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Note 5 - Investment in Donlin Gold

12 Months Ended

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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- References

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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

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