RIC Richmont Mines, Inc.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2014.

Commission File Number 001-14598

RICHMONT MINES INC.
(Translation of registrant’s name into English)

161, avenue Principale, Rouyn-Noranda (Quebec) J9X 4P6
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [ X ] Form 40-F [   ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [   ]

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [   ]

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

RICHMONT MINES INC.

REPORT TO SHAREHOLDERS

3

Third Quarter ended September 30, 2014

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

GENERAL

The following management’s discussion and analysis is intended to assist you in understanding and evaluating changes in our financial condition and operations as at and for the three-month and the nine-month periods ended September 30, 2014. We recommend that you read this in conjunction with our unaudited interim consolidated financial statements for the quarter and the nine-month period ended September 30, 2014, and our audited consolidated financial statements for the year ended December 31, 2013, and the accompanying notes. All amounts are expressed in Canadian dollars and are in accordance with International Financial Reporting Standards (“IFRS”), except as otherwise noted. With the exception of troy ounces, the data on production are presented in metric units, the most widely used method in Canada. More information on Richmont Mines can be obtained on the SEDAR website (www.sedar.com), and the Corporation’s website (www.richmont-mines.com). In addition to historical information, this management’s discussion and analysis contains forward-looking information. Please see “Disclosure regarding forward-looking statements” on page 21.

OPERATIONAL AND FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER OF 2014

• Mr. Renaud Adams appointed President and CEO effective November 15, 2014. Mr. Adams is a 20 year mining veteran who recently served as President and Chief Operating Officer at Primero Mining Corp., prior to which he served as Senior Vice-President, Americas Operations at IAMGOLD Corporation;

• Strong Q3 2014 operating cash flows of $8.5 million, or $0.18 per share, on revenues of $34.2 million, a 38% or $0.05 per share increase over Q3 2013 operating cash flows of $5.0 million, or $0.13 per share, on revenues of $21.2 million; Nine month 2014 operating cash flows of $24.2 million, or $0.55 per share, a significant improvement over operating cash flows of ($4.7) million, or ($0.12) per share in the comparable period of 2013;

• Positive net free cash flow generated for the second consecutive quarter; Q3 2014 net free cash flow of $0.6 million, or $0.01 per share, compared to net free cash flow of ($1.5) million, or ($0.04) per share, in the year-ago period; Nine month net free cash flow of $5.6 million, or $0.13 per share, a notable $1.01 per share improvement over net free cash flow of ($34.8) million, or ($0.88) per share, in the year-ago period.

• 2014 gold production guidance raised to 85,000 – 90,000 ounces, from 75,000 – 85,000 ounces previously, driven by continued strong quarterly and year-to-date operational performance;

• Q3 2014 adjusted net earnings of $4.6 million, or $0.10 per share, versus Q3 2013 adjusted net loss of ($1.1) million, or ($0.03) per share; Nine month adjusted net earnings of $8.3 million, or $0.19 per share, a significant improvement over the adjusted net loss of ($4.5) million, or ($0.11) per share in the comparable 2013 period;

• Third quarter gold sales of 24,635 ounces at an average selling price of $1,386 (US$1,273) per ounce, a 60% increase over gold sales of 15,438 ounces at an average selling price of $1,367 (US$1,321) per ounce in the same period last year;

• Cash cost per ounce decreased 14% in Q3 2014 to $876 (US$804), from $1,022 (US$984) in the prior year period;

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

• Nine month 2014 gold sales of 72,837 ounces at an average price of $1,406 (US$1,285), a 71% increase over prior year nine month gold sales of 42,525 ounces at an average price of $1,464 (US$1,430); Cash cost per ounce decreased 15% year-over-year in the first nine months of 2014 to $948 (US$866), from $1,115 (US$1,089) last year;

• Island Gold Mine ramp extended to a vertical depth of 635 metres; contractor hired to accelerate ongoing ramp development; 6,304 metres of definition drilling and 357 metres of exploration drilling completed in Q3 2014;

• Cash and cash equivalents of $37.9 million, plus $0.5 million of short-term guaranteed deposit, for a total of $38.4 million, or $0.80 per share, as of September 30, 2014, working capital of $37.6 million, 47.9 million shares outstanding and long-term debt remains low at $5.8 million.

Third Quarter 2014 Overview

“Our operations continued their strong momentum this quarter, and we are very pleased to report that our operating team continued to deliver robust revenues and operational cash flows within the current gold price environment“, commented Ms. Elaine Ellingham, the Corporation’s Interim President and CEO. “These results reflect our team’s continued focus on operational improvements, which resulted in us exceeding our targets. As a result, we have increased our guidance for 2014 gold production, for a second time, to a revised level of 85,000 to 90,000 ounces.”

“Our strong third quarter results enabled us to further build our cash position while we continued to invest in the development of our 1.1 million ounce high-grade inferred resource at Island Gold. This is our main priority, as we see it provides the potential to increase our annual gold production. Therefore, we recently announced hiring a contractor to accelerate our ramp development and to build out the required additional underground infrastructure. We expect the ramp to reach a vertical depth of approximately 660 metres by year-end, and we expect to extract ounces from the lower zone at Island Gold before year end. At the same time, we see excellent upside potential at Island Gold as the deposit remains open along strike and at depth. As a result, we announced plans to commence additional exploration drilling to test the down plunge extension to the east of the resource between depths of 800 and 1,000 metres.”

Elaine Ellingham, Interim President and CEO of Richmont Mines, concluded: “We are very pleased that Mr. Adams will be joining Richmont as President and CEO in mid-November. In addition to valuable insight and leadership experience, his 20 years of hands-on mining experience and technical background will complement our existing operating team and play an instrumental role in driving the future value of our new resource at Island Gold.”

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

KEY FINANCIAL DATA¹

Exchange Rates

Although Richmont Mines’ financial statements are reported in Canadian dollars, the Corporation also discloses the realized price and cash cost per ounce of gold sold in US dollars, as these performance indicators are widely used in the mining industry.

