ROMARCO - CORPORATE PRESENTATION FEBRUARY 2012

CORPORATE PRESENTATIONFEBRUARY 2012 W W W . R O M A R C O . C O M

Cautionary Statement The information in this document has been prepared as of February 9, 2011. Certain statements contained in this document constitute “forward-lookingstatements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward looking information under the provisions ofCanadian provincial securities laws. When used in this document, the words “anticipate”, “expect”, “estimate”, “forecast”, “will”, “planned”, and similarexpressions are intended to identify forward-looking statements or information. Specifically, this presentation contains forward looking statements regarding the results and projections contained in the February 2011 technical report of the T S X : R Haile Gold project, including the expected mine life, recovery, capital costs, cash operating costs and other costs and anticipated production of the describedopen pit mine, the projected internal rate of return, the projected payback period, the availability of capital for development, sensitivity to metal prices, ore grade,the reserve and resource estimates on the project, the financial analysis, the timing for completion of the revised feasibility study on the Haile Gold project, thetiming and amount of future production, the timing of construction of the proposed mine and process facilities, capital and operating expenditures, the timing ofthe receipt of permits, rights and authorizations, communications with local stakeholders and community relations, availability of financing and any and all othertiming, development, operational, financial, economic, legal, regulatory and political factors that may influence future events or conditions and expected drilling WWW .R O MA R C O .C O Mactivities. In addition, this presentation also contains updated resource estimates contained in the February 2011 technical reports. Scientific and technical information referred herein has been extracted from and are hereby qualified in their entirety by reference to the aforementionedtechnical reports (“Technical Reports”). Joshua Snider, P.E., Thomas L. Drielick, P.E., Lee “Pat” Gochnour, M.M.S.A., John Marek, P.E. and Derek Wittwer, P.E. areresponsible for preparing the Technical Reports. Each of the above referenced persons is a “qualified person” as defined in National Instrument 43-101 —Standards of Disclosure for Mineral Projects. Such forward‐looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in anyanother of Romarco’s public filings, and include the ultimate determination of mineral reserves and resources, availability and final receipt of required approvals,licenses and permits, sufficient working capital to develop and operate the proposed mine, access to adequate services and supplies, economic conditions,commodity prices, foreign currency exchange rates, interest rates, access to capital and debt markets and associated cost of funds, availability of a qualified workforce, lack of social opposition and legal challenges, and the ultimate ability to mine, process and sell mineral products on economically favorable terms. WhileRomarco considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Actual results may varyfrom such forward‐looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Romarco filings atwww.sedar.com. Forward‐looking statements are based upon management’s beliefs, estimate and opinions on the date the statements are made and, other thanas required by law, Romarco does not intend, and undertakes no obligation to update any forward‐looking information to reflect, among other things, newinformation or future events Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: Certain tables may use the terms “Measured”, “Indicated” and “Inferred” Resources. United States investors are advised that while such terms are recognized andrequired by Canadian regulations, however, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” havea great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred MineralResource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or othereconomic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be convertedinto Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable. 2 All figures are US$ unless otherwise indicated

Why own ROMARCO? Near term, low cost gold producer with strong project economics T S X : R Located in a mining friendly jurisdiction with excellent infrastructurePrivate Land – No Royalties WWW .R O MA R C O .C O MSignificant Exploration Upside – open pit & undergroundSolid cash position (~ US$115 million), no debt – as of December 31, 201170% Institutionally HeldPermits Pending – targeted by year end 2012Extremely undervalued in today’s Market vs. Peers 3

HAILE GOLD MINE MINING HISTORY CAROLINA SLATE BELT §  First Gold rush before California §  Carolinas led US Gold production untilKentucky West Virginia 1848 T S X : R §  Second US Mint in Charlotte, NC Tennessee §  Original 49’ers came from East Coast §  Signiﬁcant gold production in 80’s-90’s WWW .R O MA R C O .C O M Russell Mine Hickory §  Mining part of local history/community Reed Mine Ironwood North Carolina §  500 active mines in South Carolina today Howie Mine Locust Haile Mine Brewer Mine Bayberry Buzzard Ridgeway Mine Dorn Mine Elm Magruder Mine Bante Mine Tathom Mine Columbia Mine South Carolina Georgia 4

LOCAL COMMUNITY TOWN OF KERSHAW T S X : R WWW .R O MA R C O .C O M 5

2011 HIGHLIGHTS u  Completed Feasibility Study u  Acquired 5 regional targets, •  Economically robust drilled 3 T S X : R •  Low cost gold producer (< $380/oz) u  Romarco added to following indices: •  Low capital cost gold mine (< US $300mm) •  Morgan Stanley Small Cap Index •  High grade open pit mine (2.06 g/t) •  S&P / TSX Composite Index WWW .R O MA R C O .C O Mu  Filed for all State & Federal permits •  S&P / TSX Global Gold Indexu  Completed 172,000 meters drill program •  S&P / TSX Gold Mining Index •  Discovered 2 mineralized zones •  Dow Jones Junior Precious Metals Index - Mustang & Palomino u  Completed C$92 million bought-dealu  Ordered long lead-time equipment financing October 2012u  Permitted & built assay lab on time & under budget •  Successfully passed 2 of 3 requirements for accreditation •  Final test to achieve accreditation expected in 2012 6

2012 OBJECTIVES NEW RESOURCE – Q1 2012 þ T S X : R UNDERGROUND STUDY NI 43-101 Technical Report pending WWW .R O MA R C O .C O M COMPLETE DETAILED ENGINEERING AGGRESSIVE DRILL PROGRAM ADVANCE PERMITS targeting approvals by year-end 7

INTRODUCTION TO THE HAILE GOLD MINE PROJECT FEBRUARY 2011 §  Feasibility completed T S X : R WWW .R O MA R C O .C O M $292 million (1) §  One of lowest capital cost projects in industry $379/oz ($347/oz first 5 years) §  One of lowest operating cost projects in industry §  One of highest grade open-pit projects in 2.06 g/t industry* NOTE: As per February 9, 2011 Feasibility Study 8 (1) As reported in Q3 MD&A November 7, 2011

LOW CAPITAL COST T S X : R $4,000! $3,500! $3,365! $3,160! $3,000! WWW .R O MA R C O .C O M $2,500! $2,240! $2,000! $1,709! $1,500! $1,076! $922! $1,000! $789! $444! (2) $500! $292! $262! $0! Seabridge! Chesapeake! Nova Gold! International Detour! Gabriel Osisko! Banro! ROMARCO! Guyana! Tower Hill! Resources! Development Capex for Primary Open Pit Asset (US$mm) (1) * All ﬁgures are in millions of dollars (1)  Source: Company Disclosure Peers include direct and indirect costs, contingency funding and previously sunk development capital (sustaining capital not included) 9 (2)  As reported in Q3 MD&A November 7, 2011

LOW CASH COST T S X : R $700! $617! LOWEST QUARTILE AVERAGE CASH $600! COST IN Q4 2011 (1) WWW .R O MA R C O .C O M $500! $379! $428! $400! $300! $200! $100! $0! Industry Average (1) ROMARCO Lowest Quartile (1) LOM Average (2) 10 (1)  Source: Brook Hunt estimates (2)  Announced February 9, 2011

HIGH GRADE FOR OPEN PIT T S X : R WWW .R O MA R C O .C O M Reserve Grade for Primary Open Pit Asset (g/t Au) (1) 11 (1) Source: BMO Capital Markets

HAILE GOLD MINE FEASIBILITY STUDY HIGHLIGHTS T S X : R u  7,000 tpd throughputu  Designed for 14,000 tpd WWW .R O MA R C O .C O Mu  CRUSH > GRIND > FLOTATIONu  Recovery: 83.7 %u  Avg. annual production: 150k oz/yru  Strip Ratio: 7.2:1 (LOM) 12

