027 [Member] | |
Net operating loss carry-forwards | 18,493 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2028 [Member] | |
Net operating loss carry-forwards | 85 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2029 [Member] | |
Net operating loss carry-forwards | 11,223 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2030 [Member] | |
Net operating loss carry-forwards | 10,916 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2031 [Member] | |
Net operating loss carry-forwards | 16,580 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2032 [Member] | |
Net operating loss carry-forwards | 309,772 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2033 [Member] | |
Net operating loss carry-forwards | 14,529 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2034 [Member] | |
Net operating loss carry-forwards | 15,607 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2035 [Member] | |
Net operating loss carry-forwards | 16,383 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2036 [Member] | |
Net operating loss carry-forwards | 14,587 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 151,781 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2024 [Member] | |
Net operating loss carry-forwards | |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2025 [Member] | |
Net operating loss carry-forwards | |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2026 [Member] | |
Net operating loss carry-forwards | 24,359 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2027 [Member] | |
Net operating loss carry-forwards | 3,913 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2028 [Member] | |
Net operating loss carry-forwards | 517 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2029 [Member] | |
Net operating loss carry-forwards | 12,168 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2030 [Member] | |
Net operating loss carry-forwards | 17,507 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2031 [Member] | |
Net operating loss carry-forwards | 16,425 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2032 [Member] | |
Net operating loss carry-forwards | 28,776 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2033 [Member] | |
Net operating loss carry-forwards | 21,520 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2034 [Member] | |
Net operating loss carry-forwards | 9,964 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2035 [Member] | |
Net operating loss carry-forwards | 6,595 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2036 [Member] | |
Net operating loss carry-forwards | $ 10,037 |
Note 13 - Share-based Compens57
Note 13 - Share-based Compensation (Details Textual) - CAD CAD / shares in Units, CAD in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 21,900,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | CAD 1,068 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options, Shares | 1,165,000 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Portion Vesting Per Year | 33.33% | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||
Performance Share Units [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award | 1 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | CAD 2,887 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options, Shares | 1,241,900 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,242,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | CAD 4.65 | ||
Performance Share Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award, Adjusted, Multiplier | 0.00% | ||
Performance Share Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award, Adjusted, Multiplier | 150.00% | ||
Deferred Share Units [Member] | Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award | 1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 44,770 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | CAD 6.62 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 286,847 |
Note 13 - Share-based Compens58
Note 13 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Share-based Compensation Expense | $ 10,263 | $ 9,488 | $ 10,197 |
Employee Stock Option [Member] | |||
Share-based Compensation Expense | 5,855 | 4,736 | 6,062 |
Performance Share Units [Member] | |||
Share-based Compensation Expense | 4,184 | 4,537 | 3,944 |
Deferred Share Units [Member] | |||
Share-based Compensation Expense | $ 224 | $ 215 | $ 191 |
Note 13 - Share-based Compens59
Note 13 - Share-based Compensation - Summary of Stock Options Outstanding (Details) CAD / shares in Units, shares in Thousands, CAD in Thousands | 12 Months Ended |
Nov. 30, 2016CADCAD / sharesshares | |
Balance - beginning of year (in shares) | shares | 17,850 |
Weighted average exercise price outstanding, beginning (in CAD per share) | CAD / shares | CAD 4.81 |
Granted (in shares) | shares | 4,593 |
Granted, weighted average exercise price (in CAD per share) | CAD / shares | CAD 5.02 |
Exercised (in shares) | shares | (1,445) |
Exercised, weighted average exercise price (in CAD per share) | CAD / shares | CAD 3.48 |
Expired/Forfeited (in shares) | shares | (1,169) |
Expired/Forfeited, weighted average exercise price (in CAD per share) | CAD / shares | CAD 12.61 |
Balance - end of year (in shares) | shares | 19,829 |
Weighted average exercise price outstanding, ending (in CAD per share) | CAD / shares | CAD 4.50 |
Weighted-average remaining contractual term, outstanding (Year) | 2 years 98 days |
Aggregate intrinsic value, outstanding | CAD | CAD 32,916 |
Vested and exercisable (in shares) | shares | 16,367 |
Vested and exercisable, weighted average exercise price (in CAD per share) | CAD / shares | CAD 4.52 |
Weighted-average remaining contractual term, vested and exercisable (Year) | 1 year 354 days |
Aggregate intrinsic value, vested and exercisable | CAD | CAD 26,842 |
Note 13 - Share-based Compens60
