Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Aug. 31, 2024 | Sep. 25, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Aug. 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) | 334,567,187 | |
Entity Central Index Key | 0001173420 | |
Current Fiscal Year End Date | --11-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($) $ in Thousands | Aug. 31, 2024 | Nov. 30, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 45,572 | $ 45,749 |
Term deposits | 60,000 | 80,000 |
Other assets (Note 5) | 1,536 | 1,470 |
Current assets | 107,108 | 127,219 |
Investment in Donlin Gold (Note 4) | 3,504 | 3,071 |
Other assets (Note 5) | 4,119 | 3,000 |
Total assets | 114,731 | 133,290 |
us-gaap_LiabilitiesAbstract | ||
Accounts payable and accrued liabilities | 964 | 703 |
Accrued payroll and related benefits | 2,059 | 2,799 |
Other liabilities (Note 7) | 568 | 404 |
Current liabilities | 3,591 | 3,906 |
Promissory note (Note 6) | 147,880 | 136,748 |
Other liabilities (Note 7) | 1,069 | 859 |
Total liabilities | 152,540 | 141,513 |
Commitments and contingencies (Notes 6 and 7) | ||
EQUITY (DEFICIT) | ||
Common shares | 1,989,245 | 1,986,938 |
Contributed surplus | 91,459 | 88,621 |
Accumulated deficit | (2,094,072) | (2,059,311) |
Accumulated other comprehensive loss | (24,441) | (24,471) |
Total equity (deficit) | (37,809) | (8,223) |
Total liabilities and equity (deficit) | $ 114,731 | $ 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 | 9 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Operating expenses: | ||||
General and administrative (Note 9) | $ 5,120 | $ 5,243 | $ 18,982 | $ 16,385 |
Equity loss – Donlin Gold (Note 4) | 2,814 | 3,978 | 9,765 | 15,996 |
Operating Expenses | 7,934 | 9,221 | 28,747 | 32,381 |
Loss from operations | (7,934) | (9,221) | (28,747) | (32,381) |
Interest expense on promissory note | (3,833) | (3,433) | (11,132) | (9,589) |
Interest and dividend income | 1,194 | 1,501 | 4,265 | 4,180 |
Other income (expense), net (Note 10) | (14) | (66) | 1,708 | 904 |
Accretion of note receivable | 0 | 145 | 0 | 579 |
Loss before income taxes | (10,587) | (11,074) | (33,906) | (36,307) |
Income tax expense | 156 | 0 | 855 | 75 |
Net loss | (10,743) | (11,074) | (34,761) | (36,382) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 48 | 85 | 30 | (6) |
Comprehensive loss | $ (10,695) | $ (10,989) | $ (34,731) | $ (36,388) |
Net loss per common share – basic and diluted (in dollars per share) | $ (0.03) | $ (0.03) | $ (0.11) | $ (0.11) |
Weighted average shares outstanding | ||||
Basic and diluted (thousands) (in shares) | 334,520 | 334,158 | 334,422 | 334,022 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Operating activities: | ||||
Net loss | $ (10,743) | $ (11,074) | $ (34,761) | $ (36,382) |
Adjustments: | ||||
Equity loss – Donlin Gold | 2,814 | 3,978 | 9,765 | 15,996 |
Share-based compensation | 515 | 2,225 | 5,319 | 6,526 |
Interest expense on promissory note | 3,833 | 3,433 | 11,132 | 9,589 |
Gain on sale of mineral property | 0 | 0 | (743) | (556) |
Change in fair value of marketable securities | (7) | 45 | (978) | (333) |
Foreign exchange (gain) loss | 21 | 21 | 13 | (15) |
Accretion of note receivable | 0 | (145) | 0 | (579) |
Other operating adjustments | 2 | 4 | 32 | 43 |
Net change in operating assets and liabilities (Note 13) | (474) | 210 | (388) | (254) |
Net cash used in operating activities | (4,039) | (1,303) | (10,609) | (5,965) |
Investing activities: | ||||
Proceeds from term deposits | 0 | 0 | 80,000 | 62,000 |
Purchases of term deposits | 0 | (24,000) | (60,000) | (86,000) |
Proceeds from note receivable | 0 | 25,000 | 0 | 25,000 |
Funding of Donlin Gold | (2,864) | (2,475) | (10,198) | (15,247) |
Proceeds from sale of mineral property | 0 | 0 | 743 | 556 |
Acquisition of property and equipment | 0 | 133 | 0 | 147 |
Sale of marketable equity investments | 59 | 0 | 59 | 0 |
Net cash provided from (used in) investing activities | (2,805) | (1,608) | 10,604 | (13,838) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||
Withholding tax on share-based compensation | 157 | 0 | 174 | 0 |
Net cash used in financing activities | (157) | 0 | (174) | 0 |
