FINANCIAL HIGHLIGHTS ROYALTY REVENUES for the years ended June 30 ($000) NET INCOME for the years ended June 30 ($000) NET CASH PROVIDED by operating activities (millions) 97 98 99 00 01 9 2.2 1.0 9.4 6 97 98 99 00 01 4 -3.5 -8.8 4 1.1 97 98 99 00 01 2.1 2.2 -3.7 4.2 3.2 SELECTED FINANCIAL DATA For the Years Ended June 30, Selected Statement of Operations Data 2001 2000 1999 1998 1997 (Amounts in thousands, except per share data) Royalty revenues $ 5,963 $ 9,407 $ 972  $ 2,176 $ 8,890 Exploration expense 774 1,627 2,831 2,001 1,738 General and administrative expense 1,716 1,768 1,704 1,679 1,693 Depreciation and depletion 1,271 1,193 464 155 51 Impairment of mining assets 490 — 4,616 — — Earnings (loss) 1,138 3,953 (8,808) (3,543) 4,054 Basic earnings (loss) per share $ 0.06 $ 0.23 $ (0.51)  $ (0.21) $ 0.26 Diluted earnings (loss) per share $ 0.06 $ 0.22 $ (0.51)  $ (0.21) $ 0.24 Dividends declared per share $ 0.05 $ 0.05 $  0.00  $ 0.00 $ 0.00 For the Years Ended June 30, Selected Balance Sheet Data 2001 2000 1999 1998 1997 (Amounts in thousands) Total assets $ 17,262 $ 17,498 $11,815 $ 20,927 $ 18,981 Working capital 5,448 5,692 8,582 11,437 13,942 Long-term obligations 127 125 81 108 134 ROYALTY RESERVE OUNCES  AT VARIOUS GOLD PRICES  for the year ended June 30 ($000) $250-270 $270-310 $310-330 $330-350 0 50 100 150 200 250 300 BALD MTN GSR1 NVR 1 GSR3 Cautionary “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995 With the exception of historical matters, the matters discussed in this report are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projec- tions or estimates contained herein. Such forward-looking statements include statements regarding planned royalties and levels of exploration, general and administrative expenses, and other expenditures. Factors that could cause actual results to differ materially from projections or estimates include, among others, changes in gold, silver or other commodity prices, decisions and activities of mine operators regarding the various properties where the Company has royalties, unanticipated grade, geological, metallurgical, processing or other problems, tim- ing of production and schedules for development, changes in project parameters as plans continue to be refined, results of current exploration activities, accidents, environmental costs and risks, as well as other factors described elsewhere in this report. Most of these factors are beyond the Company’s ability to predict or control.The Company disclaims any obligation to update any forward-looking statement made herein. Readers are cautioned not to put undue reliance on  forward-looking statements. 1