as a result of the spin-out of novacopper from novagold , the interim consolidated financial statements have been presented under the continuity of interest basis of accounting whereby the amounts are based on the amounts originally recorded by novagold as if we had held the property from inception . bornite project on october 19 , 2011 , novacopper us and nana signed a collaborative agreement to explore and develop the ambler mining district . under the exploration agreement and option to lease ( the nana agreement ) , novacopper us acquired the exclusive right to explore the bornite property and lands deeded to nana through the alaska native claims settlement act ( ancsa ) , located adjacent to the arctic project , and the non-exclusive right to access and entry onto nana 's lands . the agreement establishes a framework for any future development of either the bornite project or the arctic project . both projects are included as part of a larger area of interest set forth in the nana agreement . as consideration , novacopper paid $ 4.0 million to nana upon signing the nana agreement and gave nana the right to appoint a member to novacopper 's board of directors within a five year period following our public listing on a stock exchange . nana has not exercised their right to appoint a board member at this time . upon the decision to proceed with development of a mine within the area of interest , nana has a 120 day one time right to purchase an ownership interest in the mine equal to between 16 % -25 % or retain a 15 % net proceeds royalty which is payable after novacopper has recovered certain historical costs , capital and cost of capital . should nana elect to purchase an ownership interest in the mine , consideration will be payable based on the elected percentage purchased and the costs incurred on the properties less $ 40.0 million , not to be less than zero . the parties would form a joint venture and be responsible for all future costs incurred in connection with the mine , including capital costs of the mine , based on each party 's pro-rata share . the completion of the agreement with nana creates a total land package which incorporates our ambler lands with the adjacent bornite and ancsa lands for a total of approximately 352,900 acres ( 142,831 hectares ) . nana would also be granted a net smelter return royalty between 1 % and 2.5 % upon the execution of a mining lease or a surface use agreement , the amount of which is determined by the particular area of land from which production originates . we have accounted for the bornite property as a mineral property with acquisition costs capitalized and exploration costs expensed . corporate developments financing on july 7 , 2014 , we completed a non-brokered private placement with our three largest shareholders for $ 7.5 million in units . each unit was priced at $ 1.15 per unit and consisted of one common share and one common share purchase warrant . each common share purchase warrant entitles the holder to purchase one common share at a price of $ 1.60 per share for a period of five years from the closing date . net proceeds from the private placement were approximately $ 7.2 million . the gross proceeds raised were allocated for the 12 months following closing to fund a minimum of $ 2.7 million on program expenditures , $ 4.0 million on general and administrative expenses including costs associated with the offering , and $ 0.8 million on one-time expenses incurred in reducing annual general and administrative expenses . we are currently on track to meet our budgeted expenditures . long-term incentives on september 9 , 2014 , the board of directors approved a grant of 1,620,000 stock options to employees and directors . 66 share issuances under the plan of arrangement , we committed to issue common shares to satisfy holders of novagold performance share units ( psus ) and deferred shares units on record as of the close of business on april 27 , 2012. when a share unit vests , we committed to deliver one common share to such holder for every six shares of novagold the holder is entitled to receive , pursuant to the warrant and share unit terms , rounded down to the nearest whole number . during the year ended november 30 , 2014 , we issued 14,166 psus . as of november 30 , 2014 , no novagold psus remain outstanding and 20,685 novagold dsus remain outstanding , which will settle upon the novagold directors ' retirement . project activities on march 18 , 2014 , we announced the release of an updated ni 43-101 compliant resource estimate for the bornite deposit and on april 1 , 2014 , we filed a ni 43-101 compliant technical report titled ni 43-101 technical report on the bornite project , northwest alaska , usa dated effective march 18 , 2014. this updated bornite project resource estimation included the results of drilling completed and the re-logging and re-assaying program undertaken during the 2013 field season . at a base case 0.50 % copper cutoff grade , the bornite project is estimated to contain in-pit indicated resources of 14.1 million tonnes at an average grade of 1.08 % copper or 