Effect of exchange rate changes on cash and cash equivalents | 5 | 36 | 2 | 0 |
Increase (decrease) in cash and cash equivalents | (6,996) | (2,875) | (177) | (19,803) |
Cash and cash equivalents at beginning of period | 52,568 | 46,954 | 45,749 | 63,882 |
Cash and cash equivalents at end of period | $ 45,572 | $ 44,079 | $ 45,572 | $ 44,079 |
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] Restricted Stock Units (RSUs) [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] Restricted Stock Units (RSUs) [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] Performance Shares [Member] | Retained Earnings [Member] Deferred Share Units [Member] | Retained Earnings [Member] Restricted Stock Units (RSUs) [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] Restricted Stock Units (RSUs) [Member] | AOCI Attributable to Parent [Member] | Performance Shares [Member] | Deferred Share Units [Member] | Restricted Stock Units (RSUs) [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 | (36,382) | |||||||||||||||||||
Balance (in shares) at Aug. 31, 2023 | 334,181,000 | |||||||||||||||||||
Balance at Aug. 31, 2023 | $ 1,985,663 | 87,691 | (2,048,890) | (24,423) | 41 | |||||||||||||||
Net loss | (36,382) | |||||||||||||||||||
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) | |||||||||||||||
Share-based compensation | $ 0 | 2,225 | 0 | 0 | 2,225 | |||||||||||||||
Stock options exercised (in shares) | 35,000 | |||||||||||||||||||
Stock options exercised | $ 34 | (34) | 0 | 0 | 0 | |||||||||||||||
Net loss | 0 | 0 | (11,074) | 0 | (11,074) | |||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 85 | 85 | |||||||||||||||
Share-based compensation | 0 | 2,225 | 0 | 0 | 2,225 | |||||||||||||||
Performance share units (PSUs) settled in shares (in shares) | 48,000 | |||||||||||||||||||
Performance share units (PSUs) settled in shares | $ 246 | $ (246) | $ 0 | $ 0 | $ 0 | |||||||||||||||
Other comprehensive loss | $ 0 | 0 | 0 | (85) | (85) | |||||||||||||||
Balance (in shares) at Aug. 31, 2023 | 334,181,000 | |||||||||||||||||||
Balance at Aug. 31, 2023 | $ 1,985,663 | 87,691 | (2,048,890) | (24,423) | 41 | |||||||||||||||
Net loss | $ 0 | 0 | (11,074) | 0 | (11,074) | |||||||||||||||
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 | $ (34,761) | |||||||||||||||||||
Balance (in shares) at Aug. 31, 2024 | 334,567,000 | |||||||||||||||||||
Balance at Aug. 31, 2024 | $ 1,989,245 | 91,459 | (2,094,072) | (24,441) | (37,809) | |||||||||||||||
Net loss | (34,761) | |||||||||||||||||||
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) | |||||||||||||||
Withholding tax on RSUs | $ 0 | 17 | 0 | 0 | 17 | |||||||||||||||
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) | |||||||||||||||
Share-based compensation | 0 | 515 | 0 | 0 | 515 | |||||||||||||||
Net loss | 0 | 0 | (10,743) | 0 | (10,743) | |||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 48 | 48 | |||||||||||||||
Share-based compensation | 0 | 515 | 0 | 0 | 515 | |||||||||||||||
Performance share units (PSUs) settled in shares (in shares) | 136,000 | |||||||||||||||||||
Performance share units (PSUs) settled in shares | $ 773 | $ (773) | $ 0 | $ 0 | $ 0 | |||||||||||||||
Withholding tax on PSUs | 0 | 157 | 0 | 0 | (157) | |||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | (48) | (48) | |||||||||||||||
Withholding tax on RSUs | $ 0 | (157) | 0 | 0 | 157 | |||||||||||||||
Balance (in shares) at Aug. 31, 2024 | 334,567,000 | |||||||||||||||||||
Balance at Aug. 31, 2024 | $ 1,989,245 | 91,459 | (2,094,072) | (24,441) | (37,809) | |||||||||||||||
Net loss | $ 0 | $ 0 | $ (10,743) | $ 0 | $ (10,743) |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 3 Months Ended |
Aug. 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 |
Aug. 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 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 |
Aug. 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 |
