According to RBC Capital Markets:

Romarco Minerals Inc. (TSX: R; 0.76)

Additional Water Testing Requested for EIS Application

The US Army Corps of Engineers has asked for additional hydrological testing at the Haile Gold project to support the Draft EIS for the project. In October 2012, Romarco announced that the previous schedule to complete the Draft EIS by December 2012 would not be met in order to allow for revisions to reflect the new mine layout and additional work on potential surface and groundwater effects. We believe the Corps could provide an updated EIS schedule following this additional testing—expected to be completed in Q2/2013. The previous schedule provided by the Corps in May 2012 called for a draft EIS by December 2012 and a Record of Decision eight months later in August 2013. While we believe this is part of a normal EIS process, we view this as negative for the shares as it creates further uncertainty around the permitting timeline.

Additional Testing Should Be Completed in Q2/2013

The US Army Corps of Engineers has requested that additional hydrological tasks be completed to supplement data for the EIS application:

- Drilling six additional wire piezometer holes

- Complete an aquifer test and pump for approximately one week with a new production well and seven monitoring wells

- Authorizations have been received and the company expects to complete the data collection and modeling in Q3/2013.

Mobile Equipment Delivery Agreement Amended: Romarco has amended the mobile equipment delivery agreement to allow for a six-month delay, if needed, from the original date of September 30, 2013, with an option to extend by a further six months. Romarco will incur a "modest fee" and will continue to incur a monthly holding cost of approximately $230,000. The previously agreed pricing has been maintained.

Cash Balance at $54MM: The cash balance at February 20, 2013 was $54MM following $3MM payments made on delivery of the SAG and Ball mill, which arrived at Haile in January, and annual payments paid in the first quarter of each year. The cash balance was $64.8MM at year-end, which was $9.4MM lower than at September 30, 2012.