Note 4 - Investment in Donlin Gold

3 Months Ended

Aug. 31, 2024

Donlin Gold [Member]

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE 4 – 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 the Donlin Gold project 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:

	Three months ended August 31,						Nine months ended August 31,
	2024			2023			2024			2023
Balance – beginning of period	$	3,454		$	4,602		$	3,071		$	3,848
Share of losses:
Mineral property expenditures		(2,675	)		(3,827	)		(9,327	)		(15,542	)
Depreciation		(128	)		(141	)		(408	)		(424	)
Accretion		(11	)		(10	)		(30	)		(30	)
		(2,814	)		(3,978	)		(9,765	)		(15,996	)
Funding		2,864			2,475			10,198			15,247
Balance – end of period	$	3,504		$	3,099		$	3,504		$	3,099

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 for Donlin Gold than that of the Company.

	As of August 31, 2024			As of November 30, 2023
Current assets: Cash, prepaid expenses and other receivables	$	3,802		$	3,410
Non-current assets: Right-of-use assets, property and equipment		1,088			1,456
Non-current assets: Mineral property		32,615			32,615
Current liabilities: Accounts payable, accrued liabilities and lease obligations		(1,230	)		(1,669	)
Non-current liabilities: Reclamation and lease obligations		(771	)		(741	)
Net assets	$	35,504		$	35,071