Fourth Quarter 2015 Financial Results - February 22, 2016

TSX – NYSE MKT: RIC

Fourth Quarter 2015 Financial ResultsFebruary 22, 2016

www.richmont-mines.com 2

Q4 2015

12-months2015

2015 Guidance

Gold produced (oz) 22,380 98,031 87,000-95,000

Gold sold (oz) 21,576 96,895 -

Cash cost per ounce (CAN$)(1) 1,034 977 $935-$1,035

AISC (CAN$)(1) 1,666 1,373 $1,335-$1,490

Cash cost per ounce (US$)(1) 774 764 $750-$825

AISC (US$)(1) 1,247 1,074 $1,075-$1,190(1) Refer to the Non-GAAP performance measures contained in the Annual MD&A.

Q4 & 2015 Operational Highlights

2015 SCORECARD; Island Gold Production Record

• Annual production exceeds guidance; AISC in-line with guidance

• Another record year for Island Gold; 54% production increase since 2013

• Reserves increased by 187%; 206% at Island Gold; 95% at Beaufor

• Island Gold mine life increased to 7 years; 3 years pre-developed

• Beaufor mine life increased to 2 years, based on reserves

• Released Preliminary Economic Assessment

• Launched strategic exploration program at Island Gold


2015 SCORECARD

• Balance Sheet strengthened with $38.5 million financing

• Record Revenues of $143.7 million

• Strong operating cash flow per share of $0.74

• Strong cash position of $61 million at year end

• Low long term debt of $7.3 million

• Assembled experienced senior management team

• Appointed Rene Marion as non-executive Chairman

WELL POSITIONED FOR GROWTH

FINANCIAL HIGHLIGHTS


FINANCIAL RESULTS HIGHLIGHTS

Solid Financial Results

Strong cash position of $61.0M as of Dec. 31, 2015 supports fully funded strategic growth plan

(in thousands, except per share amounts)

Quarter EndedDec. 31, 2015


Twelve Months EndedDec. 31, 2015


Revenue from mining operations 31,864 29,562 143,733 132,196

Net earnings (loss) per share, basic (0.07) 0.02 0.12 0.18

Operating cash flow, per share 0.12 0.07 0.74 0.60

Adj. Operating cash flow, per share(1) 0.04 0.10 0.60 0.76

Free cash flow, per share(2) (0.27) (0.07) (0.17) 0.09

OPERATIONS & OVERVIEW


ISLAND GOLD: A RECORD 2015

Island Gold MineQ4

201512-months

20152015

Guidance

Gold produced (oz) 14,203 55,040 45,000-50,000

Gold sold (oz) 13,504 52,363 -

Cash cost per ounce (CAN$)(1) $1,026 $1,034 $935-$1,035

AISC (CAN$)(1) $1,587 $1,460 $1,350-$1,495

Cash cost per ounce (US$)(1) $768 $808 $748-$828

AISC (US$)(1) $1,188 $1,141 $1,080-$1,196(1) Refer to the Non-GAAP performance measures contained in the Annual MD&A. Fourth quarter production and mine and mill productivity includes a 3-week scheduled

underground mine shutdown in October

• Safe operation, 5 years without lost-time injury• Another record year; 54% increase in production since 2013• Cash costs & AISC in-line with guidance• Reserves increased by 206% to 561,700 oz.; grade up by 29% to 8.26 g/t• Waste development: First 2 mining horizons completed• Island Gold mine life increased to 7 years; 3 years pre-developed• Mill capacity increased to 900 TPD• Tailings facilities expanded; 2.7 million tonnes (2023 @ 800 TPD)• Infrastructure improved; electrical, mine services & surface


ISLAND GOLD: OPERATING KPIs

Underground Mine Productivity

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Fourth quarter production and mine and mill productivity includes a 3-week scheduled underground mine shutdown in October

Island Gold Mine Q4 2015 12-months 2015

Underground tpd 657 659

Mill tonnes 60,352 242,137

Mill tpd 656 663

Head grade (g/t) 7.62 7.31

Recoveries (%) 96.0 96.8

Sustaining Costs ($000’s) 7,576 22,330

Project Costs ($000’s) 14,505 30,894

Non-sustaining exploration Costs ($000’s) 2,865 4,600


Development Ore vs. Unit Costs:

$1,232

$1,696

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ISLAND GOLD: OPTIMIZING UNIT COSTS

$49SG&A (21%)

2015 Unit Cost Allocation

$140MINING (60%)

$35MILLING

(15%)

$8ROYALTIES (3%)

Strong Leverage to Canadian Dollar95% of Cash Outflows in CAD$

3-years mine life pre-developed: Provides significant flexibility


ISLAND GOLD: PEA OVERVIEW• Potential for increased production and lower AISC

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Permitted Capacity 900tpdBase Case 800tpd

• Phased approach with Phase 1 (800 tpd)

• Mining from a depth of 450 to 860 metres over three long-hole mining horizons

• Excludes resources above the 450 metre level, isolated resource blocks and parallel zones

• Avg. production of approx. 78,000 gold ounces per year from 2017 to 2022 at $552/oz cash costs

• Potential Expansion Case to 1,150 tpd in H1 2017

PEA Summary 2017-2022

Tonnes Milled (Mt) 1.7

Head Grade (g/t) 8.67

Mine life excl. transition period (years) 6

Daily mine production (tpd) 801

Gold recovery (%) 96.5

Production (Koz) 464.6

Average annual gold production (Koz) 78

Total operating cost ($M) 256

Average cash operating cost ($/t) 148

Average cash operating cost ($/oz) 552

Transition Period Project Capital 2015-2016 ($M) 62

Sustaining Capital ($M) (2017-2022) 40.5

Mill Expansion OpportunityExpanded Case: 1,150tpd


ISLAND GOLD MINE:2015 RESERVES AND RESOURCES

• Developing deeper resource to create substantial long-term growth.


ISLAND GOLD MINE: EXPLORATION PROGRAM


ISLAND GOLD: Capital & Exploration Expenditures

Sustaining Capital Investment ($M) CAD$ US$Capital Projects / Fixed Assets 10.3 8.1Sustaining Mine Development 9.1 7.1Delineation Drilling 2.9 2.3Sustaining Capital Investment 22.3 17.5

Project Capital ($M)(1) CAD$ US$Tailings Dam Expansion 8.7 5.3Main Ramp Extension 7.8 6.1Eastern Ramp Extension and 620m Exploration Drift 8.5 6.6Electrical Upgrade 5.9 2.7Total Project Capital 30.9 20.7

Exploration ($M) CAD$ US$Exploration Expense 4.6 3.6Total Exploration 4.6 3.6

2015 Island Gold Capital Investment

2015 Island Gold Exploration Expense

• Additional sustaining costs for the year included electrical and infrastructure upgrades of $1.7 million (US$ 1.3 Million) and the development of additional resources located in the Goudreau Zone, which was not considered in 2015 guidance estimates.

• Additional project capital investments for 2015 included the expansion of the tailings dam capacity for $6.8 million (US$ 5.3 million), electrical upgrades of $3.4 million (US$ 2.7 million) as well as other site infrastructure upgrades.


BEAUFOR MINE: OPERATIONAL HIGHLIGHTS

(1) Refer to the Non-GAAP performance measures contained in the Annual MD&A.

• Safe operation, 2 years without lost-time injury• Cash costs & AISC in-line with guidance• Reserves increased by 95%; mine life increased by 2 years (reserves)• Development of Q Zone; target to reach mineralization Q1 2016

Beaufor Mine

Quarter endedDec. 31/15


Twelve-months ended

Dec. 31/15

Twelve-months ended

Dec.31/14

Gold produced (oz) 5,652 6,633 26,411 24,959

Gold sold (oz) 5,237 5,840 26,875 24,006

Cash cost per ounce (CAN$)(1) 1,084 935 995 946

AISC (CAN$)(1) 1,515 988 1,216 1,024

Realized gold price (CAN$) 1,467 1,367 1,474 1,399

Cash cost per ounce (US$)(1) 812 823 778 856

AISC (US$)(1) 1,135 870 951 927

Realized gold price (US$) 1,099 1,204 1,153 1,267

Underground tpd 306 327 343 323

Mill tonnes 28,345 30,247 125,447 115,573

Head grade (g/t) 6.30 6.96 6.64 6.86

Recoveries (%) 98.4 98.1 98.6 97.9

Sustaining Costs ($000’s) 2,259 313 5,942 1,880

Project and non-sustaining capital ($000’s) 132 607 340 1,733


MONIQUE MINE: OPERATIONAL HIGHLIGHTS


• Mining of the pit completed January 2015• Cash Costs & AISC in-line with guidance• Strong Free Cash Generation• Stockpile processed in 2015; grade of 2.37 g/t Au• Reclamation on-going

Monique Mine



Twelve-months ended

Dec. 31/15

Twelve-months ended

Dec. 31/14

Gold produced (oz) 2,525 7,324 16,580 23,675

Gold sold (oz) 2,835 6,774 17,657 23,490

Cash cost per ounce (CAN$)(1) 977 586 782 910

AISC (CAN$)(1) 982 647 798 958



AISC (US$)(1) 735 570 625 867


Mill tonnes 45,922 85,447 224,673 283,009

Head grade (g/t) 1.77 2.80 2.37 2.71

Recoveries (%) 96.4 95.3 96.7 96.0


MINERAL RESERVES INCREASE BY 187%

63,850Gold oz.

561,700Gold oz.

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Mineral Reserves Growth

Proven and Probable Mineral Reserves(1)(2)

Island Gold Mine and Beaufor Mine

Gold ounces Grams per tonne

December 31 2015 2014 Change(%) 2015 2014 Change

(%)Island Gold Proven & Probable

above ~400m 76,700 90,000 (15%) 6.91 6.04 14%

below ~400m 485,000 93,750 417% 8.52 6.76 26%

Island Gold Proven & Probable 561,700 183,750 206% 8.26 6.39 29%

Beaufor Proven & Probable 63,850 32,750 95% 6.57 7.06 (7%)

Total Proven & Probable 625,550 217,950 187% 8.05 6.43 25%1. Refer to the detailed mineral reserve and mineral resource tables follow at the end of this press release.2. No changes to Mineral Reserves were made at the Corporation’s other properties.

• Island Gold Reserves increase by 206%

• 29% increase in grade to 8.26 g/t

• 80% of PEA resources converted

• Mine life of 7 years (based on reserves)

• Beaufor Reserves increases by 95%

• Mine life > 2 years (based on reserves)

• Conversion primarily from the Q Zone

Significant exploration potential for additional

reserve growth


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 (CAD$)(1) $900-$960 $1,000-$1,060 $930-$1,000Sustaining Capital per Ounce (CAD$) $260-$290 $230-$270 $250-$280Corporate G&A per Ounce (CAD$) - - $95-$110All-in Sustaining Costs per Ounce (CAD$)(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-GAAP measures. Refer to the Non-GAAP performance measures section in the Annual MD&A.

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

Sustaining Capital (CAD$) $17.3 $6.8 $24.1Project Capital (CAD$)(3) $43.4 $ - $43.4Company-wide Exploration (CAD$) $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 EndedDec. 31, 2015




Gold produced (oz) 22,380 22,931 98,031 95,740

Gold sold (oz) 21,576 21,666 96,895 94,503

Cash cost per ounce (CAN$)(1) 1,034 981 977 956

AISC (CAN$)(1) 1,666 1,420 1,373 1,219



AISC (US$)(1) 1,247 1,251 1,074 1,104



Fourth Quarter 2015 Financial Results - February 22, 2016

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