Trilogy Metals (TMQ) 10-Q 10 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	May. 31, 2015	Jul. 07, 2015
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2015
Trading Symbol	ncq
Entity Registrant Name	NovaCopper Inc.
Entity Central Index Key	1,543,418
Current Fiscal Year End Date	--11-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		103,876,651
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May. 31, 2015	Nov. 30, 2014
Current assets
Cash and cash equivalents	$ 2,732	$ 5,074
Accounts receivable	104	176
Deposits and prepaid amounts	600	575
Total current assets	3,436	5,825
Plant and equipment	181	415
Mineral properties and development costs	30,586	30,586
Total assets	34,203	36,826
Current liabilities
Accounts payable and accrued liabilities	1,265	979
Total Liabilities	1,265	979
Shareholders' equity
Share capital - unlimited common shares authorized, no par value Issued - 60,633,701 (2014 - 60,296,365)	112,469	111,833
Warrants	2,163	2,163
Contributed surplus	124	124
Contributed surplus - options	17,432	17,089
Contributed surplus - units	1,400	2,008
Deficit accumulated during the exploration stage	(100,650)	(97,370)
Total stockholders' equity	32,938	35,847
Total liabilities and stockholders' equity	$ 34,203	$ 36,826

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares None in scaling factor is -9223372036854775296	May. 31, 2015	Nov. 30, 2014
Common Stock, Shares Authorized
Common Stock, No Par Value
Common Stock, Shares, Issued	60,633,701	60,296,365

Consolidated Statements of Loss

Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		49 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014	May. 31, 2015
Expenses
Amortization	$ 93	$ 208	$ 236	$ 466	$ 3,071
Foreign exchange (gain) loss	(7)	16	(27)	10	(7)
General and administrative	380	457	761	894	8,567
Investor relations	4	12	10	43	679
Mineral properties expense	291	489	618	1,069	54,387
Professional fees	685	176	846	826	3,501
Salaries	219	600	469	1,149	9,113
Salaries - stock-based compensation	89	135	371	251	18,893
Total expenses	1,754	2,093	3,284	4,708	98,204
Other items
Accretion expense	0	0	0	0	2,530
Loss on disposal of equipment	0	0	0	0	7
Interest and other income	(4)	0	(4)	(1)	(91)
Loss and comprehensive loss for the period	$ (1,750)	$ (2,093)	$ (3,280)	$ (4,707)	$ (100,650)
Basic and diluted loss per common share	$ 0.03	$ 0.04	$ 0.05	$ 0.09
Weighted average number of common shares outstanding	60,633,701	53,637,801	60,624,434	53,572,942

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Share capital [Member]	Warrants [Member]	Contributed surplus [Member]	Contributed surplus - options [Member]	Contributed surplus - units [Member]	Deficit [Member]	Total
Beginning Balance at Nov. 30, 2013	$ 104,895		$ 152	$ 17,248	$ 2,584,000	$ (87,722,000)	$ 37,157,000
Beginning Balance (Shares) at Nov. 30, 2013	53,066,656
Exercise of NovaGold Arrangement options	$ 632			(615)			17,000
Exercise of NovaGold Arrangement options (Shares)	46,929
NovaGold Performance Share Units	$ 28		(28)
NovaGold Performance Share Units (shares)	14,166
Restricted Share Units	$ 803				(803,000)
Restricted Share Units (Shares)	425,833
Deferred Share Units	$ 282				(282,000)
Deferred Share Units (Shares)	154,373
Stock-based compensation				33	218,000		251,000
Loss for the period						(4,707,000)	(4,707,000)
Ending Balance at May. 31, 2014	$ 106,640		124	16,666	1,717,000	(92,429,000)	32,718,000
Ending Balance (Shares) at May. 31, 2014	53,707,957
Beginning Balance at Nov. 30, 2014	$ 111,833	$ 2,163	124	17,089	2,008,000	(97,370,000)	35,847,000
Beginning Balance (Shares) at Nov. 30, 2014	60,296,365
Restricted Share Units	$ 636				(636,000)
Restricted Share Units (Shares)	337,336
Stock-based compensation				343	28,000		371,000
Loss for the period						(3,280,000)	(3,280,000)
Ending Balance at May. 31, 2015	$ 112,469	$ 2,163	$ 124	$ 17,432	$ 1,400,000	$ (100,650,000)	$ 32,938,000
Ending Balance (Shares) at May. 31, 2015	60,633,701

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		49 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014	May. 31, 2015
Cash flows used in operating activities
Loss for the period	$ (1,750)	$ (2,093)	$ (3,280)	$ (4,707)	$ (100,650)
Items not affecting cash
Amortization	93	208	236	466	3,091
Accretion	0	0	0	0	2,530
Loss on disposal of equipment	0	0	0	0	7
Issuance of shares as compensation	0	0	0	0	316
Stock-based compensation	89	135	371	251	20,006
Net change in non-cash working capital
Decrease (increase) in accounts receivable	(47)	(112)	72	(163)	(104)
Decrease (increase) in deposits and prepaid amounts	(177)	(165)	(25)	(32)	(587)
Increase (decrease) in accounts payable and accrued liabilities	536	(254)	301	(232)	1,303
Net Cash Provided by (Used in) Operating Activities	(1,256)	(2,281)	(2,325)	(4,417)	(74,088)
Cash flows from financing activities
Proceeds from private placement, net	0	0	0	17	7,231
Proceeds received on exercise of options	0	0	0	0	36
Funding provided by NovaGold on the completion of the Plan of Arrangement	0	0	0	0	40,000
Funding provided and expenses paid by NovaGold	0	0	0	0	61,256
Repayment of notes payable	0	0	0	0	(24,000)
Settlement of Restricted Share Units	0	0	0	0	(329)
Net Cash Provided by (Used in) Financing Activities	0	0	0	17	84,194
Cash flows used in investing activities
Acquisition of plant and equipment	0	0	(17)	(1)	(3,258)
Acquisition of mineral properties	0	0	0	0	(4,116)
Net Cash Provided by (Used in) Investing Activities	0	0	(17)	(1)	(7,374)
Increase (decrease) in cash and cash equivalents	(1,256)	(2,281)	(2,342)	(4,401)	2,732
Cash and cash equivalents - beginning of period	3,988	4,364	5,074	6,484	0
Cash and cash equivalents - end of period	2,732	2,083	2,732	2,083	2,732
Non-cash investing and financing activities
Issuance of common shares to NovaGold to acquire NovaCopper US Inc.	0	0	0	0	27,280
Notes payable assumed on acquisition of Ambler lands	0	0	0	0	21,471
Issuance of common shares by NovaGold to acquire Ambler lands	$ 0	$ 0	$ 0	$ 0	$ 5,000

