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Note 7 - Promissory Note
 6 Months Ended
May 31, 2023
Notes to Financial Statements  
Debt Disclosure [Text Block]

NOTE 7 – PROMISSORY NOTE

 

The Company has a promissory note payable to Barrick of $129,841, comprised of $51,576 in principal, and $78,265 in accrued interest at U.S. prime plus 2%. The promissory note resulted from the agreement that led to the formation of Donlin Gold, where the Company agreed to reimburse Barrick for a portion of their expenditures incurred from April 1, 2006 to November 30, 2007. The promissory note and accrued interest are payable from 85% of the Company’s share of revenue from future mine production or from any net proceeds resulting from a reduction of the Company’s interest in Donlin Gold. The carrying value of the promissory note approximates fair value.

 

NOVAGOLD RESOURCES INC.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited, US dollars in thousands except per share amounts)