HAILE GOLD MINE FEASIBILITY STUDY HIGHLIGHTS u  Feasibility Study does not include T S X : R Horseshoe, Mustang, Palomino, Snake, Deep, WWW .R O MA R C O .C O M Small & Champion depositsu  Opportunities for reducing strip ratio by removing saddles between pitsu  Opportunities to expand operation through open pit & underground 13

NPR & IRR SENSITIVITYTO GOLD PRICE Pre-tax NPV and IRR Sensitivity to Gold Price (1) T S X : R ($ Millions, except gold price) Gold PAYBACK Price NPV @0% NPV @ 5% NPV @ 10% IRR % YEARS Per oz. WWW .R O MA R C O .C O M $1500 $1,426 $930 $621 47.0% 2.0 $1400 $1,259 $811 $534 42.3% 2.2 $1300 $1,092 $693 $447 37.6% 2.4 $1200 $925 $575 $359 32.7% 2.7 $1100 $758 $457 $272 27.6% 3.1 $1000 $591 $339 $185 22.3% 3.8 BASE CASE $950 $507 $279 $141 19.6% 4.2 $800 $257 $102 $10 10.7% 7.6 $700 $90 ($16) ($77) 4.0% 9.4 14 (1) As per parameters used in February 9, 2011 Feasibility Technical Report

RESOURCES & RESERVES OPEN PIT & UNDERGROUND 2011 MEASURED + INDICATED RESOURCES AT US$1200 GOLD (1) METRIC TONNES g/t CONTAINED oz T S X : R (000’S) Au (000’s) MEASURED 36,894 1.79 2,125 INDICATED 34,277 1.74 1,914 WWW .R O MA R C O .C O M MEASURED + INDICATED 71,171 1.77 4,039 INFERRED 20,125 1.24 801 2010 RESERVES AT US$950 GOLD (2) METRIC TONNES g/t CONTAINED oz (000’S) Au (000’s) PROVEN RESERVE 19,592 2.19 1,382 PROBABLE RESERVE 10,917 1.82 636 PROVEN & PROBABLE 30,509 2.06 2,018 RESERVE (1)  From February 7, 2012 News Release 15 (2)  From February 10, 2011 Feasibility Study

AERIAL OF HAILE 16 WWW .R O MA R C O .C O M T S X : R

PROPOSED Chemical Storage & Ore Processing HAILE PROCESSING PLANT T S X : R WWW .R O MA R C O .C O M 17

PROPOSED Ore Processing, Process Water Recycling & HAILE PROCESSING PLANT NPDES Water Treatment T S X : R WWW .R O MA R C O .C O M 18

RESOURCE GROWTH At year end 2011 2 0 1 1 PLAN VIEW T S X : R WWW .R O MA R C O .C O M CHAMPION SMALL SOUTH PIT LEDBETTER SNAKE HAILE LONG SECTION MUSTANG HORSESHOE 2010 GOLD MINERALIZATION 19 2011 GOLD MINERALIZATION GROWTH PALOMINO

RESOURCE GROWTH At year end 2011 2 0 1 1 PLAN VIEW 3.5 KM LEDBETTER T S X : R MUSTANG CHAMPION HORSESHOE WWW .R O MA R C O .C O M SMALL SNAKE SOUTH PIT PALOMINO CHAMPION SMALL SOUTH PIT LEDBETTER SNAKE HAILE LONG SECTION MUSTANG HORSESHOE US$950 RESERVE PIT LIMITS 20 PALOMINO

RESOURCE GROWTH At year end 2011 2 0 1 1 PLAN VIEW LEDBETTER T S X : R MUSTANG CHAMPION HORSESHOE WWW .R O MA R C O .C O M SMALL SNAKE SOUTH PIT PALOMINO CHAMPION SMALL SOUTH PIT LEDBETTER SNAKE HAILE LONG SECTION MUSTANG US$950 RESERVE PIT LIMITS HORSESHOE US$1200 RESOURCE SHELL 21 PALOMINO

UNDERGROUND STOPES BELOW US$1200 RESOURCE SHELL LONG SECTION T S X : R MUSTANG WWW .R O MA R C O .C O M PALOMINO SNAKE HORSESHOE CLOSEUP PALOMINO HORSESHOE 2011 UNDERGROUND STOPES SNAKE AT US$1200 GOLD 22

