Note 15 - Related Party Transactions |
9 Months Ended |
|---|---|
Aug. 31, 2026 | |
| Notes to Financial Statements | |
| Related Party Transactions Disclosure [Text Block] |
NOTE 15 – RELATED PARTY TRANSACTIONS
The Company provided management and administrative services to Donlin Gold for $471 and $1,362 in the three and nine months ended August 31, 2026, respectively ($201 and $533 in the three and nine months ended August 31, 2025, respectively). As of August 31, 2026, the Company has accounts receivable from Donlin Gold of $139 (November 30, 2025: $1,044) included in Other current assets.
As consideration for providing a backstop commitment to the Company on April 22, 2025, NOVAGOLD issued Backstop Warrants (Note 10) to three institutional investors, one of which was Electrum Strategic Resources L.P. (“Electrum”). The Backstop Warrants had an estimated aggregate fair value at grant 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 the private placement component of the May 2025 Offering as described in Note 10. Electrum purchased 13,333,334 shares of NOVAGOLD in the May 2025 Offering for $50,000.
In connection with the Transactions, the Company’s wholly owned subsidiary, NovaGold USA, Inc. (“NOVAGOLD USA”), entered into a loan agreement with New NOVAGOLD on July 21, 2026, whereby NOVAGOLD USA has committed to make advances to New NOVAGOLD, upon request (“Note Receivable”). New NOVAGOLD is 50% owned by each of NOVAGOLD and Paulson Advisers LLC. Since New NOVAGOLD is consolidated by the Company (Note 6), the Note Receivable advances and related interest between NOVAGOLD USA and New NOVAGOLD are eliminated on consolidation.
|