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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)
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.
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