first quarter 2016 financial results - may 12, 2016

TSX – NYSE MKT: RIC

First Quarter 2016 Financial ResultsMay 12, 2016

www.richmont-mines.com 2

(1) Refer to the Non-IFRS performance measures contained in the Q1 2016 MD&A.

Q1 2016 Operational Highlights

All amounts are in Canadian Dollars unless otherwise indicated

Consolidated Results Q12016

2016Guidance

Gold produced (oz) 32,369 87,000 - 97,000

Gold sold (oz) 32,239 -

Cash cost per ounce (CAN$)(1) 806 930 - 1,000

AISC per ounce (CAN$)(1) 1,100 1,275 - 1,390

Cash cost per ounce (US$)(1) 587 680 - 730

AISC per ounce (US$)(1) 801 935 – 1,015

Solid quarterly performance underpinned by a record quarter from Island Gold

Company-wide production growth of 25%

Company-wide cash cost decrease of 18%; AISC decrease of 12%

On track for high end of production guidance; Low end of cash costs and AISC

Potential revisions to 2016 guidance with second quarter disclosure


Q1 2016 CORPORATE HIGHLIGHTS

Record Revenues of $52.6 million

Strong operating cash flow(1) per share of $0.30

Strong cash position of $61.2 million

Low long term debt of $9.0 million

René Marion appointed Chairman

Peter Barnes appointed to the Board

WELL POSITIONED FOR ORGANIC GROWTH

(1) After changes in non-cash working capital


FINANCIAL HIGHLIGHTS


FINANCIAL RESULTS HIGHLIGHTS

Q1 2016 Financial Results

Strong cash position of $61.2M as of March 31, 2016 and growing cash flow streams expected to support a fully

funded strategic growth plan

(in thousands, except per share amounts)

Quarter EndedMarch 31, 2016

Quarter EndedMarch 31, 2015

Revenue from mining operations $52,634 $37,210

Net earnings per share, basic $0.15 $0.09

Operating cash flow, per share $0.30 $0.17

Adj. Operating cash flow, per share(1)(2) $0.36 $0.18

Net free cash flow, per share(2)(3) $0.02 $0.00

(1) Before changes in non-cash working capital(2) Refer to the Non-IFRS performance measure in the First Quarter Management’s Discussion and Analysis(3) Net free cash flow per share is comprised of the Corporation’s operating cash flow, after changes in non-cash working capital , less investments in property, plant and

equipment


OPERATIONS & OVERVIEW


ISLAND GOLD: A RECORD Q1 2016

Island Gold MineQ1 2016 2016

Guidance

Gold produced (oz) 26,589 62,000 – 67,000

Gold sold (oz) 26,031

Cash cost per ounce (CAN$)(1) 674 900 - 960

AISC per ounce (CAN$)(1) 855 1,160 - 1,250

Cash cost per ounce (US$)(1) 491 660 - 705

AISC per ounce(US$)(1) 623 850 - 920(1) Refer to the Non-IFRS performance measures contained in the First Quarter 2016 Management’s Discussion and Analysis


Record production; a 147% increase over Q1 2015

Improved underground and mill productivities and higher grades

Positive grade reconciliation of 44%: (47% development / 39% stope)

Development ore ratio of 55% (vs. 40%) in higher-grade second mining horizon

Cash costs and AISC decrease by 52% and 54%; well below guidance levels

Exploration program continues to identify potential both laterally and at depth


ISLAND GOLD: OPERATING KPIsIsland Gold Mine Q1 2016 2016E

Underground tpd 853 800

Mill tonnes 75,906 292,000

Mill tpd 834 800

Head grade (g/t gold) 11.31 7.0 – 7.5

Recoveries (%) 96.3 96.5

Sustaining Costs ($000’s) 4,713 17,300

Project Costs ($000’s) 6,987 43,400

Non-sustaining exploration Costs ($000’s) 3,770 7,300

Underground Mine Productivity

0.0

2.0

4.0

6.0

8.0

10.0

12.0

0100200300400500600700800900

1000Q

4 14

Q1 15

Q2 15

Q3 15

Q4 15 (1)