Nature of operations, going con

Nature of operations, going concern, structure and plan of arrangement	6 Months Ended
	May. 31, 2015
Nature of operations, going concern, structure and plan of arrangement [Text Block]	1 Nature of operations, going concern, structure and plan of arrangement NovaCopper Inc. (“NovaCopper” or the “Company”) was incorporated in British Columbia under the Business Corporations Act (BC) Structure and plan of arrangement On January 11, 2010, Alaska Gold Company (“AGC”), at the time a wholly owned subsidiary of NovaGold Resources Inc. (“NovaGold”), purchased 100% of the Ambler lands, hosting the copper-zinc-lead-gold-silver Arctic Project, for consideration of $29.0 million. The Ambler lands were acquired on October 17, 2011, by NovaCopper US Inc. (“NovaCopper US”) through a purchase and sale agreement with AGC. On October 19, 2011, NovaCopper US acquired the exclusive right to explore the Bornite lands and lands deeded to NANA Regional Corporation, Inc. (“NANA”) through the Alaska Native Claims Settlement Act (“ANCSA”) located adjacent to the Ambler lands to create the Upper Kobuk Mineral Projects (“UKMP Projects”). On October 24, 2011, NovaGold transferred its ownership of NovaCopper US to NovaCopper, then a wholly owned subsidiary of NovaGold, which was subsequently spun-out to NovaGold shareholders and publicly listed on April 30, 2012. Where applicable, these consolidated financial statements reflect the statements of loss and comprehensive loss, and cash flows of the Arctic Project as if NovaCopper had been independently operating from inception. Prior to the acquisition in 2010, NovaGold held an initial option from 2004 to earn a 51% interest in the property which was terminated upon entering into the purchase and sale agreement. All historical spending prior to April 30, 2012, was funded by NovaGold.

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	May. 31, 2015
Summary of significant accounting policies [Text Block]	2 Summary of significant accounting policies Basis of presentation These consolidated financial statements have been prepared using accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of NovaCopper and its wholly-owned subsidiary, NovaCopper US. All significant intercompany transactions are eliminated on consolidation. These financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on July 7, 2015. All figures are in United States dollars unless otherwise noted. The unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position as of May 31, 2015, our results of operations and cash flows for the three and six months ended May 31, 2015 and 2014. The results of operations for the three and six months ended May 31, 2015 are not necessarily indicative of the results to be expected for the year ending November 30, 2015. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these unaudited interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2014 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 6, 2015. Recent accounting pronouncements i. Development stage entity In June 2014, the FASB issued “Development Stage Entities – Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation” (“ASU 2014-10”). ASU 2014-10 eliminates the concept of a development stage entity, of which NovaCopper had been classified. Upon adoption, certain financial reporting disclosures will be eliminated including the presentation of an inception-to-date statement of income and cash flow. ASU 2014-10 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption of this standard is permitted. The adoption of ASU 2014-10 is expected to have an impact on the disclosure and presentation of our statement of loss and comprehensive loss and the statement of cash flows. As a result of adopting the standard, we will no longer include the cumulative during exploration stage column currently presented on our statement of loss and comprehensive loss and the statement of cash flows. We plan to adopt for our fiscal year ending November 30, 2016. ii. Going concern In August 2014, the FASB issued “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). Historically, there has been no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern. This update provides the guidance to clarify when and how management should be assessing their ability to continue as a going concern. ASU 2014-15 is effective for fiscal years ending after December 15, 2016. Early adoption of this standard is permitted. We have early adopted this standard for the fiscal year ending November 30, 2015. The adoption of ASU 2014-15 does not have an impact on the frequency with which we conduct going concern assessments and does not result in significant changes to our disclosure of going concern as we previously complied with appropriate guidance issued by the U.S. Securities and Exchange Commission and guidance under U.S. auditing standards.

Plant and equipment

Plant and equipment	6 Months Ended
	May. 31, 2015
Plant and equipment [Text Block]	3 Plant and equipment in thousands of dollars May 31, 2015 Accumulated Cost amortization Net $ $ $ British Columbia, Canada Furniture and equipment 46 (19 ) 27 Leasehold improvements 32 (17 ) 15 Computer hardware and software 100 (60 ) 40 Alaska, USA Machinery, equipment and camp 2,833 (2,761 ) 72 Vehicles 275 (248 ) 27 Computer hardware and software 31 (31 ) - 3,317 (3,136 ) 181 in thousands of dollars November 30, 2014 Accumulated Cost amortization Net $ $ $ British Columbia, Canada Furniture and equipment 46 (15 ) 31 Leasehold improvements 32 (13 ) 19 Computer hardware and software 98 (44 ) 54 Alaska, USA Machinery, equipment and camp 2,833 (2,579 ) 254 Vehicles 275 (218 ) 57 Computer hardware and software 31 (31 ) - 3,315 (2,900 ) 415

