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 May, 2015.

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.

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 period ended March 31, 2015. We recommend that you read this in conjunction with our unaudited interim consolidated financial statements for the quarter ended March 31, 2015, and our audited consolidated financial statements for the year ended December 31, 2014, 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 16.

OPERATIONAL AND FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER OF 2015

• Robust Q1 2015 gold production of 25,859 ounces, a 23% increase over Q1 2014 gold production of 21,002 ounces; Q1 2015 gold sales of 24,791 ounces at an average price of $1,496 (US$1,205), up 21% over gold sales of 20,412 ounces at an average price of $1,441 (US$1,306) in the prior year;

• Q1 2015 cash cost per ounce decreased 16% to $979 (US$789), from $1,169 (US$1,060) in the same quarter last year; All-in sustaining cost (“AISC”) decreased 9% to $1,255 (US$1,011) from $1,384 (US$1,255) in Q1 2014;

• Strong Q1 2015 operating cash flows of $9.1 million, or $0.17 per share, on revenues of $37.2 million, a 183% or $0.11 per share improvement over Q1 2014 operating cash flows of $2.4 million, or $0.06 per share, on revenues of $29.5 million; Q1 2015 net free cash flow of ($0.1) million, or nil per share, compared to ($3.5) million or ($0.09) per share in Q1 2014;

• Q1 2015 net earnings of $4.6 million, or $0.09 per share, versus Q1 2014 net loss of ($1.9) million, or ($0.05) per share, a $0.14 per share improvement;

• 2015 gold production guidance of 78,000 – 88,000 ounces maintained;

• Island Gold Mine Q1 accelerated development successfully executed: primary ramp extended to a depth of 675 metres, strategic exploration drift on 620 metre level of the mine extended to a length of 290 metres, and secondary eastern ramp deepened to 470 metres;

• Cash position of $70.7 million, or $1.22 per share, as of March 31, 2015, working capital of $72.2 million, 57.9 million shares outstanding, and low long-term debt of $5.2 million.

“The transition of Island Gold into a higher grade, lower cost mine remains our focus for this year,” commented Mr. Renaud Adams, President and CEO of Richmont Mines. “In this regard we are very pleased with our progress to date, and congratulate our team for successfully implementing our accelerated development plan for the first three months of 2015 both on time and on budget. I am also very happy with the continued strong momentum generated by our operations this quarter. Of particular note was the robust performance of our Quebec assets, which is a testament to the continued daily dedication of our team. These assets delivered cash cost and all-in sustaining cost levels that were below expectations, providing us with increased financial flexibility as we continue to implement our development initiatives at Island Gold.”

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

“In this regard, production at Island Gold ramped up throughout the quarter, and we are particularly pleased with the progress that the mine achieved in March. As anticipated, costs at Island Gold were higher in the first quarter, primarily as a result of the large amount of development ore processed in the period, which accounted for 70% of total ore tonnage in the period. I am pleased with our development progress to date and look forward to setting and reaching additional milestones with our team as we continue to implement of our strategic infrastructure and operational improvements, and build on what we believe is the potential for significant long-term growth at Island Gold.”

KEY FINANCIAL DATA¹

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

Exchange Rates

Although Richmont Mines’ financial statements are reported in Canadian dollars, the Corporation also discloses the realized price, cash cost and AISC 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 rate through the end of the quarter.

REVIEW OF FINANCIAL RESULTS

Three-month period ended March 31, 2015

A total of 25,859 ounces of gold were produced in the first three months of 2015, a 23% increase over the prior year levels. Results were driven by a strong performance from the Corporation’s Quebec mines, which was attributable to a combination of increased tonnage, a higher processed grade at both operations, and the addition of 1,624 ounces of gold production derived from the milling of accumulated slag at the Camflo Mill. The robust performance of the Quebec operations was offset by a slightly lower gold production from the Island Gold Mine, where new optimization initiatives and production levels were ramped up during the first quarter in accordance with the Corporation’s 2015 plans. These efforts culminated in an average production of 860 tonnes per day at the Island Gold Mine in March, and yielded a surface stockpile of 6,700 tonnes of ore at the end of the quarter.

The Corporation’s first quarter cash cost per ounce of gold sold on a consolidated basis decreased 16% to $979 (US$789) in 2015, from $1,169 (US$1,060) in the comparable period of 2014. Similarly, first quarter AISC decreased 9% to $1,255 (US$1,011) in 2015, from $1,384 (US$1,255) in the first three months of 2014. These cost level improvements were driven by significantly lower costs at the Beaufor Mine, attributable to improved grades from a more selective mining approach and the 1,624 ounces from the milling of accumulated slag, and lower costs at the Monique Mine that reflected the prioritized milling of higher grade ore. As expected, production costs at Island Gold Mine increased year-over-year primarily as a result of the significantly greater amount of development ore processed during the quarter, for which handling costs are notably higher than ore derived from long-hole stoping. Cost levels are also a result of the ramping up of production, and the implementation of the Corporation’s accelerated mine optimization and development plans.

Revenues increased 26% to $37.2 million in the first quarter of 2015, from $29.5 million in the first quarter of 2014, as a result of a 21% increase in the number of gold ounces sold and a 4% increase in the average Canadian dollar selling price in the current period. A total of 24,791 ounces of gold were sold at an average price of $1,496 (US$1,205) per ounce in the current quarter, versus gold sales of 20,412 ounces and an average realized price of $1,441 (US$1,306) per ounce in the comparable period last year. The variation between the number of gold ounces produced and sold in a given quarter is an inventory adjustment related to the timing of gold pours and resulting gold sales during the period.

Cost of sales totalled $29.4 million in the first quarter of 2015 versus $28.6 million in the comparable period of 2014. The increase was driven by higher processed tonnage at the Beaufor Mine, and elevated costs at the Island Gold Mine due to 70% of total processed tonnage during the three months was higher-cost development ore. The costs at Island Gold were also more elevated due to a significant increase in the amount of pre-production development over prior year levels, a cost which is expensed versus capitalized.

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

The Corporation spent a total of $9.2 million on capital expenditures in the first quarter of 2015, versus $5.9 million in the first three months of 2014. Total capital expenditures of $8.7 million at Island Gold accounted for the majority of total investments in the current period, and consisted of approximately $3.8 million of sustaining investments, out of total planned $19.1 million, and $4.9 million of accelerated development costs, out of a total planned $29.2 million for the year. Capital investments in Quebec, all of which were sustaining, amounted to $0.5 million in the current period.

Exploration and project evaluation costs totalled $1.1 million in the current quarter, versus $0.7 million in the comparable period of 2014. The year-over-year increase is attributable to greater exploration expenses at both the Island Gold and Beaufor mines, where 3,331 and 7,415 metres, respectively, of exploration drilling were completed during the quarter. On a segmented basis, exploration expenses excluding depreciation and exploration tax credits were approximately $0.5 million at the Island Gold Mine and $0.5 million at the Beaufor Mine, while exploration and project evaluation costs at other properties amounted to $0.1 million during the current quarter.

Administration expenses totalled $2.0 million in the first quarter of 2015, $0.3 million or 18% above expenses of $1.7 million in the comparable period of 2014. The increase is primarily attributable to higher levels of share-based compensation and consultant-related costs in the current period.

The Corporation recorded mining and income taxes of $0.3 million for the first quarter of 2015. The taxes include $0.4 million of income tax payable, $0.3 million of mining taxes, offset by revenue of $0.4 million in future mining taxes. For the first quarter of 2014, the mining and income tax expense amounted to $0.3 million, which includes a $0.1 million adjustment in Ontario Mining taxes paid in previous years, and $0.2 million in future Ontario Mining taxes.

The Corporation generated net earnings of $4.6 million, or $0.09 per share, in the first quarter of 2015, a $6.5 million improvement over the net loss of ($1.9) million, or ($0.05) per share, generated in the first quarter of 2014.

First quarter 2015 operating cash flows totalled $9.1 million, or $0.17 per share, compared to Q1 2014 operating cash flows of $2.4 million, or $0.06 per share, a 183% increase on a per share basis. Q1 2015 net free cash flow (operating cash flows less capital expenditures) was ($0.1) million, or nil per share, compared to ($3.5) million, or ($0.09) per share in the year-ago period.

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

SUMMARY OF OPERATIONS

Island Gold Mine

The Island Gold Mine produced 10,764 ounces of gold in the first quarter of 2015. Production momentum during the quarter was progressively built up from lower levels in January and February, which were the result of planned underground infrastructure upgrades, to a strong operational performance in March during which the mine produced an average of 860 tonnes of ore per day. The robust execution in March led to establishing a surface stockpile of approximately 6,700 tonnes of ore as at March 31. Results during the quarter benefited from an improved mined grade that was attributable to the selective mining of higher-grade material from the Goudreau Zone, and the addition of good grade development ore from the new resources located below a depth of 400 metres, the latter of which returned a 12% positive grade reconciliation over the resource model. Planned infrastructure and equipment upgrades will continue through 2015 as part of the Corporation’s accelerated development initiatives, which are currently being implemented at the mine to expedite access to the deeper higher grade quality resource base and position the mine for considerable future growth.

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

A total of 8,923 ounces of gold were sold from the Island Gold Mine at an average price of $1,503 (US$1,211) per ounce in the first quarter of 2015, versus gold sales of 10,259 ounces at an average price of $1,447 (US$1,312) per ounce in the comparable period of 2014. As anticipated, first quarter 2015 cash costs and AISC were elevated at $1,414 (US$1,139) per ounce and $1,843 (US$1,485) per ounce, respectively, compared to a per ounce cash cost of $937 (US$849) and AISC of $1,089 (US$987) in the same period of 2014. The current quarter’s higher costs per ounce are a result of the fact that 70% of the processed tonnage during the three months was development ore, for which overall costs are notably higher than ore derived from long-hole stoping. The amount of processed development ore is expected to decrease throughout the year, which should favourably reduce costs. The increased unit costs during the quarter are also a result of lower gold sales, and increased production-related development during the quarter, costs that are expensed and not classified as deferred development and are therefore not capitalized. Additionally, the mine’s AISC for the first quarter of 2015 included $3.8 million of accelerated development investments, which included $1.6 million related to work completed on the secondary East Ramp, $0.4 million related to definition drilling, with the remaining investment spent on fixed asset upgrades and other development. The Corporation has planned a total of $19.1 million on sustaining capital expenditures at Island Gold Mine in 2015.

Island Gold Mine Development Update

The accelerated development initiatives currently underway at Island Gold advanced as planned in the first quarter of 2015. The non-sustaining capital expenditures related to these project and exploration initiatives during the quarter totalled $4.7 million. The Corporation successfully advanced all five key areas of accelerated development in the first three months of 2015, specifically:

Ramp development: The main access West Ramp was extended by 25 vertical metres during the first three months of the year to a depth of 675 metres. Work is on schedule to attain a targeted depth of 750 metres by the end of 2015, which would provide mining access to areas between approximately 650 metres and 750 metres of depth, where past assessments have indicated higher grade and greater widths of ore. The secondary East Ramp was extended by 30 vertical metres to a depth of 470 metres as at March 31, and is on schedule to reach a depth of 570 metres by the end of 2015. This will provide access to the Extension 1 and Extension 2 areas of the mine below 400 metres, which will allow for concurrent mining in several parts of the deposit providing greater operational flexibility.

Lateral development on the 620 metre level and delineation drilling program: The exploration drift was extended to the east by 150 metres to a length of approximately 290 metres during the first quarter, ahead of schedule. The drift is currently being used to complete 33,375 metres of delineation drilling, with a total of 4,378 metres completed in the first quarter of 2015. The Corporation anticipates extending the drift by an additional 125 linear metres before the end of Q2 2015, at which point optimal drilling positions will be reached to initiate the planned exploration drilling programs, while the delineation drilling program is also being completed.

Exploration program: The Corporation’s 2015 exploration program is expected to reach 61,000 metres at Island Gold. A total of 3,331 metres of exploration drilling were completed in the first quarter, of which 2,437 metres were from underground and the remaining 894 metres were completed from surface. The two surface drill holes targeted the western extension potential. As planned, the majority of the underground exploration drilling will begin in mid-2015 once the drift has been extended to an approximate length of 415 metres. This will provide optimal drilling positions to explore the potential down plunge to the east, where past drill results have included an intersection of 19.87 g/t Au over 3.93 metres at a vertical depth of 1,203 metres and 7.44 g/t Au over 8.49 metres at a vertical depth of 858 metres.

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

Fixed assets & equipment: An integral part of the Corporation’s development plans for Island Gold includes upgrading mine infrastructure and equipment. Improvements to underground electrical and water pumping lines were completed during the quarter, with additional upgrade investments planned in Q2 and Q3.

Milling & mining studies: The Corporation initiated planned mining and milling studies in conjunction with outside consultants during the quarter. The preliminary results from these studies are expected to be available in Q3 2015. These studies will evaluate mining and milling requirements under various possible growth scenarios, including different shaft options, with the view to advance the most viable scenario to a preliminary economic assessment level by year-end.

Beaufor Mine

A total of 7,963 ounces of gold were produced from the Beaufor Mine in the first quarter of 2015, which includes 1,624 ounces derived from the milling of accumulated slag at the Camflo Mill, and represents an 81% increase over the 4,401 ounces produced in the comparable period of 2014. Excluding the milling of the accumulated slag, production increased by 44% over the comparable period in 2014. The improved production level in the current quarter is largely attributable to the head grade of 8.44 g/t that stemmed from the milled slag, a significant increase in tonnage from the higher-grade M Zone, as well as mine sequencing as a result of development work and a more selective mining approach both of which were implemented by the Corporation in 2014.

First quarter 2015 gold sales from the Beaufor Mine totalled 8,831 ounces at an average realized price of $1,489 (US$1,200), compared to gold sales of 4,302 ounces at an average realized price of $1,465 (US$1,328) in the comparable period of 2014. Cash operating costs in the first three months of 2015 were $905 (US$730) per ounce, and AISC were $1,000 (US$807) per ounce. These represented a considerable improvement from the 2014 per ounce cash costs of $1,215 (US$1,102) and AISC of $1,412 (US$1,281), which is attributable to the higher gold sales in the quarter that stemmed from improved grade and planned mine sequencing, as well as the ounces from milled slag, as detailed above. Sustaining expenditures at the Beaufor Mine amounted to $0.8 million in both periods.

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

Subsequent to a favourable evaluation, the Corporation has decided to proceed with the development of an additional level in the M Zone at depth at the Beaufor Mine, which is expected to extend mining activities in this area of mineralization through the end of 2015. This supplementary production, which had not previously been part of the mine plan, provides the Corporation with additional time to complete further assessments of the deeper Q Zone prior to confirming plans to advance with development of this zone in the future. The Q Zone is located approximately 50 vertical metres below the existing underground workings of the Beaufor Mine, and as such, only limited future development would be required in the event the Corporation decides to proceed. Room and pillar mining in the closer to surface 350 Zone began in the current quarter, with ore from this area accounting for approximately 19% of total tonnage during the three month period.

Monique Mine

The Monique open-pit mine produced a total of 7,132 ounces of gold in the first quarter of 2015, a 90% increase in gold production up from 3,755 ounces in the same period last year. The growth was driven by a 25% increase in processed tonnage and 50% improvement in milled head grade, the latter of which reflects the Corporation’s practice of prioritizing the milling of higher grade material from the slightly lower grade stockpiled material that will be processed later in 2015. The higher grade ore is expected to be completely milled by the end of April, after which the lower-grade material will be processed.

At the end of the first quarter of 2015, the Monique ore stockpile totalled approximately 140,000 tonnes at an average estimated grade of 1.48 g/t Au. Mining of the open pit was completed at the end of January, and the Corporation will process the stockpile from this operation at the Camflo Mill through to September 2015.

First quarter 2015 gold sales from the Monique Mine totalled 7,037 ounces at an average price of $1,498 (US$1,207). This compared to gold sales of 4,251 ounces at an average price of $1,407 (US$1,275) in the first three months of 2014. Monique Q1 2015 cash cost and AISC per ounce were both very low at $521 (US$420) and $541 (US$436), respectively, reflecting strong tonnage levels and a robust grade during the period. These costs included non-cash charges of approximately $18 per ounce related to mining costs incurred and paid for in 2014, but which are only accounted for when the resulting ounces are sold. These results reflect a significant improvement over the cash cost of $1,392 (US$1,262) per ounce and AISC of $1,446 (US$1,311) per ounce in Q1 2014, during which the mine was ramping following the beginning of commercial production on October 1, 2013. The amount of non-cash charges that are included in the Monique quarterly cash cost and AISC per ounce will progressively increase throughout 2015 as the stockpile is depleted, and ore that was mined in 2014 is progressively milled.

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

FIRST QUARTER NEWS

Management Changes Announced

On February 23, 2015, the Corporation announced the appointment of Mr. Steve Burleton to the position of Vice-President, Business Development. Mr. Burleton has over 18 years of experience in the Canadian investment banking industry and prior to joining Richmont as Vice President, Corporate Development for a publicly traded fertilizer producer with operations in Brazil. Previously, Mr. Burleton served as Managing Director of Investment Banking at Wellington West Capital Markets Inc. and at Scotia Capital Inc. Mr. Burleton is a Chartered Financial Analyst (CFA) and holds an MBA from York University.

On February 27, 2015, Richmont announced that Mr. Rosaire Emond, Chief Operating Officer, had decided to leave the Corporation to pursue other career opportunities, and that Mr. Adams, President and CEO, would oversee the operations and the development plans being implemented at the Corporation’s Island Gold Mine. Consequently, Richmont does not foresee replacing Mr. Emond in the near-term.

Bought-Deal Financing Announced and Successfully Completed

On February 11, 2015, the Corporation announced that it has closed the bought deal financing previously announced on January 20, 2015, and increased on January 21, 2015. The Corporation issued a total of 9.625 million common shares at a price of $4.00 per share, on a bought deal basis, for aggregate gross proceeds of $38.5 million. This included the entire over-allotment option of 1.125 million common shares at a price of $4.00. The bought deal financing was completed through a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd. and included CIBC World Markets Inc., National Bank Financial Inc., BMO Capital Markets, TD Securities Inc., and PI Financial Corp. Richmont received strategic advisory services from Red Cloud Mining Capital Inc. The entire net proceeds of the financing will be applied toward accelerating the transformational development of the higher-grade resource extension at its Island Gold Mine in Ontario currently underway.

Exploration costs

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

Island Gold Mine

The Corporation spent $0.5 million on exploration at the Island Gold Mine during the first quarter of 2015, compared to $0.1 million in the first quarter of 2014. The higher exploration-related expenses are a result of the 3,331 metres of exploration drilling in the current period, versus no exploration drilling in the prior year period when capital allocation focus was on the development of the Island Gold resource extension at depth.

Beaufor Mine

The Corporation spent $0.5 million on exploration at the Beaufor Mine during the first quarter of 2015, compared to $0.3 million in the first quarter of 2014. The higher exploration related expenses are a result of the 7,415 metres of exploration drilling in the current period, versus 3,709 metres of exploration drilling in the prior year period.

QUARTERLY REVIEW

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

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 quarter of 2015 and second quarter of 2014 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. The average selling price per ounce of gold sold actually increased year-over-year in the first quarter of 2015 and the third and fourth quarters 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. In the second and third 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 $22.7 million, or $0.57 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.

Production in Q2 2013 and 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 in Q4 2013, Q1 2014 and Q2 2014 included ore from the W Zone operation, located on the Beaufor Mine property, as well as the Monique Mine, located in Quebec. Q3 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. Production in Q4 2014 and Q1 2015 included amounts from the Island Gold Mine, Beaufor Mine and the open-pit Monique Mine. 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 POSITION

At March 31, 2015, the Corporation’s cash position increased to $70.7 million. This compared to the December 31, 2014 level of $35.3 million, and the February 11, 2015 level of $67.5 million subsequent to the closing of the bought deal financing announced in January 2015 and closed on February 11, 2015. The increase reflects the $36.1 million of net proceeds from this bought deal financing, $9.2 million spent on capital expenditures in the first three months of 2015, and the Corporation’s $9.1 million of operational cash flows during the three-month period. At the end of the first quarter of 2015, Richmont had $72.2 million of working capital, a $37.4 million increase from the $34.8 million at December 31, 2014, primarily reflecting a $35.4 million increase in cash.

CAPITAL RESOURCES

On February 11, 2015, the Corporation issued a total of 9.625 million common shares on a bought-deal basis through a syndicate of underwriters, at a price of $4.00 per share. This included the entire over-allotment option of 1.125 million shares, and generated aggregate gross proceeds of $38.5 million. A share issue cost of $2.4 million was incurred relating to the issuance of common shares.

During the three-month period ended on March 31, 2015, the Corporation issued 40,000 common shares following the exercise of stock options (none were issued during the three-month period ended on March 31, 2014) and received cash proceeds in the amount of $0.07 million. Contributed surplus was reduced by $0.03 million which represents the recorded fair value of the exercised stock options.

As of March 31, 2015, the Corporation had 57.9 million shares outstanding.

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

COMMITMENTS AND CONTINGENCIES

There were no changes to the Corporation’s commitments and contingencies from December 31, 2014 to March 31, 2015 with the exception of the commitment mentioned below. For further information regarding commitments and contingencies in effect as of December 31, 2014, please refer to the 2014 Management’s Discussion and Analysis, filed March 3, 2015 and available on the SEDAR website (www.sedar.com).

On March 2015, the Corporation signed a lease for an office in Toronto. The Corporation is committed, under this operating lease beginning in June 2015 and expiring in May 2020, to pay a total sum of $0.76 million. Minimum rental payments amount to $0.09 million for 2015, $0.15 million for 2016 to 2019 and $0.07 million for 2020.

OFF-BALANCE-SHEET TRANSACTIONS

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

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements requires the use of estimates and the formulation of assumptions 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, recoverability of credits relating to resources and credits on duties refundable for losses, 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 18, 2015, filed March 3, 2015 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 March 31, 2015 and 2014, Richmont Mines had no gold hedging contracts and no currency exchange contracts. For the three-month periods ended March 31, 2015 and March 31, 2014, 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, 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 holdbacks and closure allowance as financial liabilities. All financial instruments are measured at fair value with the exception of the loans and receivables and financial liabilities, which are measured at amortized cost.

Cash, 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 holdbacks 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 holdbacks and the closure allowance approximate the book value.

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

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, 2014. 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, 2015.

NON-GAAP FINANCIAL PERFORMANCE MEASURES

Cash cost per ounce, average cash cost per ounce, operating cash flow per share, net free cash flow, net free cash flow per share and all-in sustaining costs are non-Generally Accepted Accounting Principles (GAAP) performance measures, and may not be comparable to similar measures presented by other companies. The Corporation believes that, in addition to conventional measures prepared in accordance with GAAP, the Corporation and certain investors use this information to evaluate the Corporation's performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

Cash cost is comprised of operating costs incurred during the period and applicable royalty payments. All-in sustaining costs is an extension of the existing “cash cost” metrics and incorporates costs related to sustaining production.

The net free cash flow and net free cash flow per share are comprised of the Corporation’s operating cash flow after working capital changes, less investments in property, plant and equipment.

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.

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 March 31, 2015 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 18, 2015, filed March 3, 2015, and available on the SEDAR website (www.sedar.com).

Regulation 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 Regulation 43-101. Please refer to the SEDAR website (www.sedar.com) for full reports and additional corporate documentation.

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

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 Regulation 43-101 adopted by the Canadian Securities Administrators. The requirements of Regulation 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.

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.

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

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 18, 2015, filed March 3, 2015, 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 May 6, 2015. 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)

First Quarter
Ended March 31, 2015

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

CONSOLIDATED INCOME STATEMENT AND 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 periods ended March 31, 2015 and 2014 (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, 2014.

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.

Revenues include revenue from gold sales and silver sales.

The cost of sales includes the following items:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Three-month periods ended March 31, 2015 and 2014 (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 periods ended March 31, 2015 and 2014 (in thousands of Canadian dollars)
(Unaudited)

The following table summarizes information about the Corporation’s Initial Plan at March 31, 2015:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Three-month periods ended March 31, 2015 and 2014 (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. Seven 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 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; (3) 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; (4) options that vest 50% on the grant date and 50% the year after, and expire five years after the date of grant; (5) options that vest on August 8, 2016 and expire five years after the date of grant; (6) 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; (7) options that vest 100% on the grant date, and expire five years after the date of grant.

A summary of the status of the Corporation’s New Plan at March 31, 2015 and changes during the three-month period then ended, is presented below:

The following table summarizes information about the Corporation’s New Plan at March 31, 2015:

During the quarter ended March 31, 2015, the Corporation granted 7,000 restricted share units at a weighted average price of $4.20 per share for a total of $29. Each restricted share unit is equal in value to one common share of the Corporation at the date of grant. The fair value is amortized over the vesting period of 3 years. The number of restricted share units granted as at March 31, 2015, totalled 193,900 units.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Three-month periods ended March 31, 2015 and 2014 (in thousands of Canadian dollars)
(Unaudited)

The financial expenses include the following items¹:

The financial revenues include the following items:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Three-month periods ended March 31, 2015 and 2014 (in thousands of Canadian dollars)
(Unaudited)

The inventories include the following items:

During the three-month period ended March 31, 2014, a write-down of inventories of $271 was recognized as an expense (none in the comparable period of 2015). There was no reversal of write-down during the first three months of 2015 and 2014.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Three-month periods ended March 31, 2015 and 2014 (in thousands of Canadian dollars)
(Unaudited)

The property, plant and equipment includes the following items:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Three-month periods ended March 31, 2015 and 2014 (in thousands of Canadian dollars)
(Unaudited)

Long-term debt includes the following financial liabilities:

The Corporation’s production and exploration activities are subject to various federal and provincial laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Corporation conducts its operations so as to protect public health and the environment. The Corporation has recorded the asset retirement obligations of its mining sites on the basis of management’s best estimates of future costs, based on information available on the reporting date. Best estimates of future costs are the amount the Corporation would reasonably pay to settle its obligations on the closing date. Future costs are discounted using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the liability. Such estimates are subject to change based on modifications to laws and regulations or as new information becomes available.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Three-month periods ended March 31, 2015 and 2014 (in thousands of Canadian dollars)
(Unaudited)

Most of the restricted deposits relate specifically to site restoration. As at March 31, 2015, the Corporation has $117 in restricted deposits with the Quebec government, $601 in restricted deposits with the Ontario government and a credit facility is available to the Corporation up to an amount of $5,000 for the issuance of letters of credit as guarantees for the settlement of asset retirement obligations. The credit facility has a fixed annual fee of 0.95% (0.95% in 2014). The following table provides the allocation of restricted deposits and letters of credit issued as at March 31, 2015:

The following table sets forth the distribution of the asset retirement obligations as at March 31, 2015 and December 31, 2014:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Three-month periods ended March 31, 2015 and 2014 (in thousands of Canadian dollars)
(Unaudited)

Authorized: Unlimited number of common shares with no par value

Issue of shares

On February 11, 2015, the Corporation issued a total of 9.625 million common shares on a bought-deal basis through a syndicate of underwriters, at a price of $4.00 per share. This included the entire over-allotment option of 1.125 million common shares, and generated aggregate gross proceeds of $38,500. A share issue cost of $2,391 was incurred relating to the issuance of common shares. A deferred tax asset of $637 related to the share issue cost was not recognised.

During the three-month period ended on March 31, 2015, the Corporation issued 40,000 common shares following the exercise of stock options (none during the three-month period ended on March 31, 2014) and received cash proceeds in the amount of $65. Contributed surplus was reduced by $29 which represents the recorded fair value of the exercised stock options.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Three-month periods ended March 31, 2015 and 2014 (in thousands of Canadian dollars)
(Unaudited)

On March 2015, the Corporation signed a lease for an office in Toronto. The Corporation is committed, under this operating lease beginning in June 2015 and expiring in May 2020, to pay a total sum of $760. Minimum rental payments amount to $87 for 2015, $152 for 2016 to 2019 and $65 for 2020.

The Corporation operates gold mines at different sites in Quebec and Ontario. These operating sites are managed separately given their different locations. The Corporation assesses the performance of each segment based on earnings before taxes. Accounting policies for each segment are the same as those used for the preparation of the consolidated financial statements.

There was no difference in 2015 compared to annual financial statements of 2014 in the basis of segmentation or the basis of evaluation of segment result.