February 18, 2011


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February 18, 2011

  1. 1. Corporate  Presenta,on  February  2011  
  2. 2. Cau,onary  Statement  The information in this document has been prepared as of February 9, 2011. Certain statements contained in this document constitute “forward-looking statements”within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward looking information under the provisions of Canadian provincialsecurities laws. When used in this document, the words “anticipate”, “expect”, “estimate”, “forecast”, “will”, “planned”, and similar expressions are intended toidentify 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 theHaile Gold project, including the expected mine life, recovery, capital costs, cash operating costs and other costs and anticipated production of the described openpit mine, the projected internal rate of return, the projected payback period, the availability of capital for development, sensitivity to metal prices, ore grade, thereserve and resource estimates on the project, the financial analysis, the timing for completion of the revised feasibility study on the Haile Gold project, the timingand amount of future production, the timing of construction of the proposed mine and process facilities, capital and operating expenditures, the timing of the receiptof permits, rights and authorizations, communications with local stakeholders and community relations, availability of financing and any and all other timing,development, operational, financial, economic, legal, regulatory and political factors that may influence future events or conditions and expected drilling activities.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 aforementioned technicalreports (“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 anyaother 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 vary fromsuch forward‐looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Romarco filings at www.sedar.com.Forward‐looking statements are based upon management’s beliefs, estimate and opinions on the date the statements are made and, other than as required by law,Romarco does not intend, and undertakes no obligation to update any forward‐looking information to reflect, among other things, new information 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 recognized andrequired by Canadian regulations, however, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have agreat 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 converted intoMineral 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
  3. 3. Introduc,on  to  the  Haile  Project   §  Manageable  Capital  Cost  -­‐  US$275  million   §  Low  Cash  Cost  –  US$379/oz  (US$347/oz  first  5  years)   §  High  grade  for  open  pit  –  2.06  g/t  3  
  4. 4. Romarco  –  Company  Overview   Company  Descrip,on   § Romarco  is  a  gold  development  company  focused   on  produc,on  primarily  in  the  U.S.   § The  Company’s  flagship  project  is  the  Haile  Gold   Mine  in  South  Carolina   ê  Recently  completed  posiMve  feasibility  study   Project  Loca,on   - PotenMal  to  increase  scale  of  operaMon   NORTH Charlotte CAROLINA ê  Focused  on  conMnued  exploraMon  success   Haile Mine - Numerous  untested  zones,  district  potenMal   Myrtle SOUTH Beach § Experienced  board,  management  &  technical  team   CAROLINA Columbia Capitaliza,on  Summary   Exchange/  Symbol   TSX:R   Share  Price(1)   C$2.41   GEORGIA Atlantic Ocean Shares  Outstanding  (Basic)(2)   483.5M   FD  Shares  Outstanding  (TSM)(2)   516.5M   Market  CapitalizaMon(1)   C$1.16B   Cash  Balance  (January  31,  2011)   C$99.6M   (1)  As  at  close  on  February  8,  2011   (2)  Calculated  using  treasury  stock  method.  