On a quarterly basis, the exchange rate is adjusted to reflect the actual quarterly and year-to-date rate through the end of the quarter. Therefore, the quarterly rate and the year-to-date rate may differ.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

REVIEW OF FINANCIAL RESULTS

Three-month period ended September 30, 2014

Richmont generated revenues of $34.2 million in the third quarter of 2014, a notable 62% increase over the $21.2 million of revenues in the third quarter of 2013. The strong year-over-year improvement was driven primarily by a 60% increase in the number of gold ounces sold, while also benefiting from a 1% increase in the average gold price obtained in Canadian dollars. A total of 24,635 ounces of gold were sold at an average price of $1,386 (US$1,273) per ounce in the third quarter of 2014, compared to gold sales of 15,438 ounces and an average realized price of $1,367 (US$1,321) per ounce in the comparable period last year. The higher gold sales during the quarter reflect a 40% increase in the number of gold ounces sold at the Island Gold Mine that was primarily attributable to improved grades and the addition of ore from the open-pit Monique Mine in the quarter.

Cost of sales, which includes operating costs, royalties and related depreciation and depletion expenses, totaled $27.9 million in the third quarter of 2014 versus $18.7 million in the comparable period last year. This was driven by an 83% rise in the processed tonnage in the current period that is attributable to the 84,044 additional tonnes from the Monique Mine and W Zone operation in the current period. On a consolidated basis, cost per tonne decreased by 25% year-over-year, mainly attributable to the contribution of lower cost tonnage from the Monique open-pit mining operation. Cash cost per ounce decreased by 14% in the third quarter to $876 (US$804), driven primarily by a 27% year-over-year decline in Island Gold Mine cash cost per ounce mainly due to mined grade improved. Consolidated cash cost per ounce levels similarly benefited from the fact that 28% of gold ounces sold in the third quarter were from the lower cost Monique open-pit.

Exploration and project evaluation expenses before depreciation and exploration tax credits totaled $0.8 million in the third quarter of 2014, lower than the $2.2 million incurred in the comparable period of 2013. The year-over-year decrease was primarily attributable to lower exploration-related costs at the Island Gold Mine, as the Corporation’s focus shifted to advancing the development of the high-grade 1.1 million ounce inferred resource below Island Gold. Exploration expenses on a segmented basis, excluding depreciation and exploration tax credits, were approximately $0.04 million at the Island Gold Mine and $0.56 million at the Beaufor Mine, while exploration and project evaluation costs at other properties amounted to $0.2 million during the three month period.

Administration expenses totaled $1.6 million in the third quarter of 2014, and included $0.2 million pre-tax (of which $0.04 million was non-cash) of severance costs relating to the recent departure of the Corporation’s Executive Vice-President and CFO. When excluding these one-time costs, administration expenses totaled $1.4 million in the current quarter, 25% below expenses of $1.8 million in the comparable period of 2013, primarily as a result of the lower number of employees.

The Corporation recorded a mining and income tax recovery of $0.3 million for the third quarter of 2014, representing a $1.2 million credit of mining duties from previous years, offsetting taxes payable in the period. The taxes payable that were offset by the credit noted above include $0.2 million of income tax payable, $0.5 million of Quebec mining tax and a $0.2 million increase in future mining taxes. For the third quarter of 2013, the mining and income tax recovery amounted to $0.2 million. During this quarter, an exploration tax credit of $0.3 million was earned and recorded against exploration expenses.

The Corporation generated net earnings of $4.4 million, or $0.09 per share, in the third quarter of 2014. Excluding one-time costs related to the departure of the Executive Vice-President and CFO of $0.2 million, Richmont’s adjusted third quarter 2014 net earnings were $4.6 million, or $0.10 per share, a significant $0.13 per share improvement over the adjusted net loss of ($1.1) million, or ($0.03) per share, generated in the third quarter of 2013.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

The Corporation generated Q3 2014 operating cash flows of $8.5 million, or $0.18 per share, compared to Q3 2013 operating cash flows of $5.0 million, or $0.13 per share. Third quarter net free cash flow (operating cash flows less capital expenditures) was $0.6 million, or $0.01 per share, in 2014, compared to net free cash flow of ($1.5) million, or ($0.04) per share, in the year-ago period.

Nine-month period ended September 30, 2014

The Corporation generated revenues of $102.6 million in the first nine months of 2014, a 65% increase over the $62.4 million of revenues generated in the comparable period in 2013. This was driven by a 71% increase in the number of ounces of gold sold, attributable to a 40% increase in the number of ounces sold from the Island Gold Mine, and the addition of production from the Monique Mine in the current period, the benefits of which were partially offset by a 4% decrease in the average selling price per ounce of gold in Canadian dollars.

Cost of sales, which includes operating costs, royalties and related depreciation and depletion expenses, totaled $86.8 million for the first nine months of 2014, 58% above operating costs of $54.8 million during the same period last year. This increase was driven by an 89% increase in processed tonnage during the period, 40% of which was from the Island Gold Mine, and the remainder related to the addition of 239,065 tonnes of combined tonnage from the W Zone and Monique Mine operations, partially offset by a 15% decrease in tonnage from the Beaufor Mine. Cash cost per ounce of gold sold decreased by a notable 15% to $948 (US$866) in the first nine months of 2014, down from $1,115 (US$1,089) in the year ago period, driven by decreases of 26% and 5% in cash costs at the Island Gold and Beaufor mines, respectively, that were primarily attributable to improved grades. The average cash cost per tonne based on gold ounces sold decreased 23% year-over-year, largely attributable to the lower cost per tonne Monique Mine operation, as well as a 5% decrease in cost per tonne at the Island Gold Mine in the nine month period.

Exploration and project evaluation costs before depreciation and exploration tax credits amounted to $1.9 million in the first nine months of 2014, compared with $7.6 million in the year-ago period. The year-over-year decrease reflects lower exploration related costs at the Island Gold Mine as focus was shifted to advancing the development of the new resource at Island Gold, and lower exploration costs at the Beaufor Mine and the Wasamac property. On a segmented basis, exploration expenses, excluding depreciation and exploration tax credits, were approximately $0.3 million at the Island Gold Mine and $1.1 million at the Beaufor Mine. Exploration and project evaluation costs at other properties amounted to $0.5 million during the first nine months of 2014.