Aug. 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 August 31, Nine months ended August 31, 2024 2023 2024 2023 Balance – beginning of period $ 3,454 $ 4,602 $ 3,071 $ 3,848 Share of losses: Mineral property expenditures (2,675 ) (3,827 ) (9,327 ) (15,542 ) Depreciation (128 ) (141 ) (408 ) (424 ) Accretion (11 ) (10 ) (30 ) (30 ) (2,814 ) (3,978 ) (9,765 ) (15,996 ) Funding 2,864 2,475 10,198 15,247 Balance – end of period $ 3,504 $ 3,099 $ 3,504 $ 3,099 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 August 31, 2024 As of November 30, 2023 Current assets: Cash, prepaid expenses and other receivables $ 3,802 $ 3,410 Non-current assets: Right-of-use assets, property and equipment 1,088 1,456 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (1,230 ) (1,669 ) Non-current liabilities: Reclamation and lease obligations (771 ) (741 ) Net assets $ 35,504 $ 35,071 |
Note 5 - Other Assets
Note 5 - Other Assets | 3 Months Ended |
Aug. 31, 2024 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | NOTE 5 OTHER ASSETS As of August 31, 2024 As of November 30, 2023 Other current assets: Accounts receivable $ 61 $ 43 Interest receivable 919 99 Receivable from Donlin Gold 175 203 Prepaid expenses 381 1,125 $ 1,536 $ 1,470 Other long-term assets: Marketable equity investments $ 3,043 $ 2,102 Right-of-use assets 952 757 Office equipment 124 141 $ 4,119 $ 3,000 |
Note 6 - Promissory Note
Note 6 - Promissory Note | 3 Months Ended |
Aug. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 PROMISSORY NOTE The Company has a promissory note payable to Barrick of $147,880, comprising $51,576 in principal, and $96,304 in accrued interest at U.S. prime |
Note 7 - Other Liabilities
Note 7 - Other Liabilities | 3 Months Ended |
Aug. 31, 2024 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | NOTE 7 OTHER LIABILITIES As of August 31, 2024 As of November 30, 2023 Other current liabilities: Remediation liabilities $ 78 $ 212 Lease obligations 169 192 Income taxes payable 321 — $ 568 $ 404 Other long-term liabilities: Remediation liabilities $ 250 $ 250 Lease obligations 819 609 $ 1,069 $ 859 |
Note 8 - Fair Value Accounting
Note 8 - Fair Value Accounting | 3 Months Ended |
Aug. 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 depending on 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 investments, 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 |
Aug. 31, 2024 | |
Notes to Financial Statements | |
General and Administrative Expenses [Text Block] | NOTE 9 GENERAL AND ADMINISTRATIVE EXPENSES Three months ended August 31, Nine months ended August 31, 2024 2023 2024 2023 Share-based compensation (Note 11) $ 515 $ 2,225 $ 5,319 $ 6,526 Salaries and benefits 2,055 1,691 6,186 5,149 Professional fees 1,624 375 4,142 1,236 Office expense 727 783 2,313 2,488 Corporate communications and regulatory 193 167 1,005 981 Depreciation 6 2 17 5 $ 5,120 $ 5,243 $ 18,982 $ 16,385 |
Note 10 - Other Income (Expense
Note 10 - Other Income (Expense), Net | 3 Months Ended |
Aug. 31, 2024 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 10 OTHER INCOME (EXPENSE), NET Three months ended August 31, Nine months ended August 31, 2024 2023 2024 2023 Change in fair market value of marketable investments $ 7 $ (45 ) $ 978 $ 333 Gain on sale of mineral property — — 743 556 Foreign exchange gain (loss) (21 ) (21 ) (13 ) 15 $ (14 ) $ (66 ) $ 1,708 $ 904 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 3 Months Ended |
Aug. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 11 SHARE-BASED COMPENSATION Three months ended August 31, Nine months ended August 31, 2024 2023 2024 2023 Stock options $ 485 $ 1,170 $ 3,134 $ 3,432 Performance share unit plan (39 ) 995 1,982 2,926 Deferred share unit plan 69 60 203 168 $ 515 $ 2,225 $ 5,319 $ 6,526 Stock options A summary of stock options outstanding and activity during the nine months ended August 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 Forfeited (765,663 ) 4.96 August 31, 2024 9,039,437 $ 6.17 2.59 $ 373 Vested and exercisable as of August 31, 2024 4,666,285 $ 7.41 1.49 $ — The following table summarizes other stock option-related information: Nine months ended August 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 $ 2,024 Cash received from options exercised $ — $ — As of August 31, 2024, the Company had $3,556 of unrecognized compensation cost related to 4,373,152 non-vested stock options expected to be recognized and vest over a period of approximately 2.25 years. Performance share units A summary of PSU awards outstanding and activity during the nine months ended August 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 (200,300 ) 5.62 Expired (319,300 ) 9.92 Forfeited (339,200 ) 5.33 August 31, 2024 1,633,500 $ 5.32 $ 1,827 As of August 31, 2024, the Company had $3,715 of unrecognized compensation cost related to 1,633,500 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 |
