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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. 26
KISKA METALS CORPORATION MANAGEMENT’S DISCUSSION AND ANALYSIS For the three-month period ended March 31, 2012 1.6 Liquidity (continued) The decrease in cash inflows from financing activities over the prior period from $20,164,472 in 2011 to $Nil in 2012 is a result of a bought deal financing for net proceeds of $16,131,861 occurring in the comparative quarterly period. Moreover, a total of $4,032,611 was raised from the exercise of stock options and warrants during the comparative period. The Company’s financial instruments are all fully cashable at any time so there are no restrictions on availability of funds. There is no long-term debt. The Company’s current obligations include lease commitments for office space. Effective September 1, 2010, the Company has signed a five year lease for expanded head office space at Suite 575-510 Burrard Street, Vancouver, BC. The other current obligations are statutory withholding and payroll taxes. 1.7 Capital Resources The Company had 99,253,559 issued and outstanding common shares as of March 31, 2012. During the three-month period, a total of 95,700 options expired and 160,000 options were forfeited due to termination of option holders without exercise. As at May 30, 2012, the Company had the following common shares, warrants and stock options outstanding: Common shares 99,253,559 Stock options 7,897,107 Warrants 11,691,421 Fully diluted common shares outstanding 118,842,087 Note 14 of the consolidated financial statements outline details of private placements during the three-month period. Options Details of outstanding share purchase options are disclosed in Note 15 of the financial statements. Warrants Details of outstanding warrants are disclosed in Note 14 of the financial statements. Contractual Obligations <strong>Kiska</strong> has future obligations under various contracts relating to operating leases and minimum conditional and non-conditional exploration commitments to keep properties and tenements in good standing. The obligations for any conditional exploration expenditures are non-binding, as the Company has the option to relinquish these licenses and tenements and any rights to the properties at any time. 27
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