Administration expenses totaled $5.7 million in the first nine months of 2014, and included $1.3 million pre-tax (of which $0.3 million was non-cash) of severance and option-retirement costs relating to the departures of the Corporation’s President and CEO and Executive Vice-President and CFO. When excluding these one-time costs, administration expenses totaled $4.4 million in the first three quarters of 2014, 20% below expenses of $5.5 million in the comparable period of 2013, primarily due to the lower number of employees.

The mining and income tax expense for the first three quarters of 2014 amounted to $1.8 million, which includes $1.1 million of taxes payable, $1.2 million of Quebec mining taxes and a $0.7 million increase in future mining taxes. The tax expense payable for the nine month period was partially offset by a $1.2 million credit of mining duties from previous years. For the first nine months of 2013, the mining and income tax recovery totaled $0.1 million. During this nine-month period, an exploration tax credit of $2.1 million was earned. This amount included $0.9 million that was booked against exploration expenses and $1.2 million that was applied against property, plant and equipment, an amount that is related to the W Zone and Monique projects.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

The Corporation generated net earnings of $7.1 million, or $0.16 per share, in the first nine months of 2014. When excluding $1.2 million of one-time severance costs related to the departure of the President and CEO as well as the Executive Vice-President and CFO, Richmont generated adjusted net earnings of $8.3 million, or $0.19 per share, a significant $0.30 per share improvement over the adjusted net loss of ($4.5) million, or ($0.11) per share, in the first three quarters of 2013.

The Corporation generated nine month 2014 operating cash flows of $24.2 million, or $0.55 per share, compared to operating cash flows of ($4.7) million, or ($0.12) per share in the comparable period of 2013. Net free cash flow (operating cash flows less capital expenditures) was $5.6 million, or $0.13 per share, in the first nine months of 2014, a notable $1.01 per share improvement over net free cash flow of ($34.8) million, or ($0.88) per share, in the year-ago period.

SUMMARY OF OPERATIONS

Island Gold Mine

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

The Island Gold Mine continued its strong operational momentum into the third quarter of 2014. The average cash cost decreased 27% year-over-year to $902 (US$829) per ounce of gold sold in the third quarter of 2014, a significant decrease from the average cash cost of $1,237 (US$1,191) per ounce of gold sold in the prior year period. Improved haulage capability as a result of the addition of four new 30 tonne trucks at the end of 2013, the mining of higher-grade areas including Extension #2, and the processing of development ore from the higher-grade extension at depth and the Goudreau zone to the east all favourably impacted third quarter results. These improvements also mitigated the impact of lower Q3 tonnage levels that were the result of the scheduled installation of a new cone crusher at the mill at the end of Q2. The quarterly results also reflect higher costs in the prior year period as a result of mechanical problems both with haulage equipment and at the mill that necessitated the short-term rental of equipment from an outside supplier.

While tonnage of 60,258 tonnage was 3% below last year levels of 62,080 tonnes and 8% below Q2 2014 levels, a 43% year-over-year improvement in grade in the current quarter to 5.96 g/t Au that was driven by better mine sequencing and improved haulage capability, translated into a 40% increase in the number of gold ounces sold in the current period versus last year. Specifically, 11,231 ounces of gold were sold in the third quarter of 2014 at an average price of $1,388 (US$1,275) per ounce, compared to gold sales of 8,014 ounces at an average price of $1,376 (US$1,325) per ounce in the comparable period of 2013.

During the first nine months of 2014 a total of 184,827 tonnes of ore were processed from the Island Gold Mine at a grade of 5.76 g/t, and 33,027 ounces of gold were sold at an average price of $1,410 (US$1,289) per ounce. This compared to processed tonnage of 169,494 tonnes at a grade of 4.51 g/t, and gold sales of 23,548 ounces at an average price of $1,485 (US$1,451) per ounce in the comparable nine month period of 2013. The annual tonnage increase was driven by year-over-year improved mine scheduling and ore transport capacity as the result of the addition of four new trucks at the end of 2013, the benefit of which is highlighted in the strong second and third quarter operational performance, combined with an improved mined grade in the first nine months of the year as mining migrated to higher grade areas of the mine. These operational improvements translated into a 40% increase in the number of gold ounces sold and a 26% decrease in the cash cost per ounce sold. Specifically, an average cash cost of $893 (US$816) per ounce in the first nine months of 2014, compared to an average cash cost of $1,212 (US$1,184) per ounce in the comparable period of 2013.

Island Gold production levels in the last quarter of 2014 are expected to be somewhat muted due to lower expected mining tonnages resulting from a greater amount of planned ore development work, that is expected to result in lower production grades. In early October, a temporary primary jaw crusher and conveyor were successfully installed at the Island Gold mill to carry out crushing while required repairs are being completed on the permanent jaw crusher. However, following a recurrent problem on the old crusher, the decision was made to replace the primary crusher with a new one, which is expected to be delivered and installed within the next month at a capital cost of approximately $0.45 million. As a result of the additional work and extra cost associated with the temporary equipment, cash operating cost per ounce is expected to be higher during the fourth quarter.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

Beaufor Mine

Based on ounces sold, 31,793 tonnes were processed from the Beaufor Mine in the third quarter of 2014, 7% below the 34,135 tonnes processed in the comparable period of 2013.The average head grade decreased to 6.31 g/t in the current quarter from 6.90 g/t in the year-ago period. The lower year-over-year tonnage and grade in the current quarter reflect less higher grade room-and-pillar mining. A total of 6,323 ounces of gold were sold in the third quarter of 2014 at an average price of $1,384 (US$1,271), compared to 7,424 ounces of gold sold at an average price of $1,358 (US$1,308) in the comparable period of 2013. The cash cost per ounce of gold sold of $974 (US$895) in the current quarter was higher than $790 (US$760) in the prior year, reflecting the lower grade and lower tonnage.