Aug. 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 $227 and $645 in the three and nine months ended August 31, 2024, respectively ($233 and $830 in the three and nine months ended August 31, 2023, respectively). As of August 31, 2024, the Company has accounts receivable from Donlin Gold of $175 (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 |
Aug. 31, 2024 | |
Notes to Financial Statements | |
Net Change in Operating Assets and Liabilities [Text Block] | NOTE 13 NET CHANGE IN WORKING CAPITAL Three months ended August 31, Nine months ended August 31, 2024 2023 2024 2023 Changes in working capital: Other assets $ (50 ) $ (422 ) $ (86 ) $ 432 Accounts payable and accrued liabilities (427 ) 1,039 254 885 Accrued payroll and related benefits 340 559 (741 ) (596 ) Income taxes payable (279 ) — 319 — Remediation (58 ) (966 ) (134 ) (975 ) $ (474 ) $ 210 $ (388 ) $ (254 ) |
Note 14 - Supplemental Cash Flo
Note 14 - Supplemental Cash Flow Information | 3 Months Ended |
Aug. 31, 2024 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 14 SUPPLEMENTAL CASH FLOW INFORMATION Three months ended August 31, Nine months ended August 31, 2024 2023 2024 2023 Interest and dividends received $ 365 $ 561 $ 3,445 $ 3,237 Income taxes paid $ 437 $ — $ 537 $ 75 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 3 Months Ended |
Aug. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 15 SUBSEQUENT EVENT On September 30, 2024, the U.S. Federal District Court (“Court”) issued a ruling in the lawsuit challenging the U.S. Army Corps of Engineers’ issuance of the 404 permit and the Department of Interior, Bureau of Land Management’s issuance of the ROW lease for the portions of the pipeline on Federal lands. The decision upheld the federal agencies’ analysis on two of the three issues raised in the litigation, however agreed with plaintiffs that the federal agencies took too narrow a view in analyzing the impacts of a theoretical release from the tailing storage facility. The Court requested supplemental briefing on the appropriate remedy for addressing this issue, which is due October 21, 2024. The Company has determined that the Court’s decision does not require an adjustment to the Company’s financial statements. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Aug. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 5. Other Information. a) As previously announced on January 24, 2024, Richard Williams, age 64, was promoted to Chief Operating Officer of the Company, effective January 1, 2024. Mr. Williams was previously Vice President, Engineering & Development since April 2013. There are no family relationships between Mr. Williams and any director or executive officer of the Company, and Mr. Williams has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Mr. Williams’ compensation increased to $434,500 per year in connection with the promotion. A copy of Mr. Williams’ current Employment Agreement with the Company, dated January 8, 2013, is attached as Exhibit 10.1. b) None c) 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 |
Aug. 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 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. |
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 |
Aug. 31, 2024 | |
Donlin Gold [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three months ended August 31, Nine months ended August 31, 2024 2023 2024 2023 Balance – beginning of period $ 3,454 $ 4,602 $ 3,071 $ 3,848 Share of losses: Mineral property expenditures (2,675 ) (3,827 ) (9,327 ) (15,542 ) Depreciation (128 ) (141 ) (408 ) (424 ) Accretion (11 ) (10 ) (30 ) (30 ) (2,814 ) (3,978 ) (9,765 ) (15,996 ) Funding 2,864 2,475 10,198 15,247 Balance – end of period $ 3,504 $ 3,099 $ 3,504 $ 3,099 As of August 31, 2024 As of November 30, 2023 Current assets: Cash, prepaid expenses and other receivables $ 3,802 $ 3,410 Non-current assets: Right-of-use assets, property and equipment 1,088 1,456 Non-current assets: Mineral property 32,615 32,615 Current liabilities: Accounts payable, accrued liabilities and lease obligations (1,230 ) (1,669 ) Non-current liabilities: Reclamation and lease obligations (771 ) (741 ) Net assets $ 35,504 $ 35,071 |
Note 5 - Other Assets (Tables)
Note 5 - Other Assets (Tables) | 3 Months Ended |
Aug. 31, 2024 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | As of August 31, 2024 As of November 30, 2023 Other current assets: Accounts receivable $ 61 $ 43 Interest receivable 919 99 Receivable from Donlin Gold 175 203 Prepaid expenses 381 1,125 $ 1,536 $ 1,470 Other long-term assets: Marketable equity investments $ 3,043 $ 2,102 Right-of-use assets 952 757 Office equipment 124 141 $ 4,119 $ 3,000 |
Note 7 - Other Liabilities (Tab
Note 7 - Other Liabilities (Tables) | 3 Months Ended |
Aug. 31, 2024 | |
Notes Tables | |
Other Liabilities [Table Text Block] | As of August 31, 2024 As of November 30, 2023 Other current liabilities: Remediation liabilities $ 78 $ 212 Lease obligations 169 192 Income taxes payable 321 — $ 568 $ 404 Other long-term liabilities: Remediation liabilities $ 250 $ 250 Lease obligations 819 609 $ 1,069 $ 859 |
Note 9 - General and Administ_2
Note 9 - General and Administrative Expenses (Tables) | 3 Months Ended |
Aug. 31, 2024 | |
Notes Tables | |
General and Administrative Expenses [Table Text Block] | Three months ended August 31, Nine months ended August 31, 2024 2023 2024 2023 Share-based compensation (Note 11) $ 515 $ 2,225 $ 5,319 $ 6,526 Salaries and benefits 2,055 1,691 6,186 5,149 Professional fees 1,624 375 4,142 1,236 Office expense 727 783 2,313 2,488 Corporate communications and regulatory 193 167 1,005 981 Depreciation 6 2 17 5 $ 5,120 $ 5,243 $ 18,982 $ 16,385 |
Note 10 - Other Income (Expen_2
Note 10 - Other Income (Expense), Net (Tables) | 3 Months Ended |
Aug. 31, 2024 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three months ended August 31, Nine months ended August 31, 2024 2023 2024 2023 Change in fair market value of marketable investments $ 7 $ (45 ) $ 978 $ 333 Gain on sale of mineral property — — 743 556 Foreign exchange gain (loss) (21 ) (21 ) (13 ) 15 $ (14 ) $ (66 ) $ 1,708 $ 904 |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Tables) | 3 Months Ended |
Aug. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended August 31, Nine months ended August 31, 2024 2023 2024 2023 Stock options $ 485 $ 1,170 $ 3,134 $ 3,432 Performance share unit plan (39 ) 995 1,982 2,926 Deferred share unit plan 69 60 203 168 $ 515 $ 2,225 $ 5,319 $ 6,526 |
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 Forfeited (765,663 ) 4.96 August 31, 2024 9,039,437 $ 6.17 2.59 $ 373 Vested and exercisable as of August 31, 2024 4,666,285 $ 7.41 1.49 $ — |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine months ended August 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 $ 2,024 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 (200,300 ) 5.62 Expired (319,300 ) 9.92 Forfeited (339,200 ) 5.33 August 31, 2024 1,633,500 $ 5.32 $ 1,827 |
Note 13 - Net Change in Opera_2
Note 13 - Net Change in Operating Assets and Liabilities (Tables) | 3 Months Ended |
Aug. 31, 2024 | |
Notes Tables | |
Cash Flow, Operating Capital [Table Text Block] | Three months ended August 31, Nine months ended August 31, 2024 2023 2024 2023 Changes in working capital: Other assets $ (50 ) $ (422 ) $ (86 ) $ 432 Accounts payable and accrued liabilities (427 ) 1,039 254 885 Accrued payroll and related benefits 340 559 (741 ) (596 ) Income taxes payable (279 ) — 319 — Remediation (58 ) (966 ) (134 ) (975 ) $ (474 ) $ 210 $ (388 ) $ (254 ) |
Note 14 - Supplemental Cash F_2
Note 14 - Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Aug. 31, 2024 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three months ended August 31, Nine months ended August 31, 2024 2023 2024 2023 Interest and dividends received $ 365 $ 561 $ 3,445 $ 3,237 Income taxes paid $ 437 $ — $ 537 $ 75 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) $ in Thousands | 3 Months Ended |
Aug. 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 | Aug. 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 | Aug. 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 | 9 Months Ended | |||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | Nov. 30, 2023 | |
Current assets: Cash, prepaid expenses, and other receivables | $ 107,108 | $ 107,108 | $ 127,219 | ||
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (964) | (964) | (703) | ||
Income (Loss) from Equity Method Investments | (2,814) | $ (3,978) | (9,765) | $ (15,996) | |
Donlin Gold [Member] | |||||
Current assets: Cash, prepaid expenses, and other receivables | 3,802 | 3,802 | 3,410 | ||
Non-current assets: Right-of-use assets, property and equipment | 1,088 | 1,088 | 1,456 | ||
Non-current assets: Mineral property | 32,615 | 32,615 | 32,615 | ||
Current liabilities: Accounts payable, accrued liabilities and lease obligations | (1,230) | (1,230) | (1,669) | ||
Non-current liabilities: Reclamation and lease obligations | (771) | (771) | (741) | ||
Net assets | 35,504 | 35,504 | $ 35,071 | ||
Donlin Gold [Member] | |||||
Balance – beginning of period | 3,454 | 4,602 | 3,071 | 3,848 | |
Mineral property expenditures | (2,675) | (3,827) | (9,327) | (15,542) | |
Depreciation | (128) | (141) | (408) | (424) | |
Accretion | (11) | (10) | (30) | (30) | |
Income (Loss) from Equity Method Investments | (2,814) | (3,978) | (9,765) | (15,996) | |
Funding | 2,864 | 2,475 | 10,198 | 15,247 | |
Balance – end of period | $ 3,504 | $ 3,099 | $ 3,504 | $ 3,099 |
Note 5 - Other Assets - Carryin
Note 5 - Other Assets - Carrying Amounts of Other Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2024 | Nov. 30, 2023 |
Interest receivable | $ 919 | $ 99 |
Prepaid expenses | 381 | 1,125 |
Other Assets, Current | 1,536 | 1,470 |
Marketable equity securities | 3,043 | $ 2,102 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | |
Right-of-use assets | 952 | $ 757 |
Office equipment | 124 | 141 |
Other Assets, Noncurrent | 4,119 | 3,000 |
Nonrelated Party [Member] | ||
Accounts receivable | 61 | 43 |
Related Party [Member] | ||
Accounts receivable | $ 175 | $ 203 |
Note 6 - Promissory Note (Detai
Note 6 - Promissory Note (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Aug. 31, 2024 | May 31, 2024 | |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:PrimeRateMember | |
Barrick [Member] | Notes Payable, Other Payables [Member] | ||
Notes Payable | $ 147,880 | |
Debt Instrument, Face Amount | 51,576 | |
Interest Payable | $ 96,304 | |
Debt Instrument, Basis Spread on Variable Rate | 2% | 2% |
Percentage of Specified Revenue from Which the Promissory Note and Accrued Interest Are Payable | 85% |
Note 7 - Other Liabilities - Cu
Note 7 - Other Liabilities - Current and Long Term Liabilities (Details) - USD ($) $ in Thousands | Aug. 31, 2024 | Nov. 30, 2023 |
Remediation liabilities | $ 78 | $ 212 |
Lease obligations | 169 | 192 |
Income taxes payable | 321 | 0 |
Other Liabilities, Current | 568 | 404 |
Remediation liabilities | 250 | 250 |
Lease obligations | 819 | 609 |
Other Liabilities, Noncurrent | $ 1,069 | $ 859 |
Note 8 - Fair Value Accounting
Note 8 - Fair Value Accounting (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Aug. 31, 2024 | May 31, 2024 | Nov. 30, 2023 | |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:PrimeRateMember | ||
Equity Securities, FV-NI, Current | $ 3,043 | $ 2,102 | |
Barrick [Member] | Notes Payable, Other Payables [Member] | |||
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 | 9 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Share-based compensation (Note 11) | $ 515 | $ 2,225 | $ 5,319 | $ 6,526 |
Salaries and benefits | 2,055 | 1,691 | 6,186 | 5,149 |
Professional fees | 1,624 | 375 | 4,142 | 1,236 |
Office expense | 727 | 783 | 2,313 | 2,488 |
Corporate communications and regulatory | 193 | 167 | 1,005 | 981 |
Depreciation | 6 | 2 | 17 | 5 |
General and Administrative Expense | $ 5,120 | $ 5,243 | $ 18,982 | $ 16,385 |
Note 10 - Other Income (Expen_3
Note 10 - Other Income (Expense), Net - Summary of Other Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Change in fair market value of marketable securities | $ 7 | $ (45) | $ 978 | $ 333 |
