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 August, 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.

RICHMONT MINES INC. REPORT TO SHAREHOLDERS

2

Second Quarter ended June 30, 2015

For information

Jennifer Aitken, MBA
Investor Relations Director
Phone - Montreal: 514 397-1410
Phone - Toronto: 416 368-0291 ext. 109

GENERAL

The following management’s discussion and analysis is intended to assist you in understanding and evaluating changes in our financial condition and operations for the three-month and the six-month periods ended June 30, 2015. We recommend that you read this in conjunction with our unaudited interim consolidated financial statements for the quarter and the six-month period ended June 30, 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 19.

OPERATIONAL AND FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER OF 2015

• Record quarterly revenues of $40.6 million in Q2 2015;

• Strong Q2 2015 gold production of 26,314 ounces versus 27,510 ounces in the year ago period; Six month gold production of 52,173 ounces in 2015, an 8% increase over the comparable 2014 period;

• Q2 2015 gold sales of 27,566 ounces at an average price of $1,468 (US$1,194), bringing six month gold sales to 52,357 ounces at an average price of $1,482 (US$1,200); Comparable 2014 gold sales were 27,790 ounces at an average price of $1,399 (US$1,283) in Q2, and 48,202 ounces at an average price of $1,417 (US$1,292) in the first six months of the year;

• Q2 2015 cash cost per ounce of $974 (US$792) and All In Sustaining Cost (“AISC”) per ounce of $1,304 (US$1,060), compared to cash cost per ounce of $849 (US$779) and AISC of $1,051 (US$964) in comparable period of 2014;

• Q2 2015 net earnings of $2.9 million, or $0.05 per share, compared to net earnings of $4.7 million, or $0.10 per share in Q2 2014; Six month net earnings of $7.5 million, or $0.14 per share in 2015 versus $2.8 million or $0.07 per share in 2014, a 100% or $0.07 per share improvement;

• Robust Q2 2015 operating cash flows of $14.7 million, or $0.25 per share, compared to Q2 2014 operating cash flows of $13.3 million, or $0.29 per share, on revenues of $39.0 million; Q2 2015 net free cash flow of $7.4 million, or $0.13 per share, compared to $8.4 million or $0.19 per share in Q2 2014;

• New quarterly gold production record of 14,997 ounces achieved at Island Gold Mine in Q2 2015, with average mill production of 787 tonnes per day (“tpd”) driven by May and June milling levels in excess of 800 tpd;

• Island Gold project development: Main ramp extended to a 700 metre depth and the 620 level exploration/definition drift extended by approximately 190 metres to a length of 478 metres; In the first half of 2015, 49% of the 2015 sustaining costs budgeted have been successfully invested at Island Gold, and 34% of the additional planned project-related expenditures of $29.0 million have been realized;

• Exploration drilling initiated in early June from 620 level to test the potential eastern down-plunge extension of the currently identified resource envelope, with first results expected in Q3 2015;

• Cash balance up 10% over Q1 2015 to $77.9 million at June 30, 2015, or $1.34 per share, working capital of $73.2 million, 58.0 million shares outstanding and long-term debt of $6.2 million;

• Annual gold production guidance for 2015 increased to 87,000 – 95,000 ounces, from 78,000 – 88,000 ounces previously, as a result of strong results realized in the first six months of the year;

• The Corporation is maintaining Canadian dollar cost guidance and is lowering US dollar cost guidance due to a weaker Canadian dollar:

  • Cash cost/ounce: CAN$935 - $1,035 (US$750 - $825) from CAN$935 - $1,035 (US$850 - $940);

  • AISC/ounce: CAN$1,335 - $1,490 (US$1,075 - $1,190) from CAN$1,335 - $1,490 (US$1,215 - $1,355).

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 and year-to-date rate through the end of the quarter. Therefore, quarterly and year-to-date rates may differ.

2015 PRODUCTION FORECAST INCREASED; US DOLLAR COST GUIDANCE LOWERED

The Corporation has increased its consolidated 2015 production forecast, driven primarily by the robust performance of the Quebec operations. The forecasted cash cost and AISC guidance in Canadian dollars for 2015 remain unchanged. The cash cost and AISC guidance in US dollars is being lowered due to a modified Canadian dollar – US dollar exchange rate assumption to reflect the weaker Canadian dollar.

