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Kiska Metals Corporation Notes to the consolidated interim financial statements March 31, 2012 and 2011 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 7. Operating segments (continued) Three-month period ended March 31, 2011 Canada United States Australia Other Consolidated Revenue Option fees & project management from mineral property interests $ - $ 49,274 $ (164) $ 50,000 $ 99,110 Other revenue - - - - - Total Revenue - 49,274 (164) 50,000 99,110 Acquisition expenditures 16,090 52,897 306 - 69,293 Exploration expenditures 628,042 1,744,013 43,701 - 2,415,756 Depreciation and amortization 6,215 62,903 - - 69,118 Other Operations, net of depreciation 1,504,685 719 9,124 60 1,514,588 (Gain) loss on sale of available-for-sale financial instruments (126,767) - - - (126,767) (Gain) loss on sale of assets - - 349 - 349 Foreign exchange (gain) loss 358,623 (240,254) (189,182) - (70,813) Finance (revenue) expense (3,951) - (155) - (4,106) Loss before income tax 2,382,937 1,571,004 (135,693) (49,940) 3,768,308 Income tax recovery - - - - - Loss for the period $ 2,382,937 $ 1,571,004 $ (135,693) $ (49,940) $ 3,768,308 As at December 31, 2011 Operating assets $ 8,342,560 $ 52,837 $ 189,680 $ - $ 8,585,077 Operating liabilities $ (306,451) $ (350,935) $ - $ (22,569) $ (679,955) Property and equipment $ 167,813 $ 771,812 $ 118 $ - $ 939,744 Restricted cash $ 131,408 $ 21,602 $ 20,848 $ - $ 173,858 22
Kiska Metals Corporation Notes to the consolidated interim financial statements March 31, 2012 and 2011 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 8. Discontinued operations Pursuant to an agreement dated September 17, 2010, Kiska has sold its interest in Minera Geoinformatica (“Minera”), thereby selling its 100% interest in nine of the Mexican properties to Evrim Metals Corporation (“Evrim”) for consideration of a total of 2,000,000 common shares of Evrim plus ongoing performance-based share payments. Kiska has also appointed a representative to the Evrim Board of Directors. The performance-based share payments amount to 10,000 to 50,000 shares per property, depending upon the status of the property, for a period of five years. Similar payments are also required if Evrim acquires any property out of the database included in the Minera sale. The Company will also receive a 1,000,000 share payment for every property that is advanced to a positive production decision. 9. Option fees and project management from mineral property interests Option payments have been received during the three-month period in respect of the Company’s joint ventures, as follows: 2012 2011 Cash option payments $ - $ 99,110 Share option payments 6,000 - Project management fees 571 - $ 6,571 $ 99,110 10. Earnings per share Basic earnings per share amounts are calculated by dividing the loss attributable to ordinary equity holders for the period by the weighted average number of ordinary shares outstanding during the period. For the three-month periods ended March 31, 2012 and 2011 the Group did not have dilutive potential ordinary shares which would have increased the basic loss per share. The Group has outstanding options and warrants which could potentially dilute earnings per share in the future. 23
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