Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Feb. 28, 2023 | Mar. 28, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Feb. 28, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-31913 | |
Entity Registrant Name | NOVAGOLD RESOURCES INC | |
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 (in shares) | 333,982,678 | |
Entity Central Index Key | 0001173420 | |
Current Fiscal Year End Date | --11-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($) $ in Thousands | Feb. 28, 2023 | Nov. 30, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 54,161 | $ 63,882 |
Term deposits | 62,000 | 62,000 |
Notes receivable (Note 4) | 24,638 | 24,421 |
Other assets (Note 6) | 2,407 | 2,235 |
Current assets | 143,206 | 152,538 |
Investment in Donlin Gold (Note 5) | 5,117 | 3,848 |
Other assets (Note 6) | 3,038 | 2,803 |
Total assets | 151,361 | 159,189 |
Accounts payable and accrued liabilities | 515 | 769 |
Accrued payroll and related benefits | 642 | 2,532 |
Other liabilities (Note 8) | 1,317 | 1,298 |
Current liabilities | 2,474 | 4,599 |
Promissory note (Note 7) | 126,629 | 123,685 |
Other liabilities (Note 8) | 954 | 1,002 |
Total liabilities | 130,057 | 129,286 |
EQUITY | ||
Common shares | 1,984,696 | 1,983,962 |
Contributed surplus | 84,293 | 82,866 |
Accumulated deficit | (2,023,167) | (2,012,508) |
Accumulated other comprehensive loss | (24,518) | (24,417) |
Total equity | 21,304 | 29,903 |
Total liabilities and equity | $ 151,361 | $ 159,189 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Operating expenses: | ||
General and administrative (Note 10) | $ 5,607 | $ 5,177 |
Equity loss – Donlin Gold (Note 5) | 4,475 | 4,040 |
Operating Expenses, Total | 10,082 | 9,217 |
Loss from operations | (10,082) | (9,217) |
Interest expense on promissory note | (2,944) | (1,512) |
Accretion of notes receivable | 217 | 210 |
Other income (expense), net (Note 11) | 2,225 | 524 |
Loss before income taxes | (10,584) | (9,995) |
Income tax expense | (75) | 0 |
Net loss | (10,659) | (9,995) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (101) | 178 |
Comprehensive loss | $ (10,760) | $ (9,817) |
Net loss per common share – basic and diluted (in dollars per share) | $ (0.03) | $ (0.03) |
Weighted average shares outstanding | ||
Basic and diluted (thousands) (in shares) | 333,948 | 332,940 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Operating activities: | ||
Net loss | $ (10,659) | $ (9,995) |
Adjustments: | ||
Equity loss – Donlin Gold | 4,475 | 4,040 |
Share-based compensation | 2,161 | 2,091 |
Interest expense on promissory note | 2,944 | 1,512 |
Foreign exchange (gain) loss | (41) | 112 |
Accretion of notes receivable | (217) | (210) |
Gain on sale of mineral property | (556) | 0 |
Change in fair value of marketable securities | (299) | (500) |
Other operating adjustments | 25 | 0 |
Net change in operating assets and liabilities (Note 14) | (2,326) | (3,053) |
Net cash used in operating activities | (4,493) | (6,003) |
Investing activities: | ||
Funding of Donlin Gold | (5,744) | (5,936) |
Proceeds from sale of mineral property | 556 | 0 |
Net cash provided by (used in) investing activities | (5,188) | (5,936) |
Financing activities: | ||
Withholding tax on share-based compensation | 0 | (2,122) |
Net cash used in financing activities | 0 | (2,122) |
Effect of exchange rate changes on cash and cash equivalents | (40) | 70 |
Net change in cash and cash equivalents | (9,721) | (13,991) |
Cash and cash equivalents at beginning of period | 63,882 | 91,124 |
Cash and cash equivalents at end of period | $ 54,161 | $ 77,133 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
November 30, 2022 (in shares) at Nov. 30, 2021 | 332,416 | ||||
November 30, 2022 at Nov. 30, 2021 | $ 1,978,520 | $ 82,216 | $ (1,959,165) | $ (23,289) | $ 78,282 |
Share-based compensation | $ 0 | 2,091 | 0 | 0 | 2,091 |
Stock options exercised (in shares) | 144 | ||||
