Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 30, 2021 | Jan. 19, 2022 | May 31, 2021 | |
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 | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Nov. 30, 2021 | ||
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 | ||
Trading Symbol | NG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 2,500,640,000 | ||
Entity Common Stock, Shares Outstanding | 332,921,907 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Cash and cash equivalents | $ 91,124 | $ 60,906 |
Term deposits | 78,000 | 61,000 |
Notes receivable (Note 4) | 0 | 72,611 |
Other assets (Note 6) | 327 | 1,869 |
Current assets | 169,451 | 196,386 |
Notes receivable (Note 4) | 23,572 | 23,405 |
Investment in Donlin Gold (Note 5) | 3,576 | 2,614 |
Other assets (Note 6) | 2,253 | 2,036 |
Total assets | 198,852 | 224,441 |
Accounts payable and accrued liabilities | 682 | 900 |
Accrued payroll and related benefits | 2,637 | 2,215 |
Other liabilities (Note 9) | 1,064 | 394 |
Current liabilities | 4,383 | 3,509 |
Promissory note (Note 7) | 115,723 | 109,801 |
Other liabilities (Note 9) | 464 | 404 |
Total liabilities | 120,570 | 113,714 |
Commitments and contingencies (Notes 7 and 8) | ||
Common Shares Authorized – 1,000 million shares, no par value Issued Authorized outstanding – 332.4 and 330.4 million shares, respectively | 1,978,520 | 1,972,029 |
Contributed surplus | 82,216 | 81,203 |
Accumulated deficit | (1,959,165) | (1,918,629) |
Accumulated other comprehensive loss | (23,289) | (23,876) |
Total equity | 78,282 | 110,727 |
Total liabilities and equity | $ 198,852 | $ 224,441 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 332,415,547 | 330,411,589 |
Common stock, shares outstanding (in shares) | 332,400,000 | 330,400,000 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Operating expenses: | |||
General and administrative (Note 12) | $ 20,210 | $ 18,735 | $ 16,321 |
Equity loss - Donlin Gold (Note 5) | 16,625 | 14,502 | 10,491 |
Operating Expenses, Total | 36,835 | 33,237 | 26,812 |
Loss from operations | (36,835) | (33,237) | (26,812) |
Interest expense on promissory note (Note 7) | (5,922) | (6,014) | (7,286) |
Accretion of notes receivable (Note 4) | 2,556 | 3,337 | 3,220 |
Other income (expense), net (Note 14) | (198) | 1,569 | 4,395 |
Loss before income taxes | (40,399) | (34,345) | (26,483) |
Income tax (expense) recovery (Note 15) | (137) | 781 | (1,278) |
Net loss | (40,536) | (33,564) | (27,761) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 587 | 932 | 48 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | 587 | 932 | 48 |
Comprehensive loss | $ (39,949) | $ (32,632) | $ (27,713) |
Net loss per common share – basic and diluted (in dollars per share) | $ (0.12) | $ (0.10) | $ (0.09) |
Weighted average shares outstanding | |||
Basic and diluted (thousands) (in shares) | 331,546 | 329,269 | 325,785 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Operating activities: | |||
Net loss | $ (40,536) | $ (33,564) | $ (27,761) |
Adjustments: | |||
Equity loss – Donlin Gold | 16,625 | 14,502 | 10,491 |
Share-based compensation | 8,235 | 7,057 | 6,176 |
Interest expense on promissory note | 5,922 | 6,014 | 7,286 |
Remediation expense | 938 | 0 | 0 |
Foreign exchange loss (gain) | 336 | 606 | (20) |
Accretion of notes receivable | (2,556) | (3,337) | (3,220) |
Change in fair value of marketable securities | (418) | (431) | (93) |
Gain on sale of mineral property | (200) | 0 | 0 |
Deferred income tax (recovery) expense | 0 | (751) | 671 |
Other operating adjustments | 7 | 19 | 15 |
Net change in operating assets and liabilities (Note 17) | 1,784 | (135) | 328 |
Net cash used in operating activities | (9,863) | (10,020) | (6,127) |
Investing activities: | |||
Proceeds from term deposits | 141,578 | 81,000 | 219,000 |
Purchases of term deposits | (158,799) | (61,000) | (154,000) |
Proceeds from note receivable | 75,000 | 0 | 0 |
Funding of Donlin Gold | (17,587) | (15,276) | (11,122) |
Proceeds from sale of mineral property | 200 | 0 | 0 |
Other | 0 | 0 | (17) |
Net cash provided from investing activities | 40,392 | 4,724 | 53,861 |
Financing activities: | |||
Withholding tax on share-based compensation | (731) | (1,652) | (1,197) |
Net cash used in financing activities | (731) | (1,652) | (1,197) |
Effect of exchange rate changes on cash and cash equivalents | 420 | 305 | 8 |
Net change in cash and cash equivalents | 30,218 | (6,643) | 46,545 |
Cash and cash equivalents at beginning of year | 60,906 | 67,549 | 21,004 |
Cash and cash equivalents at end of year | $ 91,124 | $ 60,906 | $ 67,549 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | [1] | Performance Share Units [Member]Common Stock [Member] | Performance Share Units [Member]Additional Paid-in Capital [Member] | Performance Share Units [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | [1] | Total |
Balance (in shares) at Nov. 30, 2018 | 323,223 | |||||||||||
Balance at Nov. 30, 2018 | $ 378 | $ (378) | $ 1,954,861 | $ 87,987 | $ (1,857,682) | $ (24,478) | $ 160,688 | |||||
Share-based compensation | 6,176 | 6,176 | ||||||||||
Share-based awards settled in shares (in shares) | 438 | 438 | 32 | |||||||||
Share-based awards settled in shares | $ 2,737 | $ (2,737) | $ 120 | (120) | ||||||||
Stock options exercised (in shares) | 3,937 | |||||||||||
Stock options exercised | $ 7,855 | (7,855) | ||||||||||
Withholding tax on PSUs | (1,197) | (1,197) | ||||||||||
Net loss | (27,761) | (27,761) | ||||||||||
Other comprehensive income (loss) | 48 | 48 | ||||||||||
Other comprehensive income | 48 | 48 | ||||||||||
Balance (in shares) at Nov. 30, 2019 | 327,630 | |||||||||||
Balance at Nov. 30, 2019 | $ 1,965,573 | 82,254 | (1,885,065) | (24,808) | 137,954 | |||||||
Share-based compensation | 7,057 | 7,057 | ||||||||||
Share-based awards settled in shares (in shares) | 410 | 410 | ||||||||||
Share-based awards settled in shares | $ 1,026 | (1,026) | ||||||||||
Stock options exercised (in shares) | 2,372 | |||||||||||
Stock options exercised | $ 5,430 | (5,430) | ||||||||||
Withholding tax on PSUs | (1,652) | (1,652) | ||||||||||
Net loss | (33,564) | (33,564) | ||||||||||
Other comprehensive income (loss) | 932 | 932 | ||||||||||
Other comprehensive income | 932 | 932 | ||||||||||
Balance (in shares) at Nov. 30, 2020 | 330,412 | |||||||||||
Balance at Nov. 30, 2020 | $ 1,972,029 | 81,203 | (1,918,629) | (23,876) | 110,727 | |||||||
Share-based compensation | 8,235 | $ 8,235 | ||||||||||
Share-based awards settled in shares (in shares) | 574 | 574 | ||||||||||
Share-based awards settled in shares | $ 1,460 | (1,460) | ||||||||||
Stock options exercised (in shares) | 1,430 | 3,055 | ||||||||||
Stock options exercised | $ 5,031 | (5,031) | ||||||||||
Withholding tax on PSUs | (731) | $ (731) | ||||||||||
Net loss | (40,536) | (40,536) | ||||||||||
Other comprehensive income (loss) | 587 | 587 | ||||||||||
Other comprehensive income | 587 | 587 | ||||||||||
Balance (in shares) at Nov. 30, 2021 | 332,416 | |||||||||||
Balance at Nov. 30, 2021 | $ 1,978,520 | $ 82,216 | $ (1,959,165) | $ (23,289) | $ 78,282 | |||||||
[1] | Accumulated other comprehensive loss |
Note 1 - The Company
