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ROYAL RESOURCES CORPORATION PER SHARE DATA The following table sets forth for the periods indicated historical and pro forma information with respect to book value :tnd earnings per share. The Company paid no cash dividends during these periods. This table should be reaid in conjunction with the fin:tncial statements of the Company and the pro forma consolidated financial statements presented on the preceding pages. As of and for the Sir Aionths Ended Historical lunaudited) Book value per share ....................... Net income (loss) per share ................ . Pro Forma tuneuditedl December 31, As of end for the fear Ended June 30, 1986 1986 1985 1984 1983 1982 $ .94 $ 1.85 $4.28 $4.01 $2.23 $1.97 $ (.92) $(2.44) 30 .66 .26 (.16) As of and far the Six A1onlhs Ended As of end for the year December 31, 1986 Ended June 30, 19R6 Combined Combined Pro Forma Pro Forma Pro Forme Pra Forma Results Results Results Results Book value per share .................................. $ .92 $1.31 N/A N/A Net (loss) per share ................................... N/A $ (.12) $(.23) $ (.23) NOTES TO PRO FORMA FINANCIAL STATEMENTS (Unaudited) [A] Assumes that the sale of oil and gas properties and the acquisition of Montagu both occurred at the beginning of the period. [B] Assumes that the sale of oil and gas properties and the acquisition of Montagu both occurred on December 31, 1986. [I] Reflects the removal of oil and gas properties and related accumulated depreciation, depletion and amortization. [2] Reflects the payments of long-term debt. [3] Reflects the 200,000 Royal shares transferred to Montagu Mining Investments Limited for the acquisition of Montagu. During the year ended June 30, 1986, Montagu was not engaged in operations. [4] Reflects the cash received in connection with the sale of oil and gas properties. [5] Reflects the sale of the Company'sjoint venture interest in the Colosseum Mine. The gain on this sale has not been reflected in the pro forma consolidated statement of oper:ttions for the six months ended December 31, 1986 because the gain is considered non-recurring. [6] Reflects cash paid for the acquisition of Montagu. [7] Reflects the consolidation of the accounts of Montagu into the Company. The excess of the purchase price over the book value of Montagu has been allocated entirely to mining properties. [8] Reflects the estimated oil and gas- operations income from the measurement date (December 31, 1986) to [he estimated disposal date in the fourth quarter. [9] Reflects the adjustment for various general and administrative costs which management estimates would not have been incurred by the Company if Montagu had been acquired at the beginning of the period. 21