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KISKA METALS CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the three-month period ended March 31, 2012
1.5 Summary of Quarterly Results
Selected quarterly information for each of the eight most recently completed financial periods is
set out below: (figures in thousands)
Q1
2012
Q4
2011
Q3
2011
Q2
2011
Q1
2011
Q4
2010
Q3
2010
Q2
2010
Revenues $ 17 $ 325 $ 291 $ 1 $ 99 $ 501 $ 36 $ 82
Loss from
operations (1,714) (3,609) (9,793) (5,175) (3,970) (3,118) (6,541) (3,697)
Comprehensive
gain (loss) (1,717) (3,297) (10,240) (5,367) (3,340) 199 (6,649) (3,763)
Loss per common
share $ (0.02) $ (0.04) $ (0.10) $ (0.05) $ (0.04) $ (0.00) $ (0.09) $ (0.06)
Expenditures generally exhibit a seasonal variation being lower in the first and last quarters and
higher during the second and third quarters of each year. This variation is due to the climate
where exploration is taking place, which limits exploration in the winter months.
1.6 Liquidity
The Company’s cash and cash equivalents balance at March 31, 2012 was $5,754,077
compared with $6,800,283 at December 31, 2011. The Company had working capital of
$6,728,920 at March 31, 2012 compared with working capital of $8,149,139 at December 31,
2011. The decrease in working capital is attributable to ongoing administration and mineral
property operations of the Company.
For the three-month period ended March 31, 2012 and 2011, cash used in operating activities
was $1,023,767 and $2,142,547, respectively. The decrease is attributable to a reduction in
exploration activities in the current compared to the prior period.
Cash outflows from investing activities were a result of expenditures on property, plant and
equipment used by the Company for its administrative and mineral property operations of
$28,514. Total outflows from investing activities were $22,439 (2011: $159,790) due to property
and equipment purchases.
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