Includes  18.1  mm  warrants  and  15.0  mm  opCons  at   average  strike  price  of  C$0.60  and  C$1.04  respecCvely  as  of  January  31,  2011  4   181  Bay  St.  Suite  3630,  Toronto,  ON,  M5J  2T3  │Email:  info@romarco.com  │Office:  416.367.5500  │Fax:    416.367.5505    │Website:  www.romarco.com  
  5. 5. Mining  Friendly  Jurisdic,on  with  Excellent  Infrastructure   Haile  Project  Loca,on   §  South  Carolina  is  a  mining  friendly  state   Kentucky   with  a  history  of  gold  mining   West  Virginia   ê  LocaMon  of  1st  gold  rush  (before  California)   Tennessee   ê  Carolinas  led  U.S.  gold  producMon  unMl  1848   ê  2nd  U.S.  Mint  in  Charlo^e,  North  Carolina   Russell  Mine   ê  Original  49ers  came  from  east  coast   Reed  Mine   Howie  Mine   North  Carolina   ê  Significant  gold  producMon  in  80s  –  90s   Haile  Mine   Brewer  Mine   ê  Mining  part  of  local  history/community   Dorn  Mine   Ridgeway  Mine   ê  500  acMve  mines  in  South  Carolina   Magruder  Mine   Bante  Mine   Tathom  Mine   South  Carolina   §  Romarco  controls  8,000  acres  of  100%   Columbia  Mine   private  land   Georgia   ê  Surface,  mineral  and  water  rights  5  
  6. 6. Investment  Highlights   §  Near  term,  low  cost  gold  producer  with  strong  project  economics   §  Located  in  a  mining  friendly  jurisdicMon  with  excellent  infrastructure   §  Large  resource  with  significant  remaining  exploraMon  upside  potenMal   §  Strong  board,  management  and  technical  team   §  Clear  plan  to  bring  Haile  into  producMon   §  Solid  cash  posiMon  (~US$100  million),  no  debt   §  11  drill  rigs  -­‐  172,000  meters  drilling  scheduled  for  2011  (~US$30  million)  6  
  7. 7. Resource  Summary   In-­‐Shell  Resource  /  Reserve   Project   Resource   Gold   Name   Category   Tonnes   Grade   Contained   000 s  Mt   g/t   M  oz   Haile   P&P(1)   30.509   2.06   2.018   M&I(2)(3)   53.378   1.82   3.123   Inferred(2)   24.944   1.34   1.072   (1)  As  per  press  release  dated  February  9,  2011;  at  US$950  gold   (2)  As  per  Technical  Report  dated  December  14,  2010;  at  US$1200  gold   (3)  Includes  Proven  &  Probable  Reserve   $950  Pit   $1200  Resource  Shell   N $950  Pit  area   accounts  for  less  than   10%  of  the  Haile   property.  7  
  8. 8. US$950  Gold  -­‐  Reserve  Pits   Champion   601   Small   Chase  Hill   Ledbeger   South   Horseshoe   Snake  8  
  9. 9. Near  Term,  Low  Cost  Gold  Producer   §  Posi,ve  feasibility  study  on  Haile   Summary  of  Haile  Feasibility  Study  (US$950  Gold)   announced  on  Feb.  9,  2011   2  P  Gold  Reserves  ( 000  oz)   2,018   §  Strong  project  economics  with  robust   Recovery  Rate  (%)   83.7   IRR  and  NPV  at  conserva,ve  gold   Net  Recoverable  Gold  ( 000  oz)   1,681   prices   Annual  Mill  Throughput  ( 000  t)   2,555   ê  Low  cash  cost  operaMon   Daily  Mill  Throughput  (tpd)   7,000   ê  Manageable,  low  cost  capital  requirements   Mine  Life  (years)   13.25   §  Posi,ve  feasibility  study  