Canaccord Technical Session

TSX–NYSE MKT: RIC

POSITIONING FOR SUSTAINABLE GROWTH

Canaccord – Technical SessionApril 25, 2016

www.richmont-mines.com 2RIC: TSX NYSE-MKT

• Richmont Overview Renaud Adams• Vision & Strategy

• Corporate Overview

• Assets, Reserves & Resources Overview

AGENDA

• Island Gold Geology Doug MacMillan• Regional & Local Geology

• Resource Model

• QAQC & Reconciliation

• Island Gold Operations Renaud Adams• Operating Strategy

• Progress to Date

• 2016 Plans

• Growth

Island Gold – Exploration Upside Daniel Adam


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


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.


RICHMONT MINES OVERVIEW

Quality Asset Base in Canada

Growing Production Profile

Decreasing Cost Structure

Growing Cash Flow Streams

Significant Exploration Potential

Strong Balance Sheet

Favourable Canadian Dollar Exposure

Low Shares Outstanding (59M)


CAPITAL STRUCTURECapital Structure(1)

Issued & Outstanding Shares 58.5M

Options 3.9M

Fully Diluted 62.4M

Cash(1) C$61.2

Total Debt(2) C$9.0M

Ticker RIC:TSX–NYSE

Market Capital (April 7/16) C$468M

(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 April 7, 2016)

TSX C$

NYSE MKT US$

Closing price $8.00 $6.10

52-week range $3.14-$8.00 $2.27-$6.10

Market Cap (M’s) $468M $357M

30-day daily trading avg. 310,547 381,343

Strong cash position supports fully funded strategic growth plan


Q1 production: 32,369 oz.; Cash costs of $806 per oz (US$587)

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

Island Gold mine life increased to 7 years(1) with 3 years mine life pre-developed

Beaufor mine life increased to more than 2 years(1)

Released Preliminary Economic Assessment for Island Gold (Oct 28/15)

OPERATIONAL HIGHLIGHTS

2015 Q1 2016 2016 Guidance

Gold produced (oz) 98,031 32,369 87,000-97000

Cash cost per oz. (CAN$)(1) $977 $806 $930-$1,000

AISC (CAN$)(1) $1,373 - $1,275-$1,390

Cash cost per oz. (US$)(1) $764 $587 $680-$730(2)

AISC (US$)(1) $1,074 - $935-$1,015(2)

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

(2) 2016 Guidance assumes a foreign exchange rate of 1.364 Canadian dollars to the US dollar.

Proven and Probable Mineral Reserves(1)(2)

Island Gold Mine and Beaufor Mine

December 31, 2015 Gold ounces Gold g/t

Island Gold Proven & Probable

above ~400m 76,700 6.91

below ~400m 485,000 8.52

Island Gold Proven & Probable 561,700 8.26

Beaufor Proven & Probable 63,850 6.57

Total Proven & Probable 625,550 8.05

(1) Refer to the detailed mineral reserve and mineral resource tables that follow at the end of this presentation

(2) No changes to Mineral Reserves were made at the Corporation’s other properties.

(1) Mine life based on 2015 Mineral Reserves and Resources

Operational Highlights


CANADIAN HIGH-GRADE UNDERGROUND MINE

Record Production Q1; Declining cash costs

YTD positive grade reconciliation: 44%

Production expansion opportunity

Reserves increase by 206%; 7-year mine life(1)

Exploration potential laterally and at depth(1) Refer to full 2015 Reserve and Resource information at the end of this presentation

2015 Q1 2016

2016Guidance

PEA2017-2022

Avg.

Gold Production (oz) 55,040 26,589 62,000-67,000 78,000

Gold Sold (oz) 52,363 26,031 - -

Cash costs/oz (C$)(1) $1,034 $674 $900-$960 $552

AISC (C$)(1) $1,460 - $1,160-$1,250 $639

Cash costs/oz (US$)(1) $808 $491 $660-$705(2) $414

AISC (US$)(1) $1,141 - $850-$920(2) $479

(1) Refer to the Non-GAAP performance measures contained in the Annual MD&A.(2) 2016 Guidance a foreign exchange rate of 1.364 Canadian dollars to the US dollar.

63% INCREASE IN PRODUCTION SINCE 2013

Capital and Exploration 2015 2016Guidance

2016PEA

Sustaining Capital ($M) 22.3 17.3 ~$20.0(2)

Project Capital ($M) PEA 28.9 37.4 36.8Project Capital ($M) non-PEA 2.0 6.0(1) -

Exploration ($M) 4.6 7.3 -(1) Includes 1,000m of development and related infrastructure outside of the PEA area(2) Estimated sustaining capital for the entire period 2017-2022 as per the PEA is $40.5M

2015 Reserves and Resources Tonnes Gold

Ounces Grade g/t

Reserves (oz)(1)/Grade (g/t) 2,115,500 561,700 8.26

M&I (oz)(1) /Grade (g/t) 348,500 71,700 6.40

Inferred (oz)(1)/Grade (g/t) 2,815,000 768,050 8.49

(1) Mine life based on 2015 Mineral Reserves and Resources


BEAUFOR MINE: OVERVIEW

(1) Refer to the Non-GAAP performance measures contained in the Annual MD&A(2) 2016 Guidance assumes a foreign exchange rate of 1.364 Canadian dollars to the US dollar(3) Refer to full 2015 Reserve and Resource information at the end of this presentation

2015 Q1 2016 2016 Guidance

Gold Production (oz) 26,411 4,615 25,000-30,000

Gold Sold (oz) 26,875 5,037 -

Cash costs/oz (C$)(1) $995 1,398 $1,000-$1,060

AISC (C$)(1) $1,216 - $1,230-$1,330

Cash costs/oz (US$)(1) $778 1,018 $735-$780(2)

AISC (US$)(1) $951 - $905-$975(2)

Capital and Exploration 2015 2016 Guidance

Sustaining Capital ($M) $5.9 $6.8

2015 Reserves and Resources Gold Ounces Grade g/t

Reserves (oz)(3)/Grade (g/t) 63,850 6.57

M&I (oz)(3) /Grade (g/t) 171,900 6.34

Inferred (oz)(3)/Grade (g/t) 28,000 6.44

Reserves increased by 95%; mine life increased by 2 years (based on reserves)

Development of the Q Zone; Reached the mineralized structure in late March

Generating free cash flow (2016-2017)

Camflo Mill: capacity of 1,200 tpd provides toll milling opportunities


MINERAL RESERVES INCREASE BY 187%

Gold oz.63,850

Gold oz.561,700

0

100

200

300

400

500

600

700

2012 2013 2014 2015

Min

eral

Res

erve

s (0

00’s

oun

ces)

Monique Beaufor Island Gold

Proven and Probable Mineral Reserves(1)(2)

Island Gold Mine and Beaufor MineGold ounces Grams per tonne

December 31 2015 2014Change

(%) 2015 2014Change

(%)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 625,550 216,500 187% 8.05 6.43 25%(1) Refer to the detailed mineral reserve and mineral resource tables that follow at the end of this presentation.(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 increase by 95%

• Mine life > 2 years (based on reserves)

• Conversion primarily from the Q Zone

Island Gold Mine - Geology


REGIONAL LOCATION MAP

Island Gold Mine


ISLAND GOLD MINELocation Map

Lake Superior

Marathon

White River17

25 km

Wawa

HEMLO

RENABIE

MISHI EDWARDS

ISLAND GOLD MINE

Proterozoic Plutonic and Volcanic RocksArchean Granitoid PlutonsArchean Metasedimentary TerranesArchean Greenstone TerranesFaultGold Past Producer

Gold Producer

SUGAR ZONESCHREIBER

EAGLE RIVER


Present and Past Producers

Mine Tonnage Grade AU Ounce

Island Gold 1,654,000 5.6 358,000

Magino 770,000 4.6 114,000

Kremzar 306,000 4.8 47,000

Edwards 391,000 9.9 140,000

Cline 330,000 6.5 69,000

Renabie 5,584,000 7.2 1,100,000

Wawa Area 478,000 7.8 119,000

Eagle River 3,473,000 9.3 1,003,000

DubreuilvilleISLAND GOLD MINE

10 km

N

Wawa48°

84°

85°

Lake Superior

EAGLE RIVER

RENABIE MINE

17

519

ISLAND GOLD MINEWawa Gold Camp District (2.9 M oz.)


GOUDREAU LAKE DEFORMATION ZONE


ISLAND GOLD MINEGLDZ Trends


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 MINEAdjacent Past Producers


ISLAND GOLD MINE

• Gold not restricted to any rock type except diabase, Maskinonge Granite

• High spatial correlation of 8 Goudreau camp Au deposits with a variety intrusive rocks

• Shafts• Gutcher Lake Stock, Trondhjemite, Murphy Mine;• Webb Lake Stock, Trondhjemite, Magino Mine;• Webb Lake Sill, Trondhjemite, Shore and North Shear Zone;• Cline Lake Porphyry, Felsic intrusive, Cline Mine;• Felsic Porphyry Dykes, Edwards Deposit;• Gabbroic Sill, Kremzar Deposit;• Felsic Dyke/Sill, Markes A zone; • Felsic porphyry dykes, Ego deposit.

• Island Gold Mine, mafic dykes, massive volcanic units, felsic dykes


RICHMONT MINES INC.Land Tenure

Ego Deposit

Emily Bay Showing

Dubreuilville

2 km

RICHMONT MINES PROPERTIES

OTHER OWNERS

Portal MainRamp

Edwards

Magino

GOUDREAU LAKE

Cline RICHMONT MINES219 Mining Titles 7,772 hectares

ISLAND GOLD MINE


ISLAND GOLD MINE2010 Planned Exploration Drilling

Planned Drilling Campaign: 5000 m


RICHMONT MINES2010 Drill Results


RICHMONT MINESDrilling Summary

A limited drill program for 5000 meters continued for 2.5 years to end of 2013

123,000 meters total

187 drill holes were drilled


ISLAND GOLD MINE2014 Long-section, Deep C Zone

SSM2666

SSM2491SSM2490SSM2490

Island Gold Deep C Zone


ISLAND GOLD MINEMineral Reserves and Resources


ISLAND GOLD MINEIsometric View, December 31, 2015

www.richmont-mines.com 26RIC: TSX NYSE-MKTTSX - NYSE MKT: RIC

S N

-500m

-900m

100 m

510 Level

535 Level

Zone

Island Gold Lower Resources

Section 14940E

560 Level

585 Level

Composite Longitudinal Section

620 Explo. Level635 Level

ISLAND GOLD MINESection 14940E


ISLAND GOLD MINEPlan View – 675 Level

Island Gold Lower Resources

ISLAND EXT 1 EXT 2 EW

675 Level Plan


ISLAND GOLD MINESchematic Cross Section

Overburden

535 Level

620 Level

Island Mainmineralized zones

Island Lowermineralized zones

ramp and drifts

Crown pillar

-500m

-750m

-250m

Inflection Zone

50m

• Deposit discovered between 1985-87 by Canamax Resources

• 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)

100m


ISLAND GOLD MINETypical Sections Looking West

14740ESection



ISLAND GOLD MINE535 Level Drift – C Zone


Island Gold MineTypical Section 14960 E – Looking West

-500m

-750m

-250m

Crown pillar

-1000m


Mafic dykes

14960ESection

Felsicvolcanics

www.richmont-mines.com 32

Island Gold MineMineralization Model

• Rock Competency contrast Exhibited on Regional and Mine scale

• GLDZ developing at/near interface of Cycle 2 and Cycle 3 volcanic rocks, so the major structure forming along contrasted lithologic and age domains.

• Likewise on a smaller deposit scale at the Island Gold mine the favorable structural setting along which the Island Gold deposit has formed is linked to rheological differences of the host sequence which in this case is the competency contrasts between the mafic dyke – volcanic domain and the larger more competent and massive footwall felsic unit. Not a ground breaking new concept but very workable in the Goudreau area.

• Accordingly the development of shears propagate along these planes of weakness with the subsequent formation of structural traps, vein formation and gold deposition.


ISLAND GOLD MINEC Zone – Metal Factor, (grade*width)

W E

GOUDREAULOCHALSH ISLAND EXT1 EXT2

- 1,000 m

- 500 m

Crown pillar

- 1,500 m 15,0

00 m

E

16,0

00 m

E

620 m Level Exploration drift

14,0

00 m

E

Surface

200 m

Cut off (4.0g/t Au / 2.0m)

32730

20

10

5

0

Metal FactorGrade (g Au/t) x true width (metres)

(Cut 95g)

PEA

GD-620-0124.57/1.26

GD-14-01C19.87/3.93

MH1-120.38/2.31

MH3-28.70/11.93

GD-630-0131.19/3.43

GD-630-0211.90/0.60


ORE ZONE PLUNGE


ORE ZONE 140L Ore Face

C zone, stringers style ore and boudignaged decimeter scale

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


ISLAND GOLD MINEIsland 560 Sill

Approx. 10 cm

ISLAND 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 Zone

Metallurgical Tests on Island Gold Samples PU-2012-11-754

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)

Diameter of some large free gold particles


ISLAND GOLD MINEFacts

Higher grades have been realized in the Deep Island averaging over 8.26 g/t average in the current inferred reserve vs. the 5.6 g average mined between 2007-2013.

Average zone width of deep resource 4.5 meters average width vs. upper zones averaging 2.7 meters (Press release 02/05/13)

Vg hit ratio is 60% at depth as opposed to 30% in the upper levels as calculated in the first Deep C resource estimate.

Veining more robust with increasing depth - a change from cm scale stringers and decimeter veins evolving into decimeter and meter scale veins with increasing depth

Structural-alteration corridor enveloping all zones appears to be widening at depth almost from about 50 metres to 100 metres.


ISLAND GOLD MINEPrevious QA/QC Method Review

2004 RPA Technical Report on the Island Gold Deposit concludes that gold in the Island Deposit is fine grained enough to respond well to normal fire assay procedures.

2015 – ALS conducted a review of Island Gold Mine QA/QC and concluded procedures were conformable or exceeded industry standards.

2016 – RPA completed a full review of estimated Mineral Resources as at December 31, 2015.


ISLAND GOLD MINEPrevious QA/QC Method Review

Standard Reference Material inserted at rate of 1:20 in core sample stream for exploration and 1:50 for production

Standard Reference Material inserted into every outgoing chip sample batch (10-20 samples/batch)

Blanks inserted following visible gold core samples

Pulp and Reject laboratory cross checking routine

Duplicate chip sampling on faces

Core shack on gated mine site with limited access


Lab Expert versus Actlabs Pulp Cross Check

R² = 0.8504

0.01

0.1

1

10

100

1000

0.001 0.01 0.1 1 10 100 1000

Lab

Expe

rt O

rigin

al C

ore

Assa

y Au

ppm

Actlabs Recheck Au ppm

Lab Expert Core vs Actlabs Recheck


Island Gold daily Lab vs. Lab Expert Pulp Cross Checks


ISLAND GOLD MINEMineral Reserves and Resources


ISLAND GOLD MINELongitudinal Section, Lower C ZoneDevelopment as of December 31st, 2015


ISLAND GOLD MINEReconciliation of the Lower Zones

Diluted


ISLAND GOLD MINE

Histogram of the Ext C Samples


ISLAND GOLD MINE

Log Normal Probability Plot (Ext C Drill Hole Samples)

Island Gold Mine – Ops & Growth


ISLAND GOLD: 2016 Development and Mine Plan


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


ISLAND GOLD MINE: Mill Flowsheet -1 of 2


ISLAND GOLD MINE: Mill Flowsheet -2 of 2


Underground Mine Productivity

ISLAND GOLD MINE: Positioning for Growth

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

2016E

PEA

(800tpd)

Q1 16

Upside

(900tpd)

Gra

ms

per t

onne

Tonn

es p

er d

ay

Underground tpd Head grade (g/t)

Island Gold 2014 2015 Q1 2016 2016E

Underground (tpd) 601 659 853 800

Mill (tpd) 632 663 834 800

Head grade (g/t) 5.91 7.31 11.31 7.0-7.5

Recoveries (%) 96.3 96.8 96.3 96.5

(1) Fourth quarter production and mine and mill productivity: Includes a 3-week scheduled underground mine shutdown and a 2-week scheduled mill shutdown

Tonnes mined from development ore: • 2015: 50% / 2016E: 40% / PEA: 5%

First 2 mining horizons developed, third horizon development in progress

3 years of mine life pre-developed

Tailings expansion complete (2.3MT)

- 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)

(1) Mid-range of 2016 guidance

Island Gold Production Upside

(2) Avg. annual production 2017-2022 (3) Permitted potential

Oz

Au

2016E (1) PEA Base Case

(800tpd) (2)

Upside Potential

(900tpd) (3)


Q1 RECORD PRODUCTION:Positive Reconciliation to Reserve

(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)


• All of Island Gold Mine operating costs are in Canadian dollars

• 2015 average exchange rate CAN $0.782 = US $1.00

2015 Cash Cost/Tonne (C$)Total 2015 cost/tonne = C$232

0%

5%

10%

15%

20%

25%

30%

35%

$49SG&A

$140MINING

$35MILLING

$8ROYALTIES

2015 Cash Cost/Tonne (C$ %)

ISLAND GOLD MINEMine Cost/Tonne Breakdown


MINING UNIT COST OPPORTUNITY

Uni

t Min

ing

Cost

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 DataPEA – 2017/20222015

150

Q4 2015

100150

Q3 2015

100

2016

150

Q1 2016

100

Near-term opportunity: lower the mining cost by returning to historical development ratio


ISLAND GOLD MINETruck Test Summary

• Cat Trucks with tail gates

• Average load from U/G 20.92 metric tons

• Average loaded on surface 26.1

• Difference is 5.2 metric tons

• Cat Truck with no tail gate

• Average load from U/G 19.5 metric tons

• Average loaded on surface 24.9

• Difference is 5.4 metric tons


ISLAND GOLD MINETruck Test Summary: Original load – 20 Tons


ISLAND GOLD MINETruck Test Summary: Reloaded – 26 Tons


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


East

ISLAND GOLD MINEPreliminary Economic Assessment

Resources located between 450L and 860L


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

ISLAND GOLDPEA 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 PEA 2015Maximum Capacity

Simulation at 1,150 tpd mining rate


ISLAND GOLD MINEMaterials Handling Options1,150 tpd plan

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


ISLAND GOLD MINE1,150 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 MINEExpansion Projects: 1,200 tpd Processing Facilities

Island Gold Mine – Exploration


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.


49,196 oz

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


ISLAND GOLD MINE: Exploration Program86,500m Drilling program launched in Q4 2015; 50,050m completed to date


ISLAND GOLD MINEDeep Directional Drilling (Phase 1)


ISLAND GOLD MINENear Mine Lateral Exploration


ISLAND GOLD MINE2016 Eastern Lateral Exploration


ISLAND GOLD MINEPlanned Regional Exploration Drilling


ISLAND GOLD AREA2016 Exploration: Kremzar Mine

Q V

- 750 m

KZ-16-021.93 g/t Au /13.02 m

(core length)

Surface

KZ-16-0158.09 g/t Au /1.10 m

(core length)

KZ-16-010.49 g/t Au / 6.40 m

(core length)

KREMZAR MINE (Production)0.6 MT @ 4.8 g/t Au, 47,000 oz Au

- 250 m

- 500 m

100 m

Mined Stopes

SW NE

Q&A

APPENDIX


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

GREG CHAMANDY

Director

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


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.


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.


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


WASAMAC: ADVANCED DEVELOPMENT PROJECT

Resources Tonnes Grade (g/t Au)

Gold Ounces

Measured Resources 3,124,500 2.75 276,550

Indicated Resources 12,127,000 2.89 1,125,700

Inferred Resources 18,759,000 2.66 1,605,400

(1) Refer to full 2014 Reserve and Resource information at the end of this presentation

15km west of Rouyn-Noranda, Quebec

100% owned, no royalties

Close proximity to existing infrastructure

Located in the Abitibi gold mining district

Significant exploration potential

NI 43-101 PEA released in March 2012


RICHMONT MINES ASSETSVald’or Area – Exploration Properties


RICHMONT MINES ASSETSRouyn-Noranda Area / Exploration Properties


RICHMONT MINES ASSETSTimmins Area / Exploration Properties


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.

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