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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) 15. Employee remuneration (continued) Share purchase options and weighted average exercise prices are as follows for the reporting periods presented: Number of shares Weighted average exercise price Outstanding, January 1, 2011 6,034,827 $ 1.05 Granted 3,715,000 0.98 Forfeited (360,000) 0.98 Exercised (64,161) 0.66 Expired (1,172,859) 1.43 Outstanding, December 31, 2011 8,152,807 0.97 Granted - - Forfeited (160,000) 0.73 Exercised - - Expired (95,700) 2.29 Outstanding, March 31, 2012 7,897,107 $ 0.94 Options exercisable at end of period 6,147,107 $ 0.97 The weighted average share price at the date of exercise of options exercised during the previous year ended December 31, 2011 was $1.04. The following options are outstanding at March 31, 2012: Number of options outstanding Number exercisable Exercise price per option Expiry date Weighted average remaining life (years) 278,400 278,400 2.24 July 2012 0.29 2,666 2,666 6.90 August 2012 0.34 200,100 200,100 1.84 December 2012 0.70 60,900 60,900 0.98 July 2013 1.29 163,125 163,125 0.17 December 2013 1.72 65,250 65,250 0.25 March 2014 1.92 366,666 366,666 0.45 March 2014 1.92 1,120,000 1,120,000 0.90 December 2014 2.71 100,000 100,000 0.72 February 2015 2.85 250,000 187,500 1.00 June 2015 3.23 1,975,000 1,507,500 0.87 July 2015 3.28 1,340,000 1,035,000 1.35 February 2016 3.88 1,790,000 967,500 0.70 June 2016 4.24 185,000 92,500 0.29 December 2016 4.73 7,897,107 6,147,107 3.23 28
Kiska Metals Corporation Notes to the consolidated interim financial statements March 31, 2012 and 2011 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 15. Employee remuneration (continued) The weighted average grant-date fair value of share purchase options granted during the previous year ended December 31, 2011 was $0.93 per option. The fair value of options granted were determined using Black-Scholes option pricing model, the principal assumptions used in the valuation are shown below: 2012 2011 Share price $ - $ 0.94 Exercise price $ - $ 0.98 Volatility N/A 247.5% Risk-free interest rate N/A 2.19% Expected life (years) - 5.0 Expected dividend yield - - Weighted average value of options granted $ - $ 0.93 The underlying expected volatility was determined with reference to historical data of the Group’s shares over a period of time on the TSX Venture Exchange. A total of $252,091 share-based compensation expense has been included in comprehensive loss for the three-month period (2011: $1,442,133) and credited to share option reserve, of which $112,001 (2011: $624,632) is included in mineral property operations. 16. Provisions Rehabilitation Balance, January 1, 2012 $ 181,156 Foreign exchange differences (5,272) Balance, March 31, 2012 $ 175,884 Comprising: Current $ 8,014 Non-current $ 167,870 Balance, December 31, 2011 Current $ 8,014 Non-currrent $ 173,142 29
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