Investment in Ambler Metals LLC (Tables)

12 Months Ended

Nov. 30, 2020

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	(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 LLC interest	176,000
Share of loss on equity investment from February 11, 2020 to November 30, 2020	(2,855)
November 30, 2020, equity method investment	173,145

	in thousands of dollars
	November 30, 2020
	$
Current assets: Cash, deposits and prepaid expenses	82,226
Non - current assets: Property, equipment and mineral properties	31,287
Loan receivable from South32	58,478
Current liabilities: Accounts payable and accrued liabilities	(1,445)
Non - current liabilities: Lease obligation	(51)
Net assets	170,495

	in thousands of dollars
	Period ending
	November 30, 2020
	$
Amortization	95
Mineral properties expense	3,619
General and administrative expense	3,177
Interest income	(1,181)
Comprehensive loss	5,710