EXHIBIT 11 APEX SILVER MINES LIMITED ------------------------- COMPUTATION OF NET LOSS PER ORDINARY SHARE For the period December 22, 1994 Six months Six months (Inception) ended ended Year ended Year ended through June 30, June 30, December 31, December 31, December 31, 1997 1996 1996 1995 1994 ----------- ------------- ------------ ------------ --------------- Net loss for the period...................... $(11,777,846) $(3,324,097) $(11,723,313) $(1,861,185) $(213,165) ============= ============ ============= ============ ========== Weighted average ordinary shares outstanding (1)............. 13,194,453 8,822,546 10,596,171 8,822,546 8,822,546 ============ ============ ============= ============ ========== Net loss per ordinary shares...................... $ (0.89) $ (0.38) $ (1.11) $ (0.21) $ (0.02) ============ ============ ============= ============ ========== (1) Ordinary share equivalents are not included because they are antidilutive, except that ordinary share equivalents relating to options issued and ordinary shares sold at less than the initial public offering price during the twelve-month period prior to the initial public offering contemplated hereby are included for all periods presented.