ROMARCO AGM Presentation - June 8, 2011
-
Upload
romarco-minerals-inc -
Category
Documents
-
view
109 -
download
4
description
Transcript of ROMARCO AGM Presentation - June 8, 2011
Corporate Presenta,on Annual General & Special Mee,ng June 8, 2011
2
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 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. 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 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
Cau,onary Statement
3
Strong Board, Management and Technical Team § Proven gold mine development, finance, permiFng and opera,ons experience
ê Romarco has the team in place to bring Haile into produc5on
Experienced Board of Directors Strong Management & Technical Team
Edward A. van Ginkel, Chairman § Consultant, former Noranda, Dayton Mining Diane R. GarreO § 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 § PorMolio Manager – Zuri-‐invest, Switzerland Robert van Doorn § Former Mundoro, Rio Narcea, Morgan Stanley
Diane R. GarreO, 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 & Regional Explora,on Manager § Former Barrick Brent Anderson, Mine Manager § Former Quadra, Freeport Kevin Russell, Regional Geologist § Former Barrick Jim Wickens, Mill Manager § Former Barrick OO Jackson, Health & Safety § Former Freeport Johnny Pappas, Director of Environmental Affairs § Former Freeport Ramona Schneider, Environmental Manager § Former Kinross Dan Symons, Manager Investor Rela,ons § Former Renmark Financial
4
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 Feasibility study completed ê Permits pending ê System remains open in all direc5ons at depth
§ Experienced board, management & technical team
Company Descrip,on
Exchange/ Symbol TSX:R
Share Price(1) C$2.06
Shares Outstanding (Basic)(2) 503.3M
FD Shares Outstanding (TSM)(2) 516.3M
Market Capitaliza5on(1) C$1,064M
52 Week High / Low C$2.88 / C$1.53
Cash Balance (May 24, 2011) US$72M (1) As at close on May 31, 2011 (2) Calculated using treasury stock method. Includes 13.0mm “in-‐the-‐money” opCons at an
average strike price of C$1.21 as of May 31, 2011
Capitaliza,on Summary
Project Loca,on
181 Bay St. Suite 3630, Toronto, ON, M5J 2T3 │Email: [email protected] │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
• Romarco controls 10,000+ acres of 100% private land
• Surface, mineral and water rights • ~ 9,600 acres owned fee simple
5
Introduc,on to the Haile Gold Mine Project
FEBRUARY 2011 § Feasibility completed
$275 million § One of lowest capital cost projects in industry
$379/oz ($347/oz first 5 years) § One of lowest operating cost projects in industry
2.06 g/t § One of highest grade open-pit projects in industry
6
Low Capital Cost
* All figures are in millions of dollars (1) Source: Company Disclosure
Peers include direct and indirect costs, conCngency funding and previously sunk development capital (sustaining capital not included)
Development Capex for Primary Open Pit Asset (US$mm) (1)
7
Low Cash Cost
(1) Source: GFMS presentaCon, Gold Survey 2010 Update (2) Announced February 9, 2011
AVERAGE CASH COST LOWEST QUARTILE Q3 2010 (1)
Industry Average (1) ROMARCO ��� LOM Average (2)
Lowest Quartile��� Average Q3 2010 (1)
8
High Reserve Grade for Open Pit
Reserve Grade for Primary Open Pit Asser (g/t Au)
9
Investment Highlights
§ Near term, low cost gold producer with strong project economics
§ Located in a mining friendly jurisdic5on with excellent infrastructure
§ Large resource with significant remaining explora5on upside poten5al
§ Strong board, management and technical team
§ Clear plan to bring Haile into produc5on
§ 11 drill rigs -‐ 172,000 meters drilling scheduled for 2011 (~US$30 million)
§ Haile system remains open in all direc5ons at depth
§ Solid cash posi5on (~US$72 million), no debt – as of May 24, 2011
10
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 opera5on ê Manageable, low cost capital requirements
§ Posi,ve feasibility study does not include ê Horseshoe ê Snake Deep ê West Ledbeier 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 at Horseshoe ê Expansion ê Trade off
Summary of Haile Feasibility Study (US$950 Gold)
2 P Gold Reserves (‘000 oz) 2,018 Recovery Rate (%) 83.7 Net Recoverable Gold (‘000 oz) 1,681
Annual Mill Throughput (‘000 t) 2,555
Daily Mill Throughput (tpd) 7,000 Mine Life (years) 13.25 Overall Strip Ra5o (waste:ore) 7.2:1 Average Feed Grade to Mill (LOM) (g/t) 2.06 Average Produc5on (year 1) (‘000 oz) 172
Average Produc5on (years 1 -‐ 5) (‘000 oz) 150
Cash Costs (year 1-‐5) (US$/oz) 347 Cash Costs (LOM) (US$/oz) 379 Ini5al Capital Expenditures (US$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
11
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)
12
Resource Growth
601 CHAMPION SMALL SOUTH PIT LEDBETTER SNAKE HORSESHOE
US$950 PITS
US$950 PIT LIMITS
2 0 1 0
PLAN VIEW
HAILE LONG SECTION
3.5 KM
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 40% of 2010 drilling focused on condemna5on 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%
!"#$$%
&'"$$$%
($!"$$$%
(&)"$$$%
!"
#!$!!!"
%!$!!!"
&!$!!!"
'!$!!!"
(!!$!!!"
(#!$!!!"
(%!$!!!"
(&!$!!!"
('!$!!!"
#!!$!!!"
*+,+-.%/
0%1-23324
5%
2008 2009 2010 2011
13
14
Significant Remaining Explora,on Upside Poten,al
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 economic 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
15
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 Grind Flota,on
§ Proven Technologies Regrind Flot Con Leach Con
§ Flexible, Expandable Leach Flot Tail Recover both
§ Non-‐Refractory CN Detox Tail Storage Facility
§ Off-‐The-‐Shelf Technology Standard Carbon Elu,ons, EW
§ No Long Lead Time Units
16
Environmental Opera,ons Team
Consultants
JIM ARNOLD Sr. VP., COO & Director P.E., B.Sc. Metallurgical Engineering
JOHNNY PAPPAS Director of Environmental Affairs
RAMONA SCHNEIDER Environmental Manager
James R. Arnold is the current Senior Vice President and Chief Opera5ng Officer of Romarco. Mr. Arnold was recently Vice President, Colorado Opera5ons for Freeport-‐McMoRan where he led the Climax re-‐start project through feasibility, engineering, staffing and construc5on. Prior to there he was V.P. Technical Services for Coeur d’Alene Mines Corp. and also held the posi5on of General Manager for Kinross’ Goldbanks Project and Manager of Santa Fe Pacific Gold’s Twin Creeks project in Nevada. Mr. Arnold holds a degree in Metallurgical Engineering from University of Idaho and an M.S. degree in Engineering Management.
Johnny Pappas has a dis5nguished career in the field of environmental management and permirng. Mr. Pappas recently held the posi5on of Environmental Manager of the Climax Mine and was Permit Coordinator for Barrick’s Cortez Gold Mines. In addi5on, he has held several Senior Environmental Engineer posi5ons with Pacificorp, Plateau Mining, and Santa Fe Pacific Gold. Mr. Pappas is recognized as a leader in his field and has won numerous awards including the 2003 “Best of the Best” Award – awarded by the Department of Interior’s Office of Surface Mining in recogni5on for extraordinary personal commitment and outstanding contribu5on for the reclama5on success at the Castle Gate Mine and the 2003 “Excellence in Surface Coal Mining Reclama5on” Award.
Ramona Schneider has been with the Haile Gold Mine since 1990 working for Piedmont Mining Company, AMAX Gold, and Kinross Gold. As Environmental Manager, Ms. Schneider is responsible for
permirng, maintaining current permits and regulatory compliance, organizing closure sampling programs, preparing regulatory repor5ng documents, monitoring reclama5on projects, and managing the baseline programs.
• Gochnour & Associates Pat Gochnour
• Kennedy ConsulBng Services Craig Kennedy
• AMEC Earth and Environmental
• Tetra Tech
• Schlumberger Water Services
• Schafer Limited
• Arcadis
• Genesis ConsulBng Group
• Ecological Resources Consultants
• Environmental Banc and Exchange (EBX)
• McNair Law Firm
• C.A. Clark ConsulBng, LLC Catherine Clark
17
HGM PermiFng
• 404 Wetlands Permit only • USACE is sole deciding regulatory body
• All other agencies commen5ng agencies only – EPA, US Fish and Wildlife, etc.
• 401 Water Quality Cer5fica5on
• Mining Permit • Opera5ng Permit • Air Quality Permit • Others
Federal – USACE* State – DHEC**
* US Army Corps of Engineers���** South Carolina Department of Health and Environmental Control
18
Streams & Wetlands
§ 61% of all func5ons rated low (very impaired or impaired)
§ 29% of all func5ons rated moderate (par5ally impaired)
§ 10% of all func5ons rated high (fully func5onal)
19
Wetlands Mi,ga,on Plan SubmiOed
§ 161 acres of wetlands impacted (1,842 credits*)
§ 1,932 acres total credits (105%)
• Mi5ga5on plan submiied (credit for credit) Mi5ga5on Plan: 297 acres Restored 621 acres Preserved 918 acres Mi5gated
§ Mi5ga5ng 571% of impact
* Credits are determined in accordance with USACE’s procedures
20
Streams Mi,ga,on Plan SubmiOed
§ 38,775 linear feet of streams impacted (296,396 stream credits*)
§ 314,646 total stream credits (106%)
• Mi5ga5on Plan: 68,271 linear feet of streams Restored 151,692 linear feet of streams Preserved 219,963 linear feet of streams Mi5gated
§ Mi5ga5ng 567% of impact
* Credits are determined in accordance with USACE’s procedures
21
Streams at Haile Property
Perennial Streams (Haile Gold Mine Creek)
22
Streams at Haile Property
Non-‐Rela5vely Permanent Waters (intermiient stream channel)
23
Streams at Haile Property
Typical Riverine (stream channel)
24
Wetlands at Haile Property
Typical Palustrine Forested Wetland (inundated)
25
Wetlands at Haile Property
Typical Palustrine Forested Wetland (saturated)
26
Wetlands at Haile Property
Typical Palustrine Emergent Wetland
27
Wetlands at Haile Property
Typical Palustrine Emergent Wetland
28
Permit Status
§ Romarco has responded to all comments
§ ~ 30 day review of data by USACE § Addi,onal ques,ons and responses may occur
§ USACE writes an Environmental Assessment / Statement of Findings (EA/SOF) Decision Document
§ Decision ê Environmental Assessment Finding Of No Significant Impact – Mi5gated FONSI, or ê Environmental Impact Statement
29
Environmental Assessment Process
§ USACE completes technical review
§ DHEC simultaneously completes technical review
§ USACE renders Draw 404 Permit
§ DHEC issues 401 Water Quality Cer,fica,on
§ USACE issues final 404 Permit
30
Environmental Impact Statement Process
§ Only pertains to Wetlands Permit not Mine Opera,ng Permits § No,ce of Intent to prepare an EIS published in the Federal Register § 90 day public comment period § Agency and public scoping mee,ng – one or more § Draw EIS § 90 day public review and comment period § Romarco responds to comments § Final EIS includes comments, amendments if necessary § 30 day minimum comment period § Record of Decision (ROD)
31
What if EIS?
§ Approximate 12 month delay of start-‐up § Analysts es,mate 5-‐11% NAV impact to project due to cash flow ,ming § Explora,on con,nues
ê Poten5al to increase reserves and grade ê Reduce strip ra5o
ê Further define mineraliza5on between deposits ê Addi5onal 5me to op5mize mine plan with new resources & reserve model
ê Within exis5ng permit area and 7,000 tpd mill ê More 5me to define and study underground targets
§ More ,me to value engineer plant design
Haile Gold Mine Update
32
• Explora5on drilling con5nuing to expand Ledbeier, Mill Zone, Snake, Horseshoe, Bermuda Triangle -‐ Focus is to add ounces within permiied footprint
• Lab construc5on on schedule & on budget (June 2011)
• Equipment orders and delivery 5me remain on schedule
• Specifica5ons for grinding mills complete
33
New Regional Explora,on Targets
§ 3 in South Carolina ê Bayberry – drill ready
ê Similar host rocks, altera5on and mineraliza5on as observed at Haile
ê 74 shallow rotary holes, 8 RC holes, and 8 core holes previously drilled on the property
ê Historical Reported, highlighted intercepts include: ê 7.0 meters of 4.3 g/t ê 26.0 meters of 1.8 g/t ê 12.0 meters of 1.2 g/t ê 7.3 meters of 1.8 g/t
ê Locust – drill ready ê Small historical oxide resource (pre 43-‐101) ê 34 RC and 27 core holes have been drilled on the property
ê Historical Reported, highlighted intercepts include: ê 71.5 meters of 2.9 g/t ê 5.1 meters of 1.5 g/t ê 74.6 meters of 1.5 g/t ê 65.0 meters of 1.9 g/t
ê Elm ê Property is ready for soil and rock chip sampling ê Preliminary rock chip sampling has yielded 8.6 g/t
Tennessee
Kentucky West Virginia
North Carolina
Georgia
South Carolina
Haile Mine Buzzard
Elm
Hickory Ironwood
Bayberry
Locust
34
New Regional Explora,on Targets
§ 2 in North Carolina ê Hickory – drill ready
ê Historical produc5on during 1800s ê Historical drilling consists of 11 core holes and 130
RC holes ê Historical Reported, highlighted intercepts include:
ê 19.8 meters of 4.7 g/t ê 21.3 meters of 4.0 g/t ê 22.9 meters of 3.4 g/t ê 17.0 meters of 2.1 g/t
ê Ironwood – drill ready ê The highest grade encountered in the trenching was
9.1 g/t ê Twelve shallow RC holes and two core holes have
been drilled ê Historical Reported, highlighted intercepts include:
ê 3.0 meters of 4.4 g/t
Tennessee
Kentucky West Virginia
North Carolina
Georgia
South Carolina
Haile Mine Buzzard
Elm
Hickory Ironwood
Bayberry
Locust
35
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
• 113 employees + 30 contractors ê $1 million/month spent locally
Ongoing Community Involvement
Strong Community Support
§ Strong State and local support for Haile ê Drill permits received in <2 weeks (650 holes)
ê No Federal, State or local opposi5on to date ê State offered tax incen5ves
• $3M in annual savings • Tax reduc5on from 10% to 4%
§ PermiFng ê Federal (404) -‐ SUBMITTED
• Wetlands ê State (South Carolina)
• Mining / opera5ng permit – SUBMITTED - Water treatment permit - Storm water permit - Air permit
• Water (401) – SUBMITTED
Awards
From leY to right:
• 2010 OUTSTANDING BUSINESS AWARD presented to HAILE GOLD MINE by Kershaw Chamber of Commerce
• 2011 CITIZEN OF THE YEAR presented to DIANE GARRETT by Kershaw Chamber of Commerce
• 2011 COMMUNITY CITIZENSHIP AWARD presented to DAVID THOMAS by Mining AssociaCon of South Carolina
36
§ Strong track record of achieving milestones and delivering shareholder returns
Track Record of Achieving Milestones
3-Feb-09: Completes bankable feasibility study on Haile
3-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
1-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
2-Nov-10: Announces updated in-shell resource estimate at Haile
9-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 30.7 m of 16.1 g/t Au at Haile
3-Feb-11: Announces 2011 172,000 m drill program and increased land holdings of 79,000 ac
22-Feb-11: Files NI 43-101 feasibility study for Haile
9-Feb-11: Completes feasibility study for Haile
9-Mar-11: Announces drill results of 31.8 m of 17.3 g/t Au at Haile
1-Apr-11: Deadline for submission of comments on Company's application for Haile Gold Mine
2-May-11: Announces drill results of 36.3 m of 5.5 g/t Au at Horseshoe and 7.6 m of 24.1 g/t Au at South Pit
37
Clear Plan to Bring Haile Into Produc,on
§ Strong balance sheet with approximately $72M in cash and no debt(1)
§ Well defined project schedules and clear development milestones
Project Schedule if EA Haile Milestones and Status Report
Milestone / Ac5vity Status Complete feasibility study P State opera5ng permit submiied P
401/404 permit submiied P
Resource / reserve report P
Expand Haile & Horseshoe 2011
Acquire other proper5es 2011
Explore regional targets 2011
2011 2012 2013 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Feasibility Study Op5miza5on Permirng Construc5on Produc5on Explora5on
(1) As at May 24, 2011
Project Schedule if EIS
2011 2012 2013 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Feasibility Study Op5miza5on Permirng Construc5on Produc5on Explora5on
38
Well-‐Posi,oned in Peer Group
§ Romarco trades at a discount to its developer peers on a P/NAV basis(1)
R-T
(1) Source: Wellington West Capital Markets as of May 31, 2011
39
Analyst Coverage
§ 6 Analysts Covering Romarco
ANALYSTS
Paradigm Capital $3.40
BMO Capital Markets $3.25
GMP Securi5es $3.10
RBC Capital Markets $3.00
Wellington West Capital Markets $2.90
CIBC World Markets $2.50
12 Month Target Price
40
Summary
§ Near term, low cost gold producer with strong project economics
§ Located in a mining friendly jurisdic5on with excellent infrastructure
§ Large resource with significant remaining explora5on upside poten5al
§ Expansion studies underway
§ Underground economic studies underway
§ Solid cash posi5on (~ US$72 million), no debt – as of May 24, 2011
§ 11 drill rigs – 172,000 meters drilling scheduled for 2011 (~US$30 million)
§ Permits submiied and pending
41
Romarco Minerals Inc. Brookfield Place
181 Bay Street, Suite 3630 Toronto, Ontario M5J 2T3
Tel: 416.367.5500 Fax: 416.367.5505
Email: [email protected] Website: www.romarco.com
Dan Symons Manager, Investor Rela5ons [email protected]
Contact Informa,on Head Office Informa,on