Corporate  Presenta,on  February  2011  

2  

The information in this document has been prepared as at February 26, 2010. 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 provincial securities laws. When used in this document, the words “anticipate”, “expect”, “estimate”, “forecast”, “will”, “planned”, and similar expressions are intended to identify forward-looking statements or information. Specifically, this presentation contains forward looking statements regarding the results and projections contained in the March 2009 technical report of the Haile Gold project, including the expected mine life, recovery, capital costs, cash operating costs and other costs and anticipated production of the described open 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, 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 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 May 2009 and December 2009 technical reports. Scientific and technical information referred herein has been extracted from and are hereby qualified in their entirety by reference to the aforementioned technical reports (“Technical Reports”). William J. Crowl, R.G., Terre A. Lane, AusIMM, Donald E. Hulse, P.E. and Richard D. Moritz 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 any aother 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 work 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 may vary from such 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 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 and required by Canadian regulations, however, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” 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 of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources 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 is economically or legally mineable.

All figures are US$ unless otherwise indicated

3  

Romarco  –  Company  Overview  

§ 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  posi/ve  feasibility  study  

- Poten/al  to  increase  scale  of  opera/on  ê  Focused  on  con/nued  explora/on  success  

- Numerous  untested  zones,  district  poten/al  § Experienced  board,  management  &  technical  team  

Company  Descrip,on  

Exchange/  Symbol   TSX:R  

Share  Price(1)   C$2.41  

Shares  Outstanding  (Basic)(2)   483.5M  

FD  Shares  Outstanding  (TSM)(2)   516.5M  

Market  Capitaliza/on(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  21.4  mm  warrants  and  16.7  mm  opEons  at  

average  strike  price  of  C$0.60  and  C$1.04  respecEvely  as  of  January  31,  2011  

Capitaliza,on  Summary  

Project  Loca,on  

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  

Atlantic Ocean

SOUTH CAROLINA

GEORGIA

NORTH CAROLINA

Charlotte

Myrtle Beach Columbia

Haile Mine

4  

Mining  Friendly  Jurisdic,on  with  Excellent  Infrastructure  

§  South  Carolina  is  a  mining  friendly  state  with  a  history  of  gold  mining  ê  Loca/on  of  1st  gold  rush  (before  California)  ê  Carolinas  led  U.S.  gold  produc/on  un/l  1848  ê  2nd  U.S.  Mint  in  CharloTe,  North  Carolina  ê Original  49ers  came  from  east  coast  ê  Significant  gold  produc/on  in  80s  –  90s  ê Mining  part  of  local  history/community  ê  500  ac/ve  mines  in  South  Carolina  

§  Romarco  controls  8,000  acres  of  100%  private  land  ê  Surface,  mineral  and  water  rights  

Haile  Project  Loca,on  

Tennessee  

Kentucky  West  Virginia  

North  Carolina  

Georgia  

South  Carolina  

Russell  Mine  

Reed  Mine  

Howie  Mine  Brewer  Mine  

Ridgeway  Mine  Dorn  Mine  

Bante  Mine  Tathom  Mine  

Columbia  Mine  

Magruder  Mine  

Haile  Mine  

5  

Investment  Highlights  

§  Near  term,  low  cost  gold  producer  with  strong  project  economics  

§  Located  in  a  mining  friendly  jurisdic/on  with  excellent  infrastructure  

§  Large  resource  with  significant  remaining  explora/on  upside  poten/al  

§  Strong  board,  management  and  technical  team  

§  Clear  plan  to  bring  Haile  into  produc/on  

§  Solid  cash  posi/on  (~US$100  million),  no  debt  

§  11  drill  rigs  -­‐  172,000  meters  drilling  scheduled  for  2011  (~US$30  million)  

6  

Resource  Summary  

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  

In-­‐Shell  Resource  /  Reserve  

$1200  Resource  Shell  

$950  Pit  

N$950  Pit  area  accounts  for  less  than  10%  of  the  Haile  property.  

7  

US$950  Gold  -­‐  Reserve  Pits  

601  

Champion  

Small   Chase  Hill  

Ledbeger  

South  

Snake  

Horseshoe  

8  

Near  Term,  Low  Cost  Gold  Producer  

§  Posi,ve  feasibility  study  on  Haile  announced  on  Feb.  9,  2011  

§  Strong  project  economics  with  robust  IRR  and  NPV  at  conserva,ve  gold  prices  ê  Low  cash  cost  opera/on  ê Manageable,  low  cost  capital  requirements  

§  Posi,ve  feasibility  study  does  not  include  ê  Horseshoe  zone  ê  Snake  Deep  ê West  LedbeTer  ê West  South  Pit  ê  601  ê  Inferred  resources  within  US  $950  Pit  

§  Open  all  direc,ons  and  at  depth  §  2011  economic  studies  

ê  Underground  Studies  at  Horseshoe  ê  Expansion  Studies  ê  Trade  off  Studies  

Summary  of  Haile  Feasibility  Study  (US$950  Gold)  

2  P  Gold  Reserves  (‘000  oz)   2,018  Recovery  Rate  (%)   83.7  Net  Recoverable  Gold  (‘000  oz)   1,681  Annual  Mill  Throughput  (‘000  t)   2,555  Daily  Mill  Throughput  (tpd)   7,000  Mine  Life  (years)   13.25  Overall  Strip  Ra/o  (waste:ore)   7.2:1  Average  Feed  Grade  to  Mill  (LOM)  (g/t)   2.06  Average  Produc/on  (year  1)  (‘000  oz)   172  Average  Produc/on  (years  1  -­‐  5)  (‘000  oz)   150  

Cash  Costs  (year  1-­‐5)  (US$/oz)   347  Cash  Costs  (LOM)  (US$/oz)   379  Ini/al  Capital  Expenditures  (US$M)   275.5  Sustaining  Capital  Expenditures  (US$M)   119.2  Net  Present  Value  (5%  discount)  

Pre-­‐Tax  (US$M)   279  Internal  Rate  of  Return  

Pre-­‐Tax  (%)   19.6  

9  

NPV  &  IRR  Sensi,vity  to  Gold  Price    

Gold  Price  Per  oz.  

NPV  @0%   NPV  @  5%   NPV  @  10%   IRR  %  PAYBACK  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  

Pre-­‐tax  NPV  and  IRR  Sensi,vity  to  Gold  Price  

($  Millions,  except  gold  price)  

10  

Favourable  Posi,on  on  the  Cash  Cost  Curve  

§  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  Average  Q3  2010  (1)  

ROMARCO  LOM  Average  (2)  

Lowest  Quar/le    Average  Q3  2010  (1)    

(1) Source: GFMS presentation, Gold Survey 2010 Update

Average Cash Cost lowest quartile Q3 2010 (1)

(2) Announced February 9, 2011

11  

Clear  Plan  to  Bring  Haile  Into  Produc,on  

Design  Overflow  &  Process  Descrip,on  

§  Conven,onal  opera,on  §  Simple  flowsheet  §  Off-­‐the-­‐shelf  

technology  §  Ability  to  expand  

project  scale  to  include  addi,onal  resource  discoveries  

Design  Overflow   Process  Descrip,on  

§ Robust  “Simple”  Flowsheet   Crush  Æ  Grind  Æ  Flota,on  

§ Proven  Technologies   Regrind  Flot  Con  Æ  Leach  Con  

§ Flexible,  Expandable   Leach  Flot  Tail  Æ  Recover  both  

§ Non-­‐Refractory   CN  Detox  Æ  Tail  Storage  Facility  

§ Off-­‐The-­‐Shelf  Technology   Standard  Carbon  Elu,ons,  EW  

§ No  Long  Lead  Time  Units  

12  

Site  Layout  

US$950  Pits  

Overburden  

Tailings  Facility  

Mill  Site  

13  

Processing  Plant  (conceptual)  

14  

Located  in  Mining  Friendly  Jurisdic,on  

§  Strong  State  and  local  support  for  Haile  ê Drill  permits  received  in  <2  weeks  (650  holes)  

ê No  Federal,  State  or  local  opposi/on  to  date  ê  State  offered  tax  incen/ves  

- $3M  in  annual  savings  - Tax  reduc/on  from  10%  to  4%  

§  Permitng  ê  Federal  (404)  -­‐  SUBMITTED  

- Wetlands  ê  State  (South  Carolina)    

- Mining  /  opera/ng  permit  –  SUBMITTED  - Water  treatment  permit  - Storm  water  permit  - Air  permit  

- Water  (401)  –  SUBMITTED    

Strong  Community  Rela,ons  (July  4,  2010  Parade)  

From  leX  to  right:  Diane  Garre[  (CEO,  Romarco),  John  Spra[  (South  Carolina  Congressman),  Mick  Mulvaney  (South  Carolina  State  Senator),  Jack  Estridge  (City  Counsel)  

