Note 14 - Related Party Transactions |
9 Months Ended |
|---|---|
Aug. 31, 2025 | |
| Notes to Financial Statements | |
| Related Party Transactions Disclosure [Text Block] |
NOTE 14 – RELATED PARTY TRANSACTIONS
The Company provided management and administrative services to Donlin Gold for $201 and $533 in the three and nine months ended August 31, 2025, respectively ($227 and $645 in the three and nine months ended August 31, 2024, respectively). As of August 31, 2025, the Company has accounts receivable from Donlin Gold of $651 (November 30, 2024: $420) included in Other current assets.
As consideration for providing a backstop commitment to the Company on April 22, 2025, NOVAGOLD issued Backstop Warrants (Note 9) to three institutional investors, one of which was Electrum Strategic Resources L.P. ("Electrum”). The Backstop Warrants have an estimated aggregate fair value of $39,607. Electrum received 6,375,000 Backstop Warrants having a fair value of approximately $9,902. Dr. Thomas Kaplan, NOVAGOLD's Chairman of the Board, is the Chairman and Chief Executive Officer of The Electrum Group LLC, an affiliate of Electrum. Electrum is the largest shareholder of NOVAGOLD.
Additionally, Electrum was one of two institutional investors who participated in a private placement that closed concurrent with the public equity offering at the same price as the public equity offering described in Note 9. Electrum purchased 13,333,334 shares of NOVAGOLD in the private placement. |