NovaGold Resources (NG) 10-Q 30 Sep 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Aug. 31, 2020	Sep. 23, 2020
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	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2020
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		329,912,479

Condensed Consolidated Interim

Condensed Consolidated Interim Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Aug. 31, 2020	Nov. 30, 2019
ASSETS
Cash and cash equivalents	$ 45,348	$ 67,549
Term deposits	81,000	81,000
Notes receivable (Note 4)	72,611	0
Other assets (Note 6)	1,158	1,790
Current assets	200,117	150,339
Notes receivable (Note 4)	22,551	92,679
Investment in Donlin Gold (Note 5)	4,005	1,840
Other assets (Note 6)	2,321	977
Total assets	228,994	245,835
Accounts payable and accrued liabilities	968	880
Accrued payroll and related benefits	1,674	2,143
Income taxes payable	139	138
Lease obligations (Note 12)	201	0
Other liabilities	182	182
Current liabilities	3,164	3,343
Promissory note (Note 7)	108,375	103,787
Lease obligations (Note 12)	455	0
Deferred income taxes	1,272	751
Total liabilities	113,266	107,881
EQUITY
Common shares	1,970,299	1,965,573
Contributed surplus	81,135	82,254
Accumulated deficit	(1,911,629)	(1,885,065)
Accumulated other comprehensive loss	(24,077)	(24,808)
Total equity	115,728	137,954
Total liabilities and equity	$ 228,994	$ 245,835

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Operating expenses:
General and administrative (Note 9)	$ 4,745	$ 4,075	$ 13,846	$ 12,630
Equity loss – Donlin Gold (Note 5)	6,150	3,141	11,418	6,662
Operating Expenses, Total	10,895	7,216	25,264	19,292
Loss from operations	(10,895)	(7,216)	(25,264)	(19,292)
Interest expense on promissory note	(1,428)	(1,887)	(4,588)	(5,546)
Accretion of notes receivable	835	805	2,483	2,396
Other income (expense), net (Note 10)	(982)	501	1,599	3,520
Loss before income taxes and other items	(12,470)	(7,797)	(25,770)	(18,922)
Income tax expense	(266)	(259)	(794)	(972)
Net loss	(12,736)	(8,056)	(26,564)	(19,894)
Other comprehensive loss:
Foreign currency translation adjustments	2,345	900	731	22
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	2,345	900	731	22
Comprehensive loss	$ (10,391)	$ (7,156)	$ (25,833)	$ (19,872)
Net loss per common share – basic and diluted (in dollars per share)	$ (0.04)	$ (0.02)	$ (0.08)	$ (0.06)
Weighted average shares outstanding
Basic and diluted (thousands) (in shares)	329,598	326,050	329,001	325,280

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Operating activities:
Net loss	$ (12,736)	$ (8,056)	$ (26,564)	$ (19,894)
Adjustments:
Equity loss – Donlin Gold	6,150	3,141	11,418	6,662
Share-based compensation	1,783	1,552	5,259	4,625
Interest expense on promissory note	1,428	1,887	4,588	5,546
Deferred income tax expense	175	169	521	503
Foreign exchange (gain) loss	1,745	782	485	(41)
Accretion of notes receivable	(835)	(805)	(2,483)	(2,396)
Change in fair value of marketable securities	(372)	(190)	(662)	(248)
Other operating adjustments	4	4	14	11
Net change in operating assets and liabilities (Note 13)	832	1,143	267	(52)
Net cash used in operating activities	(1,826)	(373)	(7,157)	(5,284)
Investing activities:
Proceeds from term deposits	0	40,000	46,000	166,000
Purchases of term deposits	0	0	(46,000)	(119,000)
Funding of Donlin Gold	(6,693)	(3,840)	(13,583)	(7,646)
Net cash provided from (used in) investing activities	(6,693)	36,160	(13,583)	39,354
Financing activities:
Withholding tax on share-based compensation	0	0	(1,652)	(1,197)
Net cash used in investing activities	0	0	(1,652)	(1,197)
Effect of exchange rate changes on cash	538	108	191	4
Increase (Decrease) in cash and cash equivalents	(7,981)	35,895	(22,201)	32,877
Cash and cash equivalents at beginning of period	53,329	17,986	67,549	21,004
Cash and cash equivalents at end of period	$ 45,348	$ 53,881	$ 45,348	$ 53,881

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, 2018	323,223
Balance at Nov. 30, 2018	$ 1,954,861	$ 87,987	$ (1,857,682)	$ (24,478)	[1]	$ 160,688
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 (loss)	0	0	0	519	[1]	519
Cumulative-effect adjustment of adopting ASU No. 2016-01	$ 0	0	378	(378)	[1]	0
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
Net loss						(19,894)
Other comprehensive income (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)		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 income (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		1,552
Share-based awards settled in shares (in shares)	32
Share-based awards settled in shares	$ 120	(120)	0	0		0
Stock options exercised (in shares)	1,447
Stock options exercised	$ 3,251	(3,251)	0	0		0
Net loss	0	0	(8,056)	0		(8,056)
Other comprehensive income (loss)	$ 0	0	0	900		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)		144,244
Balance (in shares) at Nov. 30, 2019	327,630
Balance at Nov. 30, 2019	$ 1,965,573	82,254	(1,885,065)	(24,808)	[1]	137,954
Share-based compensation	$ 0	1,761	0	0	[1]	1,761
Share-based awards settled in shares (in shares)	410
Share-based awards settled in shares	$ 1,026	(1,026)	0	0	[1]	0
Stock options exercised (in shares)	560
Stock options exercised	$ 1,618	(1,618)	0	0	[1]	0
Withholding tax on PSUs	0	(1,652)	0	0	[1]	(1,652)
Net loss	0	0	(6,595)	0	[1]	(6,595)
Other comprehensive income (loss)	$ 0	0	0	(455)	[1]	(455)
Balance (in shares) at Feb. 29, 2020	328,600
Balance at Feb. 29, 2020	$ 1,968,217	79,719	(1,891,660)	(25,263)	[1]	131,013
Balance (in shares) at Nov. 30, 2019	327,630
Balance at Nov. 30, 2019	$ 1,965,573	82,254	(1,885,065)	(24,808)	[1]	$ 137,954
Stock options exercised (in shares)						2,661
Net loss						$ (26,564)
Other comprehensive income (loss)						731
Balance (in shares) at Aug. 31, 2020	329,598
Balance at Aug. 31, 2020	$ 1,970,299	81,135	(1,911,629)	(24,077)		115,728
Balance (in shares) at Feb. 29, 2020	328,600
Balance at Feb. 29, 2020	$ 1,968,217	79,719	(1,891,660)	(25,263)	[1]	131,013
Share-based compensation	$ 0	1,715	0	0	[1]	1,715
Stock options exercised (in shares)	998
Stock options exercised	$ 2,082	(2,082)	0	0	[1]	0
Net loss	0	0	(7,233)	0	[1]	(7,233)
Other comprehensive income (loss)	$ 0	0	0	(1,159)	[1]	(1,159)
Balance (in shares) at May. 31, 2020	329,598
Balance at May. 31, 2020	$ 1,970,299	79,352	(1,898,893)	(26,422)	[1]	124,336
Share-based compensation	0	1,783	0	0		1,783
Net loss	0	0	(12,736)	0		(12,736)
Other comprehensive income (loss)	$ 0	0	0	2,345		2,345
Balance (in shares) at Aug. 31, 2020	329,598
Balance at Aug. 31, 2020	$ 1,970,299	$ 81,135	$ (1,911,629)	$ (24,077)		$ 115,728
[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, 2020
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”). The interim Condensed Consolidated Financial Statements (“interim 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, 2019. 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 United States 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, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 2 Recently adopted accounting pronouncements Leases In February 2016, No. 2016 02 842, one On December 1, 2019, three nine August 31, 2020 842. No 840, December 1, 2019. not one Adoption of the new standard resulted in recording an operating lease ROU asset and operating lease liability of approximately $399 on our Condensed Consolidated Balance Sheet as of December 1, 2019. not 12. Changes to the Company’s accounting policy as a result of adoption are discussed below. The Company reviews all contracts and determines if the arrangement represents or contains a lease, at inception. Operating leases are included in Other non-current assets Other current non-current liabilities not Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may 12 not not Recently issued accounting pronouncements 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, 2020
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 as a single segment considering the performance of our investment in the Donlin Gold project in Alaska, USA (Note 5

Note 4 - Notes Receivable

Note 4 - Notes Receivable	9 Months Ended
	Aug. 31, 2020
Notes to Financial Statements
Financing Receivables [Text Block]	NOTE 4 – NOTES RECEIVABLE The Company has notes receivable from Newmont Corp. (“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 five $75,000 $25,000 three five August 31, 2020, $75,000 $75,000 not not August 31, 2020.

Note 5 - Investment in Donlin G

Note 5 - Investment in Donlin Gold	9 Months Ended
	Aug. 31, 2020
Donlin Gold [Member]
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	NOTE 5 – 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 two two Changes in the Company’s investment in Donlin Gold LLC are summarized as follows: Three months ended August 31, Nine months ended August 31, 2020 2019 2020 2019 Balance – beginning of period $ 3,462 $ 1,494 $ 1,840 $ 1,209 Share of losses: Mineral property expenditures (6,111 ) (3,125 ) (11,319 ) (6,629 ) Depreciation (39 ) (16 ) (99 ) (33 ) (6,150 ) (3,141 ) (11,418 ) (6,662 ) Funding 6,693 3,840 13,583 7,646 Balance – end of period $ 4,005 $ 2,193 $ 4,005 $ 2,193 The following amounts represent the Company’s 50% Non-current assets: Mineral property At August 31, At November 30, 2020 2019 Current assets: Cash, prepaid expenses and other receivables $ 5,531 $ 3,115 Non-current assets: Property and equipment 1,264 462 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (2,645 ) (1,737 ) Non-current liabilities: Reclamation and lease obligations (837 ) (692 ) Net assets $ 36,005 $ 33,840

Note 6 - Other Assets

Note 6 - Other Assets	9 Months Ended
	Aug. 31, 2020
Notes to Financial Statements
Other Assets Disclosure [Text Block]	NOTE 6 At August 31, 2020 At November 30, 2019 Other current assets: Accounts and interest receivable $ 1,005 $ 1,100 Prepaid expenses 153 690 $ 1,158 $ 1,790 Other long-term assets: Marketable equity securities $ 1,637 $ 935 Right-of-use assets 648 — Office equipment 36 42 $ 2,321 $ 977

Note 7 - Promissory Note

Note 7 - Promissory Note	9 Months Ended
	Aug. 31, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 7 – PROMISSORY NOTE The Company has a promissory note payable to Barrick of $108,375, comprised of $51,576 in principal, and $56,799 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, 2020
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, 2020 ( November 30, 2019),

Note 9 - General and Administra

Note 9 - General and Administrative Expenses	9 Months Ended
	Aug. 31, 2020
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, 2020 2019 2020 2019 Salaries and benefits $ 1,483 $ 1,562 $ 4,722 $ 4,724 Share-based compensation (Note 11) 1,783 1,552 5,259 4,625 Office expense 461 526 1,644 1,748 Professional fees 669 193 1,251 783 Corporate communications and regulatory 347 238 964 739 Depreciation 2 4 6 11 $ 4,745 $ 4,075 $ 13,846 $ 12,630

Note 10 - Other Income (Expense

Note 10 - Other Income (Expense), Net	9 Months Ended
	Aug. 31, 2020
Notes to Financial Statements
Other Income and Other Expense Disclosure [Text Block]	NOTE 10 (EXPENSE) , NET Three months ended August 31, Nine months ended August 31, 2020 2019 2020 2019 Interest income $ 391 $ 1,001 $ 1,422 $ 3,139 Change in fair market value of marketable securities 372 190 662 248 Foreign exchange gain (loss) (1,745 ) (782 ) (485 ) 41 Other income — 92 — 92 $ (982 ) $ 501 $ 1,599 $ 3,520

Note 11 - Share-based Compensat

Note 11 - Share-based Compensation	9 Months Ended
	Aug. 31, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	NOTE 1 1 – SHARE -BASED COMPENSATION Three months ended August 31, Nine months ended August 31, 2020 2019 2020 2019 Stock options $ 1,095 $ 928 $ 3,196 $ 2,765 Performance share unit plan 636 585 1,913 1,738 Deferred share unit plan 52 39 150 122 $ 1,783 $ 1,552 $ 5,259 $ 4,625 Stock options A summary of stock options outstanding as of August 31, 2020 nine August 31, 2020 Number of stock options (thousands) Weighted- average exercise price per share Weighted- average remaining contractual term (years) Aggregate intrinsic value November 30, 2019 12,527 $ 3.98 Granted 1,781 7.27 Exercised (2,661 ) 4.01 August 31, 2020 11,647 $ 4.51 2.33 $ 71,012 Vested and exercisable as of August 31, 2020 6,966 $ 4.05 1.58 $ 45,163 The following table summarizes other stock option-related information: Nine months ended August 31, 2020 2019 Weighted-average assumptions used to value stock option awards: Expected volatility 46.2 % 46.9 % Expected term of options (years) 4 4 Expected dividend rate — — Risk-free interest rate 1.5 % 2.7 % Expected forfeiture rate 3.1 % 3.1 % Weighted-average grant-date fair value $ 2.71 $ 1.46 Intrinsic value of options exercised $ 15,198 $ 14,872 Cash received from options exercised $ — $ — As of August 31, 2020, Performance share units A summary of PSU awards outstanding as of August 31, 2020 nine August 31, 2020 Number of PSU awards (thousands) Weighted- average grant day fair value per award Aggregate intrinsic value November 30, 2019 1,664 $ 3.76 Granted 452 6.92 Vested (648 ) 6.96 Performance adjustment 216 6.96 August 31, 2020 1,684 $ 4.59 $ 23,041 As of August 31, 2020, The following table summarizes other PSU-related information: Nine months ended August 31, 2020 2019 Performance multiplier on PSUs vested 150 % 82 % Common shares issued (thousands) 648 438 Total fair value of common shares issued $ 2,855 $ 1,607 Withholding tax paid on PSUs vested $ 1,652 $ 1,197

Note 12 - Leases

Note 12 - Leases	9 Months Ended
	Aug. 31, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE 1 2 – LEASES The Company leases office space under non-cancelable operating leases with original lease terms of five may five not not The Company performed evaluations of its contracts and determined each of its identified leases are operating leases. Additionally, short-term leases, which have an initial term of 12 not Lease expenses are included in General and administrative expense – Office expense nine August 31, 2020: Operating lease cost $ 157 Variable lease cost 82 Short-term lease cost 3 $ 242 On February 1, 2020, Future minimum lease payments under non-cancellable operating leases as of August 31, 2020, 2020 (excluding the nine months ended August 31, 2020) $ 55 2021 231 2022 237 2023 90 2024 91 Thereafter 8 Total future minimum lease payments 712 Less: imputed interest (56 ) Total $ 656 Other information regarding leases for the nine August 31, 2020 Cash paid for operating leases $ 149 Right-of-use assets obtained in exchange for lease liabilities $ 380 Weighted average remaining lease term (years) – operating leases 3.4 Weighted average discount rate – operating leases 5 %

Note 13 - Net Change in Operati

Note 13 - Net Change in Operating Assets and Liabilities	9 Months Ended
	Aug. 31, 2020
Notes to Financial Statements
Net Change in Operating Assets and Liabilities [Text Block]	NOTE 13 Nine months ended August 31, 2020 2019 Changes in operating assets and liabilities: Other assets $ 667 $ 603 Accounts payable and accrued liabilities 70 (273 ) Accrued payroll and related benefits (470 ) (382 ) $ 267 $ (52 )

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Aug. 31, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently adopted accounting pronouncements Leases In February 2016, No. 2016 02 842, one On December 1, 2019, three nine August 31, 2020 842. No 840, December 1, 2019. not one Adoption of the new standard resulted in recording an operating lease ROU asset and operating lease liability of approximately $399 on our Condensed Consolidated Balance Sheet as of December 1, 2019. not 12. Changes to the Company’s accounting policy as a result of adoption are discussed below. The Company reviews all contracts and determines if the arrangement represents or contains a lease, at inception. Operating leases are included in Other non-current assets Other current non-current liabilities not Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may 12 not not Recently issued accounting pronouncements Fair Value Disclosure Requirements In August 2018, No. 2018 13 December 1, 2020,

Note 5 - Investment in Donlin_2

Note 5 - Investment in Donlin Gold (Tables)	9 Months Ended
	Aug. 31, 2020
Donlin Gold [Member]
Notes Tables
Equity Method Investments [Table Text Block]	Three months ended August 31, Nine months ended August 31, 2020 2019 2020 2019 Balance – beginning of period $ 3,462 $ 1,494 $ 1,840 $ 1,209 Share of losses: Mineral property expenditures (6,111 ) (3,125 ) (11,319 ) (6,629 ) Depreciation (39 ) (16 ) (99 ) (33 ) (6,150 ) (3,141 ) (11,418 ) (6,662 ) Funding 6,693 3,840 13,583 7,646 Balance – end of period $ 4,005 $ 2,193 $ 4,005 $ 2,193 At August 31, At November 30, 2020 2019 Current assets: Cash, prepaid expenses and other receivables $ 5,531 $ 3,115 Non-current assets: Property and equipment 1,264 462 Non-current assets: Mineral property 32,692 32,692 Current liabilities: Accounts payable and accrued liabilities (2,645 ) (1,737 ) Non-current liabilities: Reclamation and lease obligations (837 ) (692 ) Net assets $ 36,005 $ 33,840

Note 6 - Other Assets (Tables)

Note 6 - Other Assets (Tables)	9 Months Ended
	Aug. 31, 2020
Notes Tables
Schedule of Other Assets [Table Text Block]	At August 31, 2020 At November 30, 2019 Other current assets: Accounts and interest receivable $ 1,005 $ 1,100 Prepaid expenses 153 690 $ 1,158 $ 1,790 Other long-term assets: Marketable equity securities $ 1,637 $ 935 Right-of-use assets 648 — Office equipment 36 42 $ 2,321 $ 977

Note 9 - General and Administ_2

Note 9 - General and Administrative Expenses (Tables)	9 Months Ended
	Aug. 31, 2020
Notes Tables
General and Administrative Expenses [Table Text Block]	Three months ended August 31, Nine months ended August 31, 2020 2019 2020 2019 Salaries and benefits $ 1,483 $ 1,562 $ 4,722 $ 4,724 Share-based compensation (Note 11) 1,783 1,552 5,259 4,625 Office expense 461 526 1,644 1,748 Professional fees 669 193 1,251 783 Corporate communications and regulatory 347 238 964 739 Depreciation 2 4 6 11 $ 4,745 $ 4,075 $ 13,846 $ 12,630

Note 10 - Other Income (Expen_2

Note 10 - Other Income (Expense), Net (Tables)	9 Months Ended
	Aug. 31, 2020
Notes Tables
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	Three months ended August 31, Nine months ended August 31, 2020 2019 2020 2019 Interest income $ 391 $ 1,001 $ 1,422 $ 3,139 Change in fair market value of marketable securities 372 190 662 248 Foreign exchange gain (loss) (1,745 ) (782 ) (485 ) 41 Other income — 92 — 92 $ (982 ) $ 501 $ 1,599 $ 3,520

Note 11 - Share-based Compens_2

Note 11 - Share-based Compensation (Tables)	9 Months Ended
	Aug. 31, 2020
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three months ended August 31, Nine months ended August 31, 2020 2019 2020 2019 Stock options $ 1,095 $ 928 $ 3,196 $ 2,765 Performance share unit plan 636 585 1,913 1,738 Deferred share unit plan 52 39 150 122 $ 1,783 $ 1,552 $ 5,259 $ 4,625
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, 2019 12,527 $ 3.98 Granted 1,781 7.27 Exercised (2,661 ) 4.01 August 31, 2020 11,647 $ 4.51 2.33 $ 71,012 Vested and exercisable as of August 31, 2020 6,966 $ 4.05 1.58 $ 45,163
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine months ended August 31, 2020 2019 Weighted-average assumptions used to value stock option awards: Expected volatility 46.2 % 46.9 % Expected term of options (years) 4 4 Expected dividend rate — — Risk-free interest rate 1.5 % 2.7 % Expected forfeiture rate 3.1 % 3.1 % Weighted-average grant-date fair value $ 2.71 $ 1.46 Intrinsic value of options exercised $ 15,198 $ 14,872 Cash received from options exercised $ — $ —
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, 2019 1,664 $ 3.76 Granted 452 6.92 Vested (648 ) 6.96 Performance adjustment 216 6.96 August 31, 2020 1,684 $ 4.59 $ 23,041
Other PSU-related Information [Table Text Block]	Nine months ended August 31, 2020 2019 Performance multiplier on PSUs vested 150 % 82 % Common shares issued (thousands) 648 438 Total fair value of common shares issued $ 2,855 $ 1,607 Withholding tax paid on PSUs vested $ 1,652 $ 1,197

Note 12 - Leases (Tables)

Note 12 - Leases (Tables)	9 Months Ended
	Aug. 31, 2020
Notes Tables
Lease, Cost [Table Text Block]	Operating lease cost $ 157 Variable lease cost 82 Short-term lease cost 3 $ 242
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	2020 (excluding the nine months ended August 31, 2020) $ 55 2021 231 2022 237 2023 90 2024 91 Thereafter 8 Total future minimum lease payments 712 Less: imputed interest (56 ) Total $ 656
Lessee, Operating Lease, Cash Payments and Weighted Average Infromation [Table Text Block]	Cash paid for operating leases $ 149 Right-of-use assets obtained in exchange for lease liabilities $ 380 Weighted average remaining lease term (years) – operating leases 3.4 Weighted average discount rate – operating leases 5 %

Note 13 - Net Change in Opera_2

Note 13 - Net Change in Operating Assets and Liabilities (Tables)	9 Months Ended
	Aug. 31, 2020
Notes Tables
Cash Flow, Operating Capital [Table Text Block]	Nine months ended August 31, 2020 2019 Changes in operating assets and liabilities: Other assets $ 667 $ 603 Accounts payable and accrued liabilities 70 (273 ) Accrued payroll and related benefits (470 ) (382 ) $ 267 $ (52 )

Note 1 - Nature of Operations_2

Note 1 - Nature of Operations and Basis of Presentation (Details Textual) $ in Thousands	9 Months Ended
	Aug. 31, 2020USD ($)
Revenues, Total	$ 0
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, 2020	Dec. 01, 2019	Nov. 30, 2019
Operating Lease, Right-of-Use Asset	$ 648		$ 0
Operating Lease, Liability, Total	$ 656
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset		$ 399
Operating Lease, Liability, Total		$ 399

Note 4 - Notes Receivable (Deta

Note 4 - Notes Receivable (Details Textual) $ in Thousands	Jul. 27, 2018USD ($)yr	Aug. 31, 2020USD ($)
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member]
Financing Receivable, after Allowance for Credit Loss, Total	$ 75,000
Receivable Instrument, Term (Year)	3 years
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | Measurement Input, Expected Term [Member]
Notes Receivable, Measurement Input | yr	3
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member]
Financing Receivable, after Allowance for Credit Loss, Total	$ 25,000
Receivable Instrument, Term (Year)	5 years
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | Measurement Input, Expected Term [Member]
Notes Receivable, Measurement Input | yr	5
Note Receivable Upon Approval of Galore Creek Project Construction Plan [Member]
Financing Receivable, after Allowance for Credit Loss, Total	$ 75,000
Notes Receivable, Fair Value Disclosure	0	$ 95,162
Financing Receivable, Accumulated Accretion		$ 6,764
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 5 - Investment in Donlin_3

Note 5 - Investment in Donlin Gold (Details Textual) - Donlin Gold [Member] $ in Millions	Aug. 31, 2020USD ($)
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 5 - Investment in Donlin_4

Note 5 - 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, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019	Nov. 30, 2019
Income (Loss) from Equity Method Investments, Total	$ (6,150)	$ (3,141)	$ (11,418)	$ (6,662)
Current assets: Cash, prepaid expenses and other receivables	200,117		200,117		$ 150,339
Current liabilities: Accounts payable and accrued liabilities	(968)		(968)		(880)
Donlin Gold [Member]
Balance – beginning of period	3,462	1,494	1,840	1,209
Mineral property expenditures	(6,111)	(3,125)	(11,319)	(6,629)
Depreciation	(39)	(16)	(99)	(33)
Income (Loss) from Equity Method Investments, Total	(6,150)	(3,141)	(11,418)	(6,662)
Funding	6,693	3,840	13,583	7,646
Balance – end of period	4,005	$ 2,193	4,005	$ 2,193
Current assets: Cash, prepaid expenses and other receivables	5,531		5,531		3,115
Non-current assets: Property and equipment	1,264		1,264		462
Non-current assets: Mineral property	32,692		32,692		32,692
Current liabilities: Accounts payable and accrued liabilities	(2,645)		(2,645)		(1,737)
Non-current liabilities: Reclamation and lease obligations	(837)		(837)		(692)
Net assets	$ 36,005		$ 36,005		$ 33,840

Note 6 - Other Assets - Carryin

Note 6 - Other Assets - Carrying Amounts of Other Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Nov. 30, 2019
Accounts and interest receivable	$ 1,005	$ 1,100
Prepaid expenses	153	690
Other Assets, Current	1,158	1,790
Marketable equity securities	1,637	935
Right-of-use assets	648	0
Office equipment	36	42
Other Assets, Noncurrent, Total	$ 2,321	$ 977

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, 2020USD ($)
Notes Payable, Total	$ 108,375
Debt Instrument, Face Amount	51,576
Interest Payable	$ 56,799
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, 2020	Nov. 30, 2019
Equity Securities, FV-NI	$ 1,637	$ 935

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, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Salaries and benefits	$ 1,483	$ 1,562	$ 4,722	$ 4,724
Share-based compensation (Note 11)	1,783	1,552	5,259	4,625
Office expense	461	526	1,644	1,748
Professional fees	669	193	1,251	783
Corporate communications and regulatory	347	238	964	739
Depreciation	2	4	6	11
General and Administrative Expense, Total	$ 4,745	$ 4,075	$ 13,846	$ 12,630

Note 10 - Other Income (Expen_3

Note 10 - Other Income (Expense), Net - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Interest income	$ 391	$ 1,001	$ 1,422	$ 3,139
Change in fair market value of marketable securities	372	190	662	248
Foreign exchange gain (loss)	(1,745)	(782)	(485)	41
Other income	0	92	0	92
Nonoperating Income (Expense), Total	$ (982)	$ 501	$ 1,599	$ 3,520

Note 11 - Share-based Compens_3

Note 11 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2020	Nov. 30, 2019
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 3,810
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares)	4,681,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 3 months
Performance Share Units [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 3,779
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 3 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	1,684,000	1,664,000

Note 11 - Share-based Compens_4

Note 11 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Share-based Compensation Expense	$ 1,783	$ 1,552	$ 5,259	$ 4,625
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Expense	1,095	928	3,196	2,765
Performance Share Units [Member]
Share-based Compensation Expense	636	585	1,913	1,738
Deferred Share Units [Member]
Share-based Compensation Expense	$ 52	$ 39	$ 150	$ 122

Note 11 - Share-based Compens_5

Note 11 - Share-based Compensation - Summary of Stock Options Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Aug. 31, 2020	May 31, 2020
Balance (in shares)	12,527
Weighted average exercise price outstanding, balance (in dollars per share)	$ 3.98
Granted (in shares)	1,781
Granted, weighted average exercise price (in dollars per share)	$ 7.27
Exercised (in shares)	(2,661)
Exercised, weighted average exercise price (in dollars per share)	$ 4.01
Balance (in shares)	11,647
Weighted average exercise price outstanding, balance (in dollars per share)	$ 4.51
Outstanding, weighted-average remaining contractual term (Year)	2 years 3 months 29 days
Outstanding, aggregate intrinsic value		$ 71,012
Vested and exercisable as of August 31, 2020 (in shares)	6,966
Vested and exercisable as of May 31, 2020, weighted average exercise price outstanding (in dollars per share)	$ 4.05
Vested and exercisable as of May 31, 2020, weighted-average remaining contractual term (Year)	1 year 6 months 29 days
Vested and exercisable as of May 31, 2020, aggregate intrinsic value		$ 45,163

Note 11 - Share-based Compens_6

Note 11 - Share-based Compensation - Other Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019
Expected volatility	46.20%	46.90%
Expected term of options (Year)	4 years	4 years
Expected dividend rate	0.00%	0.00%
Risk-free interest rate	1.50%	2.70%
Expected forfeiture rate	3.10%	3.10%
Weighted-average grant-date fair value (in dollars per share)	$ 2.71	$ 1.46
Intrinsic value of options exercised	$ 15,198	$ 14,872
Cash received from options exercised	$ 0	$ 0

Note 11 - Share-based Compens_7

Note 11 - Share-based Compensation - PSU Awards Outstanding and PSU Activity (Details) - Performance Share Units [Member] $ / shares in Units, $ in Thousands	9 Months Ended
	Aug. 31, 2020USD ($)$ / sharesshares
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
Granted, Numbers of awards (in shares) | shares	452,000
Granted, weighted average grant day fair value per award (in dollars per share) | $ / shares	$ 6.92
Vested, Numbers of awards (in shares) | shares	(648,000)
Vested, weighted average grant day fair value per award (in dollars per share) | $ / shares	$ 6.96
Performance adjustment, Numbers of awards (in shares) | shares	216,000
Performance adjustment, weighted average grant day fair value per award (in dollars per share) | $ / shares	$ 6.96
Balance, Numbers of awards (in shares) | shares	1,684,000
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares	$ 4.59
Balance, Aggregate intrinsic value | $	$ 23,041

Note 11 - Share-based Compens_8

Note 11 - Share-based Compensation - Other PSU-related Information (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Withholding tax paid on PSUs vested	$ 0	$ 0	$ 1,652	$ 1,197
Performance Share Units [Member]
Performance multiplier on PSUs vested			150.00%	82.00%
Common shares issued (in shares)			648	438
Total fair value of common shares issued			$ 2,855	$ 1,607
Withholding tax paid on PSUs vested			$ 1,652	$ 1,197

Note 12 - Leases (Details Textu

Note 12 - Leases (Details Textual) - USD ($) $ in Thousands	Feb. 01, 2020	Aug. 31, 2020
Lessee, Operating Lease, Term of Contract (Year)		5 years
Lessee, Operating Lease, Renewal Term (Year)		5 years
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 380	$ 380

Note 12 - Leases - Lease Cost (

Note 12 - Leases - Lease Cost (Details) $ in Thousands	9 Months Ended
	Aug. 31, 2020USD ($)
Operating lease cost	$ 157
Variable lease cost	82
Short-term lease cost	3
Lease, Cost, Total	$ 242

Note 12 - Leases - Minimum Leas

Note 12 - Leases - Minimum Lease Payments (Details) $ in Thousands	Aug. 31, 2020USD ($)
2020 (excluding the nine months ended August 31, 2020)	$ 55
2021	231
2022	237
2023	90
2024	91
Thereafter	8
Total future minimum lease payments	712
Less: imputed interest	(56)
Total	$ 656

Note 12 - Leases - Cash Payment

Note 12 - Leases - Cash Payments and Weighted Average Information (Details) - USD ($) $ in Thousands	Feb. 01, 2020	Aug. 31, 2020
Cash paid for operating leases		$ 149
Right-of-use assets obtained in exchange for lease liabilities	$ 380	$ 380
Weighted average remaining lease term (years) – operating leases (Year)		3 years 4 months 24 days
Weighted average discount rate – operating leases		5.00%

Note 13 - Net Change in Opera_3

Note 13 - Net Change in Operating Assets and Liabilities - Net Change in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Other assets			$ 667	$ 603
Accounts payable and accrued liabilities			70	(273)
Accrued payroll and related benefits			(470)	(382)
Increase (Decrease) in Operating Capital, Total	$ 832	$ 1,143	$ 267	$ (52)