NovaGold Resources (NG) 10-Q 5 Apr 22 2022 Q1 Quarterly report Financial data

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)