Note 1 - The Company | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1 THE COMPANY 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 (“Donlin Gold”), a limited liability company that is owned equally by wholly-owned subsidiaries of NOVAGOLD and Barrick Gold Corporation (“Barrick”). |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Presentation The Consolidated Financial Statements include the accounts of NOVAGOLD RESOURCES INC. and its wholly-owned subsidiaries NOVAGOLD U.S. Holdings Inc., NOVAGOLD Resources Alaska Inc., NOVAGOLD USA, Inc., and AGC Resources Inc. All inter-company transactions and balances are eliminated on consolidation. The Consolidated Financial Statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP). The preparation of the Company’s Consolidated Financial Statements in accordance with US GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of expenses during the reporting period. The Company bases its estimates and assumptions on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from the amounts recorded in these Consolidated Financial Statements. References in these Consolidated Financial Statements and Notes to $ refer to United States (US) dollars and C$ to Canadian dollars. Dollar amounts are in thousands, except for per share amounts. Foreign currency The functional currency for NOVAGOLD RESOURCES INC. is the Canadian dollar and the functional currency for the Company’s U.S. operations is the U.S. dollar. Therefore, gains and losses on U.S. dollar denominated transactions and the effect of translating U.S. dollar denominated balances of Canadian operations are recorded in net loss. The effects of translating the Company’s Canadian operations from the Canadian dollar to the U.S. dollar are recorded in Other comprehensive income (loss). Cash and cash equivalents Cash and cash equivalents consist of cash balances and highly liquid investments with original maturities of three Term deposits The Company’s term deposits are classified as held to maturity and recorded at cost. Term deposits are held at Chartered Canadian banks with original maturities of 12 not Contingent note receivable A portion of the proceeds related to the sale of Galore Creek to Newmont includes a $75,000 note receivable, contingent upon the approval of a Galore Creek project construction plan by the owner(s). The Company has not not not Investment in affiliates Investments in unconsolidated ventures over which the Company has the ability to exercise significant influence, but does not 50/50 not The equity method is a basis of accounting for investments whereby the investment is initially recorded at cost and the carrying value is adjusted thereafter to include the investor’s pro rata share of post-acquisition earnings or losses of the investee, as computed by the consolidation method. Cash funding increases the carrying value of the investment. Profit distributions received or receivable from an investee reduce the carrying value of the investment. Donlin Gold is a non-publicly traded equity investee owning an exploration and development project. Therefore, the Company assesses whether there has been a potential triggering event for other-than-temporary impairment by assessing the underlying assets of the equity investee for recoverability and assessing whether there has been a change in the development plan or strategy for the project. If the underlying assets are not Income taxes The Company accounts for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of the Company’s liabilities and assets and the related income tax basis for such liabilities and assets. This method generates deferred income tax liabilities and assets for the Company, as measured by the statutory tax rates in effect. The Company derives its deferred income tax charge or benefit by recording the change in deferred income tax liabilities and asset balances for the year. The Company’s deferred income tax assets include certain future tax benefits. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not not Share-based payments The Company records share-based compensation awards exchanged for employee services at fair value on the date of the grant and expenses the awards in the Consolidated Statements of Loss over the requisite employee service period. The fair values of stock options are determined using a Black-Scholes option pricing model. The fair values of PSUs are determined using a Monte Carlo valuation model. The Company’s estimates may not Net income (loss) per common share Basic and diluted income (loss) per share are presented for Net income (loss). Basic income (loss) per share is computed by dividing Net income (loss) by the weighted-average number of outstanding common shares for the period. Diluted income per share reflects the potential dilution that could occur if securities or other contracts that may Recently adopted accounting pronouncements Fair Value Disclosure Requirements In August 2018, No. 2018 13 December 1, 2020. not |
Note 3 - Segmented Information
Note 3 - Segmented Information | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 3 SEGMENTED INFORMATION 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 5 |
Note 4 - Notes Receivable
Note 4 - Notes Receivable | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4 NOTES RECEIVABLE Changes in the Company’s Notes receivable Years ended November 30, 2021 2020 2019 Balance – beginning of period $ 96,016 $ 92,679 $ 89,459 Accretion of notes receivable 2,556 3,337 3,220 Payment received (75,000 ) — — Balance – end of period $ 23,572 $ 96,016 $ 92,679 Notes receivable consist of: As of November 30, 2021 2020 Current portion $ — $ 72,611 Non-current portion 23,572 23,405 $ 23,572 $ 96,016 Galore Creek On July 27, 2018, July 27, 2021, July 27, 2023, July 27, 2021. As of November 30, 2021, five A contingent note for $75,000 is due upon approval of a Galore Creek project construction plan by the owner(s). No value was assigned to the final $75,000 contingent note. The Company determined that Galore Creek project construction approval was not not November 30, 2021. Minas San Roque On November 3, 2021, C$250 C$750 November 1, 2022, C$1,000 November 1, 2023. nil. not November 30, 2021. |
Note 5 - Investment in Donlin G
Note 5 - Investment in Donlin Gold | 12 Months Ended |
Nov. 30, 2021 | |
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, a limited liability company in which wholly-owned subsidiaries of NOVAGOLD and Barrick each own a 50% interest. Donlin Gold has a board of four two two Changes in the Company’s Investment in Donlin Gold Years ended November 30, 2021 2020 2019 Balance – beginning of period $ 2,614 $ 1,840 $ 1,209 Share of losses: Mineral property expenditures (16,286 ) (14,339 ) (10,434 ) Depreciation (300 ) (163 ) (57 ) Accretion (39 ) — — (16,625 ) (14,502 ) (10,491 ) Funding 17,587 15,276 11,122 Balance – end of period $ 3,576 $ 2,614 $ 1,840 The following amounts represent the Company’s 50% Non-current assets: Mineral property As of November 30, 2021 2020 Current assets: Cash, prepaid expenses, and other receivables $ 3,815 $ 2,654 Non-current assets: Right-of-use assets, property and equipment 1,417 1,339 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (1,584 ) (1,271 ) Non-current liabilities: Reclamation and lease obligations (687 ) (723 ) Net assets $ 35,576 $ 34,614 |
Note 6 - Other Assets
Note 6 - Other Assets | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | NOTE 6 OTHER ASSETS As of November 30, 2021 2020 Other current assets: Accounts and interest receivable $ 302 $ 577 Prepaid expenses 25 1,292 $ 327 $ 1,869 Other long-term assets: Marketable equity securities $ 1,830 $ 1,402 Right-of-use assets 396 600 Office equipment 27 34 $ 2,253 $ 2,036 |
Note 7 - Promissory Note
Note 7 - Promissory Note | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 PROMISSORY NOTE The Company has a promissory note payable to Barrick of $115,723, comprised of $51,576 in principal, and $64,147 in accrued interest at U.S. prime plus 2%. The promissory note resulted from the agreement that led to the formation of Donlin Gold, where the Company agreed to reimburse Barrick for a portion of their expenditures incurred from April 1, 2006 November 30, 2007. Changes in the Company’s Promissory Note Years ended November 30, 2021 2020 2019 Balance – beginning of period $ 109,801 $ 103,787 $ 96,501 Interest expense on promissory note 5,922 6,014 7,286 Balance – end of period $ 115,723 $ 109,801 $ 103,787 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 8 LEASES The Company leases office space under non-cancelable operating leases with original lease terms of five may five not not not 12 not Lease expenses are included in General and administrative expense Office expense Years ended November 30, 2021 2020 Operating lease cost $ 235 $ 216 Variable lease cost 122 120 Short-term lease cost 4 4 $ 361 $ 340 Future minimum lease payments under non-cancellable operating leases as of November 30, 2021, 2022 $ 239 2023 92 2024 93 2025 8 Thereafter — Total future minimum lease payments 432 Less: imputed interest (24 ) Total $ 408 Other information regarding leases for the year ended November 30, 2021 Years ended November 30, 2021 2020 Cash paid for operating leases $ 235 $ 216 Variable lease cost 127 120 Short-term lease cost 5 4 $ 367 $ 340 Right-of-use assets obtained in exchange for lease liabilities $ — Weighted average remaining lease term (years) – operating leases 2.3 Weighted average discount rate – operating leases 5 % |
Note 9 - Other Liabilities
Note 9 - Other Liabilities | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | NOTE 9 OTHER LIABILITIES As of November 30, 2021 2020 Other current liabilities: Remediation liabilities $ 840 $ 182 Lease obligations 224 207 Income taxes payable — 5 $ 1,064 $ 394 Other long-term liabilities: Remediation liabilities $ 280 — Lease obligations 184 $ 404 $ 464 $ 404 |
Note 10 - Share Capital
Note 10 - Share Capital | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10 SHARE CAPITAL Common shares The Company is authorized to issue 1,000,000,000 common shares without par value, of which 332,415,547 were issued and outstanding as of November 30, 2021, November 30, 2020. Preferred shares Pursuant to the Company’s Notice of Articles filed under the Business Corporations Act (British Columbia), the Company is authorized to issue 10,000,000 preferred shares without par value. The authorized but unissued preferred shares may one November 30, 2021 2020, no |
Note 11 - Fair Value Accounting
Note 11 - Fair Value Accounting | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 11 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 financial instruments consist of cash and cash equivalents, term deposits, accounts receivable, and accounts payable and accrued liabilities. The fair value of the Company’s financial instruments approximates their carrying value due to the short‐term nature of their maturity. The Company’s financial instruments initially measured at fair value and then held at amortized cost include cash and cash equivalents, term deposits, accounts receivable, and accounts payable and accrued liabilities. The Company’s marketable equity securities are valued using quoted market prices in active markets and as such are classified within Level 1 November 30, 2021 ( November 30, 2020), |
Note 12 - General and Administr
Note 12 - General and Administrative Expenses | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
General and Administrative Expenses [Text Block] | NOTE 12 GENERAL AND ADMINISTRATIVE Years ended November 30, 2021 2020 2019 Share-based compensation (Note 13) $ 8,235 $ 7,057 $ 6,176 Salaries and benefits 6,599 6,274 5,904 Office expense 2,544 2,199 2,311 Professional fees 1,849 2,139 972 Corporate communications and regulatory 976 1,059 943 Depreciation 7 7 15 $ 20,210 $ 18,735 $ 16,321 |
Note 13 - Share-based Compensat
Note 13 - Share-based Compensation | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 13 SHARE-BASED COMPENSATION Share incentive awards include a stock option plan for directors, executives, employees and eligible consultants, a PSU plan for executives, employees, and eligible consultants and a DSU plan for non-executive directors of the Company. Options granted to purchase common shares have exercise prices not November 30, 2021, three The Company recognized share-based compensation expense (see Note 12 Years ended November 30, 2021 2020 2019 Stock options $ 4,721 $ 4,309 $ 3,694 Performance share unit plan 3,278 2,547 2,320 Deferred share unit plan 236 201 162 $ 8,235 $ 7,057 $ 6,176 Stock options Stock options granted under the Company’s share-based incentive plans generally expire five one third first A summary of stock options outstanding as of November 30, 2021, November 30, 2021 Number of stock options (thousands) Weighted- average exercise price per share Weighted- average remaining contractual term (years) Aggregate intrinsic value November 30, 2020 10,403 $ 4.59 Granted 1,254 9.91 Exercised (3,055 ) 4.46 November 30, 2021 8,602 $ 5.43 2.17 $ 16,318 Vested and exercisable as of November 30, 2021 5,242 $ 4.24 1.56 $ 13,512 The following table summarizes other stock option-related information: Years ended November 30, 2021 2020 2019 Weighted-average assumptions used to value stock option awards: Expected volatility 47.2 % 46.1 % 46.9 % Expected term of options (years) 4 4 4 Expected dividend rate — — — Risk-free interest rate 0.3 % 1.5 % 2.7 % Expected forfeiture rate 3.0 % 3.1 % 3.1 % Weighted-average grant-date fair value $ 3.63 $ 2.70 $ 1.46 Intrinsic value of options exercised $ 12,543 $ 24,137 $ 20,527 Cash received from options exercised $ — $ — $ — As of November 30, 2021, two Performance share units The Company has a PSU plan that provides for the issuance of PSUs in amounts as approved by the Company’s Compensation Committee. Each PSU award entitles the participant to receive one may may no The value of each PSU granted is estimated at the grant date using a Monte Carlo simulation model. The Monte Carlo simulation model requires the input of subjective assumptions, including the share price volatility of the Company’s stock, as well as comparator index and the correlation of returns between the comparator index and the Company. Expected volatility is based on the historical volatility of the Company’s shares and the comparator index at the grant date. These estimates involve inherent uncertainties and the application of management’s judgment. As a result, if other assumptions had been used, our recorded share-based compensation expense would have been different from that reported. A summary of PSU awards outstanding and activity during the year ended November 30, 2021 Number of PSU awards (thousands) Weighted- average grant day fair value per award Aggregate intrinsic value November 30, 2020 1,684 $ 4.59 Granted 331 10.07 Vested (648 ) 3.85 Performance adjustment 216 3.85 November 30, 2021 1,583 $ 5.94 $ 6,815 As of November 30, 2021, December 1, 2021 two The following table summarizes other PSU-related information: Years ended November 30, 2021 2020 2019 Performance multiplier on PSUs vested 150 % 150 % 82 % Common shares issued (thousands) 574 410 438 Total fair value of common shares issued $ 5,723 $ 2,855 $ 1,607 Withholding tax paid on PSUs vested $ 731 $ 1,652 $ 1,197 Deferred share units The Company has a DSU plan that provides for the issuance of DSUs in amounts where the Directors receive half of their annual retainer in DSUs and have the option to elect to receive all or a portion of the other half of their annual retainer in DSUs. Each DSU entitles the Directors to receive one 2021, 2020 2019, nil, nil, 2021, 2020 2019, November 30, 2021, |
Note 14 - Other Income (Expense
Note 14 - Other Income (Expense), Net | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 14 OTHER INCOME (EXPENSE), NET Years ended November 30, 2020 2020 2019 Interest income $ 458 $ 1,744 $ 4,190 Change in fair market value of marketable securities 418 431 93 Foreign exchange (loss) gain (336 ) (606 ) 20 Remediation expense (938 ) — — Other income 200 — 92 $ (198 ) $ 1,569 $ 4,395 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 15 INCOME TAXES The Company’s statutory tax rate is 27% and is expected to remain at this amount until 2024. The Company’s Income tax (recovery) expense Years ended November 30, 2021 2020 2019 Current: Canada $ 110 $ — $ — Foreign 27 (30 ) 607 $ 137 (30 ) 607 Deferred: Canada — — — Foreign — (751 ) 671 — (751 ) 671 Income tax expense (recovery) $ 137 $ (781 ) $ 1,278 The Company’s Loss before income tax and other items Years ended November 30, 2021 2020 2019 Canada $ (17,723 ) $ (16,447 ) $ (12,584 ) Foreign (22,676 ) (17,898 ) (13,899 ) $ (40,399 ) $ (34,345 ) $ (26,483 ) The Company’s Income tax expense Years ended November 30, 2021 2020 2019 Loss before income taxes and other items $ (40,399 ) $ (34,345 ) $ (26,483 ) Combined federal and provincial statutory tax rate 27 % 27 % 27 % Income tax recovery based on statutory income tax rates (10,908 ) (9,273 ) (7,150 ) Reconciling items: Non-deductible expenditures 2,483 1,911 2,136 Foreign accrual property income 771 652 180 Effect of consolidated return for U.S. subsidiaries — (751 ) — Effect of different statutory tax rates on earnings or losses of subsidiaries (323 ) (2 ) (658 ) Change in valuation allowance on deferred tax assets 8,115 6,638 6,773 Other (1 ) 44 (3 ) Income tax (recovery) expense $ 137 $ (781 ) $ 1,278 Effective tax rate (0.3 )% 2.3 % (4.8 )% Components of the Company’s deferred income tax assets (liabilities) are as follows: As of November 30, 2021 2020 Deferred tax income assets: Net operating loss carry forwards $ 184,833 $ 183,422 Capital loss carry forwards 50,969 49,307 Mineral properties 663 654 Intangible assets 491 484 Property and equipment 207 203 Investment in affiliates 38,931 35,933 Unpaid interest expense 2,105 2,105 Unrealized loss on investments 265 316 Asset retirement obligation 318 52 Other 980 633 279,762 273,109 Valuation allowances (278,790 ) (271,016 ) 972 2,093 Deferred income tax liabilities: Notes receivable (701 ) (1,975 ) Capitalized assets and other (271 ) (118 ) (972 ) (2,093 ) Net deferred income tax assets (liabilities) $ — $ — Net operating losses available to offset future taxable income are as follows: Year of Expiry U.S. Canada 2024 $ 1,032 $ — 2025 1,246 — 2026 13,382 19,426 2027 18,493 1,886 2028 85 — 2029 11,223 12,226 2030 10,916 16,269 2031 16,580 16,191 2032 309,772 19,759 2033 14,529 14,911 2034 15,607 10,728 2035 16,383 9,797 2036 14,764 9,641 2037 14,111 6,410 2038 — 6,115 2039 — 2,576 2040 — 3,545 2041 — 6,523 Indefinite 43,777 — $ 501,900 $ 156,003 U.S. net operating losses arising in tax years ending after December 31, 2017 November 30, 2020: Future use of U.S. loss carry-forwards is subject to certain limitations under provisions of the Internal Revenue Code including limitations subject to Section 382, 50% three January 22, 2009 December 31, 2012 three may 382. may may may Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax asset. Significant pieces of objective negative evidence evaluated included the cumulative loss incurred as of November 30, 2021. November 30, 2021, November 30, 2020: not no may Uncertain tax position There were no November 30, 2021, 2020 2019. November 30, 2021, 2020 2019, no November 30, 2021, 2017 2021 2018 2021 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 16 RELATED PARTY TRANSACTIONS As of November 30, 2021, nil November 30, 2020: Other current assets |
Note 17 - Net Change in Operati
Note 17 - Net Change in Operating Assets and Liabilities | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Net Change in Operating Assets and Liabilities [Text Block] | NOTE 17 NET CHANGE IN OPERATING ASSETS AND LIABILITIES Years ended November 30, 2021 2020 2019 Changes in operating assets and liabilities: Other assets $ 1,605 $ (65 ) $ 646 Accounts payable and accrued liabilities (240 ) (137 ) 84 Accrued payroll and related benefits 419 67 (402 ) $ 1,784 $ (135 ) $ 328 |
Note 18 - Supplemental Cash Flo
Note 18 - Supplemental Cash Flow Information | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 18 SUPPLEMENTAL CASH FLOW INFORMATION Years ended November 30, 2021 2020 2019 Interest received $ 1,024 $ 2,265 $ 3,094 Income taxes paid $ 142 $ 376 $ 692 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Presentation The Consolidated Financial Statements include the accounts of NOVAGOLD RESOURCES INC. and its wholly-owned subsidiaries NOVAGOLD U.S. Holdings Inc., NOVAGOLD Resources Alaska Inc., NOVAGOLD USA, Inc., and AGC Resources Inc. All inter-company transactions and balances are eliminated on consolidation. The Consolidated Financial Statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP). The preparation of the Company’s Consolidated Financial Statements in accordance with US GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of expenses during the reporting period. The Company bases its estimates and assumptions on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from the amounts recorded in these Consolidated Financial Statements. References in these Consolidated Financial Statements and Notes to $ refer to United States (US) dollars and C$ to Canadian dollars. Dollar amounts are in thousands, except for per share amounts. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency The functional currency for NOVAGOLD RESOURCES INC. is the Canadian dollar and the functional currency for the Company’s U.S. operations is the U.S. dollar. Therefore, gains and losses on U.S. dollar denominated transactions and the effect of translating U.S. dollar denominated balances of Canadian operations are recorded in net loss. The effects of translating the Company’s Canadian operations from the Canadian dollar to the U.S. dollar are recorded in Other comprehensive income (loss). |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents consist of cash balances and highly liquid investments with original maturities of three |
Term Deposits, Policy [Policy Text Block] | Term deposits The Company’s term deposits are classified as held to maturity and recorded at cost. Term deposits are held at Chartered Canadian banks with original maturities of 12 not |
Contingent Note Receivable, Policy [Policy Text Block] | Contingent note receivable A portion of the proceeds related to the sale of Galore Creek to Newmont includes a $75,000 note receivable, contingent upon the approval of a Galore Creek project construction plan by the owner(s). The Company has not not not |
Equity Method Investments [Policy Text Block] | Investment in affiliates Investments in unconsolidated ventures over which the Company has the ability to exercise significant influence, but does not 50/50 not The equity method is a basis of accounting for investments whereby the investment is initially recorded at cost and the carrying value is adjusted thereafter to include the investor’s pro rata share of post-acquisition earnings or losses of the investee, as computed by the consolidation method. Cash funding increases the carrying value of the investment. Profit distributions received or receivable from an investee reduce the carrying value of the investment. Donlin Gold is a non-publicly traded equity investee owning an exploration and development project. Therefore, the Company assesses whether there has been a potential triggering event for other-than-temporary impairment by assessing the underlying assets of the equity investee for recoverability and assessing whether there has been a change in the development plan or strategy for the project. If the underlying assets are not |
Income Tax, Policy [Policy Text Block] | Income taxes The Company accounts for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of the Company’s liabilities and assets and the related income tax basis for such liabilities and assets. This method generates deferred income tax liabilities and assets for the Company, as measured by the statutory tax rates in effect. The Company derives its deferred income tax charge or benefit by recording the change in deferred income tax liabilities and asset balances for the year. The Company’s deferred income tax assets include certain future tax benefits. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not not |
Share-based Payment Arrangement [Policy Text Block] | Share-based payments The Company records share-based compensation awards exchanged for employee services at fair value on the date of the grant and expenses the awards in the Consolidated Statements of Loss over the requisite employee service period. The fair values of stock options are determined using a Black-Scholes option pricing model. The fair values of PSUs are determined using a Monte Carlo valuation model. The Company’s estimates may not |