Mineral properties and developm

Mineral properties and development costs	6 Months Ended
	May. 31, 2015
Mineral properties and development costs [Text Block]	4 Mineral properties and development costs in thousands of dollars November 30, 2014 Acquisition costs May 31, 2015 Alaska, USA $ $ $ Ambler (a) 26,586 - 26,586 Bornite (b) 4,000 - 4,000 30,586 - 30,586 (a) Ambler On January 11, 2010, NovaGold, through a wholly-owned subsidiary, purchased 100% of the Ambler lands in Northwest Alaska, which contains the copper-zinc-lead-gold-silver Arctic Project and other mineralized targets within the volcanogenic massive sulfide belt. As consideration, NovaGold, issued 931,098 shares with a fair value of $5.0 million and agreed to make two cash payments to the vendor of $12.0 million each in January 2011 and January 2012, for total consideration of $29.0 million. The fair value of these future cash payments were $21.4 million valued at the transaction date using a discount rate of approximately 8%. The January 2011 payment was made on January 7, 2011 and the January 2012 payment was made in advance on August 5, 2011. Total fair value of the consideration was $26.5 million, including transaction costs associated with the acquisition of $0.1 million. The vendor retained a 1% net smelter return royalty that the can be purchased at any time for a one-time payment of $10.0 million. Prior to the acquisition in 2010, NovaGold held an option to earn a 51% interest in the property which was terminated upon entering into the purchase and sale agreement. As discussed in note 1, the property was acquired on October 17, 2011 by NovaCopper US through a purchase and sale agreement with AGC. (b) Bornite On October 19, 2011, NovaCopper US acquired the exclusive right to explore and the non-exclusive right to access and enter on the Bornite lands and lands deeded to NANA through the ANCSA, located adjacent to the Ambler lands in Northwest Alaska. As consideration, NovaCopper US paid $4.0 million to acquire the right to explore and develop the combined Upper Kobuk Mineral Projects through an Exploration Agreement and Option to Lease with NANA. NANA also has the right to appoint a member to NovaCopper’s board of directors within a five year period following our public listing on a stock exchange. Upon a decision to proceed with construction of a mine on the lands, NANA maintains the right to purchase between a 16%- 25% ownership interest in the mine or retain a 15% net proceeds royalty which is payable after NovaCopper has recovered certain historical costs, capital and cost of capital. Should NANA elect to purchase an ownership interest, consideration will be payable equal to all historical costs incurred on the properties at the elected percentage purchased less $40.0 million, not to be less than zero. The parties would form a joint venture and be responsible for all future costs, including capital costs of the mine based on their pro-rata share. NANA would also be granted a net smelter return royalty of between 1% and 2.5% upon the execution of a mining lease or a surface use agreement, the percent which is determined by the classification of land from which production originates. (c) Mineral properties expense The following table summarizes mineral properties expense for the three and six months ended May 31, 2015 and 2014. in thousands of dollars Three months ended Six months ended May 31, 2015 May 31, 2014 May 31, 2015 May 31, 2014 $ $ $ $ Community 21 23 49 34 Engineering 13 27 17 102 Environmental 4 - 4 15 Land and permitting 100 96 196 189 Project support 38 75 87 146 Wages and benefits 115 268 265 583 Mineral property expense 291 489 618 1,069 Mineral property expenses consist of direct drilling, personnel, community, resource reporting and other exploration expenses as outlined above, as well as indirect project support expenses such as fixed wing charters, helicopter support, fuel, and other camp operation costs. Cumulative mineral properties expense from the initial earn-in agreement on the property in 2004 to May 31, 2015 is $54.4 million.

Accounts payable and accrued li

Accounts payable and accrued liabilities	6 Months Ended
	May. 31, 2015
Accounts payable and accrued liabilities [Text Block]	5 Accounts payable and accrued liabilities in thousands of dollars May 31, 2015 November 30, 2014 $ $ Trade accounts payable 325 36 Accrued liabilities 531 410 Accrued salaries and vacation 409 533 Accounts payable and accrued liabilities 1,265 979 At May 31, 2015, accrued salaries and vacation included $352,500 of accrued and unpaid bonuses relating to services provided by officers during the year ended November 30, 2013 which is payable at the time certain conditions are met.

Share capital

Share capital	6 Months Ended
	May. 31, 2015
Share capital [Text Block]	6 Share capital Authorized: unlimited common shares, no par value in thousands of dollars, except share amounts Number of shares Ascribed value $ November 30, 2013 53,066,656 104,895 Exercise of NovaGold Arrangement options 46,929 631 NovaGold Performance Share Units 14,166 28 Private placement 6,521,740 5,068 Restricted Share Units 492,501 929 Deferred Share Units 154,373 282 November 30, 2014 60,296,365 111,833 Restricted Share Units 337,336 636 May 31, 2015, issued and outstanding 60,633,701 112,469 On April 30, 2012 (the “Effective Date”), under the Plan of Arrangement, NovaGold distributed its interest in NovaCopper to the shareholders of NovaGold on the basis that each shareholder received one share in NovaCopper for every six shares of NovaGold held on the record date. NovaCopper committed to issue up to 6,181,352 common shares to satisfy holders of NovaGold warrants (“NovaGold Warrants”), performance share units (“NovaGold PSUs”) and deferred share units (“NovaGold DSUs”) on record as of the close of business April 27, 2012 on the same basis as NovaGold shareholders under the Plan of Arrangement. When a warrant is exercised or a unit becomes vested, NovaCopper has committed to deliver one common share to the holder for every six shares of NovaGold the holder is entitled to receive, rounded down to the nearest whole number. An amount of $12.2 million was recorded in contributed surplus representing a pro-rated amount of the historical NovaGold investment based on the fully diluted number of common shares at the Effective Date. As of May 31, 2015, 20,685 NovaGold DSUs remain outstanding, which will settle upon the retirement of each respective NovaGold director. (a) Stock options During the period ended May 31, 2015, 1,620,000 options (May 31, 2014 – nil options) at a weighted-average exercise price of CAD$0.62 were granted to employees, consultants and directors exercisable for a period of five years with various vesting terms between nil and two years. The weighted-average fair value attributable to options granted in the period was $0.21. For the six month period ended May 31, 2015, NovaCopper recognized a stock-based compensation charge of $0.34 million (May 31, 2014 – $0.02 million) for options granted to directors, employees and services providers, net of forfeitures. The fair value of the stock options recognized in the period has been estimated using an option pricing model. Assumptions used in the pricing model for the period are as provided below. May 31, 2015 Risk-free interest rates 1.12% Exercise price CAD$0.62 Expected life 3.0 years Expected forfeiture rate 3.1% Expected volatility 59.1% Expected dividends nil As of May 31, 2015, there were 1,245,008 non-vested options outstanding with a weighted average exercise price of $0.75 ; the non-vested stock option expense not yet recognized was $0.2 million, and this expense is expected to be recognized over the next two years. A summary of the Company’s stock option plan and changes during the period ended is as follows: May 31, 2015 Weighted average exercise price Number of options $ Balance – beginning of period 1,741,666 1.11 Granted 1,620,000 0.50 Forfeited (200,000 ) 0.97 Balance – end of period 3,161,666 0.75 The following table summarizes information about the stock options outstanding at May 31, 2015. Outstanding Exercisable Unvested Weighted Weighted Number of Weighted average Number of average Number of outstanding average years exercise price exercisable exercise price unvested Range of price options to expiry $ options $ options $0.50 to $0.99 3,106,666 4.40 0.74 1,879,992 0.74 1,226,674 $1.00 to $1.59 55,000 2.92 1.59 36,666 1.59 18,334 3,161,666 4.37 0.75 1,916,658 0.75 1,245,008 The aggregate intrinsic value of vested share options (the market value less the exercise price) at May 31, 2015 was $nil (May 31, 2014 - $0.01 million). (b) NovaGold Arrangement Options Under the Plan of Arrangement, holders of NovaGold stock options received one option in NovaCopper for every six options held in NovaGold (“NovaGold Arrangement Options”). No stock options granted by NovaGold after the Effective Date are subject to the Plan of Arrangement. All NovaGold Arrangement Options are vested and expense has been recognized as of May 31, 2015. For the six month period ended May 31, 2015, NovaCopper recognized a stock-based compensation charge of $nil (May 31, 2014 - $0.01 million) for NovaGold Arrangement Options, net of forfeitures. A summary of the NovaGold Arrangement Options and changes during the period ended is as follows: May 31, 2015 Weighted average exercise price Number of options $ Balance – beginning of period 721,415 5.06 Forfeited (4,356 ) 4.73 Expired (170,288 ) 3.16 Balance – end of period 546,771 5.10 The following table summarizes information about the NovaGold Arrangement Options outstanding at May 31, 2015. Outstanding and exercisable Weighted average Number of outstanding Weighted average years exercise price Range of price and exercisable options to expiry $ $2.88 to $3.99 66,664 1.40 3.08 $4.00 to $5.99 295,071 1.44 4.84 $6.00 to $7.99 185,036 0.72 6.24 546,771 1.19 5.10 The aggregate intrinsic value of vested NovaGold Arrangement Options (the market value less the exercise price) at May 31, 2015 was $nil (May 31, 2014 - $nil). (c) Restricted Share Units and Deferred Share Units All non-executive directors have elected to receive 50% of their annual retainer in DSUs for the 2015 fiscal year. A summary of the Company’s unit plans and changes during the year ended is as follows: Number of RSUs Number of DSUs Balance – beginning of period 337,336 838,350 Granted - 74,067 Vested/paid (337,336 ) - Balance – end of period - 912,417 For the six months ended May 31, 2015, NovaCopper recognized a stock-based compensation charge of $0.03 million (May 31, 2014 - $0.2 million), net of forfeitures, for RSUs and DSUs.

