Trilogy Metals (TMQ) 10-Q 7 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Feb. 29, 2016	Apr. 06, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 29, 2016
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
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015
Current assets
Cash and cash equivalents	$ 14,678	$ 16,139
Accounts receivable	31	39
Deposits and prepaid amounts	532	707
Total Current Assets	15,241	16,885
Plant and equipment	394	446
Mineral properties and development costs	33,850	33,850
Total Assets	49,485	51,181
Current liabilities
Accounts payable and accrued liabilities	497	751
Total Liabilities	497	751
Shareholders' equity
Share capital - unlimited common shares authorized, no par value Issued - 104,979,820 (2015 - 104,796,421)	136,103	136,040
Warrants	2,163	2,163
Contributed surplus	124	124
Contributed surplus - options	18,025	17,841
Contributed surplus - units	1,170	1,164
Deficit	(108,597)	(106,902)
Total Stockholders' Equity	48,988	50,430
Total Liabilities and Stockholders' Equity	$ 49,485	$ 51,181

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Feb. 29, 2016	Nov. 30, 2015
Common Stock, Shares Authorized
Common Stock, No Par Value
Common Stock, Shares, Issued	104,979,820	104,796,421

Consolidated Statements of Loss

Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Expenses
Amortization	$ 54	$ 143
Foreign exchange loss (gain)	9	(20)
General and administrative	348	381
Investor relations	4	6
Mineral properties expense	667	327
Professional fees	136	161
Salaries	213	250
Salaries - stock-based compensation	282	282
Total expenses	1,713	1,530
Other items
Interest and other income	(18)	0
Loss and comprehensive loss for the period	$ (1,695)	$ (1,530)
Basic and diluted loss per common share	$ 0.02	$ 0.03
Weighted average number of common shares outstanding	104,940,884	60,614,960

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Share capital [Member]	Warrants [Member]	Contributed surplus [Member]	Contributed surplus - options [Member]	Contributed surplus - units [Member]	Deficit [Member]	Total
Beginning Balance at Nov. 30, 2014	$ 111,833	$ 2,163	$ 124	$ 17,089	$ 2,008	$ (97,370)	$ 35,847
Beginning Balance (Shares) at Nov. 30, 2014	60,296,365
Restricted Share Units	$ 636				(636)
Restricted Share Units (Shares)	337,336
Stock-based compensation				279	3		282
Loss for the period						(1,530)	(1,530)
Ending Balance at Feb. 28, 2015	$ 112,469	2,163	124	17,368	1,375	(98,900)	34,599
Ending Balance (Shares) at Feb. 28, 2015	60,633,701
Beginning Balance at Nov. 30, 2014	$ 111,833	2,163	124	17,089	2,008	(97,370)	$ 35,847
Beginning Balance (Shares) at Nov. 30, 2014	60,296,365
Exercise of Sunward Arrangement Options (Shares)							347,999
Ending Balance at Nov. 30, 2015	$ 136,040	2,163	124	17,841	1,164	(106,902)	$ 50,430
Ending Balance (Shares) at Nov. 30, 2015	104,796,421
Restricted Share Units	$ 34				(63)		(29)
Restricted Share Units (Shares)	108,399
Deferred Share Units	$ 29				(29)
Deferred Share Units (Shares)	75,000
Stock-based compensation				184	98		282
Loss for the period						(1,695)	(1,695)
Ending Balance at Feb. 29, 2016	$ 136,103	$ 2,163	$ 124	$ 18,025	$ 1,170	$ (108,597)	$ 48,988
Ending Balance (Shares) at Feb. 29, 2016	104,979,820

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Cash flows used in operating activities
Loss for the period	$ (1,695)	$ (1,530)
Items not affecting cash
Amortization	54	143
Stock-based compensation	253	282
Net change in non-cash working capital
Decrease (increase) in accounts receivable	8	119
Decrease (increase) in deposits and prepaid amounts	175	152
Increase (decrease) in accounts payable and accrued liabilities	(254)	(252)
Net Cash Provided by (Used in) Operating Activities	(1,459)	(1,086)
Cash flows used in investing activities
Acquisition of plant and equipment	(2)	0
Net Cash Provided by (Used in) Investing Activities	(2)	0
Increase (decrease) in cash and cash equivalents	(1,461)	(1,086)
Cash and cash equivalents - beginning of period	16,139	5,074
Cash and cash equivalents - end of period	$ 14,678	$ 3,988

Nature of operations

Nature of operations	3 Months Ended
	Feb. 29, 2016
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”). On October 24, 2011, NovaGold transferred its ownership of NovaCopper US to NovaCopper, then a wholly owned subsidiary of NovaGold, which was subsequently spun-out to NovaGold shareholders and publicly listed on April 30, 2012 (“NovaGold Arrangement”). 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 an independent operation from inception. Prior to the acquisition in 2010, NovaGold held an initial option from 2004 to earn a 51% interest in the property which was terminated upon entering into the purchase and sale agreement. All historical spending prior to April 30, 2012 was funded by NovaGold. On June 19, 2015, we completed the acquisition of Sunward Resources Ltd. (“Sunward”), giving us 100% ownership in the Titiribi gold-copper exploration project in Colombia.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
	Feb. 29, 2016
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 Investments Ltd., and Sunward Resources Limited (“Sunward BVI”). Sunward BVI 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 Audit Committee on behalf of the Board of Directors for issue on April 6, 2016. All figures are in United States dollars unless otherwise noted. The unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position as of February 29, 2016, our results of operations and cash flows for the three months ended February 29, 2016, and February 28, 2015. The results of operations for the three months ended February 29, 2016 are not necessarily indicative of the results to be expected for the year ending November 30, 2016. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these unaudited interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2015 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 8, 2016. Accounting standards adopted 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. The Company adopted this standard as of December 1, 2015. As a result of adopting the standard, we no longer include the cumulative during exploration stage column previously presented on our statement of loss and comprehensive loss and the statement of cash flows. Recent accounting pronouncements Leases In February 2016, the FASB issued new accounting requirements for accounting for, presentation of, and classification of leases (“ASU 2016-02”). This will result in most leases being capitalized as a right of use asset with a related liability on our balance sheets. The requirements of the new standard are effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods, which for us is the first quarter of fiscal 2020. We are in the process of analyzing the impact of this guidance on our results of operations and financial position.

Plant and equipment

Plant and equipment	3 Months Ended
	Feb. 29, 2016
Plant and equipment [Text Block]	3 Plant and equipment in thousands of dollars February 29, 2016 Accumulated Cost amortization Net $ $ $ British Columbia, Canada Furniture and equipment 46 (26 ) 20 Leasehold improvements 32 (22 ) 10 Computer hardware and software 93 (73 ) 20 Alaska, USA Machinery, and equipment 2,877 (2,781 ) 96 Vehicles 275 (268 ) 7 Computer hardware and software 31 (31 ) - Antioquia, Colombia Machinery and equipment 206 (52 ) 154 Leasehold improvements 73 (26 ) 47 Vehicles 52 (12 ) 40 Computer hardware and software 1 (1 ) - 3,686 (3,292 ) 394 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

Mineral properties and developm

Mineral properties and development costs	3 Months Ended
	Feb. 29, 2016
Mineral properties and development costs [Text Block]	4 Mineral properties and development costs in thousands of dollars November 30, Acquisition costs February 29, 2015 $ 2016 $ $ Alaska, USA Ambler (a) 26,586 - 26,586 Bornite (b) 4,000 - 4,000 Antioquia, Colombia Titiribi (c) 3,264 - 3,264 33,850 - 33,850 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 (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 acquisition of Sunward. 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 three months ended February 29, 2016 and February 28, 2015. In thousands of dollars Three months Three months ended Ended February 29, February 28, 2015 2016 $ $ Alaska, USA Community 55 28 Engineering 173 4 Environmental 8 - Geochemistry and geophysics 12 - Land and permitting 98 96 Project support 39 49 Wages and benefits 148 150 533 327 Antioquia, Colombia Assaying 1 - Land and permitting 6 - Project support 50 - Professional fees 20 - Wages and benefits 57 - 134 - Mineral property expense 667 327 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 February 29, 2016 is $58.5 million and cumulative acquisition costs of $30.6 million totaling $89.1 million spent on the UKMP to date. Cumulative mineral properties expense in Colombia from the acquisition date of June 19, 2015 to February 29, 2016 is $0.4 million.

Accounts payable and accrued li

Accounts payable and accrued liabilities	3 Months Ended
	Feb. 29, 2016
Accounts payable and accrued liabilities [Text Block]	5 Accounts payable and accrued liabilities in thousands of dollars February 29, November 30, 2016 2015 $ $ Trade accounts payable 137 200 Accrued liabilities 285 442 Accrued salaries and vacation 75 109 Accounts payable and accrued liabilities 497 751

Share capital

Share capital	3 Months Ended
	Feb. 29, 2016
Share capital [Text Block]	6 Share capital Authorized: in thousands of dollars, except share amounts Number of shares Ascribed value $ November 30, 2014 60,296,365 111,833 Issued pursuant to the Sunward Arrangement 43,116,312 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 104,796,421 136,040 Restricted Share Units 108,399 34 Deferred Share Units 75,000 29 February 29, 2016, issued and outstanding 104,979,820 136,103 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 PSU or NovaGold DSU 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 prorated 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 February 29, 2016, 20,685 NovaGold DSUs remain outstanding, which will settle upon certain directors retiring from NovaGold’s board, and 391,486 NovaGold Arrangement Options remain outstanding as disclosed in note 6b. (a) Stock options During the period ended February 29, 2016, 1,785,000 options (February 28, 2015 – 1,620,000 options) at a weighted-average exercise price of CAD$0.44 (February 28, 2015 – CAD$0.62) were granted to employees, consultants and directors exercisable for a period of five years with various vesting terms between nil and two years. The weighted-average fair value attributable to options granted in the period was $0.13. For the period ended February 29, 2016, NovaCopper recognized a stock-based compensation charge of $0.18 million (February 28, 2015 – $0.28 million) for options granted to directors, employees and service providers, net of forfeitures. The fair value of the stock options recognized in the period has been estimated using an option pricing model. Assumptions used in the pricing model for the period are as provided below. February 29, 2016 Risk-free interest rates 0.52% Exercise price CAD$0.44 Expected life 3.0 years Expected forfeiture rate 0% - 5% Expected volatility 59.38% Expected dividends nil The Black-Scholes model requires the input of highly subjective assumptions. As of February 29, 2016, there were 2,382,249 non-vested options outstanding with a weighted average exercise price of $0.43 ; the non-vested stock option expense not yet recognized was $0.2 million, and this expense is expected to be recognized over the next two years. A summary of the Company’s stock option plan and changes during the period ended is as follows: February 29, 2016 Weighted average exercise price Number of options $ Balance – beginning of period 5,288,350 0.57 Granted 1,785,000 0.32 Forfeited (300,000 ) 0.68 Balance – end of period 6,773,350 0.49 The following table summarizes information about the stock options outstanding at February 29, 2016: Outstanding Exercisable Unvested Weighted Weighted Weighted average average Number of average exercise Number of exercise Number of Range of outstanding years to price exercisable price unvested price options expiry $ options $ options $0.32 to $0.99 6,718,350 4.29 0.48 4,336,101 0.51 2,382,249 $1.00 to $1.46 55,000 2.17 1.46 55,000 1.46 - 6,773,350 4.27 0.49 4,391,101 0.52 2,382,249 The aggregate intrinsic value of vested share options (the market value less the exercise price) at February 29, 2016 was $0.01 million (February 28, 2015 - $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. A summary of the NovaGold Arrangement Options and changes during the period ended is as follows: February 29, 2016 Weighted average exercise price Number of options $ Balance – beginning of period 509,272 4.77 Forfeited (14,574 ) 4.87 Expired (103,212 ) 5.63 Balance – end of period 391,486 4.45 The following table summarizes information about the NovaGold Arrangement Options outstanding February 29, 2016. Outstanding Exercisable Unvested Weighted Weighted Weighted average average Number of average exercise Number of exercise Number of outstanding years to price exercisable price unvested Range of price options expiry $ options $ options $2.73 to $3.99 49,998 1.08 2.89 49,998 2.89 - $4.00 to $5.99 324,822 0.62 4.60 324,822 4.60 - $6.00 to $6.40 16,666 1.25 6.40 16,666 6.40 - 391,486 0.70 4.45 391,486 4.45 - The aggregate intrinsic value of vested NovaGold Arrangement Options (the market value less the exercise price) at February 29, 2016 was $nil (February 28, 2015 - $nil). (c) Restricted Share Units (“RSUs”) and Deferred Share Units (“DSUs”) A summary of the Company’s unit plans and changes during the year ended is as follows: Number of RSUs Number of DSUs Balance – beginning of period - 904,603 Granted 600,000 50,147 Vested/paid (199,999 ) (75,000 ) Balance – end of period 400,001 879,750 For the three months ended February 29, 2016, NovaCopper recognized a stock-based compensation charge of $0.1 million (February 28, 2015 - $3,000), net of forfeitures. On December 23, 2015, 600,000 RSUs were granted to officers vesting one third immediately, one third on the first anniversary of the grant date, and one third on the second anniversary. The 199,999 RSUs vested were settled through the issuance of 108,399 shares and a cash payment of $29,000. (d) Share purchase warrants A summary of the Company’s warrants and changes during the period ended is as follows: Weighted Number of Weighted average Warrants average years to exercise price expiry $ Balance – beginning of period 6,521,740 3.60 1.60 Balance – end of period 6,521,740 3.35 1.60

Financial instruments

Financial instruments	3 Months Ended
	Feb. 29, 2016
Financial instruments [Text Block]	7 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 instruments 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$288,000, accounts receivable of CDN$23,000, deposits and prepaid amounts of CDN$146,000 and accounts payable of CDN$340,000. 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 $8,000. The Company’s exposure to the Colombian peso (“COP”) is limited to cash of COP 80 million, deposit and prepaid amounts of COP 57 million, and accounts payable of COP 24 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 $3,000. (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 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 February 29, 2016 are as follows. in thousands of dollars Total < 1 Year 1–2 Years 2–5 Years Thereafter $ $ $ $ $ Accounts payable and accrued liabilities 497 497 - - - Office lease (note 8) 229 155 74 - - 726 652 74 - - (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 February 29, 2016, a 1% change in interest rates would result in a change in net loss of $0.15 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.

Commitment

Commitment	3 Months Ended
	Feb. 29, 2016
Commitment [Text Block]	8 Commitment The Company has commitments in respect of office leases requiring future minimum lease payments as follows: in thousands of dollars February 29, 2016 $ 2016 155 2017 74 Total 229 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 February 29, 2016 of $0.18 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 $0.04 million and two office leases in Colombia, expiring on April 30, 2016 and May 31, 2016 respectively, with a total remaining commitment of $0.01 million.

Contingencies

Contingencies	3 Months Ended
	Feb. 29, 2016
Contingencies [Text Block]	9 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$0.8 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	3 Months Ended
	Feb. 29, 2016
Segment information [Text Block]	10 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 three months ended February 29, 2016: Alaska, USA Antioquia, Corporate and Colombia other Total $ $ $ $ Amortization 10 32 12 54 Foreign exchange loss 2 3 4 9 Interest and other income - - (18 ) (18 ) Mineral properties expense 486 134 47 667 Overhead costs 7 - 976 983 Loss for the period 505 169 1,021 1,695 For the three months ended February 28, 2015: Alaska, USA Antioquia, Corporate and Colombia other Total $ $ $ $ Amortization 130 - 13 143 Foreign exchange loss (gain) 3 - (23 ) (20 ) Interest and other income - - - - Mineral properties expense 252 - 75 327 Overhead costs 42 - 1,038 1,080 Loss for the period 427 - 1,103 1,530 Other segment information regarding mineral properties and development costs, plant and equipment, assets and liabilities, was as follows: As of February 29, 2016: Alaska, USA Antioquia, Corporate Colombia and other Total $ $ $ $ Mineral properties and development costs 30,586 3,264 - 33,850 Plant and equipment 103 241 50 394 Assets 31,175 3,548 14,762 49,485 Liabilities (170 ) (7 ) (320 ) (497 ) As of November 30, 2015: Alaska, USA Antioquia, Corporate Colombia and 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 )

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Feb. 29, 2016
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 Investments Ltd., and Sunward Resources Limited (“Sunward BVI”). Sunward BVI 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 Audit Committee on behalf of the Board of Directors for issue on April 6, 2016. All figures are in United States dollars unless otherwise noted. The unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position as of February 29, 2016, our results of operations and cash flows for the three months ended February 29, 2016, and February 28, 2015. The results of operations for the three months ended February 29, 2016 are not necessarily indicative of the results to be expected for the year ending November 30, 2016. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these unaudited interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2015 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 8, 2016.
Accounting standards adopted [Policy Text Block]	Accounting standards adopted 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. The Company adopted this standard as of December 1, 2015. As a result of adopting the standard, we no longer include the cumulative during exploration stage column previously presented on our statement of loss and comprehensive loss and the statement of cash flows.
Recent accounting pronouncements [Policy Text Block]	Recent accounting pronouncements Leases In February 2016, the FASB issued new accounting requirements for accounting for, presentation of, and classification of leases (“ASU 2016-02”). This will result in most leases being capitalized as a right of use asset with a related liability on our balance sheets. The requirements of the new standard are effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods, which for us is the first quarter of fiscal 2020. We are in the process of analyzing the impact of this guidance on our results of operations and financial position.

Plant and equipment (Tables)

Plant and equipment (Tables)	3 Months Ended	11 Months Ended
	Feb. 29, 2016	Nov. 30, 2015
Schedule of Plant and Equipment [Table Text Block]	in thousands of dollars February 29, 2016 Accumulated Cost amortization Net $ $ $ British Columbia, Canada Furniture and equipment 46 (26 ) 20 Leasehold improvements 32 (22 ) 10 Computer hardware and software 93 (73 ) 20 Alaska, USA Machinery, and equipment 2,877 (2,781 ) 96 Vehicles 275 (268 ) 7 Computer hardware and software 31 (31 ) - Antioquia, Colombia Machinery and equipment 206 (52 ) 154 Leasehold improvements 73 (26 ) 47 Vehicles 52 (12 ) 40 Computer hardware and software 1 (1 ) - 3,686 (3,292 ) 394	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

Mineral properties and develo19

Mineral properties and development costs (Tables)	3 Months Ended	12 Months Ended
	Feb. 29, 2016	Nov. 30, 2015
Schedule of Mineral Properties and Development Costs [Table Text Block]	in thousands of dollars November 30, Acquisition costs February 29, 2015 $ 2016 $ $ Alaska, USA Ambler (a) 26,586 - 26,586 Bornite (b) 4,000 - 4,000 Antioquia, Colombia Titiribi (c) 3,264 - 3,264 33,850 - 33,850	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
Schedule of Mineral Property Expenses [Table Text Block]	In thousands of dollars Three months Three months ended Ended February 29, February 28, 2015 2016 $ $ Alaska, USA Community 55 28 Engineering 173 4 Environmental 8 - Geochemistry and geophysics 12 - Land and permitting 98 96 Project support 39 49 Wages and benefits 148 150 533 327 Antioquia, Colombia Assaying 1 - Land and permitting 6 - Project support 50 - Professional fees 20 - Wages and benefits 57 - 134 - Mineral property expense 667 327

Accounts payable and accrued 20

Accounts payable and accrued liabilities (Tables)	3 Months Ended
	Feb. 29, 2016
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	in thousands of dollars February 29, November 30, 2016 2015 $ $ Trade accounts payable 137 200 Accrued liabilities 285 442 Accrued salaries and vacation 75 109 Accounts payable and accrued liabilities 497 751

Share capital (Tables)

Share capital (Tables)	3 Months Ended
	Feb. 29, 2016
Schedule of Common Shares Issued and Outstanding [Table Text Block]	in thousands of dollars, except share amounts Number of shares Ascribed value $ November 30, 2014 60,296,365 111,833 Issued pursuant to the Sunward Arrangement 43,116,312 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 104,796,421 136,040 Restricted Share Units 108,399 34 Deferred Share Units 75,000 29 February 29, 2016, issued and outstanding 104,979,820 136,103
Schedule of Stock Options, Valuation Assumptions [Table Text Block]	February 29, 2016 Risk-free interest rates 0.52% Exercise price CAD$0.44 Expected life 3.0 years Expected forfeiture rate 0% - 5% Expected volatility 59.38% Expected dividends nil
Schedule of Stock Options Activity [Table Text Block]	February 29, 2016 Weighted average exercise price Number of options $ Balance – beginning of period 5,288,350 0.57 Granted 1,785,000 0.32 Forfeited (300,000 ) 0.68 Balance – end of period 6,773,350 0.49
Schedule of Disclosure of Stock Options Outstanding [Table Text Block]	Outstanding Exercisable Unvested Weighted Weighted Weighted average average Number of average exercise Number of exercise Number of Range of outstanding years to price exercisable price unvested price options expiry $ options $ options $0.32 to $0.99 6,718,350 4.29 0.48 4,336,101 0.51 2,382,249 $1.00 to $1.46 55,000 2.17 1.46 55,000 1.46 - 6,773,350 4.27 0.49 4,391,101 0.52 2,382,249
Schedule of NovaGold Arrangement Options Activity [Table Text Block]	February 29, 2016 Weighted average exercise price Number of options $ Balance – beginning of period 509,272 4.77 Forfeited (14,574 ) 4.87 Expired (103,212 ) 5.63 Balance – end of period 391,486 4.45
Schedule of NovaGold Arrangement Stock Options Outstanding [Table Text Block]	Outstanding Exercisable Unvested Weighted Weighted Weighted average average Number of average exercise Number of exercise Number of outstanding years to price exercisable price unvested Range of price options expiry $ options $ options $2.73 to $3.99 49,998 1.08 2.89 49,998 2.89 - $4.00 to $5.99 324,822 0.62 4.60 324,822 4.60 - $6.00 to $6.40 16,666 1.25 6.40 16,666 6.40 - 391,486 0.70 4.45 391,486 4.45 -
Schedule of Unit Plans and Changes Activity [Table Text Block]	Number of RSUs Number of DSUs Balance – beginning of period - 904,603 Granted 600,000 50,147 Vested/paid (199,999 ) (75,000 ) Balance – end of period 400,001 879,750
Schedule of Warrants, Activity [Table Text Block]	Weighted Number of Weighted average Warrants average years to exercise price expiry $ Balance – beginning of period 6,521,740 3.60 1.60 Balance – end of period 6,521,740 3.35 1.60

Financial instruments (Tables)

Financial instruments (Tables)	3 Months Ended
	Feb. 29, 2016
Schedule of Contractually Obligated Cash Flow Requirements [Table Text Block]	in thousands of dollars Total < 1 Year 1–2 Years 2–5 Years Thereafter $ $ $ $ $ Accounts payable and accrued liabilities 497 497 - - - Office lease (note 8) 229 155 74 - - 726 652 74 - -

Commitment (Tables)

Commitment (Tables)	3 Months Ended
	Feb. 29, 2016
Schedule of Future Minimum Lease Payments [Table Text Block]	in thousands of dollars February 29, 2016 $ 2016 155 2017 74 Total 229

Segment information (Tables)

Segment information (Tables)	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Schedule of Segment Reporting Information [Table Text Block]	Alaska, USA Antioquia, Corporate and Colombia other Total $ $ $ $ Amortization 10 32 12 54 Foreign exchange loss 2 3 4 9 Interest and other income - - (18 ) (18 ) Mineral properties expense 486 134 47 667 Overhead costs 7 - 976 983 Loss for the period 505 169 1,021 1,695	For the three months ended February 28, 2015: Alaska, USA Antioquia, Corporate and Colombia other Total $ $ $ $ Amortization 130 - 13 143 Foreign exchange loss (gain) 3 - (23 ) (20 ) Interest and other income - - - - Mineral properties expense 252 - 75 327 Overhead costs 42 - 1,038 1,080 Loss for the period 427 - 1,103 1,530
Schedule of Segment Assets and Liabilties [Table Text Block]	As of February 29, 2016: Alaska, USA Antioquia, Corporate Colombia and other Total $ $ $ $ Mineral properties and development costs 30,586 3,264 - 33,850 Plant and equipment 103 241 50 394 Assets 31,175 3,548 14,762 49,485 Liabilities (170 ) (7 ) (320 ) (497 )	As of November 30, 2015: Alaska, USA Antioquia, Corporate Colombia and 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 )

Nature of operations (Narrative

Nature of operations (Narrative) (Details)	Jun. 19, 2015	Jan. 11, 2010	Mar. 23, 2004
Interest Option Held			51.00%
Ambler Property [Member]
Mineral property acquisition		100.00%
Sunward Resources Ltd. [Member]
Mineral property acquisition	100.00%

Mineral properties and develo26

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

1 Months Ended

2 Months Ended

3 Months Ended

8 Months Ended

12 Months Ended

143 Months Ended

Oct. 31, 2011

Jan. 31, 2011

Jan. 31, 2010

Aug. 31, 2015

Feb. 29, 2016

Feb. 28, 2015

Feb. 28, 2015

Aug. 05, 2012

Nov. 30, 2015

Feb. 29, 2016

Jun. 19, 2015

Jan. 31, 2012

Oct. 19, 2011

Oct. 10, 2011

Aug. 05, 2011

Jan. 11, 2010

Dec. 31, 2009

Acquisition costs

$ 0

$ 3,264

Mineral properties expense

$ 667

$ 327

$ 327

Approximations [Member]

Payments for mineral property

$ 89,100

Acquisition costs

30,600

Mineral properties expense

$ 400

$ 58,500

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%

16.00%

Net smelter return royalty

1.00%

Bornite Property [Member] | Maximum [Member]

Mineral property interest percentage

25.00%

25.00%

Net smelter return royalty

2.50%

Titiribi Property [Member]

Mineral property interest percentage

100.00%

Acquisition costs

$ 0

$ 3,264

Share capital (Narrative) (Deta

Share capital (Narrative) (Details)	1 Months Ended		3 Months Ended				12 Months Ended
	Dec. 23, 2015USD ($)shares	Apr. 30, 2012USD ($)shares	Feb. 29, 2016USD ($)$ / sharesshares	Feb. 29, 2016USD ($)$ / sharesCAD / sharesshares	Feb. 28, 2015USD ($)shares	Feb. 28, 2015USD ($)CAD / shares	Nov. 30, 2015USD ($)$ / sharesshares
Contributed surplus | $			$ 124,000	$ 124,000			$ 124,000
Common Stock, Shares Authorized
Stock options granted, weighted average exericse price | (per share)			$ 0.32	$ 0.44		CAD 0.62
Stock options granted			1,785,000
Stock-based compensation | $			$ 282,000		$ 282,000
Non-vested stock options outstanding			6,773,350	6,773,350			5,288,350
Weighted average exercise price options outstanding | $ / shares			$ 0.49	$ 0.49			$ 0.57
Units vested	199,999
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	108,399
Aggregate intrinsic value, vested options | $			$ 10,000	$ 10,000	0	CAD 0
Cash paid upon vesting | $	$ 29,000
Vesting of deferred share units			75,000				232,878
Non-Vested Options [Member]
Non-vested stock options outstanding			2,382,249	2,382,249
Weighted average exercise price options outstanding | $ / shares			$ 0.43	$ 0.43
Number of RSU's [Member]
Granted	600,000		600,000
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
Granted			50,147
Stock-based Compensation [Member]
Stock-based compensation | $			$ 100,000		3,000
NovaGold Arrangement Options [Member]
Stock issued under the Plan of Arrangement		46,578,078
Non-vested stock options outstanding			391,486	391,486			509,272
Weighted average exercise price options outstanding | $ / shares			$ 4.45	$ 4.45			$ 4.77
Aggregate intrinsic value, vested options | $			$ 0	$ 0	$ 0	CAD 0
Options expired			103,212
Approximations [Member] | Non-Vested Options [Member]
Stock option expense | $			$ 200,000
Minimum [Member]
Vesting terms			0 years
New Employees [Member]
Stock options granted			1,785,000		1,620,000
Stock options granted, weighted average exercise price | $ / shares			$ 0.13
Directors, Employees and Services Providers [Member]
Stock-based compensation | $			$ 180,000		$ 280,000

Financial instruments (Narrativ

Financial instruments (Narrative) (Details) COP in Millions	3 Months Ended
	Feb. 29, 2016USD ($)	Feb. 29, 2016CAD	Feb. 29, 2016COP	Nov. 30, 2015USD ($)
Accounts receivable	$ 31,000			$ 39,000
Deposits and prepaid amounts	$ 532,000			$ 707,000
Change in interest rate	1.00%
Interest rate loss	$ 150,000
Canadian Limit Due to Currency Risk [Member]
Cash | CAD		CAD 288,000
Accounts receivable | CAD		23,000
Deposits and prepaid amounts | CAD		146,000
Accounts payable | CAD		CAD 340,000
Change in foreign exchange rate	10.00%	10.00%	10.00%
Foreign currency net loss	$ 8,000
Colombian Peso Limit Due to Currency Risk [Member]
Cash | COP			COP 80
Deposits and prepaid amounts | COP			57
Accounts payable | COP			COP 24
Change in foreign exchange rate	10.00%	10.00%	10.00%
Foreign currency net loss	$ 3,000

Commitment (Narrative) (Details

Commitment (Narrative) (Details) $ in Thousands	Feb. 29, 2016USD ($)
Lease commitment	$ 726
Sunward Resources Ltd. [Member]
Lease commitment	180
Sunward Resources Ltd. [Member] | Vancouver Office [Member]
Lease commitment	40
Sunward Resources Ltd. [Member] | Colombia Office [Member]
Lease commitment	$ 10

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) - 3 months ended Feb. 29, 2016 $ in Millions	USD ($)	COP
Damages sought	$ 0.8	COP 2,623,203,975

Schedule of Plant and Equipment

Schedule of Plant and Equipment (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015
Cost	$ 3,686	$ 3,684
Accumulated amortization	(3,292)	(3,238)
Net	394	446
Furniture and equipment [Member] | British Columbia, Canada [Member]
Cost	46	46
Accumulated amortization	(26)	(24)
Net	20	22
Leasehold improvements [Member] | Antioquia,Colombia [Member]
Cost	73	73
Accumulated amortization	(26)	(17)
Net	47	56
Leasehold improvements [Member] | British Columbia, Canada [Member]
Cost	32	32
Accumulated amortization	(22)	(20)
Net	10	12
Machinery and equipment [Member] | Antioquia,Colombia [Member]
Cost	206	206
Accumulated amortization	(52)	(34)
Net	154	172
Machinery and equipment [Member] | Alaska, USA [Member]
Cost	2,877	2,877
Accumulated amortization	(2,781)	(2,777)
Net	96	100
Vehicles [Member] | Antioquia,Colombia [Member]
Cost	52	52
Accumulated amortization	(12)	(8)
Net	40	44
Vehicles [Member] | Alaska, USA [Member]
Cost	275	275
Accumulated amortization	(268)	(262)
Net	7	13
Computer hardware and software | Antioquia,Colombia [Member]
Cost	1	1
Accumulated amortization	(1)	0
Net	0	1
Computer hardware and software | British Columbia, Canada [Member]
Cost	93	91
Accumulated amortization	(73)	(65)
Net	20	26
Computer hardware and software | Alaska, USA [Member]
Cost	31	31
Accumulated amortization	(31)	(31)
Net	$ 0	$ 0

Schedule of Mineral Properties

Schedule of Mineral Properties and Development Costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 29, 2016	Nov. 30, 2015	Nov. 30, 2014
Acquisition costs	$ 0	$ 3,264
Mineral properties and development costs	33,850	33,850	$ 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	$ 0	3,264
Mineral properties and development costs		$ 3,264	$ 0

Schedule of Mineral Property Ex

Schedule of Mineral Property Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 28, 2015
Professional Fees	$ 136	$ 161
Mineral property expense	667	$ 327	$ 327
Alaska, USA [Member]
Community	55		28
Engineering expense	173		4
Environmental	8		0
Geochemistry and geophysics	12		0
Land and permitting	98		96
Project support	39		49
Wages and benefits	148		150
Mineral property expense	533		327
Antioquia,Colombia [Member]
Assaying	1		0
Land and permitting	6		0
Project support	50		0
Professional Fees	20		0
Wages and benefits	57		0
Mineral property expense	$ 134		$ 0

Schedule of Accounts Payable an

Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015
Trade accounts payable	$ 137	$ 200
Accrued liabilities	285	442
Accrued salaries and vacation	75	109
Accounts payable and accrued liabilities	$ 497	$ 751

Schedule of Common Shares Issue

Schedule of Common Shares Issued and Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 29, 2016	Nov. 30, 2015
Number of Common Shares	104,796,421	60,296,365
Ascribed Value Common Shares	$ 136,040	$ 111,833
Issued pursuant to the Sunward Arrangement (shares)		43,116,312
Issued pursuant to the Sunward Arrangement		$ 22,851
Exercise of options (shares)		7,499
Exercise of options		$ 7
Exercise of Sunward Arrangement Options (shares)		347,999
Exercise of Sunward Arrangement Options Ascribed Value		$ 177
Restricted Share Units (Shares)	108,399	795,368
Restricted Share Units	$ 34	$ 819
Deferred Share Units (Shares)	75,000	232,878
Deferred Share Units	$ 29	$ 353
Number of Common Shares	104,979,820	104,796,421
Ascribed Value Common Shares	$ 136,103	$ 136,040

Schedule of Stock Options, Valu

Schedule of Stock Options, Valuation Assumptions (Details)	3 Months Ended
	Feb. 29, 2016$ / shares
Average risk-free interest rate	0.52%
Exercise price	$ 0.44
Expected life	3 years
Expected volatility	59.38%
Expected dividends	0.00%
Minimum [Member]
Expected forfeiture rate	0.00%
Maximum [Member]
Expected forfeiture rate	5.00%

Schedule of Stock Options Activ

Schedule of Stock Options Activity (Details)	3 Months Ended
	Feb. 29, 2016$ / sharesshares	Feb. 29, 2016CAD / sharesshares	Feb. 28, 2015CAD / shares
Balance - Beginning of Period, Number of stock Options	5,288,350	5,288,350
Balance - Beginning of Period, Weighted average exercise price | $ / shares	$ 0.57
Stock options granted	1,785,000	1,785,000
Stock options, weighted average exercise price | (per share)	$ 0.32	CAD 0.44	CAD 0.62
Stock options, number of options forfeited during the period	(300,000)	(300,000)
Stock options, weighted average exercise price of forfeitures | $ / shares	$ 0.68
Balance - End of Period, Number of stock options	6,773,350	6,773,350
Balance - End of Period, Weighted average exercise price | $ / shares	$ 0.49

Schedule of Disclosure of Stock

Schedule of Disclosure of Stock Options Outstanding (Details)	3 Months Ended
	Feb. 29, 2016$ / sharesshares
Number of outstanding options | shares	6,773,350
Weighted average years to expiry	4 years 3 months 7 days
Weighted average exercise price options outstanding	$ 0.49
Number of exercisable options | shares	4,391,101
Weighted average exercise price	$ 0.52
Number of unvested options | shares	2,382,249
Range 1 [Member]
Exercise price lower range limit	$ 0.32
Exercise price upper range limit	$ 0.99
Number of outstanding options | shares	6,718,350
Weighted average years to expiry	4 years 3 months 14 days
Weighted average exercise price options outstanding	$ 0.48
Number of exercisable options | shares	4,336,101
Weighted average exercise price	$ 0.51
Number of unvested options | shares	2,382,249
Range 2 [Member]
Exercise price lower range limit	$ 1
Exercise price upper range limit	$ 1.46
Number of outstanding options | shares	55,000
Weighted average years to expiry	2 years 2 months 1 day
Weighted average exercise price options outstanding	$ 1.46
Number of exercisable options | shares	55,000
Weighted average exercise price	$ 1.46
Number of unvested options | shares	0

Schedule of NovaGold Arrangemen

Schedule of NovaGold Arrangement Options Activity (Details)	3 Months Ended
	Feb. 29, 2016$ / sharesshares
Balance - Beginning of Period, Number of stock Options | shares	5,288,350
Balance - Beginning of Period, Weighted average exercise price | $ / shares	$ 0.57
Stock options, number of options forfeited during the period | shares	(300,000)
Stock options, weighted average exercise price of forfeitures | $ / shares	$ 0.68
Balance - End of Period, Number of stock options | shares	6,773,350
Balance - End of Period, Weighted average exercise price | $ / shares	$ 0.49
NovaGold Arrangement Options [Member]
Balance - Beginning of Period, Number of stock Options | shares	509,272
Balance - Beginning of Period, Weighted average exercise price | $ / shares	$ 4.77
Stock options, number of options forfeited during the period | shares	(14,574)
Stock options, weighted average exercise price of forfeitures | $ / shares	$ 4.87
Stock options, number of options expired | shares	(103,212)
Stock options, weighted average exercise price, stock options expired | $ / shares	$ 5.63
Balance - End of Period, Number of stock options | shares	391,486
Balance - End of Period, Weighted average exercise price | $ / shares	$ 4.45

Schedule of NovaGold Arrangem40

Schedule of NovaGold Arrangement Stock Options Outstanding (Details) - $ / shares	3 Months Ended
	Feb. 29, 2016	Nov. 30, 2015
Number of outstanding options	6,773,350	5,288,350
Weighted average exercise price options outstanding	$ 0.49	$ 0.57
Number of exercisable options	4,391,101
Weighted average exercise price	$ 0.52
Number of unvested options	2,382,249
NovaGold Arrangement Options [Member]
Number of outstanding options	391,486	509,272
Weighted average years to expiry	8 months 12 days
Weighted average exercise price options outstanding	$ 4.45	$ 4.77
Number of exercisable options	391,486
Weighted average exercise price	$ 4.45
Number of unvested options	0
NovaGold Arrangement Range 1 [Member] | NovaGold Arrangement Options [Member]
Exercise price lower range limit	$ 2.73
Exercise price upper range limit	$ 3.99
Number of outstanding options	49,998
Weighted average years to expiry	1 year 29 days
Weighted average exercise price options outstanding		$ 2.89
Number of exercisable options	49,998
Weighted average exercise price	$ 2.89
Number of unvested options	0
NovaGold Arrangement Range 2 [Member] | NovaGold Arrangement Options [Member]
Exercise price lower range limit	$ 4
Exercise price upper range limit	$ 5.99
Number of outstanding options	324,822
Weighted average years to expiry	7 months 13 days
Weighted average exercise price options outstanding	$ 4.60
Number of exercisable options	324,822
Weighted average exercise price	$ 4.60
Number of unvested options	0
NovaGold Arrangement Range 3 [Member] | NovaGold Arrangement Options [Member]
Exercise price lower range limit	$ 6
Exercise price upper range limit	$ 6.40
Number of outstanding options	16,666
Weighted average years to expiry	1 year 3 months
Weighted average exercise price options outstanding	$ 6.40
Number of exercisable options	16,666
Weighted average exercise price	$ 6.40
Number of unvested options	0

Schedule of Unit Plans and Chan

Schedule of Unit Plans and Changes Activity (Details) - shares	1 Months Ended	3 Months Ended
	Dec. 23, 2015	Feb. 29, 2016
Number of RSU's [Member]
Balance-beginning of period	0	0
Granted	600,000	600,000
Vested		(199,999)
Balance-end of period		400,001
Number of DSU's [Member]
Balance-beginning of period	904,603	904,603
Granted		50,147
Vested		(75,000)
Balance-end of period		879,750

Schedule of Warrants, Activity

Schedule of Warrants, Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Feb. 29, 2016	Nov. 30, 2015
Balance - beginning of period	6,521,740
Weighted average years to expiry	3 years 4 months 6 days	3 years 7 months 6 days
Weighted average exercise price	$ 1.60	$ 1.60
Balance - end of period	6,521,740	6,521,740

Schedule of Contractually Oblig

Schedule of Contractually Obligated Cash Flow Requirements (Details) $ in Thousands	Feb. 29, 2016USD ($)
Total	$ 726
Within 1 Year	652
1 - 2 Years	74
2 - 5 Years	0
Thereafter	0
Accounts Payable and Accrued Liabilities
Total	497
Within 1 Year	497
1 - 2 Years	0
2 - 5 Years	0
Thereafter	0
Office Lease [Member]
Total	229
Within 1 Year	155
1 - 2 Years	74
2 - 5 Years	0
Thereafter	$ 0

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Feb. 29, 2016USD ($)
2,016	$ 155
2,017	74
Total	$ 229

Schedule of Segment Reporting I

Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 28, 2015
Amortization	$ 54	$ 143
Loss for the period	(1,695)	$ (1,530)	$ (1,530)
Segment Total [Member]
Amortization	54		143
Foreign exchange loss	9		(20)
Interest and other income	(18)		0
Mineral properties expense	667		327
Overhead costs	983		1,080
Loss for the period	1,695		1,530
Alaska, USA
Amortization	10		130
Foreign exchange loss	2		3
Interest and other income	0		0
Mineral properties expense	486		252
Overhead costs	7		42
Loss for the period	505		427
Antioquia,Colombia [Member]
Amortization	32		0
Foreign exchange loss	3		0
Interest and other income	0		0
Mineral properties expense	134		0
Overhead costs	0		0
Loss for the period	169		0
Corporate and Other [Member]
Amortization	12		13
Foreign exchange loss	4		(23)
Interest and other income	(18)		0
Mineral properties expense	47		75
Overhead costs	976		1,038
Loss for the period	$ 1,021		$ 1,103

Schedule of Segment Assets and

Schedule of Segment Assets and Liabilties (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 29, 2016	Nov. 30, 2015
Segment Total [Member]
Mineral properties and development costs	$ 33,850	$ 33,850
Plant and equipment	394	446
Assets	49,485	51,181
Liabilities	(497)	(751)
Corporate and Other [Member]
Mineral properties and development costs	0	0
Plant and equipment	50	60
Assets	14,762	16,041
Liabilities	(320)	(386)
Antioquia,Colombia [Member]
Mineral properties and development costs	3,264	3,264
Plant and equipment	241	273
Assets	3,548	3,631
Liabilities	(7)	(24)
Alaska, USA
Mineral properties and development costs	30,586	30,586
Plant and equipment	103	113
Assets	31,175	31,509
Liabilities	$ (170)	$ (341)