RIC Richmont Mines, Inc.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

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

For the month of November, 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

3

Third Quarter ended September 30, 2015

For information

Anne Day, MBA
Vice-President, Investor Relations
Phone: 416 368-0291 ext. 105
Email: aday@richmont-mines.com

www.richmont-mines.com

CONTENTS

GENERAL

The following Management’s Discussion and Analysis dated November 4, 2015 is intended to supplement and complement the unaudited interim consolidated financial statements and notes thereto for the quarter and the nine-month period ended September 30, 2015. This MD&A should be read in conjunction with our audited annual consolidated financial statements and related notes for December 31, 2014 and the related MD&A included in the 2014 annual report. 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 in the form of news releases, quarterly and annual financial statements and Annual Information Form (“AIF”) 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 refer to section “Cautionary statement regarding forward-looking statements” on page 22.

OVERVIEW

Richmont is a Canadian mining company, which has produced over 1.5 million ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production in 1991. The Corporation currently produces gold from the Island Gold Mine in Ontario, and the Beaufor Mine in Quebec. The Corporation is also advancing development of the high-grade extension at depth of the Island Gold Mine, and expects to finish processing the ore stockpile from its closed open-pit Monique Mine at the end of 2015.

Richmont’s shares trade on the Toronto Stock Exchange (TSX) and the NYSE MKT under the symbol “RIC”. The Corporation is headquartered in Rouyn-Noranda, Quebec, and has a corporate office in Toronto, Ontario.

HIGHLIGHTS

Financial

• Q3 2015 revenues of $34.1 million, bringing nine-month revenues to $111.9 million;

• Q3 2015 gold sales of 22,962 ounces at an average price of $1,482 (US$1,132), bringing nine-month gold sales to 75,319 ounces at an average price of $1,482 (US$1,176); Comparable 2014 gold sales were 24,635 ounces at an average price of $1,386 (US$1,273) in Q3, and 72,837 ounces at an average price of $1,406 (US$1,285) in the nine-month period;

• Q3 2015 cash cost per ounce of $926 (US$707) and All In Sustaining Cost (“AISC”) per ounce of $1,311 (US$1,001), compared to cash cost per ounce of $876 (US$804) and AISC of $1,074 (US$986) in the comparable period of 2014;

• Q3 2015 net earnings of $3.3 million, or $0.06 per share, compared to net earnings of $4.4 million, or $0.09 per share in Q3 2014; Nine-month net earnings of $10.9 million, or $0.19 per share, in 2015 versus $7.1 million or $0.16 per share in 2014;

• Strong Q3 2015 operating cash flow, after non-cash working capital adjustments, of $11.7 million, or $0.20 per share, compared to operating cash flow of $8.4 million, or $0.18 per share in Q3 2014; Q3 2015 net free cash flow of ($1.1) million, or ($0.02) per share, compared to $2.6 million or $0.05 per share in Q3 2014;

• Cash balance of $76.5 million, or $1.32 per share, down slightly from $77.9 million at the end of Q2 2015 reflecting the significant investments being made at the Island Gold Mine.

Operational

• Q3 2015 gold production of 23,478 ounces versus 24,300 ounces in Q3 2014; Nine-month gold production of 75,651 ounces, up 4% from the comparable 2014 period;

• Robust quarterly gold production of 15,076 ounces at Island Gold Mine in Q3 2015, up 32% from Q3 2014 production of 11,412 ounces;

• The Island Gold mill reported production of 722 tonnes per day during the quarter, with September achieving 24 days with productivity exceeding 900 tonnes per day, including one day where throughput reached 1,000 tonnes per day;77% of planned sustaining costs of $19.1 million was successfully invested at Island Gold.

Project Development

• Development of the main ramp at Island Gold was extended to 725 metre depth;

• 62% of planned project and exploration related expenditures of $29.2 million were completed by the end of Q3.

Exploration

• In September, the Corporation announced a 23,000 metres directional drilling program to test the eastern down- plunge extension of the deposit at Island Gold. Drilling started in mid-October;

• The Corporation also announced an update on the remaining 17,000 metres of the previously announced 20,000 metre surface exploration program designed to test along strike as well as priority regional targets.