15  

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  

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,  con/nuity  between  Snake  &  Horseshoe,  high-­‐grade  Snake  Deep,  high-­‐grade  West  LedbeTer,  high-­‐grade  Mill  Zone  –  extension  of  South  Pit  

§  Haile  remains  open  in  all  direc,ons  and  at  depth  §  2011  –  largest  drill  program  to  date  

Note: All ounces stated in the table 3 above are contained ounces (1) Non 43-101 Historical Reserve in technical report filed July 17, 2007

* 2010 Resources are within a US$1200 Shell

(1)

Poten,al  Mineral  Deposits  

17  

Zone  Scenario  A  

Tonnes  x  1000  Scenario  B  

Tonnes  x  1000  Case  A  g/t  

Case  B  g/t  

Horseshoe   16,511   13,956   3.39   2.09  

LedbeTer   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  

Poten,al  Mineral  Deposits  (1)  

(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 delineated as a mineral resource. The Company currently plans to focus on further exploration drilling within these potential mineral deposits during 2011 and beyond.

Poten,al  Mineral  Deposits  

18  

601  

Champion  

Small  

South  

Snake  

Ledbeger  

Chase  Hill  

Horseshoe  

PMD  

PMD  

PMD  

PMD  

PMD  

PMD  

Poten/al  Mineral  Deposits  (PMD)  

Surface  

Mineraliza/on  based  on  drilling  

PMD  

PMD  

19  

Significant  Remaining  Explora,on  Upside  Poten,al  

§  Large  district  land  package  with  numerous  untested  zones  along  Haile  gold  trend  

Haile  Long  Sec,on  –  Mineraliza,on  based  on  drill  data  through  September  30th  2010   US$950  GOLD  

601   Champion   Small   South   Ledbeger   Snake   Horseshoe  

Snake  Horseshoe  

20  

Significant  Remaining  Explora,on  Upside  Poten,al  

§  Large  district  land  package  with  numerous  untested  zones  along  Haile  gold  trend  

Snake    /  Horseshoe  Long  Sec,on  

US$950  PIT  

US$1200  SHELL  

Horseshoe  Resource  within  US$1200  Shell  

Measured  &  Indicated  Inferred  

380K  180K  

21  

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  condemna/on  drilling  to  locate  suitable  tailings  site  

2010 Highlights

§ M&I resources increased 44% § M&I grade increased 21% (to 1.82 g/t) § M&I tonnes increased 20% §  Inferred resources declined 46%

ê  Conversion to indicated §  Inferred grade increased 33% (to 1.34 g/t) §  2P reserves increased 54%

2008   2009   2010   2011  

22  

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  respec/vely  

Upside  From  Mineraliza,on  Not  Captured  

Deep Horseshoe Zone

§  Zone not yet drill defined along strike and down dip

§  Potential new zone may exist south of main Horseshoe/Snake trend

Snake Deep Zone

§ Mineralization encountered in down dip extensions of Snake deposit

§  Areas lie beneath the resource shell §  Additional drilling is planned

West Ledbetter

§  Drill hole intercepts lie below the resource shell

§  Additional drilling is planned

West South Pit

§  Strike extends beyond the resource shell §  Step-out drilling is planned to test extent

2010  Explora,on  Findings  

Horseshoe Discovery

§  Confirms underground potential §  Highest grade §  Underground scoping study (2011)

South Pit §  Extending to west and south §  Higher grades encountered

Ledbetter §  Extending to west and at depth §  Higher grades

Snake §  Extending at depth §  Higher grades

Haile Corridor

§  Remains open §  Connecting Horseshoe

23  

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  produc/on  

Experienced  Board  of  Directors   Strong  Management  &  Technical  Team  

Edward  A.  van  Ginkel,  Chairman  § Consultant,  former  Noranda,  Dayton  Mining  Diane  R.  Garreg  §  Former  Dayton  Mining,  US  Global  Investors  James  R.  Arnold  §  Former  Freeport,  Gold  Fields  –  Richards  Award  Winner  Leendert  Krol  §  Former  Brazuro,  Newmont  Don  MacDonald  § CFO  QuadraFNX,  former  NovaGold,  DeBeers,  Dayton  Mining  John  Marsden  § Consultant,  former  Freeport  –  Richards  Award  Winner  Patrick  Michaels  § Porqolio  Manager  –  Zuri-­‐invest,  Switzerland  Robert  van  Doorn  §  Former  Mundoro,  Rio  Narcea,  Morgan  Stanley  

Diane  R.  Garreg,  Ph.D.,  President  &  CEO  §  Former  Dayton  Mining,  US  Global  Investors  James  R.  Arnold,  Sr.  VP,  COO  §  Former  Freeport,  Gold  Fields  –  Richards  Award  Winner  Stan  Rideout,  Sr.  VP,  CFO  §  Former  Phelps  Dodge  James  Berry,  Chief  Geologist  §  Former  Barrick  Brent  Anderson,  Mine  Manager  §  Former  Quadra,  Freeport  Kevin  Russel,  Regional  Geologist  §  Former  Barrick  Jim  Wickens,  Mill  Manager  §  Former  Barrick  Og  Jackson,  Health  &  Safety  §  Former  Freeport  Johnny  Pappas,  Environmental  Manager  §  Former  Freeport  Ramona  Schneider,  Environmental  Manager  §  Former  Kinross  Dan  Symons,  Manager  Investor  Rela,ons  §  Former  Renmark  Financial  

24  

Track  Record  of  Achieving  Milestones  

§  Strong  track  record  of  achieving  milestones  and  delivering  shareholder  returns  

03-Feb-09: Completes bankable feasibility study on Haile

03-Mar-09: Completes private placement (72.1M units @ C$0.37/unit); proceeds of C$27M

19-Mar-09: Files 43-101 feasibility study for Haile

13-Aug-09: Completes private placement (52.3M shares @ C$0.88/share); proceeds of $46M

28-Sep-09: Announces acquisition of 662 acres of land adjacent to Haile

01-Dec-09: Announces initiation of feasibility study at Haile

11-Jan-10: Announces expansion of 2010 drill program at Haile

19-Jan-10: Acquisition of additional property at Haile increasing land position by 53%

13-Apr-10: Completes public offering (61M shares @ C$1.97/share); proceeds of C$120M

02-Nov-10: Announces updated in-shell resource estimate at Haile

09-Nov-10: Announces conditional approval for TSX listing

15-Dec-10: Appoints financial advisor for debt financing for Haile

11-Jan-11: Announces drill results of 30.7m of 16.1 g/t Au at Haile

25  

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  

Milestone  /  Ac/vity   Status  Finish  feasibility  study    

Final  state  permit  submiTed    

401/404  permit  submiTed    

Resource  /  reserve  report    

Complete  Haile  financials    

Expand  Haile  &  Horseshoe   2011  

Acquire  other  proper/es   2011  

Explore  regional  targets   2011  

2010   2011   2012   2013  

Q1  Q2  Q3  Q4  Q1  Q2  Q3  Q4  Q1  Q2  Q3  Q4  Q1  Q2  Q3  Q4  

Feasibility  Study  

Op/miza/on  

Permirng  

Construc/on  

Produc/on  

Explora/on  

(1)  As  at  January  31,  2011  

26  

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B-6A,13419*I

Market  Cap  (US$M)   $1,195   $3,097   $4,112   $5,532   $1,165   $1165   $1,320   $2,727   $891   $716   $184   $305  

Key  Project   Çöpler   Rosia  Montana  

Donlin  Creek  

Canadian  Malar/c  

Rainy  River   Haile   Central  

Ashan/  Detour  Lake   Livengood   Aurora   Volcan   Angos-­‐

tura  

Reserves  (Au  Moz)   2.2   10.1   33.5   8.9   -­‐   2.0   3.4   11.4   -­‐   -­‐   -­‐   9.0  

M&I  (Au  Moz)   3.7   4.8   4.3   2.2   2.4   3.1   1.0   7.5   6.9   3.2   9.2   0.8  

Inferred  (Au  Moz)   0.1   1.2   4.4   0.5   2.7   1.1   1.7   3.7   1.4   1.4   2.3   1.3  

Mine  Life   8   16   25   12   -­‐   13   10   16   21   17   -­‐   15  

LOM  Prod.  (Au  Koz)   175   511   1,600   630   -­‐   140   192   649   504   250   295   511  

LOM  Cash  Costs(3)   $260   $373   $467   $381   -­‐   $379   $498   $441   $560   $364   -­‐   $391  

Source:  Metals  Economics  Group,  Company  filings  (1)  Price  to  NAV  based  on  consensus  analyst  esEmates  (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  (3)  LOM  cash  costs  excluding  by-­‐product  credits  

Well-­‐Posi,oned  in  Peer  Group  

§  Romarco  trades  at  a  discount  to  its  developer  peers  on  a  P/NAV  basis(1)  

(2)  

27  

Volta

Vior

US  Gold  Corp

TemexRye  Patch

Riverstone

Premier

Goldstone

Orezone

Northern  FreegoldMidway

Coral

Keegan

Victoria

Grayd

Exeter

Cassidy

Belo  Sun

Amarillo

Northern  Gold

Andina

Osisko

Romarco

Rainy  River

Detour

$0

$50

$100

$150

$200

$250

$300

0.0 0.5 1.0 1.5 2.0Gold  Grade  (g/t)

AMC  /  oz  (U

S$/oz)

Well-­‐Posi,oned  in  Peer  Group  

§  Romarco  trades  at  a  strong  AMC(1)/oz  mul,ple  reflec,ng  ê  Large  resource  base  at  higher  than  average  grade  ê  Rela/vely  advanced  stage  of  development  with  con/nued  evidence  of  upside  poten/al  

Total  Resources  

25  Mozs  

15  Mozs  

5  Mozs  

050100

150

200 0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Gol

d G

rade

(g/t)

AMC / Oz (US$/oz)

1  Mozs  

Peers  

Selected  Peers  

AmarilloBelo Sun

CassidyExeter

Fronteer

Goldstone

Grayd

Int. Tower Hill

Keegan

Luna

Coral

Midway

Northern Freegold

Northern Gold

Orezone

PedimentPMI

Riverstone ResourcesRye Patch

Temex

US Gold Corp

Victoria

Vior

Volta Resources

Rainy River

Romarco

Detour

Osisko

Andina

$0

$50

$100

$150

$200

$250

$300

0.3 0.8 1.3 1.8 2.3Gold Grade (g/t)

EV /

Oz

(US$

/oz)

AmarilloBelo Sun

CassidyExeter

Fronteer

Goldstone

Grayd

Int. Tower Hill

Keegan

Luna

Coral

Midway

Northern Freegold

Northern Gold

Orezone

PedimentPMI

Riverstone ResourcesRye Patch

Temex

US Gold Corp

Victoria

Vior

Volta Resources

Rainy River

Romarco

Detour

Osisko

Andina

$0

$50

$100

$150

$200

$250

$300

0.3 0.8 1.3 1.8 2.3Gold Grade (g/t)

EV /

Oz

(US$

/oz)

Geography  

West  Africa,  Australia,  Mexico  

North  America,  Chile,  Brazil  

050100

150

200 0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Gol

d G

rade

(g/t)

AMC / Oz (US$/oz)

050100

150

200 0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Gol

d G

rade

(g/t)

AMC / Oz (US$/oz)

050100

150

200 0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Gol

d G

rade

(g/t)

AMC / Oz (US$/oz)

Gold  Explorers  Compe,,ve  Landscape  

Source:    RBC  Equity  Research,  as  of  February  8,  2011  (1)  Represents  Adjusted  Market  CapitalizaEon  (“AMC”)  =  Market  CapitalizaEon  plus  Long-­‐term  Debt  minus  Working  Capital  

Torex

Queenston

PMI

Klondex

Guyana  GF

2.0 6.0 10.0

Weighted  Average  Gold  Grade:  1.38  g/t  

Weighted  Average:  US$167/oz  

28  

Summary  

§  6  Analysts  Covering  Romarco  

ANALYSTS  

Paradigm  Capital   $3.40  

BMO  Capital  Markets   $3.25  

GMP  Securi/es   $3.15  

CIBC  World  Markets   $3.00  

RBC  Capital  Markets   $3.00  

Wellington  West  Capital  Markets   $2.90  

12  Month  Target  Price  

29  

Summary  

§  Near  term,  low  cost  gold  producer  with  strong  project  economics  

§  Located  in  a  mining  friendly  jurisdic/on  with  excellent  infrastructure  

§  Large  resource  with  significant  remaining  explora/on  upside  poten/al  

§  Strong  board,  management  and  technical  team  

§  Clear  plan  to  bring  Haile  into  produc/on  

§  Solid  cash  posi/on  (~  US$100  million),  no  debt  

§  11  drill  rigs  –  172,000  meters  drilling  scheduled  for  2011  (~US$30  million)  

§  Drill  permits  submiTed  and  pending  

30  

Romarco  Minerals  Inc.  Brookfield  Place  

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  

Dan  Symons  Manager,  Investor  Rela/ons  dsymons@romarco.com  

Contact  Informa,on   Head  Office  Informa,on