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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) 16. Provisions (continued) Rehabilitation provision The Group’s exploration activities are subject to various federal, provincial and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Group conducts its operations so as to protect public health and the environment, and believes its operations are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. The Group makes full provision for management’s current estimate of reclamation and other future site restoration costs to be incurred for existing mineral property interests on a discounted basis. The undiscounted amount of the estimated cash flows required to settle the obligations, which are expected to be paid over the next four years, is $181,156. The amount recorded is not discounted as the effect of the time value of money is immaterial. The rehabilitation provision represents the present value of rehabilitation costs relating to mine sites, which are expected to be incurred up to 2019. These provisions have been created based on the Group’s internal estimates. Assumptions, based on the current economic environment, have been made which management believes are a reasonable basis upon which to estimate the future liability. These estimates are reviewed regularly to take into account any material changes to the assumptions. However, actual rehabilitation costs will ultimately depend upon future market prices for the necessary decommissioning works required which will reflect market conditions at the relevant time. 17. Accounts payable and accrued liabilities March 31, 2012 December 31, 2011 Trade payables $ 3,165 $ 203,417 Accrued liabilities 172,559 246,926 $ 175,724 $ 450,343 All trade payables are non-interest bearing and are normally settled on 30-day terms. 30
Kiska Metals Corporation Notes to the consolidated interim financial statements March 31, 2012 and 2011 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 18. Mineral property expenditures The Group’s expenditures on mineral property operations can be characterized as follows: 2012 2011 Mineral Property Operations Expenses Acquisition expenditures $ 57,798 $ 69,293 Exploration expenditures Aircraft and helicopter 18,576 550,975 Assays and analysis 1,513 1,090 Camp & support 7,967 35,550 Community CSR 32,088 50,933 Contracted support - - Data management and maps 2,735 216 Drilling & trenching 46,555 278,822 Equipment 22,196 26,611 Fuel 6,614 - Geological and engineering 86,315 291,430 Geophysical surveying 50,793 8,124 Licencing and filing 31,627 190 Materials and supplies 5,932 152,685 Project management 405,509 330,914 Share-based compensation 112,001 624,632 Telephone 9,965 14,807 Travel 27,382 28,977 867,768 2,395,956 Reclamation obligation - 19,800 Exploration reimbursements (5,712) - Environmental costs and site preparation 8,842 - $ 870,898 $ 2,415,756 31
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