Corporate

• Effective September 18, 2015, the Corporation was added to the S&P/TSX Small Cap Index;

• In September 2015, Anne Day was appointed to the Richmont executive team as Vice President, Investor Relations, for the strategic execution of the Corporation's global investor relations program.

KEY FINANCIAL STATISTICS¹

KEY OPERATING STATISTICS

Although Richmont Mines’ financial statements are reported in Canadian dollars, the Corporation also discloses the market and selling 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.

OUTLOOK

As at September 30, 2015, the Corporation reported year-to-date production of 75,651 ounces, which is in-line with planned levels. The Corporation is well positioned to achieve the higher-end of the increased annual production guidance of between 87,000 and 95,000 ounces, even when taking into consideration the lower production expected for the fourth quarter as a result of a planned three week shutdown of the underground mine and a corresponding two week mill shutdown in October. For the first nine months of 2015, cash costs were $961 per ounce, in-line with guidance, and is expected to be in the mid-range of annual guidance . Nine-month AISC was slightly below the guided range, but is expected to increase to the mid-range of the annual forecasted range for 2015. Costs at Island Gold are expected to be higher in the fourth quarter due to the lower processed tonnage anticipated as a result of the planned shutdowns at the mill and mine. This scheduled upgrade of existing infrastructure will support ongoing development plans, productivity enhancement and drilling requirements, and has been incorporated into the 2015 production guidance.

Production outlook and cost guidance is reaffirmed as follows:

REVIEW OF OPERATING AND FINANCIAL RESULTS

For the three-month period ended September 30, 2015

Gold production in the third quarter of 2015 was 23,478 ounces, a 3% decrease over Q3 2014. The third quarter production levels were supported by another strong quarter of results from the Island Gold Mine in Ontario, which produced 15,076 ounces during the quarter, compared to 11,412 ounces in Q3 2014. This increase in Island Gold’s production partially offset the decrease in production from the Quebec region, consisting of the Beaufor and Monique operations. The Quebec region contributed the remaining 8,402 ounces of production during the quarter, lower than 12,888 ounces for the same quarter in 2014, primarily as a result of the Monique mine ceasing operations in the first quarter. The strong production results from the Island Gold Mine are the result of an 8% increase in tonnage and a 22% improvement in recovered grade, ongoing efficiency initiatives being implemented at the mill, the contribution of higher-grade material from both the Goudreau Zone and from below 560 level. Quarterly production of 5,714 ounces from the Beaufor Mine reflects very slight decreases in both tonnage and grade, attributable to higher development levels during the period, partially offset by an improved milled gold recovery. Milling of the lower grade Monique stockpiled ore produced 2,688 ounces during the quarter, in line with expectations.

The following graphs summarize the proportion of gold production from each of the mines and the impact of tonnage milled and grade on production for the two comparative quarters:

Q3 2015 revenues of $34.1 million were consistent with the same period of 2014, as a 7% increase in the average realized sales price in Canadian dollars was offset by a 7% decrease in the number of gold ounces sold in the period. A total of 22,962 ounces of gold were sold at an average price of $1,482 (US$1,132) per ounce in the current quarter, versus gold sales of 24,635 ounces and an average realized price of $1,386 (US$1,273) per ounce for the comparable period in 2014.

Cost of sales including depletion, depreciation and amortization totaled $27.8 million in the third quarter of 2015 versus $27.9 million in the comparable period of 2014. This reflects increased costs at Island Gold attributable to higher tonnage that is largely a result of the continued development efforts of the deeper resource. Costs associated with the Monique operation were significantly lower reflecting a decrease in processed tonnage and that incurred costs are limited to the transporting and milling of the stockpiled ore following the cessation of mining activities in January 2015.

The Corporation’s cash cost per ounce on a consolidated basis increased to $926 (US$707) in Q3 2015, from $876 (US$804) in the comparable period of 2014. Similarly, Q3 AISC increased to $1,311 (US$1,001) in 2015, from $1,074 (US$986) in the third quarter of 2014. The annual cash cost increase is largely attributable to higher costs at the Monique mine as a result of the lower grade material being milled, and include $280 per ounce of non-cash charges related to mining costs incurred and paid for in 2014, but which are only accounted for when the resulting ounces are sold.

Sustaining costs of $6.8 million were incurred during the quarter, versus $3.0 million in the comparable period of 2014. Sustaining costs of $5.4 million for Island Gold accounted for the majority of total investments in the current period, with the balance amount invested in the Quebec operations. The Corporation spent an additional $8.6 million on project and exploration related costs, of which $8.2 million was spent advancing the development of Island Gold deeper resource.

Administration expenses totaled $2.0 million in the third quarter of 2015. This represented a $0.4 million increase over the comparable period of 2014, reflecting higher salaries attributable to the greater number of employees, and 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 third quarter of 2015. The taxes include $0.3 million of income tax payable, $0.1 million of mining taxes, offset by a $0.1 million recovery of future mining taxes. For the third quarter of 2014, the Corporation recorded a mining and income tax recovery of $0.3 million, which included $1.2 million credit of mining duties from previous years. The Q3 2014 taxes payable that were offset included $0.2 million of income taxes payable, $0.5 million of Quebec mining tax and a $0.2 million increase in future mining taxes.

The Corporation generated net earnings of $3.3 million, or $0.06 per share, in the third quarter of 2015, a decrease from net earnings of $4.4 million, or $0.09 per share, generated in the third quarter of 2014.

Operating cash flow for the third quarter of 2015 totaled $11.7 million, or $0.20 per share, as compared to Q3 2014 operating cash flow of $8.4 million, or $0.18 on a per share. Net free cash flow (operating cash flow, after non-cash working capital adjustments, less investment in property, plant and equipment) was ($1.1) million, or ($0.02) per share in Q3 2015, compared to $2.6 million, or $0.05 per share in the prior year 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.

For the nine-month period ended September 30, 2015

The Corporation produced a total of 75,651 ounces of gold in the first nine months of 2015, up 4% from the 72,808 ounces produced in the previous year. These results reflect strong performance improvements at both the Island Gold Mine, which produced 23% more ounces of gold than in 2014, and at the Beaufor Mine, where production increased 13% over the prior year level. Gold production derived from the milling of the stockpiled Monique ore decreased 14%, as anticipated, as compared to 2014 levels when the mine was in full operation. As can be seen in the following graph, results at Island Gold for the first nine months of 2015 were driven by a 24% increase in grade as well as ongoing productivity and efficiency improvements, while the improvements at the Beaufor Mine were attributable to a 14% increase in tonnage, the milling of accumulated slag at the Camflo Mill in Q1 2015, a more selective mining approach and production from the higher-grade M Zone. Nine-month gold production from Monique totaled 14,055 ounces, reflecting decreases in both tonnage and grade levels as the Corporation milled lower grade stockpiled ore from this asset following the planned cessation of mining activities in January 2015.

The graph above summarizes the proportion of gold produced at each of the mines. Productivity improvements at Island Gold and Beaufor mines more than offset the loss of production from W Zone and lower production at Monique during the nine-month period.

Revenues increased 9% to $111.9 million in the first nine months of 2015, as compared to $102.6 million in the first nine months of 2014. The increased revenues are primarily a result of a 3% increase in the number of gold ounces sold and a 5% increase in the average Canadian dollar gold price in the current period. A total of 75,319 ounces of gold were sold at an average price of $1,482 (US$1,176) per ounce in the current period, versus gold sales of 72,837 ounces and an average realized price of $1,406 (US$1,285) per ounce in the comparable period last year.

Cost of sales totaled $91.1 million in the first nine months of 2015 versus $86.8 million in the comparable period of 2014. The increase was driven by higher processed tonnage at the Beaufor Mine and higher costs at the Island Gold Mine due to the significantly amount of higher-cost development tonnage processed during the period, partially offset by lower Monique tonnage and cost levels.

Consolidated cash cost per ounce and AISC per ounce of gold sold for the nine months of 2015 totaled $961 (US$763) and $1,290 (US$1,024), respectively, compared to $948 (US$866) and $1,157 (US$1,057) in the comparable nine-month period of 2014. The increased cash cost levels are primarily the result of higher costs at the Island Gold Mine largely attributable to the greater amount of higher-cost development ore processed during the period and the implementation of the Corporation’s mine optimization and development plans. AISC for Island Gold during the nine-month period increased over the prior year period primarily due to higher sustaining costs related to the accelerated development of the deeper resource at Island Gold. The Beaufor Mine reported higher AISC levels in the first nine months of 2015, largely the result of a significant increase in sustaining costs at the Camflo Mill, tailings and refinery costs following the decision to proceed with the development of the lower Q Zone. Partially offsetting higher costs at the Island Gold and Beaufor mines were the significantly lower costs at Monique, primarily attributable to the Corporation’s strategic milling of the higher-grade stockpiled ore prior to milling the mid and low-grade stockpiles. Cash costs and AISC at Monique for the nine-month period include a $220 per ounce non-cash charge related to mining costs incurred and paid for in 2014, but which are only accounted for when the resulting ounces are sold.

The Corporation spent a total of $18.4 million on sustaining costs related to operations and an additional $18.7 million on projects and exploration in the first nine months of 2015, versus $8.8 million and $11.7 million, respectively, in the same period of 2014. Total sustaining costs of $14.8 million and project-related expenditures of $18.1 million at Island Gold accounted for the majority of total investments in the first three quarters of 2015. Capital investments in Quebec accounted for the remaining investments made in the nine-month period.

The mining and income tax expense for the first three quarters of 2015 was $1.4 million, which includes $1.0 million of taxes payable, $0.7 million of mining taxes, offset by recovery of $0.3 million in future mining taxes. For the first nine months of 2014, the mining and income tax expense totaled $1.8 million, which included $1.0 million of taxes payable, $0.1 million of mining taxes and a $0.7 million increase in future mining taxes.

The Corporation generated net earnings of $10.9 million, or $0.19 per share, for the first nine months of 2015, a 52% improvement on a dollar basis and a 19% increase on a per share basis from net earnings of $7.1 million, or $0.16 per share, in the comparable nine-month period of 2014. Strong operating cash flow, after non-cash working capital adjustments, of $35.5 million, or $0.63 per share, in the first nine months of 2015 contributed to a net free cash flow of $6.2 million, or $0.11 per share in the period. This compared to operating cash flows of $24.1 million, or $0.54 per share, and net free cash flow of $7.5 million, or $0.17 per share, in the first nine months of 2014. The 2015 results reflect higher revenues partially offset by higher cost of sales, increased administration costs attributable to higher share-based compensation and consultant expenses, and greater exploration and project evaluation costs largely attributable to the Island Gold Mine project development efforts that are currently underway.

REVIEW OF OPERATING MINES

Island Gold Mine

The Island Gold Mine produced 15,076 ounces of gold in Q3 2015, a notable 32% improvement over the same period last year. This strong production was driven by an 8% increase in tonnage and a 22% improvement in grade, the latter of which is attributable to a high-grade stope in the closer to surface Goudreau Zone. Ongoing implementation of improvement initiatives translated into an average daily production of 722 tpd of mined ore over the three-month period, slightly below the prior quarter as mining activities were increasingly being transitioned to the lower mine levels below 500 metres. Mill throughput continued to be tested during the quarter, and the mill successfully processed over 900 tonnes per day for 24 days during the month of September, including one day during which throughput attained 1,000 tonnes.

Stoped ore of 33,182 tonnes accounted for 54% of total tonnage mined, and returned positive reconciliations of 21% on tonnage and 17% on grade, with a 42% gain in ounces over the resource model. Development ore, which accounted for the remaining 46% of ore mined, returned a 12% loss in tonnage and 13% gain in grade, with no change in ounces compared to the resource model. Overall reconciliation showed a 21% gain in ounces for the quarter.

A total of 14,233 ounces of gold were sold from the Island Gold Mine at an average price of $1,485 (US$1,135) per ounce in the third quarter of 2015, compared to gold sales of 11,231 ounces at an average price of $1,388 (US$1,275) per ounce in the comparable period of 2014.

Third quarter 2015 cash costs and AISC were $890 (US$680) per ounce and $1,267 (US$968) per ounce, respectively. When compared to Q3 2014 levels, cash costs decreased slightly, as the impact of higher tonnage and grade in Q3 2015 were offset by the costs relating to higher development ore during the period. AISC per ounce increased 9% as a result of higher sustaining costs for mine development in the current period. The results continued the quarter over quarter improvement begun in Q2, when cash costs and AISC were $954 (US$776) and $1,307 (US$1,063), respectively, and were significantly below Q1 2015 levels of $1,414 (US$1,139) per ounce and $1,843 (US$1,485) per ounce, respectively. While higher-cost development ore accounted for 46% of total processed tonnage in the period, versus 40% in Q2, third quarter results benefited from an 8% improvement in grade to 7.27 g/t.

The graph above shows production and cash cost trend for Island Gold for the past seven quarters. Cash costs for 2015 have been impacted by higher proportion of development ore for each of the quarters.

The mine’s AISC for the third quarter of 2015 included $5.4 million of sustaining costs, which included $2.3 million related to underground mine development, $2.1 million for fixed assets, and $1.0 million for delineation and exploration drilling.

The Island Gold Mine produced 40,837 ounces of gold in the first nine months of 2015, 23% above the prior year levels. Gold sales totaled 38,859 ounces at an average price of $1,483 (US$1,177) per ounce in the first nine months of 2015, an 18% increase over gold sales of 33,026 ounces at an average price of $1,410 (US$1,289) 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 $1,036 (US$823) and $1,416 (US$1,125), respectively, for the first nine months of 2015, compared to cash cost per ounce of $893 (US$816) and AISC per ounce of $1,113 (US$1,017) in the same period of 2014. The high cash cost per ounce levels in the first nine months of 2015 as compared to 2014 are largely attributable to the high proportion of more expensive development ore offset by higher grades.

The Corporation forecasted a total of $19.1 million on sustaining costs at Island Gold Mine in 2015. At the end of Q3, $14.8 million or 77% of planned sustaining costs have been invested.

The Island Gold Mine achieved 82% of the upper end of its 2015 production forecast of 45,000 – 50,000 Au ounces after nine months, and is positioned to meet the guided range in spite of the scheduled two week mill shutdown and three week mine shutdown in Q4 to complete electrical and infrastructure upgrades. The mill facility has already achieved 900 tpd following the completion of a scheduled upgrade at the end of October. Minor improvements remain to be completed in order to optimize mill operations and further enhance mechanical and electrical availability.

ISLAND GOLD MINE DEVELOPMENT UPDATE

The project development efforts underway at Island Gold were successfully advanced in the third quarter of 2015. During the quarter, the Corporation spent $8.2 million in project costs related to the development of the deeper resource, which included advancing the main access ramp ($4.6 million), fixed assets ($1.8 million), exploration development drift ($1.1 million), non-sustaining exploration drilling ($0.6 million) and costs associated with the mining and milling studies ($0.1 million). At the end of the quarter, $18.1 million or 62% of the annual planned $29.2 million have been invested for the development of the deeper resource.

Ramp and ore development: The main access ramp was advanced according to plan, attaining a depth of 725 vertical metres as at September 30, and is positioned to reach the targeted vertical depth of 740 metres by year-end. Lateral ore development on levels 560, 655 and 700 was advanced. The Corporation expects production mining in the new resources above level 635 m in the fourth quarter, and a subsequent second production mining horizon above level 740 m in the second half of 2016.

620 metre level drift and delineation drilling program: The drift was extended to the east by approximately 92 metres attaining a length of 570 metres as at September 30, and is currently being used to complete the 2015 definition and delineation and exploration drill program. As of the end of September, 83% (12,091 metres) of the annual definition drilling program, and 84% (37,581 metres) of the 2015 delineation drilling target had been completed. The planned 2015 definition and delineation drilling campaigns are expected to be successfully completed in their entirety.

Fixed assets & equipment: A total of $1.8 million was spent on fixed assets and equipment during the third quarter. Included in this were investments on the tailings dam, electrical substations, equipment, mine vehicles, and surface buildings.

Mining and milling studies: Results from a Preliminary Economic Assessment (PEA) was released on October 28. The PEA considered an 800 tonne per day mining operation that solely evaluates the December 31, 2014 mineral resources that are located in the most continuous portion of the deposit between the 450 metre and 860 metre levels. For the purposes of this PEA, the Corporation has excluded resources above the 450 metre level, isolated resource blocks and parallel zones outside the main area of interest. Further ongoing engineering studies are investigating a possible expansion to 1,150 tonnes per day.

Beaufor Mine

The Beaufor Mine produced a total of 5,714 ounces of gold in the third quarter of 2015, almost unchanged to the same quarter 2014 production of 5,757 ounces, as minimal decreases in tonnage and head grade were offset by an improved gold recovery. The Corporation completed advanced development in a small zone located in the footwall of the M Zone, and expects to mine this area in late 2015 or early 2016. Development efforts to access the Q Zone were advanced during the quarter, and the Corporation expects to reach the structure in January which will permit the mining of development ore to begin shortly thereafter.

Gold sales from the Beaufor Mine totaled 5,919 ounces at an average realized price of $1,481 (US$1,131), compared to gold sales of 6,323 ounces at an average realized price of $1,384 (US$1,271) in the comparable period of 2014.

Cash cost in the third quarter of 2015 was $974 (US$744) per ounce, and AISC was $1,225 (US$936) per ounce, compared to a per ounce cash cost of $974 (US$895) and AISC of $987 (US$907) in the same period of 2014. The higher AISC level reflects expanded sustaining costs at the Camflo Mill, tailings and refinery which are recorded within the Beaufor Mine AISC per ounce.

The Beaufor Mine produced 20,759 ounces of gold in the first nine months of the year, an increase of 13% over the 18,325 ounces produced in the first nine months of 2014. Gold sales totaled 21,638 ounces at an average price of $1,476 (US$1,171) per ounce in the first nine months of 2015, a notable 19% increase over gold sales of 18,166 ounces at an average price of $1,409 (US$1,288) per ounce in the same period of 2014. The strong year-to-date gold production and gold sales are primarily attributable to higher overall tonnage, and the addition of 1,624 ounces that were derived from the milling of accumulated slag at the Camflo Mill.

Cash cost per ounce and AISC per ounce were $974 (US$773) and $1,144 (US$908), respectively, for the first nine months of 2015, compared to cash cost per ounce of $949 (US$868) and AISC per ounce of $1,035 (US$947) in the same period of 2014. The higher costs in the first nine months of 2015 are attributable to higher 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 19% increase in ounces sold during the nine-month period.

Milling of the stockpiled Monique ore produced a total of 2,688 ounces during the third quarter of 2015. This compared to gold production of 7,131 ounces in the same period last year when the open-pit mine was in operation. For the first nine months of 2015, Monique produced 14,055 ounces of gold, 14% below prior year levels, when the mine was in operation. The Corporation prioritized the milling of higher grade material through April, subsequently milled mid-grade material through the end of Q2 2015, and begun milling the lower grade stockpiled ore in the third quarter. As at September 30, the remaining Monique ore stockpile totaled approximately 53,800 tonnes at an average estimated grade of 1.15 g/t Au, which is expected to be processed by the latter part of fourth quarter.

Q3 2015 gold sales from Monique totaled 2,810 ounces at an average price of $1,471 (US$1,124), as compared to Q3 2014 gold sales of 6,843 ounces at an average price of $1,383 (US$1,270).

Q3 2015 Monique cash cost and AISC per ounce were $1,005 (US$768) per ounce and $1,020 (US$779) per ounce, respectively, and included non-cash charges of $280 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 nine months of 2015 were $745 (US$592) per ounce and $762 (US$605) per ounce, respectively, and included $220 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 is expected to increase in the fourth quarter as the Monique stockpile is depleted.

Gold sales from Monique totaled 14,822 ounces at an average price of $1,487 (US$1,180) in the first nine months of 2015, compared to gold sales of 16,716 ounces at an average price of $1,396 (US$1,276) in the first nine months of 2014.

Cash cost and AISC per ounce in the first nine months of 2015 were $745 (US$592) and $762 (US$605) respectively, compared to the comparable 2014 levels of $1,042 (US$953) and $1,085 (US$992), respectively, during which production was progressively ramped up through the year following the beginning of commercial production on October 1, 2013.

Camflo Mill

The Corporation’s Camflo Mill milled 23,831 tonnes of ore from local mining companies in the Abitibi region of Quebec. Richmont’s current custom milling contracts with those companies include processing 50,000 to 60,000 tonnes from mid-July through the end of December 2015.

EXPLORATION COSTS

Island Gold Mine

The Corporation spent $0.7 million on exploration at the Island Gold Mine during the third quarter of 2015 and $1.7 million in the first nine months of the year, versus $0.04 million and $0.3 million in the same periods of 2014. The higher nine-month exploration related expense in 2015 is largely attributable to $1.04 million spent on 11,841 metres of underground exploration and 1,822 metres of surface exploration drilling that was completed during the period. The Corporation currently has 5 underground diamond drills focused on the underground exploration program.

Two significant announcements were made in Q3. The first was for a 23,000 metre deep directional drill campaign that will test the potential to expand the Island Gold resources at depths below the current 1.0 million ounce global gold resource, and will follow up on a previous intersection of 19.87 g/t Au (cut grade) over 3.93 metres (true width) at a depth of 1,200 metres, approximately 280 metres down plunge from the existing resource. The second announcement provided an update for the remaining 17,000 metre of the previously announced 20,000 metre step-out surface exploration program. The drilling program was designed to test the deposit along strike, new deposits within the regional Goudreau shear zone that hosts the mine's current operations, and drilling of identified high-priority gold targets on the highly prospective 77 km² Island Gold property. Preliminary results from these programs are expected at the end of Q4 2015.

Beaufor Mine

The Corporation spent $0.8 million on exploration at the Beaufor Mine during the third quarter of 2015, and $1.9 million in the first nine months of 2015, compared to $0.6 million and $1.1 million in the same periods of 2014. The increase reflects the notably higher levels of exploration drilling in 2015, undertaken to complete the evaluation of the deeper Q Zone and the long-term potential of the mine. A total of 13,493 metres and 31,502 metres of exploration drilling were completed in the third quarter and in the first nine months of 2015, respectively. This compared to the 8,363 metres and 17,108 metres in the comparable period of 2014.

QUARTERLY RESULTS – PREVIOUS EIGHT QUARTERS

CASH POSITION

At September 30, 2015, the Corporation’s cash position was $76.5 million, a slight decrease from $77.9 million at the end of the second quarter. The current cash level is more than double the December 31, 2014 position of $35.3 million, reflecting the $36.1 million of net proceeds from the bought deal financing that closed on February 11, 2015, the Corporation’s $35.5 million of operational cash flow, after non-cash working capital adjustments, during the first nine months of the year, and the $29.3 million spent on capital expenditures in the first three quarters of 2015.

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 nine-month period ended on September 30, 2015, the Corporation issued 165,620 common shares following the exercise of stock options and received cash proceeds in the amount of $0.30 million. During the nine-month period ended on September 30, 2014, the Corporation issued 280,420 common shares following the exercise of stock options and received cash proceeds in the amount of $0.37 million.

As of September 30, 2015, the Corporation had 58.1 million shares outstanding.

COMMITMENTS AND CONTINGENCIES

There were no changes to the Corporation’s commitments and contingencies from December 31, 2014 to September 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 nine-month period ended on September 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. Minimum lease payments amount to $0.2 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 September 30, 2015 and 2014, Richmont Mines had no gold hedging contracts and no currency exchange contracts. For the nine-month periods ended September 30, 2015 and September 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 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 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” metric 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 non-cash working capital adjustments, less investments in property, plant and equipment.

The following table provides a reconciliation of all-in sustaining costs:

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 September 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 STATEMENT REGARDING 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.

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.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Third Quarter
Ended September 30, 2015

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

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

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

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

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

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

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:

The following table and paragraph summarize information about the Corporation’s New Plan at September 30, 2015: