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Investment in Ambler Metals LLC (Tables)

12 Months Ended

Nov. 30, 2021

Investment in Ambler Metals LLC

Schedule of gain on transfer of assets

​

​	​	​	​
​		in thousands of dollars
​		$	​
Fair value ascribed to Ambler Metals LLC interest	​	176,000	​
Less: carrying value of contributed /eliminated assets	​		​
Mineral properties	​	(30,631)	​
Property, plant and equipment located in Alaska	​	(618)	​
Elimination of Fairbanks warehouse right of use asset	​	(93)	​
Elimination of prepaid State of Alaska mining claim fees	​	(303)	​
Add:	​		​
Reimbursement of claims staking	​	44	​
Demobilization costs of drills	​	278	​
Cancellation of Fairbanks warehouse lease liability	​	93	​
Fair value of mineral properties purchase option	​	31,000	​
Gain on derecognition	​	175,770	​

Schedule of equity investment

​

​	​	​	​
​		in thousands of dollars
​		$	​
February 11, 2020, fair value ascribed to Ambler Metals interest	​	176,000	​
Share of loss on equity investment from February 11, 2020 to November 30, 2020	​	(2,855)	​
November 30, 2020, investment in Ambler Metals	​	173,145	​
Share of loss on equity investment for the year ending November 30, 2021	​	(13,082)	​
November 30, 2021, investment in Ambler Metals	​	160,063	​

Schedule of Ambler Metals LLC's Balance Sheet

​

​	​	​	​	​	​	​
​		in thousands of dollars
​	​	November 30, 2021	​	​	November 30, 2020	​
​		$			$
Total assets	​	149,374	​	​	171,991	​
Cash	​	61,205	​	​	81,673	​
Loan receivable from South32 (current and long-term)	​	55,355	​	​	58,478	​
Mineral properties	​	30,757	​	​	30,705	​
Total liabilities	​	(5,043)	​	​	(1,496)	​
Accounts payable and accrued liabilities	​	(4,148)	​	​	(1,445)	​
Members' equity (Total assets less Total liabilities)	​	144,331	​	​	170,495	​

Schedule of Ambler Metals LLC's net loss

​

​	​	​	​	​	​	​
​	in thousands of dollars
​	​	Year ended	​	​	February 11, 2020 to	​
​	​	November 30, 2021	​	​	November 30, 2020	​
​		$			$
Depreciation	​	77	​	​	95	​
Corporate salaries and wages	​	2,421	​	​	614	​
General and administrative	​	756	​	​	653	​
Lease expense	​	276	​	​	48	​
Mineral property expense	​	22,639	​	​	3,488	​
Professional fees	​	1,047	​	​	1,990	​
Foreign exchange (gain)/loss	​	6	​	​	3	​
Interest income	​	(1,058)	​	​	(1,180)	​
Comprehensive loss	​	26,164	​	​	5,711	​

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