Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Feb. 28, 2022 | Mar. 29, 2022 | |
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 | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Feb. 28, 2022 | |
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 | NYSE | |
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 | 333,192,571 |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Feb. 28, 2022 | Nov. 30, 2021 |
Cash and cash equivalents | $ 77,133 | $ 91,124 |
Term deposits | 78,000 | 78,000 |
Other assets (Note 6) | 1,310 | 327 |
Current assets | 156,443 | 169,451 |
Notes receivable (Note 4) | 23,782 | 23,572 |
Investment in Donlin Gold (Note 5) | 5,472 | 3,576 |
Other assets (Note 6) | 2,714 | 2,253 |
Total assets | 188,411 | 198,852 |
Accounts payable and accrued liabilities | 536 | 682 |
Accrued payroll and related benefits | 731 | 2,637 |
Other liabilities (Note 8) | 1,031 | 1,064 |
Current liabilities | 2,298 | 4,383 |
Promissory note (Note 7) | 117,235 | 115,723 |
Other liabilities (Note 8) | 444 | 464 |
Total liabilities | 119,977 | 120,570 |
Commitments and contingencies (Notes 7 and 8) | ||
Common shares | 1,980,801 | 1,978,520 |
Contributed surplus | 79,904 | 82,216 |
Accumulated deficit | (1,969,160) | (1,959,165) |
Accumulated other comprehensive loss | (23,111) | (23,289) |
Total equity | 68,434 | 78,282 |
Total liabilities and equity | $ 188,411 | $ 198,852 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Operating expenses: | ||
General and administrative (Note 10) | $ 5,177 | $ 5,329 |
Equity loss – Donlin Gold (Note 5) | 4,040 | 1,968 |
Operating Expenses, Total | 9,217 | 7,297 |
Loss from operations | (9,217) | (7,297) |
Interest expense on promissory note | (1,512) | (1,434) |
Accretion of notes receivable | 210 | 854 |
Other income (expense), net (Note 11) | 524 | (79) |
Loss before income taxes and other items | (9,995) | (7,956) |
Income tax expense | 0 | 0 |
Net loss | (9,995) | (7,956) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 178 | 778 |
Comprehensive loss | $ (9,817) | $ (7,178) |
Net loss per common share – basic and diluted (in dollars per share) | $ (0.03) | $ (0.02) |
Weighted average shares outstanding | ||
Basic and diluted (thousands) (in shares) | 332,940 | 331,295 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Operating activities: | ||
Net loss | $ (9,995) | $ (7,956) |
Adjustments: | ||
Share-based compensation | 2,091 | 2,042 |
Equity loss – Donlin Gold | 4,040 | 1,968 |
Interest expense on promissory note | 1,512 | 1,434 |
Foreign exchange loss | 112 | 483 |
Accretion of notes receivable | (210) | (854) |
Change in fair value of marketable securities | (500) | (226) |
Other operating adjustments | 0 | 2 |
Net change in operating assets and liabilities (Note 13) | (3,053) | (1,179) |
Net cash used in operating activities | (6,003) | (4,286) |
Investing activities: | ||
Proceeds from term deposits | 0 | 35,000 |
Purchases of term deposits | 0 | (25,000) |
Funding of Donlin Gold | (5,936) | (2,946) |
Net cash provided by (used in) investing activities | (5,936) | 7,054 |
Financing activities: | ||
Withholding tax on share-based compensation | (2,122) | (731) |
Net cash used in financing activities | (2,122) | (731) |
Effect of exchange rate changes on cash and cash equivalents | 70 | 250 |
Net change in cash and cash equivalents | (13,991) | 2,287 |
Cash and cash equivalents at beginning of period | 91,124 | 60,906 |
Cash and cash equivalents at end of period | $ 77,133 | $ 63,193 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Performance Share Units [Member]Common Stock [Member] | Performance Share Units [Member]Additional Paid-in Capital [Member] | Performance Share Units [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | [1] | Total |
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 | 2,042 | 2,042 | |||||||
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) | 345 | ||||||||
Stock options exercised | $ 777 | (777) | |||||||
Withholding tax on PSUs | (731) | (731) | |||||||
Net loss | (7,956) | (7,956) | |||||||
Other comprehensive income (loss) | 778 | 778 | |||||||
Balance (in shares) at Feb. 28, 2021 | 331,331 | ||||||||
Balance at Feb. 28, 2021 | $ 1,974,266 | 80,277 | (1,926,585) | (23,098) | 104,860 | ||||
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 | ||||
Share-based compensation | 2,091 | $ 2,091 | |||||||
Share-based awards settled in shares (in shares) | 430 | 430 | |||||||
Share-based awards settled in shares | $ 1,731 | (1,731) | |||||||
Stock options exercised (in shares) | 144 | 365 | |||||||
Stock options exercised | $ 550 | (550) | |||||||
Withholding tax on PSUs | (2,122) | $ (2,122) | |||||||
Net loss | (9,995) | (9,995) | |||||||
Other comprehensive income (loss) | 178 | 178 | |||||||
Balance (in shares) at Feb. 28, 2022 | 332,990 | ||||||||
Balance at Feb. 28, 2022 | $ 1,980,801 | $ 79,904 | $ (1,969,160) | $ (23,111) | $ 68,434 | ||||
[1] | Accumulated other comprehensive loss |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 3 Months Ended |
Feb. 28, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1 NATURE OF OPERATIONS AND BASIS OF PRESENTATION 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 Condensed Consolidated Interim 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, 2021. 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 Interim Financial Statements and Notes to $ refer to United States dollars and C$ to Canadian dollars. Dollar amounts are in thousands, except for per share amounts. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Feb. 28, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 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 |
Note 3 - Segmented Information
Note 3 - Segmented Information | 3 Months Ended |
Feb. 28, 2022 | |
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 | 3 Months Ended |
Feb. 28, 2022 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4 NOTES RECEIVABLE On July 27, 2018, July 27, 2021, July 31, 2023, July 27, 2021. As of February 28, 2022, five A contingent note for $75,000 is receivable upon approval of a Galore Creek project construction plan by the owner(s). No value was assigned to the final $75,000 contingent note receivable. The Company determined that Galore Creek project construction approval was not not February 28, 2022. |
Note 5 - Investment in Donlin G
Note 5 - Investment in Donlin Gold | 3 Months Ended |
Feb. 28, 2022 | |
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 representatives, with two representatives selected by Barrick and two representatives selected by the Company. All significant decisions related to the Donlin Gold project requires the approval of at least a majority of the Donlin Gold board. Changes in the Company’s Investment in Donlin Gold Three months ended February 28, 2022 2021 Balance – beginning of period $ 3,576 $ 2,614 Share of losses Mineral property expenditures (3,944 ) (1,901 ) Depreciation (85 ) (67 ) Accretion (11 ) — (4,040 ) (1,968 ) Funding 5,936 2,946 Balance – end of period $ 5,472 $ 3,592 The following amounts represent the Company’s 50% Non-current assets: Mineral property As of February 28, 2022 As of November 30, 2021 Current assets: Cash, prepaid expenses, and other receivables $ 6,795 $ 3,815 Non-current assets: Right-of-use assets, property and equipment 1,355 1,417 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (2,608 ) (1,584 ) Non-current liabilities: Reclamation and lease obligations (685 ) (687 ) Net assets $ 37,472 $ 35,576 |
Note 6 - Other Assets
Note 6 - Other Assets | 3 Months Ended |
Feb. 28, 2022 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | NOTE 6 OTHER ASSETS As of February 28, 2022 As of November 30, 2021 Other current assets: Accounts and interest receivable $ 351 $ 302 Prepaid expenses 959 25 $ 1,310 $ 327 Other long-term assets: Marketable equity securities $ 2,345 $ 1,830 Right-of-use assets 344 396 Office equipment 25 27 $ 2,714 $ 2,253 |
Note 7 - Promissory Note
Note 7 - Promissory Note | 3 Months Ended |
Feb. 28, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 PROMISSORY NOTE The Company has a promissory note payable to Barrick of $117,235, comprised of $51,576 in principal, and $65,659 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. |
Note 8 - Other Liabilities
Note 8 - Other Liabilities | 3 Months Ended |
Feb. 28, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | NOTE 8 OTHER LIABILITIES As of February 28, 2022 As of November 30, 2021 Other current liabilities: Remediation liabilities $ 840 $ 840 Lease obligations 191 224 $ 1,031 $ 1,064 Other long-term liabilities: Remediation liabilities $ 280 $ 280 Lease obligations 164 184 $ 444 $ 464 |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting | 3 Months Ended |
Feb. 28, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9 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 February 28, 2022 ( November 30, 2021), |
Note 10 - General and Administr
Note 10 - General and Administrative Expense | 3 Months Ended |
Feb. 28, 2022 | |
Notes to Financial Statements | |
General and Administrative Expenses [Text Block] | NOTE 10 GENERAL AND ADMINISTRATIVE EXPENSE Three months ended February 28, 2022 2021 Share-based compensation (Note 12) $ 2,091 $ 2,042 Salaries and benefits 1,768 1,768 Office expense 729 589 Corporate communications and regulatory 253 309 Professional fees 334 619 Depreciation 2 2 $ 5,177 $ 5,329 |
Note 11 - Other Income (Expense
Note 11 - Other Income (Expense), Net | 3 Months Ended |
Feb. 28, 2022 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 11 OTHER INCOME (EXPENSE), NET Three months ended February 28, 2022 2021 Interest income 136 $ 178 Foreign exchange loss (112 ) (483 ) Change in fair market value of marketable securities 500 226 $ 524 $ (79 ) |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 3 Months Ended |
Feb. 28, 2022 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 12 SHARE-BASED COMPENSATION Three months ended February 28, 2022 2021 Stock options $ 1,193 $ 1,193 Performance share unit plan 836 796 Deferred share unit plan 62 53 $ 2,091 $ 2,042 Stock options A summary of stock options outstanding and activity during the three February 28, 2022 Number of stock options (thousands) Weighted- average exercise price per share Weighted- average remaining contractual term (years) Aggregate intrinsic value November 30, 2021 8,602 $ 5.43 Granted 1,887 6.76 Exercised (365 ) 4.21 Cancelled (2 ) 7.59 February 28, 2022 10,122 $ 5.73 2.51 $ 17,002 Vested and exercisable as of February 28, 2022 6,718 $ 4.75 1.69 $ 16,471 The following table summarizes other stock option-related information: Three months ended February 28, 2022 2021 Weighted-average assumptions used to value stock option awards: Expected volatility 46.4 % 47.3 % Expected term of options (years) 4 4 Expected dividend rate — — Risk-free interest rate 1.04 % 0.3 % Expected forfeiture rate 2.9 % 3.0 % Weighted-average grant-date fair value $ 3.21 $ 3.66 Intrinsic value of options exercised $ 1,001 $ 3,505 Cash received from options exercised $ — $ — As of February 28, 2022, Performance share units A summary of PSU awards outstanding and activity during the three February 28, 2022 Number of PSU awards (thousands) Weighted- average grant day fair value per award Aggregate intrinsic value November 30, 2021 1,583 $ 5.94 Granted 517 6.75 Vested (745 ) 3.69 Performance adjustment (56 ) 3.69 Cancelled (1 ) 7.78 February 28, 2022 1,298 $ 7.65 $ 3,089 As of February 28, 2022, The following table summarizes other PSU-related information: Three months ended February 28, 2022 2021 Performance multiplier on PSUs vested 93 % 150 % Common shares issued (thousands) 430 574 Total fair value of common shares issued $ 2,903 $ 5,723 Withholding tax paid on PSUs vested $ 2,122 $ 731 |
Note 13 - Net Change in Operati
Note 13 - Net Change in Operating Assets and Liabilities | 3 Months Ended |
Feb. 28, 2022 | |
Notes to Financial Statements | |
Net Change in Operating Assets and Liabilities [Text Block] | NOTE 13 NET CHANGE IN OPERATING ASSETS AND LIABILITIES Three months ended February 28, 2022 2021 Changes in operating assets and liabilities: Other assets $ (994 ) $ 768 Accounts payable and accrued liabilities (151 ) (355 ) Accrued payroll and related benefits (1,908 ) (1,592 ) $ (3,053 ) $ (1,179 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Feb. 28, 2022 | |
Accounting Policies [Abstract] | |
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 |
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 |
Note 5 - Investment in Donlin_2
Note 5 - Investment in Donlin Gold (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
Donlin Gold [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three months ended February 28, 2022 2021 Balance – beginning of period $ 3,576 $ 2,614 Share of losses Mineral property expenditures (3,944 ) (1,901 ) Depreciation (85 ) (67 ) Accretion (11 ) — (4,040 ) (1,968 ) Funding 5,936 2,946 Balance – end of period $ 5,472 $ 3,592 As of February 28, 2022 As of November 30, 2021 Current assets: Cash, prepaid expenses, and other receivables $ 6,795 $ 3,815 Non-current assets: Right-of-use assets, property and equipment 1,355 1,417 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (2,608 ) (1,584 ) Non-current liabilities: Reclamation and lease obligations (685 ) (687 ) Net assets $ 37,472 $ 35,576 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | As of February 28, 2022 As of November 30, 2021 Other current assets: Accounts and interest receivable $ 351 $ 302 Prepaid expenses 959 25 $ 1,310 $ 327 Other long-term assets: Marketable equity securities $ 2,345 $ 1,830 Right-of-use assets 344 396 Office equipment 25 27 $ 2,714 $ 2,253 |
Note 8 - Other Liabilities (Tab
Note 8 - Other Liabilities (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
Notes Tables | |
Other Liabilities [Table Text Block] | As of February 28, 2022 As of November 30, 2021 Other current liabilities: Remediation liabilities $ 840 $ 840 Lease obligations 191 224 $ 1,031 $ 1,064 Other long-term liabilities: Remediation liabilities $ 280 $ 280 Lease obligations 164 184 $ 444 $ 464 |
Note 10 - General and Adminis_2
Note 10 - General and Administrative Expense (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
Notes Tables | |
General and Administrative Expenses [Table Text Block] | Three months ended February 28, 2022 2021 Share-based compensation (Note 12) $ 2,091 $ 2,042 Salaries and benefits 1,768 1,768 Office expense 729 589 Corporate communications and regulatory 253 309 Professional fees 334 619 Depreciation 2 2 $ 5,177 $ 5,329 |
Note 11 - Other Income (Expen_2
Note 11 - Other Income (Expense), Net (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three months ended February 28, 2022 2021 Interest income 136 $ 178 Foreign exchange loss (112 ) (483 ) Change in fair market value of marketable securities 500 226 $ 524 $ (79 ) |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended February 28, 2022 2021 Stock options $ 1,193 $ 1,193 Performance share unit plan 836 796 Deferred share unit plan 62 53 $ 2,091 $ 2,042 |
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, 2021 8,602 $ 5.43 Granted 1,887 6.76 Exercised (365 ) 4.21 Cancelled (2 ) 7.59 February 28, 2022 10,122 $ 5.73 2.51 $ 17,002 Vested and exercisable as of February 28, 2022 6,718 $ 4.75 1.69 $ 16,471 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended February 28, 2022 2021 Weighted-average assumptions used to value stock option awards: Expected volatility 46.4 % 47.3 % Expected term of options (years) 4 4 Expected dividend rate — — Risk-free interest rate 1.04 % 0.3 % Expected forfeiture rate 2.9 % 3.0 % Weighted-average grant-date fair value $ 3.21 $ 3.66 Intrinsic value of options exercised $ 1,001 $ 3,505 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, 2021 1,583 $ 5.94 Granted 517 6.75 Vested (745 ) 3.69 Performance adjustment (56 ) 3.69 Cancelled (1 ) 7.78 February 28, 2022 1,298 $ 7.65 $ 3,089 |
Other PSU-related Information [Table Text Block] | Three months ended February 28, 2022 2021 Performance multiplier on PSUs vested 93 % 150 % Common shares issued (thousands) 430 574 Total fair value of common shares issued $ 2,903 $ 5,723 Withholding tax paid on PSUs vested $ 2,122 $ 731 |
Note 13 - Net Change in Opera_2
Note 13 - Net Change in Operating Assets and Liabilities (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
Notes Tables | |
Cash Flow, Operating Capital [Table Text Block] | Three months ended February 28, 2022 2021 Changes in operating assets and liabilities: Other assets $ (994 ) $ 768 Accounts payable and accrued liabilities (151 ) (355 ) Accrued payroll and related benefits (1,908 ) (1,592 ) $ (3,053 ) $ (1,179 ) |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) $ in Thousands | 3 Months Ended |
Feb. 28, 2022USD ($) | |
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 Millions | Feb. 28, 2022 | Jul. 27, 2018 |
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | ||
Financing Receivable, after Allowance for Credit Loss, Total | $ 75 | $ 75 |
Note 4 - Notes Receivable (Deta
Note 4 - Notes Receivable (Details Textual) $ in Thousands | Jul. 27, 2021USD ($) | Jul. 27, 2018USD ($) | Feb. 28, 2022USD ($)yr |
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | |||
Financing Receivable, after Allowance for Credit Loss, Total | $ 75,000 | $ 75,000 | |
Proceeds from Collection of Notes Receivable | $ 75,000 | ||
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | |||
Financing Receivable, after Allowance for Credit Loss, Total | 25,000 | 25,000 | |
Notes Receivable, Fair Value Disclosure | 23,782 | ||
Financing Receivable, Accumulated Accretion | $ 2,834 | ||
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 | ||
Notes Receivable, Fair Value Disclosure | 0 | ||
Galore Creek [Member] | |||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates, Total | $ 100,000 |
Note 5 - Investment in Donlin_3
Note 5 - Investment in Donlin Gold (Details Textual) - Donlin Gold [Member] $ in Millions | Feb. 28, 2022USD ($) |
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 | ||
Feb. 28, 2022 | Feb. 28, 2021 | Nov. 30, 2021 | |
Income (Loss) from Equity Method Investments, Total | $ (4,040) | $ (1,968) | |
Current assets: Cash, prepaid expenses, and other receivables | 156,443 | $ 169,451 | |
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (536) | (682) | |
Donlin Gold [Member] | |||
Balance – Beginning of Period | 3,576 | 2,614 | |
Mineral Property Expenditures | (3,944) | (1,901) | |
Depreciation | (85) | (67) | |
Accretion | (11) | 0 | |
Income (Loss) from Equity Method Investments, Total | (4,040) | (1,968) | |
Funding | 5,936 | 2,946 | |
Balance – End of Period | 5,472 | $ 3,592 | |
Current assets: Cash, prepaid expenses, and other receivables | 6,795 | 3,815 | |
Non-current assets: Right-of-use assets, property and equipment | 1,355 | 1,417 | |
Non-current assets: Mineral property | 32,615 | 32,615 | |
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (2,608) | (1,584) | |
Non-current liabilities: Reclamation and lease obligations | (685) | (687) | |
Net assets | $ 37,472 | $ 35,576 |
Note 6 - Other Assets - Carryin
Note 6 - Other Assets - Carrying Amounts of Other Assets (Details) - USD ($) $ in Thousands | Feb. 28, 2022 | Nov. 30, 2021 |
Accounts and interest receivable | $ 351 | $ 302 |
Prepaid expenses | 959 | 25 |
Other Assets, Current | 1,310 | 327 |
Marketable equity securities | 2,345 | 1,830 |
Office equipment | 25 | 27 |
Other Assets, Noncurrent, Total | 2,714 | 2,253 |
Other Noncurrent Assets [Member] | ||
Right-of-use assets | $ 344 | $ 396 |
Note 7 - Promissory Note (Detai
Note 7 - Promissory Note (Details Textual) - Barrick [Member] - Notes Payable, Other Payables [Member] $ in Thousands | 3 Months Ended |
Feb. 28, 2022USD ($) | |
Notes Payable, Total | $ 117,235 |
Debt Instrument, Face Amount | 51,576 |
Interest Payable | $ 65,659 |
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 - Other Liabilities - Cu
Note 8 - Other Liabilities - Current and Long Term Liabilities (Details) - USD ($) $ in Thousands | Feb. 28, 2022 | Nov. 30, 2021 |
Other current liabilities: | ||
Remediation liabilities, current | $ 840 | $ 840 |
Lease obligations, current | 191 | 224 |
Other Liabilities, Current, Total | 1,031 | 1,064 |
Other long-term liabilities: | ||
Remediation liabilities, noncurrent | 280 | 280 |
Lease obligations, noncurrent | 164 | 184 |
Other Liabilities, Noncurrent, Total | $ 444 | $ 464 |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting (Details Textual) - USD ($) $ in Thousands | Feb. 28, 2022 | Nov. 30, 2021 |
Equity Securities, FV-NI, Current | $ 2,345 | $ 1,830 |
Note 10 - General and Adminis_3
Note 10 - General and Administrative Expense - Summary of General and Administrative Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Share-based compensation (Note 12) | $ 2,091 | $ 2,042 |
Salaries and benefits | 1,768 | 1,768 |
Office expense | 729 | 589 |
Corporate communications and regulatory | 253 | 309 |
Professional fees | 334 | 619 |
Depreciation | 2 | 2 |
General and Administrative Expense, Total | $ 5,177 | $ 5,329 |
Note 11 - Other Income (Expen_3
Note 11 - Other Income (Expense), Net - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Interest income | $ 136 | $ 178 |
Foreign exchange loss | (112) | (483) |
Change in fair market value of marketable securities | 500 | 226 |
Nonoperating Income (Expense), Total | $ 524 | $ (79) |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) $ in Thousands | 3 Months Ended |
Feb. 28, 2022USD ($)shares | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 6,048 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares) | shares | 3,404,000 |
Share-based Payment Arrangement, Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Portion Vesting Per Year | 33.33% |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months |
Performance Share Units [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 6,077 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | shares | 1,298,300 |
Note 12 - Share-based Compens_4
Note 12 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Share-based Compensation Expense | $ 2,091 | $ 2,042 |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Expense | 1,193 | 1,193 |
Performance Share Units [Member] | ||
Share-based Compensation Expense | 836 | 796 |
Deferred Share Units [Member] | ||
Share-based Compensation Expense | $ 62 | $ 53 |
Note 12 - Share-based Compens_5
Note 12 - Share-based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Feb. 28, 2022USD ($)$ / sharesshares | |
Balance (in shares) | shares | 8,602 |
Weighted average exercise price outstanding, balance (in dollars per share) | $ / shares | $ 5.43 |
Granted (in shares) | shares | 1,887 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 6.76 |
Exercised (in shares) | shares | (365) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 4.21 |
Cancelled (in shares) | shares | (2) |
Cancelled, weighted average exercise price (in dollars per share) | $ / shares | $ 7.59 |
Balance (in shares) | shares | 10,122 |
Weighted average exercise price outstanding, balance (in dollars per share) | $ / shares | $ 5.73 |
Outstanding, weighted-average remaining contractual term (Year) | 2 years 6 months 3 days |
Outstanding, aggregate intrinsic value | $ | $ 17,002 |
Vested and exercisable as of February 28, 2022 (in shares) | shares | 6,718 |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 4.75 |
Vested and exercisable, weighted-average remaining contractual term (Year) | 1 year 8 months 8 days |
Vested and exercisable, aggregate intrinsic value | $ | $ 16,471 |
Note 12 - Share-based Compens_6
Note 12 - Share-based Compensation - Other Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Expected volatility | 46.40% | 47.30% |
Expected term of options (Year) | 4 years | 4 years |
Expected dividend rate | 0.00% | 0.00% |
Risk-free interest rate | 1.04% | 0.30% |
Expected forfeiture rate | 2.90% | 3.00% |
Weighted-average grant-date fair value (in dollars per share) | $ 3.21 | $ 3.66 |
Intrinsic value of options exercised | $ 1,001 | $ 3,505 |
Cash received from options exercised | $ 0 | $ 0 |
Note 12 - Share-based Compens_7
Note 12 - Share-based Compensation - PSU Awards Outstanding and PSU Activity (Details) - Performance Share Units [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Feb. 28, 2022USD ($)$ / sharesshares | |
Balance, Numbers of awards (in shares) | shares | 1,583 |
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 5.94 |
Granted, Numbers of awards (in shares) | shares | 517 |
Granted, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 6.75 |
Vested, Numbers of awards (in shares) | shares | (745) |
Vested, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 3.69 |
Performance adjustment, Numbers of awards (in shares) | shares | (56) |
Performance adjustment, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 3.69 |
Cancelled, Numbers of awards (in shares) | shares | (1) |
Cancelled, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 7.78 |
Balance, Numbers of awards (in shares) | shares | 1,298 |
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 7.65 |
Balance, Aggregate intrinsic value | $ | $ 3,089 |
Note 12 - Share-based Compens_8
Note 12 - Share-based Compensation - Other PSU-related Information (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Withholding tax paid on PSUs vested | $ 2,122 | $ 731 |
Performance Share Units [Member] | ||
Performance multiplier on PSUs vested | 93.00% | 150.00% |
Common shares issued (in shares) | 430 | 574 |
Total fair value of common shares issued | $ 2,903 | $ 5,723 |
Withholding tax paid on PSUs vested | $ 2,122 | $ 731 |
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 | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Other assets | $ (994) | $ 768 |
Accounts payable and accrued liabilities | (151) | (355) |
Accrued payroll and related benefits | (1,908) | (1,592) |
Increase (Decrease) in Operating Capital, Total | $ (3,053) | $ (1,179) |