Financial instruments

Financial instruments	6 Months Ended
	May. 31, 2015
Financial instruments [Text Block]	7 Financial instruments The Company’s activities expose them to certain financial risks, including currency risk, credit risk, liquidity risk, interest risk and price risk. (a) Currency risk Currency risk is the risk of a fluctuation in financial asset and liability settlement amounts due to a change in foreign exchange rates. The Company operates in the United States and Canada with some expenses incurred in Canadian dollars. The Company’s exposure is limited to cash of CAD$55,000, accounts receivable of CAD$32,000 and accounts payable of CAD$912,000. Based on a 10% change in the US-Canadian exchange rate, assuming all other variables remain constant, the Company’s net loss would change by approximately $60,000. (b) Credit risk Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company holds cash and cash equivalents with Canadian Chartered financial institutions which are comprised of cash and money market accounts. The Company’s accounts receivable consist of GST receivable from the Federal Government of Canada and receivables due for services provided to other parties. The Company’s exposure to credit risk is equal to the balance of cash and cash equivalents and accounts receivable as recorded in the financial statements. (c) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulties raising funds to meet its financial obligations as they fall due. The Company is in the exploration stage and does not have cash inflows from operations; therefore, the Company manages liquidity risk through the management of its capital structure and financial leverage. Contractually obligated cash flow requirements as at May 31, 2015 are as follows. in thousand of dollars Total < 1 Year 1–2 Years 2–5 Years Thereafter $ $ $ $ $ Accounts payable and accrued 1,265 1,265 - - - liabilities Office lease (note 8) 318 81 237 - - 1,583 1,346 237 - - (d) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company holds excess cash balances in money market funds which limits the risk of loss due to interest rate changes to $nil.

Commitment

Commitment	6 Months Ended
	May. 31, 2015
Commitment [Text Block]	8 Commitment On January 25, 2013, the Company entered into a commitment to lease office space effective May 1, 2013 for a period of four years. The future minimum lease payments as at the period ended are approximately as follows. in thousands of dollars May 31, 2015 $ 2015 81 2016 166 2017 71 318

Subsequent event

Subsequent event	6 Months Ended
	May. 31, 2015
Subsequent event [Text Block]	9 Subsequent events On April 22, 2015, the Company entered into a definitive agreement to acquire all of the issued and outstanding common shares of Sunward Resources Ltd. (“Sunward”), a publicly listed company on the TSX, by way of a court-approved plan of arrangement (the “Arrangement”). Shareholders of each of NovaCopper and Sunward voted in favour of the Arrangement at special meetings held on June 15, 2015. The companies received all regulatory, court and stock exchange approvals required and closed the Arrangement on June 19, 2015. Under the terms of the Arrangement, Sunward shareholders received 0.3 of a NovaCopper common share for each Sunward common share held and on June 19, 2015, the Company issued 43.1 million common shares to Sunward shareholders and holders of Sunward deferred share units pursuant to the Arrangement, bringing the Company’s total issued and outstanding common shares to approximately 103.8 million. Each Sunward stock option outstanding was exchanged for a fully-vested option to purchase NovaCopper common shares for a period of 90 days, such number and exercise price adjusted based on an exchange ratio of 0.3 NovaCopper options for each Sunward option. Following closing on June 19, 2015, the combined companies had a cash position of over $20.0 million. The acquisition will be accounted for as a business combination under Accounting Standards Codification 805, with transaction costs recorded in the statement of loss and comprehensive loss. The total consideration paid was valued at approximately $23.0 million on closing. The identifiable net assets will be recorded at their fair value at June 19, 2015, including the acquisition of the Titiribi exploration property, and will be finalized once management has gathered and reviewed all relevant information. Effective concurrent with closing of the Arrangement, Mr. Philip O’Neill and Mr. William Hayden joined the Board of Directors. Dr. Thomas Kaplan and Mr. Clynton Nauman tendered their resignation as members of the Board of Directors effective from the date of the Arrangement. Subsequent to the closing of the Arrangement, Sunward was notified that Luisa Maria Escobar Wolf (“Escobar-Wolf”) has filed a lawsuit in the Fifth Court of Orality of Circuit of Medellin, Colombia to advance a verbal process. Previously, on April 28, 2014, Sunward received notice that Escobar-Wolf filed an arbitral action against Sunward pursuant to the arbitration clause contained in an easement agreement under which Sunward had acquired certain land access rights at the Titiribi Project. Escobar-Wolf alleges that a local water source had been affected as a result of Sunward’s drilling activities at the Titiribi Project and is seeking, amongst other things, damages totalling COP2,623,203,975 (approx. US$1.05 million). Previously, during 2013, Corantioquia, the environmental agency for the Colombian State of Antioquia, investigated allegations that a local water source had been affected as a result of Sunward’s drilling activities at the Titiribi Project and on December 12, 2013, Corantioquia issued resolution No. 13128232 dismissing the allegations as the environmental agency’s internal studies showed that the water table levels are within acceptable, documented norms. The allegations made by Escobar-Wolf are the same ones Corantioquia had been investigating during 2013, which were dismissed by the environmental agency. Sunward believes that this claim is without merit but it is too early to predict the outcome of the verbal process or the ultimate impact to Sunward. Also, during 2013 Corantioquia notified Sunward of administrative proceedings which would have required a suspension of drilling activities resulting from what the agency alleged to be an omission in failure to obtain a water permit or concession. On October 31 and December 30, 2013, Sunward received notices that Corantioquia had lifted the suspension on future drilling activities but is still considering whether to assess a penalty for failure to obtain water permits. Sunward has received no further correspondence from Corantioquia on an assessment to date.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	May. 31, 2015
Basis of presentation [Policy Text Block]	Basis of presentation These consolidated financial statements have been prepared using accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of NovaCopper and its wholly-owned subsidiary, NovaCopper US. All significant intercompany transactions are eliminated on consolidation. These financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on July 7, 2015. All figures are in United States dollars unless otherwise noted. The unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position as of May 31, 2015, our results of operations and cash flows for the three and six months ended May 31, 2015 and 2014. The results of operations for the three and six months ended May 31, 2015 are not necessarily indicative of the results to be expected for the year ending November 30, 2015. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these unaudited interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2014 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 6, 2015.
Recent accounting pronouncements [Policy Text Block]	Recent accounting pronouncements i. Development stage entity In June 2014, the FASB issued “Development Stage Entities – Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation” (“ASU 2014-10”). ASU 2014-10 eliminates the concept of a development stage entity, of which NovaCopper had been classified. Upon adoption, certain financial reporting disclosures will be eliminated including the presentation of an inception-to-date statement of income and cash flow. ASU 2014-10 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption of this standard is permitted. The adoption of ASU 2014-10 is expected to have an impact on the disclosure and presentation of our statement of loss and comprehensive loss and the statement of cash flows. As a result of adopting the standard, we will no longer include the cumulative during exploration stage column currently presented on our statement of loss and comprehensive loss and the statement of cash flows. We plan to adopt for our fiscal year ending November 30, 2016. ii. Going concern In August 2014, the FASB issued “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). Historically, there has been no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern. This update provides the guidance to clarify when and how management should be assessing their ability to continue as a going concern. ASU 2014-15 is effective for fiscal years ending after December 15, 2016. Early adoption of this standard is permitted. We have early adopted this standard for the fiscal year ending November 30, 2015. The adoption of ASU 2014-15 does not have an impact on the frequency with which we conduct going concern assessments and does not result in significant changes to our disclosure of going concern as we previously complied with appropriate guidance issued by the U.S. Securities and Exchange Commission and guidance under U.S. auditing standards.

Plant and equipment (Tables)

Plant and equipment (Tables)	6 Months Ended	12 Months Ended
	May. 31, 2015	Nov. 30, 2014
Schedule of Plant and Equipment [Table Text Block]	in thousands of dollars May 31, 2015 Accumulated Cost amortization Net $ $ $ British Columbia, Canada Furniture and equipment 46 (19 ) 27 Leasehold improvements 32 (17 ) 15 Computer hardware and software 100 (60 ) 40 Alaska, USA Machinery, equipment and camp 2,833 (2,761 ) 72 Vehicles 275 (248 ) 27 Computer hardware and software 31 (31 ) - 3,317 (3,136 ) 181	in thousands of dollars November 30, 2014 Accumulated Cost amortization Net $ $ $ British Columbia, Canada Furniture and equipment 46 (15 ) 31 Leasehold improvements 32 (13 ) 19 Computer hardware and software 98 (44 ) 54 Alaska, USA Machinery, equipment and camp 2,833 (2,579 ) 254 Vehicles 275 (218 ) 57 Computer hardware and software 31 (31 ) - 3,315 (2,900 ) 415

Mineral properties and develo18

Mineral properties and development costs (Tables)	6 Months Ended
	May. 31, 2015
Schedule of Mineral Properties and Development Costs [Table Text Block]	in thousands of dollars November 30, 2014 Acquisition costs May 31, 2015 Alaska, USA $ $ $ Ambler (a) 26,586 - 26,586 Bornite (b) 4,000 - 4,000 30,586 - 30,586
Schedule of Mineral Property Expenses [Table Text Block]	in thousands of dollars Three months ended Six months ended May 31, 2015 May 31, 2014 May 31, 2015 May 31, 2014 $ $ $ $ Community 21 23 49 34 Engineering 13 27 17 102 Environmental 4 - 4 15 Land and permitting 100 96 196 189 Project support 38 75 87 146 Wages and benefits 115 268 265 583 Mineral property expense 291 489 618 1,069

Accounts payable and accrued 19

Accounts payable and accrued liabilities (Tables)	6 Months Ended
	May. 31, 2015
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	in thousands of dollars May 31, 2015 November 30, 2014 $ $ Trade accounts payable 325 36 Accrued liabilities 531 410 Accrued salaries and vacation 409 533 Accounts payable and accrued liabilities 1,265 979

Share capital (Tables)

