Trilogy Metals (TMQ) 10-K 8 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Nov. 30, 2015	Feb. 05, 2016	May. 31, 2015
Document Type	10-K
Amendment Flag	false
Document Period End Date	Nov. 30, 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		104,979,820
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Entity Public Float			$ 21,300,000
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2015	Nov. 30, 2014
Current assets
Cash and cash equivalents	$ 16,139	$ 5,074
Accounts receivable	39	176
Deposits and prepaid amounts	707	575
Total current assets	16,885	5,825
Plant and equipment	446	415
Mineral properties and development costs	33,850	30,586
Total assets	51,181	36,826
Current liabilities
Accounts payable and accrued liabilities	751	979
Total liabilities	751	979
Shareholders' equity
Share capital - unlimited common shares authorized, no par value Issued -104,796,421 (2014 - 60,296,365)	136,040	111,833
Warrants	2,163	2,163
Contributed surplus	124	124
Contributed surplus - options	17,841	17,089
Contributed surplus - units	1,164	2,008
Deficit accumulated during the exploration stage	(106,902)	(97,370)
Total stockholders' equity	50,430	35,847
Total liabilities and stockholders' equity	$ 51,181	$ 36,826

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2015	Nov. 30, 2014
Common Stock, Shares Authorized
Common Stock, No Par Value
Common Stock, Shares, Issued	104,796,421	60,296,365

Consolidated Statements of Loss

Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended			140 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2015
Expenses
Amortization	$ 355	$ 750	$ 1,033	$ 3,190
Foreign exchange loss	26	2	8	46
General and administrative	1,349	1,484	1,915	9,153
Investor relations	88	51	239	757
Mineral properties expense	4,476	2,512	8,894	58,245
Professional fees	1,346	952	947	4,001
Salaries	1,085	3,012	3,173	9,730
Salaries - stock-based compensation (note7)	831	887	8,225	19,354
Total expenses	9,556	9,650	24,434	104,476
Other items
Accretion expense	0	0	0	2,530
Loss on disposal of equipment	0	0	0	7
Interest and other income	(24)	(2)	(40)	(111)
Loss and comprehensive loss for the period	$ 9,532	$ 9,648	$ 24,394	$ 106,902
Basic and diluted loss per common share	$ 0.12	$ 0.17	$ 0.47
Weighted average number of common shares outstanding	80,312,913	56,268,326	52,347,173

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, 2012	$ 92,168,000		$ 12,180,000	$ 12,703,000		$ (63,328,000)	$ 53,723,000
Beginning Balance (Shares) at Nov. 30, 2012	46,665,069
Exercise of NovaGold Warrants	$ 11,996,000		(11,996,000)				(11,996,000)
Exercise of NovaGold Warrants (Shares)	6,088,262
NovaGold Performance and Deferred Share Units	$ 32,000		(32,000)				16,586
NovaGold Performance and Deferred Share Units (Shares)	16,586
Exercise of NovaGold Arrangement options	$ 254,000			(235,000)			19,000
Exercise of NovaGold Arrangement options (Shares)	52,243
Private placement							0
Restricted Share Units reclassified from liability					$ 2,633,000		2,633,000
Exercise of options							$ 254,000
Exercise of options (Shares)							52,243
Restricted Share Units	$ 445,000				(173,000)		$ 272,000
Restricted Share Units (Shares)	244,496
Stock-based compensation				4,780,000	124,000		4,904,000
Loss for the year						(24,394,000)	(24,394,000)
Ending Balance at Nov. 30, 2013	$ 104,895,000		152,000	17,248,000	2,584,000	(87,722,000)	37,157,000
Ending Balance (Shares) at Nov. 30, 2013	53,066,656
Exercise of NovaGold Arrangement options	$ 631,000			(615,000)			16,000
Exercise of NovaGold Arrangement options (Shares)	46,929
NovaGold Performance Share Units	$ 28,000		(28,000)
Private placement	$ 5,068,000	$ 2,163,000					$ 7,231,000
Private Placement (shares)	6,521,740						6,521,740
NovaGold Performance Share Units (shares)	14,166
Exercise of options							$ 631,000
Exercise of options (Shares)							46,929
Restricted Share Units	$ 929,000				(929,000)
Restricted Share Units (Shares)	492,501
Deferred Share Units	$ 282,000				(78,000)		$ 204,000
Deferred Share Units (Shares)	154,373
Stock-based compensation				456,000	431,000		887,000
Loss for the year						(9,648,000)	(9,648,000)
Ending Balance at Nov. 30, 2014	$ 111,833,000	2,163,000	124,000	17,089,000	2,008,000	(97,370,000)	35,847,000
Ending Balance (Shares) at Nov. 30, 2014	60,296,365
Private placement							0
Issuance pursuant to Sunward Arrangement	$ 22,851,000			108,000			22,959,000
Issuance pursuant to Sunward Arrangement (Shares)	43,116,312
Restricted Share Units to settle liability					183,000		$ 183,000
Exercise of options	$ 7,000			(7,000)
Exercise of options (Shares)	7,499						(33,333)
Exercise of Sunward Arrangement Options	$ 177,000			(35,000)			$ 142,000
Exercise of Sunward Arrangement Options (Shares)	347,999						347,999
Restricted Share Units	$ 819,000				(819,000)
Restricted Share Units (Shares)	795,368
Deferred Share Units	$ 353,000				(353,000)
Deferred Share Units (Shares)	232,878
Stock-based compensation				686,000	145,000		$ 831,000
Loss for the year						(9,532,000)	(9,532,000)
Ending Balance at Nov. 30, 2015	$ 136,040,000	$ 2,163,000	$ 124,000	$ 17,841,000	$ 1,164,000	$ (106,902,000)	$ 50,430,000
Ending Balance (Shares) at Nov. 30, 2015	104,796,421

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended			140 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2015
Cash flows used in operating activities
Loss for the year	$ (9,532,000)	$ (9,648,000)	$ (24,394,000)	$ (106,902,000)
Items not affecting cash
Amortization	355,000	750,000	1,033,000	3,210,000
Accretion	0	0	0	2,530,000
Loss on disposal of equipment	0	0	0	7,000
Issuance of shares as compensation	0	0	0	316,000
Stock-based compensation	831,000	887,000	8,136,000	20,467,000
Net change in non-cash working capital
Decrease (increase) in accounts receivable	156,000	(86,000)	275,000	(20,000)
Decrease (increase) in deposits and prepaid amounts	(28,000)	16,000	(37,000)	(590,000)
Increase (decrease)in accounts payable, accrued liabilities and due to related parties	(217,000)	(558,000)	(231,000)	801,000
Net Cash Provided by (Used in) Operating Activities	(8,435,000)	(8,639,000)	(15,218,000)	(80,181,000)
Cash flows from (used in) financing activities
Proceeds from private placement, net	0	7,231,000	0	7,231,000
Proceeds received on exercise of options	0	16,000	20,000	36,000
Proceeds received on exercise of Sunward Arrangement Options	142,000	0	0	142,000
Funding provided by NovaGold on the completion of the NovaGold Arrangement	0	0	0	40,000,000
Funding provided and expenses paid by NovaGold	0	0	0	61,256,000
Repayment of notes payable	0	0	0	(24,000,000)
Settlement of Restricted Share Units	0	0	(329,000)	(329,000)
Net Cash Provided by (Used in) Financing Activities	142,000	7,247,000	(309,000)	84,336,000
Cash flows from (used in) investing activities
Acquisition of plant & equipment	(48,000)	(18,000)	(233,000)	(3,306,000)
Acquisition of mineral properties	0	0	0	(4,116,000)
Proceeds from disposition of equipment	7,000	0	0	7,000
Cash acquired through Sunward Arrangement	19,399,000	0	0	19,399,000
Net Cash Provided by (Used in) Investing Activities	19,358,000	(18,000)	(233,000)	11,984,000
Increase (decrease) in cash and cash equivalents	11,065,000	(1,410,000)	(15,760,000)	16,139,000
Cash and cash equivalents - beginning of period	5,074,000	6,484,000	22,244,000	0
Cash and cash equivalents - end of period	16,139,000	5,074,000	6,484,000	16,139,000
Non-cash investing and financing activities
Issuance of common shares to NovaGold to acquire NovaCopper US Inc.	0	0	0	27,280
Issuance of common shares and arrangement options on acquisition of Sunward	22,959	0	0	22,959
Notes payable assumed on acquisition of Ambler lands	0	0	0	21,471
Issuance of common shares by NovaGold to acquire Ambler lands	$ 0	$ 0	$ 0	$ 5,000

Nature of operations

Nature of operations	12 Months Ended
	Nov. 30, 2015
Nature of operations [Text Block]	1 Nature of operations NovaCopper Inc. (“NovaCopper” or the “Company”) was incorporated in British Columbia under the Business Corporations Act (BC) 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. 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 (“NovaGold Arrangement”) 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 option to earn a 51% interest in the Arctic 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	12 Months Ended
	Nov. 30, 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 subsidiaries, NovaCopper US, Sunward Resources ULC, Sunward Investments Ltd., and Sunward Resources Limited (“Sunward BVI”). Sunward BVI has registered a branch, Sunward Resources Sucursal Colombia, to do business in Colombia. All significant intercompany transactions are eliminated on consolidation. These financial statements were approved by the Company’s Board of Directors for issue on February 5, 2016. All figures are in United States dollars unless otherwise noted. As a result of the NovaGold Arrangement, these financial statements include the historical assets, liabilities and expenses directly related to the Arctic Project and allocations of NovaGold’s general and administrative expenses, to present the financial position, results of operations and cash flows of the Arctic Project. The consolidated financial statements have been presented under the continuity of interest basis of accounting whereby the amounts related to periods prior to April 30, 2012 are based on the amounts recorded by NovaGold. Cash and cash equivalents Cash and cash equivalents comprise of highly liquid investments maturing less than 90 days from date of initial investment. Cash and cash equivalents are designated as loans and receivables. Plant and equipment Plant and equipment are recorded at cost and amortization begins when the asset is substantially put into service. Amortization is calculated on a straight-line basis over the respective assets’ estimated useful lives. Amortization periods by asset class are: Computer hardware and software 3 years Machinery and equipment 3 years Office furniture and equipment 5 years Vehicles 3 years Leasehold Improvements lease term Mineral properties and development costs All direct costs related to the acquisition of mineral property interests are capitalized. Mineral property exploration expenditures are expensed when incurred. When it has been established that a mineral deposit is commercially mineable, an economic analysis has been completed in accordance with SEC Industry Guide 7 and permits are obtained, the costs subsequently incurred to develop a mine on the property prior to the start of mining operations are capitalized. Capitalized costs will be amortized following commencement of commercial production using the unit of production method over the estimated life of proven and probable reserves. The acquisition of title to mineral properties is a complicated and uncertain process. The Company has taken steps, in accordance with industry standards, to verify the title to mineral properties in which it has an interest. Although the Company has made efforts to ensure that legal title to its mining assets are properly recorded, there can be no assurance that such title will be secured indefinitely. Impairment of long-lived assets Management assesses the possibility of impairment in the carrying value of long-lived assets whenever events or circumstances indicate that the carrying amounts of the asset or asset group may not be recoverable. Management calculates the estimated undiscounted future net cash flows relating to the asset or asset group using estimated future prices, proven and probable reserves and other mineral resources, and operating, capital and reclamation costs. When the carrying value of an asset exceeds the related undiscounted cash flows, the asset is written down to its estimated fair value, which is usually determined using discounted future cash flows. Management’s estimates of mineral prices, mineral resources, foreign exchange rates, production levels and operating capital and reclamation costs are subject to risk and uncertainties that may affect the determination of the recoverability of the long-lived asset. It is possible that material changes could occur that may adversely affect management’s estimates. Income taxes The liability method of accounting for income taxes is used and is based on differences between the accounting and tax bases of assets and liabilities. Deferred income tax assets and liabilities are recognized for temporary differences between the tax and accounting basis of assets and liabilities as well as for the benefit of losses available to be carried forward to future years for tax purposes using enacted income tax rates expected to be in effect for the period in which the differences are expected to reverse. Deferred income tax assets are evaluated and, if realization is not considered more likely than not, a valuation allowance is provided. Uncertainty in income tax positions The Company recognizes tax benefits from uncertain tax positions only if it is at least more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Any tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement with the taxing authorities. Related interest and penalties, if any, are recorded as tax expense in the tax provision. Financial instruments Held-for-trading financial assets and liabilities are recorded at fair value as determined by active market prices or valuation models, as appropriate. Valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining these assumptions, management uses readily observable market inputs where available or, where not available, inputs generated by management. Changes in fair value of held-for-trading financial instruments are recorded in income or loss for the period. Held-for-trading financial liabilities consist of other liabilities. The Company has no held-for-trading financial assets. Available-for-sale financial assets are recorded at fair value as determined by active market prices. Unrealized gains and losses on available-for-sale investments are recognized in other comprehensive income. If a decline in fair value is deemed to be other than temporary, the unrealized loss is recognized in net earnings. Investments in equity instruments that do not have an active quoted market price are measured at cost. The Company has no available-for-sale financial assets. Loans and receivables are recorded initially at fair value, net of transaction costs incurred, and subsequently at amortized cost using the effective interest rate method. Loans and receivables consist of cash and cash equivalents, accounts receivable, and deposits. Other financial liabilities are recorded initially at fair value and subsequently at amortized cost using the effective interest rate method. Other financial liabilities include accounts payable and accrued liabilities. Translation of foreign currencies Monetary assets and liabilities are translated into United States dollar at the exchange rate in effect at the balance sheet date, and non-monetary assets and liabilities at the exchange rate in effect at the time of acquisition or issue. Income and expenses are translated at rates approximating the exchange rate in effect at the time of transactions. Exchange gains or losses arising on translation are included in income or loss for the period. The functional currency of the Company and its subsidiaries and the Company’s reporting currency is the United States dollar. Loss per share Loss per common share is calculated based on the weighted average number of common shares outstanding during the year. The Company follows the treasury stock method in the calculation of diluted earnings per share. Under the treasury stock method, the weighted average number of common shares outstanding used for the calculation of diluted loss per share assumes that the proceeds to be received on the exercise of dilutive stock options and warrants are used to repurchase common shares at the average market price during the period. Since the Company has losses, the exercise of outstanding convertible securities has not been included in this calculation as it would be anti-dilutive. Stock-based compensation Compensation expense for options granted to employees, directors and certain service providers is determined based on estimated fair values of the options at the time of grant using the Black-Scholes option pricing model, which takes into account, as of the grant date, the fair market value of the shares, expected volatility, expected dividend yield and the risk-free interest rate over the expected life of the option. The cost is recognized using the graded attribution method over the vesting period of the respective options. The expense relating to the fair value of stock options is included in expenses and is credited to contributed surplus. Shares are issued from treasury in settlement of options exercised. Compensation expense for restricted share units (“RSUs”) and deferred share units (“DSUs”) granted to employees and directors, respectively, is determined based on estimated fair values of the units at the time of grant using quoted market prices or at the time the units qualify for equity classification under ASC 718. The cost is recognized using the graded attribution method over the vesting period of the respective units. The expense relating to the fair value of the units is included in expenses and is credited to other liabilities or contributed surplus based on the unit’s classification. Units may be settled in either i) cash, and/or ii) shares purchased in the open market, and/or iii) shares issued from treasury, at the Company’s election at the time of vesting. Use of estimates and measurement uncertainties The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions of future events that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenditures during the period. Significant estimates include the basis of impairment of mineral properties, accounting for business combination, income taxes, and the valuation of stock-based compensation. Actual results could differ materially from those reported. 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 will 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 and we have early adopted this standard for the fiscal year ended 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 iii. Business Combination In September 2015, the FASB issued “Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”). ASU 2015-16 simplifies the measurement-period adjustments by requiring that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined, and not retrospectively. This update also requires the separate presentation on the face of the statement of income, or disclosure in the notes to the financial statements, of the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The Company early adopted this guidance prospectively as of November 30, 2015. As applicable, adoption of the new guidance will impact the consolidated financial position, results of operations and cash flows.

Plant and equipment

Plant and equipment	12 Months Ended
	Nov. 30, 2015
Plant and equipment [Text Block]	3 Plant and equipment in thousands of dollars November 30, 2015 Accumulated Cost amortization Net $ $ $ British Columbia, Canada Furniture and equipment 46 (24 ) 22 Leasehold improvements 32 (20 ) 12 Computer hardware and software 91 (65 ) 26 Alaska, USA Machinery, and equipment 2,877 (2,777 ) 100 Vehicles 275 (262 ) 13 Computer hardware and software 31 (31 ) - Antioquia, Colombia Machinery and equipment 206 (34 ) 172 Leasehold improvements 73 (17 ) 56 Vehicles 52 (8 ) 44 Computer hardware and software 1 - 1 3,684 (3,238) 446 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, and equipment 2,833 (2,579 ) 254 Vehicles 275 (218 ) 57 Computer hardware and software 31 (31 ) - 3,315 (2,900 ) 415

Acquisition of Sunward Resource

Acquisition of Sunward Resources Ltd.	12 Months Ended
	Nov. 30, 2015
Acquisition of Sunward Resources Ltd. [Text Block]	4 Acquisition of Sunward Resources Ltd. 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 Toronto Stock Exchange, by way of a court-approved plan of arrangement (the “Sunward Arrangement”). Shareholders of each of NovaCopper and Sunward voted in favor of the Sunward Arrangement at special meetings held on June 15, 2015. The companies received all regulatory, court and stock exchange approvals required and closed the Sunward Arrangement on June 19, 2015. Under the terms of the Sunward Arrangement, Sunward shareholders received 0.3 of a NovaCopper common share for each Sunward common share held. On June 19, 2015, the Company issued 43,116,312 common shares of NovaCopper (“Common Shares”) to Sunward shareholders and holders of Sunward deferred share units pursuant to the Sunward Arrangement. Each Sunward stock option outstanding was exchanged for a fully-vested option (“Sunward Arrangement Option”) to purchase NovaCopper Common Shares for a period of 90 days, with the number of shares issuable and exercise price adjusted based on an exchange ratio of 0.3 NovaCopper options for each Sunward option. Sunward had 8,350,000 options outstanding immediately prior to completion of the arrangement. As a result, 2,505,000 Sunward Arrangement Options were exchanged for the Sunward options and all have subsequently been exercised or expired. Consideration transferred to consummate the Sunward Arrangement comprised of the issuance of 43,116,312 Common Shares valued at $22.9 million and 2,505,000 Sunward Arrangement options valued at $0.1 million. The value of the Common Shares issued was calculated based on the closing price of NovaCopper Common Shares on June 18, 2015 of $0.53, the date of last trading prior to the closing of the acquisition. The fair value of the Sunward Arrangement Options was determined using the Black-Scholes option pricing model. Assumptions used in the pricing model in the measurement of the fair value of the Sunward Arrangement Options are as follows: Risk-free interest rates 0.62% Exercise price CDN$0.54 - 6.27 Expected life 0.245 years Expected forfeiture rate 0% Expected volatility 50.2% Expected dividends nil This acquisition has been accounted for as a business combination under ASC 805. NovaCopper incurred $0.8 million in acquisition costs related to the Sunward Arrangement. The acquisition costs for the Sunward Arrangement are included in professional fees on the consolidated statement of loss and comprehensive loss for the year ended November 30, 2015. The consolidated financial statements included herein reflect our results of operations for the year ended November 30, 2015, including those of Sunward since the June 19, 2015 acquisition date. The following summarizes the consideration and the fair value of assets acquired and liabilities assumed as of the date of acquisition: in thousands of dollars Consideration: $ Common shares issued ( 43,116,312 at $0.53 per share) 22,851 Sunward Arrangement Options 108 Total consideration 22,959 Fair value of net assets acquired: Cash 19,399 Accounts receivable 19 Deposits and prepaid amounts 104 Plant and equipment 343 Mineral properties and developments costs 3,264 Accounts payable and accrued liabilities (170 ) Net Assets 22,959 The net loss of Sunward since June 19, 2015, the acquisition date, included in these consolidated financial statements is $0.4 million. The unaudited pro-forma financial information below summarizes our results combined with Sunward as if the acquisition occurred as of the beginning of fiscal 2014. The pro-forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisition had taken place as of December 1, 2013. In thousands of dollars, except share and per share amounts November 30, 2015 November 30, 2014 $ $ Net loss 11,075 15,332 Basic and diluted loss per common share 0.11 0.15

Mineral properties and developm

Mineral properties and development costs	12 Months Ended
	Nov. 30, 2015
Mineral properties and development costs [Text Block]	5 Mineral properties and development costs in thousands of dollars November 30, Acquisition costs November 30, 2014 2015 $ $ $ Alaska, USA Ambler (a) 26,586 - 26,586 Bornite (b) 4,000 - 4,000 Antioquia, Colombia Titiribi (c) - 3,264 3,264 30,586 3,264 33,850 in thousands of dollars November Acquisition costs November 30, 2014 30, 2013 $ $ $ 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 AGC, 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. The fair value of these cash payments were $11.1 million and $10.3 million, respectively, at the transaction date valued using a discount rate of approximately 8%. The January 2011 payment was made by NovaGold on January 7, 2011 and the January 2012 payment was made by NovaGold, in advance on, August 5, 2011. Total fair value of the consideration was $26.6 million, including transaction costs associated with the acquisition of $0.1 million. The vendor retained a 1% net smelter return royalty that the owner of the property can purchase at any time for a one-time payment of $10.0 million. The current owner is NovaCopper US. 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 by NovaCopper US on October 17, 2011 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 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 before April 2017. NANA has not exercised their right to appoint a board member at this time. 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, including 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 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 amount of which is determined by the classification of land from which production originates. (c) Titiribi On June 19, 2015, NovaCopper completed the Sunward Arrangement. As a result, the Company, through Sunward BVI and its branch Sunward Resources Sucursal Colombia owns 100% of the Titiribi gold-copper exploration project located southwest of the city of Medellin, in Antioquia Department, Colombia. (d) Mineral properties expense The following table summarizes mineral properties expense for the years ended November 30, 2015, 2014 and 2013. In thousands of dollars November 30, 2015 November 30, 2014 November 30, 2013 $ $ $ Alaska, USA Community 126 137 171 Drilling 698 - 1,949 Engineering 441 117 1,206 Environmental 88 36 90 Geochemistry and geophysics 70 238 438 Land and permitting 421 378 409 Other income (209 ) (9 ) (103 ) Project support 1,411 438 2,029 Wages and benefits 1,121 1,177 2,705 4,167 2,512 8,894 Antioquia, Colombia Assaying 4 - - Land and permitting 13 - - Project support 101 - - Professional fees 45 - - Wages and benefits 146 - - 309 - - Mineral property expense 4,476 2,512 8,894 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 in Alaska from the initial earn-in agreement on the property in 2004 to November 30, 2015 is $57.9 million. Cumulative mineral properties expense in Colombia from the acquisition date of June 19, 2015 to November 30, 2015 is $0.3 million.

Accounts payable and accrued li

Accounts payable and accrued liabilities	12 Months Ended
	Nov. 30, 2015
Accounts payable and accrued liabilities [Text Block]	6 Accounts payable and accrued liabilities in thousands of dollars November 30, 2015 November 30, 2014 $ $ Trade accounts payable 200 36 Accrued liabilities 442 410 Accrued salaries and vacation 109 533 Accounts payable and accrued liabilities 751 979 At November 30, 2014, accrued salaries and vacation included $384,000 of accrued and unpaid bonuses relating to services provided by officers during the year ended November 30, 2013. During the year ended November 30, 2015, the obligation was settled through the issuance of 458,032 RSUs and a cash payment of $155,000.

Share capital

Share capital	12 Months Ended
	Nov. 30, 2015
Share capital [Text Block]	7 Share capital Authorized: in thousands of dollars, except share amounts Number of shares Ascribed value $ November 30, 2012 46,665,069 92,168 Exercise of NovaGold Warrants 6,088,262 11,996 Exercise of NovaGold Arrangement Options 52,243 254 NovaGold Performance and Deferred Share Units 16,586 32 Restricted Share Units 244,496 445 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 Issued pursuant to the Sunward Arrangement 43,116,132 22,851 Exercise of options 7,499 7 Exercise of Sunward Arrangement Options 347,999 177 Restricted Share Units 795,368 819 Deferred Share Units 232,878 353 November 30, 2015, issued and outstanding 104,796,241 136,040 On March 28, 2012, the shareholders of NovaGold approved the NovaGold Arrangement in which NovaGold would distribute its interest in NovaCopper to its shareholders on the basis that each shareholder would receive one Common Share in NovaCopper for every six shares of NovaGold. On April 30, 2012 (the “Effective Date”), NovaGold distributed 46,578,078 Common Shares in NovaCopper to the shareholders of NovaGold. NovaCopper also committed to issue up to 6,181,352 common shares, once vested and exercised, 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. When exercised or in the case of NovaGold PSUs or NovaGold DSUs 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. Subsequent to the Effective Date, all NovaGold Warrants were exercised and all NovaGold PSUs were vested. As of November 30, 2015, 20,685 NovaGold DSUs remain outstanding, which will settle upon certain directors retiring from NovaGold’s board, and 509,272 NovaGold Arrangement Options remain outstanding as disclosed in note 7b. Refer to note 4 for a description of Common Shares issued pursuant to the Sunward Arrangement. As of November 30, 2015, there were no Sunward Arrangement Options outstanding. (a) Stock options The Company has a stock option plan providing for the issuance of options with a rolling maximum number equal to 10% of the issued and outstanding Common Shares at any given time. The Company may grant options to its directors, officers, employees and service providers. The exercise price of each option cannot be lower than the greater of market price or fair market value of the Common Shares (as such terms are defined in the plan) at the date of the option grant. The number of Common Shares optioned to any single optionee may not exceed 10% of the issued and outstanding Common Shares at the date of grant. The options are exercisable for a maximum of five years from the date of grant, and may be subject to vesting provisions. During the year ended November 30, 2015, 3,813,350 options (2014 – 1,620,000 options) at a weighted-average exercise price of CDN$0.55 (2014 - CDN$1.22) were granted to employees, consultants and directors exercisable for a period of five years with various vesting terms from immediate vesting to over a two year period. The weighted-average fair value attributable to options granted in 2015 was of $0.17 (2014 - $0.44) . The fair value of the stock options recognized in the period has been estimated using the Black-Scholes option pricing model. Assumptions used in the pricing model for the period are as provided below. November 30, 2015 November 30, 2014 November 30, 2013 Risk-free interest rates 0.42 - 1.12% 1.16% 1.11 - 1.46% Exercise price CDN$0.55 CDN$1.22 CDN$1.97 - 1.98 Expected life 3.0 years 3.0 years 3.0 years Expected volatility 56.8 - 59.5% 60.2% 56.2 - 58.8% Expected dividends nil nil nil The Black-Scholes and other option pricing models require the input of highly subjective assumptions. As NovaCopper has no history of granting stock options prior to April 30, 2012, the Company considered historical information from NovaGold in estimating the expected life of the options granted during the period. Further, volatility considered both the Company’s historical price observations available and the historical price observations of NovaGold over the expected term of the options. The Company recognized a stock option payments charge of $0.66 million for the year ended November 30, 2015 (2014 - $0.5 million), net of forfeitures. For the year ended November 30, 2013, a charge of $4.7 million was recognized with the majority of the expense recognized for options granted in the previous year with an additional expense of $0.8 million for options cancelled in 2013, net of forfeitures. On November 22, 2013, the Company cancelled 5,710,000 stock options at an exercise price of CDN$3.11 which were granted in 2012 during the initial spin-out of the Company by NovaGold. The remaining expense of $0.8 million relating to unvested options at the time of cancellation was accelerated and recognized in the year. As of November 30, 2015, there were 1,848,911 non-vested options outstanding with a weighted average exercise price of $0.49 ; the non-vested stock option expense not yet recognized was $0.2 million. 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 year ended is as follows: November 30, 2015 Weighted average exercise price Number of options $ Balance – beginning of year 1,741,666 1.11 Granted 3,813,350 0.41 Exercised (33,333 ) 0.46 Forfeited (233,333 ) 0.90 Balance – end of year 5,288,350 0.57 The following table summarizes information about the stock options outstanding at November 30, 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 $0.37 to $0.99 5,233,350 4.32 0.56 3,384,439 0.59 1,848,911 $1.00 to $1.48 55,000 2.42 1.48 55,000 1.48 - 5,288,350 4.30 0.57 3,439,439 0.61 1,848,911 The aggregate intrinsic value of vested share options (the market value less the exercise price) at November 30, 2015 was $nil (2014 - $nil, 2013 - $0.01 million) and the aggregate intrinsic value of exercised options in 2015 was $nil. (b) NovaGold Arrangement Options Under the NovaGold arrangement, holders of NovaGold stock options received one option in NovaCopper for every six options held in NovaGold (“NovaGold Arrangement Options”). All NovaGold Arrangement Options are vested and subject to NovaGold’s stock option plan. The Company recognized a stock based compensation expense of $nil million for the year ended November 30, 2015, a recovery of $(0.02) million for the year ended November 30, 2014, and expense of $0.07 million for the year ended November 30, 2013 in connection with NovaGold Arrangement Options. A summary of the NovaGold Arrangement Options and changes during the year ended is as follows: November 30, 2015 Weighted average exercise price Number of options $ Balance – beginning of year 721,415 5.06 Forfeited (4,356 ) 4.41 Expired (207,787 ) 3.23 Balance – end of year 509,272 4.77 The following table summarizes information about the NovaGold Arrangement Options outstanding at November 30, 2015. Outstanding and exercisable Weighted average Number of Weighted average exercise price Range of price outstanding options years to expiry $ $2.77 to $3.99 49,998 1.33 2.92 $4.00 to $5.99 442,608 0.66 4.91 $6.00 to $6.48 16,666 1.50 6.48 509,272 0.75 4.77 The aggregate intrinsic value of vested NovaGold Arrangement Options (the market value less the exercise price) at November 30, 2015 was $nil million (2014 - $nil million, 2013 – $0.02 million). (c) Sunward Arrangement Options Under the Sunward Arrangement, each Sunward stock option outstanding was exchanged for a fully-vested Sunward Arrangement 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. All Sunward Arrangement Options, have been exercised or expired, are vested and additional expenses have been recognized as of November 30, 2015. For the year ended November 30, 2015, NovaCopper recognized a stock-based compensation charge of $0.03 million for Sunward Arrangement Options, net of forfeitures. The stock-based compensation charge represents the excess of fair value of the Sunward Arrangement Options over the fair value of the Sunward options immediately before the consummation of the arrangement. The fair value of the Sunward Arrangement Options recognized in the period has been estimated using an option pricing model. Refer to note 4 for assumptions used in the pricing model. A summary of the Sunward Arrangement Options and changes during the period ended is as follows: November 30, 2015 Weighted average exercise price Number of options $ Balance – beginning of period - - Options granted pursuant to Sunward Arrangement 2,505,000 0.80 Exercised (347,999 ) 0.40 Expired (2,157,001 ) 0.88 Balance – end of period - - During the year ended November 30, 2015, 347,999 Sunward Arrangement Options were exercised for proceeds of approximately CDN$188,000 (US$142,000), and 2,157,001 expired. The aggregate intrinsic value of exercised Sunward Arrangement Options in 2015 was $0.01 million. (d) Restricted Share Units and Deferred Share Units The Company has a Restricted Share Unit Plan (“RSU Plan”) and a Non-Executive Director Deferred Share Unit Plan (“DSU Plan”) to provide long-term incentives to employees, officers and directors. The RSU Plan and DSU Plans may be settled in cash and/or Common Shares at the Company’s election with each RSU and DSU entitling the holder to receive one common share or equivalent value. On July 28, 2015, 150,000 DSUs that were granted to two new directors vested immediately and are to be paid out at the time of retirement from NovaCopper. The remaining 149,132 DSUs were granted to directors throughout the year ended November 30, 2015 based on their election to receive 50% of their annual retainer in DSUs. On July 28, 2015, 458,032 RSUs were granted to officers vesting immediately to settle obligations previously accrued, refer to note 6. 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 year 337,336 838,350 Granted 458,032 299,132 Vested/paid (795,368 ) (232,879 ) Balance – end of year - 904,603 For the year ended November 30, 2015, NovaCopper recognized a stock-based compensation charge of $0.14 million (2014 - $0.4 million, 2013 - $3.4 million), net of forfeitures for RSUs and DSUs. (e) Share Purchase Warrants A summary of the Company’s warrants and changes during the period ended is as follows: Weighted Number of Warrants Weighted average average exercise years to expiry price $ Balance – beginning of period 6,521,740 3.60 1.60 Balance – end of period 6,521,740 3.60 1.60

Management of capital risk

Management of capital risk	12 Months Ended
	Nov. 30, 2015
Management of capital risk [Text Block]	8 Management of capital risk The Company relies upon management to manage capital in order to accomplish the objectives of safeguarding the Company’s ability to continue as a going concern in order to pursue the development of its mineral properties and maintain a capital structure which optimizes the costs of capital at an acceptable risk. The Company’s current capital consists of equity funding through capital markets, cash acquired from the Sunward Arrangement, and funding received from its prior owner, NovaGold, prior to its public listing. As the Company is currently in the exploration phase none of its financial instruments are exposed to commodity price risk; however, the Company’s ability to obtain long-term financing and its economic viability may be affected by commodity price volatility. To facilitate the management of its capital requirements, the Company prepares annual expenditure budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions.

Financial instruments

Financial instruments	12 Months Ended
	Nov. 30, 2015
Financial instruments [Text Block]	9 Financial instruments The Company is exposed to a variety of risks arising from financial instruments. These risks and management’s objectives, policies and procedures for managing these risks are disclosed as follows. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, deposits, and accounts payable and accrued liabilities. The fair value of the Company’s financial instrument approximates their carrying value due to the short-term nature of their maturity. All of the Company’s financial instruments are initially measured at fair value and then held at amortized cost. Financial risk management 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, Canada, and Colombia with some expenses incurred in Canadian dollars and Colombian pesos. The Company’s exposure to the Canadian dollar (“CDN”) is limited to cash of CDN$230,000, accounts receivable of CDN$30,000, deposits and prepaid amounts of CDN$146,000 and accounts payable of CDN$396,000. 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 $1,000. The Company’s exposure to the Colombian peso (“COP”) is limited to cash of COP 229 million, deposit and prepaid amounts of COP 58 million, and accounts payable of COP 73 million. Based on a 10% change in the US-COP exchange rate, assuming all other variables remain constant, the Company’s net loss would change by approximately $7,000. (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 and a Colombian financial institution. The Company’s accounts receivable consist of GST receivable from the Federal Government of Canada and other receivables for recoverable expenses. 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 November 30, 2015 are as follows. in thousands of dollars Total < 1 Year 1–2 Years 2–5 Years Thereafter $ $ $ $ $ Accounts payable and accrued liabilities 751 751 - - - Office lease (note 11) 296 221 75 - - 1,047 972 75 - - (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 is exposed to interest rate risk with respect to interest earned on cash and cash equivalents. Based on balances as at November 30, 2015, a 1% change in interest rates would result in a change in net loss of $0.2 million, assuming all other variables remain constant. As we are currently in the exploration phase none of our financial instruments are exposed to commodity price risk; however, our ability to obtain long-term financing and its economic viability could be affected by commodity price volatility.

Income taxes

Income taxes	12 Months Ended
	Nov. 30, 2015
Income taxes [Text Block]	10 Income taxes Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings before income taxes. These differences result from the following items: in thousands of dollars November 30, 2015 November 30, 2014 November 30, 2013 $ $ $ Combined federal and provincial statutory tax rate 26.00% 26.00% 25.67% Income taxes at statutory rate (2,479 ) (2,508 ) (6,261 ) Difference in foreign tax rates (680 ) (580 ) (1,590 ) Effect of foreign exchange changes 2,264 - - Effect of statutory rate changes - - (20 ) Non-deductible expenditures 239 243 2,139 Other (102 ) (224 ) - Valuation allowance 758 3,069 5,732 Income tax expense - - - Deferred income taxes arise from temporary differences in the recognition of income and expenses for financial reporting and tax purposes. The significant components of deferred income tax assets and liabilities at November 30, 2015 and 2014 are as follows: in thousands of dollars November 30, 2015 November 30, 2014 $ $ Deferred income tax assets Non-capital losses 63,397 48,717 Mineral property interest 14,116 14,266 Deferred interest 9,040 9,041 Property, plant and equipment 61 24 Share issuance costs 198 235 Other deductible temporary differences 575 699 Total deferred tax assets 87,387 72,982 Valuation allowance (86,094 ) (72,979 ) Net deferred income tax assets 1,293 3 Deferred income tax liabilities Mineral property interest (1,109 ) (3 ) Other taxable temporary differences (184 ) (3 ) Deferred income tax liabilities (1,293 ) (3 ) Net deferred income tax assets - - The Company has loss carry-forwards of approximately $169.0 million that may be available for tax purposes. Certain of these losses occurred prior to the incorporation of the Company and are accounted for in the financial statements as if they were incurred by the Company, as described in note 1. Prior to the NovaGold Arrangement, the Company undertook a tax reorganization in order to preserve the future deductibility of these losses for the Company, subject to the limitations below. Deferred tax assets have been recognized to the extent of future taxable income and the future taxable amounts related to taxable temporary differences for which a deferred tax liability is recognized can be offset. A valuation allowance has been provided against deferred income tax assets where it is not more likely than not that the Company will realize those benefits. The losses expire as follows in the following jurisdictions: in thousands of dollars Non-capital losses Operating losses Operating losses Canada United States Colombia $ $ $ 2016 - - - 2017 - - - 2018 - 4,206 - 2019 - 975 - Thereafter 28,959 110,871 24,022 28,959 116,052 24,022 Future use of U.S. loss carry-forwards is subject to certain limitations under provisions of the Internal Revenue Code including limitations subject to Section 382, which relates to a 50% change in control over a three-year period, and are further dependent upon the Company attaining profitable operations. An ownership change under Section 382 occurred on January 22, 2009 regarding losses incurred by AGC, of which the attributes of those losses were transferred to NovaCopper US with the purchase of the mineral property in October 2011. Therefore, approximately $39.4 million of the U.S. losses above are subject to limitation under Section 382. Accordingly, the Company’s ability to use these losses may be limited. An additional change in control may have occurred after November 30, 2011 which may further limit the availability of losses prior to the date of change in control. On June 19, 2015, we completed the Sunward acquisition which resulted in an acquisition of control of Sunward Resources ULC under of the Income Tax Act in Canada. Therefore, the Company’s ability to use approximately $13.7 million of losses in Canada may be limited.

Commitment

Commitment	12 Months Ended
	Nov. 30, 2015
Commitment [Text Block]	11 Commitment The Company has commitments in respect of office leases requiring future minimum lease payments as follows: in thousands of dollars November 30, 2015 $ 2016 221 2017 75 Total 296 On January 25, 2013, the Company entered into a commitment to lease office space effective May 1, 2013 for a period of four years with a remaining total commitment as at November 30, 2015 of $0.22 million. As part of the acquisition of Sunward, the Company assumed an office lease in Vancouver, expiring on February 28, 2017 with a remaining commitment of $0.05 million and two office leases in Colombia, expiring on April 30, 2016 and May 31, 2016 respectively, with a total remaining commitment of $0.03 million.

Contingencies

Contingencies	12 Months Ended
	Nov. 30, 2015
Contingencies [Text Block]	12 Contingencies Notice of lawsuit received over alleged environmental violation In July 2015, Sunward was notified that Luisa Maria Escobar Wolf (“Escobar-Wolf”) had filed a lawsuit in the Fifth Court of Orality of Circuit of Medellin, Colombia. 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 COP 2,623,203,975 (approx. US$0.85 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 investigated during 2013 and dismissed by the environmental agency. We have engaged legal counsel in Colombia to vigorously and expeditiously defend our position, and we believe that the Escobar-Wolf claim is without merit but it is too early to predict the outcome of the verbal process or the ultimate impact. Investigation of alleged failure to obtain water permits 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 the 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.

Segment information

Segment information	12 Months Ended
	Nov. 30, 2015
Segment information [Text Block]	13 Segment information The Company’s reportable segments are based on geographic region for the Company’s operations. General corporate activities not associated with operating units and their various exploration activities are presented as corporate and other. For the year ended November 30, 2015: Antioquia, Corporate and Alaska, USA Colombia other Total $ $ $ $ Amortization 242 63 50 355 Foreign exchange loss (gain) 8 24 (6 ) 26 Interest and other income - (1 ) (23 ) (24 ) Mineral properties expense 4,025 309 142 4,476 Overhead costs 99 - 4,600 4,699 Loss for the period 4,374 395 4,763 9,532 For the year ended November 30, 2014: Antioquia, Corporate and Alaska, USA Colombia other Total $ $ $ $ Amortization 706 - 44 750 Foreign exchange loss (gain) 4 - (2 ) 2 Interest and other income - - (2 ) (2 ) Mineral properties expense 2,169 - 343 2,512 Overhead costs 859 - 5,527 6,386 Loss for the period 3,738 - 5,910 9,648 For the year ended November 30, 2013: Antioquia, Corporate and Alaska, USA Colombia other Total $ $ $ $ Amortization 1,006 - 27 1,033 Foreign exchange loss (gain) 13 - (5 ) 8 Interest and other income (9 ) - (31 ) (40 ) Mineral properties expense 8,265 - 629 8,894 Overhead costs 712 - 13,787 14,499 Loss for the period 9,987 - 14,407 24,394 Other segment information regarding mineral properties and development costs, plant and equipment, assets and liabilities, was as follows: As of November 30, 2015: Antioquia, Corporate and Alaska, USA Colombia other Total $ $ $ $ Mineral properties and development costs 30,586 3,264 - 33,850 Plant and equipment 113 273 60 446 Assets 31,509 3,631 16,041 51,181 Liabilities (341 ) (24 ) (386 ) (751 ) As of November 30, 2014: Antioquia, Corporate and Alaska, USA Colombia other Total $ $ $ $ Mineral properties and development costs 30,586 - - 30,586 Plant and equipment 311 - 104 415 Assets 31,387 - 5,439 36,826 Liabilities (55 ) - (924 ) (979 )

Subsequent event

Subsequent event	12 Months Ended
	Nov. 30, 2015
Subsequent event [Text Block]	14 Subsequent event On December 23, 2015, 525,000 stock options were granted to directors vesting immediately and 1,260,000 stock options were granted to employees vesting equally in thirds on the grant date, the first anniversary of the grant date, and the second anniversary of the grant date. Also on December 23, 2015, 600,000 RSUs were granted to officers vesting equally in thirds on the grant date, the first anniversary of the grant date, and the second anniversary of the grant. The first tranche of the RSUs vesting on December 23, 2015 were settled through the issuance of 108,399 Common Shares and cash payment of $0.03 million used to satisfy payroll withholding taxes.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Nov. 30, 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 subsidiaries, NovaCopper US, Sunward Resources ULC, Sunward Investments Ltd., and Sunward Resources Limited (“Sunward BVI”). Sunward BVI has registered a branch, Sunward Resources Sucursal Colombia, to do business in Colombia. All significant intercompany transactions are eliminated on consolidation. These financial statements were approved by the Company’s Board of Directors for issue on February 5, 2016. All figures are in United States dollars unless otherwise noted. As a result of the NovaGold Arrangement, these financial statements include the historical assets, liabilities and expenses directly related to the Arctic Project and allocations of NovaGold’s general and administrative expenses, to present the financial position, results of operations and cash flows of the Arctic Project. The consolidated financial statements have been presented under the continuity of interest basis of accounting whereby the amounts related to periods prior to April 30, 2012 are based on the amounts recorded by NovaGold.
Cash and cash equivalents [Policy Text Block]	Cash and cash equivalents Cash and cash equivalents comprise of highly liquid investments maturing less than 90 days from date of initial investment. Cash and cash equivalents are designated as loans and receivables.
Plant and equipment [Policy Text Block]	Plant and equipment Plant and equipment are recorded at cost and amortization begins when the asset is substantially put into service. Amortization is calculated on a straight-line basis over the respective assets’ estimated useful lives. Amortization periods by asset class are: Computer hardware and software 3 years Machinery and equipment 3 years Office furniture and equipment 5 years Vehicles 3 years Leasehold Improvements lease term
Mineral properties and development costs [Policy Text Block]	Mineral properties and development costs All direct costs related to the acquisition of mineral property interests are capitalized. Mineral property exploration expenditures are expensed when incurred. When it has been established that a mineral deposit is commercially mineable, an economic analysis has been completed in accordance with SEC Industry Guide 7 and permits are obtained, the costs subsequently incurred to develop a mine on the property prior to the start of mining operations are capitalized. Capitalized costs will be amortized following commencement of commercial production using the unit of production method over the estimated life of proven and probable reserves. The acquisition of title to mineral properties is a complicated and uncertain process. The Company has taken steps, in accordance with industry standards, to verify the title to mineral properties in which it has an interest. Although the Company has made efforts to ensure that legal title to its mining assets are properly recorded, there can be no assurance that such title will be secured indefinitely.
Impairment of long-lived assets [Policy Text Block]	Impairment of long-lived assets Management assesses the possibility of impairment in the carrying value of long-lived assets whenever events or circumstances indicate that the carrying amounts of the asset or asset group may not be recoverable. Management calculates the estimated undiscounted future net cash flows relating to the asset or asset group using estimated future prices, proven and probable reserves and other mineral resources, and operating, capital and reclamation costs. When the carrying value of an asset exceeds the related undiscounted cash flows, the asset is written down to its estimated fair value, which is usually determined using discounted future cash flows. Management’s estimates of mineral prices, mineral resources, foreign exchange rates, production levels and operating capital and reclamation costs are subject to risk and uncertainties that may affect the determination of the recoverability of the long-lived asset. It is possible that material changes could occur that may adversely affect management’s estimates.
Income taxes [Policy Text Block]	Income taxes The liability method of accounting for income taxes is used and is based on differences between the accounting and tax bases of assets and liabilities. Deferred income tax assets and liabilities are recognized for temporary differences between the tax and accounting basis of assets and liabilities as well as for the benefit of losses available to be carried forward to future years for tax purposes using enacted income tax rates expected to be in effect for the period in which the differences are expected to reverse. Deferred income tax assets are evaluated and, if realization is not considered more likely than not, a valuation allowance is provided.
Uncertainty in income tax positions [Policy Text Block]	Uncertainty in income tax positions The Company recognizes tax benefits from uncertain tax positions only if it is at least more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Any tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement with the taxing authorities. Related interest and penalties, if any, are recorded as tax expense in the tax provision.
Financial instruments [Policy Text Block]	Financial instruments Held-for-trading financial assets and liabilities are recorded at fair value as determined by active market prices or valuation models, as appropriate. Valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining these assumptions, management uses readily observable market inputs where available or, where not available, inputs generated by management. Changes in fair value of held-for-trading financial instruments are recorded in income or loss for the period. Held-for-trading financial liabilities consist of other liabilities. The Company has no held-for-trading financial assets. Available-for-sale financial assets are recorded at fair value as determined by active market prices. Unrealized gains and losses on available-for-sale investments are recognized in other comprehensive income. If a decline in fair value is deemed to be other than temporary, the unrealized loss is recognized in net earnings. Investments in equity instruments that do not have an active quoted market price are measured at cost. The Company has no available-for-sale financial assets. Loans and receivables are recorded initially at fair value, net of transaction costs incurred, and subsequently at amortized cost using the effective interest rate method. Loans and receivables consist of cash and cash equivalents, accounts receivable, and deposits. Other financial liabilities are recorded initially at fair value and subsequently at amortized cost using the effective interest rate method. Other financial liabilities include accounts payable and accrued liabilities.
Translation of foreign currencies [Policy Text Block]	Translation of foreign currencies Monetary assets and liabilities are translated into United States dollar at the exchange rate in effect at the balance sheet date, and non-monetary assets and liabilities at the exchange rate in effect at the time of acquisition or issue. Income and expenses are translated at rates approximating the exchange rate in effect at the time of transactions. Exchange gains or losses arising on translation are included in income or loss for the period. The functional currency of the Company and its subsidiaries and the Company’s reporting currency is the United States dollar.
Loss per share [Policy Text Block]	Loss per share Loss per common share is calculated based on the weighted average number of common shares outstanding during the year. The Company follows the treasury stock method in the calculation of diluted earnings per share. Under the treasury stock method, the weighted average number of common shares outstanding used for the calculation of diluted loss per share assumes that the proceeds to be received on the exercise of dilutive stock options and warrants are used to repurchase common shares at the average market price during the period. Since the Company has losses, the exercise of outstanding convertible securities has not been included in this calculation as it would be anti-dilutive.
Stock-based compensation [Policy Text Block]	Stock-based compensation Compensation expense for options granted to employees, directors and certain service providers is determined based on estimated fair values of the options at the time of grant using the Black-Scholes option pricing model, which takes into account, as of the grant date, the fair market value of the shares, expected volatility, expected dividend yield and the risk-free interest rate over the expected life of the option. The cost is recognized using the graded attribution method over the vesting period of the respective options. The expense relating to the fair value of stock options is included in expenses and is credited to contributed surplus. Shares are issued from treasury in settlement of options exercised. Compensation expense for restricted share units (“RSUs”) and deferred share units (“DSUs”) granted to employees and directors, respectively, is determined based on estimated fair values of the units at the time of grant using quoted market prices or at the time the units qualify for equity classification under ASC 718. The cost is recognized using the graded attribution method over the vesting period of the respective units. The expense relating to the fair value of the units is included in expenses and is credited to other liabilities or contributed surplus based on the unit’s classification. Units may be settled in either i) cash, and/or ii) shares purchased in the open market, and/or iii) shares issued from treasury, at the Company’s election at the time of vesting.
Use of estimates and measurement uncertainties [Policy Text Block]	Use of estimates and measurement uncertainties The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions of future events that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenditures during the period. Significant estimates include the basis of impairment of mineral properties, accounting for business combination, income taxes, and the valuation of stock-based compensation. Actual results could differ materially from those reported.
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 will 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 and we have early adopted this standard for the fiscal year ended 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 iii. Business Combination In September 2015, the FASB issued “Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”). ASU 2015-16 simplifies the measurement-period adjustments by requiring that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined, and not retrospectively. This update also requires the separate presentation on the face of the statement of income, or disclosure in the notes to the financial statements, of the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The Company early adopted this guidance prospectively as of November 30, 2015. As applicable, adoption of the new guidance will impact the consolidated financial position, results of operations and cash flows.

Summary of significant accoun22

Summary of significant accounting policies (Tables)	12 Months Ended
	Nov. 30, 2015
Schedule of Plant and Equipment Estimated Useful Lives [Table Text Block]	Computer hardware and software 3 years Machinery and equipment 3 years Office furniture and equipment 5 years Vehicles 3 years Leasehold Improvements lease term

Plant and equipment (Tables)

Plant and equipment (Tables)	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Schedule of Plant and Equipment [Table Text Block]	in thousands of dollars November 30, 2015 Accumulated Cost amortization Net $ $ $ British Columbia, Canada Furniture and equipment 46 (24 ) 22 Leasehold improvements 32 (20 ) 12 Computer hardware and software 91 (65 ) 26 Alaska, USA Machinery, and equipment 2,877 (2,777 ) 100 Vehicles 275 (262 ) 13 Computer hardware and software 31 (31 ) - Antioquia, Colombia Machinery and equipment 206 (34 ) 172 Leasehold improvements 73 (17 ) 56 Vehicles 52 (8 ) 44 Computer hardware and software 1 - 1 3,684 (3,238) 446	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, and equipment 2,833 (2,579 ) 254 Vehicles 275 (218 ) 57 Computer hardware and software 31 (31 ) - 3,315 (2,900 ) 415

Acquisition of Sunward Resour24

Acquisition of Sunward Resources Ltd. (Tables)	12 Months Ended
	Nov. 30, 2015
Schedule of Acquisition , Valuation Assumptions [Table Text Block]	Risk-free interest rates 0.62% Exercise price CDN$0.54 - 6.27 Expected life 0.245 years Expected forfeiture rate 0% Expected volatility 50.2% Expected dividends nil
Schedule of Business Acquisitions, Consideration Paid and Fair Value of Assets and Liabilities Acquired [Table Text Block]	in thousands of dollars Consideration: $ Common shares issued ( 43,116,312 at $0.53 per share) 22,851 Sunward Arrangement Options 108 Total consideration 22,959 Fair value of net assets acquired: Cash 19,399 Accounts receivable 19 Deposits and prepaid amounts 104 Plant and equipment 343 Mineral properties and developments costs 3,264 Accounts payable and accrued liabilities (170 ) Net Assets 22,959
Business Acquisition, Pro Forma Information [Table Text Block]	In thousands of dollars, except share and per share amounts November 30, 2015 November 30, 2014 $ $ Net loss 11,075 15,332 Basic and diluted loss per common share 0.11 0.15

Mineral properties and develo25

Mineral properties and development costs (Tables)	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Schedule of Mineral Properties and Development Costs [Table Text Block]	in thousands of dollars November 30, Acquisition costs November 30, 2014 2015 $ $ $ Alaska, USA Ambler (a) 26,586 - 26,586 Bornite (b) 4,000 - 4,000 Antioquia, Colombia Titiribi (c) - 3,264 3,264 30,586 3,264 33,850	in thousands of dollars November Acquisition costs November 30, 2014 30, 2013 $ $ $ 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 November 30, 2015 November 30, 2014 November 30, 2013 $ $ $ Alaska, USA Community 126 137 171 Drilling 698 - 1,949 Engineering 441 117 1,206 Environmental 88 36 90 Geochemistry and geophysics 70 238 438 Land and permitting 421 378 409 Other income (209 ) (9 ) (103 ) Project support 1,411 438 2,029 Wages and benefits 1,121 1,177 2,705 4,167 2,512 8,894 Antioquia, Colombia Assaying 4 - - Land and permitting 13 - - Project support 101 - - Professional fees 45 - - Wages and benefits 146 - - 309 - - Mineral property expense 4,476 2,512 8,894

Accounts payable and accrued 26

Accounts payable and accrued liabilities (Tables)	12 Months Ended
	Nov. 30, 2015
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	in thousands of dollars November 30, 2015 November 30, 2014 $ $ Trade accounts payable 200 36 Accrued liabilities 442 410 Accrued salaries and vacation 109 533 Accounts payable and accrued liabilities 751 979

Share capital (Tables)

Share capital (Tables)	12 Months Ended
	Nov. 30, 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, 2012 46,665,069 92,168 Exercise of NovaGold Warrants 6,088,262 11,996 Exercise of NovaGold Arrangement Options 52,243 254 NovaGold Performance and Deferred Share Units 16,586 32 Restricted Share Units 244,496 445 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 Issued pursuant to the Sunward Arrangement 43,116,132 22,851 Exercise of options 7,499 7 Exercise of Sunward Arrangement Options 347,999 177 Restricted Share Units 795,368 819 Deferred Share Units 232,878 353 November 30, 2015, issued and outstanding 104,796,241 136,040
Schedule of Stock Options, Valuation Assumptions [Table Text Block]	November 30, 2015 November 30, 2014 November 30, 2013 Risk-free interest rates 0.42 - 1.12% 1.16% 1.11 - 1.46% Exercise price CDN$0.55 CDN$1.22 CDN$1.97 - 1.98 Expected life 3.0 years 3.0 years 3.0 years Expected volatility 56.8 - 59.5% 60.2% 56.2 - 58.8% Expected dividends nil nil nil
Schedule of Stock Options Activity [Table Text Block]	November 30, 2015 Weighted average exercise price Number of options $ Balance – beginning of year 1,741,666 1.11 Granted 3,813,350 0.41 Exercised (33,333 ) 0.46 Forfeited (233,333 ) 0.90 Balance – end of year 5,288,350 0.57
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 $0.37 to $0.99 5,233,350 4.32 0.56 3,384,439 0.59 1,848,911 $1.00 to $1.48 55,000 2.42 1.48 55,000 1.48 - 5,288,350 4.30 0.57 3,439,439 0.61 1,848,911
Schedule of NovaGold Arrangement Options Activity [Table Text Block]	November 30, 2015 Weighted average exercise price Number of options $ Balance – beginning of year 721,415 5.06 Forfeited (4,356 ) 4.41 Expired (207,787 ) 3.23 Balance – end of year 509,272 4.77
Schedule of NovaGold Arrangement Stock Options Outstanding [Table Text Block]	Outstanding and exercisable Weighted average Number of Weighted average exercise price Range of price outstanding options years to expiry $ $2.77 to $3.99 49,998 1.33 2.92 $4.00 to $5.99 442,608 0.66 4.91 $6.00 to $6.48 16,666 1.50 6.48 509,272 0.75 4.77
Schedule of Sunward Arrangement Options Activity [Table Text Block] [Text Block] [Table Text Block]	November 30, 2015 Weighted average exercise price Number of options $ Balance – beginning of period - - Options granted pursuant to Sunward Arrangement 2,505,000 0.80 Exercised (347,999 ) 0.40 Expired (2,157,001 ) 0.88 Balance – end of period - -
Schedule of Sunward Arrangement Stock Options Outstanding [Table Text Block]	Number of RSUs Number of DSUs Balance – beginning of year 337,336 838,350 Granted 458,032 299,132 Vested/paid (795,368 ) (232,879 ) Balance – end of year - 904,603
Schedule of Warrants, Activity [Table Text Block]	Weighted Number of Warrants Weighted average average exercise years to expiry price $ Balance – beginning of period 6,521,740 3.60 1.60 Balance – end of period 6,521,740 3.60 1.60

Financial instruments (Tables)

Financial instruments (Tables)	12 Months Ended
	Nov. 30, 2015
Schedule of Contractually Obligated Cash Flow Requirements [Table Text Block]	Total < 1 Year 1–2 Years 2–5 Years Thereafter $ $ $ $ $ Accounts payable and accrued liabilities 751 751 - - - Office lease (note 11) 296 221 75 - - 1,047 972 75 - -

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Nov. 30, 2015
Schedule of Income Tax Expense [Table Text Block]	November 30, 2015 November 30, 2014 November 30, 2013 $ $ $ Combined federal and provincial statutory tax rate 26.00% 26.00% 25.67% Income taxes at statutory rate (2,479 ) (2,508 ) (6,261 ) Difference in foreign tax rates (680 ) (580 ) (1,590 ) Effect of foreign exchange changes 2,264 - - Effect of statutory rate changes - - (20 ) Non-deductible expenditures 239 243 2,139 Other (102 ) (224 ) - Valuation allowance 758 3,069 5,732 Income tax expense - - -
Schedule of Future Income Tax Assets and Liabilities [Table Text Block]	November 30, 2015 November 30, 2014 $ $ Deferred income tax assets Non-capital losses 63,397 48,717 Mineral property interest 14,116 14,266 Deferred interest 9,040 9,041 Property, plant and equipment 61 24 Share issuance costs 198 235 Other deductible temporary differences 575 699 Total deferred tax assets 87,387 72,982 Valuation allowance (86,094 ) (72,979 ) Net deferred income tax assets 1,293 3 Deferred income tax liabilities Mineral property interest (1,109 ) (3 ) Other taxable temporary differences (184 ) (3 ) Deferred income tax liabilities (1,293 ) (3 ) Net deferred income tax assets - -
Schedule of Loss Carry-Forwards Expiry [Table Text Block]	Non-capital losses Operating losses Operating losses Canada United States Colombia $ $ $ 2016 - - - 2017 - - - 2018 - 4,206 - 2019 - 975 - Thereafter 28,959 110,871 24,022 28,959 116,052 24,022

Commitment (Tables)

Commitment (Tables)	12 Months Ended
	Nov. 30, 2015
Schedule of Future Minimum Lease Payments [Table Text Block]	November 30, 2015 $ 2016 221 2017 75 Total 296

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Schedule of Segment Reporting Information [Table Text Block]	Antioquia, Corporate and Alaska, USA Colombia other Total $ $ $ $ Amortization 242 63 50 355 Foreign exchange loss (gain) 8 24 (6 ) 26 Interest and other income - (1 ) (23 ) (24 ) Mineral properties expense 4,025 309 142 4,476 Overhead costs 99 - 4,600 4,699 Loss for the period 4,374 395 4,763 9,532	Antioquia, Corporate and Alaska, USA Colombia other Total $ $ $ $ Amortization 706 - 44 750 Foreign exchange loss (gain) 4 - (2 ) 2 Interest and other income - - (2 ) (2 ) Mineral properties expense 2,169 - 343 2,512 Overhead costs 859 - 5,527 6,386 Loss for the period 3,738 - 5,910 9,648	Antioquia, Corporate and Alaska, USA Colombia other Total $ $ $ $ Amortization 1,006 - 27 1,033 Foreign exchange loss (gain) 13 - (5 ) 8 Interest and other income (9 ) - (31 ) (40 ) Mineral properties expense 8,265 - 629 8,894 Overhead costs 712 - 13,787 14,499 Loss for the period 9,987 - 14,407 24,394
Schedule of Segment Assets and Liabilties [Table Text Block]	Antioquia, Corporate and Alaska, USA Colombia other Total $ $ $ $ Mineral properties and development costs 30,586 3,264 - 33,850 Plant and equipment 113 273 60 446 Assets 31,509 3,631 16,041 51,181 Liabilities (341 ) (24 ) (386 ) (751 )	Antioquia, Corporate and Alaska, USA Colombia other Total $ $ $ $ Mineral properties and development costs 30,586 - - 30,586 Plant and equipment 311 - 104 415 Assets 31,387 - 5,439 36,826 Liabilities (55 ) - (924 ) (979 )

Nature of operations (Narrative

Nature of operations (Narrative) (Details)	Jan. 11, 2010	Mar. 23, 2004
Ambler Property Ownership	100.00%
Interest Option Held		51.00%

Summary of significant accoun33

Summary of significant accounting policies (Narrative) (Details)	12 Months Ended
	Nov. 30, 2015
Likelihood of tax benefit being realized upon settlement	50.00%

Acquisition of Sunward Resour34

Acquisition of Sunward Resources Ltd. (Narrative) (Details) $ / shares in Units, $ in Thousands	Jun. 19, 2015USD ($)$ / sharesshares	Nov. 30, 2015USD ($)	Nov. 30, 2015USD ($)shares
Stock issued pursuant to the Sunward Arrangement | shares			43,116,132
Issued pursuant to the Sunward Arrangement			$ 22,851
Net loss as of acquisition date		$ 400
Sunward Arrangement
Exchange ratio	0.3		0.3
Sunward options outstanding | shares	8,350,000
Common shares issued for Sunward Arrangement options | shares	2,505,000		2,505,000
Common shares issued for Sunward Arrangement options, value	$ 100
Stock issued pursuant to the Sunward Arrangement | shares	43,116,312
Issued pursuant to the Sunward Arrangement	$ 22,900
Exercise price | $ / shares	$ 0.53
Acquisition costs	$ 800

Mineral properties and develo35

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

1 Months Ended

2 Months Ended

8 Months Ended

12 Months Ended

134 Months Ended

140 Months Ended

Oct. 31, 2011

Jan. 31, 2011

Jan. 31, 2010

Aug. 31, 2015

Aug. 05, 2012

Nov. 30, 2015

Nov. 30, 2014

Nov. 30, 2013

May. 31, 2015

Nov. 30, 2015

Jan. 31, 2012

Oct. 19, 2011

Aug. 05, 2011

Jan. 11, 2010

Dec. 31, 2009

Mineral property interest percentage

100.00%

Payments for mineral property

$ 0

$ 0

$ 0

$ 4,116

Mineral properties expense

$ 300

$ 4,476

$ 2,512

$ 8,894

$ 58,245

Approximations [Member]

Mineral properties expense

$ 57,900

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

Fair value of cash payments to acquire mineral properties

$ 11,100

$ 10,300

Discount rate used

8.00%

Mineral property, fair value of consideration

$ 26,600

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%

Titiribi Property [Member]

Mineral property interest percentage

100.00%

100.00%

Accounts payable and accrued 36

Accounts payable and accrued liabilities (Narrative) (Details) - USD ($)	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Accrued salaries and vacation	$ 109,000	$ 533,000
Cash payment to settle obligations	$ 155,000
Number of RSU's [Member]
Units granted	458,032
Officers [Member] | Accrued and Unpaid Bonuses [Member]
Accrued salaries and vacation		$ 384,000

Share capital (Narrative) (Deta

Share capital (Narrative) (Details)	Jun. 19, 2015	Sep. 17, 2015USD ($)shares	Sep. 17, 2015CADshares	Apr. 30, 2012USD ($)shares	Nov. 30, 2015USD ($)$ / sharesshares	Nov. 30, 2015USD ($)$ / sharesCAD / sharesshares	Nov. 30, 2014USD ($)$ / sharesshares	Nov. 30, 2014USD ($)$ / sharesCAD / sharesshares	Nov. 30, 2013USD ($)shares	Nov. 22, 2013CAD / sharesshares	Nov. 30, 2015USD ($)$ / sharesshares
Contributed surplus | $					$ 124,000	$ 124,000	$ 124,000	$ 124,000			$ 124,000
Common Stock, Shares Authorized
Stock options granted, weighted average exericse price | (per share)					$ 0.41	$ 0.55		$ 1.22
Stock options granted					3,813,350
Stock options exercised					(33,333)		46,929		52,243
Proceeds from stock options exercised | $					$ 0		$ 16,000		$ 20,000		$ 36,000
Stock options granted, weighted average exercise price | (per share)					$ 0.46					CAD 3.11
Stock-based compensation | $					$ 831,000		$ 887,000		4,904,000
Non-vested stock options outstanding					5,288,350	5,288,350	1,741,666	1,741,666			5,288,350
Weighted average exercise price options outstanding | $ / shares					$ 0.57	$ 0.57	$ 1.11	$ 1.11			$ 0.57
Stock option expense | $					$ 0		$ 0		0		$ 316,000
Percent of issued and outstanding shares threshold					10.00%
Stock options, cancelled										5,710,000
Aggregate intrinsic value, vested options | $					$ 0	$ 0	$ 0	$ 0	10,000		0
Aggregate intrinsic value, options exercised | $					$ 0
Vesting of deferred share units					232,878		154,373
Proceeds from private placement, net | $					$ 0		$ 7,231,000		0		$ 7,231,000
Non-Vested Options [Member]
Non-vested stock options outstanding					1,848,911	1,848,911					1,848,911
Weighted average exercise price options outstanding | $ / shares					$ 0.49	$ 0.49					$ 0.49
Stock option expense | $									800,000
Number of RSU's [Member]
Granted					458,032
Plan of Arrangement [Member]
Common stock committed for issuance				6,181,352
Contributed surplus | $				$ 12,200,000
Number of DSU's [Member]
Common stock committed for issuance					20,685	20,685					20,685
Granted					299,132
Stock-based Compensation [Member]
Stock-based compensation | $					$ 140,000		400,000		3,400,000
NovaGold Arrangement Options [Member]
Stock issued under the Plan of Arrangement				46,578,078
Common stock committed for issuance					509,272	509,272					509,272
Stock based compensation, recovery | $							$ (20,000)
Stock-based compensation | $					$ 0
Non-vested stock options outstanding					509,272	509,272	721,415	721,415			509,272
Weighted average exercise price options outstanding | $ / shares					$ 4.77	$ 4.77	$ 5.06	$ 5.06			$ 4.77
Stock-based Compensation for NovaGold Arrangement Options | $									70,000
Aggregate intrinsic value, vested options | $					$ 0	$ 0	$ 0	$ 0	20,000		$ 0
Options expired					207,787
Sunward Arrangement Options [Member]
Stock options exercised		347,999	347,999		(347,999)
Proceeds from stock options exercised		$ 142,000	CAD 188,000
Stock options granted, weighted average exercise price | $ / shares					$ 0.40
Stock-based compensation | $					$ 30,000
Non-vested stock options outstanding					0	0	0	0			0
Weighted average exercise price options outstanding | $ / shares					$ 0	$ 0	$ 0	$ 0			$ 0
Aggregate intrinsic value, vested options | $					$ 10,000	$ 10,000					$ 10,000
Exchange ratio	0.3				0.3
Options expired					2,157,001
Approximations [Member]
Stock-based compensation | $					$ 660,000		$ 500,000		4,700,000
Options cancelled, amount | $									$ 800,000
Approximations [Member] | Non-Vested Options [Member]
Stock option expense | $					$ 200,000
Maximum [Member]
Vesting terms							2 years
Director [Member] | Number of DSU's [Member]
Granted					149,132
New Employees [Member]
Stock options granted					3,813,350		1,620,000
Stock options granted, weighted average exercise price | $ / shares					$ 0.17		$ 0.44
New Directors [Member] | Number of DSU's [Member]
Granted					150,000

Financial instruments (Narrativ

Financial instruments (Narrative) (Details) COP in Millions	12 Months Ended
	Nov. 30, 2015USD ($)	Nov. 30, 2015CAD	Nov. 30, 2015COP	Nov. 30, 2014USD ($)
Accounts receivable	$ 39,000			$ 176,000
Deposits and prepaid amounts	$ 707,000			$ 575,000
Change in interest rate	1.00%
Interest rate loss	$ 200,000
Canadian Limit Due to Currency Risk [Member]
Cash | CAD		CAD 230,000
Accounts receivable | CAD		30,000
Deposits and prepaid amounts | CAD		146,000
Accounts payable | CAD		CAD 396,000
Change in foreign exchange rate	10.00%	10.00%	10.00%
Foreign currency net loss	$ 1,000
Colombian Peso Limit Due to Currency Risk [Member]
Cash | COP			COP 229
Deposits and prepaid amounts | COP			58
Accounts payable | COP			COP 73
Change in foreign exchange rate	10.00%	10.00%	10.00%
Foreign currency net loss	$ 7,000

Income taxes (Narrative) (Detai

Income taxes (Narrative) (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2015USD ($)
Change in control percentage	50.00%
Losses in Canada Subject to Limitation [Member]
Loss carryforwards	$ 13,700
Approximations [Member]
Loss carryforwards	169,000
Approximations [Member] | U.S. Losses Subject to Limitation [Member]
U.S. carryforward losses	$ 39,400

Commitment (Narrative) (Details

Commitment (Narrative) (Details) $ in Thousands	Nov. 30, 2015USD ($)
Lease commitment	$ 1,047
Sunward Resources Ltd. [Member]
Lease commitment	220
Sunward Resources Ltd. [Member] | Vancouver Office [Member]
Lease commitment	50
Sunward Resources Ltd. [Member] | Colombia Office [Member]
Lease commitment	$ 30

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) - 12 months ended Nov. 30, 2015 $ in Thousands	USD ($)	COP
Damages sought	$ 850	COP 2,623,203,975

Subsequent event (Narrative) (D

Subsequent event (Narrative) (Details) - Subsequent Event [Member] $ in Thousands	1 Months Ended
	Dec. 31, 2015USD ($)shares
Common shares issued for vested RSUs	108,399
Cash payment for payroll wtithholding taxes | $	$ 30
Director [Member]
Stock options granted	525,000
Employees [Member]
Stock options granted	1,260,000
Number of RSU's [Member]
Units Vested	600,000

Schedule of Plant and Equipment

Schedule of Plant and Equipment Estimated Useful Lives (Details)	12 Months Ended
	Nov. 30, 2015
Computer hardware and software [Member]
Plant and equipment, estimated useful life	3 years
Machinery and equipment [Member]
Plant and equipment, estimated useful life	3 years
Furniture and equipment [Member]
Plant and equipment, estimated useful life	5 years
Vehicles [Member]
Plant and equipment, estimated useful life	3 years

Schedule of Plant and Equipme44

Schedule of Plant and Equipment (Details) - USD ($) $ in Thousands	Nov. 30, 2015	Nov. 30, 2014
Cost	$ 3,684	$ 3,315
Accumulated amortization	(3,238)	(2,900)
Net	446	415
Furniture and equipment [Member] | British Columbia, Canada [Member]
Cost	46	46
Accumulated amortization	(24)	(15)
Net	22	31
Leasehold improvements [Member] | Antioquia,Colombia [Member]
Cost	73
Accumulated amortization	(17)
Net	56
Leasehold improvements [Member] | British Columbia, Canada [Member]
Cost	32	32
Accumulated amortization	(20)	(13)
Net	12	19
Machinery and equipment [Member] | Antioquia,Colombia [Member]
Cost	206
Accumulated amortization	(34)
Net	172
Machinery and equipment [Member] | Alaska, USA [Member]
Cost	2,877	2,833
Accumulated amortization	(2,777)	(2,579)
Net	100	254
Vehicles [Member] | Antioquia,Colombia [Member]
Cost	52
Accumulated amortization	(8)
Net	44
Vehicles [Member] | Alaska, USA [Member]
Cost	275	275
Accumulated amortization	(262)	(218)
Net	13	57
Computer hardware and software | Antioquia,Colombia [Member]
Cost	1
Accumulated amortization	0
Net	1
Computer hardware and software | British Columbia, Canada [Member]
Cost	91	98
Accumulated amortization	(65)	(44)
Net	26	54
Computer hardware and software | Alaska, USA [Member]
Cost	31	31
Accumulated amortization	(31)	(31)
Net	$ 0	$ 0

Schedule of Acquisition , Valua

Schedule of Acquisition , Valuation Assumptions (Details)	12 Months Ended
	Nov. 30, 2015USD ($)$ / shares
Exercise price	$ 0.55
Expected life	3 years
Sunward Resources Ltd. [Member]
Expected life	2 months 28 days
Sunward Arrangement
Risk-free interest rates	0.62%
Expected forfeiture rate	0.00%
Expected volatility	50.20%
Expected dividends | $	$ 0
Minimum [Member]
Risk-free interest rates	0.42%
Expected volatility	56.80%
Minimum [Member] | Sunward Arrangement
Exercise price	$ 0.54
Maximum [Member]
Risk-free interest rates	1.12%
Expected volatility	59.50%
Maximum [Member] | Sunward Arrangement
Exercise price	$ 6.27

Schedule of Business Acquisitio

Schedule of Business Acquisitions, Consideration Paid and Fair Value of Assets and Liabilities Acquired (Details) $ in Thousands	Jun. 19, 2015USD ($)$ / sharesshares
Sunward Resources Ltd. [Member]
Consideration:
Common Shares issued	$ 22,851
Issued pursuant to the Sunward Arrangement (shares) | shares	43,116,312
Exercise price | $ / shares	$ 0.53
Sunward Arrangement options	$ 108
Total consideration	22,959
Fair value of net assets acquired:
Cash	19,399
Accounts receivable	19
Deposits and prepaid amounts	104
Plant and equipment	343
Mineral properties and developments costs	3,264
Accounts payable and accrued liabilities	(170)
Net Assets	$ 22,959

Business Acquisition, Pro Forma

Business Acquisition, Pro Forma Information (Details) - Sunward Resources Ltd. [Member] - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Net loss	$ 11,075	$ 15,332
Basic and diluted loss per common share	$ 0.11	$ 0.15

Schedule of Mineral Properties

Schedule of Mineral Properties and Development Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Acquisition costs	$ 3,264	$ 0
Mineral properties and development costs	33,850	30,586	$ 30,586
Ambler Property [Member] | Alaska, USA [Member]
Acquisition costs	0	0
Mineral properties and development costs	26,586	26,586	26,586
Bornite Property [Member] | Alaska, USA [Member]
Acquisition costs	0	0
Mineral properties and development costs	4,000	4,000	$ 4,000
Titiribi Property [Member]
Acquisition costs	3,264
Mineral properties and development costs	$ 3,264	$ 0

Schedule of Mineral Property Ex

Schedule of Mineral Property Expenses (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended			140 Months Ended
	Aug. 31, 2015	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2015
Professional Fees		$ 1,346	$ 952	$ 947	$ 4,001
Mineral property expense	$ 300	4,476	2,512	8,894	$ 58,245
Alaska, USA [Member]
Community		126	137	171
Drilling		698	0	1,949
Engineering expense		441	117	1,206
Environmental		88	36	90
Geochemistry and geophysics		70	238	438
Land and permitting		421	378	409
Other income		(209)	(9)	(103)
Project support		1,411	438	2,029
Wages and benefits		1,121	1,177	2,705
Mineral property expense		4,167	2,512	8,894
Antioquia,Colombia [Member]
Assaying		4	0	0
Land and permitting		13	0	0
Project support		101	0	0
Professional Fees		45	0	0
Wages and benefits		146	0	0
Mineral property expense		$ 309	$ 0	$ 0

Schedule of Accounts Payable an

Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2015	Nov. 30, 2014
Trade accounts payable	$ 200	$ 36
Accrued liabilities	442	410
Accrued salaries and vacation	109	533
Accounts payable and accrued liabilities	$ 751	$ 979

Schedule of Common Shares Issue

Schedule of Common Shares Issued and Outstanding (Details) - USD ($)	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Number of Common Shares	60,296,365	53,066,656	46,665,069
Ascribed Value Common Shares	$ 111,833,000	$ 104,895,000	$ 92,168,000
Exercise of NovaGold Warrants (Shares)			6,088,262
Exercise of NovaGold Warrants			$ 11,996,000
Exercise of options (Shares)	(33,333)	46,929	52,243
Exercise of NovaGold Arrangement Options		$ 631,000	$ 254,000
NovaGold Performance and Deferred Share Units (shares)			16,586
NovaGold Performance and Deferred Share Units Ascribed Value			$ 32,000
Private Placement (shares)		6,521,740
Private placement		$ 5,068,000
NovaGold Performance Share Units (Shares)		14,166
NovaGold Performance Share Units Value		$ 28,000
Stock issued pursuant to the Sunward Arrangement	43,116,132
Issued pursuant to the Sunward Arrangement	$ 22,851,000
Exercise of options (shares)	7,499
Exercise of options	$ 7,000
Exercise of Sunward Arrangement Options (shares)	347,999
Exercise of Sunward Arrangement Options Ascribed Value	$ 177,000
Restricted Share Units (Shares)	795,368	492,501	244,496
Restricted Share Units	$ 819,000	$ 929,000	$ 445,000
Deferred Share Units (Shares)	232,878	154,373
Deferred Share Units	$ 353,000	$ 282,000
Number of Common Shares	104,796,241	60,296,365	53,066,656
Ascribed Value Common Shares	$ 136,040,000	$ 111,833,000	$ 104,895,000

Schedule of Stock Options, Valu

Schedule of Stock Options, Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Risk-free interest rates		1.16%
Exercise price	$ 0.55	$ 1.22
Expected life	3 years	3 years	3 years
Expected volatility		60.20%
Expected dividends	0.00%	0.00%	0.00%
Minimum [Member]
Risk-free interest rates	0.42%		1.11%
Exercise price			$ 1.97
Expected volatility	56.80%		56.20%
Maximum [Member]
Risk-free interest rates	1.12%		1.46%
Exercise price			$ 1.98
Expected volatility	59.50%		58.80%

Schedule of Stock Options Activ

Schedule of Stock Options Activity (Details)	12 Months Ended
	Nov. 30, 2015$ / sharesshares	Nov. 30, 2015CAD / sharesshares	Nov. 30, 2014$ / sharesshares	Nov. 30, 2014CAD / sharesshares	Nov. 30, 2013shares	Nov. 22, 2013CAD / shares
Balance - Beginning of Period, Number of stock Options	1,741,666	1,741,666
Balance - Beginning of Period, Weighted average exercise price | $ / shares	$ 1.11
Stock options granted	3,813,350	3,813,350
Stock options, weighted average exercise price | (per share)	$ 0.41	CAD 0.55		CAD 1.22
Exercise of options (Shares)	(33,333)	(33,333)	46,929	46,929	52,243
Stock options, weighted average exercise price, exercised | (per share)	$ 0.46					CAD 3.11
Stock options, number of options forfeited during the period	(233,333)	(233,333)
Stock options, weighted average exercise price of forfeitures | $ / shares	$ 0.90
Balance - End of Period, Number of stock options	5,288,350	5,288,350	1,741,666	1,741,666
Balance - End of Period, Weighted average exercise price | $ / shares	$ 0.57		$ 1.11

Schedule of Disclosure of Stock

Schedule of Disclosure of Stock Options Outstanding (Details)	12 Months Ended
	Nov. 30, 2015$ / sharesshares
Number of outstanding options | shares	5,288,350
Weighted average years to expiry	4 years 3 months 18 days
Weighted average exercise price options outstanding	$ 0.57
Number of exercisable options | shares	3,439,439
Weighted average exercise price	$ 0.61
Number of unvested options | shares	1,848,911
Range 1 [Member]
Exercise price lower range limit	$ 0.37
Exercise price upper range limit	$ 0.99
Number of outstanding options | shares	5,233,350
Weighted average years to expiry	4 years 3 months 25 days
Weighted average exercise price options outstanding	$ 0.56
Number of exercisable options | shares	3,384,439
Weighted average exercise price	$ 0.59
Number of unvested options | shares	1,848,911
Range 2 [Member]
Exercise price lower range limit	$ 1
Exercise price upper range limit	$ 1.48
Number of outstanding options | shares	55,000
Weighted average years to expiry	2 years 5 months 1 day
Weighted average exercise price options outstanding	$ 1.48
Number of exercisable options | shares	55,000
Weighted average exercise price	$ 1.48
Number of unvested options | shares	0

Schedule of NovaGold Arrangemen

Schedule of NovaGold Arrangement Options Activity (Details)	12 Months Ended
	Nov. 30, 2015$ / sharesshares
Balance - Beginning of Period, Number of stock Options	1,741,666
Balance - Beginning of Period, Weighted average exercise price | $ / shares	$ 1.11
Stock options exercised	(33,333)
Stock options, weighted average exercise price, exercised | (per share)	$ 0.46
Stock options, number of options forfeited during the period	(233,333)
Stock options, weighted average exercise price of forfeitures | $ / shares	$ 0.90
Balance - End of Period, Number of stock options	5,288,350
Balance - End of Period, Weighted average exercise price | $ / shares	$ 0.57
NovaGold Arrangement Options [Member]
Balance - Beginning of Period, Number of stock Options	721,415
Balance - Beginning of Period, Weighted average exercise price | $ / shares	$ 5.06
Stock options, number of options expired	(207,787)
Stock options, weighted average exercise price, stock options expired | $ / shares	$ 3.23
Stock options, number of options forfeited during the period	(4,356)
Stock options, weighted average exercise price of forfeitures | $ / shares	$ 4.41
Balance - End of Period, Number of stock options	509,272
Balance - End of Period, Weighted average exercise price | $ / shares	$ 4.77

Schedule of NovaGold Arrangem56

Schedule of NovaGold Arrangement Stock Options Outstanding (Details) - NovaGold Arrangement Options [Member]	12 Months Ended
	Nov. 30, 2015$ / sharesshares
Number of outstanding and exercisable options | shares	509,272
Weighted average years to expiry	9 months
Weighted average exercise price	$ 4.77
NovaGold Arrangement Range 1 [Member]
Exercise price lower range limit	2.77
Exercise price upper range limit	$ 3.99
Number of outstanding and exercisable options | shares	49,998
Weighted average years to expiry	1 year 3 months 29 days
Weighted average exercise price	$ 2.92
NovaGold Arrangement Range 2 [Member]
Exercise price lower range limit	4
Exercise price upper range limit	$ 5.99
Number of outstanding and exercisable options | shares	442,608
Weighted average years to expiry	7 months 28 days
Weighted average exercise price	$ 4.91
NovaGold Arrangement Range 3 [Member]
Exercise price lower range limit	6
Exercise price upper range limit	$ 6.48
Number of outstanding and exercisable options | shares	16,666
Weighted average years to expiry	1 year 6 months
Weighted average exercise price	$ 6.48

Schedule of Sunward Arrangement

Schedule of Sunward Arrangement Options Activity (Details)	12 Months Ended
	Nov. 30, 2015$ / sharesshares
Balance - Beginning of Period, Number of stock Options	1,741,666
Balance - Beginning of Period, Weighted average exercise price | $ / shares	$ 1.11
Stock options exercised	(33,333)
Stock options, weighted average exercise price, exercised | (per share)	$ 0.46
Balance - End of Period, Number of stock options	5,288,350
Balance - End of Period, Weighted average exercise price | $ / shares	$ 0.57
Sunward Arrangement Options [Member]
Balance - Beginning of Period, Number of stock Options	0
Balance - Beginning of Period, Weighted average exercise price | $ / shares	$ 0
Options granted pursuant to Sunward Arrangement	2,505,000
Options granted pursuant to Sunward Arrangement, weighed average exercise price | $ / shares	$ 0.80
Stock options exercised	(347,999)
Stock options, weighted average exercise price, exercised | $ / shares	$ 0.40
Stock options, number of options expired	(2,157,001)
Stock options, weighted average exercise price, stock options expired | $ / shares	$ 0.88
Balance - End of Period, Number of stock options	0
Balance - End of Period, Weighted average exercise price | $ / shares	$ 0

Schedule of Unit Plans and Chan

Schedule of Unit Plans and Changes Activity (Details)	12 Months Ended
	Nov. 30, 2015shares
Number of RSU's [Member]
Balance-beginning of period	337,336
Granted	458,032
Vested	(795,368)
Balance-end of period	0
Number of DSU's [Member]
Balance-beginning of period	838,350
Granted	299,132
Vested	(232,879)
Balance-end of period	904,603

Schedule of Warrants, Activity

Schedule of Warrants, Activity (Details) - $ / shares	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Balance - beginning of period	6,521,740
Weighted average years to expiry	3 years 7 months 6 days
Weighted average exercise price	$ 1.60	$ 1.60
Balance - end of period	6,521,740

Schedule of Contractually Oblig

Schedule of Contractually Obligated Cash Flow Requirements (Details) $ in Thousands	Nov. 30, 2015USD ($)
Total	$ 1,047
Within 1 Year	972
1 - 2 Years	75
2 - 5 Years	0
Thereafter	0
Accounts Payable and Accrued Liabilities
Total	751
Within 1 Year	751
1 - 2 Years	0
2 - 5 Years	0
Thereafter	0
Office Lease [Member]
Total	296
Within 1 Year	221
1 - 2 Years	75
2 - 5 Years	0
Thereafter	$ 0

Schedule of Income Tax Expense

Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Combined federal and provincial statutory tax rate	26.00%	26.00%	25.67%
Income taxes at statutory rate	$ (2,479)	$ (2,508)	$ (6,261)
Difference in foreign tax rates	(680)	(580)	(1,590)
Effect of statutory rate changes	0	0	(20)
Effect of foreign exchange changes	2,264	0	0
Non-deductible expenditures	239	243	2,139
Other	(102)	(224)	0
Valuation allowance	758	3,069	5,732
Income tax expense	$ 0	$ 0	$ 0

Schedule of Future Income Tax A

Schedule of Future Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2015	Nov. 30, 2014
Future income tax assets
Non-capital losses	$ 63,397	$ 48,717
Mineral property interest	14,116	14,266
Deferred interest	9,040	9,041
Property, plant and equipment	61	24
Share issuance costs	198	235
Other deductible temporary differences	575	699
Total future tax assets	87,387	72,982
Valuation allowance	(86,094)	(72,979)
Net future income tax assets	1,293	3
Future income tax liabilities
Deferred Tax Liabilities Mineral Property Interest	(1,109)	(3)
Other taxable temporary differences	(184)	(3)
Future income tax liabilities	(1,293)	(3)
Net future income tax assets	$ 0	$ 0

Schedule of Loss Carry-Forwards

Schedule of Loss Carry-Forwards Expiry (Details)	Nov. 30, 2015USD ($)
United States [Member]
Opertaing losses	$ 116,052
Colombia [Member]
Opertaing losses	24,022
Canada [Member]
Non-capital losses Canada	28,959
2019 [Member] | United States [Member]
Opertaing losses	975
2019 [Member] | Colombia [Member]
Opertaing losses	0
2019 [Member] | Canada [Member]
Non-capital losses Canada	0
2016 [Member] | United States [Member]
Opertaing losses	0
2016 [Member] | Colombia [Member]
Opertaing losses	0
2016 [Member] | Canada [Member]
Non-capital losses Canada	0
2017 [Member] | United States [Member]
Opertaing losses	0
2017 [Member] | Colombia [Member]
Opertaing losses	0
2017 [Member] | Canada [Member]
Non-capital losses Canada	0
2018 [Member] | United States [Member]
Opertaing losses	4,206
2018 [Member] | Colombia [Member]
Opertaing losses	0
2018 [Member] | Canada [Member]
Non-capital losses Canada	0
Thereafter [Member] | United States [Member]
Opertaing losses	110,871
Thereafter [Member] | Colombia [Member]
Opertaing losses	24,022
Thereafter [Member] | Canada [Member]
Non-capital losses Canada	$ 28,959

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Payments (Details)	Nov. 30, 2015USD ($)
2,016	$ 221
2,017	75
Total	$ 296

Schedule of Segment Reporting I

Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	12 Months Ended			140 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2015
Amortization	$ 355	$ 750	$ 1,033	$ 3,210
Loss for the year	(9,532)	(9,648)	(24,394)	$ (106,902)
Segment Total [Member]
Amortization	355	750	1,033
Foreign exchange loss	26	2	8
Interest and other income	(24)	(2)	(40)
Mineral properties expense	4,476	2,512	8,894
Overhead costs	4,699	6,386	14,499
Loss for the year	9,532	9,648	24,394
Alaska, USA
Amortization	242	706	1,006
Foreign exchange loss	8	4	13
Interest and other income	0	0	(9)
Mineral properties expense	4,025	2,169	8,265
Overhead costs	99	859	712
Loss for the year	4,374	3,738	9,987
Antioquia,Colombia [Member]
Amortization	63	0	0
Foreign exchange loss	24	0	0
Interest and other income	(1)	0	0
Mineral properties expense	309	0	0
Overhead costs	0	0	0
Loss for the year	395	0	0
Corporate and Other [Member]
Amortization	50	44	27
Foreign exchange loss	(6)	(2)	(5)
Interest and other income	(23)	(2)	(31)
Mineral properties expense	142	343	629
Overhead costs	4,600	5,527	13,787
Loss for the year	$ 4,763	$ 5,910	$ 14,407

Schedule of Segment Assets and

Schedule of Segment Assets and Liabilties (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Segment Total [Member]
Mineral properties and development costs	$ 33,850	$ 30,586
Plant and equipment	446	415
Assets	51,181	36,826
Liabilities	(751)	(979)
Corporate and Other [Member]
Mineral properties and development costs	0	0
Plant and equipment	60	104
Assets	16,041	5,439
Liabilities	(386)	(924)
Antioquia,Colombia [Member]
Mineral properties and development costs	3,264	0
Plant and equipment	273	0
Assets	3,631	0
Liabilities	(24)	0
Alaska, USA
Mineral properties and development costs	30,586	30,586
Plant and equipment	113	311
Assets	31,509	31,387
Liabilities	$ (341)	$ (55)