2016 annual general meeting

TSX – NYSE MKT: RIC

2016 Annual General MeetingMay 12, 2016

www.richmont-mines.com 2

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 58.7M

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


2015YEAR IN REVIEW

In 2015 with a renewed focus and clear strategy we reinvested in our operations to position the company for long-term success

and shareholder value creation.

During the year we grew production and invested in Island Gold to unlock the inherent potential of this asset.

We grew our reserve inventory and extended mine life at both operations, putting Richmont in the strongest position in its 35-year history.


MINERAL RESERVES INCREASE BY 187%

63,850Gold oz.

561,700Gold oz.

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

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 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 increases by 95%

• Mine life > 2 years (based on reserves)

• Conversion primarily from the Q Zone

Significant exploration potential for additional

reserve growth


OPERATIONAL HIGHLIGHTSConsolidated Results 2015 Q1 2016 2016

Guidance

Gold produced (oz) 98,031 32,369 87,000-97,000

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

AISC per oz (CAN$)(1) $1,373 $1,100 $1,275-$1,390

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

AISC per oz(US$)(1) $1,074 $801 $935-$1,015(2)

(1) Refer to the Non-IFRS performance measures contained in the Annual MD&A and Q1 2016 MD&A

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

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

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)

Record Q1 2016 production underpinned by another record quarter from Island Gold

2015 Operational Highlights


Q1 Record Production; tracking high-end guidance

Cash Costs and AISC well below guidance

Positive grade reconciliation of 44% YTD

Improved mining and milling productivities

Updated mining & milling study; H2 2016

1,150 tpd expansion decision; H1 2017

CANADIAN HIGH-GRADE UNDERGROUND MINE

Safe operation, 5 years without lost-time injury

Exceeded revised production guidance

In-line Cash Costs and AISC

Issued PEA Base Case (800tpd)

Mill capacity expanded to 900 tpd

Strategic exploration program launched

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 $855 $1,160-$1,250 $639

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

AISC (US$)(1) $1,141 $623 $850-$920(2) $479

(1) Refer to the Non-IFRS 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

2015 Highlights 2016 Highlights & Objectives


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: PEA OVERVIEW• Potential for increased production and lower AISC

0

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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

C$552/oz cash costs

PEA Summary 2017-2022 (C$)

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 (C$M) 256

Average cash operating cost (C$/t) 148

Average cash operating cost (C$/oz) 552

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

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

Mill Expansion Opportunity


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)


ISLAND GOLD MINE: EXPLORATION PROGRAM


ISLAND GOLD MINE: REGIONAL EXPLORATION


BEAUFOR MINE: OVERVIEW

(1) Refer to the Non-IFRS performance measures contained in the Annual MD&A and in Q1 2016 MD&A

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

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 $1,730 $1,230-$1,330

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

AISC (US$)(1) $951 $1,260 $905-$975(2)

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

Development of the Q Zone; Stope mining in Q4

Generating free cash flow (2016-2017)

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


MONIQUE MINE: OPERATIONAL HIGHLIGHTS

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

Mining of the open pit completed January 2015

Stockpile processed in 2015; grade of 2.37 g/t gold

Cash Costs & AISC in-line with guidance

Provided strong Free Cash Flow generation

Processed remaining 16,063 stockpile tonnes at 2.31 g/t in (Q1 2016)

Produced 1,165 ounces at cash costs of $1,185/oz, incl. $715 non-cash charge (Q1 2016)

Monique MineTwelve-months ended

Dec. 31/15Twelve-months ended

Dec. 31/14

Gold produced (oz) 16,580 23,675

Gold sold (oz) 17,657 23,490

Cash cost per oz (CAN$)(1) 782 910

AISC per oz (CAN$)(1) 798 958

Realized gold price per oz(CAN$) 1,486 1,387

Cash cost per ounce (US$)(1) 612 824

AISC per oz (US$)(1) 625 867


2016 OPERATIONAL ESTIMATES

2016 Production and Cost Guidance

2016 Capital Investment Guidance

Operational Estimates Island Gold Beaufor 2016 Consolidated Estimates

Gold Ounces Produced 62,000-67,000 25,000-30,000 87,000-97,000Cash Costs per oz (CAD$)(1) $900-$960 $1,000-$1,060 $930-$1,000Sustaining Capital per oz (CAD$) $260-$290 $230-$270 $250-$280Corporate G&A per oz (CAD$) - - $95-$110All-in Sustaining Costs per oz (CAD$)(1) $1,160-$1,250 $1,230-$1,330 $1,275-$1,390

Cash Costs per oz (US$)(1) $660-$705 $735-$780 $680-$730Sustaining Capital per oz(US$) $190-$215 $170-$195 $185-$205Corporate G&A per oz (US$) - - $70-$80All-in Sustaining Costs per oz(US$)(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 Annual MD&A.

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

Sustaining Capital (CAD$) $17.3 $6.8 $24.1Project Capital (CAD$)(3) $43.4 $ - $43.4Company-wide Exploration (CAD$) $7.3(1) $1.1(2) $8.4Sustaining Capital (US$) $12.7 $5.0 $17.7Project Capital (US$)(3) $31.8 $ - $31.8Company-wide Exploration (US$) $5.4 $0.8 $6.2(1) Exploration costs required to complete the drilling programs announced in September 2015.(2) All delineation and exploration drilling for the Beaufor Mine is included in sustaining capital and $1.1 million is related to the Quebec division outside the Beaufor property.(3) Project Capital for Island Gold includes accelerated underground development of $25.0 million (US$18.3 million) related to the PEA and $6.0 million (US$4.4 million) related to discretionary

development outside the scope of the PEA.

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


WELL POSITIONED FOR SUSTAINABLE GROWTH

Significant Exploration Potential

Strong Balance Sheet

Favourable Canadian Dollar Exposure

Low Shares Outstanding (59M)

Quality Asset Base in Canada

Growing Production Profile

Decreasing Cost Structure

Growing Cash Flow Streams

Island Gold Mine Core Beaufor Mine Q Zone

APPENDIX

RICHMONT MINES: BOARD OF DIRECTORS

RENÉ MARION

P. ENG

Chairman ofthe Board

MICHAEL PESNER

CA

Director and Chairman of the Audit Committee

RENAUD ADAMS

P. ENG

Director, Presidentand Chief Executive Officer

PETER BARNES

CA

Director

ELAINE ELLINGHAM

www.richmont-mines.com RIC: TSX NYSE-MKT18

P. Geo., MBA

Director

http://www.richmont-mines.com/


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


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 MINE

Histogram of the Ext C Samples


ISLAND GOLD MINE

Log Normal Probability Plot (Ext C Drill Hole Samples)


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.