Earnings Per Share, Policy [Policy Text Block] | Net income (loss) per common share Basic and diluted income (loss) per share are presented for Net income (loss). Basic income (loss) per share is computed by dividing Net income (loss) by the weighted-average number of outstanding common shares for the period. Diluted income per share reflects the potential dilution that could occur if securities or other contracts that may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements Fair Value Disclosure Requirements In August 2018, No. 2018 13 December 1, 2020. not |
Note 4 - Notes Receivable (Tabl
Note 4 - Notes Receivable (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Years ended November 30, 2021 2020 2019 Balance – beginning of period $ 96,016 $ 92,679 $ 89,459 Accretion of notes receivable 2,556 3,337 3,220 Payment received (75,000 ) — — Balance – end of period $ 23,572 $ 96,016 $ 92,679 As of November 30, 2021 2020 Current portion $ — $ 72,611 Non-current portion 23,572 23,405 $ 23,572 $ 96,016 |
Note 5 - Investment in Donlin_2
Note 5 - Investment in Donlin Gold (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Donlin Gold [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Years ended November 30, 2021 2020 2019 Balance – beginning of period $ 2,614 $ 1,840 $ 1,209 Share of losses: Mineral property expenditures (16,286 ) (14,339 ) (10,434 ) Depreciation (300 ) (163 ) (57 ) Accretion (39 ) — — (16,625 ) (14,502 ) (10,491 ) Funding 17,587 15,276 11,122 Balance – end of period $ 3,576 $ 2,614 $ 1,840 As of November 30, 2021 2020 Current assets: Cash, prepaid expenses, and other receivables $ 3,815 $ 2,654 Non-current assets: Right-of-use assets, property and equipment 1,417 1,339 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (1,584 ) (1,271 ) Non-current liabilities: Reclamation and lease obligations (687 ) (723 ) Net assets $ 35,576 $ 34,614 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | As of November 30, 2021 2020 Other current assets: Accounts and interest receivable $ 302 $ 577 Prepaid expenses 25 1,292 $ 327 $ 1,869 Other long-term assets: Marketable equity securities $ 1,830 $ 1,402 Right-of-use assets 396 600 Office equipment 27 34 $ 2,253 $ 2,036 |
Note 7 - Promissory Note (Table
Note 7 - Promissory Note (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Years ended November 30, 2021 2020 2019 Balance – beginning of period $ 109,801 $ 103,787 $ 96,501 Interest expense on promissory note 5,922 6,014 7,286 Balance – end of period $ 115,723 $ 109,801 $ 103,787 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Years ended November 30, 2021 2020 Operating lease cost $ 235 $ 216 Variable lease cost 122 120 Short-term lease cost 4 4 $ 361 $ 340 Years ended November 30, 2021 2020 Cash paid for operating leases $ 235 $ 216 Variable lease cost 127 120 Short-term lease cost 5 4 $ 367 $ 340 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 $ 239 2023 92 2024 93 2025 8 Thereafter — Total future minimum lease payments 432 Less: imputed interest (24 ) Total $ 408 |
Lessee, Operating Lease, Cash Payments and Weighted Average Infromation [Table Text Block] | Right-of-use assets obtained in exchange for lease liabilities $ — Weighted average remaining lease term (years) – operating leases 2.3 Weighted average discount rate – operating leases 5 % |
Note 9 - Other Liabilities (Tab
Note 9 - Other Liabilities (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Other Liabilities [Table Text Block] | As of November 30, 2021 2020 Other current liabilities: Remediation liabilities $ 840 $ 182 Lease obligations 224 207 Income taxes payable — 5 $ 1,064 $ 394 Other long-term liabilities: Remediation liabilities $ 280 — Lease obligations 184 $ 404 $ 464 $ 404 |
Note 12 - General and Adminis_2
Note 12 - General and Administrative Expenses (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
General and Administrative Expenses [Table Text Block] | Years ended November 30, 2021 2020 2019 Share-based compensation (Note 13) $ 8,235 $ 7,057 $ 6,176 Salaries and benefits 6,599 6,274 5,904 Office expense 2,544 2,199 2,311 Professional fees 1,849 2,139 972 Corporate communications and regulatory 976 1,059 943 Depreciation 7 7 15 $ 20,210 $ 18,735 $ 16,321 |
Note 13 - Share-based Compens_2
Note 13 - Share-based Compensation (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years ended November 30, 2021 2020 2019 Stock options $ 4,721 $ 4,309 $ 3,694 Performance share unit plan 3,278 2,547 2,320 Deferred share unit plan 236 201 162 $ 8,235 $ 7,057 $ 6,176 |
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, 2020 10,403 $ 4.59 Granted 1,254 9.91 Exercised (3,055 ) 4.46 November 30, 2021 8,602 $ 5.43 2.17 $ 16,318 Vested and exercisable as of November 30, 2021 5,242 $ 4.24 1.56 $ 13,512 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years ended November 30, 2021 2020 2019 Weighted-average assumptions used to value stock option awards: Expected volatility 47.2 % 46.1 % 46.9 % Expected term of options (years) 4 4 4 Expected dividend rate — — — Risk-free interest rate 0.3 % 1.5 % 2.7 % Expected forfeiture rate 3.0 % 3.1 % 3.1 % Weighted-average grant-date fair value $ 3.63 $ 2.70 $ 1.46 Intrinsic value of options exercised $ 12,543 $ 24,137 $ 20,527 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, 2020 1,684 $ 4.59 Granted 331 10.07 Vested (648 ) 3.85 Performance adjustment 216 3.85 November 30, 2021 1,583 $ 5.94 $ 6,815 |
Other PSU-related Information [Table Text Block] | Years ended November 30, 2021 2020 2019 Performance multiplier on PSUs vested 150 % 150 % 82 % Common shares issued (thousands) 574 410 438 Total fair value of common shares issued $ 5,723 $ 2,855 $ 1,607 Withholding tax paid on PSUs vested $ 731 $ 1,652 $ 1,197 |
Note 14 - Other Income (Expen_2
Note 14 - Other Income (Expense), Net (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Years ended November 30, 2020 2020 2019 Interest income $ 458 $ 1,744 $ 4,190 Change in fair market value of marketable securities 418 431 93 Foreign exchange (loss) gain (336 ) (606 ) 20 Remediation expense (938 ) — — Other income 200 — 92 $ (198 ) $ 1,569 $ 4,395 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended November 30, 2021 2020 2019 Current: Canada $ 110 $ — $ — Foreign 27 (30 ) 607 $ 137 (30 ) 607 Deferred: Canada — — — Foreign — (751 ) 671 — (751 ) 671 Income tax expense (recovery) $ 137 $ (781 ) $ 1,278 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years ended November 30, 2021 2020 2019 Canada $ (17,723 ) $ (16,447 ) $ (12,584 ) Foreign (22,676 ) (17,898 ) (13,899 ) $ (40,399 ) $ (34,345 ) $ (26,483 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended November 30, 2021 2020 2019 Loss before income taxes and other items $ (40,399 ) $ (34,345 ) $ (26,483 ) Combined federal and provincial statutory tax rate 27 % 27 % 27 % Income tax recovery based on statutory income tax rates (10,908 ) (9,273 ) (7,150 ) Reconciling items: Non-deductible expenditures 2,483 1,911 2,136 Foreign accrual property income 771 652 180 Effect of consolidated return for U.S. subsidiaries — (751 ) — Effect of different statutory tax rates on earnings or losses of subsidiaries (323 ) (2 ) (658 ) Change in valuation allowance on deferred tax assets 8,115 6,638 6,773 Other (1 ) 44 (3 ) Income tax (recovery) expense $ 137 $ (781 ) $ 1,278 Effective tax rate (0.3 )% 2.3 % (4.8 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of November 30, 2021 2020 Deferred tax income assets: Net operating loss carry forwards $ 184,833 $ 183,422 Capital loss carry forwards 50,969 49,307 Mineral properties 663 654 Intangible assets 491 484 Property and equipment 207 203 Investment in affiliates 38,931 35,933 Unpaid interest expense 2,105 2,105 Unrealized loss on investments 265 316 Asset retirement obligation 318 52 Other 980 633 279,762 273,109 Valuation allowances (278,790 ) (271,016 ) 972 2,093 Deferred income tax liabilities: Notes receivable (701 ) (1,975 ) Capitalized assets and other (271 ) (118 ) (972 ) (2,093 ) Net deferred income tax assets (liabilities) $ — $ — |
Summary of Operating Loss Carryforwards [Table Text Block] | Year of Expiry U.S. Canada 2024 $ 1,032 $ — 2025 1,246 — 2026 13,382 19,426 2027 18,493 1,886 2028 85 — 2029 11,223 12,226 2030 10,916 16,269 2031 16,580 16,191 2032 309,772 19,759 2033 14,529 14,911 2034 15,607 10,728 2035 16,383 9,797 2036 14,764 9,641 2037 14,111 6,410 2038 — 6,115 2039 — 2,576 2040 — 3,545 2041 — 6,523 Indefinite 43,777 — $ 501,900 $ 156,003 |
Note 17 - Net Change in Opera_2
Note 17 - Net Change in Operating Assets and Liabilities (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Cash Flow, Operating Capital [Table Text Block] | Years ended November 30, 2021 2020 2019 Changes in operating assets and liabilities: Other assets $ 1,605 $ (65 ) $ 646 Accounts payable and accrued liabilities (240 ) (137 ) 84 Accrued payroll and related benefits 419 67 (402 ) $ 1,784 $ (135 ) $ 328 |
Note 18 - Supplemental Cash F_2
Note 18 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Years ended November 30, 2021 2020 2019 Interest received $ 1,024 $ 2,265 $ 3,094 Income taxes paid $ 142 $ 376 $ 692 |
Note 1 - The Company (Details T
Note 1 - The Company (Details Textual) $ in Thousands | 12 Months Ended |
Nov. 30, 2021USD ($) | |
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 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | Jul. 27, 2018 |
Financing Receivable, after Allowance for Credit Loss, Total | $ 23,572 | $ 96,016 | $ 92,679 | $ 89,459 | |
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | |||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 75,000 | $ 75,000 |
Note 4 - Notes Receivable (Deta
Note 4 - Notes Receivable (Details Textual) $ in Thousands | Nov. 03, 2021CAD ($) | Jul. 27, 2021USD ($) | Jul. 27, 2018USD ($) | Nov. 30, 2021USD ($)yr | Nov. 30, 2020USD ($) | Nov. 30, 2019USD ($) | Nov. 30, 2018USD ($) |
Financing Receivable, after Allowance for Credit Loss, Total | $ 23,572,000 | $ 96,016,000 | $ 92,679,000 | $ 89,459,000 | |||
Proceeds from Collection of Notes Receivable | 75,000,000 | $ 0 | $ 0 | ||||
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | |||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 75,000,000 | 75,000,000 | |||||
Proceeds from Collection of Notes Receivable | $ 75,000,000 | ||||||
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | |||||||
Financing Receivable, after Allowance for Credit Loss, Total | 25,000,000 | 25,000,000 | |||||
Notes Receivable, Fair Value Disclosure | 23,572 | ||||||
Financing Receivable, Accumulated Accretion | $ 2,556 | ||||||
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | Measurement Input, Expected Term [Member] | |||||||
Notes Receivable, Measurement Input (Year) | yr | 5 | ||||||
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | Measurement Input, Discount Rate [Member] | |||||||
Notes Receivable, Measurement Input (Year) | 0.036 | ||||||
Note Receivable Upon Approval of Galore Creek Project Construction Plan [Member] | |||||||
Financing Receivable, after Allowance for Credit Loss, Total | 75,000,000 | ||||||
Notes Receivable, Fair Value Disclosure | 0 | ||||||
Note Receivable upon Completion of Minas San Roque Project Prefeasibility [Member] | |||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 750 | ||||||
Note Receivable upon Completion of Minas San Roque Project Feasibility [Member] | |||||||
Financing Receivable, after Allowance for Credit Loss, Total | 1,000 | ||||||
Galore Creek [Member] | |||||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates, Total | $ 100,000,000 | ||||||
Minas San Roque [Member] | |||||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates, Total | $ 250 | ||||||
Interest Sold | 49.00% |
Note 4 - Notes Receivable - Not
Note 4 - Notes Receivable - Notes Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Balance – beginning of period | $ 96,016 | $ 92,679 | $ 89,459 |
Accretion of notes receivable (Note 4) | 2,556 | 3,337 | 3,220 |
Payment received | (75,000) | 0 | 0 |
Payment received | 75,000 | 0 | 0 |
Balance – end of period | 23,572 | 96,016 | 92,679 |
Current portion | 0 | 72,611 | |
Non-current portion | 23,572 | 23,405 | |
Financing Receivable, after Allowance for Credit Loss, Total | $ 23,572 | $ 96,016 | $ 92,679 |
Note 5 - Investment in Donlin_3
Note 5 - Investment in Donlin Gold (Details Textual) - Donlin Gold [Member] $ in Millions | Nov. 30, 2021USD ($) |
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 | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Income (Loss) from Equity Method Investments, Total | $ (16,625) | $ (14,502) | $ (10,491) |
Current assets: Cash, prepaid expenses, and other receivables | 169,451 | 196,386 | |
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (682) | (900) | |
Donlin Gold [Member] | |||
Balance – Beginning of Period | 2,614 | 1,840 | 1,209 |
Mineral Property Expenditures | (16,286) | (14,339) | (10,434) |
Depreciation | (300) | (163) | (57) |
Accretion | (39) | 0 | 0 |
Income (Loss) from Equity Method Investments, Total | (16,625) | (14,502) | (10,491) |
Funding | 17,587 | 15,276 | 11,122 |
Balance – End of Period | 3,576 | 2,614 | $ 1,840 |
Current assets: Cash, prepaid expenses, and other receivables | 3,815 | 2,654 | |
Non-current assets: Right-of-use assets, property and equipment | 1,417 | 1,339 | |
Non-current assets: Mineral property | 32,615 | 32,615 | |
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (1,584) | (1,271) | |
Non-current liabilities: Reclamation and lease obligations | (687) | (723) | |
Net assets | $ 35,576 | $ 34,614 |
Note 6 - Other Assets - Carryin
Note 6 - Other Assets - Carrying Amounts of Other Assets (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Accounts and interest receivable | $ 302 | $ 577 |
Prepaid expenses | 25 | 1,292 |
Other Assets, Current | 327 | 1,869 |
Marketable equity securities | 1,830 | 1,402 |
Office equipment | 27 | 34 |
Other Assets, Noncurrent, Total | 2,253 | 2,036 |
Other Noncurrent Assets [Member] | ||
Right-of-use assets | $ 396 | $ 600 |
Note 7 - Promissory Note (Detai
Note 7 - Promissory Note (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Notes Payable, Total | $ 115,723 | $ 109,801 | $ 103,787 | $ 96,501 |
Barrick [Member] | Notes Payable, Other Payables [Member] | ||||
Notes Payable, Total | 115,723 | |||
Debt Instrument, Face Amount | 51,576 | |||
Interest Payable | $ 64,147 | |||
Percentage of Specified Revenue from Which the Promissory Note and Accrued Interest Are Payable | 85.00% | |||
Barrick [Member] | Notes Payable, Other Payables [Member] | Prime Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Note 7 - Promissory Note - Sche
Note 7 - Promissory Note - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Balance – beginning of period | $ 109,801 | $ 103,787 | $ 96,501 |
Interest expense on promissory note | 5,922 | 6,014 | 7,286 |
Balance – end of period | $ 115,723 | $ 109,801 | $ 103,787 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | Nov. 30, 2021 |
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Variable lease cost | $ 127 | $ 120 |
Short-term lease cost | 5 | 4 |
Lease, Cost, Total | 367 | 340 |
Cash paid for operating leases | 235 | 216 |
General and Administrative Expense [Member] | ||
Operating lease cost | 235 | 216 |
Variable lease cost | 122 | 120 |
Short-term lease cost | 4 | 4 |
Lease, Cost, Total | $ 361 | $ 340 |
Note 8 - Leases - Minimum Lease
Note 8 - Leases - Minimum Lease Payments (Details) $ in Thousands | Nov. 30, 2021USD ($) |
2022 | $ 239 |
2023 | 92 |
2024 | 93 |
2025 | 8 |
Thereafter | 0 |
Total future minimum lease payments | 432 |
Less: imputed interest | (24) |
Total Liabilities [Member] | |
Total | $ 408 |
Note 8 - Leases - Cash Payments
Note 8 - Leases - Cash Payments and Weighted Average Information (Details) $ in Thousands | 12 Months Ended |
Nov. 30, 2021USD ($) | |
Right-of-use assets obtained in exchange for lease liabilities | $ 0 |
Weighted average remaining lease term (years) – operating leases (Year) | 2 years 3 months 18 days |
Weighted average discount rate – operating leases | 5.00% |
Note 9 - Other Liabilities - Cu
Note 9 - Other Liabilities - Current and Long Term Liabilities (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Other current liabilities: | ||
Remediation liabilities, current | $ 840 | $ 182 |
Lease obligations, current | 224 | 207 |
Income taxes payable | 0 | 5 |
Other Liabilities, Current, Total | 1,064 | 394 |
Other long-term liabilities: | ||
Remediation liabilities, noncurrent | 280 | |
Lease obligations, noncurrent | 184 | 404 |
Other Liabilities, Noncurrent, Total | $ 464 | $ 404 |
Note 10 - Share Capital (Detail
Note 10 - Share Capital (Details Textual) - shares | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 |
Common Stock, Shares Authorized (in shares) | 1,000,000,000 | 1,000,000,000 | |
Common Stock, Shares, Issued, Total (in shares) | 332,415,547 | 330,411,589 | |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | ||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 332,400,000 | 330,400,000 | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 |
Note 11 - Fair Value Accounti_2
Note 11 - Fair Value Accounting (Details Textual) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Equity Securities, FV-NI, Current | $ 1,830 | $ 1,402 |
Note 12 - General and Adminis_3
Note 12 - General and Administrative Expenses - Summary of General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Share-based compensation (Note 13) | $ 8,235 | $ 7,057 | $ 6,176 |
Salaries and benefits | 6,599 | 6,274 | 5,904 |
Office expense | 2,544 | 2,199 | 2,311 |
Professional fees | 1,849 | 2,139 | 972 |
Corporate communications and regulatory | 976 | 1,059 | 943 |
Depreciation | 7 | 7 | 15 |
General and Administrative Expense, Total | $ 20,210 | $ 18,735 | $ 16,321 |
Note 13 - Share-based Compens_3
Note 13 - Share-based Compensation (Details Textual) - USD ($) | Dec. 01, 2021 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 29,399,000 | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 2,496,000 | |||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Portion Vesting Per Year | 33.33% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares) | 3,360,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||
Performance Share Units [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award (in shares) | 1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 1,583,100 | 1,684,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 648,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 782,600 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,338 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 331,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 10.07 | |||
Performance Share Units [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award (in shares) | 1 | |||
Performance Share Units [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 800,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Multiplier | 93.00% | |||
Performance Share Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award, Adjusted, Multiplier | 0.00% | |||
Performance Share Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Common Shares Per Award, Adjusted, Multiplier | 150.00% | |||
Deferred Share Units [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 306,321 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 25,957 | 21,602 | 35,851 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 8.86 | $ 9.07 | $ 4.40 | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 0 | 0 | 31,721 |
Note 13 - Share-based Compens_4
Note 13 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Share-based Compensation Expense | $ 8,235 | $ 7,057 | $ 6,176 |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Expense | 4,721 | 4,309 | 3,694 |
Performance Share Units [Member] | |||
Share-based Compensation Expense | 3,278 | 2,547 | 2,320 |
Deferred Share Units [Member] | |||
Share-based Compensation Expense | $ 236 | $ 201 | $ 162 |
Note 13 - Share-based Compens_5
Note 13 - Share-based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Nov. 30, 2021USD ($)$ / sharesshares | |
Balance (in shares) | shares | 10,403 |
Weighted average exercise price outstanding, balance (in dollars per share) | $ / shares | $ 4.59 |
Granted (in shares) | shares | 1,254 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 9.91 |
Exercised (in shares) | shares | (3,055) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 4.46 |
Balance (in shares) | shares | 8,602 |
Weighted average exercise price outstanding, balance (in dollars per share) | $ / shares | $ 5.43 |
Outstanding, weighted-average remaining contractual term (Year) | 2 years 2 months 1 day |
Outstanding, aggregate intrinsic value | $ | $ 16,318 |
Vested and exercisable as of November 30, 2021 (in shares) | shares | 5,242 |
Vested and exercisable as of May 31, 2020, weighted average exercise price outstanding (in dollars per share) | $ / shares | $ 4.24 |
Vested and exercisable as of May 31, 2020, weighted-average remaining contractual term (Year) | 1 year 6 months 21 days |
Vested and exercisable as of May 31, 2020, aggregate intrinsic value | $ | $ 13,512 |
Note 13 - Share-based Compens_6
Note 13 - Share-based Compensation - Other Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Expected volatility | 47.20% | 46.10% | 46.90% |
Expected term of options (Year) | 4 years | 4 years | 4 years |
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 0.30% | 1.50% | 2.70% |
Expected forfeiture rate | 3.00% | 3.10% | 3.10% |
Weighted-average grant-date fair value (in dollars per share) | $ 3.63 | $ 2.70 | $ 1.46 |
Intrinsic value of options exercised | $ 12,543 | $ 24,137 | $ 20,527 |
Cash received from options exercised | $ 0 | $ 0 | $ 0 |
Note 13 - Share-based Compens_7
Note 13 - Share-based Compensation - PSU Awards Outstanding and PSU Activity (Details) - Performance Share Units [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Nov. 30, 2021USD ($)$ / sharesshares | |
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 |
Granted, Numbers of awards (in shares) | shares | 331,000 |
Granted, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 10.07 |
Vested, Numbers of awards (in shares) | shares | (648,000) |
Vested, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 3.85 |
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 | $ 3.85 |
Balance, Numbers of awards (in shares) | shares | 1,583,100 |
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 5.94 |
Balance, Aggregate intrinsic value | $ | $ 6,815 |
Note 13 - Share-based Compens_8
Note 13 - Share-based Compensation - Other PSU-related Information (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Withholding tax paid on PSUs vested | $ 731 | $ 1,652 | $ 1,197 |
Performance Share Units [Member] | |||
Performance multiplier on PSUs vested | 150.00% | 150.00% | 82.00% |
Common shares issued (in shares) | 574 | 410 | 438 |
Total fair value of common shares issued | $ 5,723 | $ 2,855 | $ 1,607 |
Withholding tax paid on PSUs vested | $ 731 | $ 1,652 | $ 1,197 |
Note 14 - Other Income (Expen_3
Note 14 - Other Income (Expense), Net - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Interest income | $ 458 | $ 1,744 | $ 4,190 |
Change in fair market value of marketable securities | 418 | 431 | 93 |
Foreign exchange (loss) gain | (336) | (606) | 20 |
Remediation expense | (938) | 0 | 0 |
Other income | 200 | 0 | 92 |
Nonoperating Income (Expense), Total | $ (198) | $ 1,569 | $ 4,395 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Effective Income Tax Rate Reconciliation, Combined Federal and Provincial Statutory Income Tax Rate, Percent | 27.00% | 27.00% | 27.00% |
Deferred Tax Assets, Valuation Allowance, Total | $ 278,790 | $ 271,016 | |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | $ 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | 0 | $ 0 |
Capital Loss Carryforward [Member] | |||
Tax Credit Carryforward, Amount | $ 377,550 | $ 364,799 |
Note 15 - Income Taxes - Compon
Note 15 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Current: | |||
Canada | $ 110 | $ 0 | $ 0 |
Foreign | 27 | (30) | 607 |
Current Income Tax Expense (Benefit), Total | 137 | (30) | 607 |
Deferred: | |||
Canada | 0 | 0 | 0 |
Foreign | 0 | (751) | 671 |
Deferred Income Tax Expense (Benefit), Total | 0 | (751) | 671 |
Income tax expense (recovery) | $ 137 | $ (781) | $ 1,278 |
Note 15 - Income Taxes - Loss B
Note 15 - Income Taxes - Loss Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Canada | $ (17,723) | $ (16,447) | $ (12,584) |
Foreign | (22,676) | (17,898) | (13,899) |
Loss before income taxes | $ (40,399) | $ (34,345) | $ (26,483) |
Note 15 - Income Taxes - Effect
Note 15 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Loss before income taxes and other items | $ (40,399) | $ (34,345) | $ (26,483) |
Combined federal and provincial statutory tax rate | 27.00% | 27.00% | 27.00% |
Income tax recovery based on statutory income tax rates | $ (10,908) | $ (9,273) | $ (7,150) |
Reconciling items: | |||
Non-deductible expenditures | 2,483 | 1,911 | 2,136 |
Foreign accrual property income | 771 | 652 | 180 |
Effect of consolidated return for U.S. subsidiaries | 0 | (751) | 0 |
Effect of different statutory tax rates on earnings or losses of subsidiaries | (323) | (2) | (658) |
Change in valuation allowance on deferred tax assets | 8,115 | 6,638 | 6,773 |
Other | (1) | 44 | (3) |
Income tax expense (recovery) | $ 137 | $ (781) | $ 1,278 |
Effective tax rate | (0.30%) | 2.30% | (4.80%) |
Note 15 - Income Taxes - Comp_2
Note 15 - Income Taxes - Components of the Company's Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Net operating loss carry forwards | $ 184,833 | $ 183,422 |
Capital loss carry forwards | 50,969 | 49,307 |
Mineral properties | 663 | 654 |
Intangible assets | 491 | 484 |
Property and equipment | 207 | 203 |
Investment in affiliates | 38,931 | 35,933 |
Unpaid interest expense | 2,105 | 2,105 |
Unrealized loss on investments | 265 | 316 |
Asset retirement obligation | 318 | 52 |
Other | 980 | 633 |
Deferred Tax Assets, Gross, Total | 279,762 | 273,109 |
Valuation allowances | (278,790) | (271,016) |
Deferred Tax Assets, Net of Valuation Allowance, Total | 972 | 2,093 |
Notes receivable | (701) | (1,975) |
Capitalized assets and other | (271) | (118) |
Deferred Tax Liabilities, Gross, Total | (972) | (2,093) |
Net deferred income tax assets (liabilities) | $ 0 | $ 0 |
Note 15 - Income Taxes - Summar
Note 15 - Income Taxes - Summary of Operating Loss Carryforwards (Details) $ in Thousands | Nov. 30, 2021USD ($) |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net operating loss carry-forwards | $ 501,900 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2024 [Member] | |
Net operating loss carry-forwards | 1,032 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2025 [Member] | |
Net operating loss carry-forwards | 1,246 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2026 [Member] | |
Net operating loss carry-forwards | 13,382 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2027 [Member] | |
Net operating loss carry-forwards | 18,493 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2028 [Member] | |
Net operating loss carry-forwards | 85 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2029 [Member] | |
Net operating loss carry-forwards | 11,223 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2030 [Member] | |
Net operating loss carry-forwards | 10,916 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2031 [Member] | |
Net operating loss carry-forwards | 16,580 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2032 [Member] | |
Net operating loss carry-forwards | 309,772 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2033 [Member] | |
Net operating loss carry-forwards | 14,529 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2034 [Member] | |
Net operating loss carry-forwards | 15,607 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2035 [Member] | |
Net operating loss carry-forwards | 16,383 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2036 [Member] | |
Net operating loss carry-forwards | 14,764 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2037 [Member] | |
Net operating loss carry-forwards | 14,111 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2038 [Member] | |
Net operating loss carry-forwards | 0 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2039 [Member] | |
Net operating loss carry-forwards | 0 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Indefinite [Member] | |
Net operating loss carry-forwards | 43,777 |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2040 [Member] | |
Net operating loss carry-forwards | 3,545 |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring In 2041 [Member] | |
Net operating loss carry-forwards | 6,523 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring in 2040 [Member] | |
Net operating loss carry-forwards | 0 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Expiring In 2041 [Member] | |
Net operating loss carry-forwards | 0 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carry-forwards | 156,003 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2024 [Member] | |
Net operating loss carry-forwards | 0 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2025 [Member] | |
Net operating loss carry-forwards | 0 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2026 [Member] | |
Net operating loss carry-forwards | 19,426 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2027 [Member] | |
Net operating loss carry-forwards | 1,886 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2028 [Member] | |
Net operating loss carry-forwards | 0 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2029 [Member] | |
Net operating loss carry-forwards | 12,226 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2030 [Member] | |
Net operating loss carry-forwards | 16,269 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2031 [Member] | |
Net operating loss carry-forwards | 16,191 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2032 [Member] | |
Net operating loss carry-forwards | 19,759 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2033 [Member] | |
Net operating loss carry-forwards | 14,911 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2034 [Member] | |
Net operating loss carry-forwards | 10,728 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2035 [Member] | |
Net operating loss carry-forwards | 9,797 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2036 [Member] | |
Net operating loss carry-forwards | 9,641 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2037 [Member] | |
Net operating loss carry-forwards | 6,410 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2038 [Member] | |
Net operating loss carry-forwards | 6,115 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Expiring in 2039 [Member] | |
Net operating loss carry-forwards | 2,576 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Indefinite [Member] | |
Net operating loss carry-forwards | $ 0 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Donlin Gold [Member] | ||
Accounts Receivable, Related Parties | $ 0 | $ 6 |
Note 17 - Net Change in Opera_3
Note 17 - Net Change in Operating Assets and Liabilities - Net Change in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Other assets | $ 1,605 | $ (65) | $ 646 |
Accounts payable and accrued liabilities | (240) | (137) | 84 |
Accrued payroll and related benefits | 419 | 67 | (402) |
Increase (Decrease) in Operating Capital, Total | $ 1,784 | $ (135) | $ 328 |
Note 18 - Supplemental Cash F_3
Note 18 - Supplemental Cash Flow Information - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Interest received | $ 1,024 | $ 2,265 | $ 3,094 |
Income taxes paid | $ 142 | $ 376 | $ 692 |