Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
May 31, 2018 | Jun. 19, 2018 | |
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) | 322,533,022 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | May 31, 2018 | Nov. 30, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 18,477 | $ 27,954 |
Term deposits | 52,000 | 56,000 |
Other assets | 819 | 883 |
Current assets | 71,296 | 84,837 |
Mineral property | 44,970 | 45,179 |
Deferred income taxes | 9,713 | 9,761 |
Other assets | 6,213 | 6,531 |
Total assets | 385,125 | 398,869 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 752 | 727 |
Accrued payroll and related benefits | 1,307 | 2,513 |
Other liabilities | 182 | 182 |
Current liabilities | 2,241 | 3,422 |
Promissory note (note 6) | 93,127 | 90,040 |
Deferred income taxes | 21,279 | 21,378 |
Total liabilities | 116,647 | 114,840 |
Commitments and contingencies (note 12) | ||
EQUITY | ||
Common shares | 1,952,623 | 1,951,587 |
Contributed surplus | 86,389 | 83,534 |
Accumulated deficit | (1,762,763) | (1,744,917) |
Accumulated other comprehensive loss | (7,771) | (6,175) |
Total equity | 268,478 | 284,029 |
Total liabilities and equity | 385,125 | 398,869 |
Donlin Gold [Member] | ||
ASSETS | ||
Investment | 1,824 | 1,100 |
Galore Creek [Member] | ||
ASSETS | ||
Investment | $ 251,109 | $ 251,461 |
Condensed Consolidated Interim
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Current Period Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Operating expenses: | ||||
Equity loss | $ 3,299 | $ 2,772 | $ 5,393 | $ 5,004 |
General and administrative (note 8) | 4,896 | 4,786 | 9,581 | 11,517 |
8,195 | 7,558 | 14,974 | 16,521 | |
Loss from operations | (8,195) | (7,558) | (14,974) | (16,521) |
Other expense (note 10) | (1,357) | (806) | (2,727) | (1,933) |
Loss before income taxes | (9,552) | (8,364) | (17,701) | (18,454) |
Income tax expense | (79) | (98) | (145) | (151) |
Net loss | (9,631) | (8,462) | (17,846) | (18,605) |
Other comprehensive loss: | ||||
Unrealized gain (loss) on marketable securities, net of $24, $12, $35 and $(21) tax recovery (expense), respectively | (165) | (79) | (259) | 135 |
Foreign currency translation adjustments | (3,205) | (4,884) | (1,337) | (1,559) |
Other comprehensive loss | (3,370) | (4,963) | (1,596) | (1,424) |
Comprehensive loss | $ (13,001) | $ (13,425) | $ (19,442) | $ (20,029) |
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) | 322,305 | 321,662 | 322,298 | 321,538 |
Donlin Gold [Member] | ||||
Operating expenses: | ||||
Equity loss | $ 2,905 | $ 2,547 | $ 4,746 | $ 4,629 |
Galore Creek [Member] | ||||
Operating expenses: | ||||
Equity loss | $ 394 | $ 225 | $ 647 | $ 375 |
Condensed Consolidated Interim4
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Net unrealized gain (loss), tax recovery (expense) | $ 24 | $ 12 | $ 35 | $ (21) |
Condensed Consolidated Interim5
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Operating activities: | ||||
Net loss | $ (9,631) | $ (8,462) | $ (17,846) | $ (18,605) |
Adjustments: | ||||
Equity losses of affiliates | 3,299 | 2,772 | 5,393 | 5,004 |
Share-based compensation | 1,942 | 2,049 | 3,891 | 5,974 |
Interest on promissory note | 1,593 | 1,307 | 3,087 | 2,520 |
Other | 5 | (232) | 100 | (98) |
Changes in operating assets and liabilities: | ||||
Other assets | 73 | 492 | 62 | 465 |
Accounts payable and accrued liabilities | 222 | (93) | 28 | (111) |
Accrued payroll and related benefits | 647 | 630 | (1,207) | (907) |
Net cash used in operating activities | (1,850) | (1,537) | (6,492) | (5,758) |
Investing activities: | ||||
Proceeds from term deposits | 21,000 | 55,000 | 36,000 | 95,000 |
Purchases of term deposits | (17,000) | (46,900) | (32,000) | (91,900) |
Funding of affiliates | (4,568) | (3,113) | (6,945) | (5,753) |
Other | (13) | (28) | ||
Net cash provided from (used in) investing activities | (568) | 4,987 | (2,958) | (2,681) |
Financing activities: | ||||
Withholding tax on share-based compensation | (196) | |||
Net cash used in investing activities | (196) | |||
Effect of exchange rate changes on cash | (36) | (66) | (27) | (16) |
Increase (decrease) in cash and cash equivalents | (2,454) | 3,384 | (9,477) | (8,651) |
Cash and cash equivalents at beginning of period | 20,931 | 18,239 | 27,954 | 30,274 |
Cash and cash equivalents at end of period | $ 18,477 | $ 21,623 | $ 18,477 | $ 21,623 |
Condensed Consolidated Interim6
Condensed Consolidated Interim Statements of Equity (Unaudited) - 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, 2016 | 320,016 | ||||||||||||||
Balance at Nov. 30, 2016 | $ 1,942,451 | $ 82,573 | $ (1,705,901) | $ (18,860) | $ 300,263 | ||||||||||
Share-based compensation (in shares) | 1,513 | 28 | |||||||||||||
Share-based compensation | 10,293 | 10,293 | |||||||||||||
Share-based awards settled in shares (in shares) | 1,513 | 28 | |||||||||||||
Share-based awards settled in shares | $ 4,000 | $ (4,000) | $ 122 | $ (122) | |||||||||||
Stock options exercised (in shares) | 662 | ||||||||||||||
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 | ||||||||||
Share-based compensation (in shares) | |||||||||||||||
Share-based compensation | 3,891 | $ 3,891 | |||||||||||||
Share-based awards settled in shares (in shares) | |||||||||||||||
Stock options exercised (in shares) | 107 | 782 | |||||||||||||
Stock options exercised | $ 1,036 | (1,036) | |||||||||||||
Net loss | (17,846) | (17,846) | |||||||||||||
Other comprehensive income (loss) | (1,596) | (1,596) | |||||||||||||
Balance (in shares) at May. 31, 2018 | 322,326 | ||||||||||||||
Balance at May. 31, 2018 | $ 1,952,623 | $ 86,389 | $ (1,762,763) | $ (7,771) | $ 268,478 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 6 Months Ended |
May 31, 2018 | |
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% 50% 40% no 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, 2017. 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 in these Condensed 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. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
May 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 Recently adopted accounting pronouncements Compensation—Stock Compensation In May 2017, No. 2017 09 December 1, 2017, no Recently issued accounting pronouncements 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 January 2018 No. 2018 01. December 1, 2019 December 1, 2019. not Classification and Measurement of Financial Instruments In January 2016, No. 2016 01 February 2018 No. 2018 03. not not December 1, 2018 not May 31, 2018 $584 |
Note 3 - Segmented Information
Note 3 - Segmented Information | 6 Months Ended |
May 31, 2018 | |
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, 2018 | |
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: Three months ended May 31, Six months ended May 31, 2018 2017 2018 2017 Balance – beginning of period $ 993 $ 1,279 $ 1,100 $ 951 Share of losses: Mineral property expenditures (2,901 ) (2,525 ) (4,736 ) (4,584 ) Depreciation (4 ) (22 ) (10 ) (45 ) (2,905 ) (2,547 ) (4,746 ) (4,629 ) Funding 3,736 2,568 5,470 4,978 Balance – end of period $ 1,824 $ 1,300 $ 1,824 $ 1,300 The following amounts represent the Company’s 50% $64,000 At At Current assets: Cash, prepaid expenses and other receivables $ 2,570 $ 2,075 Non-current assets: Property and equipment 13 23 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (759 ) (998 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 33,824 $ 33,100 |
Note 5 - Investment in Galore C
Note 5 - Investment in Galore Creek | 6 Months Ended |
May 31, 2018 | |
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 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 International Accounting Standards Board, 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, 2018 2017 2018 2017 Balance – beginning of period $ 253,395 $ 244,174 $ 251,461 $ 241,404 Share of losses: Mineral property expenditures — (30 ) (1 ) (41 ) Care and maintenance expense (394 ) (195 ) (646 ) (334 ) (394 ) (225 ) (647 ) (375 ) Funding 832 545 1,475 775 Foreign currency translation (2,724 ) (3,963 ) (1,180 ) (1,273 ) Balance – end of period $ 251,109 $ 240,531 $ 251,109 $ 240,531 The following amounts represent the Company’s 50% June 2011, 50% 50% not 50% At At Current assets: Cash, prepaid expenses and other receivables $ 1,008 $ 197 Non-current assets: Mineral property 225,511 226,561 Current liabilities: Accounts payable and accrued liabilities (236 ) (237 ) Non-current liabilities: Reclamation obligation (7,610 ) (7,645 ) Net assets $ 218,673 $ 218,876 |
Note 6 - Promissory Note
Note 6 - Promissory Note | 6 Months Ended |
May 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 The Company has a promissory note payable to Barrick of $51,576, 2%, $41,551 April 1, 2006 November 30, 2007. 85% |
Note 7 - Fair Value Accounting
Note 7 - Fair Value Accounting | 6 Months Ended |
May 31, 2018 | |
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 $1,152 May 31, 2018 ( $1,448 November 30, 2017), |
Note 8 - General and Administra
Note 8 - General and Administrative Expenses | 6 Months Ended |
May 31, 2018 | |
Notes to Financial Statements | |
General and Administrative Expenses [Text Block] | NOTE 8 Three months ended May 31, Six months ended May 31, 2018 2017 2018 2017 Share-based compensation $ 1,942 $ 2,049 $ 3,891 $ 5,974 Salaries and benefits 1,634 1,556 3,313 3,275 Office expense 550 519 1,116 1,064 Professional fees 216 159 415 462 Corporate communications and regulatory 549 494 835 723 Depreciation 5 9 11 19 $ 4,896 $ 4,786 $ 9,581 $ 11,517 |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation | 6 Months Ended |
May 31, 2018 | |
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, 2018 2017 2018 2017 Stock options $ 938 $ 878 $ 1,886 $ 3,636 Performance share unit plan 957 1,119 1,909 2,229 Deferred share unit plan 47 52 96 109 $ 1,942 $ 2,049 $ 3,891 $ 5,974 Stock options A summary of stock options outstanding as of May 31, 2018 six May 31, 2018 Number of Weighted- Weighted- Aggregate November 30, 2017 17,551 $ 3.24 Granted 3,527 3.88 Exercised (782 ) 3.34 Expired (130 ) 3.38 Forfeited (190 ) 4.13 May 31, 2018 19,976 $ 3.33 2.36 $ 30,180 Vested and exercisable as of May 31, 2018 15,455 $ 3.14 1.81 $ 26,668 The following table summarizes other stock option-related information: Six months ended May 31, 2018 2017 Weighted-average assumptions used to value stock option awards: Expected volatility 50 % 50 % Expected term of options (years) 3 3 Expected dividend rate — — Risk-free interest rate 1.8 % 1.2 % Expected forfeiture rate 2.3 % 2.5 % Weighted-average grant-date fair value $ 1.35 $ 2.14 As of May 31, 2018, $3,838 4,520,408 2.5 six May 31, 2018, $437 no Performance share units A summary of PSU awards outstanding as of May 31, 2018 six May 31, 2018 Number of Weighted- Aggregate November 30, 2017 2,176 $ 4.10 Granted 873 3.85 Vested — — Performance adjustment (1,240 ) 3.48 Forfeited (12 ) 4.32 May 31, 2018 1,797 $ 4.39 $ 8,381 As of May 31, 2018, $3,838 2.5 The following table summarizes other PSU-related information: Six months ended May 31, 2018 2017 Performance multiplier on PSUs vested — % 113 % Common shares issued (thousands) — 1,556 Total fair value of common shares issued $ — $ 4,506 Withholding tax paid on PSUs vested $ — $ 196 |
Note 10 - Other Expense
Note 10 - Other Expense | 6 Months Ended |
May 31, 2018 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 10 Three months ended May 31, Six months ended May 31, 2018 2017 2018 2017 Interest income $ 238 $ 307 $ 478 $ 554 Interest expense (1,593 ) (1,307 ) (3,087 ) (2,520 ) Foreign exchange gain (loss) (2 ) 194 (118 ) 33 $ (1,357 ) $ (806 ) $ (2,727 ) $ (1,933 ) |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 6 Months Ended |
May 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 11 The Company provided technical services to Donlin Gold LLC for $420 six May 31, 2018 ( $nil 2017 As of May 31, 2018, $240 November 30, 2017: $nil $3,657 November 30, 2017: $3,674 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 6 Months Ended |
May 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 General 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 2023. $109 2018, $227 2019, $199 2020, $204 2021, $210 2022 $18 2023, $967. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
May 31, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements Compensation—Stock Compensation In May 2017, No. 2017 09 December 1, 2017, no Recently issued accounting pronouncements 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 January 2018 No. 2018 01. December 1, 2019 December 1, 2019. not Classification and Measurement of Financial Instruments In January 2016, No. 2016 01 February 2018 No. 2018 03. not not December 1, 2018 not May 31, 2018 $584 |
Note 4 - Investment in Donlin20
Note 4 - Investment in Donlin Gold (Tables) | 6 Months Ended |
May 31, 2018 | |
Donlin Gold [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three months ended May 31, Six months ended May 31, 2018 2017 2018 2017 Balance – beginning of period $ 993 $ 1,279 $ 1,100 $ 951 Share of losses: Mineral property expenditures (2,901 ) (2,525 ) (4,736 ) (4,584 ) Depreciation (4 ) (22 ) (10 ) (45 ) (2,905 ) (2,547 ) (4,746 ) (4,629 ) Funding 3,736 2,568 5,470 4,978 Balance – end of period $ 1,824 $ 1,300 $ 1,824 $ 1,300 At At Current assets: Cash, prepaid expenses and other receivables $ 2,570 $ 2,075 Non-current assets: Property and equipment 13 23 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (759 ) (998 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 33,824 $ 33,100 |
Note 5 - Investment in Galore21
Note 5 - Investment in Galore Creek (Tables) | 6 Months Ended |
May 31, 2018 | |
Galore Creek [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three months ended May 31, Six months ended May 31, 2018 2017 2018 2017 Balance – beginning of period $ 253,395 $ 244,174 $ 251,461 $ 241,404 Share of losses: Mineral property expenditures — (30 ) (1 ) (41 ) Care and maintenance expense (394 ) (195 ) (646 ) (334 ) (394 ) (225 ) (647 ) (375 ) Funding 832 545 1,475 775 Foreign currency translation (2,724 ) (3,963 ) (1,180 ) (1,273 ) Balance – end of period $ 251,109 $ 240,531 $ 251,109 $ 240,531 At At Current assets: Cash, prepaid expenses and other receivables $ 1,008 $ 197 Non-current assets: Mineral property 225,511 226,561 Current liabilities: Accounts payable and accrued liabilities (236 ) (237 ) Non-current liabilities: Reclamation obligation (7,610 ) (7,645 ) Net assets $ 218,673 $ 218,876 |
Note 8 - General and Administ22
Note 8 - General and Administrative Expenses (Tables) | 6 Months Ended |
May 31, 2018 | |
Notes Tables | |
General and Administrative Expenses [Table Text Block] | Three months ended May 31, Six months ended May 31, 2018 2017 2018 2017 Share-based compensation $ 1,942 $ 2,049 $ 3,891 $ 5,974 Salaries and benefits 1,634 1,556 3,313 3,275 Office expense 550 519 1,116 1,064 Professional fees 216 159 415 462 Corporate communications and regulatory 549 494 835 723 Depreciation 5 9 11 19 $ 4,896 $ 4,786 $ 9,581 $ 11,517 |
Note 9 - Share-based Compensa23
Note 9 - Share-based Compensation (Tables) | 6 Months Ended |
May 31, 2018 | |
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, 2018 2017 2018 2017 Stock options $ 938 $ 878 $ 1,886 $ 3,636 Performance share unit plan 957 1,119 1,909 2,229 Deferred share unit plan 47 52 96 109 $ 1,942 $ 2,049 $ 3,891 $ 5,974 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Weighted- Weighted- Aggregate November 30, 2017 17,551 $ 3.24 Granted 3,527 3.88 Exercised (782 ) 3.34 Expired (130 ) 3.38 Forfeited (190 ) 4.13 May 31, 2018 19,976 $ 3.33 2.36 $ 30,180 Vested and exercisable as of May 31, 2018 15,455 $ 3.14 1.81 $ 26,668 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six months ended May 31, 2018 2017 Weighted-average assumptions used to value stock option awards: Expected volatility 50 % 50 % Expected term of options (years) 3 3 Expected dividend rate — — Risk-free interest rate 1.8 % 1.2 % Expected forfeiture rate 2.3 % 2.5 % Weighted-average grant-date fair value $ 1.35 $ 2.14 |
Schedule of Share-based Compensation, Performance Share Units, Activity [Table Text Block] | Number of Weighted- Aggregate November 30, 2017 2,176 $ 4.10 Granted 873 3.85 Vested — — Performance adjustment (1,240 ) 3.48 Forfeited (12 ) 4.32 May 31, 2018 1,797 $ 4.39 $ 8,381 |
Other PSU-related Information [Table Text Block] | Six months ended May 31, 2018 2017 Performance multiplier on PSUs vested — % 113 % Common shares issued (thousands) — 1,556 Total fair value of common shares issued $ — $ 4,506 Withholding tax paid on PSUs vested $ — $ 196 |
Note 10 - Other Expense (Tables
Note 10 - Other Expense (Tables) | 6 Months Ended |
May 31, 2018 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three months ended May 31, Six months ended May 31, 2018 2017 2018 2017 Interest income $ 238 $ 307 $ 478 $ 554 Interest expense (1,593 ) (1,307 ) (3,087 ) (2,520 ) Foreign exchange gain (loss) (2 ) 194 (118 ) 33 $ (1,357 ) $ (806 ) $ (2,727 ) $ (1,933 ) |
Note 1 - Nature of Operations25
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) $ in Thousands | 6 Months Ended |
May 31, 2018USD ($) | |
Revenues, Total | $ 0 |
Copper Canyon Property [Member] | |
Mineral Properties, Ownership Percentage | 40.00% |
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 Significa26
Note 2 - Summary of Significant Accounting Policies (Details Textual) - Accounting Standards Update 2016-01 [Member] - Scenario, Forecast [Member] $ in Thousands | Dec. 01, 2018USD ($) |
Retained Earnings [Member] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 584 |
AOCI Attributable to Parent [Member] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (584) |
Note 4 - Investment in Donlin27
Note 4 - Investment in Donlin Gold (Details Textual) - Donlin Gold [Member] $ in Millions | May 31, 2018USD ($) |
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 Donlin28
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, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | Nov. 30, 2017 | |
$ (3,299) | $ (2,772) | $ (5,393) | $ (5,004) | ||
Donlin Gold [Member] | |||||
Balance – beginning of period | 993 | 1,279 | 1,100 | 951 | |
Mineral property expenditures | (2,901) | (2,525) | (4,736) | (4,584) | |
Depreciation | (4) | (22) | (10) | (45) | |
(2,905) | (2,547) | (4,746) | (4,629) | ||
Funding | 3,736 | 2,568 | 5,470 | 4,978 | |
Balance – end of period | 1,824 | $ 1,300 | 1,824 | $ 1,300 | |
Current assets: Cash, prepaid expenses and other receivables | 2,570 | 2,570 | $ 2,075 | ||
Non-current assets: Property and equipment | 13 | 13 | 23 | ||
Non-current assets: Mineral property | 32,692 | 32,692 | 32,692 | ||
Current liabilities: Accounts payable and accrued liabilities | (759) | (759) | (998) | ||
Non-current liabilities: Reclamation obligation | (692) | (692) | (692) | ||
Net assets | $ 33,824 | $ 33,824 | $ 33,100 |
Note 5 - Investment in Galore29
Note 5 - Investment in Galore Creek (Details Textual) - Galore Creek [Member] | May 31, 2018 |
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 Galore30
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, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | Nov. 30, 2017 | |
$ (3,299) | $ (2,772) | $ (5,393) | $ (5,004) | ||
Galore Creek [Member] | |||||
Balance – beginning of period | 253,395 | 244,174 | 251,461 | 241,404 | |
Mineral property expenditures | (30) | (1) | (41) | ||
Care and maintenance expense | (394) | (195) | (646) | (334) | |
(394) | (225) | (647) | (375) | ||
Funding | 832 | 545 | 1,475 | 775 | |
Foreign currency translation | (2,724) | (3,963) | (1,180) | (1,273) | |
Balance – end of period | 251,109 | $ 240,531 | 251,109 | $ 240,531 | |
Current assets: Cash, prepaid expenses and other receivables | 1,008 | 1,008 | $ 197 | ||
Non-current assets: Mineral property | 225,511 | 225,511 | 226,561 | ||
Current liabilities: Accounts payable and accrued liabilities | (236) | (236) | (237) | ||
Non-current liabilities: Reclamation obligation | (7,610) | (7,610) | (7,645) | ||
Net assets | $ 218,673 | $ 218,673 | $ 218,876 |
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, 2018USD ($) | |
Notes Payable, Total | $ 51,576 |
Interest Payable | $ 41,551 |
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, 2018 | Nov. 30, 2017 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities, Equity Securities | $ 1,152 | $ 1,448 |
Note 8 - General and Administ33
Note 8 - General and Administrative Expenses - Summary of General and Administrative Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Share-based compensation | $ 1,942 | $ 2,049 | $ 3,891 | $ 5,974 |
Salaries and benefits | 1,634 | 1,556 | 3,313 | 3,275 |
Office expense | 550 | 519 | 1,116 | 1,064 |
Professional fees | 216 | 159 | 415 | 462 |
Corporate communications and regulatory | 549 | 494 | 835 | 723 |
Depreciation | 5 | 9 | 11 | 19 |
$ 4,896 | $ 4,786 | $ 9,581 | $ 11,517 |
Note 9 - Share-based Compensa34
Note 9 - Share-based Compensation (Details Textual) $ in Thousands | 6 Months Ended |
May 31, 2018USD ($)shares | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 3,838 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options, Shares | shares | 4,520,408 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 437 |
Proceeds from Stock Options Exercised | $ 0 |
Employee Stock Option [Member] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 182 days |
Performance Share Units [Member] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 182 days |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 3,838 |
Note 9 - Share-based Compensa35
Note 9 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Share-based Compensation Expense | $ 1,942 | $ 2,049 | $ 3,891 | $ 5,974 |
Employee Stock Option [Member] | ||||
Share-based Compensation Expense | 938 | 878 | 1,886 | 3,636 |
Performance Share Units [Member] | ||||
Share-based Compensation Expense | 957 | 1,119 | 1,909 | 2,229 |
Deferred Share Units [Member] | ||||
Share-based Compensation Expense | $ 47 | $ 52 | $ 96 | $ 109 |
Note 9 - Share-based Compensa36
Note 9 - Share-based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
May 31, 2018USD ($)$ / sharesshares | |
Balance - beginning of year (in shares) | shares | 17,551 |
Weighted average exercise price outstanding, beginning (in dollars per share) | $ / shares | $ 3.24 |
Granted (in shares) | shares | 3,527 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 3.88 |
Exercised (in shares) | shares | (782) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 3.34 |
Expired (in shares) | shares | (130) |
Expired, weighted average exercise price (in dollars per share) | $ / shares | $ 3.38 |
Forfeited (in shares) | shares | (190) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 4.13 |
Balance - end of year (in shares) | shares | 19,976 |
Weighted average exercise price outstanding, ending (in dollars per share) | $ / shares | $ 3.33 |
Weighted-average remaining contractual term, outstanding (Year) | 2 years 131 days |
Aggregate intrinsic value, outstanding | $ | $ 30,180 |
Vested and exercisable (in shares) | shares | 15,455 |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 3.14 |
Weighted-average remaining contractual term, vested and exercisable (Year) | 1 year 295 days |
Aggregate intrinsic value, vested and exercisable | $ | $ 26,668 |
Note 9 - Share-based Compensa37
Note 9 - Share-based Compensation - Other Information Related to Stock Options (Details) - $ / shares | 6 Months Ended | |
May 31, 2018 | May 31, 2017 | |
Expected volatility | 50.00% | 50.00% |
Expected term of options (Year) | 3 years | 3 years |
Expected dividend rate | 0.00% | 0.00% |
Risk-free interest rate | 1.80% | 1.20% |
Expected forfeiture rate | 2.30% | 2.50% |
Weighted-average grant-date fair value (in dollars per share) | $ 1.35 | $ 2.14 |
Note 9 - Share-based Compensa38
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, 2018USD ($)$ / sharesshares | |
Balance - beginning of year (in shares) | shares | 2,176 |
Balance - beginning of year (in dollars per share) | $ / shares | $ 4.10 |
Granted (in shares) | shares | 873 |
Granted (in dollars per share) | $ / shares | $ 3.85 |
Vested (in shares) | shares | |
Vested (in dollars per share) | $ / shares | |
Performance adjustment (in shares) | shares | (1,240) |
Performance adjustment (in dollars per share) | $ / shares | $ 3.48 |
Forfeited (in shares) | shares | (12) |
Forfeited (in dollars per share) | $ / shares | $ 4.32 |
Balance - end of year (in shares) | shares | 1,797 |
Balance - end of year (in dollars per share) | $ / shares | $ 4.39 |
Aggregate intrinsic value - end of year | $ | $ 8,381 |
Note 9 - Share-based Compensa39
Note 9 - Share-based Compensation - Other PSU-related Information (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Withholding tax paid on PSUs vested | $ 196 | |||
Performance Share Units [Member] | ||||
Performance multiplier on PSUs vested | 113.00% | |||
Common shares issued (in shares) | 1,556 | |||
Total fair value of common shares issued | $ 4,506 | |||
Withholding tax paid on PSUs vested | $ 196 |
Note 10 - Other Expense - Summa
Note 10 - Other Expense - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | |
Interest income | $ 238 | $ 307 | $ 478 | $ 554 |
Interest expense | (1,593) | (1,307) | (3,087) | (2,520) |
Foreign exchange gain (loss) | (2) | 194 | (118) | 33 |
$ (1,357) | $ (806) | $ (2,727) | $ (1,933) |
Note 11 - Related Party Trans41
Note 11 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
May 31, 2018 | May 31, 2017 | Nov. 30, 2017 | |
Donlin Gold [Member] | Other Noncurrent Assets [Member] | |||
Accounts Receivable, Related Parties, Noncurrent | $ 240 | $ 0 | |
Donlin Gold [Member] | Technical Services Provided [Member] | |||
Related Party Transaction, Amounts of Transaction | 420 | $ 0 | |
Galore Creek [Member] | Other Noncurrent Assets [Member] | |||
Accounts Receivable, Related Parties, Noncurrent | $ 3,657 | $ 3,674 |
Note 12 - Commitments and Con42
Note 12 - Commitments and Contingencies (Details Textual) $ in Thousands | May 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 109 |
Operating Leases, Future Minimum Payments, Due in Two Years | 227 |
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, Total | $ 967 |