does  not   Overall  Strip  RaMo  (waste:ore)   7.2:1   include   Average  Feed  Grade  to  Mill  (LOM)  (g/t)   2.06   ê  Horseshoe  zone   Average  ProducMon  (year  1)  ( 000  oz)   172   ê  Snake  Deep   Average  ProducMon  (years  1  -­‐  5)  ( 000   150   oz)   ê  West  Ledbe^er   Cash  Costs  (year  1-­‐5)  (US$/oz)   347   ê  West  South  Pit   Cash  Costs  (LOM)  (US$/oz)   379   ê  601   IniMal  Capital  Expenditures  (US$M)   275.5   ê  Inferred  resources  within  US  $950  Pit   Sustaining  Capital  Expenditures  (US$M)   119.2   §  Open  all  direc,ons  and  at  depth   Net  Present  Value  (5%  discount)   §  2011  economic  studies   Pre-­‐Tax  (US$M)   279   ê  Underground  Studies  at  Horseshoe   Internal  Rate  of  Return   ê  Expansion  Studies   Pre-­‐Tax  (%)   19.6  9   ê  Trade  off  Studies  
  10. 10. NPV  &  IRR  Sensi,vity  to  Gold  Price     Pre-­‐tax  NPV  and  IRR  Sensi,vity  to  Gold  Price   ($  Millions,  except  gold  price)   Gold  Price   PAYBACK   NPV  @0%   NPV  @  5%   NPV  @  10%   IRR  %   Per  oz.   YEARS   $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  
  11. 11. Favourable  Posi,on  on  the  Cash  Cost  Curve   Average Cash Cost lowest quartile Q3 2010 (1) §  Haile  life  of  mine  cash  costs  of  US$379/oz   §  Compares  favourably  with  industry  average   cash  costs  of  US$572/oz  in  Q3  2010(1)   §  Posi,ons  Romarco  within  the  lowest  quar,le   on  the  cash  cost  curve   Industry   ROMARCO   Lowest  QuarMle     Average   LOM  Average  (2)   Average  Q3  2010  (1)   Q3  2010  (1)     (1) Source: GFMS presentation, Gold Survey 2010 Update (2) Announced February 9, 201111  
  12. 12. Clear  Plan  to  Bring  Haile  Into  Produc,on   Design  Overflow  &  Process  Descrip,on   §  Conven,onal  opera,on   Design  Overflow   Process  Descrip,on   §  Simple  flowsheet   § Robust  “Simple”   §  Off-­‐the-­‐shelf   Crush  Æ  Grind  Æ  Flota,on   Flowsheet   technology   § Proven  Technologies   Regrind  Flot  Con  Æ  Leach  Con   §  Ability  to  expand   project  scale  to  include   § Flexible,  Expandable   Leach  Flot  Tail  Æ  Recover  both   addi,onal  resource   discoveries   § Non-­‐Refractory   CN  Detox  Æ  Tail  Storage  Facility   § Off-­‐The-­‐Shelf   Standard  Carbon  Elu,ons,  EW   Technology   § No  Long  Lead  Time   Units  12  
  13. 13. Site  Layout   US$950  Pits   Overburden   Tailings  Facility   Mill  Site  13  
  14. 14. Processing  Plant  (conceptual)  14  
  15. 15. Located  in  Mining  Friendly  Jurisdic,on   §  Strong  State  and  local  support  for  Haile   Strong  Community  Rela,ons  (July  4,  2010  Parade)   ê  Drill  permits  received  in  <2  weeks  (650   holes)   ê  No  Federal,  State  or  local  opposiMon  to  date   ê  State  offered  tax  incenMves   - $3M  in  annual  savings   - Tax  reducMon  from  10%  to  4%   §  Permitng   ê  Federal  (404)  -­‐  SUBMITTED   - Wetlands   ê  State  (South  Carolina)     - Mining  /  operaMng  permit  –  SUBMITTED   - Water  treatment  permit   - Storm  water  permit   - Air  permit   - Water  (401)  –  SUBMITTED     From  leW  to  right:  Diane  GarreZ  (CEO,  Romarco),  John  SpraZ  (South  Carolina   Congressman),  Mick  Mulvaney  (South  Carolina  State  Senator),  Jack  Estridge   (City  Counsel)  15  
  16. 16. Located  in  Mining  Friendly  Jurisdic,on   §  Romarco  con,nues  to  build  strong  local   rela,onships  and  support   ê  High  local  unemployment   ê  Romarco  hires  locally   - 94  employees  +  50  contractors   ê  $1million/month  spent  locally   §  Outstanding  Business  Award  (2010)   Ongoing  Community  Involvement   Strong  Community  Support  16  
  17. 17. Resource  /  Reserve  Growth   §  Track  record  of  con,nuing  to  grow  resource  base,  con,nuity,  and  quality  of  ounces   §  2010  Explora,on  Highlights   ê  Discovered  Horseshoe,  conMnuity  between  Snake  &  Horseshoe,  high-­‐grade  Snake  Deep,   high-­‐grade  West  Ledbe^er,  high-­‐grade  Mill  Zone  –  extension  of  South  Pit   §  Haile  remains  open  in  all  direc,ons  and  at  depth   §  2011  –  largest  drill  program  to  date   * 2010 Resources are within a US$1200 Shell (1) Note: All ounces stated in the table 3 above are contained ounces (1) Non 43-101 Historical Reserve in technical report filed July 17, 200717  
  18. 18. Poten,al  Mineral  Deposits   Poten,al  Mineral  Deposits  (1)   Scenario  A   Scenario  B   Case  A   Case  B   Zone   Tonnes  x  1000   Tonnes  x  1000   g/t   g/t   Horseshoe   16,511   13,956   3.39   2.09   Ledbe^er   21,772   17,582   2.37   0.86   Snake   3,966   3,426   1.99   1.17   Chase  Hill   1,633   1,515   1.06   0.93   Mill  Zone   1,814   1,573   1.47   1.30   Small   5,039   4,149   0.65   0.62   601  Area   6,666   5,416   0.89   0.82   Champion   6,654   4,968   0.96   0.82   TOTAL   64,056   52,585   2.11   1.18   (1)  The resulting potential ranges of quantities and grades listed below are conceptual in nature based on geologic knowledge, interpretation and wireframes. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in any of the targeted areas being delineated18   as a mineral resource. The Company currently plans to focus on further exploration drilling within these potential mineral deposits during 2011 and beyond.
  19. 19. Poten,al  Mineral  Deposits   601   PotenMal  Mineral  Deposits  (PMD)   PMD   Small   Surface   MineralizaMon  based  on  drilling   PMD   South   Snake   PMD   Champion   Chase  Hill   PMD   PMD   PMD   Horseshoe   Ledbeger   PMD   PMD  19  
  20. 20. Significant  Remaining  Explora,on  Upside  Poten,al   §  Large  district  land  package  with  numerous  untested  zones  along  Haile  gold  trend   601   Champion   Small   South   Ledbeger   Snake   Horseshoe   Haile  Long  Sec,on  –  Mineraliza,on  based  on  drill  data  through  September  30th  2010   US$950  GOLD  20  
  21. 21. Significant  Remaining  Explora,on  Upside  Poten,al   §  Large  district  land  package  with  numerous  untested  zones  along  Haile  gold  trend   US$950  PIT   Snake   Horseshoe  Resource  within   US$1200  Shell   Horseshoe   Measured  &  Indicated   380Koz   Inferred   180Koz   US$1200  SHELL   Snake    /  Horseshoe  Long  Sec,on  21  
  22. 22. Significant  Remaining  Explora,on  Upside  Poten,al   §  2010  drill  program  of  108,000m  confirmed  resource  at  Haile  remains  open  along   strike  and  at  depth   ê  43,094m  of  2010  drilling  focused  on  condemnaMon  drilling  to  locate  suitable  tailings  site   §  M&I resources increased 44% §  M&I grade increased 21% (to 1.82 g/t) §  M&I tonnes increased 20% 2010 §  Inferred resources declined 46% Highlights ê  Conversion to indicated §  Inferred grade increased 33% (to 1.34 g/t) §  2P reserves increased 54% 2008   2009   2010   2011  22  
