1. CORPORATE PRESENTATION
JANUARY 2012
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2. Cautionary 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 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 February 2011 technical report of the
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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 February 2011 technical reports.
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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‖). 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 any
another 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
2

3. Why own ROMARCO?
Near term, low cost gold producer with strong project economics
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Located in a mining friendly jurisdiction with excellent infrastructure
Significant Exploration Upside – open pit & underground
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Resource update Q1 2012 – open pit & underground
Solid cash position (~ US$115 million), no debt – as of December 31, 2011
70% Institutionally Held
Permits Pending – targeted by year end 2012
Extremely undervalued in today’s Market vs. Peers
3

4. 2011 HIGHLIGHTS
 Completed Feasibility Study  Acquired 5 regional targets,
• Economically robust drilled 3
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• 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
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• 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. 2012 OBJECTIVES
NEW RESOURCE – Q1 2012
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UNDERGROUND STUDY – Q1 2012
AGGRESSIVE DRILL PROGRAM
ADVANCE PERMITS
targeting approvals by year-end
5

6. INTRODUCTION TO THE
HAILE GOLD MINE PROJECT
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FEBRUARY 2011 Feasibility completed
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$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. LOW CAPITAL COST
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(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. LOW CASH COST
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LOWEST QUARTILE AVERAGE CASH
COST IN 2010 (1)
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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. HIGH GRADE FOR OPEN PIT
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Reserve Grade for Primary Open Pit Asset (g/t Au) (1)
9
(1) Source: BMO Capital Markets

10. NPR & IRR SENSITIVITY
TO GOLD PRICE
Pre-tax NPV and IRR Sensitivity to Gold Price (1)
($ Millions, except gold price)
Gold
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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
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$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. 2010 RESOURCES &
* 2011 RESOURCE UPDATE
RESERVES – PENDING Q1 2012
MEASURED + INDICATED RESOURCES AT US$1200 GOLD (1)
METRIC TONNES g/t CONTAINED oz
(000’S) Au (000’s)
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MEASURED 27,782 1.89 1,684
INDICATED 25,596 1.75 1,439
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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. AERIAL OF HAILE
12
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13. RESOURCE GROWTH
At year end 2010 2010
PLAN VIEW 3.5 KM
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US$950
RESERVE
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PITS
601 CHAMPION SMALL SOUTH PIT LEDBETTER SNAKE
HAILE
LONG
SECTION
US$950 RESERVE PIT LIMITS
13

14. 2011 EXPLORATION
2011 DRILLING
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• 172,000 meters
• 11 drill rigs
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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. HGM PERMITTING
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Federal – USACE* State – DHEC**
• 404 Wetlands Permit only • 401 Water Quality
Certification
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• 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. HAILE GOLD MINE
PERMITTING
No endangered species
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ALL BASELINE STUDIES REVEAL
No historical sites
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No fish or protected wildlife
No impact on local water supplies
No impact on recreation areas
No impact on traffic patterns
16

17. WETLANDS AT
HAILE PROPERTY
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Typical Palustrine Typical Palustrine Non-Relatively
Emergent Wetland Forested Wetland Permanent Waters
(inundated) (intermittent stream
channel)
17

18. ENVIRONMENTAL IMPACT
STATEMENT PROCESS
 Contractor (3rd Party) Selection – Sept. 2, 2011 (announced Sept. 26, 2011)
 Notice of Intent Federal Register – Sept. 23, 2011
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 30 day notice period
 Public Scoping Meeting – Oct. 27, 2011
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 Scoping Comment Period Closes – Nov. 28, 2011
CURRENT
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. HAILE EQUIPMENT
BEING ASSEMBLED
 Equipment has been ordered
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 Pricing is locked in
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19

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
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Project Schedule for EIS Haile Milestones and Status Report
2011 2012 2013 2014 Milestone / Activity Status
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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. 70% Institutional
Ownership
BlackRock
Franklin Templeton Investments
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Oppenheimer Funds
Van Eck
Sun Valley Gold
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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. ANALYST COVERAGE
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TARGET PRICE
Paradigm $2.75
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GMP $2.50
BMO $2.25
NBF $2.10
RBC $1.50
22

23. P/NAV vs PEER GROUP
Romarco trades at a discount to its developer peers on a P/NAV basis(1)
1.06x
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0.96x
0.76x 0.76x 0.75x Median = 0.75x
Median = 0.7x
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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. EV/RESOURCE
$298 $297
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$223
$214
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$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
24
Source: BMO Capital Markets, as at January 16, 2012

25. PEER COMPARISON
PEER COMPARISON – Stock Price Performance
52 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%
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ROMARCO 59%
TRELAWNY 42%
NEVSUN 40%
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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. CAPITAL STRUCTURE
Capitalization Summary
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Exchange/ Symbol TSX:R
Share Price(1) C$1.38
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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. NEW REGIONAL
EXPLORATION TARGETS
2 in North Carolina Kentucky
• Hickory – currently drilling West Virginia
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• 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
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• 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. NEW REGIONAL
EXPLORATION TARGETS
3 in South Carolina Kentucky
• Bayberry – currently drilling West Virginia
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• 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
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• 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. 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
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Experienced Board of Directors Strong Management & Technical Team
Leendert Krol, acting Chairman Diane R. Garrett, Ph.D., President & CEO
 Former Brazuro, Newmont  Former Dayton Mining, US Global Investors
James R. Arnold, Sr. VP, COO
Diane R. Garrett  Former Freeport, Gold Fields – Richards Award Winner
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 Former Dayton Mining, US Global Investors
Stan Rideout, Sr. VP, CFO
James R. Arnold  Former Phelps Dodge
 Former Freeport, Gold Fields – Richards Award Winner
James Berry, Chief Geologist & Regional Exploration Manager
 Former Barrick
Don MacDonald
 CFO QuadraFNX, former NovaGold, DeBeers, Dayton Mining Brent Anderson, Mine Manager
 Former Quadra, Freeport
John Marsden
 Consultant, former Freeport – Richards Award Winner Mike Gleason, Construction Manager
 Former Freeport
Patrick Michaels Jim Wickens, Process Manager
 Portfolio Manager – Zuri-invest, Switzerland  Former Barrick
Robert 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. SUMMARY
Near term, low cost gold producer with strong project economics
TSX : R
Located in a mining friendly jurisdiction with excellent infrastructure
Significant Exploration Upside – open pit & underground
WWW.ROMARCO.COM
Resource update Q1 2012 – open pit & underground
Solid cash position (~ US$115 million), no debt – as of December 31, 2011
70% Institutionally Held
Permits Pending – targeted by year end 2012
Extremely undervalued in today’s Market vs. Peers
30

31. 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
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