XML 32 R10.htm IDEA: XBRL DOCUMENT v3.23.4
Note 4 - Notes Receivable
 12 Months Ended
Nov. 30, 2023
Notes to Financial Statements  
Financing Receivables [Text Block]

NOTE 4 – NOTES RECEIVABLE

 

Changes in the Company’s Notes receivable are summarized as follows:

 

   

Years ended November 30,

  
   

2023

    

2022

    

2021

  

Balance – beginning of period

   $ 24,421     $ 23,572     $ 96,016  

Accretion of notes receivable

     579       849       2,556  

Payment received

     (25,000 )     —       (75,000 )

Balance – end of period

   $ —     $ 24,421     $ 23,572  

 

Galore Creek

 

On July 27, 2018, the Company sold its interest in the Galore Creek project to a subsidiary of Newmont Corporation (“Newmont”) for cash proceeds of $100,000, a $75,000 note due upon the earlier of the completion of a Galore Creek pre-feasibility study or July 27, 2021, a $25,000 note due upon the earlier of the completion of a Galore Creek feasibility study or July 27, 2023, and a contingent note for $75,000 due upon approval of a Galore Creek project construction plan by the owner(s). The Company received from Newmont $75,000 on July 27, 2021, and $25,000 on July 27, 2023.

 

No value was assigned to the final $75,000 contingent note. The Company determined that Galore Creek project construction approval was not probable as of the closing of the Galore Creek sale. The Company’s assessment did not change as of November 30, 2023.

 

Minas San Roque

 

On November 3, 2021, the Company sold its 49% interest in the Minas San Roque project in Argentina to Marifil S.A., a subsidiary of International Iconic Gold Mines Ltd. (“Iconic”) for cash proceeds of C$250 upon closing, a C$750 note receivable due on November 1, 2022, and a C$1,000 note receivable due on November 1, 2023. On closing, the Company determined the fair value of the notes was nil. Iconic completed the C$750 note repayment due on November 1, 2022 in December 2022, and the C$1,000 note repayment due on November 1, 2023 in January 2024, each after obtaining sufficient funding.