Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Feb. 28, 2019 | Mar. 26, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | NOVAGOLD RESOURCES INC | |
Entity Central Index Key | 0001173420 | |
Trading Symbol | ng | |
Current Fiscal Year End Date | --11-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 325,242,605 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Feb. 28, 2019 | Nov. 30, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 22,777 | $ 21,004 |
Term deposits | 139,000 | 146,000 |
Other assets | 1,718 | 2,379 |
Current assets | 163,495 | 169,383 |
Notes receivable (Note 5) | 90,254 | 89,459 |
Investment in Donlin Gold (Note 6) | 783 | 1,209 |
Other assets | 929 | 878 |
Total assets | 255,461 | 260,929 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 709 | 710 |
Accrued payroll and related benefits | 616 | 2,545 |
Income taxes payable | 190 | 223 |
Other liabilities | 182 | 182 |
Current liabilities | 1,697 | 3,660 |
Promissory note (Note 7) | 98,299 | 96,501 |
Deferred income taxes | 247 | 80 |
Total liabilities | 100,243 | 100,241 |
Commitments and contingencies (Note 13) | ||
EQUITY | ||
Common shares | 1,960,465 | 1,954,861 |
Contributed surplus | 82,717 | 87,987 |
Accumulated deficit | (1,863,627) | (1,857,682) |
Accumulated other comprehensive loss | (24,337) | (24,478) |
Total equity | 155,218 | 160,688 |
Total liabilities and equity | $ 255,461 | $ 260,929 |
Condensed Consolidated Interim
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | [1] | |
Operating expenses: | |||
General and administrative (Note 9) | $ 4,340 | $ 4,685 | |
Equity loss – Donlin Gold (Note 6) | 1,323 | 1,841 | [2] |
5,663 | 6,526 | ||
Loss from operations | (5,663) | (6,526) | |
Other income (expense) (Note 11) | (303) | (1,370) | |
Loss before income taxes and other items | (5,966) | (7,896) | |
Income tax expense | (357) | (66) | |
Net loss from continuing operations | (6,323) | (7,962) | |
Net loss from discontinued operations, net of tax (Note 4) | (253) | [2] | |
Net loss | (6,323) | (8,215) | [2] |
Other comprehensive income (loss): | |||
Unrealized loss on marketable securities, net of $nil and $11 tax recovery, respectively | (94) | ||
Foreign currency translation adjustments | 519 | 1,868 | |
519 | 1,774 | ||
Comprehensive loss | $ (5,804) | $ (6,441) | |
Net loss per common share – basic and diluted | |||
Continuing operations (in dollars per share) | $ (0.02) | $ (0.03) | |
Discontinued operations (in dollars per share) | |||
(in dollars per share) | $ (0.02) | $ (0.03) | |
Weighted average shares outstanding | |||
Basic and diluted (thousands) (in shares) | 324,749 | 322,291 | |
[1] | See Note 4 - Discontinued operations | ||
[2] | See Note 4 - Discontinued operations |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | ||
Unrealized holding gain (loss) on marketable securities, tax recovery | $ (11) | [1] | |
[1] | See Note 4 - Discontinued operations |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | [2] | |
Operating activities: | |||
Net loss | $ (6,323) | $ (8,215) | [1] |
Adjustments: | |||
Equity loss – Donlin Gold | 1,323 | 1,841 | [1] |
Share-based compensation | 1,531 | 1,949 | |
Interest expense on promissory note | 1,798 | 1,494 | |
Foreign exchange loss | 386 | 116 | |
Deferred income tax expense | 167 | 11 | |
Accretion of notes receivable | (795) | ||
Loss from discontinued operations, net of tax | 253 | [1] | |
Other | (40) | (32) | |
Changes in operating assets and liabilities: | |||
Other assets | 773 | (11) | |
Accounts payable and accrued liabilities | (41) | (194) | |
Accrued payroll and related benefits | (1,929) | (1,854) | |
Net cash used in operating activities of continuing operations | (3,150) | (4,642) | |
Investing activities: | |||
Proceeds from term deposits | 115,000 | 15,000 | |
Purchases of term deposits | (108,000) | (15,000) | |
Funding of Donlin Gold | (897) | (1,734) | |
Other | (13) | ||
Net cash provided from (used in) investing activities of continuing operations | 6,103 | (1,747) | |
