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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) 23. Financial instruments (continued) There were no other transfers between levels of the fair value hierarchy during the period. The following table summarizes the classification of the Company’s marketable securities within the fair value hierarchy at December 31, 2011: Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Public securities $ 766,375 $ - $ - $ 766,375 Private security - - - - $ 766,375 $ - $ - $ 766,375 The aggregate fair value of investments with unrealized losses and the aggregate amount of the unrealized losses are: Unrealized Loss Position for less than 12 months Fair Value Unrealized Losses March 31, 2012 – Public securities $ 578,166 $ (404,273) December 31, 2011 – Public securities $ 561,275 $ (408,100) There are six (December 31, 2011: five) investment positions in an unrealized loss position, all of which are publicly traded securities. These investments have been in an unrealized loss position for less than 12 months, and the temporary impairment has been determined to be due to current market conditions and therefore is included in other comprehensive loss. 24. Events after the reporting period There are no events subsequent to the date of these consolidated financial statements that require additional disclosure. 42
Management’s Discussion and Analysis For the three-month period-ended March 31, 2012
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