Stock options exercised | $ 550 | (550) | 0 | 0 | 0 |
Net loss | 0 | 0 | (9,995) | 0 | (9,995) |
Other comprehensive income | $ 0 | 0 | 0 | 178 | 178 |
Performance share units (PSUs) settled in shares (in shares) | 430 | ||||
Performance share units (PSUs) settled in shares | $ 1,731 | (1,731) | 0 | 0 | 0 |
Withholding tax on PSUs | $ 0 | (2,122) | 0 | 0 | (2,122) |
February 28, 2023 (in shares) at Feb. 28, 2022 | 332,990 | ||||
February 28, 2023 at Feb. 28, 2022 | $ 1,980,801 | 79,904 | (1,969,160) | (23,111) | 68,434 |
November 30, 2022 (in shares) at Nov. 30, 2022 | 333,753 | ||||
November 30, 2022 at Nov. 30, 2022 | $ 1,983,962 | 82,866 | (2,012,508) | (24,417) | 29,903 |
Share-based compensation | $ 0 | 2,161 | 0 | 0 | $ 2,161 |
Stock options exercised (in shares) | 230 | 521 | |||
Stock options exercised | $ 734 | (734) | 0 | 0 | $ 0 |
Net loss | 0 | 0 | (10,659) | 0 | (10,659) |
Other comprehensive income | $ 0 | 0 | 0 | (101) | (101) |
February 28, 2023 (in shares) at Feb. 28, 2023 | 333,983 | ||||
February 28, 2023 at Feb. 28, 2023 | $ 1,984,696 | $ 84,293 | $ (2,023,167) | $ (24,518) | $ 21,304 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 3 Months Ended |
Feb. 28, 2023 | |
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 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 necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with NOVAGOLD’s Consolidated Financial Statements for the year ended November 30, 2022. The year-end balance sheet data was derived from the audited financial statements and certain information and footnote disclosures required by United States generally accepted accounting principles (US GAAP) have been condensed or omitted. 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, 2023 | |
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 a subsidiary of Newmont Corporation (“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 assigned a value to the contingent note receivable as management determined that the approval of the Galore Creek project construction was not probable as of the closing of the Galore Creek sale or in subsequent periods. The contingent note will be recognized when, in management’s judgement, it is probable that the payment will occur, and that the amount recorded will not reverse in future periods. Investment in affiliates Investments in unconsolidated ventures over which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method and include the Company’s investment in the Donlin Gold project. The Company identified Donlin Gold as a Variable Interest Entity (VIE) as the entity is dependent on funding from its owners. All funding, ownership, voting rights, and power to exercise control is shared equally on a 50/50 basis between the owners of the VIE. Therefore, the Company has determined that it is not the primary beneficiary of the VIE. The Company’s maximum exposure to loss is its equity investment in Donlin Gold. 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 recoverable, the Company will record an impairment charge equal to the difference between the carrying amount of the investee and its fair value. 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 be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company’s performance, and the Company’s performance in relation to its peers. |
Note 3 - Segmented Information
Note 3 - Segmented Information | 3 Months Ended |
Feb. 28, 2023 | |
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 investment in the Donlin Gold project in Alaska, USA (Note 5). |
Note 4 - Notes Receivable
Note 4 - Notes Receivable | 3 Months Ended |
Feb. 28, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4 NOTES RECEIVABLE Galore Creek On July 27, 2018, the Company sold its interest in the Galore Creek project to Newmont for cash proceeds of $100,000, a $75,000 note receivable due on the earlier of the completion of a Galore Creek pre-feasibility study or July 27, 2021, a $25,000 note receivable due on the earlier of the completion of a Galore Creek feasibility study or July 31, 2023, and a contingent note for $75,000 upon approval of a Galore Creek project construction plan by the owner(s). The Company received $75,000 from Newmont on July 27, 2021. As of February 28, 2023, the carrying value of the $25,000 note receivable was $24,638 including $3,690 of accumulated accretion. The carrying value of the note receivable is being accreted to $25,000 over five A contingent note for $75,000 is receivable upon approval of a Galore Creek project construction plan by the owner(s). No |
Note 5 - Investment in Donlin G
Note 5 - Investment in Donlin Gold | 3 Months Ended |
Feb. 28, 2023 | |
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 Three months ended February 28, 2023 2022 Balance – beginning of period $ 3,848 $ 3,576 Share of losses Mineral property expenditures (4,324 ) (3,944 ) Depreciation (139 ) (85 ) Accretion (12 ) (11 ) (4,475 ) (4,040 ) Funding 5,744 5,936 Balance – end of period $ 5,117 $ 5,472 The following amounts represent the Company’s 50% share of the assets and liabilities of Donlin Gold LLC. Donlin Gold LLC capitalized the initial contribution of the Donlin Gold property as Non-current assets: Mineral property As of February 28, 2023 As of November 30, 2022 Current assets: Cash, prepaid expenses, and other receivables $ 5,991 $ 4,220 Non-current assets: Right-of-use assets, property and equipment 1,897 2,036 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (2,673 ) (2,322 ) Non-current liabilities: Reclamation and lease obligations (713 ) (701 ) Net assets $ 37,117 $ 35,848 |
Note 6 - Other Assets
Note 6 - Other Assets | 3 Months Ended |
Feb. 28, 2023 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | NOTE 6 OTHER ASSETS As of February 28, 2023 As of November 30, 2022 Other current assets: Accounts receivable $ 339 $ 301 Interest receivable 806 62 Receivable from Donlin Gold 293 574 Prepaid expenses 969 1,298 $ 2,407 $ 2,235 Other long-term assets: Marketable equity securities $ 2,127 $ 1,845 Right-of-use assets 893 939 Office equipment 18 19 $ 3,038 $ 2,803 |
Note 7 - Promissory Note
Note 7 - Promissory Note | 3 Months Ended |
Feb. 28, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 PROMISSORY NOTE The Company has a promissory note payable to Barrick of $126,629, comprised of $51,576 in principal, and $75,053 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 to November 30, 2007. The promissory note and accrued interest are payable from 85% of the Company’s share of revenue from future mine production or from any net proceeds resulting from a reduction of the Company’s interest in Donlin Gold. The carrying value of the promissory note approximates fair value. |
Note 8 - Other Liabilities
Note 8 - Other Liabilities | 3 Months Ended |
Feb. 28, 2023 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | NOTE 8 OTHER LIABILITIES As of February 28, 2023 As of November 30, 2022 Other current liabilities: Remediation liabilities $ 1,149 $ 1,156 Lease obligations 168 142 $ 1,317 $ 1,298 Other long-term liabilities: Remediation liabilities $ 200 $ 200 Lease obligations 754 802 $ 954 $ 1,002 |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting | 3 Months Ended |
Feb. 28, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9 FAIR VALUE ACCOUNTING Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the significance of the inputs used in making the measurement. The three levels of the fair value hierarchy are as follows: Level 1 Level 2 Level 3 The Company’s financial instruments consist of cash and cash equivalents, term deposits, accounts receivable, receivable from Donlin Gold, accounts payable and accrued liabilities, and a promissory note. The fair value of the promissory note approximates its carrying value based on accrued interest at U.S. prime plus 2% and the terms for repayment from future mine production or from any net proceeds resulting from a reduction of the Company’s interest in Donlin Gold. The fair value of the Company’s other 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, receivable from Donlin Gold, notes receivable, accounts payable and accrued liabilities, and a promissory note. The Company’s marketable equity securities are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the marketable equity securities was $2,127 as of February 28, 2023 ($1,845 as of November 30, 2022), calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company. |