Net cash used in investing activities of discontinued operations (Note 4) | (643) | ||
Net cash provided from (used in) investing activities | 6,103 | (2,390) | |
Financing activities: | |||
Withholding tax on share-based compensation | (1,197) | ||
Net cash used in investing activities | (1,197) | ||
Effect of exchange rate changes on cash | 17 | 9 | |
Increase in cash and cash equivalents | 1,773 | (7,023) | |
Cash and cash equivalents at beginning of period | 21,004 | 27,954 | |
Cash and cash equivalents at end of period | $ 22,777 | $ 20,931 | |
[1] | See Note 4 - Discontinued operations | ||
[2] | See Note 4 - Discontinued operations |
Condensed Consolidated Interi_4
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] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |||
Balance (in shares) at Nov. 30, 2017 | 322,219 | ||||||||||||
Balance at Nov. 30, 2017 | $ 1,951,587 | $ 83,534 | $ (1,744,917) | $ (6,175) | [1] | $ 284,029 | |||||||
Share-based compensation (in shares) | |||||||||||||
Share-based compensation | 1,949 | 1,949 | |||||||||||
Stock options exercised (in shares) | 83 | ||||||||||||
Stock options exercised | $ 977 | (977) | |||||||||||
Net loss | (8,215) | (8,215) | [2],[3] | ||||||||||
Other comprehensive income | 1,774 | [1] | 1,774 | ||||||||||
PSUs settled in shares (in shares) | |||||||||||||
Other comprehensive income | [2] | 1,774 | |||||||||||
Balance (in shares) at Feb. 28, 2018 | 322,302 | ||||||||||||
Balance at Feb. 28, 2018 | $ 1,952,564 | 84,506 | (1,753,132) | (4,401) | [1] | 279,537 | |||||||
Balance (in shares) at Nov. 30, 2018 | 323,223 | ||||||||||||
Balance at Nov. 30, 2018 | $ 1,954,861 | 87,987 | (1,857,682) | (24,478) | [1] | 160,688 | |||||||
Share-based compensation (in shares) | 438 | 438 | |||||||||||
Share-based compensation | 1,531 | $ 1,531 | |||||||||||
Stock options exercised (in shares) | 1,443 | 3,253 | |||||||||||
Stock options exercised | $ 2,867 | (2,867) | |||||||||||
Net loss | (6,323) | (6,323) | |||||||||||
Cumulative-effect adjustment of adopting ASU No. 2016-01 | 378 | (378) | [1] | ||||||||||
PSUs settled in shares (in shares) | 438 | 438 | |||||||||||
PSUs settled in shares | $ 2,737 | $ (2,737) | |||||||||||
Withholding tax on PSUs | (1,197) | (1,197) | |||||||||||
Other comprehensive income | 519 | [1] | 519 | ||||||||||
Balance (in shares) at Feb. 28, 2019 | 325,104 | ||||||||||||
Balance at Feb. 28, 2019 | $ 1,960,465 | $ 82,717 | $ (1,863,627) | $ (24,337) | [1] | $ 155,218 | |||||||
[1] | Accumulated other comprehensive loss | ||||||||||||
[2] | See Note 4 - Discontinued operations | ||||||||||||
[3] | See Note 4 - Discontinued operations |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 3 Months Ended |
Feb. 28, 2019 | |
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 mineral properties. The Company has no 50% On July 27, 2018, 50% 40% 4. 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, 2018. 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 | 3 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 Recently adopted accounting pronouncements Restricted Cash In November 2016, No. 2016 18 December 15, 2017 December 1, 2018. not not Statement of Cash Flows In August 2016, No. 2016 15 December 1, 2018 not Classification and Measurement of Financial Instruments In January 2016, No. 2016 01 February 2018 No. 2018 03. not not December 1, 2018 $378 Accumulated other comprehensive loss Accumulated deficit Recently issued accounting pronouncements Leases In February 2016, No. 2016 02 September 2017 No. 2017 13 January 2018 No. 2018 01. December 1, 2019 December 1, 2019. not Fair Value Disclosure Requirements In August 2018, No. 2018 13 December 1, 2020, |
Note 3 - Segmented Information
Note 3 - Segmented Information | 3 Months Ended |
Feb. 28, 2019 | |
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, USA (Note 6 July 27, 2018, 4 |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 3 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 4 Galore Creek Transaction On July 27, 2018, 50% $100,000 $75,000 July 27, 2021; $25,000 July 27, 2023; $75,000 no The Company’s share of its investment in GCP included the following: Three months ended February 28, 2019 2018 Net loss from discontinued operations, net of tax: Equity loss – Galore Creek $ — $ 253 Net loss from discontinued operations, net of tax: Funding of Galore Creek $ — $ 643 |
Note 5 - Notes Receivable
Note 5 - Notes Receivable | 3 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 5 The Company has notes receivable from Newmont including a $75,000 July 27, 2021, $25,000 July 27, 2023. $75,000 $25,000 $88,398, three five 3.6% $75,000 $25,000 three five February 28, 2019, $90,254 $1,856 $75,000 No $75,000 not not February 28, 2019. |
Note 6 - Investment in Donlin G
Note 6 - Investment in Donlin Gold | 3 Months Ended |
Feb. 28, 2019 | |
Donlin Gold [Member] | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 6 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 February 28, 2019 2018 Balance – beginning of period $ 1,209 $ 1,100 Share of losses Mineral property expenditures (1,310 ) (1,835 ) Depreciation (13 ) (6 ) (1,323 ) (1,841 ) Funding 897 1,734 Balance – end of period $ 783 $ 993 The following amounts represent the Company’s 50% Non-current assets: Mineral property $64,000, At At Current assets: Cash, prepaid expenses and other receivables $ 1,076 $ 1,872 Non-current assets: Property and equipment 79 10 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (372 ) (673 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 32,783 $ 33,209 |
Note 7 - Promissory Note
Note 7 - Promissory Note | 3 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 The Company has a promissory note payable to Barrick of $98,299, $51,576 $46,723 2%. April 1, 2006 November 30, 2007. 85% |
Note 8 - Fair Value Accounting
Note 8 - Fair Value Accounting | 3 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 8 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 $893 February 28, 2019 ( $839 November 30, 2018), |
Note 9 - General and Administra
Note 9 - General and Administrative Expenses | 3 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
General and Administrative Expenses [Text Block] | NOTE 9 Three months ended February 28, 2019 2018 Share-based compensation (Note 10) $ 1,531 $ 1,949 Salaries and benefits 1,664 1,679 Office expense 671 566 Corporate communications and regulatory 240 286 Professional fees 230 199 Depreciation 4 6 $ 4,340 $ 4,685 |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 3 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 10 Three months ended February 28, 2019 2018 Stock options $ 922 $ 948 Performance share unit plan 570 952 Deferred share unit plan 39 49 $ 1,531 $ 1,949 A summary of stock options outstanding as of February 28, 2019 three February 28, 2019 Number of stock options (thousands) Weighted- average exercise price per share Weighted- average Aggregate November 30, 2018 17,883 $ 3.36 Granted 2,760 3.68 Exercised (3,253 ) 2.20 Expired — — Forfeited (54 ) 4.68 February 28, 2019 17,336 $ 3.64 2.58 $ 6,902 Vested and exercisable as of February 28, 2019 12,335 $ 3.34 1.89 $ 6,636 The following table summarizes other stock option-related information: Three months ended February 28, 2019 2018 Weighted-average assumptions used to value stock option awards: Expected volatility 46.9 % 50 % Expected term of options (years) 4 3 Expected dividend rate — — Risk-free interest rate 2.7 % 1.8 % Expected forfeiture rate 3.1 % 2.3 % Weighted-average grant-date fair value $ 1.46 $ 1.35 As of February 28, 2019, $4,970 5,001,060 2.75 three February 28, 2019, $2,867 no Performance share units A summary of PSU awards outstanding as of February 28, 2019 three February 28, 2019 Number of PSU awards (thousands) Weighted- average grant day fair value per award Aggregate November 30, 2018 1,797 $ 4.39 Granted 803 3.67 Vested (764 ) 4.58 Performance adjustment (167 ) 4.58 February 28, 2019 1,669 $ 3.76 $ 6,415 As of February 28, 2019, $4,309 1,669,100 2.75 The following table summarizes other PSU-related information: Three months ended February 28, 2019 2018 Performance multiplier on PSUs vested 82 % — % Common shares issued (thousands) 438 — Total fair value of common shares issued $ 1,607 $ — Withholding tax paid on PSUs vested $ 1,197 $ — |
Note 11 - Other Income (Expense
Note 11 - Other Income (Expense) | 3 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 11 Three months ended February 28, 2019 2018 Interest income $ 1,042 $ 240 Accretion of notes receivable 795 — Interest expense on promissory note (1,798 ) (1,494 ) Foreign exchange gain (loss) (386 ) (116 ) Change in fair market value of marketable securities 44 — $ (303 ) $ (1,370 ) |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 3 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 12 The Company provided technical services to Donlin Gold LLC for $nil three February 28, 2019 ( $181 2018 February 28, 2019, $247 November 30, 2018: $247 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 3 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13 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. $169 2019, $199 2020, $204 2021, $210 2022, $18 2023, $800. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Feb. 28, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements Restricted Cash In November 2016, No. 2016 18 December 15, 2017 December 1, 2018. not not Statement of Cash Flows In August 2016, No. 2016 15 December 1, 2018 not Classification and Measurement of Financial Instruments In January 2016, No. 2016 01 February 2018 No. 2018 03. not not December 1, 2018 $378 Accumulated other comprehensive loss Accumulated deficit Recently issued accounting pronouncements Leases In February 2016, No. 2016 02 September 2017 No. 2017 13 January 2018 No. 2018 01. December 1, 2019 December 1, 2019. not Fair Value Disclosure Requirements In August 2018, No. 2018 13 December 1, 2020, |
Note 4 - Discontinued Operati_2
Note 4 - Discontinued Operations (Tables) | 3 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three months ended February 28, 2019 2018 Net loss from discontinued operations, net of tax: Equity loss – Galore Creek $ — $ 253 Net loss from discontinued operations, net of tax: Funding of Galore Creek $ — $ 643 |
Note 6 - Investment in Donlin_2
Note 6 - Investment in Donlin Gold (Tables) | 3 Months Ended |
Feb. 28, 2019 | |
Donlin Gold [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three months ended February 28, 2019 2018 Balance – beginning of period $ 1,209 $ 1,100 Share of losses Mineral property expenditures (1,310 ) (1,835 ) Depreciation (13 ) (6 ) (1,323 ) (1,841 ) Funding 897 1,734 Balance – end of period $ 783 $ 993 At At Current assets: Cash, prepaid expenses and other receivables $ 1,076 $ 1,872 Non-current assets: Property and equipment 79 10 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (372 ) (673 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 32,783 $ 33,209 |
Note 9 - General and Administ_2
Note 9 - General and Administrative Expenses (Tables) | 3 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
General and Administrative Expenses [Table Text Block] | Three months ended February 28, 2019 2018 Share-based compensation (Note 10) $ 1,531 $ 1,949 Salaries and benefits 1,664 1,679 Office expense 671 566 Corporate communications and regulatory 240 286 Professional fees 230 199 Depreciation 4 6 $ 4,340 $ 4,685 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Tables) | 3 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three months ended February 28, 2019 2018 Stock options $ 922 $ 948 Performance share unit plan 570 952 Deferred share unit plan 39 49 $ 1,531 $ 1,949 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of stock options (thousands) Weighted- average exercise price per share Weighted- average Aggregate November 30, 2018 17,883 $ 3.36 Granted 2,760 3.68 Exercised (3,253 ) 2.20 Expired — — Forfeited (54 ) 4.68 February 28, 2019 17,336 $ 3.64 2.58 $ 6,902 Vested and exercisable as of February 28, 2019 12,335 $ 3.34 1.89 $ 6,636 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended February 28, 2019 2018 Weighted-average assumptions used to value stock option awards: Expected volatility 46.9 % 50 % Expected term of options (years) 4 3 Expected dividend rate — — Risk-free interest rate 2.7 % 1.8 % Expected forfeiture rate 3.1 % 2.3 % Weighted-average grant-date fair value $ 1.46 $ 1.35 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Number of PSU awards (thousands) Weighted- average grant day fair value per award Aggregate November 30, 2018 1,797 $ 4.39 Granted 803 3.67 Vested (764 ) 4.58 Performance adjustment (167 ) 4.58 February 28, 2019 1,669 $ 3.76 $ 6,415 |
Other PSU-related Information [Table Text Block] | Three months ended February 28, 2019 2018 Performance multiplier on PSUs vested 82 % — % Common shares issued (thousands) 438 — Total fair value of common shares issued $ 1,607 $ — Withholding tax paid on PSUs vested $ 1,197 $ — |
Note 11 - Other Income (Expen_2
Note 11 - Other Income (Expense) (Tables) | 3 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three months ended February 28, 2019 2018 Interest income $ 1,042 $ 240 Accretion of notes receivable 795 — Interest expense on promissory note (1,798 ) (1,494 ) Foreign exchange gain (loss) (386 ) (116 ) Change in fair market value of marketable securities 44 — $ (303 ) $ (1,370 ) |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) - USD ($) $ in Thousands | Jul. 27, 2018 | Feb. 28, 2019 |
Revenues, Total | $ 0 | |
GCP [Member] | ||
Discontinued Operation, Ownership Percentage, Sold | 50.00% | |
Copper Canyon Property [Member] | ||
Discontinued Operation, Ownership Percentage, Sold | 40.00% | |
Donlin Gold [Member] | ||
Equity Method Investment, Ownership Percentage | 50.00% |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Feb. 28, 2019 | Dec. 01, 2018 | Nov. 30, 2018 |
Restricted Cash and Cash Equivalents, Total | $ 0 | $ 0 | |
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 378 | ||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (378) |
Note 4 - Discontinued Operati_3
Note 4 - Discontinued Operations (Details Textual) $ in Millions | Jul. 27, 2018USD ($) |
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | |
Financing Receivable, Net, Total | $ 75 |
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | |
Financing Receivable, Net, Total | 25 |
Note Receivable Upon Approval of Galore Creek Project Construction Plan [Member] | |
Financing Receivable, Net, Total | $ 75 |
Galore Creek [Member] | |
Discontinued Operation, Ownership Percentage, Sold | 50.00% |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates, Total | $ 100 |
Note 4 - Discontinued Operati_4
Note 4 - Discontinued Operations - Net Loss From Discontinued Operations (Details) - Galore Creek [Member] - Discontinued Operations, Disposed of by Sale [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Equity loss – Galore Creek | $ 253 | |
Funding of Galore Creek | $ 643 |
Note 5 - Notes Receivable (Deta
Note 5 - Notes Receivable (Details Textual) $ in Thousands | Jul. 27, 2018USD ($) | Feb. 28, 2019USD ($) |
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | ||
Financing Receivable, Net, Total | $ 75,000 | |
Receivable Instrument, Term | 3 years | |
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | Measurement Input, Expected Term [Member] | ||
Notes Receivable, Measurement Input | 3 | |
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | ||
Financing Receivable, Net, Total | $ 25,000 | |
Receivable Instrument, Term | 5 years | |
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | Measurement Input, Expected Term [Member] | ||
Notes Receivable, Measurement Input | 5 | |
Notes Receivable Upon Completion Of Galore Creek Project [Member] | ||
Notes Receivable, Fair Value Disclosure | $ 88,398 | $ 90,254 |
Financing Receivable, Accumulated Accretion | $ 1,856 | |
Notes Receivable Upon Completion Of Galore Creek Project [Member] | Measurement Input, Discount Rate [Member] | ||
Notes Receivable, Measurement Input | 0.036 | |
Note Receivable Upon Approval of Galore Creek Project Construction Plan [Member] | ||
Financing Receivable, Net, Total | $ 75,000 | |
Notes Receivable, Fair Value Disclosure | $ 0 |
Note 6 - Investment in Donlin_3
Note 6 - Investment in Donlin Gold (Details Textual) - Donlin Gold [Member] $ in Millions | Feb. 28, 2019USD ($) |
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 6 - Investment in Donlin_4
Note 6 - Investment in Donlin Gold - Summary of the Company's Investment in Donlin Gold LLC (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | ||
$ (1,323) | $ (1,841) | [1],[2] | |
Donlin Gold [Member] | |||
Balance – beginning of period | 1,209 | 1,100 | |
Mineral property expenditures | (1,310) | (1,835) | |
Depreciation | (13) | (6) | |
(1,323) | (1,841) | ||
Funding | 897 | 1,734 | |
Balance – end of period | 783 | 993 | |
Current assets: Cash, prepaid expenses and other receivables | 1,076 | 1,872 | |
Non-current assets: Property and equipment | 79 | 10 | |
Non-current assets: Mineral property | 32,692 | 32,692 | |
Current liabilities: Accounts payable and accrued liabilities | (372) | (673) | |
Non-current liabilities: Reclamation obligation | (692) | (692) | |
Net assets | $ 32,783 | $ 33,209 | |
[1] | See Note 4 - Discontinued operations | ||
[2] | See Note 4 - Discontinued operations |
Note 7 - Promissory Note (Detai
Note 7 - Promissory Note (Details Textual) - Barrick [Member] - Notes Payable, Other Payables [Member] $ in Thousands | 3 Months Ended |
Feb. 28, 2019USD ($) | |
Notes Payable, Total | $ 98,299 |
Debt Instrument, Face Amount | 51,576 |
Interest Payable | $ 46,723 |
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 8 - Fair Value Accounting
Note 8 - Fair Value Accounting (Details Textual) - USD ($) $ in Thousands | Feb. 28, 2019 | Nov. 30, 2018 |
Equity Securities, FV-NI | $ 893 | $ 839 |
Note 9 - General and Administ_3
Note 9 - General and Administrative Expenses - Summary of General and Administrative Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | ||
Share-based compensation (Note 10) | $ 1,531 | $ 1,949 | [1] |
Salaries and benefits | 1,664 | 1,679 | |
Office expense | 671 | 566 | |
Corporate communications and regulatory | 240 | 286 | |
Professional fees | 230 | 199 | |
Depreciation | 4 | 6 | |
$ 4,340 | $ 4,685 | [2] | |
[1] | See Note 4 - Discontinued operations | ||
[2] | See Note 4 - Discontinued operations |
Note 10 - Share-based Compens_3
Note 10 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2019 | Nov. 30, 2018 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 4,970 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance | 5,001,060 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2,867 | |
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 273 days | |
Performance Share Units [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 273 days | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 4,309 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 1,669,100 | 1,797,000 |
Note 10 - Share-based Compens_4
Note 10 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Share-based Compensation Expense | $ 1,531 | $ 1,949 |
Employee Stock Option [Member] | ||
Share-based Compensation Expense | 922 | 948 |
Performance Share Units [Member] | ||
Share-based Compensation Expense | 570 | 952 |
Deferred Share Units [Member] | ||
Share-based Compensation Expense | $ 39 | $ 49 |
Note 10 - Share-based Compens_5
Note 10 - Share-based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Feb. 28, 2019USD ($)$ / sharesshares | |
Balance - beginning of year (in shares) | shares | 17,883 |
Weighted average exercise price outstanding, beginning (in dollars per share) | $ / shares | $ 3.36 |
Granted (in shares) | shares | 2,760 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 3.68 |
Exercised (in shares) | shares | (3,253) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 2.20 |
Expired (in shares) | shares | |
Expired, weighted average exercise price (in dollars per share) | $ / shares | |
Forfeited (in shares) | shares | (54) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 4.68 |
Balance - end of year (in shares) | shares | 17,336 |
Weighted average exercise price outstanding, ending balance (in dollars per share) | $ / shares | $ 3.64 |
Weighted- average remaining contractual term , outstanding (Year) | 2 years 211 days |
Aggregate intrinsic value, outstanding | $ | $ 6,902 |
Vested and exercisable (in shares) | shares | 12,335 |
Vested and exercisable, weighted- average exercise price per share (in dollars per share) | $ / shares | $ 3.34 |
Weighted- average remaining contractual term, vested and exercisable (Year) | 1 year 324 days |
Aggregate intrinsic value, vested and exercisable | $ | $ 6,636 |
Note 10 - Share-based Compens_6
Note 10 - Share-based Compensation - Other Information Related to Stock Options (Details) - $ / shares | 3 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Weighted-average assumptions used to value stock option awards: | ||
Expected volatility | 46.90% | 50.00% |
Expected term of options (Year) | 4 years | 3 years |
Expected dividend rate | 0.00% | 0.00% |
Risk-free interest rate | 2.70% | 1.80% |
Expected forfeiture rate | 3.10% | 2.30% |
Weighted-average grant-date fair value (in dollars per share) | $ 1.46 | $ 1.35 |
Note 10 - Share-based Compens_7
Note 10 - Share-based Compensation - PSU Awards Outstanding and PSU Activity (Details) - Performance Share Units [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Feb. 28, 2019USD ($)$ / sharesshares | |
Balance - beginning of year (in shares) | shares | 1,797,000 |
Balance - beginning of year (in dollars per share) | $ / shares | $ 4.39 |
Granted (in shares) | shares | 803,000 |
Granted (in dollars per share) | $ / shares | $ 3.67 |
Vested (in shares) | shares | (764,000) |
Vested (in dollars per share) | $ / shares | $ 4.58 |
Performance adjustment (in shares) | shares | (167,000) |
Performance adjustment (in dollars per share) | $ / shares | $ 4.58 |
Balance- end of year (in shares) | shares | 1,669,100 |
Balance-end of year (in dollars per share) | $ / shares | $ 3.76 |
February 28, 2019 | $ | $ 6,415 |
Note 10 - Share-based Compens_8
Note 10 - Share-based Compensation - Other PSU-related Information (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | ||
Withholding tax paid on PSUs vested | $ 1,197 | [1] | |
Performance Share Units [Member] | |||
Performance multiplier on PSUs vested | 82.00% | ||
Common shares issued (in shares) | 438 | ||
Total fair value of common shares issued | $ 1,607 | ||
Withholding tax paid on PSUs vested | $ 1,197 | ||
[1] | See Note 4 - Discontinued operations |
Note 11 - Other Income (Expen_3
Note 11 - Other Income (Expense) - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | ||
Interest income | $ 1,042 | $ 240 | |
Accretion of notes receivable | 795 | [1] | |
Interest expense on promissory note | (1,798) | (1,494) | |
Foreign exchange gain (loss) | (386) | (116) | |
Change in fair market value of marketable securities | 44 | ||
$ (303) | $ (1,370) | [2] | |
[1] | See Note 4 - Discontinued operations | ||
[2] | See Note 4 - Discontinued operations |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) - Donlin Gold [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Nov. 30, 2018 | |
Accounts Receivable, Related Parties | $ 247 | $ 247 | |
Technical Services Provided [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 181 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) $ in Thousands | Feb. 28, 2019USD ($) |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 169 |
Operating Leases, Future Minimum Payments, Due in Two Years | 199 |
Operating Leases, Future Minimum Payments, Due in Three Years | 204 |
Operating Leases, Future Minimum Payments, Due in Four Years | 210 |
Operating Leases, Future Minimum Payments, Due in Five Years | 18 |
Operating Leases, Future Minimum Payments Due, Total | $ 800 |