RBC Capital Markets:

April 2, 2013

Romarco Minerals Inc.

A High Quality Project; Waiting on Permits

Our View: We believe Haile is a high quality gold project based on above average grades, relatively low initial capex and a favourable jurisdiction, and could produce 250koz/year with cash costs of $500/oz. However, we expect Romarco to trade inline with peers until permits are received which would be in Q1/2014 at the earliest.

Key Points:

We maintain our Sector Perform Rating and adjust our price target to $1.25 (from $1.50).

Permitting Timeline Remains Uncertain

• We believe there is strong community support for the Haile project and expect permits to be received in mid-2014; however, given that a draft EIS is yet to be published there is still uncertainty around the timing.

• We expect the additional water testing and associated modelling requested by the Army Corps to be completed by the end of Q2/2013. At which point we could see an updated permitting schedule provided by the Army Corps, and could see the draft EIS published this fall.

• The publication of the draft EIS would be a key milestone and a record of decision could come 8 months after that based on the previous schedule provided by the Army Corps.

• We believe Romarco has adequate funding to get through the permitting process; however, cash could become constrained if permits are delayed much past mid-2014.

Potential to produce 250koz/year

• The February, 2011 feasibility study for Haile proposed a 7,000tpd open pit operation with annual gold production of 126koz based on a reserve of 2.0MMoz at 2.1g/t.

• However we believe an expansion to 14,000tpd is warranted based on the March, 2012 M&I resource of 3.9MMoz at 1.73g/t and 0.7MMoz at 1.13g/t inferred (constrained to a pit shell at $1,200/oz gold).

• A 14,000tpd operation could produce roughly 250koz with cash costs of $500/oz.

Price Target and Valuation

• Our $1.25 price target is based on 1.0x our NAV of $1.15 at 9% and $1,400/oz long term gold price. This discount rate and multiple are inline with pre-production peers.

• Romarco is currently trading at 0.66x NAV and while this is a significant discount to NAV, it is a premium to emerging peers at 0.42x. On an AMC/oz basis Romarco is trading at $80/oz, which is a premium to peers at $47/oz.

• Our $1.15 NAV at 9% and a $1,400/oz gold price would be $1.83 using 7% and $1,600/oz.