NovaGold Resources (NG) 10-Q 27 Jun 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	May 31, 2017	Jun. 21, 2017
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)		321,665,402
Document Type	10-Q
Document Period End Date	May 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	May 31, 2017	Nov. 30, 2016
ASSETS
Cash and cash equivalents	$ 21,623	$ 30,274
Term deposits	71,900	75,000
Other assets	1,424	2,064
Current assets	94,947	107,338
Mineral property	43,131	43,359
Deferred income taxes	9,347	9,397
Other assets	6,148	5,812
Total assets	395,404	408,261
LIABILITIES
Accounts payable and accrued liabilities	1,818	2,837
Other liabilities	214	214
Current liabilities	2,032	3,051
Promissory note (note 6)	87,332	84,812
Deferred income taxes	20,029	20,135
Total liabilities	109,393	107,998
Commitments and contingencies (note 12)
EQUITY
Common shares	1,947,392	1,942,451
Contributed surplus	83,409	82,573
Accumulated deficit	(1,724,506)	(1,705,901)
Accumulated other comprehensive loss	(20,284)	(18,860)
Total equity	286,011	300,263
Total liabilities and equity	395,404	408,261
Donlin Gold [Member]
ASSETS
Investment	1,300	951
Galore Creek [Member]
ASSETS
Investment	$ 240,531	$ 241,404

Condensed Consolidated Interim

Condensed Consolidated Interim Statements of Loss and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Operating expenses:
Equity loss	$ 2,772	$ 2,822	$ 5,004	$ 5,019
General and administrative (note 8)	4,786	4,569	11,517	11,902
	7,558	7,391	16,521	16,921
Loss from operations	(7,558)	(7,391)	(16,521)	(16,921)
Other income (expense) (note 10)	(806)	(1,730)	(1,933)	(2,115)
Loss before income taxes	(8,364)	(9,121)	(18,454)	(19,036)
Income tax expense	(98)	(17)	(151)	(79)
Net loss	(8,462)	(9,138)	(18,605)	(19,115)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities, net of $(12), $83, $21 and $86 tax expense (recovery), respectively	(79)	559	135	595
Foreign currency translation adjustments	(4,884)	9,699	(1,559)	5,679
Other comprehensive income (loss)	(4,963)	10,258	(1,424)	6,274
Comprehensive income (loss)	$ (13,425)	$ 1,120	$ (20,029)	$ (12,841)
Net loss per common share
Basic and diluted (in dollars per share)	$ (0.03)	$ (0.03)	$ (0.06)	$ (0.06)
Weighted average shares outstanding
Basic and diluted (thousands) (in shares)	321,662	319,782	321,538	319,556
Donlin Gold [Member]
Operating expenses:
Equity loss	$ 2,547	$ 2,502	$ 4,629	$ 4,505
Galore Creek [Member]
Operating expenses:
Equity loss	$ 225	$ 320	$ 375	$ 514

Condensed Consolidated Interim4

Condensed Consolidated Interim Statements of Loss and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Net unrealized gain (loss), tax recovery (expense)	$ (12)	$ 83	$ 21	$ 86

Condensed Consolidated Interim5

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Operating activities:
Net loss	$ (8,462)	$ (9,138)	$ (18,605)	$ (19,115)
Adjustments:
Equity losses of affiliates	2,772	2,822	5,004	5,019
Share-based compensation	2,049	1,869	5,974	6,577
Interest on promissory note	1,307	1,153	2,520	2,244
Foreign exchange (gain) loss	(194)	797	(33)	272
Other	(38)	(221)	(65)	(4)
Withholding tax on share-based compensation			(196)	(4,275)
Changes in operating assets and liabilities:
Other assets	492	306	465	940
Accounts payable and accrued liabilities	537	264	(1,018)	(1,542)
Net cash used in operating activities	(1,537)	(2,148)	(5,954)	(9,884)
Investing activities:
Proceeds from term deposits	55,000	45,000	95,000	85,000
Purchases of term deposits	(46,900)	(45,000)	(91,900)	(80,000)
Funding of affiliates	(3,113)	(3,130)	(5,753)	(5,193)
Other			(28)
Net cash used in investing activities	4,987	(3,130)	(2,681)	(193)
Effect of exchange rate changes on cash	(66)	83	(16)	89
Decrease in cash and cash equivalents	3,384	(5,195)	(8,651)	(9,988)
Cash and cash equivalents at beginning of period	18,239	36,938	30,274	41,731
Cash and cash equivalents at end of period	$ 21,623	$ 31,743	$ 21,623	$ 31,743