Based on ounces sold, a total of 84,409 tonnes of Beaufor Mine ore were processed at a grade of 6.84 g/t Au during the first nine months of 2014, versus the 99,350 tonnes of ore processed at a grade of 6.07 g/t Au in the comparable nine months of 2013. The decreased tonnage during the nine month period is primarily attributable to lower year-over-year processed tonnage in the first quarter of 2014 following the Corporation’s implementation of a more selective mining approach in mid-2013, which translated into improved grades and a correspondingly lower cash cost per ounce of gold sold in the first nine months of 2014 of $949 (US$868) per ounce, versus $994 (US$972) per ounce in the comparable period of 2013. A total of 18,166 ounces of gold were sold from the Beaufor Mine at an average price of $1,409 (US$1,288) in the first nine months of 2014, compared to gold sales of 18,977 ounces at an average price of $1,438 (US$1,405) in the prior year period.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

The Corporation has continued both development and mining in the M Zone in the lower portion of the mine, where recent definition drilling and completed development have demonstrated greater than expected potential for the zone. Production from this zone is expected to continue through mid-2015. Development of the nearer-to-surface 350 Zone is commencing in the fourth quarter of 2014 in preparation for production in 2015.

Monique Mine

Based on ounces sold, a total of 82,512 tonnes of ore at an average grade of 2.67 g/t Au were processed from the Monique open-pit mine during the third quarter of 2014. The improved milled tonnage in the third quarter was due to the W Zone closure giving more capacity in the Camflo Mill for the Monique ore. The improved tonnage mined in the pit over both the first and second quarter levels reflect improved mining efficiency and the decreasing strip ratio associated with the lower benches of the pit as well as the fact that Q1 mined tonnage was lower due to water treatment issues in the period. Third quarter results were also enhanced by the continued separation of higher grade material for immediate processing, from lower grade ore that is being stockpiled for milling in 2015.

When combined with the 119,498 tonnes processed in the first six months of the year at an average grade of 2.67 g/t Au, a total of 202,010 tonnes were processed from the Monique Mine at an average grade of 2.67 g/t Au in the first nine months of 2014. As scheduled, the contractor will finish mining the Monique open-pit in late 2014 to early 2015, and the stockpiled ore will then be transported to the Corporation’s Camflo Mill where it will be processed, beginning with the higher grade ore, through 2015. At the end of September, the low-grade Monique stockpile was over 102,000 tonnes at approximately 1.41 g/t Au.

A total of 6,843 ounces of gold were sold from the Monique Mine at an average price of $1,383 (US$1,270) per ounce in the third quarter of 2014, increasing year-to-date gold sales to 16,716 ounces at an average price of $1,396 (US$1,276) per ounce. The average cash cost per ounce of gold sold totaled $753 (US$692) in the third quarter of 2014, down 39% from cash costs of $1,242 (US$1,133) per ounce of gold sold in the first six months of the year, reflecting the decreasing in-pit strip ratio associated with the lower benches of the pit. For the first nine months 2014, total cash cost per ounce of gold sold was $1,042 (US$953).

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

W Zone Mine

Following the completion of operations at the W Zone as of June 30, 2014, a total of 238 ounces of gold were sold in the third quarter of 2014 at an average price of $1,394 (US$1,280) per ounce. The cash operating cost for these gold ounces was $594 (US$546), a reflection of the fact that operations were concluded at the end of the second quarter and therefore no drift excavation costs were incurred during the current period. A total of 4,929 ounces of gold were sold in the first nine months of 2014 at an average price of $1,405 (US$1,284) per ounce. For the nine month period, the cash cost per ounce of gold sold was $992 (US$907).

Camflo Mill

The Camflo Mill processed 113,634 tonnes in third quarter of 2014, and 319,677 tonnes in the first nine months of the year, largely unchanged from the prior year’s levels, reflecting the addition of W Zone and Monique Mine ore at the beginning of the third quarter of 2013. The Camflo Mill is expected to continue to run at capacity (1,200 tons per day) for the remainder of 2014 with additional ore, and stockpiled ore, from the Monique Mine replacing the W Zone tonnage. Richmont is evaluating custom milling opportunities to utilize the excess capacity at Camflo once the milling of stockpiled ore from the Monique Mine is completed in second half of 2015.

RECENT NEWS AND DEVELOPMENTS

Mr. Renaud Adams Appointed President and CEO

In mid-October, the Corporation announced the appointment of Mr. Renaud Adams to the position of President and Chief Executive Officer effective November 15, 2014. Mr. Adams has 20 years of mining experience, and most recently served as President and Chief Operating Officer at Primero Mining Corp. Prior to this, Mr. Adams served as Senior Vice-President, Americas Operations at IAMGOLD Corporation, and held various senior positions with Cambior Inc. and Breakwater Resources Ltd. Mr. Adams holds a Bachelor of Engineering degree in Mining and Mineral Processing from Laval University. Please refer to the October 17, 2014 press release for details.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

Island Gold Mine Ownership Consolidated

In early August, Richmont announced that it had successfully completed the definitive agreement, signed and announced on August 5, 2014, to acquire the outstanding 31% ownership of four patented claims on the Island Gold Mine property, thereby increasing its ownership of these claims to 100% from 69% previously. The 31% ownership held by the third party was acquired by Richmont in return for a 3% Net Smelter Return royalty payable on 100% of the mineral production from the four claims. The following advance royalty payments are part of the agreement: $1.0 million upon closing of the transaction, followed by $1.0 million each on January 3, 2015 and January 3, 2016. In the event that there is production from these claims, advance royalty payments will continue, and will decrease to $0.3 million as of January 3, 2017, and will be paid annually until such time as a total of $5.1 million has been paid in royalties (including advance royalties) to the third party, after which advance royalty payments will cease. All advance royal payments will be credited against any future NSR payments. Please refer to the August 6, 2014 press release for details.

Island Gold Mine Development Plans Accelerated and Additional Exploration Drilling Announced

The development of the high-grade resource below Island Gold continued to advance as planned in the third quarter of 2014. The ramp was extended by 133 metres and reached a vertical depth of 635 metres at September 30, 2014, while 134 metres of additional lateral development were completed during the three month period. In conjunction with this work, the Corporation completed a total of 6,304 metres of definition drilling and 357 metres of exploration drilling of the depth extension at Island Gold during the period.

In mid-September, the Corporation announced plans to begin additional exploration drilling from surface to test part of the down plunge projection of the Island Gold deposit on the eastern side between depths of 800 and 1,000 metres. This step out drilling will encompass 4,800 metres (4 holes), at an estimated total cost of $0.5 million. This is in addition to the remaining budgeted 2014 exploration and definition drill programs of 3,000 metres and 9,800 metres, respectively, currently underway from underground. Please refer to the September 15, 2014 press release for details.

