Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
May 31, 2024 | Jun. 18, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 31, 2024 | |
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) | 334,430,713 | |
Entity Central Index Key | 0001173420 | |
Current Fiscal Year End Date | --11-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($) $ in Thousands | May 31, 2024 | Nov. 30, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 52,568 | $ 45,749 |
Term deposits | 60,000 | 80,000 |
Other assets (Note 5) | 1,377 | 1,470 |
Current assets | 113,945 | 127,219 |
Investment in Donlin Gold (Note 4) | 3,454 | 3,071 |
Other assets (Note 5) | 4,178 | 3,000 |
Total assets | 121,577 | 133,290 |
us-gaap_LiabilitiesAbstract | ||
Accounts payable and accrued liabilities | 1,277 | 703 |
Accrued payroll and related benefits | 1,718 | 2,799 |
Other liabilities (Note 7) | 896 | 404 |
Current liabilities | 3,891 | 3,906 |
Promissory note (Note 6) | 144,047 | 136,748 |
Other liabilities (Note 7) | 1,111 | 859 |
Total liabilities | 149,049 | 141,513 |
Commitments and contingencies (Notes 6 and 7) | ||
EQUITY (DEFICIT) | ||
Common shares | 1,988,472 | 1,986,938 |
Contributed surplus | 91,874 | 88,621 |
Accumulated deficit | (2,083,329) | (2,059,311) |
Accumulated other comprehensive loss | (24,489) | (24,471) |
Total equity (deficit) | (27,472) | (8,223) |
Total liabilities and equity (deficit) | $ 121,577 | $ 133,290 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Operating expenses: | ||||
General and administrative (Note 9) | $ 7,603 | $ 5,535 | $ 13,862 | $ 11,142 |
Equity loss – Donlin Gold (Note 4) | 3,990 | 7,543 | 6,951 | 12,018 |
Operating Expenses | 11,593 | 13,078 | 20,813 | 23,160 |
Loss from operations | (11,593) | (13,078) | (20,813) | (23,160) |
Interest expense on promissory note | (3,702) | (3,212) | (7,299) | (6,156) |
Interest and dividend income | 1,520 | 1,350 | 3,071 | 2,679 |
Other income (expense), net (Note 10) | 674 | 74 | 1,722 | 970 |
Accretion of note receivable | 0 | 217 | 0 | 434 |
Loss before income taxes | (13,101) | (14,649) | (23,319) | (25,233) |
Income tax expense | 599 | 0 | 699 | 75 |
Net loss | (13,700) | (14,649) | (24,018) | (25,308) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (33) | 10 | (18) | (91) |
Comprehensive loss | $ (13,733) | $ (14,639) | $ (24,036) | $ (25,399) |
Net loss per common share – basic and diluted (in dollars per share) | $ (0.04) | $ (0.04) | $ (0.07) | $ (0.08) |
Weighted average shares outstanding | ||||
Basic and diluted (thousands) (in shares) | 334,380 | 334,010 | 334,373 | 333,979 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Operating activities: | ||||
Net loss | $ (13,700) | $ (14,649) | $ (24,018) | $ (25,308) |
Adjustments: | ||||
Equity loss – Donlin Gold | 3,990 | 7,543 | 6,951 | 12,018 |
Share-based compensation | 2,395 | 2,140 | 4,804 | 4,301 |
Interest expense on promissory note | 3,702 | 3,212 | 7,299 | 6,156 |
Gain on sale of mineral property | 0 | 0 | (743) | (556) |
Change in fair value of marketable securities | (660) | (79) | (971) | (378) |
Foreign exchange (gain) loss | (14) | 5 | (8) | (36) |
Accretion of note receivable | 0 | (217) | 0 | (434) |
Other operating adjustments | 14 | 14 | 30 | 39 |
Net change in operating assets and liabilities (Note 13) | 3,077 | 1,862 | 86 | (464) |
Net cash used in operating activities | (1,196) | (169) | (6,570) | (4,662) |
Investing activities: | ||||
Proceeds from term deposits | 80,000 | 62,000 | 80,000 | 62,000 |
Purchases of term deposits | (60,000) | (62,000) | (60,000) | (62,000) |
Funding of Donlin Gold | (3,711) | (7,028) | (7,334) | (12,772) |
Proceeds from sale of mineral property | 0 | 0 | 743 | 556 |
Acquisition of property and equipment | 0 | 14 | 0 | 14 |
Net cash provided from (used in) investing activities | 16,289 | (7,042) | 13,409 | (12,230) |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract | ||||
Withholding tax on share-based compensation | 17 | 0 | 17 | 0 |
Net cash used in financing activities | (17) | 0 | (17) | 0 |
Effect of exchange rate changes on cash and cash equivalents | (11) | 4 | (3) | (36) |
Increase (decrease) in cash and cash equivalents | 15,065 | (7,207) | 6,819 | (16,928) |
Cash and cash equivalents at beginning of period | 37,503 | 54,161 | 45,749 | 63,882 |
Cash and cash equivalents at end of period | $ 52,568 | $ 46,954 | $ 52,568 | $ 46,954 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] Performance Shares [Member] | Common Stock [Member] Deferred Share Units [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] Performance Shares [Member] | Additional Paid-in Capital [Member] Deferred Share Units [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] Performance Shares [Member] | Retained Earnings [Member] Deferred Share Units [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] Performance Shares [Member] | AOCI Attributable to Parent [Member] Deferred Share Units [Member] | AOCI Attributable to Parent [Member] | Performance Shares [Member] | Deferred Share Units [Member] | Total |
Balance (in shares) at Nov. 30, 2022 | 333,753,000 | ||||||||||||||
Balance 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) | 230,000 | ||||||||||||||
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 | ||||||||||
Share-based compensation | 0 | 2,161 | 0 | 0 | 2,161 | ||||||||||
Other comprehensive loss | $ 0 | 0 | 0 | (101) | (101) | ||||||||||
Balance (in shares) at Feb. 28, 2023 | 333,983,000 | ||||||||||||||
Balance at Feb. 28, 2023 | $ 1,984,696 | 84,293 | (2,023,167) | (24,518) | 21,304 | ||||||||||
Net loss | $ 0 | 0 | (10,659) | 0 | (10,659) | ||||||||||
Balance (in shares) at Nov. 30, 2022 | 333,753,000 | ||||||||||||||
Balance at Nov. 30, 2022 | $ 1,983,962 | 82,866 | (2,012,508) | (24,417) | 29,903 | ||||||||||
Net loss | (25,308) | ||||||||||||||
Balance (in shares) at May. 31, 2023 | 334,098,000 | ||||||||||||||
Balance at May. 31, 2023 | $ 1,985,383 | 85,746 | (2,037,816) | (24,508) | 8,805 | ||||||||||
Net loss | (25,308) | ||||||||||||||
Balance (in shares) at Feb. 28, 2023 | 333,983,000 | ||||||||||||||
Balance at Feb. 28, 2023 | $ 1,984,696 | 84,293 | (2,023,167) | (24,518) | 21,304 | ||||||||||
Share-based compensation | $ 0 | 2,140 | 0 | 0 | 2,140 | ||||||||||
Stock options exercised (in shares) | 115,000 | ||||||||||||||
Stock options exercised | $ 687 | (687) | 0 | 0 | 0 | ||||||||||
Net loss | 0 | 0 | (14,649) | 0 | (14,649) | ||||||||||
Other comprehensive income | 0 | 0 | 0 | 10 | 10 | ||||||||||
Share-based compensation | 0 | 2,140 | 0 | 0 | 2,140 | ||||||||||
Other comprehensive loss | $ 0 | 0 | 0 | (10) | (10) | ||||||||||
Balance (in shares) at May. 31, 2023 | 334,098,000 | ||||||||||||||
Balance at May. 31, 2023 | $ 1,985,383 | 85,746 | (2,037,816) | (24,508) | 8,805 | ||||||||||
Net loss | $ 0 | 0 | (14,649) | 0 | (14,649) | ||||||||||
Balance (in shares) at Nov. 30, 2023 | 334,247,000 | ||||||||||||||
Balance at Nov. 30, 2023 | $ 1,986,938 | 88,621 | (2,059,311) | (24,471) | (8,223) | ||||||||||
Share-based compensation | $ 0 | 2,409 | 0 | 0 | 2,409 | ||||||||||
Stock options exercised (in shares) | 124,000 | ||||||||||||||
Stock options exercised | $ 1,283 | (1,283) | 0 | 0 | 0 | ||||||||||
Net loss | 0 | 0 | (10,318) | 0 | (10,318) | ||||||||||
Other comprehensive income | 0 | 0 | 0 | 15 | 15 | ||||||||||
Share-based compensation | 0 | 2,409 | 0 | 0 | 2,409 | ||||||||||
Other comprehensive loss | $ 0 | 0 | 0 | (15) | (15) | ||||||||||
Balance (in shares) at Feb. 29, 2024 | 334,371,000 | ||||||||||||||
Balance at Feb. 29, 2024 | $ 1,988,221 | 89,747 | (2,069,629) | (24,456) | (16,117) | ||||||||||
Net loss | $ 0 | 0 | (10,318) | 0 | (10,318) | ||||||||||
Balance (in shares) at Nov. 30, 2023 | 334,247,000 | ||||||||||||||
Balance at Nov. 30, 2023 | $ 1,986,938 | 88,621 | (2,059,311) | (24,471) | $ (8,223) | ||||||||||
Stock options exercised (in shares) | 890,000 | ||||||||||||||
Net loss | $ (24,018) | ||||||||||||||
Balance (in shares) at May. 31, 2024 | 334,431,000 | ||||||||||||||
Balance at May. 31, 2024 | $ 1,988,472 | 91,874 | (2,083,329) | (24,489) | (27,472) | ||||||||||
Net loss | (24,018) | ||||||||||||||
Balance (in shares) at Feb. 29, 2024 | 334,371,000 | ||||||||||||||
Balance at Feb. 29, 2024 | $ 1,988,221 | 89,747 | (2,069,629) | (24,456) | (16,117) | ||||||||||
Share-based compensation | 0 | 2,395 | 0 | 0 | 2,395 | ||||||||||
Net loss | 0 | 0 | (13,700) | 0 | (13,700) | ||||||||||
Other comprehensive income | 0 | 0 | 0 | 33 | 33 | ||||||||||
Share-based compensation | 0 | 2,395 | 0 | 0 | 2,395 | ||||||||||
Performance share units (PSUs) settled in shares (in shares) | 13,000 | 47,000 | |||||||||||||
Performance share units (PSUs) settled in shares | $ 27 | $ 224 | $ (27) | $ (224) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Withholding tax on PSUs | 0 | (17) | 0 | 0 | (17) | ||||||||||
Other comprehensive loss | $ 0 | 0 | 0 | (33) | (33) | ||||||||||
Balance (in shares) at May. 31, 2024 | 334,431,000 | ||||||||||||||
Balance at May. 31, 2024 | $ 1,988,472 | 91,874 | (2,083,329) | (24,489) | (27,472) | ||||||||||
Net loss | $ 0 | $ 0 | $ (13,700) | $ 0 | $ (13,700) |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 3 Months Ended |
May 31, 2024 | |
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, 2023. 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 |
May 31, 2024 | |
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. Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules SEC Final Climate Rule In March 2024, the SEC issued a final rule that requires registrants to disclose climate-related information in their annual reports and in registration statements. In April 2024, the SEC chose to stay the newly adopted rulemaking pending judicial review of related consolidated Eighth Circuit petitions. If the stay is lifted, certain disclosures may be required in annual reports for the year ending November 30, 2026, filed in 2027. The Company is currently evaluating the impact of the rules on its consolidated financial statements. |
Note 3 - Segmented Information
Note 3 - Segmented Information | 3 Months Ended |
May 31, 2024 | |
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 4). |
Note 4 - Investment in Donlin G
Note 4 - Investment in Donlin Gold | 3 Months Ended |
May 31, 2024 | |
Donlin Gold [Member] | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 4 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, 2024 2023 2024 2023 Balance – beginning of period $ 3,733 $ 5,117 $ 3,071 $ 3,848 Share of losses: Mineral property expenditures (3,840 ) (7,391 ) (6,652 ) (11,715 ) Depreciation (140 ) (144 ) (280 ) (283 ) Accretion (10 ) (8 ) (19 ) (20 ) (3,990 ) (7,543 ) (6,951 ) (12,018 ) Funding 3,711 7,028 7,334 12,772 Balance – end of period $ 3,454 $ 4,602 $ 3,454 $ 4,602 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, 2024 2023 Current assets: Cash, prepaid expenses and other receivables $ 4,288 $ 3,410 Non-current assets: Right-of-use assets, property and equipment 1,183 1,456 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (1,872 ) (1,669 ) Non-current liabilities: Reclamation and lease obligations (760 ) (741 ) Net assets $ 35,454 $ 35,071 |
Note 5 - Other Assets
Note 5 - Other Assets | 3 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | NOTE 5 OTHER ASSETS As of May 31, 2024 As of November 30, 2023 Other current assets: Accounts receivable $ 36 $ 43 Interest receivable 90 99 Receivable from Donlin Gold 420 203 Prepaid expenses 831 1,125 $ 1,377 $ 1,470 Other long-term assets: Marketable equity securities $ 3,058 $ 2,102 Right-of-use assets 990 757 Office equipment 130 141 $ 4,178 $ 3,000 |
Note 6 - Promissory Note
Note 6 - Promissory Note | 3 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 PROMISSORY NOTE The Company has a promissory note payable to Barrick of $144,047, comprised of $51,576 in principal, and $92,471 in accrued interest at U.S. prime |
Note 7 - Other Liabilities
Note 7 - Other Liabilities | 3 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | NOTE 7 OTHER LIABILITIES As of May 31, 2024 As of November 30, 2023 Other current liabilities: Remediation liabilities $ 135 $ 212 Lease obligations 167 192 Income taxes payable 594 — $ 896 $ 404 Other long-term liabilities: Remediation liabilities $ 250 $ 250 Lease obligations 861 609 $ 1,111 $ 859 |
Note 8 - Fair Value Accounting
Note 8 - Fair Value Accounting | 3 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 8 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, interest 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 |
Note 9 - General and Administra
Note 9 - General and Administrative Expenses | 3 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
General and Administrative Expenses [Text Block] | NOTE 9 GENERAL AND ADMINISTRATIVE EXPENSES Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Share-based compensation (Note 11) $ 2,395 $ 2,140 $ 4,804 $ 4,301 Salaries and benefits 2,045 1,713 4,131 3,458 Professional fees 1,853 354 2,518 861 Office expense 851 814 1,586 1,705 Corporate communications and regulatory 454 512 812 814 Depreciation 5 2 11 3 $ 7,603 $ 5,535 $ 13,862 $ 11,142 |
Note 10 - Other Income (Expense
Note 10 - Other Income (Expense), Net | 3 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 10 OTHER INCOME (EXPENSE), NET Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Change in fair market value of marketable securities $ 660 $ 79 $ 971 $ 378 Gain on sale of mineral property — — 743 556 Foreign exchange gain (loss) 14 (5 ) 8 36 $ 674 $ 74 $ 1,722 $ 970 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 3 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 11 SHARE-BASED COMPENSATION Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Stock options $ 1,326 $ 1,096 $ 2,648 $ 2,262 Performance share unit plan 995 990 2,022 1,931 Deferred share unit plan 74 54 134 108 $ 2,395 $ 2,140 $ 4,804 $ 4,301 Stock options A summary of stock options outstanding and activity during the six months ended May 31, 2024 are as follows: Number of stock options Weighted- average exercise price per share Weighted- average remaining contractual term (years) Aggregate intrinsic value November 30, 2023 7,606,200 $ 6.59 Granted 3,088,900 4.12 Exercised (890,000 ) 3.67 Cancelled (179,300 ) 4.88 May 31, 2024 9,625,800 $ 6.09 2.91 $ 192 Vested and exercisable as of May 31, 2024 4,666,300 $ 7.40 1.73 $ — The following table summarizes other stock option-related information: Six months ended May 31, 2024 2023 Weighted-average assumptions used to value stock option awards: Expected volatility 48.7 % 48.4 % Expected term of options (years) 4 4 Expected dividend rate — — Risk-free interest rate 4.29 % 3.85 % Expected forfeiture rate 3.0 % 2.8 % Weighted-average grant-date fair value $ 1.76 $ 2.40 Intrinsic value of options exercised $ 471 $ 1,989 Cash received from options exercised $ — $ — As of May 31, 2024, the Company had $5,233 of unrecognized compensation cost related to 4,959,500 non-vested stock options expected to be recognized and vest over a period of approximately 2.5 years. Performance share units A summary of PSU awards outstanding and activity during the six months ended May 31, 2024 are as follows: Number of PSU awards Weighted- average grant day fair value per award Aggregate intrinsic value November 30, 2023 1,605,500 $ 6.89 Granted 886,800 4.20 Vested (18,600 ) 5.31 Expired (319,300 ) 9.92 May 31, 2024 2,154,400 $ 5.34 $ 3,084 As of May 31, 2024, the Company had $5,266 of unrecognized compensation cost related to 2,154,400 non-vested PSU awards expected to be recognized and vest over a period of approximately 2.5 years. |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 3 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 12 RELATED PARTY TRANSACTIONS The Company provided management and administrative services to Donlin Gold for $260 and $418 in the three and six months ended May 31, 2024, respectively ($264 and $598 in the three and six months ended May 31, 2023, respectively). As of May 31, 2024, the Company has accounts receivable from Donlin Gold of $420 (November 30, 2023: $203) included in Other current assets |
Note 13 - Net Change in Operati
Note 13 - Net Change in Operating Assets and Liabilities | 3 Months Ended |
May 31, 2024 | |
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, 2024 2023 2024 2023 Changes in operating assets and liabilities: Other assets $ 989 $ 1,033 $ 64 $ 854 Accounts payable and accrued liabilities 718 96 581 (154 ) Accrued payroll and related benefits 800 735 (1,081 ) (1,155 ) Income taxes payable 598 — 598 — Remediation (28 ) (2 ) (76 ) (9 ) $ 3,077 $ 1,862 $ 86 $ (464 ) |
Note 14 - Supplemental Cash Flo
Note 14 - Supplemental Cash Flow Information | 3 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 14 SUPPLEMENTAL CASH FLOW INFORMATION Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Interest and dividends received $ 2,650 $ 2,091 $ 3,080 $ 2,676 Income taxes paid $ — $ — $ 100 $ 75 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
May 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Other Information. None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
May 31, 2024 | |
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 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] | 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 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 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. |
Business Combinations and Other Purchase of Business Transactions, Policy [Policy Text Block] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules SEC Final Climate Rule In March 2024, the SEC issued a final rule that requires registrants to disclose climate-related information in their annual reports and in registration statements. In April 2024, the SEC chose to stay the newly adopted rulemaking pending judicial review of related consolidated Eighth Circuit petitions. If the stay is lifted, certain disclosures may be required in annual reports for the year ending November 30, 2026, filed in 2027. The Company is currently evaluating the impact of the rules on its consolidated financial statements. |
Note 4 - Investment in Donlin_2
Note 4 - Investment in Donlin Gold (Tables) | 3 Months Ended |
May 31, 2024 | |
Donlin Gold [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Balance – beginning of period $ 3,733 $ 5,117 $ 3,071 $ 3,848 Share of losses: Mineral property expenditures (3,840 ) (7,391 ) (6,652 ) (11,715 ) Depreciation (140 ) (144 ) (280 ) (283 ) Accretion (10 ) (8 ) (19 ) (20 ) (3,990 ) (7,543 ) (6,951 ) (12,018 ) Funding 3,711 7,028 7,334 12,772 Balance – end of period $ 3,454 $ 4,602 $ 3,454 $ 4,602 As of May 31, As of November 30, 2024 2023 Current assets: Cash, prepaid expenses and other receivables $ 4,288 $ 3,410 Non-current assets: Right-of-use assets, property and equipment 1,183 1,456 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (1,872 ) (1,669 ) Non-current liabilities: Reclamation and lease obligations (760 ) (741 ) Net assets $ 35,454 $ 35,071 |
Note 5 - Other Assets (Tables)
Note 5 - Other Assets (Tables) | 3 Months Ended |
May 31, 2024 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | As of May 31, 2024 As of November 30, 2023 Other current assets: Accounts receivable $ 36 $ 43 Interest receivable 90 99 Receivable from Donlin Gold 420 203 Prepaid expenses 831 1,125 $ 1,377 $ 1,470 Other long-term assets: Marketable equity securities $ 3,058 $ 2,102 Right-of-use assets 990 757 Office equipment 130 141 $ 4,178 $ 3,000 |
Note 7 - Other Liabilities (Tab
Note 7 - Other Liabilities (Tables) | 3 Months Ended |
May 31, 2024 | |
Notes Tables | |
Other Liabilities [Table Text Block] | As of May 31, 2024 As of November 30, 2023 Other current liabilities: Remediation liabilities $ 135 $ 212 Lease obligations 167 192 Income taxes payable 594 — $ 896 $ 404 Other long-term liabilities: Remediation liabilities $ 250 $ 250 Lease obligations 861 609 $ 1,111 $ 859 |
Note 9 - General and Administ_2
Note 9 - General and Administrative Expenses (Tables) | 3 Months Ended |
May 31, 2024 | |
Notes Tables | |
General and Administrative Expenses [Table Text Block] | Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Share-based compensation (Note 11) $ 2,395 $ 2,140 $ 4,804 $ 4,301 Salaries and benefits 2,045 1,713 4,131 3,458 Professional fees 1,853 354 2,518 861 Office expense 851 814 1,586 1,705 Corporate communications and regulatory 454 512 812 814 Depreciation 5 2 11 3 $ 7,603 $ 5,535 $ 13,862 $ 11,142 |
Note 10 - Other Income (Expen_2
Note 10 - Other Income (Expense), Net (Tables) | 3 Months Ended |
May 31, 2024 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Change in fair market value of marketable securities $ 660 $ 79 $ 971 $ 378 Gain on sale of mineral property — — 743 556 Foreign exchange gain (loss) 14 (5 ) 8 36 $ 674 $ 74 $ 1,722 $ 970 |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Tables) | 3 Months Ended |
May 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Stock options $ 1,326 $ 1,096 $ 2,648 $ 2,262 Performance share unit plan 995 990 2,022 1,931 Deferred share unit plan 74 54 134 108 $ 2,395 $ 2,140 $ 4,804 $ 4,301 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of stock options Weighted- average exercise price per share Weighted- average remaining contractual term (years) Aggregate intrinsic value November 30, 2023 7,606,200 $ 6.59 Granted 3,088,900 4.12 Exercised (890,000 ) 3.67 Cancelled (179,300 ) 4.88 May 31, 2024 9,625,800 $ 6.09 2.91 $ 192 Vested and exercisable as of May 31, 2024 4,666,300 $ 7.40 1.73 $ — |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six months ended May 31, 2024 2023 Weighted-average assumptions used to value stock option awards: Expected volatility 48.7 % 48.4 % Expected term of options (years) 4 4 Expected dividend rate — — Risk-free interest rate 4.29 % 3.85 % Expected forfeiture rate 3.0 % 2.8 % Weighted-average grant-date fair value $ 1.76 $ 2.40 Intrinsic value of options exercised $ 471 $ 1,989 Cash received from options exercised $ — $ — |
Schedule of Nonvested Performance-Based Units Activity [Table Text Block] | Number of PSU awards Weighted- average grant day fair value per award Aggregate intrinsic value November 30, 2023 1,605,500 $ 6.89 Granted 886,800 4.20 Vested (18,600 ) 5.31 Expired (319,300 ) 9.92 May 31, 2024 2,154,400 $ 5.34 $ 3,084 |
Note 13 - Net Change in Opera_2
Note 13 - Net Change in Operating Assets and Liabilities (Tables) | 3 Months Ended |
May 31, 2024 | |
Notes Tables | |
Cash Flow, Operating Capital [Table Text Block] | Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Changes in operating assets and liabilities: Other assets $ 989 $ 1,033 $ 64 $ 854 Accounts payable and accrued liabilities 718 96 581 (154 ) Accrued payroll and related benefits 800 735 (1,081 ) (1,155 ) Income taxes payable 598 — 598 — Remediation (28 ) (2 ) (76 ) (9 ) $ 3,077 $ 1,862 $ 86 $ (464 ) |
Note 14 - Supplemental Cash F_2
Note 14 - Supplemental Cash Flow Information (Tables) | 3 Months Ended |
May 31, 2024 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three months ended May 31, Six months ended May 31, 2024 2023 2024 2023 Interest and dividends received $ 2,650 $ 2,091 $ 3,080 $ 2,676 Income taxes paid $ — $ — $ 100 $ 75 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) $ in Thousands | 3 Months Ended |
May 31, 2024 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) $ in Millions | May 31, 2024 USD ($) |
Note Receivable Upon Completion of Galore Creek Project Pre-feasibility [Member] | |
Financing Receivable, after Allowance for Credit Loss | $ 75 |
Note 4 - Investment in Donlin_3
Note 4 - Investment in Donlin Gold (Details Textual) - Donlin Gold [Member] $ in Millions | May 31, 2024 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 4 - Investment in Donlin_4
Note 4 - 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, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | Nov. 30, 2023 | |
Current assets: Cash, prepaid expenses, and other receivables | $ 113,945 | $ 113,945 | $ 127,219 | ||
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (1,277) | (1,277) | (703) | ||
Income (Loss) from Equity Method Investments | (3,990) | $ (7,543) | (6,951) | $ (12,018) | |
Donlin Gold [Member] | |||||
Current assets: Cash, prepaid expenses, and other receivables | 4,288 | 4,288 | 3,410 | ||
Non-current assets: Right-of-use assets, property and equipment | 1,183 | 1,183 | 1,456 | ||
Non-current assets: Mineral property | 32,615 | 32,615 | 32,615 | ||
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (1,872) | (1,872) | (1,669) | ||
Non-current liabilities: Reclamation and lease obligations | (760) | (760) | (741) | ||
Net assets | 35,454 | 35,454 | $ 35,071 | ||
Donlin Gold [Member] | |||||
Balance – beginning of period | 3,733 | 5,117 | 3,071 | 3,848 | |
Mineral property expenditures | (3,840) | (7,391) | (6,652) | (11,715) | |
Depreciation | (140) | (144) | (280) | (283) | |
Accretion | (10) | (8) | (19) | (20) | |
Income (Loss) from Equity Method Investments | (3,990) | (7,543) | (6,951) | (12,018) | |
Funding | 3,711 | 7,028 | 7,334 | 12,772 | |
Balance – end of period | $ 3,454 | $ 4,602 | $ 3,454 | $ 4,602 |
Note 5 - Other Assets - Carryin
Note 5 - Other Assets - Carrying Amounts of Other Assets (Details) - USD ($) $ in Thousands | May 31, 2024 | Nov. 30, 2023 |
Interest receivable | $ 90 | $ 99 |
Prepaid expenses | 831 | 1,125 |
Other Assets, Current | 1,377 | 1,470 |
Marketable equity securities | $ 3,058 | $ 2,102 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Right-of-use assets | $ 990 | $ 757 |
Office equipment | 130 | 141 |
Other Assets, Noncurrent | 4,178 | 3,000 |
Nonrelated Party [Member] | ||
Accounts receivable | 36 | 43 |
Related Party [Member] | ||
Accounts receivable | $ 420 | $ 203 |
Note 6 - Promissory Note (Detai
Note 6 - Promissory Note (Details Textual) - Barrick [Member] - Notes Payable, Other Payables [Member] $ in Thousands | 3 Months Ended | 6 Months Ended |
May 31, 2024 USD ($) | May 31, 2024 USD ($) | |
Notes Payable | $ 144,047 | $ 144,047 |
Debt Instrument, Face Amount | 51,576 | 51,576 |
Interest Payable | $ 92,471 | $ 92,471 |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:PrimeRateMember | |
Debt Instrument, Basis Spread on Variable Rate | 2% | 2% |
Percentage of Specified Revenue from Which the Promissory Note and Accrued Interest Are Payable | 85% | 85% |
Note 7 - Other Liabilities - Cu
Note 7 - Other Liabilities - Current and Long Term Liabilities (Details) - USD ($) $ in Thousands | May 31, 2024 | Nov. 30, 2023 |
Remediation liabilities | $ 135 | $ 212 |
Lease obligations | 167 | 192 |
Income taxes payable | 594 | 0 |
Other Liabilities, Current | 896 | 404 |
Remediation liabilities | 250 | 250 |
Lease obligations | 861 | 609 |
Other Liabilities, Noncurrent | $ 1,111 | $ 859 |
Note 8 - Fair Value Accounting
Note 8 - Fair Value Accounting (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
May 31, 2024 | May 31, 2024 | Nov. 30, 2023 | |
Equity Securities, FV-NI, Current | $ 3,058 | $ 3,058 | $ 2,102 |
Barrick [Member] | Notes Payable, Other Payables [Member] | |||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:PrimeRateMember | ||
Debt Instrument, Basis Spread on Variable Rate | 2% | 2% |
Note 9 - General and Administ_3
Note 9 - General and Administrative Expense - Schedule of General and Administrative Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Share-based compensation (Note 11) | $ 2,395 | $ 2,140 | $ 4,804 | $ 4,301 |
Salaries and benefits | 2,045 | 1,713 | 4,131 | 3,458 |
Professional fees | 1,853 | 354 | 2,518 | 861 |
Office expense | 851 | 814 | 1,586 | 1,705 |
Corporate communications and regulatory | 454 | 512 | 812 | 814 |
Depreciation | 5 | 2 | 11 | 3 |
General and Administrative Expense | $ 7,603 | $ 5,535 | $ 13,862 | $ 11,142 |
Note 10 - Other Income (Expen_3
Note 10 - Other Income (Expense), Net - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Change in fair market value of marketable securities | $ 660 | $ 79 | $ 971 | $ 378 |
Gain on sale of mineral property | 0 | 0 | 743 | 556 |
Foreign exchange gain (loss) | 14 | (5) | 8 | 36 |
Nonoperating Income (Expense) | $ 674 | $ 74 | $ 1,722 | $ 970 |
Note 11 - Share-based Compens_3
Note 11 - Share-based Compensation (Details Textual) $ in Thousands | 3 Months Ended |
May 31, 2024 USD ($) shares | |
Share-Based Payment Arrangement, Option [Member] | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 5,233 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares | shares | 4,959,500 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 6 months |
Performance Share Units [Member] | |
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 | $ | $ 5,266 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | shares | 2,154,400 |