Share capital (Tables)	6 Months Ended
	May. 31, 2015
Schedule of Common Shares Issued and Outstanding [Table Text Block]	in thousands of dollars, except share amounts Number of shares Ascribed value $ November 30, 2013 53,066,656 104,895 Exercise of NovaGold Arrangement options 46,929 631 NovaGold Performance Share Units 14,166 28 Private placement 6,521,740 5,068 Restricted Share Units 492,501 929 Deferred Share Units 154,373 282 November 30, 2014 60,296,365 111,833 Restricted Share Units 337,336 636 May 31, 2015, issued and outstanding 60,633,701 112,469
Schedule of Stock Options, Valuation Assumptions [Table Text Block]	May 31, 2015 Risk-free interest rates 1.12% Exercise price CAD$0.62 Expected life 3.0 years Expected forfeiture rate 3.1% Expected volatility 59.1% Expected dividends nil
Schedule of Stock Options Activity [Table Text Block]	May 31, 2015 Weighted average exercise price Number of options $ Balance – beginning of period 1,741,666 1.11 Granted 1,620,000 0.50 Forfeited (200,000 ) 0.97 Balance – end of period 3,161,666 0.75
Schedule of Disclosure of Stock Options Outstanding [Table Text Block]	Outstanding Exercisable Unvested Weighted Weighted Number of Weighted average Number of average Number of outstanding average years exercise price exercisable exercise price unvested Range of price options to expiry $ options $ options $0.50 to $0.99 3,106,666 4.40 0.74 1,879,992 0.74 1,226,674 $1.00 to $1.59 55,000 2.92 1.59 36,666 1.59 18,334 3,161,666 4.37 0.75 1,916,658 0.75 1,245,008
Schedule of NovaGold Arrangement Options Activity [Table Text Block]	May 31, 2015 Weighted average exercise price Number of options $ Balance – beginning of period 721,415 5.06 Forfeited (4,356 ) 4.73 Expired (170,288 ) 3.16 Balance – end of period 546,771 5.10
Schedule of NovaGold Arrangement Stock Options Outstanding [Table Text Block]	Outstanding and exercisable Weighted average Number of outstanding Weighted average years exercise price Range of price and exercisable options to expiry $ $2.88 to $3.99 66,664 1.40 3.08 $4.00 to $5.99 295,071 1.44 4.84 $6.00 to $7.99 185,036 0.72 6.24 546,771 1.19 5.10
Schedule of Unit Plans and Changes Activity [Table Text Block]	Number of RSUs Number of DSUs Balance – beginning of period 337,336 838,350 Granted - 74,067 Vested/paid (337,336 ) - Balance – end of period - 912,417

Financial instruments (Tables)

Financial instruments (Tables)	6 Months Ended
	May. 31, 2015
Schedule of Contractually Obligated Cash Flow Requirements [Table Text Block]	in thousand of dollars Total < 1 Year 1–2 Years 2–5 Years Thereafter $ $ $ $ $ Accounts payable and accrued 1,265 1,265 - - - liabilities Office lease (note 8) 318 81 237 - - 1,583 1,346 237 - -

Commitment (Tables)

Commitment (Tables)	6 Months Ended
	May. 31, 2015
Schedule of Future Minimum Lease Payments [Table Text Block]	in thousands of dollars May 31, 2015 $ 2015 81 2016 166 2017 71 318

Nature of operations, going c23

Nature of operations, going concern, structure and plan of arrangement (Narrative) (Details) - USD ($) $ in Thousands	May. 31, 2015	Feb. 28, 2015	Nov. 30, 2014	May. 31, 2014	Feb. 28, 2014	Nov. 30, 2013	Jan. 31, 2012	Apr. 26, 2011	Jan. 11, 2010	Dec. 31, 2009	Mar. 23, 2004
Consideration for Ambler Property									$ 29,000
Interest Option Held											51.00%
Consolidated Cash	$ 2,732	$ 3,988	$ 5,074	$ 2,083	$ 4,364	$ 6,484		$ 0
Ambler Property [Member]
Ambler Property Ownership									100.00%	51.00%
Consideration for Ambler Property							$ 29,000

Mineral properties and develo24

Mineral properties and development costs (Narrative) (Details) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

8 Months Ended

49 Months Ended

134 Months Ended

Oct. 31, 2011

Jan. 31, 2011

Jan. 31, 2010

May. 31, 2015

May. 31, 2014

May. 31, 2015

May. 31, 2014

Aug. 05, 2012

May. 31, 2015

May. 31, 2015

Jan. 31, 2012

Oct. 19, 2011

Aug. 05, 2011

Jan. 11, 2010

Dec. 31, 2009

Payments for mineral property

$ 0

$ 0

$ 0

$ 0

$ 4,116

Consideration for Ambler property

$ 29,000

Mineral properties expense

$ 291

$ 489

$ 618

$ 1,069

$ 54,387

Approximations [Member]

Mineral properties expense

$ 54,400

Ambler Property [Member]

Mineral property interest percentage

100.00%

51.00%

Mineral Property, Shares Issued, Shares

931,098

Mineral Property, Shares Issued, Value

$ 5,000

Payments for mineral property

$ 12,000

Consideration for Ambler property

$ 29,000

Fair value of cash payments to acquire mineral properties

$ 21,400

Discount rate used

8.00%

Mineral property, fair value of consideration

$ 26,500

Transaction costs

$ 100

Net smelter return royalty

1.00%

Purchase price of the net smelter royalty

$ 10,000

Bornite Property [Member]

Payments for mineral property

$ 4,000

Net proceeds royalty

15.00%

Discount on consideration

$ 40,000

Bornite Property [Member] | Minimum [Member]

Mineral property interest percentage

16.00%

Net smelter return royalty

1.00%

Bornite Property [Member] | Maximum [Member]

Mineral property interest percentage

25.00%

Net smelter return royalty

2.50%

Accounts payable and accrued 25

Accounts payable and accrued liabilities (Narrative) (Details) - USD ($)	May. 31, 2015	Nov. 30, 2014
Accrued salaries and vacation	$ 409,000	$ 533,000
Officers [Member] | Accrued and Unpaid Bonuses [Member]
Accrued salaries and vacation	$ 352,500

Share capital (Narrative) (Deta

Share capital (Narrative) (Details)	3 Months Ended				6 Months Ended		12 Months Ended	49 Months Ended
	May. 31, 2015USD ($)$ / sharesshares	May. 31, 2015USD ($)$ / sharesCAD / sharesshares	Feb. 28, 2015	May. 31, 2014USD ($)shares	May. 31, 2015USD ($)$ / sharesshares	May. 31, 2014USD ($)	Nov. 30, 2013shares	May. 31, 2015USD ($)$ / sharesshares	Nov. 30, 2014USD ($)$ / sharesshares	Apr. 30, 2012USD ($)shares
Contributed surplus	$ 124,000	$ 124,000			$ 124,000			$ 124,000	$ 124,000
Common Stock, Shares Authorized | shares
Stock options granted | shares					1,620,000
Stock-based compensation					$ 371,000	$ 251,000
Non-vested stock options outstanding | shares	3,161,666	3,161,666			3,161,666			3,161,666	1,741,666
Weighted average exercise price options outstanding | $ / shares	$ 0.75	$ 0.75			$ 0.75			$ 0.75	$ 1.11
Stock option expense	$ 0			$ 0	$ 0	0		$ 316,000
Aggregate intrinsic value, vested options	0	$ 0		10,000	0	10,000		0
Vesting of deferred share units | shares							154,373
Proceeds from private placement, net	$ 0			0	$ 0	17,000		$ 7,231,000
Non-Vested Options [Member]
Non-vested stock options outstanding | shares	1,245,008	1,245,008			1,245,008			1,245,008
Weighted average exercise price options outstanding | $ / shares	$ 0.75	$ 0.75			$ 0.75			$ 0.75
Number of RSU's [Member]
Granted | shares					0
Plan of Arrangement [Member]
Common stock committed for issuance | shares										6,181,352
Contributed surplus										$ 12,200,000
Number of DSU's [Member]
Common stock committed for issuance | shares	20,685	20,685			20,685			20,685
Granted | shares					74,067
Stock-based Compensation [Member]
Stock-based compensation					$ 30,000	200,000
NovaGold Arrangement Options [Member]
Stock based compensation, recovery					$ 0
Non-vested stock options outstanding | shares	546,771	546,771			546,771			546,771	721,415
Weighted average exercise price options outstanding | $ / shares	$ 5.10	$ 5.10			$ 5.10			$ 5.10	$ 5.06
Stock-based Compensation for NovaGold Arrangement Options						10,000
Aggregate intrinsic value, vested options	$ 0	$ 0		$ 0	$ 0	0		$ 0
Approximations [Member] | Non-Vested Options [Member]
Stock option expense	$ 200,000
Maximum [Member]
Vesting terms			2 years
Non-executive directors [Member]
Percentage of annual retainer in DSUs to be distributed	50.00%
New Employees [Member]
Stock options granted | shares				0	1,620,000
Stock options granted, weighted average exercise price | (per share)		$ 0.62			$ 0.21
Directors, Employees and Services Providers [Member]
Stock-based compensation					$ 340,000	$ 20,000

Financial instruments (Narrativ

Financial instruments (Narrative) (Details)	3 Months Ended
	May. 31, 2015USD ($)	May. 31, 2015CAD	Nov. 30, 2014USD ($)
Accounts receivable	$ 104,000		$ 176,000
Change in foreign exchange rate	10.00%	10.00%
Interest rate loss	$ 0
Approximations [Member]
Foreign currency net loss	$ 60,000
Canadian Limit Due to Currency Risk [Member]
Cash | CAD		CAD 55,000
Accounts receivable | CAD		32,000
Accounts payable | CAD		CAD 912,000

Subsequent event (Narrative) (D

Subsequent event (Narrative) (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)	Nov. 30, 2013USD ($)shares	Jun. 19, 2015USD ($)shares	Jun. 19, 2015COPshares	May. 31, 2015shares	Apr. 22, 2015	Nov. 30, 2014shares
Stock Issued During Period, Value, New Issues		$ 5,068
Common Stock, Shares, Issued | shares					60,633,701		60,296,365
Common Stock, Shares, Outstanding | shares		53,066,656			60,633,701		60,296,365
Subsequent Event [Member]
NovaCopper Common Share for Each Sunward Common Share Held						0.30%
Common Stock, Shares, Issued | shares					43,100,000
Exchange Ratio of NovaCopper Options for Sunward Option						0.30%
Loss Contingency, Estimate of Possible Loss | COP				COP 2,623,203,975
Subsequent Event [Member] | Minimum [Member]
Combined Companies Cash Position			$ 20,000
Subsequent Event [Member] | Approximations [Member]
Common Stock, Shares, Outstanding | shares			103,800,000	103,800,000
Business Combination, Consideration Transferred	$ 23,000
Loss Contingency, Estimate of Possible Loss			$ 1,050

Schedule of Plant and Equipment

Schedule of Plant and Equipment (Details) - USD ($) $ in Thousands	May. 31, 2015	Nov. 30, 2014
Net	$ 181	$ 415
Alaska, USA [Member]
Cost	3,317	3,315
Accumulated amortization	(3,136)	(2,900)
Net	181	415
Furniture and equipment [Member] | British Columbia, Canada [Member]
Cost	46	46
Accumulated amortization	(19)	(15)
Net	27	31
Leasehold improvements [Member] | British Columbia, Canada [Member]
Cost	32	32
Accumulated amortization	(17)	(13)
Net	15	19
Machinery and equipment [Member] | Alaska, USA [Member]
Cost	2,833	2,833
Accumulated amortization	(2,761)	(2,579)
Net	72	254
Vehicles [Member] | Alaska, USA [Member]
Cost	275	275
Accumulated amortization	(248)	(218)
Net	27	57
Computer hardware and software | British Columbia, Canada [Member]
Cost	100	98
Accumulated amortization	(60)	(44)
Net	40	54
Computer hardware and software | Alaska, USA [Member]
Cost	31	31
Accumulated amortization	(31)	(31)
Net	$ 0	$ 0

Schedule of Mineral Properties

Schedule of Mineral Properties and Development Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2014	May. 31, 2015
Mineral properties and development costs	$ 30,586	$ 30,586
Alaska, USA [Member]
Acquisition costs	0
Mineral properties and development costs	30,586	30,586
Ambler Property [Member] | Alaska, USA [Member]
Acquisition costs	0
Mineral properties and development costs	26,586	26,586
Bornite Property [Member] | Alaska, USA [Member]
Acquisition costs	0
Mineral properties and development costs	$ 4,000	$ 4,000

Schedule of Mineral Property Ex

Schedule of Mineral Property Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		49 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014	May. 31, 2015
Community	$ 21	$ 23	$ 49	$ 34
Engineering expense	13	27	17	102
Environmental	4	0	4	15
Land and permitting	100	96	196	189
Project support	38	75	87	146
Wages and benefits	115	268	265	583
Mineral property expense	$ 291	$ 489	$ 618	$ 1,069	$ 54,387

Schedule of Accounts Payable an

Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	May. 31, 2015	Nov. 30, 2014
Trade accounts payable	$ 325	$ 36
Accrued liabilities	531	410
Accrued salaries and vacation	409	533
Accounts payable and accrued liabilities	$ 1,265	$ 979

Schedule of Common Shares Issue

Schedule of Common Shares Issued and Outstanding (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	May. 31, 2015	Nov. 30, 2013
Number of Common Shares	60,296,365
Ascribed Value Common Shares	111,833,000
Exercise of NovaGold Arrangement Options (Shares)		46,929
Exercise of NovaGold Arrangement Options		$ 631
Private Placement (shares)		6,521,740
Stock Issued During Period, Value, New Issues		$ 5,068
Vesting of NovaGold Performance Share Units (Shares)		14,166
Vesting of NovaGold Performance Share Units Value		$ 28
Vesting of Restricted Share Units (Shares)	337,336	492,501
Vesting of Restricted Share Units	$ 636	$ 929
Vesting of Deferred Share Units (Shares)		154,373
Vesting of Deferred Share Units		$ 282
Number of Common Shares	60,633,701	53,066,656
Ascribed Value Common Shares	112,469,000	104,895,000

Schedule of Stock Options, Valu

Schedule of Stock Options, Valuation Assumptions (Details) - May. 31, 2015 - $ / shares	Total
Expected forfeiture rate	3.10%
Expected dividends	0.00%
Minimum [Member]
Average risk-free interest rate	1.12%
Exercise price	$ 0.62
Expected life	3 years
Expected volatility	59.10%

Schedule of Stock Options Activ

Schedule of Stock Options Activity (Details) - 6 months ended May. 31, 2015 - $ / shares	Total
Balance - Beginning of Period, Number of stock Options	1,741,666
Balance - Beginning of Period, Weighted average exercise price	$ 1.11
Stock options granted	1,620,000
Stock options, weighted average exercise price, granted	$ 0.50
Stock options, number of options forfeited during the period	(200,000)
Stock options, weighted average exercise price of forfeitures	$ 0.97
Balance - End of Period, Number of stock options	3,161,666
Balance - End of Period, Weighted average exercise price	$ 0.75

Schedule of Disclosure of Stock

Schedule of Disclosure of Stock Options Outstanding (Details) - $ / shares	3 Months Ended
	May. 31, 2015	Nov. 30, 2014
Number of outstanding options	3,161,666	1,741,666
Weighted average years to expiry	4 years 4 months 13 days
Weighted average exercise price options outstanding	$ 0.75	$ 1.11
Number of exercisable options	1,916,658
Weighted average exercise price	$ 0.75
Number of unvested options	1,245,008
Range 1 [Member]
Exercise price lower range limit	$ 0.50
Exercise price upper range limit	$ 0.99
Number of outstanding options	3,106,666
Weighted average years to expiry	4 years 4 months 24 days
Weighted average exercise price options outstanding	$ 0.74
Number of exercisable options	1,879,992
Weighted average exercise price	$ 0.74
Number of unvested options	1,226,674
Range 2 [Member]
Exercise price lower range limit	$ 1
Exercise price upper range limit	$ 1.59
Number of outstanding options	55,000
Weighted average years to expiry	2 years 11 months 1 day
Weighted average exercise price options outstanding	$ 1.59
Number of exercisable options	36,666
Weighted average exercise price	$ 1.59
Number of unvested options	18,334

Schedule of NovaGold Arrangemen

Schedule of NovaGold Arrangement Options Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	May. 31, 2015	Nov. 30, 2013
Balance - Beginning of Period, Number of stock Options	1,741,666
Balance - Beginning of Period, Weighted average exercise price	$ 1.11
Stock options, number of options exercised		46,929
Stock options, number of options forfeited during the period	(200,000)
Stock options, weighted average exercise price of forfeitures	$ 0.97
Balance - End of Period, Number of stock options	3,161,666
Balance - End of Period, Weighted average exercise price	$ 0.75
NovaGold Arrangement Options [Member]
Balance - Beginning of Period, Number of stock Options	721,415
Balance - Beginning of Period, Weighted average exercise price	$ 5.06
Stock options, number of options expired	(170,288)
Stock options, weighted average exercise price, stock options expired	$ 3.16
Stock options, number of options forfeited during the period	(4,356)
Stock options, weighted average exercise price of forfeitures	$ 4.73
Balance - End of Period, Number of stock options	546,771
Balance - End of Period, Weighted average exercise price	$ 5.10

Schedule of NovaGold Arrangem38

Schedule of NovaGold Arrangement Stock Options Outstanding (Details) - May. 31, 2015 - NovaGold Arrangement Options [Member] - $ / shares	Total
Number of outstanding and exercisable options	546,771
Weighted average years to expiry	1 year 2 months 8 days
Weighted average exercise price	$ 5.10
NovaGold Arrangement Range 1 [Member]
Exercise price lower range limit	2.88
Exercise price upper range limit	$ 3.99
Number of outstanding and exercisable options	66,664
Weighted average years to expiry	1 year 4 months 24 days
Weighted average exercise price	$ 3.08
NovaGold Arrangement Range 2 [Member]
Exercise price lower range limit	4
Exercise price upper range limit	$ 5.99
Number of outstanding and exercisable options	295,071
Weighted average years to expiry	1 year 5 months 8 days
Weighted average exercise price	$ 4.84
NovaGold Arrangement Range 3 [Member]
Exercise price lower range limit	6
Exercise price upper range limit	$ 7.99
Number of outstanding and exercisable options	185,036
Weighted average years to expiry	8 months 19 days
Weighted average exercise price	$ 6.24

Schedule of Unit Plans and Chan

Schedule of Unit Plans and Changes Activity (Details)	6 Months Ended
	May. 31, 2015shares
Number of RSU's [Member]
Balance-beginning of period	337,336
Granted	0
Vested	(337,336)
Balance-end of period	0
Number of DSU's [Member]
Balance-beginning of period	838,350
Granted	74,067
Vested	0
Balance-end of period	912,417

Schedule of Contractually Oblig

Schedule of Contractually Obligated Cash Flow Requirements (Details) $ in Thousands	May. 31, 2015USD ($)
Total	$ 1,583
Within 1 Year	1,346
1 - 2 Years	237
2 - 5 Years	0
Thereafter	0
Accounts Payable and Accrued Liabilities
Total	1,265
Within 1 Year	1,265
1 - 2 Years	0
2 - 5 Years	0
Thereafter	0
Office Lease [Member]
Total	318
Within 1 Year	81
1 - 2 Years	237
2 - 5 Years	0
Thereafter	$ 0

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Payments (Details) $ in Thousands	May. 31, 2015USD ($)
2,015	$ 81
2,016	166
2,017	71
Total	$ 318