ISLAND GOLD MINE DEVELOPMENT UPDATE

The project development efforts underway at Island Gold were successfully advanced according to plan in the second quarter of 2015. Electrical capacity constraints, however, limited the amount of delineation and exploration drilling during the three-month period. These infrastructure limitations are being proactively and systematically addressed as the Corporation advances its accelerated development plans throughout 2015.

Ramp and ore development: The main access ramp was advanced by an additional 25 vertical metres during the second quarter, and attained a depth of 700 vertical metres as at June 30. This development rate was on target with the Corporation’s annual objectives to reach a vertical depth of 750 metres by year-end. Lateral ore development on levels 560, 585, 610 and 635 has been advanced to plan, and the Corporation anticipates that it will be able to begin production mining in the new resources above level 635 m in the fourth quarter, and subsequently initiate a second production mining horizon above level 735 m in the first half of 2016.

620 metre drift and delineation drilling program: Development of the exploration drift progressed ahead of schedule during the second quarter. The drift was extended to the east by approximately 190 metres attaining a length of 478 metres as at June 30, and is currently being used to complete the 2015 budgeted 59,000 metre definition and delineation drill program. A total of 15,323 metres of additional drilling were completed in the second quarter, bringing year-to-date drilling to 24,803 metres. Following the electrical infrastructure upgrades completed in July, the Corporation is adding another drill, bringing the total to three for the remainder of the year.

Exploration program: The Corporation’s 2015 budgeted exploration program includes a total of 61,000 metres. This includes 20,000 metres of exploration drilling from surface to test the eastern and western extensions of the existing resource envelope, in addition to the deeper area below 1,000 metres where previous drilling has identified important longer-term growth potential. An additional 41,000 metres will be drilled from underground to test the eastern down-plunge potential extension of the current resources. A total of 7,010 metres of exploration drilling have been completed in the first half of 2015, of which 5,188 metres were from underground and the remaining 1,822 metres were completed from surface. The majority of this drilling was scheduled to occur in the last six months of the year when optimal drilling angles have been secured and some electrical enhancements have been completed.

Fixed assets & equipment: As discussed previously, the existing electrical infrastructure at the mine is inadequate to support the ramp development work and drilling currently being advanced underground and is also believed to be insufficient for the long-term capacity requirements for the mine. To address short-term demands, the capacity of the main substation servicing the underground was increased by 25% in July from 400 amps to 500 amps, which added an additional capacity of 700 hp to meet immediate requirements, most notably for drilling. Furthermore, a significant amount of additional work is being undertaken to install the electrical infrastructure required to supply levels 400 through 850 of the mine, in addition to upgrades to the existing infrastructure in the upper portion of the mine. To meet the longer-term needs of the mine and the mill, shutdowns are planned in the second half of the year to install new electrical equipment and upgrade existing infrastructure. These strategic investments are reflected in the Corporations’ revised guidance and forecasts.

Two additional front-end loaders for underground operations and several surface vehicles were added to the existing equipment fleet during the second quarter, and enhancements were completed on several surface buildings. One additional development jumbo will be added in August for lateral development on levels 635 through 695 of the mine following the electrical enhancements. On the milling side, preliminary work on the tailing pond dams and water management pond was completed during the quarter. Permitting requirements to raise the dams of the tailings pond by six metres have been initiated, and the Corporation anticipates that the work can be completed within 90 days of the permit being received.

Milling & mining studies: The engineering studies are currently being completed with the help of outside consultants, and preliminary findings are expected to be available in H2 2015. The studies are evaluating optimized mining scenarios and requirements for different development approaches of the existing resource envelope, and the impact that each would have on the economic return of the project. Infrastructure options being evaluated include mining by ramp, several shaft scenarios, and infrastructure combinations that would include ramps and conveyors. While the analysis is based on the currently defined resource envelope, project sensitivities to upside growth scenarios are also being evaluated and assessed. The view remains to advance the optimal scenario to a preliminary economic assessment level by year-end. In addition to the mining studies, analysis is also being completed on the requirements to increase the average daily permitted capacity of the mill to 900 tpd from the current 800 tpd.

