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Note 5 - Investment in Donlin Gold | 12 Months Ended
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Nov. 30, 2023
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 5 – INVESTMENT IN DONLIN GOLD The Donlin Gold project is owned and operated by Donlin Gold, a limited liability company in which wholly-owned subsidiaries of NOVAGOLD and Barrick each own a 50% interest. Donlin Gold has a board of four representatives, with two representatives selected by Barrick and two representatives selected by the Company. All significant decisions related to Donlin Gold require the approval of at least a majority of the Donlin Gold board. Changes in the Company’s Investment in Donlin Gold are summarized as follows:
|  | Years ended November 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Balance – beginning of period |  | $ | 3,848 |  |  | $ | 3,576 |  |  | $ | 2,614 |
Share of losses: |  |  |  |  |  |  |  |  |  |  |  |
Mineral property expenditures |  |  | (17,918 | ) |  |  | (27,690 | ) |  |  | (16,286 | )
Depreciation |  |  | (571 | ) |  |  | (427 | ) |  |  | (300 | )
Accretion |  |  | (40 | ) |  |  | (46 | ) |  |  | (39 | )
|  |  | (18,529 | ) |  |  | (28,163 | ) |  |  | (16,625 | )
Funding |  |  | 17,752 |  |  |  | 28,435 |  |  |  | 17,587 |
Balance – end of period |  | $ | 3,071 |  |  | $ | 3,848 |  |  | $ | 3,576 |
The following amounts represent the Company’s 50% share of the assets and liabilities of Donlin Gold. Donlin Gold capitalized the initial contribution of the Donlin Gold property as Non-current assets: Mineral property with a carrying value of $64,000, resulting in a higher carrying value of the mineral property than that of the Company.
|  | As of November 30, |
|  | 2023 |  |  | 2022 |
Current assets: Cash, prepaid expenses, and other receivables |  | $ | 3,410 |  |  | $ | 4,220 |
Non-current assets: Right-of-use assets, property and equipment |  |  | 1,456 |  |  |  | 2,036 |
Non-current assets: Mineral property |  |  | 32,615 |  |  |  | 32,615 |
Current liabilities: Accounts payable, accrued liabilities and lease obligations |  |  | (1,669 | ) |  |  | (2,322 | )
Non-current liabilities: Reclamation and lease obligations |  |  | (741 | ) |  |  | (701 | )
Net assets |  | $ | 35,071 |  |  | $ | 35,848 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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