CORPORATE PRESENTATIONJANUARY 2012                         WWW.ROMARCO.COM
Cautionary StatementThe information in this document has been prepared as of February 9, 2011. Certain statements containe...
Why own ROMARCO?Near term, low cost gold producer with strong project economics                                           ...
2011 HIGHLIGHTS Completed Feasibility Study                      Acquired 5 regional targets,    • Economically robust  ...
2012 OBJECTIVES       NEW RESOURCE – Q1 2012                                            TSX : R                           ...
INTRODUCTION TO THE HAILE GOLD MINE PROJECT                                                                               ...
LOW CAPITAL COST                                                                                                          ...
LOW CASH COST                                                                                                            T...
HIGH GRADE FOR OPEN PIT                                                                                              TSX :...
NPR & IRR SENSITIVITYTO GOLD PRICE                                                      Pre-tax NPV and IRR Sensitivity to...
2010 RESOURCES &                                                                                * 2011 RESOURCE UPDATERESE...
AERIAL OF HAILE12     WWW.ROMARCO.COM   TSX : R
RESOURCE GROWTHAt year end 2010                                                           2010PLAN VIEW                   ...
2011 EXPLORATION 2011 DRILLING                                                                   TSX : R     •   172,000 m...
HGM PERMITTING                                                                                                 TSX : R    ...
HAILE GOLD MINEPERMITTING                                       No endangered species                                     ...
WETLANDS ATHAILE PROPERTY                                                                  TSX : R                        ...
ENVIRONMENTAL IMPACTSTATEMENT PROCESS           Contractor (3rd Party) Selection – Sept. 2, 2011 (announced Sept. 26, 201...
HAILE EQUIPMENTBEING ASSEMBLED                   Equipment has been ordered                                              ...
CLEAR PLAN TO BRING HAILE INTO PRODUCTION   •   Strong balance sheet with approximately $115M in cash and no debt(1)   •  ...
70% InstitutionalOwnership                  BlackRock                  Franklin Templeton Investments                     ...
ANALYST COVERAGE                                         TSX : R             TARGET PRICE  Paradigm                  $2.75...
P/NAV vs PEER GROUPRomarco trades at a discount to its developer peers on a P/NAV basis(1)                              1....
EV/RESOURCE                      $298                                                                                     ...
PEER COMPARISON PEER COMPARISON – Stock Price Performance52 Week LOW vs. Stock Prices as per Jan. 20,2012 close vs. Stock ...
CAPITAL STRUCTURE                                                        Capitalization Summary                           ...
NEW REGIONALEXPLORATION TARGETS2 in North Carolina                                   Kentucky   • Hickory – currently dril...
NEW REGIONALEXPLORATION TARGETS3 in South Carolina                                    Kentucky   • Bayberry – currently dr...
STRONG BOARD, MANAGEMENT & TECHNICAL TEAM     Proven gold mine development, finance, permitting and operations experience ...
SUMMARYNear term, low cost gold producer with strong project economics                                                    ...
CONTACT INFORMATIONDan SymonsVice President, InvestorRelationsdsymons@romarco.comBrookfield Place181 Bay Street, Suite 363...
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ROMARCO - Corporate Presentation JANUARY 2012

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  1. 1. CORPORATE PRESENTATIONJANUARY 2012 WWW.ROMARCO.COM
  2. 2. Cautionary StatementThe 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 TSX : RHaile 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, oregrade, the reserve and resource estimates on the project, the financial analysis, the timing for completion of the revised feasibility study on the Haile Goldproject, the timing and amount of future production, the timing of construction of the proposed mine and process facilities, capital and operating expenditures,the timing of the receipt of permits, rights and authorizations, communications with local stakeholders and community relations, availability of financing and anyand all other timing, development, operational, financial, economic, legal, regulatory and political factors that may influence future events or conditions andexpected drilling activities. In addition, this presentation also contains updated resource estimates contained in the February 2011 technical reports. WWW.ROMARCO.COMScientific 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. are responsible 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 qualifiedwork force, lack of social opposition and legal challenges, and the ultimate ability to mine, process and sell mineral products on economically favorable terms.While Romarco considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Actual results mayvary from 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, otherthan as 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 eventsCautionary 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 recognizedand required by Canadian regulations, however, the United States Securities and Exchange Commission does not recognize them. ―Inferred MineralResources‖ have a 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 ofan Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form thebasis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated MineralResources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource iseconomically or legally mineable.All figures are US$ unless otherwise indicated 2
  3. 3. Why own ROMARCO?Near term, low cost gold producer with strong project economics TSX : RLocated in a mining friendly jurisdiction with excellent infrastructureSignificant Exploration Upside – open pit & underground WWW.ROMARCO.COMResource update Q1 2012 – 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
  4. 4. 2011 HIGHLIGHTS Completed Feasibility Study  Acquired 5 regional targets, • Economically robust drilled 3 TSX : R • Low cost gold producer (< $380/oz)  Romarco added to following indices: • Low capital cost gold mine (< US • Morgan Stanley Small Cap Index $300mm) • S&P / TSX Composite Index WWW.ROMARCO.COM • High grade open pit mine (2.06 g/t) • S&P / TSX Global Gold Index Filed for all State & Federal permits • S&P / TSX Gold Mining Index Completed 172,000 meters exploration • Dow Jones Junior Precious Metals drill program Index • Discovered 2 underground targets  Completed C$92 million bought-deal – Mustang & Palomino financing October 2012 Ordered long lead-time equipment Permitted & built assay lab on time & under budget • Successfully passed 2 of 3 requirements for accreditation • Final test to achieve accreditation 4 expected in 2012
  5. 5. 2012 OBJECTIVES NEW RESOURCE – Q1 2012 TSX : R WWW.ROMARCO.COM UNDERGROUND STUDY – Q1 2012 AGGRESSIVE DRILL PROGRAM ADVANCE PERMITS targeting approvals by year-end 5
  6. 6. INTRODUCTION TO THE HAILE GOLD MINE PROJECT TSX : R FEBRUARY 2011 Feasibility completed WWW.ROMARCO.COM $292 million (1) One of lowest capital cost projects in industry $379/oz One of lowest operating cost projects in ($347/oz first 5 years) industry One of highest grade open-pit projects in 2.06 g/t industry 6* NOTE: As per February 9, 2011 Feasibility Study(1) As reported in Q3 MD&A November 7, 2011
  7. 7. LOW CAPITAL COST TSX : R WWW.ROMARCO.COM (2) Development Capex for Primary Open Pit Asset (US$mm) (1)* All figures are in millions of dollars(1) Source: Company Disclosure 7 Peers include direct and indirect costs, contingency funding and previously sunk development capital (sustaining capital not included)(2) As reported in Q3 MD&A November 7, 2011
  8. 8. LOW CASH COST TSX : R LOWEST QUARTILE AVERAGE CASH COST IN 2010 (1) WWW.ROMARCO.COM Industry Average (1) ROMARCO Lowest Quartile (1) LOM Average (2) 8(1) Source: GFMS presentation, Gold Survey 2010 Update(2) Announced February 9, 2011
  9. 9. HIGH GRADE FOR OPEN PIT TSX : R WWW.ROMARCO.COM Reserve Grade for Primary Open Pit Asset (g/t Au) (1) 9(1) Source: BMO Capital Markets
  10. 10. NPR & IRR SENSITIVITYTO GOLD PRICE Pre-tax NPV and IRR Sensitivity to Gold Price (1) ($ Millions, except gold price) Gold TSX : R PAYBACK Price NPV @0% NPV @ 5% NPV @ 10% IRR % YEARS Per oz. $2000 $2,261 $1,521 $1,058 69.3% 1.4 $1900 $2,094 $1,403 $970 64.9% 1.5 WWW.ROMARCO.COM $1800 $1,927 $1,285 $883 60.5% 1.6 $1700 $1,760 $1,166 $796 56.1% 1.7 $1600 $1,593 $1,048 $708 51.6% 1.8 $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 $950 $507 $279 $141 19.6% 4.2 $800 $257 $102 $10 10.7% 7.6 $700 $90 ($16) ($77) 4.0% 9.4 10(1) As per parameters used in February 9, 2011 Feasibility Technical Report
  11. 11. 2010 RESOURCES & * 2011 RESOURCE UPDATERESERVES – PENDING Q1 2012 MEASURED + INDICATED RESOURCES AT US$1200 GOLD (1) METRIC TONNES g/t CONTAINED oz (000’S) Au (000’s) TSX : R MEASURED 27,782 1.89 1,684 INDICATED 25,596 1.75 1,439 WWW.ROMARCO.COM MEASURED + 53,378 1.82 3,123 INDICATED INFERRED 24,944 1.34 1,072 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 December 14, 2010 Technical Report 11 (2) From February 10, 2011 Feasibility Study
  12. 12. AERIAL OF HAILE12 WWW.ROMARCO.COM TSX : R
  13. 13. RESOURCE GROWTHAt year end 2010 2010PLAN VIEW 3.5 KM TSX : RUS$950RESERVE WWW.ROMARCO.COMPITS 601 CHAMPION SMALL SOUTH PIT LEDBETTER SNAKEHAILELONGSECTION US$950 RESERVE PIT LIMITS 13
  14. 14. 2011 EXPLORATION 2011 DRILLING TSX : R • 172,000 meters • 11 drill rigs WWW.ROMARCO.COM 1ST HALF 2011 2ND HALF 2011 • Drilling focused on • Exploration focused on step- increasing measured and out drilling indicated resources, converting in-pit inferred resources and condemnation drilling 14
  15. 15. HGM PERMITTING TSX : R Federal – USACE* State – DHEC** • 404 Wetlands Permit only • 401 Water Quality Certification WWW.ROMARCO.COM • USACE is sole deciding regulatory body • Mining Permit • All other agencies • Operating Permit commenting agencies only • Air Quality Permit – EPA, US Fish and Wildlife, etc. • Others* US Army Corps of Engineers** South Carolina Department of Health and Environmental Control 15
  16. 16. HAILE GOLD MINEPERMITTING No endangered species TSX : R ALL BASELINE STUDIES REVEAL No historical sites WWW.ROMARCO.COM No fish or protected wildlife No impact on local water supplies No impact on recreation areas No impact on traffic patterns 16
  17. 17. WETLANDS ATHAILE PROPERTY TSX : R WWW.ROMARCO.COM Typical Palustrine Typical Palustrine Non-Relatively Emergent Wetland Forested Wetland Permanent Waters (inundated) (intermittent stream channel) 17
  18. 18. ENVIRONMENTAL IMPACTSTATEMENT PROCESS  Contractor (3rd Party) Selection – Sept. 2, 2011 (announced Sept. 26, 2011)  Notice of Intent Federal Register – Sept. 23, 2011 TSX : R  30 day notice period  Public Scoping Meeting – Oct. 27, 2011 WWW.ROMARCO.COM  Scoping Comment Period Closes – Nov. 28, 2011CURRENT STAGE Preparation of Draft EIS Draft 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 18 Record of Decision (ROD)
  19. 19. HAILE EQUIPMENTBEING ASSEMBLED  Equipment has been ordered TSX : R  Pricing is locked in WWW.ROMARCO.COM 19
  20. 20. 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 TSX : R Project Schedule for EIS Haile Milestones and Status Report 2011 2012 2013 2014 Milestone / Activity Status WWW.ROMARCO.COM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Complete feasibility study  State operating permit submitted Feasibility Study 401/404 permit submitted Optimization Resource / reserve report Permitting Expand Haile & Horseshoe  Identify new targets Construction Acquire other properties Production Explore regional targets Exploration Update Resource 2012 – Q1 Draft EIS 2012 20 (1) As at December 31, 2011
  21. 21. 70% InstitutionalOwnership BlackRock Franklin Templeton Investments TSX : R Oppenheimer Funds Van Eck Sun Valley Gold WWW.ROMARCO.COM SHAREHOLDERS Colonial First State Norges Bank Tocqueville JP Morgan US Global Investors OF OUR SHARES TOP 15 Baker Steel Capital Managers ARE Wellington Management INSTITUTIONALLY OWNED Investec URAM Fidelity Investments 21
  22. 22. ANALYST COVERAGE TSX : R TARGET PRICE Paradigm $2.75 WWW.ROMARCO.COM GMP $2.50 BMO $2.25 NBF $2.10 RBC $1.50 22
  23. 23. P/NAV vs PEER GROUPRomarco trades at a discount to its developer peers on a P/NAV basis(1) 1.06x TSX : R 0.96x 0.76x 0.76x 0.75x Median = 0.75x Median = 0.7x WWW.ROMARCO.COM 0.72x 0.7x 0.71x 0.61x 0.46x Rainy River Rubicon Torex Gabriel International Detour Gold Extorre Gold Guyana Romarco Junior Minerals Resources Tower Hill Mines Goldfields Median 23 Source: BMO Capital Markets, as at January 16, 2012
  24. 24. EV/RESOURCE $298 $297 TSX : R $223 $214 WWW.ROMARCO.COM $153 $126 Median = $126 Median = $126 $84 $83 $73 $16 Rubicon Extorre Gold Torex Gabriel Romarco Rainy River Detour Gold Guyana International Junior Minerals Mines Resources Goldfields Tower Hill Median 24Source: BMO Capital Markets, as at January 16, 2012
  25. 25. PEER COMPARISON PEER COMPARISON – Stock Price Performance52 Week LOW vs. Stock Prices as per Jan. 20,2012 close vs. Stock Prices as per Jan. 20, 2012 close) (52 Week LOW TOREX 80% SABINA 59% TSX : R ROMARCO 59% TRELAWNY 42% NEVSUN 40% WWW.ROMARCO.COM RAINY RIVER 37% RUBICON 31% INTERNATIONAL TOWER HILL 25% LAKE SHORE GOLD 25% QUEENSTON 23% PERSEUS 22% PREMIER 22% GUYANA 15% PEER MEDIAN 31% GOLD PRICE 27% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 25
  26. 26. CAPITAL STRUCTURE Capitalization Summary TSX : R Exchange/ Symbol TSX:R Share Price(1) C$1.38 WWW.ROMARCO.COM Shares Outstanding (Basic) 583.8M FD Shares Outstanding (TSM)(2) 588.8M Market Capitalization(1) C$806M 52 Week High / Low(1) C$2.73 / C$0.88 Cash Balance (December 31, 2011) US$115M(1) As at close on January 20, 2012 26(2) Includes 5.0 mm “in-the-money” options at an average strike price of C$0.47 as of January 6, 2012
  27. 27. NEW REGIONALEXPLORATION TARGETS2 in North Carolina Kentucky • Hickory – currently drilling West Virginia TSX : R • Historical production during 1800s • Historical drilling consists of 11 core holes Tennessee and 130 RC holes • Completed 5 of 16 holes from phase one program WWW.ROMARCO.COM • H KDH-11-002 encountered 10.7m of 4.5 g/t Hickory Ironwood • Have budgeted for phase two program Locust North Carolina Haile Mine Bayberry Buzzard • Ironwood – currently drilling Elm • The highest grade encountered in the trenching was 9.1 g/t South Carolina • Twelve shallow RC holes and two core holes have been drilled • Currently drilling 6-hole phase one program Georgia • Results pending 27
  28. 28. NEW REGIONALEXPLORATION TARGETS3 in South Carolina Kentucky • Bayberry – currently drilling West Virginia TSX : R • Similar host rocks, alteration and mineralization as observed at Haile Tennessee • 74 shallow rotary holes, 8 RC holes, and 8 core holes previously drilled on the property • Completed 15-hole phase one program WWW.ROMARCO.COM • RC-2033 encountered 13.7m of 2.3 g/t, including 4.6m of 5.5 g/t Hickory Ironwood • Initiated phase two program • Locust – drill ready Locust North Carolina Haile Mine • Small historical oxide resource (pre 43-101) Bayberry Buzzard • 34 RC and 27 core holes have been drilled on the property Elm • Historical Reported, highlighted intercepts include: • 71.5 meters of 2.9 g/t South Carolina • 5.1 meters of 1.5 g/t • 74.6 meters of 1.5 g/t Georgia • 65.0 meters of 1.9 g/t • Elm – drill ready • Soil and rock chip sampling completed • Rock chip sampling has yielded 8.6 g/t 28
  29. 29. 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 TSX : R Experienced Board of Directors Strong Management & Technical TeamLeendert Krol, acting Chairman Diane R. Garrett, Ph.D., President & CEO Former Brazuro, Newmont  Former Dayton Mining, US Global Investors James R. Arnold, Sr. VP, COODiane R. Garrett  Former Freeport, Gold Fields – Richards Award Winner WWW.ROMARCO.COM Former Dayton Mining, US Global Investors Stan Rideout, Sr. VP, CFOJames R. Arnold  Former Phelps Dodge Former Freeport, Gold Fields – Richards Award Winner James Berry, Chief Geologist & Regional Exploration Manager  Former BarrickDon MacDonald CFO QuadraFNX, former NovaGold, DeBeers, Dayton Mining Brent Anderson, Mine Manager  Former Quadra, FreeportJohn Marsden Consultant, former Freeport – Richards Award Winner Mike Gleason, Construction Manager  Former FreeportPatrick Michaels Jim Wickens, Process Manager Portfolio Manager – Zuri-invest, Switzerland  Former BarrickRobert van Doorn Ott Jackson, Health & Safety Former Mundoro, Rio Narcea, Morgan Stanley  Former Freeport Johnny Pappas, Director of Environmental Affairs  Former Freeport Ramona Schneider, Environmental Manager  Former Kinross Dan Symons, Vice President, Investor Relations 29  Former Renmark Financial
  30. 30. SUMMARYNear term, low cost gold producer with strong project economics TSX : RLocated in a mining friendly jurisdiction with excellent infrastructureSignificant Exploration Upside – open pit & underground WWW.ROMARCO.COMResource update Q1 2012 – 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 30
  31. 31. CONTACT INFORMATIONDan SymonsVice President, InvestorRelationsdsymons@romarco.comBrookfield Place181 Bay Street, Suite 3630Toronto, Ontario M5J 2T3Tel: 416.367.5500Fax: 416.367.5505Email: info@romarco.com WWW.ROMARCO.COM
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