Note 10 - General and Administr
Note 10 - General and Administrative Expenses | 3 Months Ended |
Feb. 28, 2023 | |
Notes to Financial Statements | |
General and Administrative Expenses [Text Block] | NOTE 10 GENERAL AND ADMINISTRATIVE EXPENSE Three months ended February 28, 2023 2022 Share-based compensation (Note 12) $ 2,161 $ 2,091 Salaries and benefits 1,745 1,768 Office expense 891 729 Corporate communications and regulatory 507 253 Professional fees 302 334 Depreciation 1 2 $ 5,607 $ 5,177 |
Note 11 - Other Income (Expense
Note 11 - Other Income (Expense), Net | 3 Months Ended |
Feb. 28, 2023 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 11 OTHER INCOME (EXPENSE), NET Three months ended February 28, 2023 2022 Interest and dividend income $ 1,329 $ 136 Gain on sale of mineral property 556 — Foreign exchange gain (loss) 41 (112 ) Change in fair market value of marketable securities 299 500 $ 2,225 $ 524 Minas San Roque In November 2021, the Company sold its 49% interest in the Minas San Roque project in Argentina to Marifil S.A., a subsidiary of International Iconic Gold Mines Ltd. (“Iconic”) for cash proceeds of C$250 upon closing, a C$750 note receivable due on November 1, 2022, and a C$1,000 note receivable due on November 1, 2023. The Company received and recognized a gain of $556 (C$750) during the three months ended February 28, 2023. |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 3 Months Ended |
Feb. 28, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 12 SHARE-BASED COMPENSATION Three months ended February 28, 2023 2022 Stock options $ 1,166 $ 1,193 Performance share unit plan 941 836 Deferred share unit plan 54 62 $ 2,161 $ 2,091 Stock options A summary of stock options outstanding and activity during the three months ended February 28, 2023 are as follows: Number of stock options (thousands) Weighted- average exercise price per share Weighted- average remaining contractual term (years) Aggregate intrinsic value November 30, 2022 7,717 $ 6.18 Granted 1,992 5.76 Exercised (521 ) 3.69 Cancelled (27 ) 7.76 February 28, 2023 9,161 $ 6.21 2.70 $ 4,474 Vested and exercisable as of February 28, 2023 5,346 $ 5.98 1.69 $ 4,474 The following table summarizes other stock option-related information: Three months ended February 28, 2023 2022 Weighted-average assumptions used to value stock option awards: Expected volatility 48.5 % 46.4 % Expected term of options (years) 4 4 Expected dividend rate — — Risk-free interest rate 3.86 % 1.04 % Expected forfeiture rate 2.8 % 2.9 % Weighted-average grant-date fair value $ 2.43 $ 2.51 Intrinsic value of options exercised $ 1,177 $ 1,001 Cash received from options exercised $ — $ — As of February 28, 2023, the Company had $5,894 of unrecognized compensation cost related to 3,725,000 non-vested stock options expected to be recognized and vest over a period of approximately 2.75 Performance share units A summary of PSU awards outstanding and activity during the three months ended February 28, 2023 are as follows: Number of PSU awards (thousands) Weighted- average grant day fair value per award Aggregate intrinsic value November 30, 2022 1,257 $ 7.65 Granted 787 5.74 Vested — — Performance adjustment (439 ) 6.96 February 28, 2023 1,605 $ 6.89 $ 7,281 As of February 28, 2023, the Company had $6,710,000 of unrecognized compensation cost related to 1,605,000 non-vested PSU awards expected to be recognized and vest over a period of approximately 2.75 years. The following table summarizes other PSU-related information: Three months ended February 28, 2023 2022 Performance multiplier on PSUs vested — % 93 % Common shares issued (thousands) — 430 Total fair value of common shares issued $ — $ 2,903 Withholding tax paid on PSUs vested $ — $ 2,122 |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 3 Months Ended |
Feb. 28, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 13 RELATED PARTY TRANSACTIONS The Company provided management and administrative services to Donlin Gold for $246 in the three months ended February 28, 2023 ($ nil 293 574 Other current assets |
Note 14 - Net Change in Operati
Note 14 - Net Change in Operating Assets and Liabilities | 3 Months Ended |
Feb. 28, 2023 | |
Notes to Financial Statements | |
Net Change in Operating Assets and Liabilities [Text Block] | NOTE 14 NET CHANGE IN OPERATING ASSETS AND LIABILITIES Three months ended February 28, 2023 2022 Changes in operating assets and liabilities: Other assets $ (179 ) $ (994 ) Accounts payable and accrued liabilities (250 ) (151 ) Accrued payroll and related benefits (1,890 ) (1,908 ) Remediation (7 ) — $ (2,326 ) $ (3,053 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Feb. 28, 2023 | |
Accounting Policies [Abstract] | |
Contingent Note Receivable, Policy [Policy Text Block] | Contingent note receivable |
Equity Method Investments [Policy Text Block] | Investment in affiliates |
Share-Based Payment Arrangement [Policy Text Block] | Share-based payments |
Note 5 - Investment in Donlin_2
Note 5 - Investment in Donlin Gold (Tables) | 3 Months Ended |
Feb. 28, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three months ended February 28, 2023 2022 Balance – beginning of period $ 3,848 $ 3,576 Share of losses Mineral property expenditures (4,324 ) (3,944 ) Depreciation (139 ) (85 ) Accretion (12 ) (11 ) (4,475 ) (4,040 ) Funding 5,744 5,936 Balance – end of period $ 5,117 $ 5,472 As of February 28, 2023 As of November 30, 2022 Current assets: Cash, prepaid expenses, and other receivables $ 5,991 $ 4,220 Non-current assets: Right-of-use assets, property and equipment 1,897 2,036 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (2,673 ) (2,322 ) Non-current liabilities: Reclamation and lease obligations (713 ) (701 ) Net assets $ 37,117 $ 35,848 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 3 Months Ended |
Feb. 28, 2023 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | As of February 28, 2023 As of November 30, 2022 Other current assets: Accounts receivable $ 339 $ 301 Interest receivable 806 62 Receivable from Donlin Gold 293 574 Prepaid expenses 969 1,298 $ 2,407 $ 2,235 Other long-term assets: Marketable equity securities $ 2,127 $ 1,845 Right-of-use assets 893 939 Office equipment 18 19 $ 3,038 $ 2,803 |
Note 8 - Other Liabilities (Tab
Note 8 - Other Liabilities (Tables) | 3 Months Ended |
Feb. 28, 2023 | |
Notes Tables | |
Other Liabilities [Table Text Block] | As of February 28, 2023 As of November 30, 2022 Other current liabilities: Remediation liabilities $ 1,149 $ 1,156 Lease obligations 168 142 $ 1,317 $ 1,298 Other long-term liabilities: Remediation liabilities $ 200 $ 200 Lease obligations 754 802 $ 954 $ 1,002 |
Note 10 - General and Adminis_2
Note 10 - General and Administrative Expenses (Tables) | 3 Months Ended |
Feb. 28, 2023 | |
Notes Tables | |
General and Administrative Expenses [Table Text Block] | Three months ended February 28, 2023 2022 Share-based compensation (Note 12) $ 2,161 $ 2,091 Salaries and benefits 1,745 1,768 Office expense 891 729 Corporate communications and regulatory 507 253 Professional fees 302 334 Depreciation 1 2 $ 5,607 $ 5,177 |
Note 11 - Other Income (Expen_2
Note 11 - Other Income (Expense), Net (Tables) | 3 Months Ended |
Feb. 28, 2023 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three months ended February 28, 2023 2022 Interest and dividend income $ 1,329 $ 136 Gain on sale of mineral property 556 — Foreign exchange gain (loss) 41 (112 ) Change in fair market value of marketable securities 299 500 $ 2,225 $ 524 |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 3 Months Ended |
Feb. 28, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended February 28, 2023 2022 Stock options $ 1,166 $ 1,193 Performance share unit plan 941 836 Deferred share unit plan 54 62 $ 2,161 $ 2,091 |
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, 2022 7,717 $ 6.18 Granted 1,992 5.76 Exercised (521 ) 3.69 Cancelled (27 ) 7.76 February 28, 2023 9,161 $ 6.21 2.70 $ 4,474 Vested and exercisable as of February 28, 2023 5,346 $ 5.98 1.69 $ 4,474 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended February 28, 2023 2022 Weighted-average assumptions used to value stock option awards: Expected volatility 48.5 % 46.4 % Expected term of options (years) 4 4 Expected dividend rate — — Risk-free interest rate 3.86 % 1.04 % Expected forfeiture rate 2.8 % 2.9 % Weighted-average grant-date fair value $ 2.43 $ 2.51 Intrinsic value of options exercised $ 1,177 $ 1,001 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, 2022 1,257 $ 7.65 Granted 787 5.74 Vested — — Performance adjustment (439 ) 6.96 February 28, 2023 1,605 $ 6.89 $ 7,281 |
Other PSU-related Information [Table Text Block] | Three months ended February 28, 2023 2022 Performance multiplier on PSUs vested — % 93 % Common shares issued (thousands) — 430 Total fair value of common shares issued $ — $ 2,903 Withholding tax paid on PSUs vested $ — $ 2,122 |
Note 14 - Net Change in Opera_2
Note 14 - Net Change in Operating Assets and Liabilities (Tables) | 3 Months Ended |
Feb. 28, 2023 | |
Notes Tables | |
Cash Flow, Operating Capital [Table Text Block] | Three months ended February 28, 2023 2022 Changes in operating assets and liabilities: Other assets $ (179 ) $ (994 ) Accounts payable and accrued liabilities (250 ) (151 ) Accrued payroll and related benefits (1,890 ) (1,908 ) Remediation (7 ) — $ (2,326 ) $ (3,053 ) |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) $ in Thousands | 3 Months Ended |
Feb. 28, 2023 USD ($) | |
Revenues, Total | $ 0 |
Donlin Gold [Member] | |
Equity Method Investment, Ownership Percentage | 50% |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Feb. 28, 2023 | Jul. 27, 2018 |
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) | Jul. 27, 2018 USD ($) | Feb. 28, 2023 USD ($) |
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 | 24,638 | |
Financing Receivable, Accumulated Accretion | $ 3,690 | |
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | Measurement Input, Expected Term [Member] | ||
Notes Receivable, Measurement Input | 5 | |
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | Measurement Input, Discount Rate [Member] | ||
Notes Receivable, Measurement Input | 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, 2023 USD ($) |
Equity Method Investment, Ownership Percentage | 50% |
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% |
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, 2023 | Feb. 28, 2022 | Nov. 30, 2022 | |
Current assets: Cash, prepaid expenses, and other receivables | $ 143,206 | $ 152,538 | |
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (515) | (769) | |
Income (Loss) from Equity Method Investments | (4,475) | $ (4,040) | |
Donlin Gold [Member] | |||
Current assets: Cash, prepaid expenses, and other receivables | 5,991 | 4,220 | |
Non-current assets: Right-of-use assets, property and equipment | 1,897 | 2,036 | |
Non-current assets: Mineral property | 32,615 | 32,615 | |
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (2,673) | (2,322) | |
Non-current liabilities: Reclamation and lease obligations | (713) | (701) | |
Net assets | 37,117 | $ 35,848 | |
Donlin Gold [Member] | |||
Balance – beginning of period | 3,848 | 3,576 | |
Mineral property expenditures | (4,324) | (3,944) | |
Depreciation | (139) | (85) | |
Accretion | (12) | (11) | |
Funding | 5,744 | 5,936 | |
Balance – end of period | $ 5,117 | $ 5,472 |
Note 6 - Other Assets - Carryin
Note 6 - Other Assets - Carrying Amounts of Other Assets (Details) - USD ($) $ in Thousands | Feb. 28, 2023 | Nov. 30, 2022 |
Accounts receivable | $ 339 | $ 301 |
Interest receivable | 806 | 62 |
Receivable from Donlin Gold | 293 | 574 |
Prepaid expenses | 969 | 1,298 |
Other Assets, Current | 2,407 | 2,235 |
Other long-term assets: | ||
Marketable equity securities | 2,127 | 1,845 |
Office equipment | 18 | 19 |
Other Assets, Noncurrent | 3,038 | 2,803 |
Other Noncurrent Assets [Member] | ||
Other long-term assets: | ||
Right-of-use assets | $ 893 | $ 939 |
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, 2023 USD ($) | |
Notes Payable, Total | $ 126,629 |
Debt Instrument, Face Amount | 51,576 |
Interest Payable | $ 75,053 |
Percentage of Specified Revenue from Which the Promissory Note and Accrued Interest Are Payable | 85% |
Prime Rate [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 2% |
Note 8 - Other Liabilities - Cu
Note 8 - Other Liabilities - Current and Long Term Liabilities (Details) - USD ($) $ in Thousands | Feb. 28, 2023 | Nov. 30, 2022 |
Other current liabilities: | ||
Remediation liabilities | $ 1,149 | $ 1,156 |
Lease obligations | 168 | 142 |
Other Liabilities, Current | 1,317 | 1,298 |
Other long-term liabilities: | ||
Remediation liabilities | 200 | 200 |
Lease obligations | 754 | 802 |
Other Liabilities, Noncurrent | $ 954 | $ 1,002 |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2023 | Nov. 30, 2022 | |
Equity Securities, FV-NI, Current | $ 2,127 | $ 1,845 |
Barrick [Member] | Notes Payable, Other Payables [Member] | Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2% |
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, 2023 | Feb. 28, 2022 | |
Share-based compensation (Note 12) | $ 2,161 | $ 2,091 |
Salaries and benefits | 1,745 | 1,768 |
Office expense | 891 | 729 |
Corporate communications and regulatory | 507 | 253 |
Professional fees | 302 | 334 |
Depreciation | 1 | 2 |
General and Administrative Expense, Total | $ 5,607 | $ 5,177 |
Note 11 - Other Income (Expen_3
Note 11 - Other Income (Expense), Net (Details Textual) $ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Nov. 30, 2021 CAD ($) | Feb. 28, 2023 USD ($) | Feb. 28, 2023 CAD ($) | Feb. 28, 2022 USD ($) | |
Gain on Sale of Mineral Property | $ 556 | $ 0 | ||
Note Receivable upon Completion of Minas San Roque Project Prefeasibility [Member] | ||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 750 | |||
Minas San Roque [Member] | ||||
Interest Sold | 49% | |||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates, Total | $ 250 | |||
Gain on Sale of Mineral Property | $ 556 | $ 750 | ||
Note Receivable upon Completion of Minas San Roque Project Feasibility [Member] | ||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 1,000 |
Note 11 - Other Income (Expen_4
Note 11 - Other Income (Expense), Net - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Interest and dividend income | $ 1,329 | $ 136 |
Gain on sale of mineral property | 556 | 0 |
Foreign exchange gain (loss) | 41 | (112) |
Change in fair market value of marketable securities | 299 | 500 |
Nonoperating Income (Expense), Total | $ 2,225 | $ 524 |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) | 3 Months Ended |
Feb. 28, 2023 USD ($) shares | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 5,894,000 |
Share-Based Payment Arrangement, Option [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares, Ending Balance | shares | 3,725,000 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years |
Performance Share Units [Member] | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 9 months |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 6,710,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | shares | 1,605,000 |
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, 2023 | Feb. 28, 2022 | |
Stock options | $ 2,161 | $ 2,091 |
Share-Based Payment Arrangement, Option [Member] | ||
Stock options | 1,166 | 1,193 |
Performance Share Units [Member] | ||
Stock options | 941 | 836 |
Deferred Share Units [Member] | ||
Stock options | $ 54 | $ 62 |
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, 2023 USD ($) $ / shares shares | |
Balance, options (in shares) | shares | 7,717 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 6.18 |
Granted, options (in shares) | shares | 1,992 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 5.76 |
Exercised, options (in shares) | shares | (521) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 3.69 |
Cancelled, options (in shares) | shares | (27) |
Cancelled, weighted average exercise price (in dollars per share) | $ / shares | $ 7.76 |
Balance, options (in shares) | shares | 9,161 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 6.21 |
Balance, weighted-average remaining contractual term (Year) | 2 years 8 months 12 days |
Balance, aggregate intrinsic value | $ | $ 4,474 |
Vested and exercisable, options (in shares) | shares | 5,346 |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 5.98 |
Vested and exercisable, weighted-average remaining contractual term (Year) | 1 year 8 months 8 days |
Vested and exercisable, aggregate intrinsic value | $ | $ 4,474 |
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, 2023 | Feb. 28, 2022 | |
Expected volatility | 48.50% | 46.40% |
Expected term of options (years) (Year) | 4 years | 4 years |
Expected dividend rate | 0% | 0% |
Risk-free interest rate | 3.86% | 1.04% |
Expected forfeiture rate | 2.80% | 2.90% |
Weighted-average grant-date fair value (in dollars per share) | $ 2.43 | $ 2.51 |
Intrinsic value of options exercised | $ 1,177 | $ 1,001 |
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) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Feb. 28, 2023 USD ($) $ / shares shares | |
Vested, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 0 |
Balance, Numbers of awards (in shares) | shares | 1,605 |
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 6.89 |
February 28, 2023 | $ | $ 7,281 |
Performance Share Units [Member] | |
Balance, Numbers of awards (in shares) | shares | 1,257 |
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 7.65 |
Granted, Numbers of awards (in shares) | shares | 787 |
Granted, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 5.74 |
Vested, Numbers of awards (in shares) | shares | 0 |
Performance adjustment, Numbers of awards (in shares) | shares | (439) |
Performance adjustment, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 6.96 |
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, 2023 | Feb. 28, 2022 | |
Withholding tax paid on PSUs vested | $ 0 | $ 2,122 |
Performance Share Units [Member] | ||
Performance multiplier on PSUs vested | 0% | 93% |
Common shares issued (thousands) (in shares) | 0 | 430 |
Total fair value of common shares issued | $ 0 | $ 2,903 |
Withholding tax paid on PSUs vested | $ 0 | $ 2,122 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 28, 2023 | Feb. 28, 2022 | Nov. 30, 2022 | |
Accounts Receivable, Related Parties | $ 293 | $ 574 | |
Donlin Gold [Member] | |||
Accounts Receivable, Related Parties | 0 | $ 0 | |
Donlin Gold [Member] | Management and Administrative Services Provided [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 246 | $ 0 |
Note 14 - Net Change in Opera_3
Note 14 - Net Change in Operating Assets and Liabilities - Net Change in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Other assets | $ (179) | $ (994) |
Accounts payable and accrued liabilities | (250) | (151) |
Accrued payroll and related benefits | (1,890) | (1,908) |
Remediation | (7) | 0 |
Increase (Decrease) in Operating Capital, Total | $ (2,326) | $ (3,053) |