334 million lbs of contained copper and in-pit inferred resources of 109.6 million tonnes at an average grade of 0.94 % copper or 2.3 billion lbs of contained copper . resources are stated as contained within a pit shell developed using a metal price of $ 3.00/lb copper , mining costs of $ 2.00/tonne , milling costs of $ 11/tonne , general and administrative cost of $ 5.00/tonne , 87 % metallurgical recoveries and an average pit slope of 43 degrees . story_separator_special_tag we do not expect the adoption to have significant changes to our disclosure of going concern as we currently comply with appropriate guidance issued by the u.s. securities and exchange commission and guidance under u.s. auditing standards . critical accounting estimates the most critical accounting estimates upon which our financial status depends are those requiring estimates of the recoverability of our capitalized mineral properties , impairment of long-lived assets and valuation of stock-based compensation . mineral properties and development costs all direct costs related to the acquisition of mineral property interests are capitalized . the acquisition of title to mineral properties is a complicated and uncertain process . the company has taken steps , in accordance with industry standards , to verify the title to mineral properties in which it has an interest . although the company has made efforts to ensure that legal title to its mining assets are properly recorded , there can be no assurance that such title will be secured indefinitely . impairment of long-lived assets management assesses the possibility of impairment in the carrying value of its long-lived assets whenever events or circumstances indicate that the carrying amounts of the asset or asset group may not be recoverable . significant estimates are made in assessing the possibility of impairment . management considers several factors in considering if an indicator of impairment has occurred , including but not limited to , indications of value from external sources , significant changes in the legal , business or regulatory environment , and adverse changes in the use or physical condition of the asset . these factors are subjective and require consideration at each period end . if an indicator of impairment is determined to exist , management calculates the estimated undiscounted future net cash flows relating to the asset or asset group using estimated future prices , mineral resources , and operating , capital and reclamation costs . when the carrying value of an asset exceeds the related undiscounted cash flows , the asset is written down to its estimated fair value , which is usually determined using discounted future cash flows . management 's estimates of mineral prices , mineral resources , foreign exchange , production levels and operating capital and reclamation costs are subject to risk and uncertainties that may affect the determination of the recoverability of the long-lived asset . stock-based compensation compensation expense for options granted to employees , directors and certain service providers is determined based on estimated fair values of the options at the time of grant using the black-scholes option pricing model , which takes into account , as of the grant date , the fair market value of the shares , expected volatility , expected life , expected forfeiture rate , expected dividend yield and the risk-free interest rate over the expected life of the option . the use of the black-scholes option pricing model requires input estimation of the expected life of the option , volatility , and forfeiture rate which can have a significant impact on the valuation model , and resulting expense recorded . risk factors novacopper and its future business , operations and financial condition are subject to various risks and uncertainties due to the nature of its business and the present stage of exploration of its mineral properties . certain of these risks and uncertainties are under the heading risk factors under novacopper 's form 10-k dated february 5 , 2015 available on sedar at www.sedar.com and edgar at www.sec.gov and on our website at www.novacopper.com . 73 additional information additional information regarding the company , including our annual report on form 10-k , is available on sedar at www.sedar.com and edgar at www.sec.gov and on our website at www.novacopper.com . cautionary notes forward-looking statements this management 's discussion and analysis contains forward-looking information and forward-looking statements within the meaning of section 27a of the u.s. securities act of 1933 , as amended , section 21e of the u.s. securities exchange act of 1934 , as amended ( the exchange act ) , and other applicable securities laws . these forward-looking statements may include statements regarding perceived merit of properties , exploration results and budgets , mineral reserves and resource estimates , work programs , capital expenditures , operating costs , cash flow estimates , production estimates and similar statements relating to the economic viability of a project , timelines , strategic plans , including the company 's plans and expectations relating to its upper kobuk mineral projects , completion of transactions , market prices for precious and base metals , or other statements that are not statements of fact . these statements relate to analyses and other information that are based on forecasts of future results , estimates of amounts not yet determinable and assumptions of management . statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed . any statements that express or involve discussions with respect to predictions , expectations , beliefs , plans , projections , objectives , assumptions or future events or performance ( often , but not always , identified by words or phrases such as expects , is expected , anticipates , believes , plans , projects , estimates , assumes , intends , strategy , goals , objectives , potential , possible or variations thereof or stating that certain actions , events , conditions or results may , could , would , should , might or will be taken , occur or be achieved , or the negative of any of these terms and similar expressions ) are not statements of historical fact and may be forward-looking statements . forward-looking statements are based on a number of material assumptions , including those listed below , which could prove to be significantly incorrect : assumptions made in the interpretation of drill results , the geology ,

liquidity and capital resources at november 30 , 2014 , we had $ 5.1 million in cash and cash equivalents . we expended $ 8.6 million on operating activities compared with $ 15.2 million for operating activities for the same period in 2013 , and expenditures of $ 19.9 million for operating activities for the same period in 2012. a majority of cash spent on operating activities during all periods was expended on mineral property expenses , salaries and general and administrative expenses , which also accounts for the corresponding decrease . as the exploration field season in the ambler district is between may and early october of each year , a significant portion of the mineral property expenses and operating activities are incurred during this time frame . the decrease is also somewhat offset by an adjustment for non-cash working capital in 2012 as accounts payable and accrued liabilities were higher at $ 2.0 million at november 30 , 2012 compared to $ 1.7 million at november 30 , 2013 and $ 0.9 million at november 30 , 2014. this difference relates mainly to earlier settlement of mineral property expenses in the year and reduced spending in 2013 and 2014 compared to 2012. during the year ended november 30 , 2014 , we generated $ 7.2 million from financing activities compared to expenditures of $ 0.3 million on financing activities in the year ended november 30 , 2013 and $ 43.8 million from financing activities generated in the same period in 2012. the generation of cash in 2014 was raised from the completion of a private placement of $ 7.2 million in july 2014. cash was expended in 2013 to settle vested rsus which were not able to be settled in shares due to an insider participation limit in our rsu plan . cash of $ 40.0 million was received from novagold in april 2012 with the completion of the plan of arrangement .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources at november 30 , 2014 , we had $ 5.1 million in cash and cash equivalents . we expended $ 8.6 million on operating activities compared with $ 15.2 million for operating activities for the same period in 2013 , and expenditures of $ 19.9 million for operating activities for the same period in 2012. a majority of cash spent on operating activities during all periods was expended on mineral property expenses , salaries and general and administrative expenses , which also accounts for the corresponding decrease . as the exploration field season in the ambler district is between may and early october of each year , a significant portion of the mineral property expenses and operating activities are incurred during this time frame . the decrease is also somewhat offset by an adjustment for non-cash working capital in 2012 as accounts payable and accrued liabilities were higher at $ 2.0 million at november 30 , 2012 compared to $ 1.7 million at november 30 , 2013 and $ 0.9 million at november 30 , 2014. this difference relates mainly to earlier settlement of mineral property expenses in the year and reduced spending in 2013 and 2014 compared to 2012. during the year ended november 30 , 2014 , we generated $ 7.2 million from financing activities compared to expenditures of $ 0.3 million on financing activities in the year ended november 30 , 2013 and $ 43.8 million from financing activities generated in the same period in 2012. the generation of cash in 2014 was raised from the completion of a private placement of $ 7.2 million in july 2014. cash was expended in 2013 to settle vested rsus which were not able to be settled in shares due to an insider participation limit in our rsu plan . cash of $ 40.0 million was received from novagold in april 2012 with the completion of the plan of arrangement .
```    
 Suspicious Activity Report : as a result of the spin-out of novacopper from novagold , the interim consolidated financial statements have been presented under the continuity of interest basis of accounting whereby the amounts are based on the amounts originally recorded by novagold as if we had held the property from inception . bornite project on october 19 , 2011 , novacopper us and nana signed a collaborative agreement to explore and develop the ambler mining district . under the exploration agreement and option to lease ( the nana agreement ) , novacopper us acquired the exclusive right to explore the bornite property and lands deeded to nana through the alaska native claims settlement act ( ancsa ) , located adjacent to the arctic project , and the non-exclusive right to access and entry onto nana 's lands . the agreement establishes a framework for any future development of either the bornite project or the arctic project . both projects are included as part of a larger area of interest set forth in the nana agreement . as consideration , novacopper paid $ 4.0 million to nana upon signing the nana agreement and gave nana the right to appoint a member to novacopper 's board of directors within a five year period following our public listing on a stock exchange . nana has not exercised their right to appoint a board member at this time . upon the decision to proceed with development of a mine within the area of interest , nana has a 120 day one time right to purchase an ownership interest in the mine equal to between 16 % -25 % or retain a 15 % net proceeds royalty which is payable after novacopper has recovered certain historical costs , capital and cost of capital . should nana elect to purchase an ownership interest in the mine , consideration will be payable based on the elected percentage purchased and the costs incurred on the properties less $ 40.0 million , not to be less than zero . the parties would form a joint venture and be responsible for all future costs incurred in connection with the mine , including capital costs of the mine , based on each party 's pro-rata share . the completion of the agreement with nana creates a total land package which incorporates our ambler lands with the adjacent bornite and ancsa lands for a total of approximately 352,900 acres ( 142,831 hectares ) . nana would also be granted a net smelter return royalty between 1 % and 2.5 % upon the execution of a mining lease or a surface use agreement , the amount of which is determined by the particular area of land from which production originates . we have accounted for the bornite property as a mineral property with acquisition costs capitalized and exploration costs expensed . corporate developments financing on july 7 , 2014 , we completed a non-brokered private placement with our three largest shareholders for $ 7.5 million in units . each unit was priced at $ 1.15 per unit and consisted of one common share and one common share purchase warrant . each common share purchase warrant entitles the holder to purchase one common share at a price of $ 1.60 per share for a period of five years from the closing date . net proceeds from the private placement were approximately $ 7.2 million . the gross proceeds raised were allocated for the 12 months following closing to fund a minimum of $ 2.7 million on program expenditures , $ 4.0 million on general and administrative expenses including costs associated with the offering , and $ 0.8 million on one-time expenses incurred in reducing annual general and administrative expenses . we are currently on track to meet our budgeted expenditures . long-term incentives on september 9 , 2014 , the board of directors approved a grant of 1,620,000 stock options to employees and directors . 66 share issuances under the plan of arrangement , we committed to issue common shares to satisfy holders of novagold performance share units ( psus ) and deferred shares units on record as of the close of business on april 27 , 2012. when a share unit vests , we committed to deliver one common share to such holder for every six shares of novagold the holder is entitled to receive , pursuant to the warrant and share unit terms , rounded down to the nearest whole number . during the year ended november 30 , 2014 , we issued 14,166 psus . as of november 30 , 2014 , no novagold psus remain outstanding and 20,685 novagold dsus remain outstanding , which will settle upon the novagold directors ' retirement . project activities on march 18 , 2014 , we announced the release of an updated ni 43-101 compliant resource estimate for the bornite deposit and on april 1 , 2014 , we filed a ni 43-101 compliant technical report titled ni 43-101 technical report on the bornite project , northwest alaska , usa dated effective march 18 , 2014. this updated bornite project resource estimation included the results of drilling completed and the re-logging and re-assaying program undertaken during the 2013 field season . at a base case 0.50 % copper cutoff grade , the bornite project is estimated to contain in-pit indicated resources of 14.1 million tonnes at an average grade of 1.08 % copper or 334 million lbs of contained copper and in-pit inferred resources of 109.6 million tonnes at an average grade of 0.94 % copper or 2.3 billion lbs of contained copper . resources are stated as contained within a pit shell developed using a metal price of $ 3.00/lb copper , mining costs of $ 2.00/tonne , milling costs of $ 11/tonne , general and administrative cost of $ 5.00/tonne , 87 % metallurgical recoveries and an average pit slope of 43 degrees . story_separator_special_tag we do not expect the adoption to have significant changes to our disclosure of going concern as we currently comply with appropriate guidance issued by the u.s. securities and exchange commission and guidance under u.s. auditing standards . critical accounting estimates the most critical accounting estimates upon which our financial status depends are those requiring estimates of the recoverability of our capitalized mineral properties , impairment of long-lived assets and valuation of stock-based compensation . mineral properties and development costs all direct costs related to the acquisition of mineral property interests are capitalized . the acquisition of title to mineral properties is a complicated and uncertain process . the company has taken steps , in accordance with industry standards , to verify the title to mineral properties in which it has an interest . although the company has made efforts to ensure that legal title to its mining assets are properly recorded , there can be no assurance that such title will be secured indefinitely . impairment of long-lived assets management assesses the possibility of impairment in the carrying value of its long-lived assets whenever events or circumstances indicate that the carrying amounts of the asset or asset group may not be recoverable . significant estimates are made in assessing the possibility of impairment . management considers several factors in considering if an indicator of impairment has occurred , including but not limited to , indications of value from external sources , significant changes in the legal , business or regulatory environment , and adverse changes in the use or physical condition of the asset . these factors are subjective and require consideration at each period end . if an indicator of impairment is determined to exist , management calculates the estimated undiscounted future net cash flows relating to the asset or asset group using estimated future prices , mineral resources , and operating , capital and reclamation costs . when the carrying value of an asset exceeds the related undiscounted cash flows , the asset is written down to its estimated fair value , which is usually determined using discounted future cash flows . management 's estimates of mineral prices , mineral resources , foreign exchange , production levels and operating capital and reclamation costs are subject to risk and uncertainties that may affect the determination of the recoverability of the long-lived asset . stock-based compensation compensation expense for options granted to employees , directors and certain service providers is determined based on estimated fair values of the options at the time of grant using the black-scholes option pricing model , which takes into account , as of the grant date , the fair market value of the shares , expected volatility , expected life , expected forfeiture rate , expected dividend yield and the risk-free interest rate over the expected life of the option . the use of the black-scholes option pricing model requires input estimation of the expected life of the option , volatility , and forfeiture rate which can have a significant impact on the valuation model , and resulting expense recorded . risk factors novacopper and its future business , operations and financial condition are subject to various risks and uncertainties due to the nature of its business and the present stage of exploration of its mineral properties . certain of these risks and uncertainties are under the heading risk factors under novacopper 's form 10-k dated february 5 , 2015 available on sedar at www.sedar.com and edgar at www.sec.gov and on our website at www.novacopper.com . 73 additional information additional information regarding the company , including our annual report on form 10-k , is available on sedar at www.sedar.com and edgar at www.sec.gov and on our website at www.novacopper.com . cautionary notes forward-looking statements this management 's discussion and analysis contains forward-looking information and forward-looking statements within the meaning of section 27a of the u.s. securities act of 1933 , as amended , section 21e of the u.s. securities exchange act of 1934 , as amended ( the exchange act ) , and other applicable securities laws . these forward-looking statements may include statements regarding perceived merit of properties , exploration results and budgets , mineral reserves and resource estimates , work programs , capital expenditures , operating costs , cash flow estimates , production estimates and similar statements relating to the economic viability of a project , timelines , strategic plans , including the company 's plans and expectations relating to its upper kobuk mineral projects , completion of transactions , market prices for precious and base metals , or other statements that are not statements of fact . these statements relate to analyses and other information that are based on forecasts of future results , estimates of amounts not yet determinable and assumptions of management . statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed . any statements that express or involve discussions with respect to predictions , expectations , beliefs , plans , projections , objectives , assumptions or future events or performance ( often , but not always , identified by words or phrases such as expects , is expected , anticipates , believes , plans , projects , estimates , assumes , intends , strategy , goals , objectives , potential , possible or variations thereof or stating that certain actions , events , conditions or results may , could , would , should , might or will be taken , occur or be achieved , or the negative of any of these terms and similar expressions ) are not statements of historical fact and may be forward-looking statements . forward-looking statements are based on a number of material assumptions , including those listed below , which could prove to be significantly incorrect : assumptions made in the interpretation of drill results , the geology ,