Note 11 - Share-based Compens_4
Note 11 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Share-based Compensation Expense | $ 2,395 | $ 2,140 | $ 4,804 | $ 4,301 |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Expense | 1,326 | 1,096 | 2,648 | 2,262 |
Performance Share Units [Member] | ||||
Share-based Compensation Expense | 995 | 990 | 2,022 | 1,931 |
Deferred Share Units [Member] | ||||
Share-based Compensation Expense | $ 74 | $ 54 | $ 134 | $ 108 |
Note 11 - Share-based Compens_5
Note 11 - Share-based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
May 31, 2024 USD ($) $ / shares shares | |
Balance, options (in shares) | shares | 7,606,200 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 6.59 |
Granted, options (in shares) | shares | 3,088,900 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 4.12 |
Exercised, options (in shares) | shares | (890,000) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 3.67 |
Cancelled, options (in shares) | shares | (179,300) |
Cancelled, weighted average exercise price (in dollars per share) | $ / shares | $ 4.88 |
Balance, options (in shares) | shares | 9,625,800 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 6.09 |
Balance, weighted average remaining contractual term (Year) | 2 years 10 months 28 days |
Balance, intrinsic value | $ | $ 192 |
Vested and exercisable, options (in shares) | shares | 4,666,300 |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 7.4 |
Vested and exercisable, weighted-average remaining contractual term (Year) | 1 year 8 months 23 days |
Vested and exercisable, aggregate intrinsic value | $ | $ 0 |
Note 11 - Share-based Compens_6
Note 11 - Share-based Compensation - Other Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Expected volatility | 48.70% | 48.40% |
Expected term of options (years) (Year) | 4 years | 4 years |
Expected dividend rate | 0% | 0% |
Risk-free interest rate | 4.29% | 3.85% |
Expected forfeiture rate | 3% | 2.80% |
Weighted-average grant-date fair value (in dollars per share) | $ 1.76 | $ 2.4 |
Intrinsic value of options exercised | $ 471 | $ 1,989 |
Cash received from options exercised | $ 0 | $ 0 |
Note 11 - Share-based Compens_7
Note 11 - Share-based Compensation - PSU Awards Outstanding and PSU Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
May 31, 2024 USD ($) $ / shares shares | |
Expired (in shares) | shares | (319,300) |
Expired (in dollars per share) | $ / shares | $ 9.92 |
Balance, Numbers of awards (in shares) | shares | 2,154,400 |
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 5.34 |
Balance, Aggregate intrinsic value | $ | $ 3,084 |
Performance Share Units [Member] | |
Balance, Numbers of awards (in shares) | shares | 1,605,500 |
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 6.89 |
Granted, Numbers of awards (in shares) | shares | 886,800 |
Granted, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 4.2 |
Vested, Numbers of awards (in shares) | shares | (18,600) |
Vested, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 5.31 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) - Donlin Gold [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | Nov. 30, 2023 | |
Accounts Receivable, after Allowance for Credit Loss | $ 420 | $ 420 | $ 203 | ||
Management and Administrative Services Provided [Member] | |||||
Related Party Transaction, Amounts of Transaction | $ 260 | $ 264 | $ 418 | $ 598 |
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, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Other assets | $ 989 | $ 1,033 | $ 64 | $ 854 |
Accounts payable and accrued liabilities | 718 | 96 | 581 | (154) |
Accrued payroll and related benefits | 800 | 735 | (1,081) | (1,155) |
Income taxes payable | 598 | 0 | 598 | 0 |
Remediation | (28) | (2) | (76) | (9) |
Increase (Decrease) in Operating Capital | $ 3,077 | $ 1,862 | $ 86 | $ (464) |
Note 14 - Supplemental Cash F_3
Note 14 - Supplemental Cash Flow Information - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Interest and dividends received | $ 2,650 | $ 2,091 | $ 3,080 | $ 2,676 |
Income taxes paid | $ 0 | $ 0 | $ 100 | $ 75 |