Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2025	Nov. 30, 2024
Current assets
Cash and cash equivalents	$ 51,613	$ 25,834
Accounts receivable	118	16
Deposits and prepaid amounts	193	195
Total current assets	51,924	26,045
Investment in Ambler Metals LLC (note 3)	105,263	107,497
Right of use asset (note 5(a))	117	155
Total assets	157,304	133,697
Current liabilities
Accounts payable and accrued liabilities (note 4)	2,329	756
Current portion of lease liability (note 5b)	41	37
Derivative liability (note 6)	30,743
Total current liabilities	33,113	793
Long-term portion of lease liability (note 5(b))	70	110
Total liabilities	33,183	903
Shareholders' equity
Share capital (note 7) - unlimited common shares authorized, no par value issued - 171,069,888 (2024 - 161,085,313)	225,241	190,503
Contributed surplus	118	118
Contributed surplus - options (note 7(a))	27,294	28,801
Contributed surplus - units (note 7(b))	4,109	3,772
Deficit	(132,641)	(90,400)
Total shareholders' equity	124,121	132,794
Total liabilities and shareholders' equity	$ 157,304	$ 133,697