At the end of September, Richmont announced that a contract had been signed with Manroc to accelerate and expand development of the deep extension of the Island Gold Mine. Manroc teams subsequently arrived on-site, and began development work in the last week of October. The 12 month contract encompasses 800 linear metres of ramp development that is expected to extend it to a depth of 735 metres by the end of 2015, as well as the development of a 500 metre exploration/definition drilling drift to the east on the 620 metre level, of which 200 metres are expected to be completed in 2014. This exploration drift will facilitate definition drilling in 2015 and 2016 to upgrade existing resources into reserves, in the eastern portion of the deposit, between depths of 500 to 800 metres, and will also allow for more cost-effective underground drill testing of a number of unexplored and untested areas of the property, including down plunge to the east, which is open. In preparation for mining of the first stopes in the lower resource, which is expected at the end of 2014 and in early 2015, a ventilation raise and an escape way system, from the 585 metre level to the 390 metre level will also be completed in Q4 2014. The work will enable Richmont to prepare a second mining horizon by the end of 2015, on the 735 metre level. Development of the first mining horizon on the 635 metre level will be completed in early 2015, in accordance with previously established plans. The 12-month contract plus the escape way extension have an estimated cost of $10 million, $4 million of which is expected to be spent in 2014. This increases 2014 capital expenditures at Island Gold from $16.4 million to $20.4 million. Please see the September 30, 2014 press release for additional details.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

Management Changes Announced

Also at the end of September, the Corporation announced that Ms. Nicole Veilleux had been promoted to Vice-President, Finance, a role which she previously held for the Corporation, and that Mr. Pierre Rougeau, Executive Vice-President and Chief Financial Officer, had resigned to pursue other opportunities. A Chartered Professional Accountant with over 25 years of experience in finance, Ms. Veilleux has been with Richmont for over 16 years in positions of increasing responsibility. Please refer to the September 25, 2014 press details for details. As previously announced in a July 2, 2014 press release as well as in the Corporation’s Q2 2014 earnings releases, the Corporation announced that its previous President and CEO, Mr. Paul Carmel, had been relieved of his duties.

Exploration costs

Island Gold Mine

The Corporation spent $0.04 million on exploration at the Island Gold Mine during the third quarter of 2014, bringing year-to-date exploration costs to $0.3 million. Exploration-related expenses are lower than the prior year levels, as capital allocation focus was shifted from exploration to the development of the Island Gold resource extension at depth.

Beaufor Mine

The Corporation spent $0.56 million on exploration at the Beaufor Mine during the third quarter of 2014, and $1.1 million in the first nine months of the year. This reflects the 8,363 metres and 17,108 metres of exploration drilling completed on the asset during the three and nine month periods, respectively, and the Corporation’s continuing efforts to convert existing resources into reserves and identify new resources.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

QUARTERLY REVIEW

¹ Net of taxes.

SUMMARY OF RESULTS FOR THE LAST EIGHT QUARTERS

The fluctuation in revenues over the last eight quarters reflects the variation in the number of ounces of gold sold and the average sales price per ounce. Revenues in the first three quarters of 2014 and fourth quarter of 2013 were higher compared to other recent quarters as a result of a greater number of ounces of gold sold, the benefits of which were partially mitigated by a lower average selling price per ounce of gold in the first three quarters of 2014 and the fourth quarter of 2013. The average selling price per ounce of gold sold actually increased year-over-year in the third quarter of 2014 in the Corporation’s operating currency, Canadian dollars, as a result of the weaker Canadian dollar – US dollar exchange rate. Lower revenues in the second quarter of 2013 are primarily attributable to the low number of gold ounces sold, and the low average selling price per ounce. In the first three quarters of 2013, net earnings were impacted by the Corporation’s expanded exploration and project evaluation program. The net loss generated in the fourth quarter of 2013 was primarily driven by charges totaling $23.1 million, or $0.58 per share, which included a non-cash write-down on the W Zone assets following a reduction in its reserve base, combined with a write-off of deferred income and mining tax assets, and the write-off of financing costs and severance payments. The 2012 fourth quarter results included a $13.9 million after-tax write-off of the discontinued Francoeur Mine assets.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

Production levels from Q4 2012 through Q3 2013 reflect contributions from the Beaufor Mine, located in Quebec, and the Island Gold Mine, located in Ontario. In addition to production from these two mines, production levels in Q4 2013, Q1 2014 and Q2 2014 included production from the W Zone operation, located on the Beaufor Mine property, as well as the Monique Mine, located in Quebec. Third quarter 2014 production included contributions from the Island Gold Mine, Beaufor Mine, open-pit Monique Mine and 238 ounces from the W Zone Mine, where operations were concluded at the end of June 2014. Investments in property, plant and equipment have remained elevated over the last eight quarters, a reflection of the Corporation’s commitment to the maintenance and expansion of its operational base. Net earnings (loss) on a quarterly basis are generally affected by the price of gold, exchange rate, and operating costs which vary according to the price of raw materials, energy costs, and wages, as well as the recovered grade of the ore being processed, exploration expenses, and mining and income tax that is expensed or recovered.

CASH AND CASH EQUIVALENTS

At September 30, 2014, cash and cash equivalents and short-term guaranteed deposits totaled $38.4 million, above the comparable June 30, 2014 level of $35.7 and the December 31, 2013 level of $17.6 million. The increase reflects the $10.7 million of net proceeds from the bought deal financing completed in April 2014, $18.6 million spent on capital expenditures in the first nine months of 2014, and the Corporation’s $24.2 million of operational cash flows during the nine-month period. At the end of the third quarter of 2014, Richmont had $37.6 million of working capital, a $5.3 million increase from the $32.3 million at June 30, 2014, and a significant increase from the $14.0 million at December 31, 2013, reflecting a $20.3 million increase in cash and cash equivalents, and a $3.2 million increase in inventories as a result of higher tonnage of stockpiled ore from the Monique Mine.

