NovaGold Resources (NG) 10-Q 1 Oct 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Aug. 31, 2019	Sep. 23, 2019
Document Information [Line Items]
Entity Central Index Key	0001173420
Entity Registrant Name	NOVAGOLD RESOURCES INC
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2019
Document Transition Report	false
Entity File Number	001-31913
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	201 South Main Street, Suite 400
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84111
City Area Code	801
Local Phone Number	639-0511
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	NG
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		326,919,485

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Aug. 31, 2019	Nov. 30, 2018
ASSETS
Cash and cash equivalents	$ 53,881	$ 21,004
Term deposits	99,000	146,000
Other assets	1,834	2,379
Current assets	154,715	169,383
Notes receivable (Note 5)	91,855	89,459
Investment in Donlin Gold (Note 6)	2,193	1,209
Other assets	1,116	878
Total assets	249,879	260,929
LIABILITIES
Accounts payable and accrued liabilities	570	710
Accrued payroll and related benefits	2,163	2,545
Income taxes payable	90	223
Other liabilities	182	182
Current liabilities	3,005	3,660
Promissory note (Note 7)	102,047	96,501
Deferred income taxes	583	80
Total liabilities	105,635	100,241
Commitments and contingencies (Note 13)
EQUITY
Common shares	1,964,304	1,954,861
Contributed surplus	81,972	87,987
Accumulated deficit	(1,877,198)	(1,857,682)
Accumulated other comprehensive loss	(24,834)	(24,478)
Total equity	144,244	160,688
Total liabilities and equity	$ 249,879	$ 260,929

Condensed Consolidated Interim

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
Operating expenses:
General and administrative (Note 9)	$ 4,075	$ 4,408	$ 12,630	$ 13,989
Equity loss – Donlin Gold (Note 6)	3,141	2,514	6,662	7,260
	7,216	6,922	19,292	21,249
Loss from operations	(7,216)	(6,922)	(19,292)	(21,249)
Other income (expense) (Note 11)	(581)	(1,112)	370	(3,839)
Loss before income taxes and other items	(7,797)	(8,034)	(18,922)	(25,088)
Income tax expense	(259)	(9)	(972)	(154)
Net loss from continuing operations	(8,056)	(8,043)	(19,894)	(25,242)
Net income (loss) from discontinued operations, net of tax (Note 4)	0	(80,582)	0	(81,229)
Net loss	(8,056)	(88,625)	(19,894)	(106,471)
Other comprehensive loss:
Unrealized loss on marketable securities, net of $nil, $6, $nil, and $41 tax recovery, respectively	0	(26)	0	(285)
Foreign currency translation adjustments	900	(2,448)	22	(3,785)
Reclassification of cumulative translation adjustment included in net loss from discontinued operations (Note 4)	0	(13,776)	0	(13,776)
	900	(16,250)	22	(17,846)
Comprehensive loss	$ (7,156)	$ (104,875)	$ (19,872)	$ (124,317)
Net loss per common share – basic and diluted
Continuing operations (in dollars per share)	$ (0.02)	$ (0.02)	$ (0.06)	$ (0.08)
Discontinued operations (in dollars per share)	0	(0.25)	0	(0.25)
(in dollars per share)	$ (0.02)	$ (0.27)	$ (0.06)	$ (0.33)
Weighted average shares outstanding
Basic and diluted (thousands) (in shares)	326,050	322,501	325,280	322,366

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
Unrealized holding gain (loss) on marketable securities, tax recovery	$ 0	$ 6	$ 0	$ 41

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
Operating activities:
Net loss	$ (8,056)	$ (88,625)	$ (19,894)	$ (106,471)
Adjustments:
Net loss from discontinued operations, net of tax	0	80,582	0	81,229
Equity loss – Donlin Gold	3,141	2,514	6,662	7,260
Share-based compensation	1,552	1,920	4,625	5,811
Interest expense on promissory note	1,887	1,657	5,546	4,744
Foreign exchange loss	782	205	(41)	323
Deferred income tax expense (recovery)	169	(6)	503	(41)
Accretion of notes receivable	(805)	(265)	(2,396)	(265)
Other	(186)	(302)	(237)	(285)
Changes in operating assets and liabilities:
Other assets	225	235	603	297
Accounts payable and accrued liabilities	(29)	(33)	(273)	(5)
Accrued payroll and related benefits	947	656	(382)	(551)
Net cash used in operating activities of continuing operations	(373)	(1,462)	(5,284)	(7,954)
Investing activities:
Proceeds from term deposits	40,000	20,000	166,000	56,000
Purchases of term deposits	0	(120,000)	(119,000)	(152,000)
Funding of Donlin Gold	(3,840)	(2,332)	(7,646)	(7,802)
Other	0	0	0	(13)
Net cash provided from (used in) investing activities of continuing operations	36,160	(102,332)	39,354	(103,815)
Net cash provided from investing activities of discontinued operations (Note 4)	0	99,279	0	97,804
Net cash provided from (used in) investing activities	36,160	(3,053)	39,354	(6,011)
Financing activities:
Withholding tax on share-based compensation	0	0	(1,197)	0
Net cash used in investing activities of continuing operations	0	0	(1,197)	0
Effect of exchange rate changes on cash	108	(6)	4	(33)
Decrease in cash and cash equivalents	35,895	(4,521)	32,877	(13,998)
Cash and cash equivalents at beginning of period	17,986	18,477	21,004	27,954
Cash and cash equivalents at end of period	53,881	13,956	53,881	13,956
Non-cash transactions:
Notes receivable from the sale of Galore Creek (Note 5)	$ 0	$ 88,398	$ 0	$ 88,398

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]		Total
Balance (in shares) at Nov. 30, 2017	322,219
Balance at Nov. 30, 2017	$ 1,951,587	$ 83,534	$ (1,744,917)	$ (6,175)	[1]	$ 284,029
Share-based compensation	$ 0	1,949	0	0	[1]	1,949
Stock options exercised (in shares)	83
Stock options exercised	$ 977	(977)	0	0	[1]	0
Net loss	0	0	(8,215)	0	[1]	(8,215)
Other comprehensive income	$ 0	0	0	1,774	[1]	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, 2017	322,219
Balance at Nov. 30, 2017	$ 1,951,587	83,534	(1,744,917)	(6,175)	[1]	284,029
Net loss						(106,471)
Other comprehensive loss						(17,846)
Balance (in shares) at Aug. 31, 2018	322,533
Balance at Aug. 31, 2018	$ 1,953,305	87,627	(1,851,388)	(24,021)	[1]	165,523
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
Share-based compensation	$ 0	1,942	0	0	[1]	1,942
Stock options exercised (in shares)	24
Stock options exercised	$ 59	(59)	0	0	[1]	0
Net loss	0	0	(9,631)	0	[1]	(9,631)
Other comprehensive loss	$ 0	0	0	(3,370)	[1]	(3,370)
Balance (in shares) at May. 31, 2018	322,326
Balance at May. 31, 2018	$ 1,952,623	86,389	(1,762,763)	(7,771)	[1]	268,478
Share-based compensation	$ 0	1,920	0	0	[1]	1,920
Share-based awards settled in shares (in shares)	61
Share-based awards settled in shares	$ 293	(293)	0	0	[1]	0
Stock options exercised (in shares)	146
Stock options exercised	$ 389	(389)	0	0	[1]	0
Net loss	0	0	(88,625)	0	[1]	(88,625)
Other comprehensive loss	$ 0	0	0	(16,250)		(16,250)
Balance (in shares) at Aug. 31, 2018	322,533
Balance at Aug. 31, 2018	$ 1,953,305	87,627	(1,851,388)	(24,021)	[1]	165,523
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
Cumulative-effect adjustment of adopting ASU No. 2016-01	0	0	378	(378)	[1]	0
Share-based compensation	$ 0	1,531	0	0	[1]	1,531
Share-based awards settled in shares (in shares)	438
Share-based awards settled in shares	$ 2,737	(2,737)	0	0	[1]	0
Stock options exercised (in shares)	1,443
Stock options exercised	$ 2,867	(2,867)	0	0	[1]	0
Withholding tax on PSUs	0	(1,197)	0	0	[1]	(1,197)
Net loss	0	0	(6,323)	0	[1]	(6,323)
Other comprehensive income	$ 0	0	0	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
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
Stock options exercised (in shares)						6,668
Net loss						$ (19,894)
Other comprehensive loss						22
Balance (in shares) at Aug. 31, 2019	326,788
Balance at Aug. 31, 2019	$ 1,964,304	81,972	(1,877,198)	(24,834)	[1]	144,244
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
Share-based compensation	$ 0	1,542	0	0	[1]	1,542
Stock options exercised (in shares)	205
Stock options exercised	$ 468	(468)	0	0	[1]	0
Net loss	0	0	(5,515)	0	[1]	(5,515)
Other comprehensive loss	$ 0	0	0	(1,397)	[1]	(1,397)
Balance (in shares) at May. 31, 2019	325,309
Balance at May. 31, 2019	$ 1,960,933	83,791	(1,869,142)	(25,734)	[1]	149,848
Share-based compensation	$ 0	1,552	0	0	[1]	1,552
Share-based awards settled in shares (in shares)	32
Share-based awards settled in shares	$ 120	(120)	0	0	[1]	0
Stock options exercised (in shares)	1,447
Stock options exercised	$ 3,251	(3,251)	0	0	[1]	0
Net loss	0	0	(8,056)	0	[1]	(8,056)
Other comprehensive income	$ 0	0	0	900	[1]	900
Other comprehensive loss						900
Balance (in shares) at Aug. 31, 2019	326,788
Balance at Aug. 31, 2019	$ 1,964,304	$ 81,972	$ (1,877,198)	$ (24,834)	[1]	$ 144,244
[1]	Accumulated other comprehensive loss

Note 1 - Nature of Operations a

Note 1 - Nature of Operations and Basis of Presentation	9 Months Ended
	Aug. 31, 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 realized revenues from its planned principal business purpose. The Company’s principal asset is a 50% interest in the Donlin Gold project in Alaska, USA. The Donlin Gold project is owned and operated by Donlin Gold LLC, a limited liability company that is owned equally by wholly-owned subsidiaries of NOVAGOLD and Barrick Gold Corporation (“Barrick”). On July 27, 2018, 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	9 Months Ended
	Aug. 31, 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. no 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 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, July 2018 No. 2018 11, December 2018 No. 2018 20 March 2019 No. 2019 01. 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	9 Months Ended
	Aug. 31, 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	9 Months Ended
	Aug. 31, 2019
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	NOTE 4 Galore Creek T ransaction On July 27, 2018, July 27, 2021; July 27, 2023; no The Company’s share of its investment in GCP included the following: Nine months ended August 31, 2018 Net income (loss) from discontinued operations, net of tax: Equity loss – GCP $ (1,203 ) Gain (loss) on sale of Galore Creek, net of tax (80,026 ) $ (81,229 ) Net cash provided from (used in) investing activities of discontinued operations: Funding of GCP $ (1,475 ) Net cash proceeds received 99,279 $ 97,804

Note 5 - Notes Receivable

Note 5 - Notes Receivable	9 Months Ended
	Aug. 31, 2019
Notes to Financial Statements
Financing Receivables [Text Block]	NOTE 5 – NOTES RECEIVABLE The Company has notes receivable from Newmont including a $75,000 note receivable upon the earlier of the completion of a new Galore Creek project pre-feasibility study or July 27, 2021, July 27, 2023. three $75,000 $25,000 August 31, 2019, $75,000 not not August 31, 2019.

Note 6 - Investment in Donlin G

Note 6 - Investment in Donlin Gold	9 Months Ended
	Aug. 31, 2019
Donlin Gold [Member]
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	NOTE 6 – INVESTMENT IN DONLIN GOLD 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% interest. Donlin Gold LLC has a board of four members, with two members selected by Barrick and two members selected by the Company. All significant decisions related to Donlin Gold LLC require the approval of at least a majority of the Donlin Gold LLC board members. Changes in the Company’s investment in Donlin Gold LLC are summarized as follows: Three months ended August 31, Nine months ended August 31, 2019 2018 2019 2018 Balance – beginning of period $ 1,494 $ 1,824 $ 1,209 $ 1,100 Share of losses: Mineral property expenditures (3,125 ) (2,513 ) (6,629 ) (7,249 ) Depreciation (16 ) (1 ) (33 ) (11 ) (3,141 ) (2,514 ) (6,662 ) (7,260 ) Funding 3,840 2,332 7,646 7,802 Balance – end of period $ 2,193 $ 1,642 $ 2,193 $ 1,642 The following amounts represent the Company’s 50% Non-current assets: Mineral property At August 31, 2019 At November 30, 2018 Current assets: Cash, prepaid expenses and other receivables $ 2,616 $ 1,872 Non-current assets: Property and equipment 399 10 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (822 ) (673 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 34,193 $ 33,209

Note 7 - Promissory Note

Note 7 - Promissory Note	9 Months Ended
	Aug. 31, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 7 – PROMISSORY NOTE The Company has a promissory note payable to Barrick of $102,047, comprised of $51,576 in principal, and $50,471 in accrued interest at U.S. prime plus 2%. The promissory note resulted from the agreement that led to the formation of Donlin Gold LLC, where the Company agreed to reimburse Barrick for a portion of their expenditures incurred from April 1, 2006 November 30, 2007.

Note 8 - Fair Value Accounting

Note 8 - Fair Value Accounting	9 Months Ended
	Aug. 31, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 8 – FAIR VALUE ACCOUNTING 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 August 31, 2019 ( November 30, 2018),

Note 9 - General and Administra

Note 9 - General and Administrative Expenses	9 Months Ended
	Aug. 31, 2019
Notes to Financial Statements
General and Administrative Expenses [Text Block]	NOTE 9 – GENERAL AND ADMINISTRATIVE EXPENSES Three months ended August 31, Nine months ended August 31, 2019 2018 2019 2018 Salaries and benefits $ 1,562 $ 1,610 $ 4,724 $ 4,923 Share-based compensation (note 10) 1,552 1,920 4,625 5,811 Office expense 526 671 1,748 1,787 Professional fees 193 162 783 577 Corporate communications and regulatory 238 40 739 875 Depreciation 4 5 11 16 $ 4,075 $ 4,408 $ 12,630 $ 13,989

Note 10 - Share-based Compensat

Note 10 - Share-based Compensation	9 Months Ended
	Aug. 31, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	NOTE 10 – SHARE -BASED COMPENSATION Three months ended August 31, Nine months ended August 31, 2019 2018 2019 2018 Stock options $ 928 $ 941 $ 2,765 $ 2,827 Performance share unit plan 585 939 1,738 2,848 Deferred share unit plan 39 40 122 136 $ 1,552 $ 1,920 $ 4,625 $ 5,811 Stock options A summary of stock options outstanding as of August 31, 2019 nine August 31, 2019 Number of stock options (thousands) Weighted- average exercise price per share Weighted- average remaining contractual term (years) Aggregate intrinsic value November 30, 2018 17,883 $ 3.36 Granted 2,860 3.68 Exercised (6,668 ) 2.49 Forfeited (231 ) 3.87 August 31, 2019 13,844 $ 3.83 2.45 $ 69,851 Vested and exercisable as of August 31, 2019 8,961 $ 3.86 1.70 $ 41,380 The following table summarizes other stock option-related information: Nine months ended August 31, 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 August 31, 2019, nine August 31, 2019, Performance share units A summary of PSU awards outstanding as of August 31, 2019 nine August 31, 2019 Number of PSU awards (thousands) Weighted- average grant day fair value per award Aggregate intrinsic value November 30, 2018 1,797 $ 4.39 Granted 803 3.67 Vested (764 ) 4.58 Performance adjustment (167 ) 4.58 Cancelled (5 ) 3.76 August 31, 2019 1,664 $ 3.76 $ 18,700 As of August 31, 2019, The following table summarizes other PSU-related information: Nine months ended August 31, 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)	9 Months Ended
	Aug. 31, 2019
Notes to Financial Statements
Other Income and Other Expense Disclosure [Text Block]	NOTE 11 Three months ended August 31, Nine months ended August 31, 2019 2018 2019 2018 Interest income $ 1,001 $ 485 $ 3,139 $ 963 Accretion of notes receivable 805 265 2,396 265 Change in fair market value of marketable securities 190 — 248 — Interest expense on promissory note (1,887 ) (1,657 ) (5,546 ) (4,744 ) Foreign exchange gain (loss) (782 ) (205 ) 41 (323 ) Other income 92 — 92 — $ (581 ) $ (1,112 ) $ 370 $ (3,839 )

Note 12 - Related Party Transac

Note 12 - Related Party Transactions	9 Months Ended
	Aug. 31, 2019
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 1 2 – RELATED PARTY TRANSACTIONS The Company provided technical services to Donlin Gold LLC for $nil during the nine August 31, 2019 ( 2018 August 31, 2019, November 30, 2018:

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	9 Months Ended
	Aug. 31, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 1 3 – COMMITMENTS AND CONTINGENCIES 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 2025. 2019, 2020, 2021, 2022, 2023,

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Aug. 31, 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. no 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 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, July 2018 No. 2018 11, December 2018 No. 2018 20 March 2019 No. 2019 01. 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)	9 Months Ended
	Aug. 31, 2019
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	Nine months ended August 31, 2018 Net income (loss) from discontinued operations, net of tax: Equity loss – GCP $ (1,203 ) Gain (loss) on sale of Galore Creek, net of tax (80,026 ) $ (81,229 ) Net cash provided from (used in) investing activities of discontinued operations: Funding of GCP $ (1,475 ) Net cash proceeds received 99,279 $ 97,804

Note 6 - Investment in Donlin_2

Note 6 - Investment in Donlin Gold (Tables)	9 Months Ended
	Aug. 31, 2019
Donlin Gold [Member]
Notes Tables
Equity Method Investments [Table Text Block]	Three months ended August 31, Nine months ended August 31, 2019 2018 2019 2018 Balance – beginning of period $ 1,494 $ 1,824 $ 1,209 $ 1,100 Share of losses: Mineral property expenditures (3,125 ) (2,513 ) (6,629 ) (7,249 ) Depreciation (16 ) (1 ) (33 ) (11 ) (3,141 ) (2,514 ) (6,662 ) (7,260 ) Funding 3,840 2,332 7,646 7,802 Balance – end of period $ 2,193 $ 1,642 $ 2,193 $ 1,642 At August 31, 2019 At November 30, 2018 Current assets: Cash, prepaid expenses and other receivables $ 2,616 $ 1,872 Non-current assets: Property and equipment 399 10 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (822 ) (673 ) Non-current liabilities: Reclamation obligation (692 ) (692 ) Net assets $ 34,193 $ 33,209

Note 9 - General and Administ_2

Note 9 - General and Administrative Expenses (Tables)	9 Months Ended
	Aug. 31, 2019
Notes Tables
General and Administrative Expenses [Table Text Block]	Three months ended August 31, Nine months ended August 31, 2019 2018 2019 2018 Salaries and benefits $ 1,562 $ 1,610 $ 4,724 $ 4,923 Share-based compensation (note 10) 1,552 1,920 4,625 5,811 Office expense 526 671 1,748 1,787 Professional fees 193 162 783 577 Corporate communications and regulatory 238 40 739 875 Depreciation 4 5 11 16 $ 4,075 $ 4,408 $ 12,630 $ 13,989

Note 10 - Share-based Compens_2

Note 10 - Share-based Compensation (Tables)	9 Months Ended
	Aug. 31, 2019
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three months ended August 31, Nine months ended August 31, 2019 2018 2019 2018 Stock options $ 928 $ 941 $ 2,765 $ 2,827 Performance share unit plan 585 939 1,738 2,848 Deferred share unit plan 39 40 122 136 $ 1,552 $ 1,920 $ 4,625 $ 5,811
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of stock options (thousands) Weighted- average exercise price per share Weighted- average remaining contractual term (years) Aggregate intrinsic value November 30, 2018 17,883 $ 3.36 Granted 2,860 3.68 Exercised (6,668 ) 2.49 Forfeited (231 ) 3.87 August 31, 2019 13,844 $ 3.83 2.45 $ 69,851 Vested and exercisable as of August 31, 2019 8,961 $ 3.86 1.70 $ 41,380
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine months ended August 31, 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 intrinsic value November 30, 2018 1,797 $ 4.39 Granted 803 3.67 Vested (764 ) 4.58 Performance adjustment (167 ) 4.58 Cancelled (5 ) 3.76 August 31, 2019 1,664 $ 3.76 $ 18,700
Other PSU-related Information [Table Text Block]	Nine months ended August 31, 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)	9 Months Ended
	Aug. 31, 2019
Notes Tables
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	Three months ended August 31, Nine months ended August 31, 2019 2018 2019 2018 Interest income $ 1,001 $ 485 $ 3,139 $ 963 Accretion of notes receivable 805 265 2,396 265 Change in fair market value of marketable securities 190 — 248 — Interest expense on promissory note (1,887 ) (1,657 ) (5,546 ) (4,744 ) Foreign exchange gain (loss) (782 ) (205 ) 41 (323 ) Other income 92 — 92 — $ (581 ) $ (1,112 ) $ 370 $ (3,839 )

Note 1 - Nature of Operations_2

Note 1 - Nature of Operations and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	Jul. 27, 2018	Aug. 31, 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	Aug. 31, 2019	Dec. 01, 2018	Aug. 31, 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) - USD ($) $ in Thousands	Jul. 27, 2018	Aug. 31, 2019
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member]
Financing Receivable, after Allowance for Credit Loss, Total	$ 75,000
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member]
Financing Receivable, after Allowance for Credit Loss, Total	25,000
Note Receivable Upon Approval of Galore Creek Project Construction Plan [Member]
Financing Receivable, after Allowance for Credit Loss, Total	$ 75,000	$ 91,855
Galore Creek [Member]
Discontinued Operation, Ownership Percentage, Sold	50.00%
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates, Total	$ 100,000

Note 4 - Discontinued Operati_4

Note 4 - Discontinued Operations - Net Loss From Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
	$ 0	$ (80,582)	$ 0	$ (81,229)
	$ 0	$ 99,279	$ 0	97,804
Galore Creek [Member] | Discontinued Operations, Disposed of by Sale [Member]
Equity loss – GCP				(1,203)
Gain (loss) on sale of Galore Creek, net of tax				(80,026)
				(81,229)
Funding of GCP				(1,475)
Net cash proceeds received				99,279
				$ 97,804

Note 5 - Notes Receivable (Deta

Note 5 - Notes Receivable (Details Textual) $ in Thousands	Jul. 27, 2018USD ($)	Aug. 31, 2019USD ($)
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member]
Financing Receivable, after Allowance for Credit Loss, 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, after Allowance for Credit Loss, Total	$ 25,000
Notes Receivable, Fair Value Disclosure	$ 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
Note Receivable Upon Approval of Galore Creek Project Construction Plan [Member]
Financing Receivable, after Allowance for Credit Loss, Total	$ 75,000	$ 91,855
Notes Receivable, Fair Value Disclosure	0
Financing Receivable, Accumulated Accretion		$ 3,457
Notes Receivable Upon Completion Of Galore Creek Project [Member]
Notes Receivable, Fair Value Disclosure	$ 88,398
Notes Receivable Upon Completion Of Galore Creek Project [Member] | Measurement Input, Discount Rate [Member]
Notes Receivable, Measurement Input	0.036

Note 6 - Investment in Donlin_3

Note 6 - Investment in Donlin Gold (Details Textual) - Donlin Gold [Member] - USD ($) $ in Millions	Aug. 31, 2019	May 31, 2019
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		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018	Nov. 30, 2018
	$ (3,141)	$ (2,514)	$ (6,662)	$ (7,260)
Donlin Gold [Member]
Balance – beginning of period	1,494	1,824	1,209	1,100
Mineral property expenditures	(3,125)	(2,513)	(6,629)	(7,249)
Depreciation	(16)	(1)	(33)	(11)
	(3,141)	(2,514)	(6,662)	(7,260)
Funding	3,840	2,332	7,646	7,802
Balance – end of period	2,193	$ 1,642	2,193	$ 1,642
Current assets: Cash, prepaid expenses and other receivables	2,616		2,616		$ 1,872
Non-current assets: Property and equipment	399		399		10
Non-current assets: Mineral property	32,692		32,692		32,692
Current liabilities: Accounts payable and accrued liabilities	(822)		(822)		(673)
Non-current liabilities: Reclamation obligation	(692)		(692)		(692)
Net assets	$ 34,193		$ 34,193		$ 33,209

Note 7 - Promissory Note (Detai

Note 7 - Promissory Note (Details Textual) - Barrick [Member] - Notes Payable, Other Payables [Member] $ in Thousands	9 Months Ended
	Aug. 31, 2019USD ($)
Notes Payable, Total	$ 102,047
Debt Instrument, Face Amount	51,576
Interest Payable	$ 50,471
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	Aug. 31, 2019	Nov. 30, 2018
Equity Securities, FV-NI	$ 1,087	$ 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		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
Salaries and benefits	$ 1,562	$ 1,610	$ 4,724	$ 4,923
Share-based compensation (note 10)	1,552	1,920	4,625	5,811
Office expense	526	671	1,748	1,787
Professional fees	193	162	783	577
Corporate communications and regulatory	238	40	739	875
Depreciation	4	5	11	16
	$ 4,075	$ 4,408	$ 12,630	$ 13,989

Note 10 - Share-based Compens_3

Note 10 - Share-based Compensation (Details Textual) - USD ($)	9 Months Ended
	Aug. 31, 2019	Nov. 30, 2018
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 3,163
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance	4,883,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 14,872
Proceeds from Stock Options Exercised	$ 0
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 3 months
Performance Share Units [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 3 months
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 3,097
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	1,664,000	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		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
Share-based Compensation Expense	$ 1,552	$ 1,920	$ 4,625	$ 5,811
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Expense	928	941	2,765	2,827
Performance Share Units [Member]
Share-based Compensation Expense	585	939	1,738	2,848
Deferred Share Units [Member]
Share-based Compensation Expense	$ 39	$ 40	$ 122	$ 136

Note 10 - Share-based Compens_5

Note 10 - Share-based Compensation - Summary of Stock Options Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Aug. 31, 2019
Balance (in shares)	17,883
Weighted average exercise price outstanding, balance (in dollars per share)	$ 3.36
Granted (in shares)	2,860
Granted, weighted average exercise price (in dollars per share)	$ 3.68
Exercised (in shares)	(6,668)
Exercised, weighted average exercise price (in dollars per share)	$ 2.49
Forfeited (in shares)	(231)
Forfeited, weighted average exercise price (in dollars per share)	$ 3.87
Balance (in shares)	13,844
Weighted average exercise price outstanding, balance (in dollars per share)	$ 3.83
Weighted- average remaining contractual term , outstanding (Year)	2 years 5 months 12 days
Aggregate intrinsic value, outstanding	$ 69,851
Vested and exercisable (in shares)	8,961
Vested and exercisable, weighted average exercise price (in dollars per share)	$ 3.86
Weighted- average remaining contractual term, vested and exercisable (Year)	1 year 8 months 12 days
Aggregate intrinsic value, vested and exercisable	$ 41,380

Note 10 - Share-based Compens_6

Note 10 - Share-based Compensation - Other Information Related to Stock Options (Details) - $ / shares	9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018
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 Millions	9 Months Ended
	Aug. 31, 2019USD ($)$ / sharesshares
Balance, Numbers of awards (in shares) | shares	1,797,000
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares	$ 4.39
Granted, Numbers of awards (in shares) | shares	803,000
Granted, weighted average grant day fair value per award (in dollars per share) | $ / shares	$ 3.67
Vested, Numbers of awards (in shares) | shares	(764,000)
Vested, weighted average grant day fair value per award (in dollars per share) | $ / shares	$ 4.58
Performance adjustment, Numbers of awards (in shares) | shares	(167,000)
Performance adjustment, weighted average grant day fair value per award (in dollars per share) | $ / shares	$ 4.58
Cancelled, Numbers of awards (in shares) | shares	(5,000)
Cancelled, weighted average grant day fair value per award (in dollars per share) | $ / shares	$ 3.76
Balance, Numbers of awards (in shares) | shares	1,664,000
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares	$ 3.76
Balance, Aggregate intrinsic value | $	$ 18.7

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		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
Withholding tax paid on PSUs vested	$ 0	$ 0	$ 1,197	$ 0
Performance Share Units [Member]
Performance multiplier on PSUs vested			82.00%	0.00%
Common shares issued (in shares)			438	0
Total fair value of common shares issued			$ 1,607	$ 0
Withholding tax paid on PSUs vested			$ 1,197	$ 0

Note 11 - Other Income (Expen_3

Note 11 - Other Income (Expense) - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
Interest income	$ 1,001	$ 485	$ 3,139	$ 963
Accretion of notes receivable	805	265	2,396	265
Change in fair market value of marketable securities	190	0	248	0
Interest expense on promissory note	(1,887)	(1,657)	(5,546)	(4,744)
Foreign exchange gain (loss)	(782)	(205)	41	(323)
Other income	92	0	92	0
	$ (581)	$ (1,112)	$ 370	$ (3,839)

Note 12 - Related Party Trans_2

Note 12 - Related Party Transactions (Details Textual) - Donlin Gold [Member] - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Nov. 30, 2018
Accounts Receivable, Related Parties	$ 44		$ 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	Jun. 30, 2019USD ($)
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year	$ 56
Operating Leases, Future Minimum Payments, Due in Two Years	302
Operating Leases, Future Minimum Payments, Due in Three Years	337
Operating Leases, Future Minimum Payments, Due in Four Years	345
Operating Leases, Future Minimum Payments, Due in Five Years	155
Operating Leases, Future Minimum Payments, Due Thereafter	162
Operating Leases, Future Minimum Payments Due, Total	$ 1,357