REVIEW OF FINANCIAL RESULTS

Three-month period ended June 30, 2015

A total of 26,314 ounces of gold were produced in the second quarter of 2015, a 2% increase from the 25,859 ounces of gold that were produced in Q1 2015 and 4% below the comparable period in 2014. The second quarter production results reflect a record setting performance from the Island Gold Mine in Ontario, which achieved quarterly production of 14,997 ounces during the three-month period. This achievement was driven by a record number of processed tonnes during the quarter which is the result of the ongoing productivity and efficiency improvements being implemented at the mine. Results during the quarter also benefitted from an improved mined grade at the Island Gold Mine. The Corporation’s Quebec mines produced 11,317 ounces of gold during the quarter, 17% below the comparable period in 2014. This reflects an anticipated lower mined grade at the Beaufor Mine that is attributable to the higher levels of development completed during the period, and lower production from the processing of the Monique stockpile as mid-grade ore was milled following the depletion of the high-grade stockpile at the end of the first quarter.

The Corporation’s cash cost per ounce of gold sold on a consolidated basis increased to $974 (US$792) in Q2 2015, from $849 (US$779) in the comparable period of 2014. Similarly, Q2 AISC increased to $1,304 (US$1,060) in 2015, from $1,051 (US$964) in the second quarter of 2014. The year over year increase reflects higher costs at the Island Gold Mine attributable to increased sustaining costs of $5.6 million and the greater contribution of development ore processed during the quarter, for which handling costs are notably higher than ore derived from production mining, and the greater amounts of higher-cost development completed at the Beaufor Mine as the operation prepares mining areas for the remainder of 2015 and the first half of 2016. Lower costs were recorded for the Monique operation following the cessation of mining activities in early 2015.

Richmont Q2 2015 revenues were $40.6 million, a new quarterly record for the Corporation over its 23 years of production history. Revenues were 4% above the same period of 2014, as a result of a 5% increase in the average Canadian dollar selling price in the current period, partially offset by a slight decrease in the number of gold ounces sold in the period. A total of 27,566 ounces of gold were sold at an average price of $1,468 (US$1,194) per ounce in the current quarter, versus gold sales of 27,790 ounces and an average realized price of $1,399 (US$1,283) per ounce in the comparable period last year.

Cost of sales totaled $33.9 million in the second quarter of 2015 versus $30.2 million in the comparable period of 2014. This increase is a result of increased costs at Island Gold attributable to a higher number of ounces sold, an 18% increase in the amount of processed tonnage that also stems from the ongoing deep development work, and a higher cost per tonne as a result of the fact that 40% of total processed ore tonnage during the three months originated from development ore. Costs at the Beaufor Mine were also higher due to an 18% increase in processed tonnage and a higher level of pre-production development over the prior year, a cost which is expensed versus capitalized.

The Corporation spent a total of $7.1 million on sustaining costs related to operations in the second quarter of 2015, versus $3.3 million in the comparable period of 2014. Sustaining costs of $5.6 million at Island Gold accounted for the majority of total investments in the current period, with the outstanding amount invested in the Quebec operations. The Corporation spent an additional $5.3 million on project and exploration related costs, of which $5.2 million was spent advancing the Island Gold deeper resource.

Administration expenses totaled $2.1 million in the second quarter of 2015. This was $0.3 million below expenses of $2.4 million in the comparable period of 2014, during which a pre-tax amount of $1.05 million of severance and option-retirement costs were incurred related to the departure of the Corporation’s previous President and CEO. When excluding this expense, quarterly administration expenses actually increased by $0.7 million in Q2 2015, as a result of higher levels of share-based compensation and consultant-related costs in the current period.

The Corporation recorded mining and income taxes of $0.7 million for the second quarter of 2015. The taxes include $0.4 million of income tax payable, $0.2 million of mining taxes and a $0.1 million increase in future mining taxes. For the second quarter of 2014, the mining and income tax expense amounted to $1.7 million, which includes $0.7 million of income tax payable, $0.7 million of Quebec Mining tax and a $0.3 million increase in future mining taxes.

The Corporation generated net earnings of $2.9 million, or $0.05 per share, in the second quarter of 2015, a decrease from net earnings of $4.7 million, or $0.10 per share, generated in the second quarter of 2014.