Note 13 - Share-based Compensation - Other Information Related to Stock Options (Details) - CAD CAD / shares in Units, CAD in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Weighted-average assumptions used to value stock option awards: | |||
Expected volatility | 54.00% | 60.00% | 60.00% |
Expected term of options (Year) | 3 years | 3 years | 3 years |
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 0.50% | 1.10% | 1.20% |
Expected forfeiture rate | 3.00% | 4.00% | 4.00% |
Weighted-average grant-date fair value (in CAD per share) | CAD 1.83 | CAD 1.28 | CAD 1.18 |
Intrinsic value of options exercised (C$) | CAD 5,279 | CAD 565 | CAD 884 |
Cash received from options exercised (C$) | CAD 0 | CAD 0 | CAD 0 |
Note 13 - Share-based Compens61
Note 13 - Share-based Compensation - PSU Awards Outstanding and PSU Activity (Details) - Performance Share Units [Member] CAD / shares in Units, shares in Thousands, CAD in Thousands | 12 Months Ended |
Nov. 30, 2016CADCAD / sharesshares | |
Balance - beginning of year (in shares) | shares | 3,182 |
Balance - beginning of year (in CAD per share) | CAD / shares | CAD 3.47 |
Granted (in shares) | shares | 1,242 |
Granted (in CAD per share) | CAD / shares | CAD 4.65 |
Vested (in shares) | shares | (2,526) |
Vested (in CAD per share) | CAD / shares | CAD 3.18 |
Performance adjustment (in shares) | shares | 721 |
Performance adjustment (in CAD per share) | CAD / shares | CAD 3.18 |
Forfeited (in shares) | shares | 0 |
Forfeited (in CAD per share) | CAD / shares | CAD 0 |
Balance - end of year (in shares) | shares | 2,619 |
Balance - end of year (in CAD per share) | CAD / shares | CAD 4.23 |
Balance - end of year | CAD | CAD 16,134 |
Note 13 - Share-based Compens62
Note 13 - Share-based Compensation - Other PSU-related Information (Details) shares in Thousands, CAD in Thousands, $ in Thousands | 12 Months Ended | |||||
Nov. 30, 2016USD ($)shares | Nov. 30, 2016CADshares | Nov. 30, 2015USD ($)shares | Nov. 30, 2015CADshares | Nov. 30, 2014USD ($)shares | Nov. 30, 2014CADshares | |
Total fair value of common shares issued (C$) | $ | $ 5,988 | $ 8,662 | $ 9,610 | |||
Performance Share Units [Member] | ||||||
Performance multiplier on PSUs vested | 140.00% | 140.00% | 137.00% | 137.00% | 85.00% | 85.00% |
Common shares issued (thousands) (in shares) | shares | 1,377 | 1,377 | 506 | 506 | 330 | 330 |
Total fair value of common shares issued (C$) | CAD | CAD 6,914 | CAD 1,610 | CAD 956 |
Note 14 - Share Capital (Detail
Note 14 - Share Capital (Details Textual) - $ / shares $ / shares in Thousands | Nov. 30, 2016 | Nov. 30, 2015 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares, Issued | 320,016,000 | 317,910,000 |
Preferred Stock, Shares Authorized | 10,000,000 | |
Preferred Stock, No Par Value | $ 0 | |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Note 15 - Reclassifications O64
Note 15 - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) - Changes in AOCI and Details About AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | ||
Balance, beginning | $ (17,685) | |||
Change in other comprehensive income (loss) before reclassifications | (1,175) | |||
Reclassifications from accumulated other comprehensive income (loss) | 0 | |||
Net current-period other comprehensive income (loss) | (1,175) | $ (52,530) | $ (29,659) | |
Balance, ending | (18,860) | (17,685) | ||
Marketable equity securities adjustments | ||||
Impairment of marketable equity securities (1) | [1] | 0 | 426 | 0 |
Tax benefit (expense) | 0 | 0 | 0 | |
Net of tax | 0 | 426 | $ 0 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Balance, beginning | 95 | |||
Change in other comprehensive income (loss) before reclassifications | 477 | |||
Reclassifications from accumulated other comprehensive income (loss) | 0 | |||
Net current-period other comprehensive income (loss) | 477 | |||
Balance, ending | 572 | 95 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance, beginning | (17,780) | |||
Change in other comprehensive income (loss) before reclassifications | (1,652) | |||
Reclassifications from accumulated other comprehensive income (loss) | 0 | |||
Net current-period other comprehensive income (loss) | (1,652) | |||
Balance, ending | $ (19,432) | $ (17,780) | ||
[1] | This accumulated other comprehensive income (loss) component is included in Other income (expense) in the Consolidated Statements of Loss. |
Note 16 - Related Party Trans65
Note 16 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Donlin Gold [Member] | Management Services [Member] | |||
Revenue from Related Parties | $ 235 | ||
Galore Creek [Member] | |||
Rental Income, Nonoperating | $ 335 | $ 349 | $ 398 |
Accounts Receivable, Related Parties, Current | 28 | 28 | |
Accounts Receivable, Related Parties, Noncurrent | 3,526 | $ 3,546 | |
Accounts Payable, Related Parties, Current | $ 119 |
Note 17 - Commitments and Con66
Note 17 - Commitments and Contingencies (Details Textual) $ in Thousands | Nov. 30, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 325 |
Operating Leases, Future Minimum Payments, Due in Two Years | 18 |
Operating Leases, Future Minimum Payments Due | $ 343 |
Note 18 - Supplemental Cash F67
Note 18 - Supplemental Cash Flow Information - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Interest received | $ 878 | $ 639 | $ 643 |
Interest paid | 0 | 435 | 870 |
Income taxes paid | $ 327 | $ 120 | $ 432 |
Note 19 - Unaudited Supplemen68
Note 19 - Unaudited Supplementary Data - Selected Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 | |
Loss from operations | $ (6,804) | $ (6,422) | $ (7,391) | $ (9,530) | $ (6,585) | $ (6,579) | $ (7,246) | $ (11,286) | $ (30,147) | $ (31,696) | $ (38,008) |
Net loss | $ (7,350) | $ (7,381) | $ (9,138) | $ (9,977) | $ (7,168) | $ (6,301) | $ (9,184) | $ (9,299) | $ (33,846) | $ (31,952) | $ (40,484) |
Basic and diluted (in dollars per share) | $ (0.02) | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.02) | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.11) | $ (0.10) | $ (0.13) |