2016E

PEA

(800tpd)

Q1 16

Upside

(900tpd)

Gra

ms

per t

onne

Tonn

es p

er d

ay

Underground tpd Head grade (g/t)

- 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000

100,000

2014 2015 2016E(1) PEA BaseCase

(800tpd)(2)

UpsidePotential

(900tpd)(3)

Island Gold Production Upside


(1) Mid-range of 2016 guidance (2) Avg. annual production 2017-2022 (3) Permitted potential (1) Q4 2015 production and mine and mill productivity: Includes a 3-week scheduled underground mine shutdown and a 2-week scheduled mill shutdown


ISLAND GOLD: 2016 DEVELOPMENT AND MINE PLAN


ISLAND GOLD MINE: EXPLORATION PROGRAM


ISLAND GOLD MINE: REGIONAL EXPLORATION


BEAUFOR MINE: OPERATIONAL HIGHLIGHTS

(1) Refer to the Non-IFRS performance measures contained in the First Quarter 2016 Management’s Discussion and Analysis.

Beaufor Mine Q1 2016 2016 Guidance

Gold produced (oz) 4,615 25,000-30,000

Gold sold (oz) 5,037 -

Cash cost per ounce (CAN$)(1) 1,398 1,000 - 1,060

AISC per ounce (CAN$)(1) 1,730 1,230 - 1,330

Cash cost per ounce (US$)(1) 1,018 735 - 780

AISC per ounce (US$)(1) 1,260 905 - 975

Underground tpd 323 -

Mill tonnes 29,318 -

Head grade (g/t gold) 4.96 -

Recoveries (%) 98.7 -

Sustaining Costs ($000’s) 1,674 6,800


Lower production due to lower grades mined in Zones M-MF and 12

Stope mining in the new higher-grade Q Zone in H2 2016

Cash costs & AISC expected to decrease as stope mining begins in the Q Zone

Monique MineProcessed remaining 16,063 stockpile tonnes at 2.31 g/t

Produced 1,165 ounces at cash costs of $1,185/oz (incl. $715 non-cash charge)


Q1 RECORD PRODUCTION:POSITIVE RECONCILIATION TO RESERVES

(1) Reconciliation Mined to Reserves as of March 31st, 2016

Record production in Q1; Higher than planned grades mined

Development ore ratio strategically increased to 55% (vs. 40% planned) in Q1

Development primarily in the higher-grade second mining horizon

YTD positive grade reconciliation of 44%: (47% development / 39% stope)

30% dilution assumption for development reserves; lower dilution from deeper, wider zones

Reserves (as of Dec 31st, 2015) Mined (reconciled) Variations (Mined vs Reserves)

Diluted Tonnes

Diluted Grade

Diluted Ounces

Reconciled Tonnes

Reconciled Grade

Reconciled Ounces Tonnes Grade Ounces

Total Development Q1 44,323 8.28 11,795 42,601 12.19 16,701 96% 147% 142%

Total Stope Q1 34,877 7.13 7,991 34,995 9.92 11,166 100% 139% 140%

Total U/G Q1 79,199 7.77 19,785 77,596 11.17 27,867 98% 144% 141%

Year-to-Date Reserve Reconciliation (1)


ISLAND GOLD MINE

Histogram of the Ext C Samples


ISLAND GOLD MINE

Log Normal Probability Plot (Ext C Drill Hole Samples)


DEEP DRILLING RESULTS COMPARISON

First 508K oz Deep Resource Block(Feb 25 2013) (capping at 75 g/t)

Average of 53 holes: 11.44 g/t over 4.55 m

Metal Factor

• 13 of 53 holes: 25% below 16 g/t; or • 15 of 55 holes: 27% below 16 g/t

Grade • 9 of 53 holes: 17% below 4 g/t; or• 11 of 55 holes: 20% below 4 g/t

Thickness • 26 of 53 holes: 49% less than 4 m; or• 28 of 55 holes: 51% less than 4 m

New Deep Potential Block (May 5 2016) (capping 95 g/t)

Average of 15 holes: 10.78 g/t over 4.60 m

Metal Factor

• 3 of 15 holes: 20% below 16 g/t

Grade • 1 of 15 holes: 7% below 4 g/t

Thickness • 8 of 15 holes: 53% less than 4 m

DEEP C ZONEINFERRED MINERALS RESOURCES1.5 MT at 10.73 g/t Au, 508,000 ounces

AREA OF POTENTIAL RESOURCES


2016 OPERATIONAL ESTIMATES

2016 Production and Cost Guidance

2016 Capital Investment Guidance

Operational Estimates Island Gold Beaufor 2016 Consolidated Estimates

Gold Ounces Produced 62,000-67,000 25,000-30,000 87,000-97,000Cash Costs per Ounce (CAN$)(1) $900-$960 $1,000-$1,060 $930-$1,000Sustaining Capital per Ounce (CAN$) $260-$290 $230-$270 $250-$280Corporate G&A per Ounce (CAN$) - - $95-$110All-in Sustaining Costs per Ounce (CAN$)(1) $1,160-$1,250 $1,230-$1,330 $1,275-$1,390

Cash Costs per Ounce (US$)(1) $660-$705 $735-$780 $680-$730Sustaining Capital per Ounce (US$) $190-$215 $170-$195 $185-$205Corporate G&A per Ounce (US$) - - $70-$80All-in Sustaining Costs per Ounce (US$)(1) $850-$920 $905-$975 $935-$1,015(1) Cash costs and AISC are non-IFRS measures. Refer to the Non-IFRS performance measures section in the First Quarter 2016 Management’s Discussion and Analysis.

Capital and Exploration Investment ($M) Island Gold Quebec Division 2016 Consolidated Estimates

Sustaining Capital (CAN$) $17.3 $6.8 $24.1Project Capital (CAN$)(3) $43.4 $ - $43.4Company-wide Exploration (CAN$) $7.3(1) $1.1(2) $8.4Sustaining Capital (US$) $12.7 $5.0 $17.7Project Capital (US$)(3) $31.8 $ - $31.8Company-wide Exploration (US$) $5.4 $0.8 $6.2(1) Exploration costs required to complete the drilling programs announced in September 2015.(2) All delineation and exploration drilling for the Beaufor Mine is included in sustaining capital and $1.1 million is related to the Quebec division outside the Beaufor property.(3) Project Capital for Island Gold includes accelerated underground development of $25.0 million (US$18.3 million) related to the PEA and $6.0 million (US$4.4 million) related to discretionary

development outside the scope of the PEA.

Material assumptions include: an average gold price of CAD$1,500 per ounce (US$1,100 per ounce); and a foreign exchange rate of 1.364 Canadian dollars to the US dollar.


CONSOLIDATED OPERATIONAL HIGHLIGHTS

Production Growth and In-Line CostsQuarter EndedMar. 31, 2016

Quarter EndedMar. 31, 2015

Gold produced (oz) 32,369 25,859

Gold sold (oz) 32,239 24,791

Cash cost per ounce (CAN$)(1) 806 979

AISC per ounce (CAN$)(1) 1,100 1,255

Realized gold price per ounce (CAN$) 1,629 1,496

Cash cost per ounce (US$)(1) 587 789

AISC per ounce (US$)(1) 801 1,011

Realized gold price per ounce (US$) 1,186 1,205

(1) Refer to the Non-IFRS performance measures contained in the Q1 2016 MD&A.


first quarter 2016 financial results - may 12, 2016

Investor Relations