Note 7 - Promissory Note

12 Months Ended

Nov. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 7 – PROMISSORY NOTE

The Company has a promissory note payable to Barrick of $109,801, comprised of $51,576 in principal, and $58,225 in accrued interest at U.S. prime plus 2%. The promissory note resulted from the agreement that led to the formation of Donlin Gold LLC, 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 LLC. 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,
	2020		2019		2018
Balance – beginning of period	$	103,787	$	96,501	$	90,040
Interest expense on promissory note		6,014		7,286		6,461
Balance – end of period	$	109,801	$	103,787	$	96,501