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ROYAL RESOURCES CORPORATION <br />PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS <br />Six Months Ended December 31, 1986 [A~ <br />(unaudited) <br /> Sale of Mining <br /> Mining Property <br /> Property(51 Acquisition131 Combined <br /> Adjustments Adjustments Pro <br /> Increase Increase Forme <br /> Historical (Decrease) IDecrease7 Results <br />Revenues: <br />Mine consulting ....................... ............ ....... 5 49,443 5 49,443 <br />Interest and other ...................... ..... ............. SR.595 58,595 <br />Gold .sa les .................. .......... .................... 5 91.524 (7) 91.5?4 <br />Cost of gold sales ..................... ................ .... (35964)(7) (J 5,9641 <br /> 108 038 SS.560 163,598 <br />Cwts and expenses <br />Mine operating expenses ........................... ........ 45 267 45,267 <br />Depreciation, depletion and amortization ................. ...... 78,196 47,097 (7) 125,297 <br />General and administrative ........................... ...... 608,805 (132,356)(9) 642,516 <br /> 166,067 (7) <br />Interest ........... ....... ............................... 53,940 43,781 (7) 97,721 <br /> 786.208 124,589 910,797 <br />Loss from continuing operations before non-recurring charges and <br />credits .......... ..................... ....... ......... E(678,170) (69,029) (747,199) <br />Average shares outstanding ...................................... 6,174,731 200,000 6,374,731 <br />Loss per share from conttn uing opera Lions .......................... b (.I I ) b (.12) <br />The accompunving notes are an integral port ojthese~inancral .rtntments. <br />20 <br />