- Production for Q1 2016 was a record 32,369 ounces of gold, a 25% increase over Q1 2015, driven by a record quarter from Island Gold. Cash costs and AISC both decreased by 18% and 12% respectively. - Revenue was a record $52.6 million for Q1 2016. The company has a strong cash position of $61.2 million and is well positioned for organic growth at its mines in Quebec and Ontario. - Exploration continues to show potential to expand resources at Island Gold both laterally and at depth. Drilling results compare favorably to the previous deep resource block.

1. TSX – NYSE MKT: RIC
First Quarter 2016 Financial Results
May 12, 2016

2. 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
Q1
2016
2016
Guidance
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

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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
All amounts are in Canadian Dollars unless otherwise indicated

4. FINANCIAL HIGHLIGHTS

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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 Ended
March 31, 2016
Quarter Ended
March 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
All amounts are in Canadian Dollars unless otherwise indicated

6. OPERATIONS & OVERVIEW

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ISLAND GOLD: A RECORD Q1 2016
Island Gold Mine
Q1 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
All amounts are in Canadian Dollars unless otherwise indicated
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

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ISLAND GOLD: OPERATING KPIs
Island 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
0
100
200
300
400
500
600
700
800
900
1000
Q414
Q115
Q215
Q315
Q415(1)
2016E
PEA
(800tpd)
Q116
Upside
(900tpd)
Gramspertonne
Tonnesperday
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 Base
Case
(800tpd)(2)
Upside
Potential
(900tpd)(3)
Island Gold Production Upside
All amounts are in Canadian Dollars unless otherwise indicated
(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

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ISLAND GOLD:
2016 DEVELOPMENT AND MINE PLAN

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ISLAND GOLD MINE: EXPLORATION PROGRAM

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ISLAND GOLD MINE: REGIONAL EXPLORATION

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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
All amounts are in Canadian Dollars unless otherwise indicated
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 Mine
Processed 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)

13. Q&A

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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)

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ISLAND GOLD MINE
Histogram of the Ext C Samples

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ISLAND GOLD MINE
Log Normal Probability Plot (Ext C Drill Hole Samples)

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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 ZONE
INFERRED MINERALS RESOURCES
1.5 MT at 10.73 g/t Au, 508,000 ounces
AREA OF POTENTIAL
RESOURCES

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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 (CAN$)(1) $900-$960 $1,000-$1,060 $930-$1,000
Sustaining Capital per Ounce (CAN$) $260-$290 $230-$270 $250-$280
Corporate G&A per Ounce (CAN$) - - $95-$110
All-in Sustaining Costs per Ounce (CAN$)(1) $1,160-$1,250 $1,230-$1,330 $1,275-$1,390
Cash Costs per Ounce (US$)(1) $660-$705 $735-$780 $680-$730
Sustaining Capital per Ounce (US$) $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-$1,015
(1) Cash costs and AISC are non-IFRS measures. Refer to the Non-IFRS performance measures section in the First Quarter 2016 Management’s Discussion and Analysis.
Capital and Exploration Investment ($M) Island Gold Quebec Division
2016 Consolidated
Estimates
Sustaining Capital (CAN$) $17.3 $6.8 $24.1
Project Capital (CAN$)(3) $43.4 $ - $43.4
Company-wide Exploration (CAN$) $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.

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CONSOLIDATED OPERATIONAL HIGHLIGHTS
Production Growth and In-Line Costs
Quarter Ended
Mar. 31, 2016
Quarter Ended
Mar. 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.
All amounts are in Canadian Dollars unless otherwise indicated