Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
May 31, 2023 | Jun. 20, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 31, 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) | 334,132,703 | |
Entity Central Index Key | 0001173420 | |
Current Fiscal Year End Date | --11-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($) $ in Thousands | May 31, 2023 | Nov. 30, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 46,954 | $ 63,882 |
Term deposits | 62,000 | 62,000 |
Notes receivable (Note 4) | 24,855 | 24,421 |
Other assets (Note 6) | 1,371 | 2,235 |
Current assets | 135,180 | 152,538 |
Investment in Donlin Gold (Note 5) | 4,602 | 3,848 |
Other assets (Note 6) | 3,088 | 2,803 |
Total assets | 142,870 | 159,189 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 610 | 769 |
Accrued payroll and related benefits | 1,376 | 2,532 |
Other liabilities (Note 8) | 1,331 | 1,298 |
Current liabilities | 3,317 | 4,599 |
Promissory note (Note 7) | 129,841 | 123,685 |
Other liabilities (Note 8) | 907 | 1,002 |
Total liabilities | 134,065 | 129,286 |
Commitments and Contingencies | ||
EQUITY | ||
Common shares | 1,985,383 | 1,983,962 |
Contributed surplus | 85,746 | 82,866 |
Accumulated deficit | (2,037,816) | (2,012,508) |
Accumulated other comprehensive loss | (24,508) | (24,417) |
Total equity | 8,805 | 29,903 |
Total liabilities and equity | $ 142,870 | $ 159,189 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2023 | May 31, 2022 | May 31, 2023 | May 31, 2022 | |
Operating expenses: | ||||
General and administrative (Note 10) | $ 5,535 | $ 5,371 | $ 11,142 | $ 10,548 |
Equity loss – Donlin Gold (Note 5) | 7,543 | 8,441 | 12,018 | 12,481 |
Operating Expenses | 13,078 | 13,812 | 23,160 | 23,029 |
Loss from operations | (13,078) | (13,812) | (23,160) | (23,029) |
Interest expense on promissory note | (3,212) | (1,684) | (6,156) | (3,196) |
Accretion of notes receivable | 217 | 209 | 434 | 419 |
Other income (expense), net (Note 11) | 1,424 | 317 | 3,649 | 841 |
Loss before income taxes | (14,649) | (14,970) | (25,233) | (24,965) |
Income tax expense | 0 | 0 | (75) | 0 |
Net loss | (14,649) | (14,970) | (25,308) | (24,965) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 10 | 86 | (91) | 264 |
Comprehensive loss | $ (14,639) | $ (14,884) | $ (25,399) | $ (24,701) |
Net loss per common share – basic and diluted (in dollars per share) | $ (0.04) | $ (0.04) | $ (0.08) | $ (0.07) |
Weighted average shares outstanding | ||||
Basic and diluted (thousands) (in shares) | 334,010 | 333,232 | 333,979 | 333,087 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
May 31, 2023 | Feb. 28, 2023 | May 31, 2022 | Feb. 28, 2022 | May 31, 2023 | May 31, 2022 | |
Operating activities: | ||||||
Net loss | $ (14,649) | $ (10,659) | $ (14,970) | $ (9,995) | $ (25,308) | $ (24,965) |
Adjustments: | ||||||
Equity loss – Donlin Gold | 7,543 | 8,441 | 12,018 | 12,481 | ||
Share-based compensation | 2,140 | 2,105 | 4,301 | 4,196 | ||
Interest expense on promissory note | 3,212 | 1,684 | 6,156 | 3,196 | ||
Foreign exchange (gain) loss | 5 | 47 | (36) | 159 | ||
Accretion of notes receivable | (217) | (209) | (434) | (419) | ||
Gain on sale of mineral property | 0 | 0 | (556) | 0 | ||
Change in fair value of marketable securities | (79) | (213) | (378) | (713) | ||
Other operating adjustments | 14 | (2) | 39 | (2) | ||
Net change in operating assets and liabilities (Note 14) | 1,862 | 797 | (464) | (2,256) | ||
Net cash used in operating activities | (169) | (2,320) | (4,662) | (8,323) | ||
Investing activities: | ||||||
Proceeds from term deposits | 62,000 | 16,000 | 62,000 | 16,000 | ||
Purchases of term deposits | (62,000) | (8,000) | (62,000) | (8,000) | ||
Funding of Donlin Gold | (7,028) | (10,551) | (12,772) | (16,487) | ||
Proceeds from sale of mineral property | 0 | 0 | 556 | 0 | ||
Acquisition of property and equipment | (14) | 0 | (14) | 0 | ||