Gain on sale of mineral property | 0 | 0 | 743 | 556 |
Foreign exchange gain (loss) | (21) | (21) | (13) | 15 |
Nonoperating Income (Expense) | $ (14) | $ (66) | $ 1,708 | $ 904 |
Note 11 - Share-based Compens_3
Note 11 - Share-based Compensation (Details Textual) $ in Thousands | 3 Months Ended |
Aug. 31, 2024 USD ($) shares | |
Share-Based Payment Arrangement, Option [Member] | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 3,556 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares | shares | 4,373,152 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 3 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 | $ | $ 3,715 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | shares | 1,633,500 |
Note 11 - Share-based Compens_4
Note 11 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Share-based Compensation Expense | $ 515 | $ 2,225 | $ 5,319 | $ 6,526 |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Expense | 485 | 1,170 | 3,134 | 3,432 |
Performance Share Units [Member] | ||||
Share-based Compensation Expense | (39) | 995 | 1,982 | 2,926 |
Deferred Share Units [Member] | ||||
Share-based Compensation Expense | $ 69 | $ 60 | $ 203 | $ 168 |
Note 11 - Share-based Compens_5
Note 11 - Share-based Compensation - Summary of Stock Options Outstanding (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Aug. 31, 2024 USD ($) $ / shares shares | Aug. 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 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | shares | 765,663 | |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 4.96 | |
Balance, options (in shares) | shares | 9,039,437 | 9,039,437 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 6.17 | $ 6.17 |
Balance, weighted average remaining contractual term (Year) | 2 years 7 months 2 days | |
Balance, intrinsic value | $ | $ 373 | $ 373 |
Vested and exercisable, options (in shares) | shares | 4,666,285 | 4,666,285 |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 7.41 | $ 7.41 |
Vested and exercisable, weighted-average remaining contractual term (Year) | 1 year 5 months 26 days | |
Vested and exercisable, aggregate intrinsic value | $ | $ 0 | $ 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 | 9 Months Ended | |
Aug. 31, 2024 | Aug. 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 | $ 2,024 |
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) - Performance Share Units [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Aug. 31, 2024 USD ($) $ / shares shares | |
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 | (200,300) |
Vested, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 5.62 |
Expired (in shares) | shares | (319,300) |
Expired (in dollars per share) | $ / shares | $ 9.92 |
Forfeited (in shares) | shares | (339,200) |
Forfeited (in dollars per share) | $ / shares | $ 5.33 |
Balance, Numbers of awards (in shares) | shares | 1,633,500 |
Balance, weighted average grant day fair value per award (in dollars per share) | $ / shares | $ 5.32 |
Balance, Aggregate intrinsic value | $ | $ 1,827 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) - Donlin Gold [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | Nov. 30, 2023 | |
Accounts Receivable, after Allowance for Credit Loss | $ 175 | $ 175 | $ 203 | ||
Management and Administrative Services Provided [Member] | |||||
Related Party Transaction, Amounts of Transaction | $ 227 | $ 233 | $ 645 | $ 830 |
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 | 9 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Other assets | $ (50) | $ (422) | $ (86) | $ 432 |
Accounts payable and accrued liabilities | (427) | 1,039 | 254 | 885 |
Accrued payroll and related benefits | 340 | 559 | (741) | (596) |
Income taxes payable | (279) | 0 | 319 | 0 |
Remediation | (58) | (966) | (134) | (975) |
Increase (Decrease) in Operating Capital | $ (474) | $ 210 | $ (388) | $ (254) |
Note 14 - Supplemental Cash F_3
Note 14 - Supplemental Cash Flow Information - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Interest and dividends received | $ 365 | $ 561 | $ 3,445 | $ 3,237 |
Income taxes paid | $ 437 | $ 0 | $ 537 | $ 75 |