Fourth Quarter 2015 Financial Results - February 22,, 2016

1. TSX – NYSE MKT: RIC
Fourth Quarter 2015 Financial Results
February 22, 2016

2. www.richmont-mines.com 2
Q4
2015
12-months
2015
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

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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

4. FINANCIAL HIGHLIGHTS

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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 Ended
Dec. 31, 2015
Quarter Ended
Dec. 31, 2014
Twelve Months Ended
Dec. 31, 2015
Twelve Months Ended
Dec. 31, 2014
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

6. OPERATIONS & OVERVIEW

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ISLAND GOLD: A RECORD 2015
Island Gold Mine
Q4
2015
12-months
2015
2015
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

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ISLAND GOLD: OPERATING KPIs
Underground Mine Productivity
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
0
100
200
300
400
500
600
700
800
900
Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 PEA
Base
Case
Gramspertonne
Tonnesperday
Underground tpd Head grade (g/t)
Mill Productivity
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
0
100
200
300
400
500
600
700
800
900
Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 PEA
Base
Case
Recoveries(%)
TonnesperDay
Mill tpd Recoveries (%)
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

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Development Ore vs. Unit Costs:
$1,232
$1,696
1000
1100
1200
1300
1400
1500
1600
1700
1800
USD Gold CAD Gold
ISLAND GOLD: OPTIMIZING UNIT COSTS
$49
SG&A (21%)
2015 Unit Cost Allocation
$140
MINING (60%)
$35
MILLING
(15%)
$8
ROYALTIES (3%)
Strong Leverage to Canadian Dollar
95% of Cash Outflows in CAD$
3-years mine life pre-developed:
Provides significant flexibility

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ISLAND GOLD: PEA OVERVIEW
• Potential for increased production and lower AISC
0
200
400
600
800
1000
1200
Q4 2014 Q1 2015 Q2 2015 Q3 2015 Permitted
Capacity
Permitted Capacity 900tpd
Base 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 Opportunity
Expanded Case: 1,150tpd

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ISLAND GOLD MINE:
2015 RESERVES AND RESOURCES
• Developing deeper resource to create substantial long-term growth.

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ISLAND GOLD MINE: EXPLORATION PROGRAM

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ISLAND GOLD: Capital & Exploration Expenditures
Sustaining Capital Investment ($M) CAD$ US$
Capital Projects / Fixed Assets 10.3 8.1
Sustaining Mine Development 9.1 7.1
Delineation Drilling 2.9 2.3
Sustaining Capital Investment 22.3 17.5
Project Capital ($M)(1) CAD$ US$
Tailings Dam Expansion 8.7 5.3
Main Ramp Extension 7.8 6.1
Eastern Ramp Extension and 620m Exploration Drift 8.5 6.6
Electrical Upgrade 5.9 2.7
Total Project Capital 30.9 20.7
Exploration ($M) CAD$ US$
Exploration Expense 4.6 3.6
Total 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.

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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 ended
Dec. 31/15
Quarter ended
Dec. 31/14
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

15. www.richmont-mines.com 15
MONIQUE MINE: OPERATIONAL HIGHLIGHTS
(1) Refer to the Non-GAAP performance measures contained in the Annual MD&A.
• 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
Quarter ended
Dec. 31/15
Quarter ended
Dec. 31/14
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
Realized gold price (CAN$) 1,478 1,366 1,486 1,387
Cash cost per ounce (US$)(1) 731 516 612 824
AISC (US$)(1) 735 570 625 867
Realized gold price (US$) 1,107 1,203 1,162 1,256
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

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MINERAL RESERVES INCREASE BY 187%
63,850
Gold oz.
561,700
Gold oz.
0
100
200
300
400
500
600
700
2012 2013 2014 2015
MineralReserves(000’sounces)
Monique Beaufor Island Gold
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

17. www.richmont-mines.com 17
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 87,000-97,000
Cash Costs per Ounce (CAD$)(1) $900-$960 $1,000-$1,060 $930-$1,000
Sustaining Capital per Ounce (CAD$) $260-$290 $230-$270 $250-$280
Corporate G&A per Ounce (CAD$) - - $95-$110
All-in Sustaining Costs per Ounce (CAD$)(1) $1,160-$1,250 $1,230-$1,330 $1,275-$1,390
Cash Costs per Ounce (US$)(1) $660-$705 $735-$780 $680-$730
Sustaining Capital per Ounce (US$) $190-$215 $170-$195 $185-$205
Corporate G&A per Ounce (US$) - - $70-$80
All-in Sustaining Costs per Ounce (US$)(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 $24.1
Project Capital (CAD$)(3) $43.4 $ - $43.4
Company-wide Exploration (CAD$) $7.3(1) $1.1(2) $8.4
Sustaining Capital (US$) $12.7 $5.0 $17.7
Project Capital (US$)(3) $31.8 $ - $31.8
Company-wide Exploration (US$) $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.

18. Q&A

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CONSOLIDATED OPERATIONAL HIGHLIGHTS
Production Growth and In-Line Costs
Quarter Ended
Dec. 31, 2015
Quarter Ended
Dec. 31, 2014
Twelve Months Ended
Dec. 31, 2015
Twelve Months Ended
Dec. 31, 2014
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
Realized gold price (CAN$) 1,474 1,361 1,480 1,396
Cash cost per ounce (US$)(1) 774 864 764 866
AISC (US$)(1) 1,247 1,251 1,074 1,104
Realized gold price (US$) 1,104 1,198 1,157 1,264
(1) Refer to the Non-GAAP performance measures contained in the Annual MD&A.