XML 35 R13.htm IDEA: XBRL DOCUMENT v3.23.4
Note 7 - Promissory Note
 12 Months Ended
Nov. 30, 2023
Notes to Financial Statements  
Debt Disclosure [Text Block]

NOTE 7 – PROMISSORY NOTE

 

The Company has a promissory note payable to Barrick of $136,748, comprised of $51,576 in principal, and $85,172 in accrued interest at U.S. prime plus 2%. The average effective interest rate was 10.3%, 6.8%, and 5.3% in 2023, 2022 and 2021, respectively. 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.

 

 

Changes in the Company’s Promissory Note is summarized as follows:

 

   

Years ended November 30,

  
   

2023

    

2022

    

2021

  

Balance – beginning of period

   $ 123,685     $ 115,723     $ 109,801  

Interest expense on promissory note

     13,063       7,962       5,922  

Balance – end of period

   $ 136,748     $ 123,685     $ 115,723