05 17-16 nb ig site tour

TSX–NYSE MKT: RIC

POSITIONING FOR SUSTAINABLE GROWTH

National Bank – Site TourMay 17, 2016

Island Gold Mine – Safety Induction

www.richmont-mines.com 3RIC: TSX NYSE-MKT

In case of emergency, stay calm, follow instructions from your tour guide and regroup in the gathering area beside the parking lot. Each area is equipped with a fire extinguisher

When your outside of the building, PPE should be worn at all times1. Hard hat2. Safety glasses3. Reflecting vest4. Safety boots

Stay with your guide at all times. If for any reason you lose contact STAY WHERE YOU ARE and your tour guide will find you.

In case of emergency, stay calm and follow your tour guide’s instructions.

No horseplay is tolerated at any time.

Island Gold MineSafety Induction – Main Building & Surface


Island Gold MineSafety Induction - Underground

4

Underground and surface safety requirements:

1. Tag in prior to going underground2. Do not exit from vehicles in motion3. Use 3 points of contact rule when entering/exiting a vehicle4. Stay with the group at all times5. Follow the instructions of your guide in an emergency situation6. Watch for uneven ground and report any unsafe conditions7. Tag out when leaving underground

Medical clinic and help available at all times.

Island Gold Mine - Overview


FORWARD LOOKING STATEMENTS

Safe Harbor Statement & Cautionary Note to U.S. Investors Concerning Resource Estimates

This presentation contains forward-looking statements that include risks and uncertainties. The factors that couldcause actual results to differ materially from those indicated in such forward-looking statements include changes in theprevailing price of gold, the Canadian-U.S. exchange rate, grade of ore mined and unforeseen difficulties in miningoperations that could affect revenue and production costs. Other factors such as uncertainties regarding governmentregulations could also affect the results. Other risks may be detailed from time to time in Richmont Mines Inc.’speriodic reports and annual notice.

The resource estimates in this presentation were prepared in accordance with NI 43-101 adopted by the CanadianSecurities Administrators. The requirements of NI 43-101 differ significantly from the requirements of the United StatesSecurities and Exchange Commission (the “SEC”). In this presentation, we use the terms “Measured”, “Indicated” and“Inferred” Resources. Although these terms are recognized and required to be used in Canada, the SEC does notrecognize them. The SEC permits U.S. mining corporations, in their filings with the SEC, to disclose only those mineraldeposits that constitute “Reserves”. Under United States standards, mineralization may not be classified as a Reserveunless the determination has been made that the mineralization could be economically and legally extracted at the timethe determination is made. United States investors should not assume that all or any portion of a Measured orIndicated Resource will ever be converted into “Reserves”. Furthermore, “Inferred Resources” have a great amount ofuncertainty as to their existence and whether they can be mined economically or legally, and United States investorsshould not assume that “Inferred Resources” exist or can be legally or economically mined, or that they will ever beupgraded to a more certain category.

U.S. Investors are urged to consider the disclosure in our annual report on Form 20-F, File No. 001-14598, which maybe obtained from us or from the SEC’s web site: http://sec.gov/edgar.shtml.

(All amounts are in Canadian dollars, unless otherwise indicated.)

http://sec.gov/edgar.shtml


CAPITAL STRUCTURECapital Structure(1)

Issued & Outstanding Shares 58.7M

Options 2.9M

Fully Diluted 62.8M

Cash(1) C$61.2

Total Debt(2) C$9.0M

Ticker RIC:TSX–NYSE

Market Capital (May 10/16) C$591M

(1) As of March 31, 2016 (2) As of March 31, 2016. Long-term debt is primarily comprised of capital lease obligations

C$61.2MCASH

C$9.0MDEBTAnalyst Coverage

CIBC Jeff Killeen

Macquarie Capital Markets Michael Gray

National Bank Financial Adam Melnyk

PI Financial Brian Szeto

TD Securities Daniel Earle

Paradigm Capital Don Blyth

Cormark Securities Kyle MacPhee

Mackie Research Ryan Hanley

Canaccord Genuity Rahul Paul

BMO Capital Markets Brian Quast

Haywood Securities Kerry Smith

Scotia Capital Craig Johnston

Desjardins Capital Mike Parkin

RIC (as of May 10, 2016)

TSX C$

NYSE MKT US$

Closing price $10.07 $7.77

52-week range $3.14-$10.16 $2.27-$7.99

Market Cap (M’s) $591M $462M

30-day daily trading avg. 360,511 444,466

Strong cash position supports fully funded strategic growth plan


(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


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 Mine - Geology

www.richmont-mines.com 12

Island Gold MineLocation Map

Lake Superior

Marathon

White River

17

25 km


Island Gold Mine – GLDZ trends


Island Gold Mine Adjacent Past Producers

Mill

CLINE, 63,000 oz Au0,3 MT @ 6.5 g/t AuCline Lake Porphyry

1 km

EDWARDS, 144,000 oz Au0,5 MT @ 11.0 g/t AuPorphyry Dykes, Splays MV

KREMZAR, 47,000 oz Au0.6 MT @ 4.8 g/t AuGabbro Sill north contact

MAGINO, 114,000 oz Au0.8 MT @ 4.4 g/t AuWebb Lake Stock

ISLAND GOLD MINEFelsic Volcanic complex

Richmont property outline

Maskinongelake

Ramp

MAGINO OPEN PIT (Resources)158 MT @ 1.03 g/t Au 5.2 million oz Au Goudreau Zone

Lochalsh Zone


Island Gold MinePlan View – 675 Level

Level 675

Island Gold Lower Resources

ISLAND EXT 1 EXT 2 EW

675 Level Plan


Island Gold Mine Schematic Cross Section

Overburden

535 Level

620 Level

Island Mainmineralized zones

Island Lowermineralized zones

ramp and drifts

Crown pillar

-500m

-750m

-250m

•Deposit discovered between 1985-87 by CanamaxResources•1989-90 : ramp access with 2 levels developed•2003: option agreement between Richmont and Patricia Mining•2007: beginning of commercial production•2008 : Richmont acquired Patricia Mining•2010 : beginning of deep exploration drilling (-400 to – 1,000 m)•2014 : 320 000 oz of gold extracted from above the 400 level and more than a million ounce resource found below•2015 : more than 560,000 oz in Proven and Probable Reserves, beginning of a deep directional exploration program (-1,000 to -1,500 m)

Inflection Zone

50m

100m


Island Gold MineC Zone – 535 Level


ISLAND GOLD MINETypical Sections Looking West

14740ESection

Island Lowermineralized zones


ORE ZONE 140L Ore Face

C zone, stringers style ore and boudignage decimeter scale

Alteration envelope = quartz-sericite-pyrite-carbonate +/- tourmaline +/- albite


ISLAND GOLD MINEIsland 560 Sill

Approx. 10 cm

Island Gold Mine 560C


ISLAND GOLD MINEShear and Extensional Veining

Approx. 10 cm


ISLAND GOLD MINEGoudreau Zone

Approx. 10 cm


ISLAND GOLD MINEComposite Longitudinal Section, Lower Zones

Approx. 10 cm400-514-1830.0 g/t Au / 9.55 m

400-528-104.79 / 2.87

400-528-097.44 / 8.49

400-528-104.44 / 6.07

GD-14-022.43/1.5

GD-14-01C19.87 g/t Au / 3.93 m


ISLAND GOLD MINE1200 meters depth

Still open at depth... GD14-01C : 19.9 g/t over a true width of 3.9 m


ISLAND GOLD MINEDeep C Vein

DH 425-487-12: Deep C vein - smokey color + VG, NQ size.


ISLAND GOLD MINE C Zone

C zone DH 425-487-10: 1 cm Au stringer @ 9,240 g/t


ISLAND GOLD MINEC Zone


ISLAND GOLD MINEC ZoneMetallurgical Tests on Island Gold Samples PU-2012-11-754

Diameter of some large free gold particles

The figure above shows some measures of the largest free gold particles detected.

The coarsest gold particle was measured at 693 µm. But in general, the major part of the free gold is in the finer size (<25 µm)


Island Gold Mine Mineral Reserve and Resource Estimates as of December 31, 2015

W EGOUDREAULOCHALSH ISLAND EXT1 EXT2

Crown pillar

Surface

- 500 m

340 m Level

190 m Level

100 m

- 1,000 m

Proven Reserves

Probable Reserves

Indicated Resources

Indicated Resources B, D Zones

Inferred Resources

Inferred Resources

B, D, D1, E1E, G, G1 Zones

Ramps and Actual Development

Mined Out

Legend

ISLAND GOLD MINE (31/12/2015)TOTAL RESERVES AND RESOURCES

Proven & Probable Reserves : 2,115,500 T @ 8.26 g/t Au561,700 oz Au Measured & Indicated Resources: 348,500 T @ 6.40 g/t Au71,700 oz AuInferred Resources: 2,815,000 T @ 8.49 g/t Au768,050 oz Au

ISLAND GOLD MINE (31/12/2015)TOTAL RESERVES AND RESOURCES

620 m LevelExploration drift


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 MINEHistogram of the Ext C Sample


ISLAND GOLD MINELog Normal Probability (Ext C Drill Hole Samples)

Island Gold Mine – Ops & Growth


ISLAND GOLD MINE: Mining Methods

• Mining is done using long-hole stoping• 100% long-hole stoping anticipated for below 400 metres

Slot Raise 1.8mx1.8m


ISLAND GOLD MINE: Mining Methods

• Pull void is used to create void for the next blast• Cables are used in the walls between rings for ground support


UNIT COST COMPARISONQ1 2016 vs. PEA 2015

2015 PEA Cost/Tonne (C$149/t)(Total 2015 cost/tonne = C$232)

$32SG&A

$72MINING

$32MILLING

$13ROYALTIES

2016 Q1 Cash Cost/Tonne (C$215/t)

$22G&A

$146MINING

$32MILLING

$15ROYALTIES

Higher unit mining costs; strategic decision to increase higher cost ore development ratio

Unit mining costs to decline to PEA levels in 2017-2022; return to lower ore development ratio

Q1 2016 milling and royalty unit costs in-line with PEA; SG&A lower than PEA estimates


MINING UNIT COST OPPORTUNITY

Near-term opportunity: lower the mining cost by returningto historical development ratio.

Uni

t Min

ing

Cos

t

20.0% 30.0% 40.0% 50.0%

% of Development Ore of Total Ore Mined

0

50

150

Q2 2015

100

250Long-term planned ratio

Q1 2015200

0.0% 10.0% 60.0% 70.0% 80.0%

Historical Data

PEA – 2017/2022

2015

Q4 2015

Q3 2015

2016

Q1 2016


OTHER IMPROVEMENT INITIATIVES:

Implementation of Performance Management System – Dash Board

Workshops – Mixed Team Sessions (Operations & Supervision)

Operating Costs – Operational Strategy on Main Cost Drivers

Capital Expenditures Control – Allocation & Follow-up

Procurement Strategy on Main Cost Drivers

Dilution Control – Long-hole Stoping

Life of Mine – Optimization of Mine Plans (Expansion Scenario)

Site Admin Costs – Optimization


ISLAND GOLD MINETruck Test Summary: Original load – 20 Tons


ISLAND GOLD MINETruck Test Summary: Reloaded – 26 Tons


ISLAND GOLD: 2016 DEVELOPMENT AND MINE PLAN


• Conceptual expansion case released in H2 2016; Potential Expansion Case to 1,150 tpd decision in H1 2017

ISLAND GOLD: 2015 PEA OVERVIEW• Potential for increased production and lower AISC

0

200

400

600

800

1000

1200

2015 Q1 2016 PEA BaseCase

PermittedCapacity

PEAExpanded

Case

Tonn

espe

r day

• Phased approach: 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

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


ISLAND GOLD MINE 2015 PEAMaximum Capacity

Simulation at 1,150 tpd mining rate


ISLAND GOLD MINE 2015 PEAMaterials Handling Options1,150 tpd plan

Option 8b- New Ramp with 1.5m wide suspended conveyor


ISLAND GOLD MINE 2015 PEA1,150 tpd plan


• Necessary Modifications

• Rearrange the crusher circuit including an additional cone crusher

• Replace the crusher circuit screen

• Increase the fine ore bin storage capacity

• Replace the thickener feed well and feed dilution system

• Replace slurry pumps

• Recommended Modifications

• Replace the regrind mill with a 10’ diameter mill

• Add a gravity circuit including a centrifugal bowl concentrator, a magnetic separator and a shaking table

• Add circular screens in CIP tanks

• TOTAL PRELIMINARY COST: C$15.0M

ISLAND GOLD MINE 2015 PEAExpansion Projects: 1,200 tpd Processing Facilities


ISLAND GOLD MINE: Mill Flowsheet -1 of 2


ISLAND GOLD MINE: Mill Flowsheet -2 of 2


Mining• Expanded resources area used – down to level 1000 and east-west of 2015 PEA area

• New mining capacity analysis – using four mining horizons

• New Life Of Mine (LOM) and operating costs

• Project & sustaining capital estimates

• New mining infrastructure required at expanded capacity

• New ramp design to accommodate haulage down to 1,000m level

• Permitting and timeline

Milling• Increased capacity design - allowing for future growth at a minimum cost

• Gravity circuit vs extra leaching capacity

• Costs breakdown +/- 25%• Permitting and timeline• TOTAL PRELIMINARY COST: C$15.0M

ISLAND GOLD EXPANSION UPDATE H2 2016OBJECTIVES – 2016 PEA

Island Gold Mine – Exploration


49,196 oz

ISLAND GOLD MINEC Zone, Metal factor (grade*width) as of Dec. 2015


ISLAND GOLD MINE: Exploration Program


ISLAND GOLD MINENear Mine Lateral ExplorationDeveloped as of December 31st 2015


ISLAND GOLD MINE2016 Eastern Lateral Exploration


ISLAND GOLD MINEDeep Directional Drilling (Phase 1)


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


ISLAND GOLD MINE: REGIONAL EXPLORATION

Q&A

APPENDIX


49,196 oz

MINERAL RESERVES AND RESOURCESRichmont Mines 2015 Mineral Reserve and Resource Estimates

December 31, 2015 December 31, 2014Tonnes Grade Ounces Tonnes Grade Ounces(metric) (g/t Au) (metric) (g/t Au)

ISLAND GOLD MINEProven Reserves2 (above -400m) 97,000 7.00 21,800 173,000 6.25 34,700Probable Reserves2 (above -400m) 248,000 6.88 54,900 290,500 5.91 55,300Total Proven & Probable (above -400m) 345,000 6.91 76,700 463,500 6.04 90,000Proven Reserves2 (below -400m) 266,500 7.72 66,100 86,000 6.57 18,150Probable Reserves2 (below -400m) 1,504,000 8.66 418,900 345,500 6.81 75,600Total Proven & Probable (below -400m) 1,770,500 8.52 485,000 431,500 6.76 93,750Total Proven & Probable Reserves2 2,115,500 8.26 561,700 895,000 6.39 183,750Measured Resources (above -400m) 7,500 5.80 1,350 26,000 5.30 4,400Indicated Resources (above -400m) 235,500 6.96 52,700 269,500 6.98 60,450Indicated Resources3 (below -400m) 105,500 5.20 17,650 438,000 10.95 154,200Total Measured & Indicated Resources 348,500 6.40 71,700 733,500 9.29 219,050Inferred Resources (above -400m) 412,500 7.44 98,700 369,500 6.97 82,800Inferred Resources3 (below -400m) 2,402,500 8.67 669,350 3,178,000 9.00 919,950Total Inferred Resources 2,815,000 8.49 768,050 3,547,500 8.79 1,002,750BEAUFOR MINE4

Proven Reserves2 35,600 7.31 8,350 53,000 7.13 12,100Probable Reserves2 266,500 6.48 55,500 91,500 7.02 20,650Total Proven and Probable Reserves 302,100 6.57 63,850 144,500 7.06 32,750Measured Resources 109,000 5.32 18,600 111,500 5.30 19,000Indicated Resources 734,000 6.50 153,300 805,500 6.60 170,850Total Measured & Indicated Resources 843,000 6.34 171,900 917,000 6.44 189,850Total Inferred Resources 135,000 6.44 28,000 743,000 6.51 155,600MONIQUE MINE5

Proven Reserves2

Probable Reserves2 14,500 3.16 1,450Total Proven & Probable Reserves2 14,500 3.16 1,450Total Indicated Resources 107,500 4.88 16,850 107,500 4.88 16,850WASAMAC GOLD PROPERTY6

Measured Resources 3,124,500 2.75 276,550 3,124,500 2.75 276,550Indicated Resources 12,127,000 2.89 1,125,700 12,127,000 2.89 1,125,700Total Measured & Indicated Resources 15,251,500 2.86 1,402,250 15,251,500 2.86 1,402,250Total Inferred Resources 18,759,000 2.66 1,605,400 18,759,000 2.66 1,605,400FRANCOEUR GOLD PROPERTY6, 7

Measured Resources 40,000 5.89 7,600 40,000 5.89 7,600Indicated Resources 280,000 6.55 59,000 280,000 6.55 59,000Total Measured & Indicated Resources 320,000 6.47 66,600 320,000 6.47 66,600Total Inferred Resources 18,000 7.17 4,150 18,000 7.17 4,150TOTAL RESERVES AND RESOURCESProven & Probable Reserves 2,417,600 8.05 625,550 1,054,000 6.43 217,950Measured & Indicated Resources 16,870,500 3.19 1,729,300 17,329,500 3.40 1,894,600Inferred Resources 21,727,000 3.44 2,405,600 23,067,500 3.73 2,767,900

1. Mineral Resources presented are exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

2. In 2015, based on a gold price of C$1,300 per ounce and an exchange rate of C$1.2037 = US$1.00. (In 2014: gold price of C$1,300 per ounce and C$1.0833 = US$1.00).

3. Underground Resources established for the C Zone and six other lateral zones below a vertical depth of -400 metres.

4. W Zone and 350 Zone Mineral Reserves and Mineral Resources are included with the Beaufor Mine as at December 31, 2015 and 2014.

5. Monique Mineral Reserves are open-pit, and Mineral Resources are located underground directly below the open-pit.6. Underground Mineral Resources established as of December 31, 2012.7. Francoeur Mine closed in November 2012.


2016 OPERATIONAL ESTIMATES2016 Production and Cost Guidance

2016 Capital Investment Guidance

Operational Estimates Island Gold Beaufor2016 Consolidated

EstimatesGold Ounces Produced 62,000-67,000 25,000-30,000 87,000-97,000Cash Costs per Ounce (C$)(1) $900-$960 $1,000-$1,060 $930-$1,000Sustaining Capital per Ounce (C$) $260-$290 $230-$270 $250-$280

Corporate G&A per Ounce (C$) $95-$110

All-in Sustaining Costs per Ounce (C$)(1) $1,160-$1,250 $1,230-$1,330 $1,275-$1,390Cash Costs per Ounce (US$)(1) $660-$705 $735-$780 $680-$730Sustaining Capital per Ounce (US$) $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 2015 Annual MD&A.

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

Capital and Exploration Investment ($M) Island Gold Quebec Division2016 Consolidated

EstimatesSustaining Capital (C$) $17.3 $6.8 $24.1Project Capital (C$)(3) $43.4 $ - $43.4Company-wide Exploration (C$) $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.


CHRISTIAN BOURCIER

Vice-President, Operations

P. ENGPresident and Chief Executive Officer

P. ENG

RICHMONT MINES: MANAGEMENT TEAM

RENAUD ADAMS DANIEL ADAM

Vice-President Exploration

GEO PHD

NICOLE VEILLEUX

Vice-President Finance

CPA, CA

JEAN BASTIEN

Island Gold Mine General Manager

P. ENG, MBA

MARC-ANDRÉ LAVERGNE

Beaufor Mine and Camflo Mill General Manager

P. ENG

MAXIME GRONDIN

Director, Human Resources

CIRC

MÉLISSA TARDIF

ANNE DAY

Vice-President, Investor Relations

MBA

STEVE BURLETON

Vice-President, Business Development

CFA, MBA

Director, Business Performance Management and Infrastructure

BSC ISE

MIGUEL MENDOZA

Lawyer and Corporate Secretary

LLB


RICHMONT MINES: BOARD OF DIRECTORS

RENÉ MARION

Chairman of the Board

P. ENG

MICHAEL PESNER

Director and Chairman ofthe Audit Committee

CA

RENAUD ADAMS

Director, President and Chief Executive Officer

P. ENG

PETER BARNES

Director

CA

ELAINE ELLINGHAM

Director

P. Geo., MBA


TOP SHAREHOLDERSFirm Name % O/S Shares Held City

Oxbridge Group, Inc.(1) 6.93 4,020,854 MontrealRenaissance Technologies LLC 5.95 3,484,500 New YorkZPR Investment Management Inc. 4.70 2,752,610 Orange CityCaisse de Depot et Placement du Quebec 4.66 2,730,000 MontrealOppenheimerFunds, Inc. 3.93 2,300,000 New York1832 Asset Management L.P. 3.72 2,175,000 TorontoConnor, Clark & Lunn Investment Management Ltd. 3.10 1,812,714 VancouverRBC Global Asset Management Inc. 2.92 1,711,273 TorontoSentry Investments Inc. 2.76 1,615,900 TorontoMackenzie Financial Corporation 2.73 1,600,800 TorontoRuffer LLP 2.22 1,300,000 LondonU.S. Global Investors, Inc. 1.88 1,100,000 San AntonioFiera Capital Corporation 1.70 995,789 MontrealFonds de Solidarité FTQ 1.68 985,600 MontrealEterna Investment Management Inc. 1.52 888,600 Quebec CityPicton Mahoney Asset Management 1.45 850,000 TorontoDimensional Fund Advisors, L.P. 1.41 825,000 AustinNorrep Capital Management Ltd. 1.12 655,400 CalgaryManulife Asset Management Limited 1.11 650,000 TorontoAcadian Asset Management LLC 1.00 584,648 BostonFormula Growth Ltd. 0.94 550,000 MontrealAGF Investments Inc. 0.93 546,600 TorontoBlackRock Asset Management Canada Limited 0.93 545,000 TorontoJames Investment Research Inc. 0.86 505,415 XeniaGabelli Funds, LLC 0.77 450,000 Rye(1) Shares held by H. Greg Chamandy, Director– Richmont Mines


OUR VISION and STRATEGY

Our vision is to become a leading intermediate gold producer focused on the Americas generating superior per share valuation. We are committed to a “Sustainable Business Model” and a strategy of long-term growth, and will fully utilize the Corporation’s strong balance sheet, assets, cash flow, capital structure and the extensive experience of the Corporations’ Board of Directors and Management Team to build the next leading Canadian based intermediate gold company.

Our strategy, in the short term, will focus on becoming a leading junior gold producer by maintaining at all times a superior per share position on operational & financial metrics while maintaining a sustainable and risk adverse approach under a “Sustainable Business Model”.

We are guided by our core corporate values to achieve long term value for all of our stakeholders. By cultivating a culture of responsible performance, we are focused on operating in a sustainable manner while holding ourselves accountable to all of our stakeholders.


OUR VALUES

At the heart of this is a commitment to responsibility, integrity and accountability and the Corporation’s four corporate values of Family, Health & Safety, Growth and Team Work.

Health and Safety“Zero tolerance…”

Family“At the heart of

what unites us…”Richmont Mines is a family. Our

management team is easily accessible and actively listens to our employees and their

families. Richmont has put a number of plans and activities in place, including programs that

support work-family balance, scholarships, and student hiring.

Health and safety is a cardinal value of the corporation. Richmont Mines makes every effort to safeguard the health and safety of all of its employees. We implement efficient health and wellness programs and support our objectives with recognition programs.The only truly acceptable result is zero accidents.

Team Work “Working together...”

Richmont Mines strives to create a unified team by encouraging the involvement and

the participation of our employees and stakeholders. We want our employees to enjoy working together. Every position is important. Working together and promoting

cooperation promotes continued success and the achievement of greater objectives.

With an objective of becoming a leading junior gold producer in the short-term and an important intermediate gold producer, Richmont’s growth is supported by the development of our workforce, the health and safety of our employees, and cultivating good relations with the community, while having a transparent approach, driven by integrity and ethics.

Growth “We are building the future…”


SUSTAINABLE BUSINESS MODEL

We believe in developing Richmont based on the principles of sustainability, in order to deliver sustainable and superior value for all stakeholders with low risk exposure to precious metals.

SustainableHuman Resources

SustainableCommunity Development

SustainableProcess Improvement

SustainableGrowth Principles

Making work life sustainable through employee health & safety and wellness

programs, improved supervisory & operational planning/implementation practices and skills through training programs. Develop potential

leadership abilities through leadership program. Promote Life in Balance; family, work and

personal development.

Reducing inefficiency and waste through quality & performance management by implementation of “Lean” methods and balanced score card approach. Advanced knowledge and experience with energy efficiency, sustainable waste systems & construction/building practices.

Leadership and consulting skills for promoting comprehensive change

toward sustainability in communities and developing world-class relationships

with Aboriginal communities.

Developing sustainable exploration, development, operational and financial practices in order to deliver superior per share value, mitigation/management of risk exposure and discipline approach toward preserving best-in-class balance sheet and capital structure.

Economy & Finance

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