Condensed Consolidated Interim6

Condensed Consolidated Interim Statements of Equity (Unaudited) - 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, 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 income (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
Net loss			(18,605)		(18,605)
Other comprehensive income (loss)				(1,424)	(1,424)
Share-based compensation and related share issuances (in shares)	1,649
Share-based compensation and related share issuances	$ 4,941	836			5,777
Balance (in shares) at May. 31, 2017	321,665
Balance at May. 31, 2017	$ 1,947,392	$ 83,409	$ (1,724,506)	$ (20,284)	$ 286,011

Note 1 - Nature of Operations a

Note 1 - Nature of Operations and Basis of Presentation	6 Months Ended
	May 31, 2017
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% 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 may November 30, 2016. 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. Dollar amounts are in thousands, except for per share amounts.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	May 31, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 2 Recently issued accounting pronouncements Compensation—Stock Compensation In May 2017, December 1, 2018. Restricted Cash In November 2016, December 1, 2018. 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. not

Note 3 - Segmented Information

Note 3 - Segmented Information	6 Months Ended
	May 31, 2017
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	6 Months Ended
	May 31, 2017
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 50% Three months ended May 31, Six months ended May 31, 2017 2016 2017 2016 Balance – beginning of period $ 1,279 $ 903 $ 951 $ 1,058 Share of losses: Mineral property expenditures (2,525 ) (2,466 ) (4,584 ) (4,430 ) Depreciation (22 ) (36 ) (45 ) (75 ) (2,547 ) (2,502 ) (4,629 ) (4,505 ) Funding 2,568 2,886 4,978 4,734 Balance – end of period $ 1,300 $ 1,287 $ 1,300 $ 1,287 The following amounts represent the Company’s 50% $64,000 At At 2016 Current assets: Cash, prepaid expenses and other receivables $ 2,086 $ 1,540 Non-current assets: Property and equipment 59 101 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (845 ) (690 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 33,300 $ 32,951

Note 5 - Investment in Galore G

Note 5 - Investment in Galore Greek	6 Months Ended
	May 31, 2017
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 the 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: Three months ended May 31, Six months ended May 31, 2017 2016 2017 2016 Balance – beginning of period $ 244,174 $ 239,732 $ 241,404 $ 242,906 Share of losses: Mineral property expenditures (30 ) (74 ) (41 ) (133 ) Care and maintenance expense (195 ) (246 ) (334 ) (381 ) (225 ) (320 ) (375 ) (514 ) Funding 545 244 775 459 Foreign currency translation (3,963 ) 7,696 (1,273 ) 4,501 Balance – end of period $ 240,531 $ 247,352 $ 240,531 $ 247,352 The following amounts represent the Company’s 50% June 2011, 50% 50% not 50% At At Current assets: Cash, prepaid expenses and other receivables $ 701 $ 170 Non-current assets: Mineral property 216,290 217 ,295 Current liabilities: Accounts payable and accrued liabilities (247 ) (112 ) Non-current liabilities: Reclamation obligation (7,222 ) (7,260 ) Net assets $ 209,522 $ 210,093

Note 6 - Promissory Note

Note 6 - Promissory Note	6 Months Ended
	May 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 6 The Company has a promissory note payable to Barrick of $51,576, 2%, $35,756 April 1, 2006 November 30, 2007. 85%

Note 7 - Fair Value Accounting

Note 7 - Fair Value Accounting	6 Months Ended
	May 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 7 Financial instruments measured at fair value are classified into one three three Level 1 Level 2 not Level 3 no The Company’s marketable equity securities are valued using quoted market prices in active markets and as such are classified within Level 1 $1,275 May 31, 2017 ( $1,117 November 30, 2016),

Note 8 - General and Administra

Note 8 - General and Administrative Expenses	6 Months Ended
	May 31, 2017
Notes to Financial Statements
General and Administrative Expenses [Text Block]	NOTE 8 Three months ended May 31, Six months ended May 31, 2017 2016 2017 2016 Salaries $ 1,556 $ 1,624 $ 3,275 $ 3,316 Share-based compensation 2,049 1,869 5,974 6,577 Office expense 519 551 1,064 1,055 Professional fees 159 142 462 268 Corporate communications and regulatory 494 375 723 669 Depreciation 9 8 19 17 $ 4,786 $ 4,569 $ 11,517 $ 11,902

Note 9 - Share-based Compensati

Note 9 - Share-based Compensation	6 Months Ended
	May 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 9 Three months ended May 31, Six months ended May 31, 2017 2016 2017 2016 Stock options $ 878 $ 736 $ 3,636 $ 4,404 Performance share unit plan 1,119 1,076 2,229 2,065 Deferred share unit plan 52 57 109 108 $ 2,049 $ 1,869 $ 5,974 $ 6,577 Stock options A summary of stock options outstanding as of May 31, 2017 six May 31, 2017 Number of stock options (thousands) Weighted- average exercise price per share Weighted- average Aggregate November 30, 2016 19,829 $ 3.33 Granted 3,545 4.58 Exercised (546 ) 4.18 Expired/Forfeited (1,683 ) 7.57 May 31, 2017 21,145 $ 3.18 2.45 $ 15,769 Vested and exercisable as of May 31, 2017 17,623 $ 2.96 2.10 $ 17,052 The following table summarizes other stock option-related information: Six months ended May 31, 2017 2016 Weighted-average assumptions used to value stock option awards: Expected volatility 50 % 54 % Expected term of options (years) 3 3 Expected dividend rate — — Risk-free interest rate 1.20 % 0.50 % Expected forfeiture rate 2.5 % 3.0 % Weighted-average grant-date fair value $ 2.14 $ 1.37 Intrinsic value of options exercised $ 942 $ 1,264 Cash received from options exercised — — As of May 31, 2017, $2,731 3,522,051 18 Performance share units A summary of PSU awards outstanding as of May 31, 2017 six May 31, 2017 Number of PSU awards (thousands) Weighted- average grant day fair value per award Aggregate November 30, 2016 2,619 $ 3.15 Granted 940 4.58 Vested (1,556 ) 2.83 Performance adjustment 179 2.83 Forfeited (2 ) 4.58 May 31, 2017 2,180 $ 4.10 $ 371 As of May 31, 2017, $4,520 18 The following table summarizes other PSU-related information: Six months ended May 31, 2017 2016 Performance multiplier on PSUs vested 113 % 140 % Common shares issued (thousands) 1,556 2,526 Total fair value of common shares issued $ 4,506 $ 5,704

Note 10 - Other Income (Expense

Note 10 - Other Income (Expense)	6 Months Ended
	May 31, 2017
Notes to Financial Statements
Other Income and Other Expense Disclosure [Text Block]	NOTE 10 Three months ended May 31, Six months ended May 31, 2017 2016 2017 2016 Interest income $ 307 $ 220 $ 554 $ 401 Interest expense (1,307 ) (1,153 ) (2,520 ) (2,244 ) Foreign exchange gain (loss) 194 (797 ) 33 (272 ) $ (806 ) $ (1,730 ) $ (1,933 ) $ (2,115 )

Note 11 - Related Party Transac

Note 11 - Related Party Transactions	6 Months Ended
	May 31, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 11 In the first six 2017, $169 $165 first six 2016 As of May 31, 2017, $28 November 30, 2016: $28 $3,508 November 30, 2016: $3,526

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	6 Months Ended
	May 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 12 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 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. $137 2017, $49 2018, $38 2019 $7 2020, $231.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	May 31, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently issued accounting pronouncements Compensation—Stock Compensation In May 2017, December 1, 2018. Restricted Cash In November 2016, December 1, 2018. 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. not

Note 4 - Investment in Donlin20

Note 4 - Investment in Donlin Gold (Tables)	6 Months Ended
	May 31, 2017
Donlin Gold [Member]
Notes Tables
Equity Method Investments [Table Text Block]	Three months ended May 31, Six months ended May 31, 2017 2016 2017 2016 Balance – beginning of period $ 1,279 $ 903 $ 951 $ 1,058 Share of losses: Mineral property expenditures (2,525 ) (2,466 ) (4,584 ) (4,430 ) Depreciation (22 ) (36 ) (45 ) (75 ) (2,547 ) (2,502 ) (4,629 ) (4,505 ) Funding 2,568 2,886 4,978 4,734 Balance – end of period $ 1,300 $ 1,287 $ 1,300 $ 1,287 At At 2016 Current assets: Cash, prepaid expenses and other receivables $ 2,086 $ 1,540 Non-current assets: Property and equipment 59 101 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (845 ) (690 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 33,300 $ 32,951

Note 5 - Investment in Galore21

Note 5 - Investment in Galore Greek (Tables)	6 Months Ended
	May 31, 2017
Galore Creek [Member]
Notes Tables
Equity Method Investments [Table Text Block]	Three months ended May 31, Six months ended May 31, 2017 2016 2017 2016 Balance – beginning of period $ 244,174 $ 239,732 $ 241,404 $ 242,906 Share of losses: Mineral property expenditures (30 ) (74 ) (41 ) (133 ) Care and maintenance expense (195 ) (246 ) (334 ) (381 ) (225 ) (320 ) (375 ) (514 ) Funding 545 244 775 459 Foreign currency translation (3,963 ) 7,696 (1,273 ) 4,501 Balance – end of period $ 240,531 $ 247,352 $ 240,531 $ 247,352 At At Current assets: Cash, prepaid expenses and other receivables $ 701 $ 170 Non-current assets: Mineral property 216,290 217 ,295 Current liabilities: Accounts payable and accrued liabilities (247 ) (112 ) Non-current liabilities: Reclamation obligation (7,222 ) (7,260 ) Net assets $ 209,522 $ 210,093

Note 8 - General and Administ22

Note 8 - General and Administrative Expenses (Tables)	6 Months Ended
	May 31, 2017
Notes Tables
General and Administrative Expenses [Table Text Block]	Three months ended May 31, Six months ended May 31, 2017 2016 2017 2016 Salaries $ 1,556 $ 1,624 $ 3,275 $ 3,316 Share-based compensation 2,049 1,869 5,974 6,577 Office expense 519 551 1,064 1,055 Professional fees 159 142 462 268 Corporate communications and regulatory 494 375 723 669 Depreciation 9 8 19 17 $ 4,786 $ 4,569 $ 11,517 $ 11,902

Note 9 - Share-based Compensa23

Note 9 - Share-based Compensation (Tables)	6 Months Ended
	May 31, 2017
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three months ended May 31, Six months ended May 31, 2017 2016 2017 2016 Stock options $ 878 $ 736 $ 3,636 $ 4,404 Performance share unit plan 1,119 1,076 2,229 2,065 Deferred share unit plan 52 57 109 108 $ 2,049 $ 1,869 $ 5,974 $ 6,577
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, 2016 19,829 $ 3.33 Granted 3,545 4.58 Exercised (546 ) 4.18 Expired/Forfeited (1,683 ) 7.57 May 31, 2017 21,145 $ 3.18 2.45 $ 15,769 Vested and exercisable as of May 31, 2017 17,623 $ 2.96 2.10 $ 17,052
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six months ended May 31, 2017 2016 Weighted-average assumptions used to value stock option awards: Expected volatility 50 % 54 % Expected term of options (years) 3 3 Expected dividend rate — — Risk-free interest rate 1.20 % 0.50 % Expected forfeiture rate 2.5 % 3.0 % Weighted-average grant-date fair value $ 2.14 $ 1.37 Intrinsic value of options exercised $ 942 $ 1,264 Cash received from options exercised — —
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 Aggregate November 30, 2016 2,619 $ 3.15 Granted 940 4.58 Vested (1,556 ) 2.83 Performance adjustment 179 2.83 Forfeited (2 ) 4.58 May 31, 2017 2,180 $ 4.10 $ 371
Other PSU-related Information [Table Text Block]	Six months ended May 31, 2017 2016 Performance multiplier on PSUs vested 113 % 140 % Common shares issued (thousands) 1,556 2,526 Total fair value of common shares issued $ 4,506 $ 5,704

Note 10 - Other Income (Expen24

Note 10 - Other Income (Expense) (Tables)	6 Months Ended
	May 31, 2017
Notes Tables
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	Three months ended May 31, Six months ended May 31, 2017 2016 2017 2016 Interest income $ 307 $ 220 $ 554 $ 401 Interest expense (1,307 ) (1,153 ) (2,520 ) (2,244 ) Foreign exchange gain (loss) 194 (797 ) 33 (272 ) $ (806 ) $ (1,730 ) $ (1,933 ) $ (2,115 )

Note 1 - Nature of Operations25

Note 1 - Nature of Operations and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2017	Feb. 28, 2017
Revenues	$ 0
Donlin Gold [Member]
Equity Method Investment, Ownership Percentage	50.00%	50.00%
Galore Creek [Member]
Equity Method Investment, Ownership Percentage	50.00%	50.00%
Galore Creek [Member] | Teck [Member]
Equity Method Investment, Ownership Percentage	50.00%	50.00%

Note 4 - Investment in Donlin26

Note 4 - Investment in Donlin Gold (Details Textual) - Donlin Gold [Member] $ in Millions	May 31, 2017USD ($)	Feb. 28, 2017
Unconsolidated Ventures, Number of Directors, Selected By the Reporting Entity	2
Equity Method Investment, Aggregate Cost	$ 64
Equity Method Investment, Ownership Percentage	50.00%	50.00%
Unconsolidated Ventures, Number of Directors	4
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 Donlin27

Note 4 - Investment in Donlin Gold - Summary of the Company's Investment in Donlin Gold LLC (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Nov. 30, 2016
	$ (2,772)	$ (2,822)	$ (5,004)	$ (5,019)
Donlin Gold [Member]
Balance – beginning of period	1,279	903	951	1,058
Mineral property expenditures	(2,525)	(2,466)	(4,584)	(4,430)
Depreciation	(22)	(36)	(45)	(75)
	(2,547)	(2,502)	(4,629)	(4,505)
Funding	2,568	2,886	4,978	4,734
Balance – end of period	1,300	$ 1,287	1,300	$ 1,287
Current assets: Cash, prepaid expenses and other receivables	2,086		2,086		$ 1,540
Non-current assets: Property and equipment	59		59		101
Non-current assets: Mineral property	32,692		32,692		32,692
Current liabilities: Accounts payable and accrued liabilities	(845)		(845)		(690)
Non-current liabilities: Reclamation obligation	(692)		(692)		(692)
Net assets	$ 33,300		$ 33,300		$ 32,951

Note 5 - Investment in Galore28

Note 5 - Investment in Galore Greek (Details Textual) - Galore Creek [Member]	May 31, 2017	Feb. 28, 2017
Unconsolidated Ventures, Number of Directors, Selected By the Reporting Entity	2
Equity Method Investment, Ownership Percentage	50.00%	50.00%
Unconsolidated Ventures, Number of Directors	4
Teck [Member]
Unconsolidated Ventures, Number of Directors Selected By Venture Partners	2
Equity Method Investment, Ownership Percentage	50.00%	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	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Nov. 30, 2016
	$ (2,772)	$ (2,822)	$ (5,004)	$ (5,019)
Galore Creek [Member]
Balance – beginning of period	244,174	239,732	241,404	242,906
Mineral property expenditures	(30)	(74)	(41)	(133)
Care and maintenance expense	(195)	(246)	(334)	(381)
	(225)	(320)	(375)	(514)
Funding	545	244	775	459
Foreign currency translation	(3,963)	7,696	(1,273)	4,501
Balance – end of period	240,531	$ 247,352	240,531	$ 247,352
Current assets: Cash, prepaid expenses and other receivables	701		701		$ 170
Non-current assets: Mineral property	216,290		216,290		217,295
Current liabilities: Accounts payable and accrued liabilities	(247)		(247)		(112)
Non-current liabilities: Reclamation obligation	(7,222)		(7,222)		(7,260)
Net assets	$ 209,522		$ 209,522		$ 210,093

Note 6 - Promissory Note (Detai

Note 6 - Promissory Note (Details Textual) - Barrick [Member] - Notes Payable, Other Payables [Member] $ in Thousands	6 Months Ended
	May 31, 2017USD ($)
Notes Payable	$ 51,576
Interest Payable	$ 35,756
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 7 - Fair Value Accounting

Note 7 - Fair Value Accounting (Details Textual) - USD ($) $ in Thousands	May 31, 2017	Nov. 30, 2016
Fair Value, Inputs, Level 1 [Member]
Marketable Securities, Equity Securities	$ 1,275	$ 1,117

Note 8 - General and Administ32

Note 8 - General and Administrative Expenses - Summary of General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Salaries	$ 1,556	$ 1,624	$ 3,275	$ 3,316
Share-based compensation	2,049	1,869	5,974	6,577
Office expense	519	551	1,064	1,055
Professional fees	159	142	462	268
Corporate communications and regulatory	494	375	723	669
Depreciation	9	8	19	17
	$ 4,786	$ 4,569	$ 11,517	$ 11,902

Note 9 - Share-based Compensa33

Note 9 - Share-based Compensation (Details Textual) $ in Thousands	6 Months Ended
	May 31, 2017USD ($)shares
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 2,731
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options, Shares | shares	3,522,051
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 180 days
Performance Share Units [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 4,520
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 180 days

Note 9 - Share-based Compensa34

Note 9 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Share-based Compensation Expense	$ 2,049	$ 1,869	$ 5,974	$ 6,577
Employee Stock Option [Member]
Share-based Compensation Expense	878	736	3,636	4,404
Performance Share Units [Member]
Share-based Compensation Expense	1,119	1,076	2,229	2,065
Deferred Share Units [Member]
Share-based Compensation Expense	$ 52	$ 57	$ 109	$ 108

Note 9 - Share-based Compensa35

Note 9 - Share-based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	May 31, 2017USD ($)$ / sharesshares
Balance - beginning of year (in shares) | shares	19,829
Weighted average exercise price outstanding, beginning (in dollars per share) | $ / shares	$ 3.33
Granted (in shares) | shares	3,545
Granted, weighted average exercise price (in dollars per share) | $ / shares	$ 4.58
Exercised (in shares) | shares	(546)
Exercised, weighted average exercise price (in dollars per share) | $ / shares	$ 4.18
Weighted average exercise price outstanding, ending (in dollars per share) | $ / shares	$ 3.18
Weighted-average remaining contractual term, outstanding (Year)	2 years 164 days
Aggregate intrinsic value, outstanding | $	$ 15,769
Vested and exercisable (in shares) | shares	17,623
Vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 2.96
Weighted-average remaining contractual term, vested and exercisable (Year)	2 years 36 days
Aggregate intrinsic value, vested and exercisable | $	$ 17,052
Expired/Forfeited (in shares) | shares	(1,683)
Expired/Forfeited, weighted average exercise price (in dollars per share) | $ / shares	$ 7.57
Balance - end of year (in shares) | shares	21,145

Note 9 - Share-based Compensa36

Note 9 - Share-based Compensation - Other Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	May 31, 2017	May 31, 2016
Weighted-average assumptions used to value stock option awards:
Expected volatility	50.00%	54.00%
Expected term of options (Year)	3 years	3 years
Expected dividend rate	0.00%	0.00%
Expected forfeiture rate	2.50%	3.00%
Weighted-average grant-date fair value (in dollars per share)	$ 2.14	$ 1.37
Intrinsic value of options exercised	$ 942	$ 1,264
Cash received from options exercised	$ 0	$ 0
Canadian Options [Member]
Weighted-average assumptions used to value stock option awards:
Risk-free interest rate	1.20%	0.50%

Note 9 - Share-based Compensa37

Note 9 - Share-based Compensation - PSU Awards Outstanding and PSU Activity (Details) - Performance Share Units [Member] $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	May 31, 2017USD ($)$ / sharesshares
Balance - beginning of year (in shares) | shares	2,619
Balance - beginning of year (in dollars per share) | $ / shares	$ 3.15
Granted (in shares) | shares	940
Granted (in dollars per share) | $ / shares	$ 4.58
Vested (in shares) | shares	(1,556)
Vested (in dollars per share) | $ / shares	$ 2.83
Performance adjustment (in shares) | shares	179
Performance adjustment (in dollars per share) | $ / shares	$ 2.83
Forfeited (in shares) | shares	(2)
Forfeited (in dollars per share) | $ / shares	$ 4.58
May 31, 2017 (in dollars per share) | $ / shares	$ 4.10
May 31, 2017 (in shares) | shares	2,180
May 31, 2017 | $	$ 371

Note 9 - Share-based Compensa38

Note 9 - Share-based Compensation - Other PSU-related Information (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	May 31, 2017	May 31, 2016	Nov. 30, 2016
Total fair value of common shares issued	$ 5,777		$ 5,988
Performance Share Units [Member]
Performance multiplier on PSUs vested	113.00%	140.00%
Common shares issued (thousands) (in shares)	1,556	2,526
Total fair value of common shares issued	$ 4,506	$ 5,704

Note 10 - Other Income (Expen39

Note 10 - Other Income (Expense) - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Interest income	$ 307	$ 220	$ 554	$ 401
Interest expense	(1,307)	(1,153)	(2,520)	(2,244)
Foreign exchange gain (loss)	194	(797)	33	(272)
	$ (806)	$ (1,730)	$ (1,933)	$ (2,115)

Note 11 - Related Party Trans40

Note 11 - Related Party Transactions (Details Textual) - Galore Creek [Member] - USD ($) $ in Thousands	6 Months Ended
	May 31, 2017	May 31, 2016	Nov. 30, 2016
Rental Income, Nonoperating	$ 169	$ 165
Accounts Receivable, Related Parties, Current	28		$ 28
Accounts Receivable, Related Parties, Noncurrent	$ 3,508		$ 3,526

Note 12 - Commitments and Con41

Note 12 - Commitments and Contingencies (Details Textual) $ in Thousands	May 31, 2017USD ($)
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 137
Operating Leases, Future Minimum Payments, Due in Two Years	49
Operating Leases, Future Minimum Payments, Due in Three Years	38
Operating Leases, Future Minimum Payments, Due in Four Years	7
Operating Leases, Future Minimum Payments Due	$ 231