DRILLING SCHEDULE – COST/FT T S X : R ($ thousands, except per foot date) Total Footage Total Cost Total Cost per foot WWW .R O MA R C O .C O M CONTRACTOR RC 208,853 $9,076 $43.46 HGM RC 73,082 $3,781 $51.74 CONTRACTOR CORE 165,044 $9,118 $55.24 HGM CORE 140,838 $3,762 $26.71 23

HGM PERMITTING T S X : R Federal – USACE* State – DHEC** •  404 Wetlands Permit only •  401 Water Quality Certiﬁcation USACE is sole deciding •  Mining Permit WWW .R O MA R C O .C O M •  regulatory body •  Operating Permit •  All other agencies commenting •  Air Quality Permit agencies only – EPA, US Fish and Wildlife, etc. •  Others * US Army Corps of Engineers** South Carolina Department of Health and Environmental Control 24

HAILE GOLD MINE PERMITTING ALL BASELINE STUDIES REVEAL No endangered species T S X : R No historical sites WWW .R O MA R C O .C O M No ﬁsh or protected wildlife No impact on local water supplies No impact on recreation areas No impact on trafﬁc patterns 25

WETLANDS AT HAILE PROPERTY T S X : R WWW .R O MA R C O .C O M Typical Palustrine Typical Palustrine Non-Relatively Emergent Wetland Forested Wetland (inundated) Permanent Waters (intermittent stream channel) Duckwood (location of Tailings Facility) 26

ENVIRONMENTAL IMPACT STATEMENT PROCESS þ Contractor (3rd Party) SelecPon – Sept. 2, 2011 (announced Sept. 26, 2011) þ NoPce of Intent Federal Register – Sept. 23, 2011 T S X : R þ 30 day noPce period þ Public Scoping MeePng – Oct. 27, 2011 WWW .R O MA R C O .C O M þ Scoping Comment Period Closes – Nov. 28, 2011 CURRENT STAGE PreparaPon of DraN EIS DraN EIS ﬁled 45 day Review Period Prepare Final EIS and Response to Comments Final EIS includes comments, amendments if necessary 30 day minimum comment period 27 Record of Decision (ROD)

HAILE EQUIPMENT BEING ASSEMBLED §  Equipment has been ordered T S X : R §  Pricing is locked in WWW .R O MA R C O .C O M 28

CLEAR PLAN TO BRING HAILE INTO PRODUCTION •  Strong balance sheet with approximately $115M in cash and no debt(1) •  Well deﬁned project schedules and clear development milestones T S X : R Project Schedule for EIS Haile Milestones and Status Report 2011 2012 2013 2014 Milestone / Activity Status WWW .R O MA R C O .C O M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Complete feasibility study P State operating permit submitted P Feasibility Study 401/404 permit submitted P Optimization Resource / reserve report P Expand Haile & Horseshoe P Permitting Identify new targets P Construction Acquire other properties P Explore regional targets P Production Update Resource 2012 – Q1 Exploration Draft EIS 2012 29 (1) As at December 31, 2011

CAPEX CREEP ? –INDUSTRY VS. ROMARCO T S X : R INDUSTRY According to Engineering News-Record December 2011, the WWW .R O MA R C O .C O M prior year construction cost increases by major category were: §  LABOUR + 1.9% §  CONCRETE + 5.0% §  REBAR + 10.5% §  PLATE STEEL + 5.8% §  STEEL SHAPES (avg) + 7.4% 30

CAPEX CREEP ? –INDUSTRY VS. ROMARCO ROMARCO T S X : R Locked in firm pricing on mobile fleet, mills, shovels (~ $80 million) Exposure to cost increases - diesel & construction contract WWW .R O MA R C O .C O M Based on HGM’s exposure, assuming an overall inflation of 5% per year, the project could increase by ~$11 million during 2012 and ~$4 million in 2013 (~$15 million combined) The current project estimate of $292 million includes ~$30 million in contingency: §  PROJECT CONTINGENCY $27.6 million §  OWNERS COST CONTINGENCY 2.3 million 31

70% Institutional Ownership BlackRock Sun Valley Gold T S X : R Franklin Templeton Investments TOP 15 SHAREHOLDERS Oppenheimer Funds Van Eck WWW .R O MA R C O .C O M Colonial First State Norges Bank Tocqueville JP Morgan US Global Investors OF OUR SHARES ARE Baker Steel Capital Managers INSTITUTIONALLY Wellington Management OWNED Investec URAM Fidelity Investments 32

ANALYST COVERAGE T S X : R TARGET PRICE Paradigm $2.75 WWW .R O MA R C O .C O M BMO $2.50 GMP $2.50 NBF $2.10 RBC $1.50 33

P/NAV vs PEER GROUP §  Romarco trades at a discount to its developer peers on a P/NAV basis(1) 1.03x T S X : R 0.90x 0.89x 0.8x 0.81x 0.78x Median = 0.78x 0.74x 0.73x 0.72x WWW .R O MA R C O .C O M 0.61x Rubicon Rainy River International Extorre Gold Detour Gold Torex Gabriel Guyana Romarco Junior Minerals Tower Hill Mines Resources Goldfields Median 34 Source: BMO Capital Markets, as at February 2, 2012

EV/RESOURCE $349 $351 T S X : R $258 WWW .R O MA R C O .C O M $220 $155 $146 Median = $146 $132 $89 $87 $19 Rubicon Extorre Gold Torex Romarco Gabriel Detour Gold Guyana Rainy River International Junior Minerals Mines Resources Goldfields Tower Hill Median 35 Source: BMO Capital Markets, as at February 2, 2012

PEER COMPARISON !""#$%&!(#)*&+$,$*-./0$!12/3$!314.1567/3$ 89:$;330$<&;$=>?$*-./0$!12/3>$6>$@31$A3B?$:C$:DE:$/F.>3G$$52 Week LOW vs. Stock Prices as per Feb. 2, 2012 close TOREX" (%#$ ROMARCO" 9HJ$ T S X : R SABINA" %*#$ NEVSUN" %*#$ TRELAWNY" %)#$ WWW .R O MA R C O .C O M PREMIER" %)#$ RAINY!RIVER" "(#$ RUBICON" "#$ INTERNATIONAL!TOWER!HILL" "%#$ LAKE!SHORE!GOLD" ""#$ GUYANA" &!#$ QUEENSTON" !%#$ PERSEUS" !"#$ PEER!MEDIAN" IKJ$ GOLD!PRICE" HIJ$ )#$ *)#$ !)#$ &)#$ ")#$ %)#$ )#$ +)#$ ,)#$ ()#$ *))#$ 36

CAPITAL STRUCTURE Capitalization Summary T S X : R Exchange/ Symbol TSX:R Share Price(1) C$1.17 WWW .R O MA R C O .C O M Shares Outstanding (Basic) 583.8M FD Shares Outstanding (TSM)(2) 588.9M Market Capitalization(1) C$683M 52 Week High / Low(1) C$2.60 / C$0.87 Cash Balance (December 31, 2011) US$115M (1) As at close on February 7, 2012 37 (2) Includes 5.1 mm “in-the-money” options at an average strike price of C$0.48 as of February 7, 2012

NEW REGIONAL EXPLORATION TARGETS §  2 in North Carolina Kentucky ê  Hickory – currently drilling West Virginia T S X : R ê  Historical production during 1800s ê  Historical drilling consists of 11 core holes and 130 Tennessee RC holes ê  Completed 5 of 16 holes from phase one program ê  H KDH-11-002 encountered 10.7m of 4.5 g/t WWW .R O MA R C O .C O M ê  Have budgeted for phase two program Hickory Ironwood Locust North Carolina Haile Mine ê  Ironwood – currently drilling Bayberry Buzzard ê  The highest grade encountered in the trenching was Elm 9.1 g/t ê  Twelve shallow RC holes and two core holes have been drilled South Carolina ê  Currently drilling 6-hole phase one program ê  Results pending Georgia 38

NEW REGIONAL EXPLORATION TARGETS §  3 in South Carolina Kentucky ê  Bayberry – currently drilling West Virginia T S X : R ê  Similar host rocks, alteration and mineralization as observed at Haile Tennessee ê  74 shallow rotary holes, 8 RC holes, and 8 core holes previously drilled on the property ê  Completed 15-hole phase one program WWW .R O MA R C O .C O M ê  RC-2033 encountered 13.7m of 2.3 g/t, including 4.6m of 5.5 g/t Hickory Ironwood ê  Initiated phase two program ê  Locust – drill ready Locust North Carolina Haile Mine ê  Small historical oxide resource (pre 43-101) Bayberry Buzzard ê  34 RC and 27 core holes have been drilled on the property Elm ê  Historical Reported, highlighted intercepts include: ê  71.5 meters of 2.9 g/t ê  5.1 meters of 1.5 g/t South Carolina ê  74.6 meters of 1.5 g/t ê  65.0 meters of 1.9 g/t Georgia ê  Elm – drill ready ê  Soil and rock chip sampling completed ê  Rock chip sampling has yielded 8.6 g/t 39

STRONG BOARD, MANAGEMENT & TECHNICAL TEAM Proven gold mine development, ﬁnance, permitting and operations experience Romarco has the team in place to bring Haile into production T S X : R Experienced Board of Directors Strong Management & Technical Team Leendert Krol, acting Chairman Diane R. Garrett, Ph.D., President & CEO §  Former Brazauro, Newmont §  Former Dayton Mining, US Global Investors James R. Arnold, Sr. VP, COO Diane R. Garrett §  Former Freeport, Gold Fields – Richards Award Winner WWW .R O MA R C O .C O M§  Former Dayton Mining, US Global Investors Stan Rideout, Sr. VP, CFO James R. Arnold §  Former Phelps Dodge §  Former Freeport, Gold Fields – Richards Award Winner David Thomas, VP, General Manager Don MacDonald James Berry, Chief Geologist & Regional Exploration Manager §  CFO QuadraFNX, former NovaGold, DeBeers, Dayton Mining §  Former Barrick John Marsden Brent Anderson, Mine Manager §  Consultant, former Freeport – Richards Award Winner §  Former Quadra, Freeport Mike Gleason, Construction Manager Patrick Michaels §  Former Freeport §  Portfolio Manager – Zuri-invest, Switzerland Jim Wickens, Process Manager Robert van Doorn §  Former Barrick §  Former Mundoro, Rio Narcea, Morgan Stanley Johnny Pappas, Director of Environmental Affairs §  Former Freeport Ramona Schneider, Environmental Manager §  Former Kinross Dan Symons, Vice President, Investor Relations §  Former Renmark Financial 40

SUMMARY Near term, low cost gold producer with strong project economics T S X : R Located in a mining friendly jurisdiction with excellent infrastructurePrivate Land – No Royalties WWW .R O MA R C O .C O MSignificant Exploration Upside – open pit & undergroundSolid cash position (~ US$115 million), no debt – as of December 31, 201170% Institutionally HeldPermits Pending – targeted by year end 2012Extremely undervalued in today’s Market vs. Peers 41

CONTACT INFORMATION Dan Symons Vice President, Investor Relations dsymons@romarco.com Brookﬁeld Place 181 Bay Street, Suite 3630 Toronto, Ontario M5J 2T3 Tel: 416.367.5500 Fax: 416.367.5505 Email: info@romarco.com W W W . R O M A R C O . C O M

http://www.romarco.com	2297
http://romarco.com	33
http://67.192.1.252	2

ROMARCO - CORPORATE PRESENTATION FEBRUARY 2012

by Romarco Minerals Inc. on Feb 13, 2012

Accessibility

Categories

Upload Details

Usage Rights

3 Embeds 2,332

Statistics

ROMARCO - CORPORATE PRESENTATION FEBRUARY 2012 — Presentation Transcript