  23. 23. Significant  Remaining  Explora,on  Upside  Poten,al   §  Increasing  Resources  and  Reserves   ê  The  resource  /  reserve  summary  table  below  illustrates  the  tonnage,  grade,  and  contained   gold  ounces  at  a  US$1,200/oz  and  $950/oz  respecMvely   2010  Explora,on  Findings   Upside  From  Mineraliza,on  Not  Captured   §  Confirms underground potential §  Zone not yet drill defined along strike and Horseshoe Deep down dip §  Highest grade Horseshoe Discovery §  Potential new zone may exist south of §  Underground scoping study (2011) Zone main Horseshoe/Snake trend §  Extending to west and south §  Mineralization encountered in down dip South Pit §  Higher grades encountered Snake extensions of Snake deposit Deep §  Areas lie beneath the resource shell Zone §  Additional drilling is planned §  Extending to west and at depth Ledbetter §  Higher grades §  Drill hole intercepts lie below the resource West shell Ledbetter §  Extending at depth §  Additional drilling is planned Snake §  Higher grades Haile §  Remains open West South §  Strike extends beyond the resource shell Corridor Pit §  Step-out drilling is planned to test extent §  Connecting Horseshoe23  
  24. 24. Strong  Board,  Management  and  Technical  Team   §  Proven  gold  mine  development,  finance,  permitng  and  opera,ons  experience   ê  Romarco  has  the  team  in  place  to  bring  Haile  into  producMon   Experienced  Board  of  Directors   Strong  Management  &  Technical  Team   Edward  A.  van  Ginkel,  Chairman   Diane  R.  Garreg,  Ph.D.,  President  &  CEO   §  Consultant,  former  Noranda,  Dayton  Mining   §  Former  Dayton  Mining,  US  Global  Investors   Diane  R.  Garreg   James  R.  Arnold,  Sr.  VP,  COO   §  Former  Dayton  Mining,  US  Global  Investors   §  Former  Freeport,  Gold  Fields  –  Richards  Award  Winner   James  R.  Arnold   Stan  Rideout,  Sr.  VP,  CFO   §  Former  Freeport,  Gold  Fields  –  Richards  Award  Winner   §  Former  Phelps  Dodge   Leendert  Krol   James  Berry,  Chief  Geologist   §  Former  Brazuro,  Newmont   §  Former  Barrick   Don  MacDonald   Brent  Anderson,  Mine  Manager   §  CFO  QuadraFNX,  former  NovaGold,  DeBeers,  Dayton  Mining   §  Former  Quadra,  Freeport   John  Marsden   Kevin  Russel,  Regional  Geologist   §  Consultant,  former  Freeport  –  Richards  Award  Winner   §  Former  Barrick   Patrick  Michaels   Jim  Wickens,  Mill  Manager   §  Porqolio  Manager  –  Zuri-­‐invest,  Switzerland   §  Former  Barrick   Robert  van  Doorn   Og  Jackson,  Health  &  Safety   §  Former  Mundoro,  Rio  Narcea,  Morgan  Stanley   §  Former  Freeport   Johnny  Pappas,  Environmental  Manager   §  Former  Freeport   Ramona  Schneider,  Environmental  Manager   §  Former  Kinross   Dan  Symons,  Manager  Investor  Rela,ons   §  Former  Renmark  Financial  24  
  25. 25. Track  Record  of  Achieving  Milestones   §  Strong  track  record  of  achieving  milestones  and  delivering  shareholder  returns   02-Nov-10: 15-Dec-10: Announces Appoints financial updated in-shell advisor for debt 01-Dec-09: resource estimate financing for Haile Announces at Haile initiation of 13-Apr-10: feasibility study at Completes public Haile offering (61M shares @ C$1.97/ 28-Sep-09: share); proceeds Announces of C$120M acquisition of 662 acres of land 03-Mar-09: adjacent to Haile Completes private placement (72.1M units @ 13-Aug-09: C$0.37/unit); Completes private proceeds of C placement (52.3M $27M shares @ C$0.88/ share); proceeds 11-Jan-11: of $46M 19-Mar-09: Announces drill Files 43-101 results of feasibility 30.7m of 16.1 03-Feb-09: study for Haile g/t Au at Haile Completes bankable feasibility study on 09-Nov-10: Haile Announces 11-Jan-10: 19-Jan-10: conditional Announces Acquisition of approval for TSX expansion of 2010 additional property listing drill program at at Haile increasing Haile land position by 53%25  
  26. 26. Clear  Plan  to  Bring  Haile  Into  Produc,on   §  Strong  balance  sheet  with  approximately  $100M  in  cash  and  no  debt(1)   §  Well  defined  project  schedule  and  clear  development  milestones   Project  Schedule   Haile  Milestones  and  Status  Report   2010   2011   2012   2013   Milestone  /  AcMvity   Status   Q1  Q2  Q3  Q4  Q1  Q2  Q3  Q4  Q1  Q2  Q3  Q4  Q1  Q2  Q3  Q4   Finish  feasibility  study      Feasibility  Study   Final  state  permit  submi^ed      OpMmizaMon   401/404  permit  submi^ed      Permirng   Resource  /  reserve  report      ConstrucMon   Complete  Haile  financials      Expand  Haile  &  Horseshoe   2011   ProducMon   Acquire  other  properMes   2011   ExploraMon   Explore  regional  targets   2011  26   (1)  As  at  January  31,  2011  
  27. 27. Well-­‐Posi,oned  in  Peer  Group   §  Romarco  trades  at  a  discount  to  its  developer  peers  on  a  P/NAV  basis(1)   !"#$ !"!$ !"!$ !"!$ !"!$ B-6A,13419*I !"%$ *+,-./,01!"%$ %")$ %"($ %"($ %"($ %"$ %"&$ *2.3456. (2)   7.8-6,5 94+.745: ;<6<=4 >.62?1>6+,- >4@.-A4 B,-<,C< D,34C- E23"1F4G,- 7C?.2. *2:62. 7-,?<3.- H655 Market  Cap   $1,195   $3,097   $4,112   $5,532   $1,165   $1165   $1,320   $2,727   $891   $716   $184   $305   (US$M)   Rosia   Donlin   Canadian   Rainy   Central   Detour   Angos-­‐ Key  Project   Çöpler   Haile   Livengood   Aurora   Volcan   Montana   Creek   MalarMc   River   AshanM   Lake   tura   Reserves   2.2   10.1   33.5   8.9   -­‐   2.0   3.4   11.4   -­‐   -­‐   -­‐   9.0   (Au  Moz)   M&I   3.7   4.8   4.3   2.2   2.4   3.1   1.0   7.5   6.9   3.2   9.2   0.8   (Au  Moz)   Inferred   0.1   1.2   4.4   0.5   2.7   1.1   1.7   3.7   1.4   1.4   2.3   1.3   (Au  Moz)   Mine  Life   8   16   25   12   -­‐   13   10   16   21   17   -­‐   15   LOM  Prod.   175   511   1,600   630   -­‐   140   192   649   504   250   295   511   (Au  Koz)   LOM  Cash   $260   $373   $467   $381   -­‐   $379   $498   $441   $560   $364   -­‐   $391   Costs(3)   Source:  Metals  Economics  Group,  Company  filings   (1)  Price  to  NAV  based  on  consensus  analyst  esCmates   (2)  Excludes  Schemes  of  Arrangement  with  Avoca  Resources  which  is  expected  to  be  implemented  on  February  18,  2011  and  to  begin  trading  as  Alacer  on  February  21,  2011  27   (3)  LOM  cash  costs  excluding  by-­‐product  credits  
  28. 28. Well-­‐Posi,oned  in  Peer  Group   $300 Osisko Romarco §  Romarco  trades  at  a  strong  AMC(1)/oz  mul,ple  reflec,ng   $300 Osisko ê  Large  resource  base  at  higher  t$250 verage  grade   han  a Luna Romarco ê  RelaMvely  advanced  stage  of  development  with  conMnued  evidence  of  upside  potenMal   US Gold Corp $250 Luna Total  Resources   Gold  Explorers  Compe,,ve  Landscape   $200 Premier $300 US Gold Corp Queenston Weighted  Average  Gold  Grade:  1.38  g/t   Rainy River 25  Mozs   $250 EV / Oz (US$/oz) $200 US  Gold  Corp Romarco Rainy River 15  Mozs   EV / Oz (US$/oz) $150 Osisko Rainy  River 5  Mozs   $200 $150 Detour 1  Mozs   AMC  /  oz  (US$/oz) Torex Weighted  Average:  US$167/oz   Keegan Geography   Guyana  GF $150 Fr Detour $100 Goldstone Keegan Volta Detour Keegan Int. Tower Hill West  AFronteer frica,  Australia,   $100 Orezone Mexico   $100 Goldstone Orezone Goldstone Victoria Klondex Amarillo Int. Tower Hill PMI Grayd Belo  Sun Orezone Victoria North  America,   Exeter Riverstone $50 Grayd Chile,  Brazil   $50 Northern  Gold Victoria Midway Volta Resources Belo Sun Rye  Patch Andina Northern  Freegold Temex Amarillo Peers   Vior Cassidy Grayd Riverstone Resources Coral $50 Rye Patch Resources Volta Exeter Belo Sun Amarillo $0 Pediment Midway Riverstone Resources 0.0 0.5 1.0 Rye Patch 1.5 2.0 2.0 6.0 10.0 Cassidy Exeter Northern Freegold Vior Selected  Peers   Gold  Grade  (g/t) Pediment Midway Temex Vior Cassidy Source:    RBC  Equity  Research,  as  of  February  8,  2011   Northern Freegold Northern Gold28   (1)  Represents  Adjusted  Market  CapitalizaCon  (“AMC”)  =  Market  CapitalizaCon  plus  Long-­‐term  Debt  minus  Working  Capital   $0 Northern Gold Temex 200 150 $0 Coral 0.3 Coral Andina 0.8 1.3 1.8 0.3 Andina 0.8 1.3 1.8 2.3 Gold G
  29. 29. Analyst  Coverage   §  6  Analysts  Covering  Romarco   ANALYSTS   12  Month  Target  Price   Paradigm  Capital   $3.40   BMO  Capital  Markets   $3.25   GMP  SecuriMes   $3.15   RBC  Capital  Markets   $3.00   Wellington  West  Capital  Markets   $2.90   CIBC  World  Markets   $2.50  29  
  30. 30. Opportuni,es  –  Strip  Ra,o   §  Current  strip  ra,o  is  7.2:1   §  Including  5mt  (1.1  g/t)  inferred  within   US$950  Pit  reduces  strip  ra,o  to  6:1   §  Further  reduc,ons  are  possible   through:   ê  Remaining  saddles  between  deposits   through  addiMonal  drilling   ê  ConnecMng  mineralizaMon  at  depth   Wheel  Loader   between  deposits   Haultruck   Hydraulic  Front  Shovel    30  
  31. 31. Opportuni,es  –  Expansion   §  7000  tpd  is  PHASE  1  of  Developing  Haile   §  Expansion  can  come  from:     ê  Expansion  of  current  reserves   ê  Underground   ê  Open-­‐pit  and  underground   ê  New  deposit   ê  One  of  our  other  properMes   §  Tailings  &  Plant  Site  are  designed  to  scale   20,000  tpd   opera,ons  from  7,000  to  20,000  tpd   mirror  design  of   10,000  tpd   14,000  tpd   opera,on   mirror  design  of   7,000  tpd   10,000  tpd   opera,on   requires  minimal   modifica,ons   7,000  tpd   §  §  addi,onal  crusher   flota,on  cells   PHASE  1   SCALED  FOR  EXPANSION    31  
  32. 32. Summary   §  Near  term,  low  cost  gold  producer  with  strong  project  economics   §  Located  in  a  mining  friendly  jurisdicMon  with  excellent  infrastructure   §  Large  resource  with  significant  remaining  exploraMon  upside  potenMal   §  Strong  board,  management  and  technical  team   §  Clear  plan  to  bring  Haile  into  producMon   §  Solid  cash  posiMon  (~  US$100  million),  no  debt   §  11  drill  rigs  –  172,000  meters  drilling  scheduled  for  2011  (~US$30  million)   §  Drill  permits  submi^ed  and  pending  32  
  33. 33. Contact  Informa,on   Head  Office  Informa,on   Dan  Symons   Romarco  Minerals  Inc.   Manager,  Investor  RelaMons   Brookfield  Place   dsymons@romarco.com   181  Bay  Street,  Suite  3630   Toronto,  Ontario  M5J  2T3   Tel:  416.367.5500   Fax:  416.367.5505   Email:  info@romarco.com   Website:  www.romarco.com  33