Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2017 | Jan. 17, 2018 | May 31, 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) | 322,294,889 | ||
Entity Public Float | $ 931,748 | ||
Document Type | 10-K | ||
Document Period End Date | Nov. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 30, 2017 | Nov. 30, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 27,954 | $ 30,274 |
Term deposits | 56,000 | 75,000 |
Other assets (note 7) | 883 | 2,064 |
Current assets | 84,837 | 107,338 |
Mineral property (note 6) | 45,179 | 43,359 |
Deferred income taxes (note 12) | 9,761 | 9,397 |
Other assets (note 7) | 6,531 | 5,812 |
Total assets | 398,869 | 408,261 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 727 | 652 |
Accrued payroll and related benefits | 2,513 | 2,185 |
Other liabilities | 182 | 214 |
Current liabilities | 3,422 | 3,051 |
Promissory note (note 8) | 90,040 | 84,812 |
Deferred income taxes (note 12) | 21,378 | 20,135 |
Total liabilities | 114,840 | 107,998 |
Commitments and contingencies (note 17) | ||
EQUITY | ||
Common shares: Authorized – 1,000 million shares, no par value; Issued and outstanding – 322.2 and 320.0 million shares, respectively | 1,951,587 | 1,942,451 |
Contributed surplus | 83,534 | 82,573 |
Accumulated deficit | (1,744,917) | (1,705,901) |
Accumulated other comprehensive income (loss) | (6,175) | (18,860) |
Total equity | 284,029 | 300,263 |
Total liabilities and equity | 398,869 | 408,261 |
Donlin Gold [Member] | ||
ASSETS | ||
Investment | 1,100 | 951 |
Galore Creek [Member] | ||
ASSETS | ||
Investment | $ 251,461 | $ 241,404 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Nov. 30, 2017 | Nov. 30, 2016 |
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) | 322,219,187 | 320,015,809 |
Common shares outstanding (in shares) | 322,219,187 | 320,015,809 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Operating expenses: | |||
Equity loss | $ 12,895 | $ 9,968 | $ 11,408 |
General and administrative (note 10) | 20,802 | 20,179 | 19,922 |
Studies and evaluation | 366 | ||
33,697 | 30,147 | 31,696 | |
Loss from operations | (33,697) | (30,147) | (31,696) |
Other income (expense) (note 11) | (4,587) | (3,422) | (103) |
Loss before income taxes | (38,284) | (33,569) | (31,799) |
Income tax expense (note 12) | (732) | (277) | (153) |
Net loss | (39,016) | (33,846) | (31,952) |
Other comprehensive income (loss): | |||
Unrealized holding gains (losses) on marketable securities during period | 271 | 477 | (227) |
Reclassification adjustment for losses included in net loss (note 15) | 0 | 426 | |
Net unrealized gain, net of $43, $69 and $2 tax expense | 271 | 477 | 199 |
Foreign currency translation adjustments | 12,414 | (1,652) | (52,729) |
Net current-period other comprehensive income (loss) | 12,685 | (1,175) | (52,530) |
Comprehensive income (loss) | $ (26,331) | $ (35,021) | $ (84,482) |
Net loss per common share | |||
Basic and diluted (in dollars per share) | $ (0.12) | $ (0.11) | $ (0.10) |
Weighted average shares outstanding | |||
Basic and diluted (in shares) | 321,659 | 319,774 | 317,850 |
Donlin Gold [Member] | |||
Operating expenses: | |||
Equity loss | $ 11,219 | $ 8,819 | $ 11,016 |
Galore Creek [Member] | |||
Operating expenses: | |||
Equity loss | $ 1,676 | $ 1,149 | $ 392 |
Consolidated Statements of Los5
Consolidated Statements of Loss and Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Net unrealized gain, tax expense | $ 43 | $ 69 | $ 2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Operating activities: | |||
Net loss | $ (39,016) | $ (33,846) | $ (31,952) |
Adjustments: | |||
Equity losses of affiliates | 12,895 | 9,968 | 11,408 |
Share-based compensation | 10,293 | 10,263 | 9,488 |
Interest on promissory note | 5,228 | 4,551 | 4,108 |
Deferred income tax expense (recovery) | 382 | (69) | (2) |
Foreign exchange (gain) loss | 531 | (182) | (4,771) |
Other than Temporary Impairment Losses, Investments | 426 | ||
Other | 4 | 97 | 237 |
Changes in operating assets and liabilities: | |||
Other assets | 1,063 | 2,259 | 908 |
Accounts payable and accrued liabilities | 52 | (324) | (87) |
Accrued payroll and related benefits | 320 | 99 | (188) |
Other liabilities | (32) | (237) | (174) |
Net cash used in operating activities | (8,280) | (7,421) | (10,599) |
Investing activities: | |||
Proceeds from term deposits | 151,900 | 100,000 | 135,000 |
Purchases of term deposits | (132,900) | (90,000) | (125,000) |
Funding of affiliates | (12,968) | (9,732) | (10,964) |
Other | (28) | ||
Net cash provided from (used in) investing activities | 6,004 | 268 | (964) |
Financing activities: | |||
Withholding tax on share-based compensation | (196) | (4,275) | (827) |
Repayment of debt | (15,829) | ||
Net cash used in financing activities | (196) | (4,275) | (16,656) |
Effect of exchange rate changes on cash | 152 | (29) | (375) |
Net change in cash and cash equivalents | (2,320) | (11,457) | (28,594) |
Cash and cash equivalents at beginning of period | 30,274 | 41,731 | 70,325 |
Cash and cash equivalents at end of period | $ 27,954 | $ 30,274 | $ 41,731 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Performance Share Units [Member]Common Stock [Member] | Performance Share Units [Member]Additional Paid-in Capital [Member] | Performance Share Units [Member]Retained Earnings [Member] | Performance Share Units [Member]AOCI Attributable to Parent [Member] | Performance Share Units [Member] | Deferred Share Units [Member]Common Stock [Member] | Deferred Share Units [Member]Additional Paid-in Capital [Member] | Deferred Share Units [Member]Retained Earnings [Member] | Deferred Share Units [Member]AOCI Attributable to Parent [Member] | Deferred Share Units [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
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 | ||||||||||
Share-based compensation | 9,488 | 9,488 | |||||||||||||
Share-based awards settled in shares (in shares) | 506 | 506 | |||||||||||||
Share-based awards settled in shares | $ 1,507 | $ (1,507) | |||||||||||||
Stock options exercised (in shares) | 116 | ||||||||||||||
Stock options exercised | $ 419 | (419) | |||||||||||||
Withholding tax on PSUs | (826) | (826) | |||||||||||||
Net loss | (31,952) | (31,952) | |||||||||||||
Other comprehensive income (loss) | (52,530) | (52,530) | |||||||||||||
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 | ||||||||||
Share-based compensation | 10,263 | 10,263 | |||||||||||||
Share-based awards settled in shares (in shares) | 1,377 | 1,377 | |||||||||||||
Share-based awards settled in shares | $ 2,679 | (2,679) | |||||||||||||
Stock options exercised (in shares) | 729 | ||||||||||||||
Stock options exercised | $ 1,510 | (1,510) | |||||||||||||
Withholding tax on PSUs | (4,275) | (4,275) | |||||||||||||
Net loss | (33,846) | (33,846) | |||||||||||||
Other comprehensive income (loss) | (1,175) | (1,175) | |||||||||||||
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 | ||||||||||
Share-based compensation | 10,293 | $ 10,293 | |||||||||||||
Share-based awards settled in shares (in shares) | 1,513 | 1,513 | 28 | ||||||||||||
Share-based awards settled in shares | $ 4,000 | $ (4,000) | $ 122 | $ (122) | |||||||||||
Stock options exercised (in shares) | 662 | 3,554 | |||||||||||||
Stock options exercised | $ 5,014 | (5,014) | |||||||||||||
Withholding tax on PSUs | (196) | (196) | |||||||||||||
Net loss | (39,016) | (39,016) | |||||||||||||
Other comprehensive income (loss) | 12,685 | 12,685 | |||||||||||||
Balance (in shares) at Nov. 30, 2017 | 322,219 | ||||||||||||||
Balance at Nov. 30, 2017 | $ 1,951,587 | $ 83,534 | $ (1,744,917) | $ (6,175) | $ 284,029 |
Note 1 - The Company
Note 1 - The Company | 12 Months Ended |
Nov. 30, 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% |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2017 | |
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 Ltd., 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 effects of translating the Company’s Canadian operations from the Canadian dollar to the U.S. dollar are recorded in Other comprehensive income (loss). Cash and cash equivalents Cash and cash equivalents 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 not Investment in affiliates Investments in unconsolidated ventures over which the Company has the ability to exercise significant influence, but does not 50/50 not 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 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 not 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 not Share-based payments The Company records share-based compensation awards exchanged for employee services at fair value on the date of the grant and expenses the awards in the consolidated statement of loss over the requisite employee service period. The fair values of stock options are determined using a Black-Scholes option pricing model. The fair values of PSUs are determined using a Monte Carlo valuation model. The Company's estimates may not 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 Reclassifications The Company adopted Accounting Standard Update (ASU) No. 2016 09, Recently adopted accounting pronouncements Compensation—Stock Compensation In March 2016, No. 2016 09 December 15, 2016. December 1, 2016, 4,275 827 November 30, 2016 2015, no Recently issued accounting pronouncements Compensation—Stock Compensation In May 2017, No. 2017 09 December 1, 2017, not Restricted Cash In November 2016, No. 2016 18 December 15, 2017 December 1, 2018, not Classification of Certain Cash Receipts and Cash Payments In August 2016, No. 2016 15 December 1, 2018, not December 1, 2018. Leases In February 2016, No. 2016 02 September 2017 No. 2017 13. December 1, 2019. not Classification and Measurement of Financial Instruments In January 2016, No. 2016 01 not not December 1, 2018. not |
Note 3 - Segmented Information
Note 3 - Segmented Information | 12 Months Ended |
Nov. 30, 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 | 12 Months Ended |
Nov. 30, 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 investment in Donlin Gold LLC are summarized as follows: Years ended November 30, 2017 2016 2015 Balance – beginning of period $ 951 $ 1,058 $ 1,618 Share of losses Mineral property expenditures (11,139 ) (8,689 ) (10,845 ) Depreciation (80 ) (130 ) (171 ) (11,219 ) (8,819 ) (11,016 ) Funding 11,368 8,712 10,456 Balance – end of period $ 1,100 $ 951 $ 1,058 The following amounts represent the Company’s 50% $64,000 At November 30, 2017 2016 Current assets: Cash, prepaid expenses and other receivables $ 2,075 $ 1,540 Non-current assets: Property and equipment 23 101 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (998 ) (690 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 33,100 $ 32,951 |
Note 5 - Investment in Galore C
Note 5 - Investment in Galore Creek | 12 Months Ended |
Nov. 30, 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 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, 2017 2016 2015 Balance – beginning of period $ 241,404 $ 242,906 $ 283,247 Share of losses Mineral property expenditures (48 ) (169 ) (147 ) Care and maintenance expense (1,628 ) (980 ) (884 ) Gain on sale of equipment — — 639 (1,676 ) (1,149 ) (392 ) Funding 1,600 1,020 508 Exploration tax credit — — 107 Foreign currency translation 10,133 (1,373 ) (40,564 ) Balance – end of period $ 251,461 $ 241,404 $ 242,906 The following amounts represent the Company’s 50% June 2011, 50% 50% not 50% At November 30, 2017 2016 Current assets: Cash, prepaid expenses and other receivables $ 197 $ 170 Non-current assets: Mineral property 226,561 217,295 Current liabilities: Accounts payable and accrued liabilities (237 ) (112 ) Non-current liabilities: Reclamation obligation (7,645 ) (7,260 ) Net assets $ 218,876 $ 210,093 |
Note 6 - Mineral Property
Note 6 - Mineral Property | 12 Months Ended |
Nov. 30, 2017 | |
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, 2017 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | NOTE 7 At November 30, 2017 2016 Other current assets: Accounts and interest receivable $ 303 $ 547 Prepaid expenses 580 554 Receivable from Galore Creek Partnership — 28 Note receivable — 935 $ 883 $ 2,064 Other long-term assets: Marketable equity securities $ 1,448 $ 1,117 Receivable from Galore Creek Partnership 3,674 3,526 Restricted cash – reclamation deposit 1,361 1,111 Office equipment 48 58 $ 6,531 $ 5,812 |
Note 8 - Promissory Note
Note 8 - Promissory Note | 12 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 The Company has a promissory note payable to Barrick of $51,576, 2%, $38,464 April 1, 2006 November 30, 2007. 85% |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting | 12 Months Ended |
Nov. 30, 2017 | |
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 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 $1,448 November 30, 2017 ( $1,117 November 30, 2016), |
Note 10 - General and Administr
Note 10 - General and Administrative Expenses | 12 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
General and Administrative Expenses [Text Block] | NOTE 10 Years ended November 30, 2017 2016 2015 Share-based compensation (note 13) $ 10,293 $ 10,263 $ 9,488 Salaries and benefits 6,470 6,167 6,164 Office expense 2,140 2,035 2,090 Corporate communications and regulatory 992 1,001 1,452 Professional fees 873 680 693 Depreciation 34 33 35 $ 20,802 $ 20,179 $ 19,922 |
Note 11 - Other Income (Expense
Note 11 - Other Income (Expense) | 12 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 11 Years ended November 30, 2017 2016 2015 Interest income $ 1,172 $ 947 $ 740 Interest expense (5,228 ) (4,551 ) (5,188 ) Foreign exchange gain (loss) (531 ) 182 4,771 Write-down of investments — — (426 ) $ (4,587 ) $ (3,422 ) $ (103 ) At November 30, 2017, 12 2015, $426 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 12 Effective November 2, 2017, 11% 12%, January 1, 2018. 2018 26% 2017, 26.92% 2018, 27% 2019 $425 November 30, 2017. On December 22, 2017, 35% 21% January 1, 2018. not November 30 22.2% November 30, 2018 21% not Given the significant complexity of the Act and anticipated additional implementation guidance from the Internal Revenue Service further implications of the Act may The Company’s Income tax expense consisted of: Years ended November 30, 2017 2016 2015 Current: Canada $ — $ — $ — Foreign 350 346 155 350 346 155 Deferred: Canada 382 (69 ) (2 ) Foreign — — — 382 (69 ) (2 ) Income tax expense $ 732 $ 277 $ 153 The Company’s Loss before income tax consisted of: Years ended November 30, 2017 2016 2015 Canada $ (20,501 ) $ (18,912 ) $ (14,775 ) Foreign (17,783 ) (14,657 ) (17,024 ) $ (38,284 ) $ (33,569 ) $ (31,799 ) 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, 2017 2016 2015 Loss before income taxes (38,284 ) (33,569 ) (31,799 ) Combined federal and provincial statutory tax rate 26 % 26 % 26 % Income tax recovery based on statutory income tax rates (9,954 ) (8,728 ) (8,268 ) Reconciling items: Effect of future statutory tax rate change (1,679 ) — — Non-deductible expenditures 2,485 2,607 1,906 Foreign accrual property income (439 ) 862 1,269 Effect of different statutory tax rates on earnings or losses of subsidiaries (2,690 ) (2,218 ) (2,619 ) Effect of tax losses expired 8 6 3,878 Change in valuation allowance on deferred tax assets 13,025 7,668 3,264 Other (24 ) 80 723 Income tax expense $ 732 $ 277 $ 153 Components of the Company’s deferred income tax assets (liabilities) are as follows: At November 30, 2017 2016 Deferred tax income assets: Asset retirement obligation $ 75 $ 89 Net operating loss carry forwards 233,885 222,036 Capital loss carry forwards 33,666 31,352 Mineral properties 17,887 16,503 Intangible assets 494 456 Property and equipment 224 203 Investment in affiliates 44,484 42,743 Share issuance costs 74 137 Unpaid interest expense 3,044 3,044 Unrealized loss on investments 329 319 Investment tax credit 3,044 2,921 Other 1,200 1,137 338,406 320,940 Valuation allowances (297,770 ) (282,698 ) 40,636 38,242 Deferred income tax liabilities: Investment in affiliates (39,058 ) (36,110 ) Mineral properties (12,174 ) (11,251 ) Investment tax credit (822 ) (760 ) Unrealized gain on investments (22 ) — Capitalized assets and other (177 ) (859 ) (52,253 ) (48,980 ) Net deferred income tax liabilities $ (11,617 ) $ (10,738 ) 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, 2017 2016 Long-term deferred income tax: Assets $ 9,761 $ 9,397 Liabilities (21,378 ) (20,135 ) $ (11,617 ) $ (10,738 ) 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 25,382 2027 18,493 4,077 2028 85 538 2029 11,223 12,679 2030 10,916 18,242 2031 16,580 17,115 2032 309,772 29,984 2033 14,529 22,423 2034 15,607 10,383 2035 16,383 6,872 2036 14,764 9,433 2037 14,198 11,016 $ 458,210 $ 168,144 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 $9,761 2016: $9,397, 2015: $9,711 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, 2017. November 30, 2017, $297,770 2016: $282,698, 2015: $275,305 not no may Uncertain tax position There were no November 30, 2017, 2016 2015. November 30, 2017, 2016 2015, no one November 30, 2017 2013 2017 2014 2017 |
Note 13 - Share-based Compensat
Note 13 - Share-based Compensation | 12 Months Ended |
Nov. 30, 2017 | |
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 November 30, 2017, 14.7 The Company recognized share-based compensation expense (recorded in General and administrative expenses) as follows: Years ended November 30, 2017 2016 2015 Stock options $ 5,496 $ 5,855 $ 4,736 Performance share unit plan 4,588 4,184 4,537 Deferred share unit plan 209 224 215 $ 10,293 $ 10,263 $ 9,488 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, 2017, November 30, 2017 Number of Weighted- Weighted- Aggregate November 30, 2016 19,829 $ 3.59 Granted 3,545 4.58 Exercised (3,554 ) 4.54 Expired (2,197 ) 9.42 Forfeited (72 ) 4.60 November 30, 2017 17,551 $ 3.24 2.30 $ 13,837 Vested and exercisable as of November 30, 2017 14,058 $ 2.98 1.96 $ 13,837 The following table summarizes other stock option-related information: Years ended November 30, 2017 2016 2015 Weighted-average assumptions used to value stock option awards: Expected volatility 50 % 54 % 60 % Expected term of options (years) 3 3 3 Expected dividend rate — — — Risk-free interest rate 1.2 % 0.5 % 1.1 % Expected forfeiture rate 2.5 % 3.0 % 4.0 % Weighted-average grant-date fair value $ 1.60 $ 1.37 $ 1.12 Intrinsic value of options exercised $ 5,014 $ 1,510 $ 427 Cash received from options exercised — — — As of November 30, 2017, $980 3,458,383 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% no 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, 2017, November 30, 2017 Number of Weighted- Aggregate November 30, 2016 2,619 $ 3.15 Granted 940 4.58 Vested (1,556 ) 2.83 Performance adjustment 179 2.83 Forfeited (6 ) 4.32 November 30, 2017 2,176 $ 4.10 $ 2,158 During the year ended November 30, 2017, $196 November 30, 2017, 2,176,000 1,237,000 no 939,000 $2,408 one The following table summarizes other PSU-related information: Years ended November 30, 2017 2016 2015 Performance multiplier on PSUs vested 113 % 140 % 137 % Common shares issued (thousands) 1,513 1,377 506 Total fair value of common shares issued $ 6,932 $ 5,151 $ 1,351 Withholding tax paid on PSUs vested $ 196 $ 4,275 $ 827 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, 2017, 48,380 $4.36 27,536 2017. No 2016 2015. November 30, 2017, 307,690 |
Note 14 - Share Capital
Note 14 - Share Capital | 12 Months Ended |
Nov. 30, 2017 | |
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 322,219,187 November 30, 2017, 320,015,809 November 30, 2016. 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, 2017 2016, no |
Note 15 - Reclassifications Out
Note 15 - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 15 Unrealized gain Foreign Total November 30, 2016 $ 572 $ (19,432 ) $ (18,860 ) Change in other comprehensive income (loss) before reclassifications 271 12,414 12,685 Reclassifications from accumulated other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 271 12,414 12,685 November 30, 2017 $ 843 $ (7,018 ) $ (6,175 ) Details about accumulated other comprehensive income Amount reclassified from 2017 2016 2015 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, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 16 The Company provided office rental and services to GCP for $207 2017, $335 2016 $349 2015. As of November 30, 2017, $nil 2016: $28 $3,674 2016: $3,526 $119 November 30, 2016 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Nov. 30, 2017 | |
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 Commitments The Company leases certain assets, such as office equipment and office facilities, under operating leases expiring at various dates through 2018. $198 2018, $226 2019, $199 2020, $204 2021, $210 2022, $18 2023, $1,055. |
Note 18 - Supplemental Cash Flo
Note 18 - Supplemental Cash Flow Information | 12 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 18 Years ended November 30, 2017 2016 2015 Interest received $ 1,101 $ 878 $ 639 Interest paid $ — $ — $ 435 Income taxes paid $ 343 $ 327 $ 120 |
Note 19 - Unaudited Supplementa
Note 19 - Unaudited Supplementary Data | 12 Months Ended |
Nov. 30, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 19 Quarterly data The following is a summary of selected quarterly financial information (unaudited): 2017 Q1 Q2 Q3 Q4 Loss from operations $ (8,963 ) $ (7,558 ) $ (8,423 ) $ (8,753 ) Net loss $ (10,143 ) $ (8,462 ) $ (10,393 ) $ (10,018 ) Loss per common share, basic and diluted $ (0.03 ) $ (0.03 ) $ (0.03 ) $ (0.03 ) 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 ) Significant after-tax items were as follows: Fourth quarter 2017: Donlin Gold drilling program, $2,317 $0.01 Third quarter 2017: Donlin Gold drilling program, $1,318 $0.00 Second quarter 2017: n/a First quarter 2017: n/a Fourth quarter 2016: n/a Third quarter 2016: n/a Second quarter 2016: n/a First quarter 2016: n/a |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2017 | |
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 Ltd., 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 effects of translating the Company’s Canadian operations from the Canadian dollar to the U.S. dollar are recorded in Other comprehensive income (loss). |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents 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 not |
Equity Method Investments [Policy Text Block] | Investment in affiliates Investments in unconsolidated ventures over which the Company has the ability to exercise significant influence, but does not 50/50 not 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 |
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 not 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 not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based payments The Company records share-based compensation awards exchanged for employee services at fair value on the date of the grant and expenses the awards in the consolidated statement of loss over the requisite employee service period. The fair values of stock options are determined using a Black-Scholes option pricing model. The fair values of PSUs are determined using a Monte Carlo valuation model. The Company's estimates may not |
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 |
Reclassification, Policy [Policy Text Block] | Reclassifications The Company adopted Accounting Standard Update (ASU) No. 2016 09, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements Compensation—Stock Compensation In March 2016, No. 2016 09 December 15, 2016. December 1, 2016, 4,275 827 November 30, 2016 2015, no Recently issued accounting pronouncements Compensation—Stock Compensation In May 2017, No. 2017 09 December 1, 2017, not Restricted Cash In November 2016, No. 2016 18 December 15, 2017 December 1, 2018, not Classification of Certain Cash Receipts and Cash Payments In August 2016, No. 2016 15 December 1, 2018, not December 1, 2018. Leases In February 2016, No. 2016 02 September 2017 No. 2017 13. December 1, 2019. not Classification and Measurement of Financial Instruments In January 2016, No. 2016 01 not not December 1, 2018. not |
Note 4 - Investment in Donlin28
Note 4 - Investment in Donlin Gold (Tables) | 12 Months Ended |
Nov. 30, 2017 | |
Donlin Gold [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Years ended November 30, 2017 2016 2015 Balance – beginning of period $ 951 $ 1,058 $ 1,618 Share of losses Mineral property expenditures (11,139 ) (8,689 ) (10,845 ) Depreciation (80 ) (130 ) (171 ) (11,219 ) (8,819 ) (11,016 ) Funding 11,368 8,712 10,456 Balance – end of period $ 1,100 $ 951 $ 1,058 At November 30, 2017 2016 Current assets: Cash, prepaid expenses and other receivables $ 2,075 $ 1,540 Non-current assets: Property and equipment 23 101 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (998 ) (690 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 33,100 $ 32,951 |
Note 5 - Investment in Galore29
Note 5 - Investment in Galore Creek (Tables) | 12 Months Ended |
Nov. 30, 2017 | |
Galore Creek [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Years ended November 30, 2017 2016 2015 Balance – beginning of period $ 241,404 $ 242,906 $ 283,247 Share of losses Mineral property expenditures (48 ) (169 ) (147 ) Care and maintenance expense (1,628 ) (980 ) (884 ) Gain on sale of equipment — — 639 (1,676 ) (1,149 ) (392 ) Funding 1,600 1,020 508 Exploration tax credit — — 107 Foreign currency translation 10,133 (1,373 ) (40,564 ) Balance – end of period $ 251,461 $ 241,404 $ 242,906 At November 30, 2017 2016 Current assets: Cash, prepaid expenses and other receivables $ 197 $ 170 Non-current assets: Mineral property 226,561 217,295 Current liabilities: Accounts payable and accrued liabilities (237 ) (112 ) Non-current liabilities: Reclamation obligation (7,645 ) (7,260 ) Net assets $ 218,876 $ 210,093 |
Note 7 - Other Assets (Tables)
Note 7 - Other Assets (Tables) | 12 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | At November 30, 2017 2016 Other current assets: Accounts and interest receivable $ 303 $ 547 Prepaid expenses 580 554 Receivable from Galore Creek Partnership — 28 Note receivable — 935 $ 883 $ 2,064 Other long-term assets: Marketable equity securities $ 1,448 $ 1,117 Receivable from Galore Creek Partnership 3,674 3,526 Restricted cash – reclamation deposit 1,361 1,111 Office equipment 48 58 $ 6,531 $ 5,812 |
Note 10 - General and Adminis31
Note 10 - General and Administrative Expenses (Tables) | 12 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
General and Administrative Expenses [Table Text Block] | Years ended November 30, 2017 2016 2015 Share-based compensation (note 13) $ 10,293 $ 10,263 $ 9,488 Salaries and benefits 6,470 6,167 6,164 Office expense 2,140 2,035 2,090 Corporate communications and regulatory 992 1,001 1,452 Professional fees 873 680 693 Depreciation 34 33 35 $ 20,802 $ 20,179 $ 19,922 |
Note 11 - Other Income (Expen32
Note 11 - Other Income (Expense) (Tables) | 12 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Years ended November 30, 2017 2016 2015 Interest income $ 1,172 $ 947 $ 740 Interest expense (5,228 ) (4,551 ) (5,188 ) Foreign exchange gain (loss) (531 ) 182 4,771 Write-down of investments — — (426 ) $ (4,587 ) $ (3,422 ) $ (103 ) |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended November 30, 2017 2016 2015 Current: Canada $ — $ — $ — Foreign 350 346 155 350 346 155 Deferred: Canada 382 (69 ) (2 ) Foreign — — — 382 (69 ) (2 ) Income tax expense $ 732 $ 277 $ 153 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years ended November 30, 2017 2016 2015 Canada $ (20,501 ) $ (18,912 ) $ (14,775 ) Foreign (17,783 ) (14,657 ) (17,024 ) $ (38,284 ) $ (33,569 ) $ (31,799 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended November 30, 2017 2016 2015 Loss before income taxes (38,284 ) (33,569 ) (31,799 ) Combined federal and provincial statutory tax rate 26 % 26 % 26 % Income tax recovery based on statutory income tax rates (9,954 ) (8,728 ) (8,268 ) Reconciling items: Effect of future statutory tax rate change (1,679 ) — — Non-deductible expenditures 2,485 2,607 1,906 Foreign accrual property income (439 ) 862 1,269 Effect of different statutory tax rates on earnings or losses of subsidiaries (2,690 ) (2,218 ) (2,619 ) Effect of tax losses expired 8 6 3,878 Change in valuation allowance on deferred tax assets 13,025 7,668 3,264 Other (24 ) 80 723 Income tax expense $ 732 $ 277 $ 153 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | At November 30, 2017 2016 Deferred tax income assets: Asset retirement obligation $ 75 $ 89 Net operating loss carry forwards 233,885 222,036 Capital loss carry forwards 33,666 31,352 Mineral properties 17,887 16,503 Intangible assets 494 456 Property and equipment 224 203 Investment in affiliates 44,484 42,743 Share issuance costs 74 137 Unpaid interest expense 3,044 3,044 Unrealized loss on investments 329 319 Investment tax credit 3,044 2,921 Other 1,200 1,137 338,406 320,940 Valuation allowances (297,770 ) (282,698 ) 40,636 38,242 Deferred income tax liabilities: Investment in affiliates (39,058 ) (36,110 ) Mineral properties (12,174 ) (11,251 ) Investment tax credit (822 ) (760 ) Unrealized gain on investments (22 ) — Capitalized assets and other (177 ) (859 ) (52,253 ) (48,980 ) Net deferred income tax liabilities $ (11,617 ) $ (10,738 ) At November 30, 2017 2016 Long-term deferred income tax: Assets $ 9,761 $ 9,397 Liabilities (21,378 ) (20,135 ) $ (11,617 ) $ (10,738 ) |
Summary of Operating Loss Carryforwards [Table Text Block] | Year of Expiry U.S. Canada 2024 $ 1,032 $ — 2025 1,246 — 2026 13,382 25,382 2027 18,493 4,077 2028 85 538 2029 11,223 12,679 2030 10,916 18,242 2031 16,580 17,115 2032 309,772 29,984 2033 14,529 22,423 2034 15,607 10,383 2035 16,383 6,872 2036 14,764 9,433 2037 14,198 11,016 $ 458,210 $ 168,144 |
Note 13 - Share-based Compens34
Note 13 - Share-based Compensation (Tables) | 12 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Years ended November 30, 2017 2016 2015 Stock options $ 5,496 $ 5,855 $ 4,736 Performance share unit plan 4,588 4,184 4,537 Deferred share unit plan 209 224 215 $ 10,293 $ 10,263 $ 9,488 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Weighted- Weighted- Aggregate November 30, 2016 19,829 $ 3.59 Granted 3,545 4.58 Exercised (3,554 ) 4.54 Expired (2,197 ) 9.42 Forfeited (72 ) 4.60 November 30, 2017 17,551 $ 3.24 2.30 $ 13,837 Vested and exercisable as of November 30, 2017 14,058 $ 2.98 1.96 $ 13,837 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years ended November 30, 2017 2016 2015 Weighted-average assumptions used to value stock option awards: Expected volatility 50 % 54 % 60 % Expected term of options (years) 3 3 3 Expected dividend rate — — — Risk-free interest rate 1.2 % 0.5 % 1.1 % Expected forfeiture rate 2.5 % 3.0 % 4.0 % Weighted-average grant-date fair value $ 1.60 $ 1.37 $ 1.12 Intrinsic value of options exercised $ 5,014 $ 1,510 $ 427 Cash received from options exercised — — — |
Schedule of Share-based Compensation, Performance Share Units, Activity [Table Text Block] | Number of Weighted- Aggregate November 30, 2016 2,619 $ 3.15 Granted 940 4.58 Vested (1,556 ) 2.83 Performance adjustment 179 2.83 Forfeited (6 ) 4.32 November 30, 2017 2,176 $ 4.10 $ 2,158 |
Other PSU-related Information [Table Text Block] | Years ended November 30, 2017 2016 2015 Performance multiplier on PSUs vested 113 % 140 % 137 % Common shares issued (thousands) 1,513 1,377 506 Total fair value of common shares issued $ 6,932 $ 5,151 $ 1,351 Withholding tax paid on PSUs vested $ 196 $ 4,275 $ 827 |
Note 15 - Reclassifications O35
Note 15 - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized gain Foreign Total November 30, 2016 $ 572 $ (19,432 ) $ (18,860 ) Change in other comprehensive income (loss) before reclassifications 271 12,414 12,685 Reclassifications from accumulated other comprehensive income (loss) — — — Net current-period other comprehensive income (loss) 271 12,414 12,685 November 30, 2017 $ 843 $ (7,018 ) $ (6,175 ) Details about accumulated other comprehensive income Amount reclassified from 2017 2016 2015 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, 2017 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Years ended November 30, 2017 2016 2015 Interest received $ 1,101 $ 878 $ 639 Interest paid $ — $ — $ 435 Income taxes paid $ 343 $ 327 $ 120 |
Note 19 - Unaudited Supplemen37
Note 19 - Unaudited Supplementary Data (Tables) | 12 Months Ended |
Nov. 30, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2017 Q1 Q2 Q3 Q4 Loss from operations $ (8,963 ) $ (7,558 ) $ (8,423 ) $ (8,753 ) Net loss $ (10,143 ) $ (8,462 ) $ (10,393 ) $ (10,018 ) Loss per common share, basic and diluted $ (0.03 ) $ (0.03 ) $ (0.03 ) $ (0.03 ) 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 ) |
Note 1 - The Company (Details T
Note 1 - The Company (Details Textual) $ in Thousands | 12 Months Ended |
Nov. 30, 2017USD ($) | |
Revenues | $ 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) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Net Cash Provided by (Used in) Operating Activities | $ (8,280) | $ (7,421) | $ (10,599) |
Net Cash Provided by (Used in) Financing Activities | $ (196) | (4,275) | (16,656) |
Accounting Standards Update 2016-09 [Member] | |||
Net Cash Provided by (Used in) Operating Activities | 4,275 | 827 | |
Net Cash Provided by (Used in) Financing Activities | $ (4,275) | $ (827) | |
Maximum [Member] | |||
Term Deposits, Original Maturities | 1 year |
Note 4 - Investment in Donlin40
Note 4 - Investment in Donlin Gold (Details Textual) - Donlin Gold [Member] $ in Millions | Nov. 30, 2017USD ($) |
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 ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Nov. 30, 2017 | Aug. 31, 2017 | Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
$ (12,895) | $ (9,968) | $ (11,408) | |||
Donlin Gold [Member] | |||||
Balance – beginning of period | 951 | 1,058 | 1,618 | ||
Mineral property expenditures | (11,139) | (8,689) | (10,845) | ||
Depreciation | (80) | (130) | (171) | ||
$ (2,317) | $ (1,318) | (11,219) | (8,819) | (11,016) | |
Funding | 11,368 | 8,712 | 10,456 | ||
Balance – end of period | 1,100 | 1,100 | 951 | $ 1,058 | |
Current assets: Cash, prepaid expenses and other receivables | 2,075 | 2,075 | 1,540 | ||
Non-current assets: Property and equipment | 23 | 23 | 101 | ||
Non-current assets: Mineral property | 32,692 | 32,692 | 32,692 | ||
Current liabilities: Accounts payable and accrued liabilities | (998) | (998) | (690) | ||
Non-current liabilities: Reclamation obligation | (692) | (692) | (692) | ||
Net assets | $ 33,100 | $ 33,100 | $ 32,951 |
Note 5 - Investment in Galore42
Note 5 - Investment in Galore Creek (Details Textual) - Galore Creek [Member] | Nov. 30, 2017 |
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] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Unconsolidated Ventures, Number of Directors Selected By Venture Partners | 2 |
Note 5 - Investment in Galore43
Note 5 - Investment in Galore Creek - Summary of the Company's Investment in GCP (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
$ (12,895) | $ (9,968) | $ (11,408) | |
Galore Creek [Member] | |||
Balance – beginning of period | 241,404 | 242,906 | 283,247 |
Mineral property expenditures | (48) | (169) | (147) |
Care and maintenance expense | (1,628) | (980) | (884) |
Gain on sale of equipment | 639 | ||
(1,676) | (1,149) | (392) | |
Funding | 1,600 | 1,020 | 508 |
Exploration tax credit | 107 | ||
Foreign currency translation | 10,133 | (1,373) | (40,564) |
Balance – end of period | 251,461 | 241,404 | $ 242,906 |
Current assets: Cash, prepaid expenses and other receivables | 197 | 170 | |
Non-current assets: Mineral property | 226,561 | 217,295 | |
Current liabilities: Accounts payable and accrued liabilities | (237) | (112) | |
Non-current liabilities: Reclamation obligation | (7,645) | (7,260) | |
Net assets | $ 218,876 | $ 210,093 |
Note 6 - Mineral Property (Deta
Note 6 - Mineral Property (Details Textual) - Copper Canyon Property [Member] | 12 Months Ended |
Nov. 30, 2017 | |
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, 2017 | Nov. 30, 2016 |
Other current assets: | ||
Accounts and interest receivable | $ 303 | $ 547 |
Prepaid expenses | 580 | 554 |
Receivable from Galore Creek Partnership | 28 | |
Note receivable | 935 | |
883 | 2,064 | |
Other long-term assets: | ||
Marketable equity securities | 1,448 | 1,117 |
Receivable from Galore Creek Partnership | 3,674 | 3,526 |
Restricted cash – reclamation deposit | 1,361 | 1,111 |
Office equipment | 48 | 58 |
$ 6,531 | $ 5,812 |
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, 2017USD ($) | |
Notes Payable | $ 51,576 |
Interest Payable | $ 38,464 |
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, 2017 | Nov. 30, 2016 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable Securities, Equity Securities | $ 1,448 | $ 1,117 |
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, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Share-based compensation (note 13) | $ 10,293 | $ 10,263 | $ 9,488 |
Salaries and benefits | 6,470 | 6,167 | 6,164 |
Office expense | 2,140 | 2,035 | 2,090 |
Corporate communications and regulatory | 992 | 1,001 | 1,452 |
Professional fees | 873 | 680 | 693 |
Depreciation | 34 | 33 | 35 |
$ 20,802 | $ 20,179 | $ 19,922 |
Note 11 - Other Income (Expen49
Note 11 - Other Income (Expense) (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
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, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Interest income | $ 1,172 | $ 947 | $ 740 |
Interest expense | (5,228) | (4,551) | (5,188) |
Foreign exchange gain (loss) | (531) | 182 | 4,771 |
Write-down of investments | (426) | ||
$ (4,587) | $ (3,422) | $ (103) |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 22, 2017 | Dec. 31, 2018 | Nov. 01, 2017 | Nov. 30, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2018 |
Effective Income Tax Rate Reconciliation, Combined Federal and Provincial Statutory Income Tax Rate, Percent | 26.00% | 26.00% | 26.00% | |||||||
Deferred Income Tax Expense (Benefit) from Change in Combined Federal and Provincial Statutory Income Tax Rate | $ 425 | |||||||||
Deferred Tax Assets, Dependent on the Reversal of Existing Taxable Temporary Differences | 9,761 | $ 9,397 | $ 9,711 | |||||||
Deferred Tax Assets, Valuation Allowance | 297,770 | 282,698 | 275,305 | |||||||
Unrecognized Tax Benefits | 0 | 0 | 0 | |||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 | $ 0 | |||||||
Subsequent Event [Member] | ||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||||||||
Scenario, Forecast [Member] | ||||||||||
Effective Income Tax Rate Reconciliation, Combined Federal and Provincial Statutory Income Tax Rate, Percent | 27.00% | 26.92% | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 22.20% | |||||||
Tax and Revenue Administration, British Columbia [Member] | ||||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 11.00% | |||||||||
Tax and Revenue Administration, British Columbia [Member] | Scenario, Forecast [Member] | ||||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 12.00% |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Current: | |||
Canada | |||
Foreign | 350 | 346 | 155 |
350 | 346 | 155 | |
Deferred: | |||
Canada | 382 | (69) | (2) |
Foreign | |||
382 | (69) | (2) | |
Income tax expense | $ 732 | $ 277 | $ 153 |
Note 12 - Income Taxes - Loss B
Note 12 - Income Taxes - Loss Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Canada | $ (20,501) | $ (18,912) | $ (14,775) |
Foreign | (17,783) | (14,657) | (17,024) |
Loss before income taxes | $ (38,284) | $ (33,569) | $ (31,799) |
Note 12 - Income Taxes - Effect
Note 12 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Loss before income taxes | $ (38,284) | $ (33,569) | $ (31,799) |
Combined federal and provincial statutory tax rate | 26.00% | 26.00% | 26.00% |
Income tax recovery based on statutory income tax rates | $ (9,954) | $ (8,728) | $ (8,268) |
Reconciling items: | |||
Effect of future statutory tax rate change | (1,679) | ||
Non-deductible expenditures | 2,485 | 2,607 | 1,906 |
Foreign accrual property income | (439) | 862 | 1,269 |
Effect of different statutory tax rates on earnings or losses of subsidiaries | (2,690) | (2,218) | (2,619) |
Effect of tax losses expired | 8 | 6 | 3,878 |
Change in valuation allowance on deferred tax assets | 13,025 | 7,668 | 3,264 |
Other | (24) | 80 | 723 |
Income tax expense | $ 732 | $ 277 | $ 153 |
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, 2017 | Nov. 30, 2016 | Nov. 30, 2015 |
Asset retirement obligation | $ 75 | $ 89 | |
Net operating loss carry forwards | 233,885 | 222,036 | |
Capital loss carry forwards | 33,666 | 31,352 | |
Mineral properties | 17,887 | 16,503 | |
Intangible assets | 494 | 456 | |
Property and equipment | 224 | 203 | |
Investment in affiliates | 44,484 | 42,743 | |
Share issuance costs | 74 | 137 | |
Unpaid interest expense | 3,044 | 3,044 | |
Unrealized loss on investments | 329 | 319 | |
Investment tax credit | 3,044 | 2,921 | |
Other | 1,200 | 1,137 | |
338,406 | 320,940 | ||
Valuation allowances | (297,770) | (282,698) | $ (275,305) |
40,636 | 38,242 | ||
Investment in affiliates | (39,058) | (36,110) | |
Mineral properties | (12,174) | (11,251) | |
Investment tax credit | (822) | (760) | |
Unrealized gain on investments | (22) | ||
Capitalized assets and other | (177) | (859) | |
(52,253) | (48,980) | ||
Net deferred income tax liabilities | (11,617) | (10,738) | |
Long-term deferred income tax: | |||
Assets | 9,761 | 9,397 | |
Liabilities | (21,378) | (20,135) | |
$ (11,617) | $ (10,738) |
Note 12 - Income Taxes - Summar
Note 12 - Income Taxes - Summary of Operating Loss Carryforwards (Details) $ in Thousands | Nov. 30, 2017USD ($) |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | $ 458,210 |
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 | 14,764 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2037 [Member] | |
Net operating loss carry-forwards | 14,198 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 168,144 |
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 | 25,382 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2027 [Member] | |
Net operating loss carry-forwards | 4,077 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2028 [Member] | |
Net operating loss carry-forwards | 538 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2029 [Member] | |
Net operating loss carry-forwards | 12,679 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2030 [Member] | |
Net operating loss carry-forwards | 18,242 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2031 [Member] | |
Net operating loss carry-forwards | 17,115 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2032 [Member] | |
Net operating loss carry-forwards | 29,984 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2033 [Member] | |
Net operating loss carry-forwards | 22,423 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2034 [Member] | |
Net operating loss carry-forwards | 10,383 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2035 [Member] | |
Net operating loss carry-forwards | 6,872 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2036 [Member] | |
Net operating loss carry-forwards | 9,433 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2037 [Member] | |
Net operating loss carry-forwards | $ 11,016 |
Note 13 - Share-based Compens57
Note 13 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Jan. 23, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 14,700,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 980 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options, Shares | 3,458,383 | |||
Payments Related to Tax Withholding for Share-based Compensation | $ 196 | $ 4,275 | $ 827 | |
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 | 0.3333% | |||
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 | |||
Payments Related to Tax Withholding for Share-based Compensation | $ 196 | $ 4,275 | $ 827 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,176,000 | 2,619,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options, Shares | 939,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 2,408 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 940,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.58 | |||
Performance Share Units [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations | 1,237,000 | |||
Stock Granted, Value, Share-based Compensation, Forfeited | $ 0 | |||
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 | 48,380 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.36 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 27,536 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 307,690 |
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, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Share-based Compensation Expense | $ 10,293 | $ 10,263 | $ 9,488 |
Employee Stock Option [Member] | |||
Share-based Compensation Expense | 5,496 | 5,855 | 4,736 |
Performance Share Units [Member] | |||
Share-based Compensation Expense | 4,588 | 4,184 | 4,537 |
Deferred Share Units [Member] | |||
Share-based Compensation Expense | $ 209 | $ 224 | $ 215 |
Note 13 - Share-based Compens59
Note 13 - Share-based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Nov. 30, 2017USD ($)$ / sharesshares | |
Balance - beginning of year (in shares) | shares | 19,829 |
Weighted average exercise price outstanding, beginning (in dollars per share) | $ / shares | $ 3.59 |
Granted (in shares) | shares | 3,545 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 4.58 |
Exercised (in shares) | shares | (3,554) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 4.54 |
Expired (in shares) | shares | (2,197) |
Expired, weighted average exercise price (in dollars per share) | $ / shares | $ 9.42 |
Forfeited (in shares) | shares | (72) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 4.60 |
Balance - end of year (in shares) | shares | 17,551 |
Weighted average exercise price outstanding, ending (in dollars per share) | $ / shares | $ 3.24 |
Weighted-average remaining contractual term, outstanding (Year) | 2 years 109 days |
Aggregate intrinsic value, outstanding | $ | $ 13,837 |
Vested and exercisable (in shares) | shares | 14,058 |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 2.98 |
Weighted-average remaining contractual term, vested and exercisable (Year) | 1 year 350 days |
Aggregate intrinsic value, vested and exercisable | $ | $ 13,837 |
Note 13 - Share-based Compens60
Note 13 - Share-based Compensation - Other Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Weighted-average assumptions used to value stock option awards: | |||
Expected volatility | 50.00% | 54.00% | 60.00% |
Expected term of options (Year) | 3 years | 3 years | 3 years |
Expected dividend rate | 0.00% | 0.00% | |
Risk-free interest rate | 1.20% | 0.50% | 1.10% |
Expected forfeiture rate | 2.50% | 3.00% | 4.00% |
Weighted-average grant-date fair value (in dollars per share) | $ 1.60 | $ 1.37 | $ 1.12 |
Intrinsic value of options exercised | $ 5,014 | $ 1,510 | $ 427 |
Cash received from options exercised | $ 0 | $ 0 |
Note 13 - Share-based Compens61
Note 13 - Share-based Compensation - PSU Awards Outstanding and PSU Activity (Details) - Performance Share Units [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Nov. 30, 2017USD ($)$ / sharesshares | |
Balance - beginning of year (in shares) | shares | 2,619,000 |
Balance - beginning of year (in dollars per share) | $ / shares | $ 3.15 |
Granted (in shares) | shares | 940,000 |
Granted (in dollars per share) | $ / shares | $ 4.58 |
Vested (in shares) | shares | (1,556,000) |
Vested (in dollars per share) | $ / shares | $ 2.83 |
Performance adjustment (in shares) | shares | 179,000 |
Performance adjustment (in dollars per share) | $ / shares | $ 2.83 |
Forfeited (in shares) | shares | (6,000) |
Forfeited (in dollars per share) | $ / shares | $ 4.32 |
Balance - end of year (in shares) | shares | 2,176,000 |
Balance - end of year (in dollars per share) | $ / shares | $ 4.10 |
Aggregate intrinsic value - end of year | $ | $ 2,158 |
Note 13 - Share-based Compens62
Note 13 - Share-based Compensation - Other PSU-related Information (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Withholding tax paid on PSUs vested | $ 196 | $ 4,275 | $ 827 |
Performance Share Units [Member] | |||
Performance multiplier on PSUs vested | 113.00% | 140.00% | 137.00% |
Common shares issued (in shares) | 1,513 | 1,377 | 506 |
Total fair value of common shares issued | $ 6,932 | $ 5,151 | $ 1,351 |
Withholding tax paid on PSUs vested | $ 196 | $ 4,275 | $ 827 |
Note 14 - Share Capital (Detail
Note 14 - Share Capital (Details Textual) - $ / shares $ / shares in Thousands | Nov. 30, 2017 | Nov. 30, 2016 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 322,219,187 | 320,015,809 |
Preferred Stock, Shares Authorized | 10,000,000 | |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares, Outstanding | 322,219,187 | 320,015,809 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, No Par Value | $ 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, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | ||
Balance, beginning | $ (18,860) | |||
Change in other comprehensive income (loss) before reclassifications | 12,685 | |||
Reclassifications from accumulated other comprehensive income (loss) | 0 | |||
Net current-period other comprehensive income (loss) | 12,685 | $ (1,175) | $ (52,530) | |
Balance, ending | (6,175) | (18,860) | ||
Marketable equity securities adjustments | ||||
Impairment of marketable equity securities (1) | [1] | 0 | 426 | |
Tax benefit (expense) | 0 | 0 | 0 | |
Net of tax | 0 | $ 426 | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Balance, beginning | 572 | |||
Change in other comprehensive income (loss) before reclassifications | 271 | |||
Reclassifications from accumulated other comprehensive income (loss) | 0 | |||
Net current-period other comprehensive income (loss) | 271 | |||
Balance, ending | 843 | 572 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance, beginning | (19,432) | |||
Change in other comprehensive income (loss) before reclassifications | 12,414 | |||
Reclassifications from accumulated other comprehensive income (loss) | 0 | |||
Net current-period other comprehensive income (loss) | 12,414 | |||
Balance, ending | $ (7,018) | $ (19,432) | ||
[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, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Galore Creek [Member] | |||
Rental Income, Nonoperating | $ 207 | $ 335 | $ 349 |
Accounts Receivable, Related Parties, Current | 28 | ||
Accounts Receivable, Related Parties, Noncurrent | $ 3,674 | 3,526 | |
Affiliate of Electrum Strategic Partners LLC [Member] | |||
Accounts Payable, Related Parties, Current | $ 119 |
Note 17 - Commitments and Con66
Note 17 - Commitments and Contingencies (Details Textual) $ in Thousands | Nov. 30, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 198 |
Operating Leases, Future Minimum Payments, Due in Two Years | 226 |
Operating Leases, Future Minimum Payments, Due in Three Years | 199 |
Operating Leases, Future Minimum Payments, Due in Four Years | 204 |
Operating Leases, Future Minimum Payments, Due in Five Years | 210 |
Operating Leases, Future Minimum Payments, Due Thereafter | 18 |
Operating Leases, Future Minimum Payments Due | $ 1,055 |
Note 18 - Supplemental Cash F67
Note 18 - Supplemental Cash Flow Information - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Interest received | $ 1,101 | $ 878 | $ 639 |
Interest paid | 0 | 435 | |
Income taxes paid | $ 343 | $ 327 | $ 120 |
Note 19 - Unaudited Supplemen68
Note 19 - Unaudited Supplementary Data (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Income (Loss) from Equity Method Investments | $ (12,895) | $ (9,968) | $ (11,408) | ||||||||
Earnings Per Share, Basic and Diluted | $ (0.03) | $ (0.03) | $ (0.03) | $ (0.03) | $ (0.02) | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.12) | $ (0.11) | $ (0.10) |
Donlin Gold [Member] | |||||||||||
Income (Loss) from Equity Method Investments | $ (2,317) | $ (1,318) | $ (11,219) | $ (8,819) | $ (11,016) | ||||||
Earnings Per Share, Basic and Diluted | $ (0.01) | $ 0 |
Note 19 - Unaudited Supplemen69
Note 19 - Unaudited Supplementary Data - Selected Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | |
Loss from operations | $ (8,753) | $ (8,423) | $ (7,558) | $ (8,963) | $ (6,804) | $ (6,422) | $ (7,391) | $ (9,530) | $ (33,697) | $ (30,147) | $ (31,696) |
Net loss | $ (10,018) | $ (10,393) | $ (8,462) | $ (10,143) | $ (7,350) | $ (7,381) | $ (9,138) | $ (9,977) | $ (39,016) | $ (33,846) | $ (31,952) |
Basic and diluted (in dollars per share) | $ (0.03) | $ (0.03) | $ (0.03) | $ (0.03) | $ (0.02) | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.12) | $ (0.11) | $ (0.10) |