Second quarter 2015 operating cash flows totaled $14.7 million, or $0.25 per share, compared to Q2 2014 operating cash flows of $13.3 million, or $0.29 on a per share basis, a 10% increase on a dollar basis and a 14% decrease on a per share basis as a result of the greater number of shares outstanding following the equity financing completed in Q1 2015. Net free cash flow (operating cash flows less capital expenditures) was $7.4 million, or $0.13 per share in Q2 2015, compared to $8.4 million, or $0.19 per share in the year-ago period. The decrease reflects the higher amount of capital investments in the current period, primarily associated with the accelerated development of the Island Gold Mine deeper resource.

The Island Gold Mine produced 14,997 ounces of gold in Q2 2015, a new quarterly record for the operation and a notable 40% improvement over the same period last year. The robust production was driven by the ongoing implementation of improvement initiatives at the mine, which translated into an average daily production of 759 tpd of mined ore over the three month period. As a result of this strong operational momentum, the mill successfully tested and achieved its 800 tpd capacity during the quarter. This resulted in a record of 71,584 tonnes, or 787 tonnes on a daily basis, being milled over the three months, with May and June both reaching over 800 tpd.

Results during the quarter benefited from an improved mined grade owing to material with a higher than anticipated grade from the Goudreau Zone, and the addition of higher grade development ore from the new resources located below a depth of 400 metres. A total of 24,000 tonnes of development ore from below the 400 metre level were mined during the quarter, and returned positive reconciliations of 1% on grade and 6% on tonnage over the resource model. Approximately 92% of the total tonnage derived from long-hole stoping during the second quarter originated from the upper portion of the mine.

A total of 15,703 ounces of gold were sold from the Island Gold Mine at an average price of $1,470 (US$1,195) per ounce in the second quarter of 2015, compared to gold sales of 11,536 ounces at an average price of $1,399 (US$1,283) per ounce in the comparable period of 2014. Second quarter 2015 cash costs and AISC were $954 (US$776) per ounce and $1,307 (US$1,063) per ounce, respectively, a significant improvement from Q1 2015 levels of $1,414 (US$1,139) per ounce and $1,843 (US$1,485) per ounce. This improvement is largely attributable to the higher tonnage during the period, and that the amount of processed high-cost development ore accounted for only 40% of total processed tonnage in Q2, versus 70% in Q1. Costs per ounce were higher in the current period when compared to Q2 2014 cash cost per ounce and AISC per ounce of $846 (US$776) and AISC of $1,053 (US$966), due to the fact that 40% of the processed tonnage during the three months was high-cost development ore, and higher sustaining costs during the current period.

The mine’s AISC for the second quarter of 2015 included $5.6 million of sustaining costs, which included $3.3 million related to a combination of fixed assets, equipment, ventilation, electrical upgrades and tailings work, $1.5 million associated with the extension of the secondary East Ramp, and $0.8 million on exploration drilling. In addition, the Corporation spent $5.2 million in project costs related to the development of the deeper resource. These included fixed assets, development of the 620 level and the main access ramp, exploration drilling and costs associated with the mining and milling studies. The Corporation forecasted a total of $19.1 million on sustaining costs at Island Gold Mine in 2015, and an additional $29.2 million of project related investment for the development of the deeper resource.

The Island Gold Mine produced 25,761 ounces of gold in the first six months of 2015, 18% above the same period in 2014. Gold sales totaled 24,626 ounces at an average price of $1,482 (US$1,200) per ounce in the first six months of 2015, a 13% increase over gold sales of 21,795 ounces at an average price of $1,421 (US$1,296) per ounce in the same period of 2014, with the improvement driven by the strong Q2 2015 results. Cash cost per ounce and AISC per ounce were $1,120 (US$906) and $1,501 (US$1,214), respectively, for the first six months of 2015, compared to cash cost per ounce of $890 (US$811) and AISC per ounce of $1,088 (US$992) in the same period of 2014. The high cost per ounce levels in the first six months of 2015 are primarily due to the elevated Q1 costs that were attributable to lower gold sales and the high percentage of significantly more expensive development ore that was processed during the period, which amounted to 70% of total processed tonnage. Approximately $9.4 million of sustaining costs have been invested at Island Gold in the first six months of 2015, 49% of the 2015 annual budget. An additional $9.9 million of project-related investment has been spent, which represents 34% of the annual budget of $29.2 million.

The Beaufor Mine produced a total of 7,082 ounces of gold in the second quarter of 2015, lower than the 8,167 ounces produced in the comparable period of 2014, with the reduced production attributable to the 27% lower head grade of 6.05 g/t in the current period. The Corporation accelerated ore development in the second quarter of 2015 in preparation for near-term mining, which had the planned effect of increasing tonnage levels while lowering the average grade.

Second quarter 2015 gold sales from the Beaufor Mine totaled 6,888 ounces at an average realized price of $1,455 (US$1,183), compared to gold sales of 7,541 ounces at an average realized price of $1,398 (US$1,282) in the comparable period of 2014. Cash operating cost in the second quarter of 2015 was $1,062 (US$864) per ounce, and AISC was $1,259 (US$1,024) per ounce, compared to a per ounce cash cost of $776 (US$712) and AISC of $860 (US$789) in the same period of 2014. The increase reflects lower gold sales in the current period attributable to the lower grade, higher levels of exploration related costs which have been included as a sustaining cost in 2015 but not in 2014, and expanded sustaining costs at the Camflo Mill which are recorded within the Beaufor Mine AISC per ounce.

The Beaufor Mine produced 15,045 ounces of gold in the first six months of the year, a 20% improvement over the 12,568 ounces produced in the first six months of 2014. Gold sales totaled 15,719 ounces at an average price of $1,474 (US$1,193) per ounce in the first six months of 2015, a notable 33% increase over gold sales of 11,843 ounces at an average price of $1,423 (US$1,297) per ounce in the same period of 2014. The strong year-to-date gold production and gold sales are primarily attributable to the higher head grade and increased tonnage in Q1 2015. Cash cost per ounce and AISC per ounce were $973 (US$788) and $1,113 (US$901), respectively, for the first six months of 2015, compared to cash cost per ounce of $936 (US$854) and AISC per ounce of $1,061 (US$968) in the same period of 2014. Higher costs in the first six months 2015 are attributable to increased exploration related costs that are included as a sustaining cost in 2015 but not in 2014, and greater sustaining costs at the Camflo Mill which are included and accounted for in the Beaufor Mine AISC per ounce. Partially offsetting these effects was a 20% increase in gold production, and the resulting distribution of costs over a greater number of ounces.

A decision to develop the deeper Q Zone at the Beaufor Mine was made following a favourable economic evaluation and geological analysis. The zone is located approximately 34 vertical metres below the mine’s current infrastructure and, as such, the required development to reach the upper part of the zone is expected to be completed within 6 months and require only a limited investment of $2.5 million in 2015. This development related expenditure is below the $3.5 million already accounted for in the Corporation’s 2015 AISC guidance. The Corporation expects that the development of this zone will extend the mine’s life by a minimum of two years, and will provide annual estimated production of 20,000 to 25,000 ounces in 2016 and 2017.

Milling of the mid-grade stockpiled Monique ore produced a total of 4,235 ounces during the second quarter of 2015. This compared to gold production of 5,465 ounces in the same period last year when the open-pit mine was in operation. For the first six months of 2015, Monique produced 11,367 ounces of gold, 23% above prior year levels. This increase reflects the Corporation’s strategy to prioritize the milling of higher grade material, which was completed in April, and subsequent milling of the mid-grade material stockpile that was completed at the end of Q2 2015. As at June 30, the Monique ore stockpile totaled approximately 85,000 tonnes at an average estimated grade of 1.24 g/t Au.

Q2 2015 gold sales from Monique totaled 4,975 ounces at an average price of $1,481 (US$1,204), as compared to Q2 2014 gold sales of 5,622 ounces at an average price of $1,402 (US$1,286). Q2 2015 Monique cash cost and AISC per ounce were $914 (US$743) per ounce and $930 (US$756) per ounce, respectively, and included non-cash charges of $471 per ounce related to mining costs incurred and paid for in 2014, but which are only accounted for when the resulting ounces are sold. Cash cost per ounce and AISC per ounce for the first six months of 2015 were $684 (US$554) per ounce and $702 (US$569) per ounce, respectively, and include $206 per ounce of non-cash charges related to the previously incurred mining costs. The amount of non-cash charges included in quarterly cash cost and AISC per ounce will continue to increase throughout 2015 as the Monique stockpile is depleted.

Gold sales from Monique totaled 12,012 ounces at an average price of $1,491 (US$1,207) in the first six months of 2015, compared to gold sales of 9,873 ounces at an average price of $1,404 (US$1,280) in the first six months of 2014. Cash cost and AISC per ounce in the first six months of 2015 were $684 (US$554) and $702 (US$569) respectively, as a result of the increased tonnage and grades realized during the period. In the first six months of 2014 cash cost and AISC per ounce levels totaled $1,242 (US$1,133) and $1,289 (US$1,176), respectively, as production was ramped up following the beginning of commercial production on October 1, 2013.

Richmont has begun custom milling tonnes from a local mining company in the Abitibi region of Quebec. According to the terms of the contract, Richmont will mill 50,000 to 60,000 tonnes of ore from this company at the Camflo Mill over the period from mid-July through the end of December 2015. Processing of the remaining Monique stockpile will therefore be slightly extended through to the end of 2015.

Island Gold Mine

The Corporation spent $0.6 million on exploration at the Island Gold Mine during the second quarter of 2015 and $1.0 million in the first six months of the year, versus $0.2 million and $0.3 million in the same periods of 2014. The higher exploration related expenses are largely attributable to the 928 metre and 1,822 metre higher-cost surface exploration drilling that was completed in Q2 and year-to-date in 2015, respectively, versus no surface drilling in the same periods in 2014. In addition, 2015 exploration costs include approximately $0.2 million of costs related to the mining and milling studies currently underway.

Beaufor Mine

The Corporation spent $0.7 million on exploration at the Beaufor Mine during the second quarter of 2015, and $1.2 million in the first six months of 2015. This compared to $0.3 million and $0.6 million in the same periods of 2014. The higher exploration related expenses are a result of the significantly higher levels of exploration drilling completed in 2015 as evaluation of the deeper Q Zone was completed and additional efforts were focused on identifying the long-term potential of the mine.

REVIEW OF FINANCIAL RESULTS

Six-month period ended June 30, 2015

The Corporation produced a total of 52,173 ounces of gold in the first six months of 2015, up 8% from the 48,512 ounces produced in the previous year, which included 4,904 ounces from the W Zone. The robust results reflect notable performance improvements at all three of Richmont’s operations, with the Island Gold Mine producing 18% more ounces of gold than in 2014, the Beaufor Mine 20%, and the Monique asset increasing gold production by 23% over the prior year levels. Results at Island Gold were driven by a 25% increase in grade and ongoing productivity and efficiency improvements being implemented at the mine, while the improvements at the Beaufor Mine were attributable to a notable 22% increase in tonnage and the milling of accumulated slag at the Camflo Mill in Q1 2015, planned mine sequencing, a more selective mining approach and production from the higher-grade M Zone. Strong gold production from Monique in the first six months of the year is a result of the Corporation’s strategy to prioritize the milling of the high-grade ore stockpile.

Consolidated cash cost per ounce and AISC per ounce of gold sold for the six months of 2015 totaled $976 (US$790) and $1,281 (US$1,037), respectively, compared to $985 (US$898) and $1,200 (US$1,094) in the comparable six-month period of 2014. The increased AISC levels are primarily attributable to higher costs at the Island Gold Mine that are largely the result of the greater amount of development ore processed during the period and the implementation of the Corporation’s mine optimization and development plans. Partially offsetting the higher costs at Island Gold were significantly lower cost levels at Monique following the end of mining activities in early 2015, and the milling strategy applied whereby higher-grade ore was processed ahead of the mid-grade and low-grade stockpiled ore.

Revenues increased 14% to $77.8 million in the first six months of 2015, from $68.4 million in the first six months of 2014, as a result of a 9% increase in the number of gold ounces sold and a 5% increase in the average Canadian dollar selling price in the current period. A total of 52,357 ounces of gold were sold at an average price of $1,482 (US$1,200) per ounce in the current period, versus gold sales of 48,202 ounces and an average realized price of $1,417 (US$1,292) per ounce in the comparable period last year.

Cost of sales totaled $63.3 million in the first half of 2015 versus $58.9 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 the significantly greater amount of higher-cost development tonnage processed during the period.

The Corporation spent a total of $11.9 million on sustaining costs related to operations and an additional $10.2 million on projects and exploration in the first six months of 2015, versus $6.3 million and $6.1 million, respectively, in the same period of 2014. Total sustaining costs of $9.4 million and project-related expenditures of $9.9 million at Island Gold accounted for the majority of total investments in the current six-month period. Capital investments in Quebec accounted for the remaining investments made in the six-month period.

The mining and income tax expense for the first half of 2015 was $1.1 million, which includes $0.7 million of taxes payable, $0.6 million of mining taxes, offset by revenue of $0.2 million in future mining taxes. For the first six months of 2014, the mining and income tax expense totaled $2.0 million, which includes $0.8 million of taxes payable, $0.7 million of Quebec Mining taxes and a $0.5 million increase in future mining taxes.

The Corporation generated net earnings of $7.5 million, or $0.14 per share, for the first six months of 2015, a 100% improvement on a per share basis from net earnings of $2.8 million, or $0.07 per share, in the comparable six-month period of 2014. Strong operating cash flows of $23.8 million, or $0.43 per share, in the first six months of 2015 contributed to a net free cash flow of $7.3 million, or $0.13 per share in the period. This compared to operating cash flows of $15.7 million, or $0.37 per share, and net free cash flow of $4.9 million, or $0.11 per share, in the first six months of 2014. The improved performance in 2015 reflects higher gold sales and the increase in the average realized sales price per ounce in Canadian dollars.

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 were higher in the first and second quarters of 2015 and the second quarter of 2014 as a result of a greater number of ounces of gold sold and a strong average selling price per ounce of gold in Canadian dollars, the latter of which is primarily attributable to the weaker Canadian dollar – US dollar exchange rate. Lower revenues in the third quarter of 2013 are primarily as a result of the low number of gold ounces sold. Net earnings from the third quarter of 2013 through the first quarter of 2014 were impacted by higher cash cost per ounce and total cost per ounce owing to lower mined grades, and the Corporation’s expanded exploration and project evaluation program, the combination of which resulted in net losses being reported for these periods. Additionally, the net loss generated in the fourth quarter of 2013 also reflects 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 Q3 2013 originated 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, Q1 2015 and Q2 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 June 30, 2015, the Corporation’s cash position increased to $77.9 million. This compared to the December 31, 2014 level of $35.3 million. The increase reflects the $36.1 million of net proceeds from the bought deal financing that closed on February 11, 2015, the Corporation’s $23.8 million of operational cash flows during the six-month period, and the $17.3 million spent on capital expenditures and on payment of finance lease obligations in the first six months of 2015. As at June 30, 2015, Richmont had $73.2 million of working capital, a $38.4 million increase from the $34.8 million at December 31, 2014, primarily reflecting a $42.6 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 six-month period ended on June 30, 2015, the Corporation issued 129,220 common shares following the exercise of stock options (none were issued during the six-month period ended on June 30, 2014) and received cash proceeds in the amount of $0.2 million.

As of June 30, 2015, the Corporation had 58.0 million shares outstanding.

COMMITMENTS AND CONTINGENCIES

There were no changes to the Corporation’s commitments and contingencies from December 31, 2014 to June 30, 2015 with the exception of the commitments 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 23, 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.

During the six-month period ended on June 30, 2015, the Corporation entered into four financial lease agreements for rolling stock. At the end of these contracts, the Corporation benefits from an option of a lower purchase price. These financial lease agreements have a carrying value of $2.5 million. Minimum lease payments amount to $0.4 million for the remainder of 2015, $0.7 million for 2016 and 2017, $0.4 million for 2018 and $0.05 million for 2019.

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 June 30, 2015 and 2014, Richmont Mines had no gold hedging contracts and no currency exchange contracts. For the six-month periods ended June 30, 2015 and June 30, 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.

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, all-in sustaining costs, all-in sustaining costs per ounce and average all-in sustaining costs per ounce are US and Canadian 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 June 30, 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.

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.

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 August 5, 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)

Second Quarter
Ended June 30, 2015

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

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:

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

The administration expenses include the following items: