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Income taxes (Tables)
12 Months Ended
Nov. 30, 2021
Income taxes  
Schedule of Income Tax Expense

in thousands of dollars

November 30, 2021

November 30, 2020

November 30, 2019

    

$

    

    

$

    

    

$

    

Combined federal and provincial statutory tax rate

27.00

%  

27.00

%  

27.00

%

Income tax (recovery) at statutory rate

(5,848)

43,677

(7,534)

Difference in foreign tax rates

(194)

2,424

(281)

Impact of change in tax rate

Effect of foreign exchange changes

(4)

Non-deductible expenditures

937

1,009

4,061

Income from option payments applied as proceeds of sale

(8,812)

Return to provision adjustments

116

(6)

193

Impact of new lease accounting rules (ASC 842 adoption)

(28)

Expiry of Losses

277

Change in valuation allowance

4,989

(38,260)

3,284

Income tax recovery (expense)

Schedule of Future Income Tax Assets and Liabilities

in thousands of dollars

 

November 30, 2021

November 30, 2020

 

    

$

  

  

$

  

Deferred income tax assets

  

 

  

Non-capital losses

54,502

 

51,250

Mineral property interest

447

 

Deferred interest

6,251

 

6,251

Property, plant and equipment

82

 

88

Lease liability

112

153

Share issuance costs

103

 

267

Capital Loss

 

Investments

 

Other deductible temporary differences

197

 

223

Total deferred tax assets

61,694

 

58,232

Valuation allowance

(34,249)

 

(29,259)

Net deferred income tax assets

27,445

 

28,973

Deferred income tax liabilities

  

 

  

Investment in Ambler Metals LLC

(27,315)

(28,844)

Right of use asset

(130)

(129)

Other taxable temporary differences

 

Deferred income tax liabilities

(27,445)

 

(28,973)

Net deferred income tax assets

 

Schedule of loss carry forwards expiry

in thousands of dollars

Non-capital losses

Operating losses

Canada

United States

    

$

  

  

$

  

2022

366

2023

960

2024

569

2025

1,530

Thereafter

51,808

139,099

51,808

142,524