Net cash provided by (used in) investing activities | (7,042) | (2,551) | (12,230) | (8,487) | ||
Financing activities: | ||||||
Withholding tax on share-based compensation | 0 | 0 | 0 | (2,122) | ||
Net cash used in financing activities | 0 | 0 | 0 | (2,122) | ||
Effect of exchange rate changes on cash and cash equivalents | 4 | 30 | (36) | 100 | ||
Decrease in cash and cash equivalents | (7,207) | (4,841) | (16,928) | (18,832) | ||
Cash and cash equivalents at beginning of period | 54,161 | 63,882 | 77,133 | 91,124 | 63,882 | 91,124 |
Cash and cash equivalents at end of period | $ 46,954 | $ 54,161 | $ 72,292 | $ 77,133 | $ 46,954 | $ 72,292 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
May 31, 2023 | Feb. 28, 2023 | May 31, 2022 | Feb. 28, 2022 | May 31, 2023 | May 31, 2022 | |
Common Stock [Member] | ||||||
Statement [Line Items] | ||||||
November 30, 2022 (in shares) | 333,983 | 333,753 | 332,990 | 332,416 | 333,753 | 332,416 |
November 30, 2022 | $ 1,984,696 | $ 1,983,962 | $ 1,980,801 | $ 1,978,520 | $ 1,983,962 | $ 1,978,520 |
Share-based compensation | $ 0 | $ 0 | 0 | $ 0 | ||
Stock options exercised (in shares) | 115 | 230 | 144 | |||
Stock options exercised | $ 687 | $ 734 | 984 | $ 550 | ||
Net loss | 0 | 0 | 0 | 0 | ||
Other comprehensive income | $ 0 | $ 0 | $ 0 | $ 0 | ||
Performance share units (PSUs) settled in shares (in shares) | 347 | 430 | ||||
Performance share units (PSUs) settled in shares | $ 1,731 | |||||
Withholding tax on PSUs | $ 0 | |||||
February 28, 2023 (in shares) | 334,098 | 333,983 | 333,337 | 332,990 | 334,098 | 333,337 |
February 28, 2023 | $ 1,985,383 | $ 1,984,696 | $ 1,981,785 | $ 1,980,801 | $ 1,985,383 | $ 1,981,785 |
Additional Paid-in Capital [Member] | ||||||
Statement [Line Items] | ||||||
November 30, 2022 | 84,293 | 82,866 | 79,904 | 82,216 | 82,866 | 82,216 |
Share-based compensation | 2,140 | 2,161 | 2,105 | 2,091 | ||
Stock options exercised | (687) | (734) | (984) | (550) | ||
Net loss | 0 | 0 | 0 | 0 | ||
Other comprehensive income | 0 | 0 | 0 | 0 | ||
Performance share units (PSUs) settled in shares | (1,731) | |||||
Withholding tax on PSUs | (2,122) | |||||
February 28, 2023 | 85,746 | 84,293 | 81,025 | 79,904 | 85,746 | 81,025 |
Retained Earnings [Member] | ||||||
Statement [Line Items] | ||||||
November 30, 2022 | (2,023,167) | (2,012,508) | (1,969,160) | (1,959,165) | (2,012,508) | (1,959,165) |
Share-based compensation | 0 | 0 | 0 | 0 | ||
Stock options exercised | 0 | 0 | 0 | 0 | ||
Net loss | (14,649) | (10,659) | (14,970) | (9,995) | ||
Other comprehensive income | 0 | 0 | 0 | 0 | ||
Performance share units (PSUs) settled in shares | 0 | |||||
Withholding tax on PSUs | 0 | |||||
February 28, 2023 | (2,037,816) | (2,023,167) | (1,984,130) | (1,969,160) | (2,037,816) | (1,984,130) |
AOCI Attributable to Parent [Member] | ||||||
Statement [Line Items] | ||||||
November 30, 2022 | (24,518) | (24,417) | (23,111) | (23,289) | (24,417) | (23,289) |
Share-based compensation | 0 | 0 | 0 | 0 | ||
Stock options exercised | 0 | 0 | 0 | 0 | ||
Net loss | 0 | 0 | 0 | 0 | ||
Other comprehensive income | 10 | (101) | 86 | 178 | ||
Performance share units (PSUs) settled in shares | 0 | |||||
Withholding tax on PSUs | 0 | |||||
February 28, 2023 | (24,508) | (24,518) | (23,025) | (23,111) | (24,508) | (23,025) |
November 30, 2022 | 21,304 | 29,903 | 68,434 | 78,282 | $ 29,903 | 78,282 |
Share-based compensation | 2,140 | 2,161 | 2,105 | 2,091 | ||
Stock options exercised (in shares) | 997 | |||||
Stock options exercised | 0 | 0 | 0 | 0 | ||
Net loss | (14,649) | (10,659) | (14,970) | (9,995) | $ (25,308) | (24,965) |
Other comprehensive income | 10 | (101) | 86 | 178 | ||
Performance share units (PSUs) settled in shares | 0 | |||||
Withholding tax on PSUs | (2,122) | |||||
February 28, 2023 | $ 8,805 | $ 21,304 | $ 55,655 | $ 68,434 | $ 8,805 | $ 55,655 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 6 Months Ended |
