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Kiska Metals Corporation Consolidated Interim Statements of Financial Position As at March 31, 2012 and December 31, 2011 (Expressed in Canadian dollars) (Unaudited – Prepared by Management) Current assets Note March 31, 2012 December 31, 2011 Cash and cash equivalents 13 $ 5,754,077 $ 6,800,283 Restricted cash 13 70,876 70,876 Trade and other receivables 12 184,788 782,533 Prepaid expenses and deposits 133,661 235,886 Other financial assets 23 769,256 766,375 Non-current assets 6,912,658 8,655,953 Property and equipment 11 895,332 939,744 Restricted cash 13 97,494 102,982 992,826 1,042,726 Total assets $ 7,905,484 $ 9,698,679 Current liabilities Accounts payable and accrued liabilities 17 $ 175,724 $ 450,343 Due to related parties 20 - 48,457 Provisions 16 8,014 8,014 183,738 506,814 Non-current liabilities Provisions 16 167,870 173,142 167,870 173,142 Total liabilities 351,608 679,956 Shareholders’ equity Share capital 14 96,124,498 96,124,498 Share option reserve 8,848,776 8,596,685 Share warrant reserve 8,368,728 8,368,728 Other comprehensive income (378,888) (375,770) Deficit (105,409,238) (103,695,418) 7,553,876 9,018,723 Total liabilities and shareholder’s equity $ 7,905,484 $ 9,698,679 Approved by the Board: "Jason Weber" The accompanying notes form an integral part of these consolidated interim financial statements 4 "Bipin Ghelani" Director Director Operations (Note 1) Basis of preparation (Note 2) Going concern (Note 2) Capital commitments and other contingencies (Note 19)
Kiska Metals Corporation Consolidated Interim Statements of Changes in Equity For the three-month periods ended March 31, 2012 and 2011 (Expressed in Canadian dollars) (Unaudited – Prepared by Management) Note Share Capital Share option reserve Share warrant reserve Investment revaluation reserve Deficit Total Equity Balance at January 1, 2011 $ 78,904,726 $ 5,465,215 $ 5,528,778 $ 209,329 $ (82,036,870) $ 8,071,178 Loss and Comprehensive loss - - - 428,600 (3,768,308) (3,339,708) Share-based compensation - 1,442,133 - - - 1,442,133 Issue of shares for cash on shortform prospectus 17,324,750 - - - - 17,324,750 Value attributable to warrants issued in short-form prospectus (4,593,089) - 4,593,089 - - - Issued for cash on exercise of options/warrants 4,032,611 - - - - 4,032,611 Fair value of options/warrants exercised 1,757,007 (21,714) (1,735,293) - - - Share issue costs (1,191,668) - - - - (1,191,668) Balance at March 31, 2011 $ 96,234,337 $ 6,885,634 $ 8,386,574 $ 637,929 $ (85,805,178) $ 26,339,296 Balance at January 1, 2012 $ 96,124,498 $ 8,596,685 $ 8,368,728 $ (375,770) $ (103,695,418) $ 9,018,723 Loss and Comprehensive loss - - - (3,118) (1,713,820) (1,716,938) Share-based compensation - 252,091 - - - 252,091 Balance at March 31, 2012 $ 96,124,498 $ 8,848,776 $ 8,368,728 $ (378,888) $ (105,409,238) $ 7,553,876 The accompanying notes form an integral part of these consolidated interim financial statements 5
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