CAPITAL RESOURCES

On April 23, 2014, the Corporation issued a total of 8.05 million common shares on a bought-deal basis through a syndicate of underwriters, at a price of $1.45 per share. This included the entire over-allotment option of 1.05 million shares, and generated aggregate gross proceeds of $11.7 million. An expense of $0.9 million was incurred relating to the issuance of common shares.

During the nine-month period ended on September 30, 2014, the Corporation issued 280,420 common shares following the exercise of stock options, for a total cash consideration of $0.37 million. During the nine-month period ended on September 30, 2013, the Corporation issued 30,000 common shares following the exercise of stock options, for a total cash consideration of $0.06 million.

As of September 30, 2014, the Corporation had 47.9 million shares outstanding.

SUBSEQUENT EVENTS

On October 17, 2014, the Corporation announced the appointment of Mr. Renaud Adams to the position of President and Chief Executive Officer effective November 15, 2014, and the resignation of Jim Gill as a Director of the Corporation.

COMMITMENTS AND CONTINGENCIES

There were no changes to the Corporation’s commitments and contingencies from December 31, 2013 to September 30, 2014, with the exception of the commitments and the contingency mentioned below. For further information regarding commitments and contingencies in effect as of December 31, 2013, please refer to the 2013 Management’s Discussion and Analysis, filed February 28, 2014 and available on the SEDAR website (www.sedar.com).

In light of a modification to Quebec Mining Law, the financial guarantee for each of the Corporation’ s Quebec mining sites must now cover 100% of the anticipated restoration work costs for each mining site. Consequently, the Corporation added to its financial guarantee $0.5 million in the first quarter of 2014, $0.1 million in the third quarter of 2014 and must add an additional $1.0 million in 2014, $1.1 million in 2015 and a further $1.1 million in 2016, for a total of $3.8 million.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

In mid-October 2013, the Corporation announced that it had signed a land and mining rights agreement with Argonaut Gold Inc. (“Argonaut”), owner of the Magino Gold Project that is adjacent to the Corporation’s Island Gold Mine. This Agreement was slightly modified in June 2014. Under the revised terms, Argonaut will receive one claim in its entirety and surface and mining rights down to a depth of 400 metres on six claims. It will also receive surface rights on two claims down to a depth of 100 metres. Instead of receiving one claim in its entirety and mining rights below a depth of 400 metres on two additional claims, the Corporation will now receive three claims in their entirety, and mining rights on three additional claims below a depth of 400 metres. As previously mentioned, under the terms of the Agreement, the Corporation will receive a net payment of $2.0 million in cash from Argonaut upon completion of the land transactions, which is now expected to take place in a few months.

On August 5, 2014, the Corporation announced that it had signed a definitive agreement to acquire the outstanding 31% ownership of four patented claims on the Island Gold Mine property, thereby increasing its ownership of these claims to 100% from 69% previously. The 31% ownership held by the third party was acquired by the Corporation in return for a 3% net smelter return royalty that is payable on 100% of mineral production from the four claims. As part of this agreement, the Corporation made an advance royalty payment of $1.0 million at the closing of the transaction, and will make the following additional future payments: $1.0 million each on January 3, 2015 and 2016. In the event that there is production from these claims, advance royalty payments will continue, and will decrease to $0.3 million as of January 3, 2017, and will be paid annually until such time as a total of $5.1 million has been paid in royalties (including advance royalties) to the third party, after which advance royalty payments will cease. All advance royal payments will be credited against any future NSR payments.

Last year, the Corporation began legal procedures against its former Monique Mine mining contractor for work that had been poorly executed or not executed at all. As at September 30, 2014, a contract holdback amount of $1.0 million remains unpaid by the Corporation related to this work. In November 2014, the Corporation received a defense and counterclaim from this former contractor for an amount of $15.5 million. Management is of the opinion that the basis of this counterclaim is unfounded and, consequently, no provision has been accounted for in the financial statements in this respect.

In the second quarter of fiscal 2014, the Corporation amended tax returns relating to certain previous years. Following the amendments, the Corporation believes it is in a position to receive refundable tax credits in excess of $3.7 million. The Corporation has chosen, at this time, not to account for any asset for such purpose, considering the file complexity, the uncertainties related to the review process and the expected timetable to obtain a settlement. Over the coming months, the Corporation will assess the appropriateness of recording a portion or the entire amount claimed according to the evolution of discussions with the tax authorities.

RELATED PARTY TRANSACTION

The former corporate secretary, who is a partner at a law firm, resigned from the position as corporate secretary on May 9, 2013. From January 2013 until the date of his resignation, the Corporation received professional services from this firm for a total consideration of $0.06 million, including taxes.

OFF-BALANCE-SHEET TRANSACTIONS

The Corporation does not have any off-balance-sheet arrangements.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements requires the use of estimates and the formulation of hypotheses that have a significant impact on revenues and expenses as well as on the amounts of assets and liabilities. Elements such as mineral reserves, basis of depletion of mining sites in production, asset retirement obligations, impairment test of property, plant and equipment, income taxes and deferred mining taxes, share-based remuneration expense, dismantling costs and severance costs, provisions and contingent liabilities, start of advanced exploration phase and start of commercial production are estimates that management considers the most significant, those whose actual amounts could differ considerably and affect operating results. A detailed discussion of these estimates is given in the annual management’s discussion and analysis, dated February 19, 2014, filed February 28, 2014 and available on the SEDAR website (www.sedar.com).

FINANCIAL INSTRUMENTS

In order to minimize the risks associated with fluctuations in the price of gold and exchange rates, Richmont Mines may, from time to time, use derivative financial instruments or gold hedging contracts. As at September 30, 2014 and 2013, Richmont Mines had no gold hedging contracts and no currency exchange contracts. For the nine-month periods ended September 30, 2014 and September 30, 2013, no gain or loss related to derivative financial instruments or to gold hedging contracts was recorded in the financial statements.

The Corporation has classified its cash and cash equivalents, receivables (except taxes receivable) and guaranteed investment certificate as loans and receivables, and its payables, accruals and provisions (except salaries and related benefits payable), royalty payments payable, finance lease obligations, contract payment holdback and closure allowance as financial liabilities. All financial instruments are measured at fair value with the exception of the loans and receivables, held-to-maturity investments and financial liabilities, which are measured at amortized cost.

Cash and cash equivalents, receivables, guaranteed investment certificate and payables, accruals and provisions, are recorded at book value and represent their approximate fair value, as these items will be realized or settled in the short term. The fair value of royalty payments payable, finance lease obligations, contract payment holdback and closure allowance was determined by calculating the discounted cash flows using market interest rates for financial instruments with similar characteristics. The fair value of the royalty payments payable, the finance lease obligations, the contract payment holdback and the closure allowance approximate the book value.

ACCOUNTING POLICIES

The interim consolidated financial statements have been prepared in accordance with the accounting policies adopted in the Corporation’s last annual financial statements for the year ended December 31, 2013. The accounting policies have been applied consistently throughout the Corporation for the purposes of preparation of these interim consolidated financial statements. There are no new accounting policies in effect for annual periods beginning on or after January 1, 2014.

FUTURE ACCOUNTING PRONOUNCEMENT

The following standard has been issued, but is not yet effective and has not been early-adopted by the Corporation:

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

IFRS 15 – Revenues from contracts with Customers (IFRS 15)

In May 2014, the IASB published IFRS 15 which replaces IAS 18 Revenue, IAS 11 Construction Contracts and some revenue-related interpretations. IFRS 15 establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized at a point in time or over time, provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. IFRS 15 is effective for reporting periods beginning on or after January 1, 2017. Earlier application is permitted. The Corporation has yet to assess the impact of this new standard on its financial statements.

NON-IFRS FINANCIAL PERFORMANCE MEASURES

Throughout this document, the Corporation uses or may use performance indicators that are not defined according to IFRS, such as operating cash flow per share, adjusted net earnings, adjusted net earnings per share, cash cost per ounce and average cash cost per ounce. Non-IFRS performance indicators are widely used in the mining industry. Nonetheless, they are in no way a standard prescribed by IFRS. The Corporation believes that some investors use these indicators, in addition to the financial information prepared in accordance with IFRS, to evaluate the Corporation's performance and its ability to generate cash. Consequently, this information must be considered supplementary and should not under any circumstances be regarded as a substitute for the performance indicators prepared in accordance with IFRS.

The adjusted net earnings of 2014 exclude severance compensations to the Corporation’s past President and CEO and past Executive Vice-President and CFO. The adjusted net loss of 2013 exclude charges related to the discontinued operation of the Francoeur Mine. These adjustments are net of taxes. The following table is a reconciliation of net earnings (loss) to adjusted net earnings (loss) on a consolidated basis.

GENERAL INFORMATION

The President and Chief Executive Officer and the Vice-President, Finance, are responsible for disclosure controls and procedures (as defined in Multilateral Instrument 52-109 of the Canadian Securities Administrators) and have designed them, or had them designed under their supervision, to provide reasonable assurance that material information relating to the Corporation is communicated to them by others within the Corporation, especially during the period when reports that must be filed under the terms of Canadian securities law are being prepared.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

The President and Chief Executive Officer and the Vice-President, Finance are also responsible for internal controls over financial reporting and have designed them, or had them designed under their supervision, to provide reasonable assurance that the financial information is reliable and that the financial statements have been prepared in accordance with International Financial Reporting Standards. The internal controls over financial reporting during the quarter ending September 30, 2014 were adequately applied.

Risks and uncertainties

In the normal course of operations, the mining industry involves exposure to numerous risks that can affect the performance of corporations such as Richmont Mines. A detailed discussion of these risks is given in the annual Management’s Discussion and Analysis, dated February 19, 2014, filed February 28, 2014, and available on the SEDAR website (www.sedar.com).

National Instrument 43-101

The geological data in this document have been reviewed by Mr. Daniel Adam, Geo., Ph.D, Vice-President, Exploration, an employee of Richmont Mines Inc., and a qualified person as defined by National Instrument 43-101. Please refer to the SEDAR website (www.sedar.com) for full reports and additional corporate documentation.

Cautionary note to U.S. investors concerning resource estimates and civil liabilities and judgments

Resource estimates

The resource estimates in this Management’s Discussion and Analysis were prepared in accordance with National Instrument 43-101 adopted by the Canadian Securities Administrators. The requirements of National Instrument 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”). In this Management’s Discussion and Analysis, we use the terms “Measured,” “Indicated” and “Inferred” Resources; although these terms are recognized and required to be used in Canada, the SEC does not recognize them. The SEC permits U.S. mining corporations, in their filings with the SEC, to disclose only those mineral deposits that constitute “reserves.” Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally extracted at the time the determination is made. United States investors should not assume that all or any portion of a Measured or Indicated Resource will ever be converted into “reserves.” Furthermore, “Inferred Resources” have a great amount of uncertainty as to their existence and whether they can be mined economically or legally, and United States investors should not assume that “Inferred Resources” exist or can be legally or economically mined, or that they will ever be upgraded to a more certain category.

Potential unenforceability of civil liabilities and judgments

The Corporation is incorporated under the laws of the Province of Quebec, Canada. All of the Corporation's directors and officers as well as the experts named in the Form 20-F are residents of Canada. Also, all of the Corporation's assets and substantially all of the assets of these persons are located outside of the United States. As a result, it may be difficult for shareholders to initiate a lawsuit within the United States against these non-U.S. residents, or to enforce U.S. judgments against the Corporation or these persons. The Corporation's Canadian counsel has advised the Corporation that a monetary judgment of a U.S. court predicated solely upon the civil liability provisions of U.S. federal securities laws would likely be enforceable in Canada if the U.S. court in which the judgment was obtained had a basis for jurisdiction in the matter that was recognized by a Canadian court for such purposes. This result may not always be the case. It is less certain that an action could be brought in Canada in the first instance on the basis of liability predicated solely upon such laws.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(All dollar figures are in thousands of Canadian dollars, unless otherwise stated)

Compliance with Canadian Securities Regulations

This quarterly report is intended to comply with the requirements of the Toronto Stock Exchange and applicable Canadian securities legislation, which differ in certain respects from the rules and regulations promulgated under the United States Securities Exchange Act of 1934, as amended (“Exchange Act”), as promulgated by the SEC.