May 31, 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 | 6 Months Ended |
May 31, 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. NOVAGOLD RESOURCES INC. NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited, US dollars in thousands except per share amounts) |
Note 3 - Segmented Information
Note 3 - Segmented Information | 6 Months Ended |
May 31, 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 | 6 Months Ended |
May 31, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4 NOTES RECEIVABLE 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 May 31, 2023, the carrying value of the $25,000 note receivable was $24,855 including $3,907 of accumulated accretion. The carrying value of the note receivable is 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 | 6 Months Ended |
May 31, 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 May 31, Six months ended May 31, 2023 2022 2023 2022 Balance – beginning of period $ 5,117 $ 5,472 $ 3,848 $ 3,576 Share of losses: Mineral property expenditures (7,391 ) (8,343 ) (11,715 ) (12,287 ) Depreciation (144 ) (86 ) (283 ) (171 ) Accretion (8 ) (12 ) (20 ) (23 ) (7,543 ) (8,441 ) (12,018 ) (12,481 ) Funding 7,028 10,551 12,772 16,487 Balance – end of period $ 4,602 $ 7,582 $ 4,602 $ 7,582 NOVAGOLD RESOURCES INC. NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited, US dollars in thousands except per share amounts) The following amounts represent the Company’s 50% share of the assets and liabilities of Donlin Gold. Donlin Gold capitalized the initial contribution of the Donlin Gold property as Non-current assets: Mineral property As of May 31, As of November 30, 2023 2022 Current assets: Cash, prepaid expenses and other receivables $ 5,929 $ 4,220 Non-current assets: Right-of-use assets, property and equipment 1,745 2,036 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (2,966 ) (2,322 ) Non-current liabilities: Reclamation and lease obligations (721 ) (701 ) Net assets $ 36,602 $ 35,848 |
Note 6 - Other Assets
Note 6 - Other Assets | 6 Months Ended |
May 31, 2023 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | NOTE 6 OTHER ASSETS As of May 31, 2023 As of November 30, 2022 Other current assets: Accounts receivable $ 348 $ 301 Interest receivable 65 62 Receivable from Donlin Gold 347 574 Prepaid expenses 611 1,298 $ 1,371 $ 2,235 Other long-term assets: Marketable equity securities $ 2,209 $ 1,845 Right-of-use assets 849 939 Office equipment 30 19 $ 3,088 $ 2,803 |
Note 7 - Promissory Note
Note 7 - Promissory Note | 6 Months Ended |
May 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 PROMISSORY NOTE The Company has a promissory note payable to Barrick of $129,841, comprised of $51,576 in principal, and $78,265 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. NOVAGOLD RESOURCES INC. NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited, US dollars in thousands except per share amounts) |
Note 8 - Other Liabilities
Note 8 - Other Liabilities | 6 Months Ended |
May 31, 2023 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | NOTE 8 OTHER LIABILITIES As of May 31, 2023 As of November 30, 2022 Other current liabilities: Remediation liabilities $ 1,147 $ 1,156 Lease obligations 184 142 $ 1,331 $ 1,298 Other long-term liabilities: Remediation liabilities $ 200 $ 200 Lease obligations 707 802 $ 907 $ 1,002 |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting | 6 Months Ended |
May 31, 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, marketable equity securities, 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 $2,209 as of May 31, 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 | 6 Months Ended |
May 31, 2023 | |
Notes to Financial Statements | |
General and Administrative Expenses [Text Block] | NOTE 10 GENERAL AND ADMINISTRATIVE EXPENSES Three months ended May 31, Six months ended May 31, 2023 2022 2023 2022 Share-based compensation (Note 12) $ 2,140 $ 2,105 $ 4,301 $ 4,196 Salaries and benefits 1,713 1,658 3,458 3,426 Office expense 814 749 1,705 1,478 Corporate communications and regulatory 512 507 814 760 Professional fees 354 350 861 684 Depreciation 2 2 3 4 $ 5,535 $ 5,371 $ 11,142 $ 10,548 NOVAGOLD RESOURCES INC. NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited, US dollars in thousands except per share amounts) |
Note 11 - Other Income (Expense
Note 11 - Other Income (Expense), Net | 6 Months Ended |
May 31, 2023 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 11 OTHER INCOME (EXPENSE), NET Three months ended May 31, Six months ended May 31, 2023 2022 2023 2022 Interest and dividend income $ 1,350 $ 151 $ 2,679 $ 287 Gain on sale of mineral property — — 556 — Change in fair market value of marketable securities 79 213 378 713 Foreign exchange gain (loss) (5 ) (47 ) 36 (159 ) $ 1,424 $ 317 $ 3,649 $ 841 |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 6 Months Ended |
May 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 12 SHARE-BASED COMPENSATION Three months ended May 31, Six months ended May 31, 2023 2022 2023 2022 Stock options $ 1,096 $ 1,192 $ 2,262 $ 2,385 Performance share unit plan 990 859 1,931 1,695 Deferred share unit plan 54 54 108 116 $ 2,140 $ 2,105 $ 4,301 $ 4,196 Stock options A summary of stock options outstanding and activity during the six months ended May 31, 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 2,292 5.71 Exercised (997 ) 3.79 Cancelled (246 ) 6.60 May 31, 2023 8,766 $ 6.31 2.61 $ 2,805 Vested and exercisable as of May 31, 2023 5,027 $ 6.22 1.55 $ 2,805 NOVAGOLD RESOURCES INC. NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited, US dollars in thousands except per share amounts) The following table summarizes other stock option-related information: Six months ended May 31, 2023 2022 Weighted-average assumptions used to value stock option awards: Expected volatility 48.4 % 46.5 % Expected term of options (years) 4 4 Expected dividend rate — — Risk-free interest rate 3.85 % 1.13 % Expected forfeiture rate 2.8 % 2.9 % Weighted-average grant-date fair value $ 2.40 $ 2.49 Intrinsic value of options exercised $ 1,989 $ 3,630 Cash received from options exercised $ — $ — As of May 31, 2023, the Company had $5,095 of unrecognized compensation cost related to 3,739,000 non-vested stock options expected to be recognized and vest over a period of approximately 2.5 Performance share units A summary of PSU awards outstanding and activity during the six months ended May 31, 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 May 31, 2023 1,605 $ 6.89 $ 4,259 As of May 31, 2023, the Company had $5,727,000 of unrecognized compensation cost related to 1,605,000 non-vested PSU awards expected to be recognized and vest over a period of approximately 2.5 years. The following table summarizes other PSU-related information: Six months ended May 31, 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 - Net Change in Operati
Note 13 - Net Change in Operating Assets and Liabilities | 6 Months Ended |
May 31, 2023 | |
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 May 31, Six months ended May 31, 2023 2022 2023 2022 Changes in operating assets and liabilities: Other assets $ 1,033 $ 293 $ 854 $ (701 ) Accounts payable and accrued liabilities 96 122 (154 ) (29 ) Accrued payroll and related benefits 735 453 (1,155 ) (1,455 ) Remediation liabilities (2 ) (71 ) (9 ) (71 ) $ 1,862 $ 797 $ (464 ) $ (2,256 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
May 31, 2023 | |
Accounting Policies [Abstract] | |
Contingent Note Receivable, Policy [Policy Text Block] | 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. |
Equity Method Investments [Policy Text Block] | 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 Payment Arrangement [Policy Text Block] | 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 5 - Investment in Donlin_2
Note 5 - Investment in Donlin Gold (Tables) | 6 Months Ended |
May 31, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three months ended May 31, Six months ended May 31, 2023 2022 2023 2022 Balance – beginning of period $ 5,117 $ 5,472 $ 3,848 $ 3,576 Share of losses: Mineral property expenditures (7,391 ) (8,343 ) (11,715 ) (12,287 ) Depreciation (144 ) (86 ) (283 ) (171 ) Accretion (8 ) (12 ) (20 ) (23 ) (7,543 ) (8,441 ) (12,018 ) (12,481 ) Funding 7,028 10,551 12,772 16,487 Balance – end of period $ 4,602 $ 7,582 $ 4,602 $ 7,582 As of May 31, As of November 30, 2023 2022 Current assets: Cash, prepaid expenses and other receivables $ 5,929 $ 4,220 Non-current assets: Right-of-use assets, property and equipment 1,745 2,036 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (2,966 ) (2,322 ) Non-current liabilities: Reclamation and lease obligations (721 ) (701 ) Net assets $ 36,602 $ 35,848 |
Note 6 - Other Assets (Tables)
Note 6 - Other Assets (Tables) | 6 Months Ended |
May 31, 2023 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | As of May 31, 2023 As of November 30, 2022 Other current assets: Accounts receivable $ 348 $ 301 Interest receivable 65 62 Receivable from Donlin Gold 347 574 Prepaid expenses 611 1,298 $ 1,371 $ 2,235 Other long-term assets: Marketable equity securities $ 2,209 $ 1,845 Right-of-use assets 849 939 Office equipment 30 19 $ 3,088 $ 2,803 |
Note 8 - Other Liabilities (Tab
Note 8 - Other Liabilities (Tables) | 6 Months Ended |
May 31, 2023 | |
Notes Tables | |
Other Liabilities [Table Text Block] | As of May 31, 2023 As of November 30, 2022 Other current liabilities: Remediation liabilities $ 1,147 $ 1,156 Lease obligations 184 142 $ 1,331 $ 1,298 Other long-term liabilities: Remediation liabilities $ 200 $ 200 Lease obligations 707 802 $ 907 $ 1,002 |
Note 10 - General and Adminis_2
Note 10 - General and Administrative Expenses (Tables) | 6 Months Ended |
May 31, 2023 | |
Notes Tables | |
General and Administrative Expenses [Table Text Block] | Three months ended May 31, Six months ended May 31, 2023 2022 2023 2022 Share-based compensation (Note 12) $ 2,140 $ 2,105 $ 4,301 $ 4,196 Salaries and benefits 1,713 1,658 3,458 3,426 Office expense 814 749 1,705 1,478 Corporate communications and regulatory 512 507 814 760 Professional fees 354 350 861 684 Depreciation 2 2 3 4 $ 5,535 $ 5,371 $ 11,142 $ 10,548 |
Note 11 - Other Income (Expen_2
Note 11 - Other Income (Expense), Net (Tables) | 6 Months Ended |
May 31, 2023 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three months ended May 31, Six months ended May 31, 2023 2022 2023 2022 Interest and dividend income $ 1,350 $ 151 $ 2,679 $ 287 Gain on sale of mineral property — — 556 — Change in fair market value of marketable securities 79 213 378 713 Foreign exchange gain (loss) (5 ) (47 ) 36 (159 ) $ 1,424 $ 317 $ 3,649 $ 841 |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 6 Months Ended |
May 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended May 31, Six months ended May 31, 2023 2022 2023 2022 Stock options $ 1,096 $ 1,192 $ 2,262 $ 2,385 Performance share unit plan 990 859 1,931 1,695 Deferred share unit plan 54 54 108 116 $ 2,140 $ 2,105 $ 4,301 $ 4,196 |
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 2,292 5.71 Exercised (997 ) 3.79 Cancelled (246 ) 6.60 May 31, 2023 8,766 $ 6.31 2.61 $ 2,805 Vested and exercisable as of May 31, 2023 5,027 $ 6.22 1.55 $ 2,805 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six months ended May 31, 2023 2022 Weighted-average assumptions used to value stock option awards: Expected volatility 48.4 % 46.5 % Expected term of options (years) 4 4 Expected dividend rate — — Risk-free interest rate 3.85 % 1.13 % Expected forfeiture rate 2.8 % 2.9 % Weighted-average grant-date fair value $ 2.40 $ 2.49 Intrinsic value of options exercised $ 1,989 $ 3,630 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 May 31, 2023 1,605 $ 6.89 $ 4,259 |
Other PSU-related Information [Table Text Block] | Six months ended May 31, 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 - Net Change in Opera_2
Note 13 - Net Change in Operating Assets and Liabilities (Tables) | 6 Months Ended |
May 31, 2023 | |
Notes Tables | |
Cash Flow, Operating Capital [Table Text Block] | Three months ended May 31, Six months ended May 31, 2023 2022 2023 2022 Changes in operating assets and liabilities: Other assets $ 1,033 $ 293 $ 854 $ (701 ) Accounts payable and accrued liabilities 96 122 (154 ) (29 ) Accrued payroll and related benefits 735 453 (1,155 ) (1,455 ) Remediation liabilities (2 ) (71 ) (9 ) (71 ) $ 1,862 $ 797 $ (464 ) $ (2,256 ) |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) $ in Thousands | 6 Months Ended |
May 31, 2023 USD ($) | |
Statement [Line Items] | |
Revenues, Total | $ 0 |
Donlin Gold [Member] | |
Statement [Line Items] | |
Equity Method Investment, Ownership Percentage | 50% |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | May 31, 2023 | Jul. 27, 2018 |
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | ||
Statement [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | $ 75,000 | $ 75,000 |
Note 4 - Notes Receivable (Deta
Note 4 - Notes Receivable (Details Textual) | Jul. 27, 2018 USD ($) | May 31, 2023 USD ($) |
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | ||
Statement [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | $ 75,000 | $ 75,000 |
Proceeds from Collection of Notes Receivable | 75,000 | |
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | ||
Statement [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 25,000 | 25,000 |
Notes Receivable, Fair Value Disclosure | 24,855 | |
Financing Receivable, Accumulated Accretion | $ 3,907 | |
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | Measurement Input, Expected Term [Member] | ||
Statement [Line Items] | ||
Notes Receivable, Measurement Input | 5 | |
Note Receivable Upon Completion of Galore Creek Project Feasibility [Member] | Measurement Input, Discount Rate [Member] | ||
Statement [Line Items] | ||
Notes Receivable, Measurement Input | 0.036 | |
Note Receivable Upon Approval of Galore Creek Project Construction Plan [Member] | ||
Statement [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 75,000 | |
Notes Receivable, Fair Value Disclosure | 0 | |
Galore Creek [Member] | ||
Statement [Line Items] | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | $ 100,000 |
Note 5 - Investment in Donlin_3
Note 5 - Investment in Donlin Gold (Details Textual) - Donlin Gold [Member] $ in Millions | May 31, 2023 USD ($) |
Statement [Line Items] | |
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] | |
Statement [Line Items] | |
Unconsolidated Ventures, Number of Directors Selected By Venture Partners | 2 |
Barrick [Member] | |
Statement [Line Items] | |
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 | 6 Months Ended | |||
May 31, 2023 | May 31, 2022 | May 31, 2023 | May 31, 2022 | Nov. 30, 2022 | |
Statement [Line Items] | |||||
Current assets: Cash, prepaid expenses, and other receivables | $ 135,180 | $ 135,180 | $ 152,538 | ||
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (610) | (610) | (769) | ||
Income (Loss) from Equity Method Investments | (7,543) | $ (8,441) | (12,018) | $ (12,481) | |
Donlin Gold [Member] | |||||
Statement [Line Items] | |||||
Current assets: Cash, prepaid expenses, and other receivables | 5,929 | 5,929 | 4,220 | ||
Non-current assets: Right-of-use assets, property and equipment | 1,745 | 1,745 | 2,036 | ||
Non-current assets: Mineral property | 32,615 | 32,615 | 32,615 | ||
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (2,966) | (2,966) | (2,322) | ||
Non-current liabilities: Reclamation and lease obligations | (721) | (721) | (701) | ||
Net assets | 36,602 | 36,602 | $ 35,848 | ||
Donlin Gold [Member] | |||||
Statement [Line Items] | |||||
Balance – beginning of period | 5,117 | 5,472 | 3,848 | 3,576 | |
Mineral property expenditures | (7,391) | (8,343) | (11,715) | (12,287) | |
Depreciation | (144) | (86) | (283) | (171) | |
Accretion | (8) | (12) | (20) | (23) | |
Income (Loss) from Equity Method Investments | (7,543) | (8,441) | (12,018) | (12,481) | |
Funding | 7,028 | 10,551 | 12,772 | 16,487 | |
Balance – end of period | $ 4,602 | $ 7,582 | $ 4,602 | $ 7,582 |
Note 6 - Other Assets - Carryin
Note 6 - Other Assets - Carrying Amounts of Other Assets (Details) - USD ($) $ in Thousands | May 31, 2023 | Nov. 30, 2022 |
Statement [Line Items] | ||
Interest receivable | $ 65 | $ 62 |
Prepaid expenses | 611 | 1,298 |
Other Assets, Current | 1,371 | 2,235 |
Other long-term assets: | ||
Marketable equity securities | 2,209 | 1,845 |
Office equipment | 30 | 19 |
Other Assets, Noncurrent | 3,088 | 2,803 |
Other Noncurrent Assets [Member] | ||
Other long-term assets: | ||
Right-of-use assets | 849 | 939 |
Nonrelated Party [Member] | ||
Statement [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss, Current | 348 | 301 |
Related Party [Member] | ||
Statement [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 347 | $ 574 |
Note 7 - Promissory Note (Detai
Note 7 - Promissory Note (Details Textual) - Barrick [Member] - Notes Payable, Other Payables [Member] $ in Thousands | 6 Months Ended |
May 31, 2023 USD ($) | |
Statement [Line Items] | |
Notes Payable | $ 129,841 |
Debt Instrument, Face Amount | 51,576 |
Interest Payable | $ 78,265 |
Percentage of Specified Revenue from Which the Promissory Note and Accrued Interest Are Payable | 85% |
Prime Rate [Member] | |
Statement [Line Items] | |
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 | May 31, 2023 | Nov. 30, 2022 |
Other current liabilities: | ||
Remediation liabilities | $ 1,147 | $ 1,156 |
Lease obligations | 184 | 142 |
Other Liabilities, Current | 1,331 | 1,298 |
Other long-term liabilities: | ||
Remediation liabilities | 200 | 200 |
Lease obligations | 707 | 802 |
Other Liabilities, Noncurrent | $ 907 | $ 1,002 |
Note 9 - Fair Value Accounting
Note 9 - Fair Value Accounting (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
May 31, 2023 | Nov. 30, 2022 | |
Statement [Line Items] | ||
Equity Securities, FV-NI, Current | $ 2,209 | $ 1,845 |
Barrick [Member] | Notes Payable, Other Payables [Member] | Prime Rate [Member] | ||
Statement [Line Items] | ||
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 | 6 Months Ended | ||
May 31, 2023 | May 31, 2022 | May 31, 2023 | May 31, 2022 | |
Statement [Line Items] | ||||
Share-based compensation (Note 12) | $ 2,140 | $ 2,105 | $ 4,301 | $ 4,196 |
Salaries and benefits | 1,713 | 1,658 | 3,458 | 3,426 |
Office expense | 814 | 749 | 1,705 | 1,478 |
Corporate communications and regulatory | 512 | 507 | 814 | 760 |
Professional fees | 354 | 350 | 861 | 684 |
Depreciation | 2 | 2 | 3 | 4 |
General and Administrative Expense | $ 5,535 | $ 5,371 | $ 11,142 | $ 10,548 |
Note 11 - Other Income (Expen_3
Note 11 - Other Income (Expense), Net - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2023 | May 31, 2022 | May 31, 2023 | May 31, 2022 | |
Statement [Line Items] | ||||
Interest and dividend income | $ 1,350 | $ 151 | $ 2,679 | $ 287 |
Gain on sale of mineral property | 0 | 0 | 556 | 0 |
Change in fair market value of marketable securities | 79 | 213 | 378 | 713 |
Foreign exchange gain (loss) | (5) | (47) | 36 | (159) |
Nonoperating Income (Expense) | $ 1,424 | $ 317 | $ 3,649 | $ 841 |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) | 6 Months Ended |
May 31, 2023 USD ($) shares | |
Statement [Line Items] | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 5,095,000 |
Share-Based Payment Arrangement, Option [Member] | |
Statement [Line Items] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares | shares | 3,739,000 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years |
Performance Share Units [Member] | |
Statement [Line Items] | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 6 months |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 5,727,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 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 | 6 Months Ended | ||
May 31, 2023 | May 31, 2022 | May 31, 2023 | May 31, 2022 | |
Statement [Line Items] | ||||
Share-based Compensation Expense | $ 2,140 | $ 2,105 | $ 4,301 | $ 4,196 |
Share-Based Payment Arrangement, Option [Member] | ||||
Statement [Line Items] | ||||
Share-based Compensation Expense | 1,096 | 1,192 | 2,262 | 2,385 |
Performance Share Units [Member] | ||||
Statement [Line Items] | ||||
Share-based Compensation Expense | 990 | 859 | 1,931 | 1,695 |
Deferred Share Units [Member] | ||||
Statement [Line Items] | ||||
Share-based Compensation Expense | $ 54 | $ 54 | $ 108 | $ 116 |
Note 12 - Share-based Compens_5
Note 12 - Share-based Compensation - Summary of Stock Options Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
May 31, 2023 | |
Statement [Line Items] | |
Balance, options (in shares) | 7,717 |
Balance, weighted average exercise price (in dollars per share) | $ 6.18 |
Granted, options (in shares) | 2,292 |
Granted, weighted average exercise price (in dollars per share) | $ 5.71 |
Exercised, options (in shares) | (997) |
Exercised, weighted average exercise price (in dollars per share) | $ 3.79 |
Cancelled, options (in shares) | (246) |
Cancelled, weighted average exercise price (in dollars per share) | $ 6.60 |
Balance, options (in shares) | 8,766 |
Balance, weighted average exercise price (in dollars per share) | $ 6.31 |
Weighted average remaining contractual term (Year) | 2 years 7 months 9 days |
Aggreagte intrinsic value | $ 2,805 |
Vested and exercisable, options (in shares) | 5,027 |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 6.22 |
Vested and exercisable, weighted-average remaining contractual term (Year) | 1 year 6 months 18 days |
Vested and exercisable, aggregate intrinsic value | $ 2,805 |
Note 12 - Share-based Compens_6
Note 12 - Share-based Compensation - Other Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Statement [Line Items] | ||
Expected volatility | 48.40% | 46.50% |
Expected term of options (years) (Year) | 4 years | 4 years |
Expected dividend rate | 0% | 0% |
Risk-free interest rate | 3.85% | 1.13% |
Expected forfeiture rate | 2.80% | 2.90% |
Weighted-average grant-date fair value (in dollars per share) | $ 2.40 | $ 2.49 |
Intrinsic value of options exercised | $ 1,989 | $ 3,630 |
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 | 6 Months Ended |
May 31, 2023 USD ($) $ / shares shares | |
Statement [Line Items] | |
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 |
Vested, weighted average grant day fair value per award (in dollars per share) | $ / 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 |
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 |
Aggregate intrinsic value | $ | $ 4,259 |
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 | 6 Months Ended | ||
May 31, 2023 | May 31, 2022 | May 31, 2023 | May 31, 2022 | |
Statement [Line Items] | ||||
Withholding tax paid on PSUs vested | $ 0 | $ 0 | $ 0 | $ 2,122 |
Performance Share Units [Member] | ||||
Statement [Line Items] | ||||
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 - 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 | 6 Months Ended | ||
May 31, 2023 | May 31, 2022 | May 31, 2023 | May 31, 2022 | |
Statement [Line Items] | ||||
Other assets | $ 1,033 | $ 293 | $ 854 | $ (701) |
Accounts payable and accrued liabilities | 96 | 122 | (154) | (29) |
Accrued payroll and related benefits | 735 | 453 | (1,155) | (1,455) |
Remediation liabilities | (2) | (71) | (9) | (71) |
Increase (Decrease) in Operating Capital | $ 1,862 | $ 797 | $ (464) | $ (2,256) |