v3.25.4
Consolidated Statements of Cash Flows
$ in Thousands, $ in Thousands
12 Months Ended
Nov. 30, 2025
CAD ($)
Nov. 30, 2024
CAD ($)
Operating activities    
Net loss for the year $ (15,332) $ (27,347)
Adjustments for items not involving cash:    
Depreciation 346 331
Adjustments for share-based payments 2,966 2,298
Share of loss in associate 346 1,458
Gain on share sales of investment in associate (149) 0
Gain on remeasurement of investment in NevGold (337) 0
Flow-through recovery (101) 0
Deferred income tax expense (recovery) (9,844) 168
Impairment of exploration and evaluation assets 0 74
Recovery on the receipt of mineral property option payments 0 (2,260)
Others 117 172
Net changes in non-cash working capital items:    
Other assets (88) 228
Incomes taxes receivable (158) 0
Prepaid expenses and deposits 338 486
Accounts payable and accrued liabilities 587 (156)
Incomes taxes payable (1,903) 1,985
Due to related parties (6) 35
Cash used in operating activities (23,218) (22,528)
Investing activities    
Investment in exploration and evaluation assets 0 (306)
Net proceeds from share sales of investment in associate 1,180 0
Net proceeds from share sales of long-term investment 858 0
Purchase of securities 0 (190)
Proceeds recceived from earn-in agreement 55 0
Investment in joint venture (57) (206)
Purchase of equipment 0 (243)
Royalty buy-down 0 (99)
Cash generated from (used in) investing activities 2,036 (1,044)
Financing activities    
Proceeds from US GoldMining warrant exercises, net of issuance costs 0 5
Proceeds from common shares issued upon exercise of options 444 34
Payment of lease liabilities (119) (110)
Cash generated from financing activities 34,381 13,352
Effect of exchange rate changes on cash (204) 515
Net increase (decrease) in cash and cash equivalents and restricted cash 12,995 (9,705)
Beginning of year 12,002 21,707
End of year 24,997 12,002
Supplemental cash flow disclosure:    
Cash paid for income taxes (1,876) (5)
ATM program [member]    
Financing activities    
Net proceeds from At-the-Market offering, net of issuance costs 20,786 12,786
Proceeds from flow-through share issuance 21,319 13,114
ATM program [member] | U.S. GoldMining Inc. [member]    
Financing activities    
Net proceeds from At-the-Market offering, net of issuance costs 12,770 637
Proceeds from flow-through share issuance 13,121 656
Flow-through share financing [member]    
Financing activities    
Proceeds from flow-through share issuance $ 500 $ 0