U.S. investors are urged to consider the disclosure in our annual report on Form 20-F, File No. 001-14598, as filed with the SEC under the Exchange Act, which may be obtained from us (without cost) or from the SEC’s website: http://sec.gov/edgar.shtml.

Forward-looking statements

This Management’s Discussion and Analysis contains forward-looking statements. These statements relate to future events or the Corporation’s future performance. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “continue”, or the negative of these terms or other comparable terminology. These statements are only predictions. In addition, this Management’s Discussion and Analysis may contain forward-looking statements attributed to third party industry sources. Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur and may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Important factors that could cause such a difference are discussed in the section entitled “Risk factors” in the Corporation’s annual management’s discussion and analysis report dated February 19, 2014, filed February 28, 2014, and available on SEDAR (www.sedar.com). Other risks may be detailed in Richmont Mines’ Annual Information Form, Annual Report and periodic reports. Except as may be required by law, the Corporation undertakes no obligation and disclaims any responsibility to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

Additional information and continued disclosure

This Management’s Discussion and Analysis was prepared as at November 5, 2014. The Corporation regularly discloses additional information through news releases, quarterly and annual financial statements and its annual information form (“AIF”) on the SEDAR website (www.sedar.com) and through Richmont Mines’ website (www.richmont-mines.com).

INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Third Quarter
Ended September 30, 2014

CONSOLIDATED INCOME STATEMENT

(In thousands of Canadian dollars)

The accompanying notes are an integral part of the interim consolidated financial statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In thousands of Canadian dollars)

The accompanying notes are an integral part of the interim consolidated financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(In thousands of Canadian dollars)

The accompanying notes are an integral part of the interim consolidated financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(In thousands of Canadian dollars)

The accompanying notes are an integral part of the interim consolidated financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(In thousands of Canadian dollars)

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS.

CONSOLIDATED STATEMENT OF CASH FLOWS

(In thousands of Canadian dollars)

The accompanying notes are an integral part of the interim consolidated financial statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Three-month and nine-month periods ended September 30, 2014 and 2013 (in thousands of Canadian dollars)
(Unaudited)

Richmont Mines Inc. (“the Corporation”) is incorporated under the Business Corporations Act (Quebec) and is engaged in mining, exploration and development of mining properties, principally gold.

These interim consolidated financial statements have been prepared by the Corporation’s management in accordance with International Financial Reporting Standards (“IFRS”), as established by the International Accounting Standards Board and in accordance with IAS 34 “Interim Financial Reporting”. They do not include all the information required in annual consolidated financial statements in accordance with IFRS. These interim consolidated financial statements must be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2013.

The preparation of interim consolidated financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates. It also requires management to exercise judgment when applying the Corporation’s accounting policies.

The interim consolidated financial statements have not been reviewed by the independent auditors of the Corporation.

The following standard has been issued, but is not yet effective and has not been early-adopted by the Corporation:

IFRS 15 – Revenues from contracts with Customers (IFRS 15)
In May 2014, the IASB published IFRS 15 which replaces IAS 18 Revenue, IAS 11 Construction Contracts and some revenue-related interpretations. IFRS 15 establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized at a point in time or over time, provides new and more detailed guidance on specific topics and expands and improves disclosures about revenue. IFRS 15 is effective for reporting periods beginning on or after January 1, 2017. Earlier application is permitted. The Corporation has yet to assess the impact of this new standard on its financial statements.

Revenues include revenue from gold sales and silver sales.

The cost of sales includes the following items:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Three-month and nine-month periods ended September 30, 2014 and 2013 (in thousands of Canadian dollars)
(Unaudited)

The exploration and project evaluation expenses were incurred for the following mines and properties:

The administration expenses include the following items:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Three-month and nine-month periods ended September 30, 2014 and 2013 (in thousands of Canadian dollars)
(Unaudited)

A summary of the status of the Corporation’s initial Plan at September 30, 2014 and changes during the three-month and nine-month periods then ended, is presented below:

The following table summarizes information about the Corporation’s Initial Plan at September 30, 2014:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Three-month and nine-month periods ended September 30, 2014 and 2013 (in thousands of Canadian dollars)
(Unaudited)

The exercise price of each option granted is the market price of the Corporation’s stock on the Toronto Stock Exchange, on the day prior to the grant, and the maximum term of the options granted is ten years. Eight types of options were issued: (1) options that vest in thirds one year after the grant date, then vest cumulatively thereafter on every anniversary date over a total length of three years, and expire five years after the date of grant; (2) options that fully vest one year after the grant date, expire three years after the grant date and are exercisable only if the Corporation’s shares have traded at $21.51 or higher at any time during any 10 days in any consecutive 20 trading day period; (3) options that vest in tranches of 20% beginning one year after the grant date, thereafter vesting cumulatively on every anniversary date over a length of four years, and expire six years after the date of grant; (4) options that vest 20% on the grant date and vest cumulatively thereafter on every anniversary date over a length of four years, and expire five years after the date of grant; (5) options that vest 50% on the grant date and 50% the year after, and expire five years after the date of grant; (6) options that vest on August 8, 2016 and expire five years after the date of grant; (7) options that vest in thirds on the grant date, then vest cumulatively thereafter on every anniversary date over a total length of two years, and expire five years after the date of grant; (8) options that vest 25% on the grant date, then vest cumulatively thereafter every month of January over a total period of three years, and expire five years after the date of grant.

A summary of the status of the Corporation’s New Plan at September 30, 2014 and changes during the three-month and nine-month periods then ended, is presented below:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Three-month and nine-month periods ended September 30, 2014 and 2013 (in thousands of Canadian dollars)
(Unaudited)

The following table summarizes information about the Corporation’s New Plan at September 30, 2014:

The financial expenses include the following items:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Three-month and nine-month periods ended September 30, 2014 and 2013 (in thousands of Canadian dollars)
(Unaudited)

The financial revenues include the following items:

On September 30, 2014, a write-down of inventories of $330 was recognized as an expense ($14 as at September 30, 2013). There was no reversal of write-down during the first nine months of 2014 and 2013.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Three-month and nine-month periods ended September 30, 2014 and 2013 (in thousands of Canadian dollars)
(Unaudited)

The property, plant and equipment includes the following items: