---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
___________

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDEDSEPTEMBER 30, 2010.

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OF 15
(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM ___________ TO___________.

REVETT MINERALS INC.(Exact name of small business issuer in its charter)

|Canada                                         | Not Applicable                   
|---------------------------------------------- | ---------------------------------
|(State or other jurisdiction of incorporation) | (IRS Employer Identification No.)

**11115 East Montgomery, Suite G Spokane Valley,
Washington 99206**(Address of principal executive offices)

Registrants telephone number: **(509) 921-2294**

Indicate by check mark whether registrant has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for a shorter period that the registrant
was required to file such reports), and has been subject to such filing
requirements for the past 90 days. [X] Yes[ 
 ] No

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, or a non-accelerated filer. See
definition of accelerated filer and large filer in rule 12b-2 of the Exchange
Act. (Check One)

Large accelerated filer [ 
 ]              
Accelerated filer [ 
 ]           
Non-accelerated filer[X]

Indicate by check whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act. [   ] Yes  
 [X] No

At November 15, 2010, 161,611,170shares of common stock
were issued and outstanding.

1

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Revett Minerals Inc. Form 10-Q 
  QUARTER ENDED September 30, 2010

INDEX

|                               |          |                                                                                             | PAGE
|------------------------------ | -------- | ------------------------------------------------------------------------------------------- | ----
|                               |          |                                                                                             |     
|PART I  FINANCIAL INFORMATION |         
|                               |          |                                                                                             |     
|                               | ITEM 1.  | FINANCIAL STATEMENTS                                                                        | 3   
|                               |          |                                                                                             |     
|                               | ITEM 2.  | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
      AND RESULTS OF OPERATIONS | 20  
|                               |          |                                                                                             |     
|                               | ITEM 3.  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
      AND HEDGING ACTIVITIES     | 32  
|                               |          |                                                                                             |     
|                               | ITEM 4.  | CONTROLS AND PROCEDURES                                                                     | 33  
|                               |          |                                                                                             |     
|PART II  OTHER INFORMATION    |         
|                               |          |                                                                                             |     
|                               | ITEM 1.  | LEGAL PROCEEDINGS                                                                           | 34  
|                               |          |                                                                                             |     
|                               | ITEM 1A. | RISK FACTORS                                                                                | 26  
|                               |          |                                                                                             |     
|                               | ITEM 2.  | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                                 | 34  
|                               |          |                                                                                             |     
|                               | ITEM 3.  | DEFAULTS UPON SENIOR SECURITIES                                                             | 34  
|                               |          |                                                                                             |     
|                               | ITEM 4.  | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                         | 34  
|                               |          |                                                                                             |     
|                               | ITEM 5.  | OTHER INFORMATION                                                                           | 34  
|                               |          |                                                                                             |     
|                               | ITEM 6.  | EXHIBITS                                                                                    | 34  
|                               |          |                                                                                             |     
|SIGNATURES                     | 35      

2

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Part I  Financial Information

Item 1. Financial Statements (unaudited)

|Revett Minerals Inc. and Subsidiaries
|-------------------------------------
|Contents                             

|                                                      | Page
|----------------------------------------------------- | ----
|                                                      |     
|FINANCIAL STATEMENTS:                                 |     
|                                                      |     
|Consolidated
      balance sheets                     | 4   
|                                                      |     
|Consolidated
      statements of operations           | 5   
|                                                      |     
|Consolidated
      statements of cash flows           | 6   
|                                                      |     
|Consolidated
      statements of shareholders equity | 7   
|                                                      |     
|Notes
      to consolidated financial statements      | 8-19

3

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Revett Minerals Inc.Consolidated Balance Sheetsat September 30, 2010 and December 31, 2009(expressed in thousands of United States dollars)

|                                                                                                                                                                                                                             |   | September 30, 2010 |   |   | December 31, 2009 |  
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ------------------ | - | - | ----------------- | -
|                                                                                                                                                                                                                             |   | (unaudited)        |   |   |                   |  
|Assets                                                                                                                                                                                                                       |   |                    |   |   |                   |  
|Current Assets                                                                                                                                                                                                               |   |                    |   |   |                   |  
|Cash and cash equivalents                                                                                                                                                                                                    | $ | 6,568              |   | $ | 2,622             |  
|Concentrate settlement and other receivable                                                                                                                                                                                  |   | 3,004              |   |   | 1,237             |  
|Inventories (note 3)                                                                                                                                                                                                         |   | 3,347              |   |   | 3,630             |  
|Prepaid expenses and deposits                                                                                                                                                                                                |   | 422                |   |   | 290               |  
|Total current assets                                                                                                                                                                                                         |   | 13,341             |   |   | 7,779             |  
|Property, plant, and equipment (net) (note 4)                                                                                                                                                                                |   | 54,811             |   |   | 52,319            |  
|Restricted cash (note 7(a))                                                                                                                                                                                                  |   | 6,662              |   |   | 6,633             |  
|Other long term assets                                                                                                                                                                                                       |   | 841                |   |   | 969               |  
|                                                                                                                                                                                                                             |   |                    |   |   |                   |  
|Total assets                                                                                                                                                                                                                 | $ | 75,655             |   | $ | 67,700            |  
|                                                                                                                                                                                                                             |   |                    |   |   |                   |  
|Liabilities and shareholders equity                                                                                                                                                                                         |   |                    |   |   |                   |  
|Current liabilities                                                                                                                                                                                                          |   |                    |   |   |                   |  
|Trade accounts payable                                                                                                                                                                                                       | $ | 3,558              |   | $ | 3,251             |  
|Payroll liabilities                                                                                                                                                                                                          |   | 965                |   |   | 965               |  
|Income, property and mining taxes                                                                                                                                                                                            |   | 1,294              |   |   | 1,409             |  
|Other accrued liabilities                                                                                                                                                                                                    |   | 549                |   |   | 753               |  
|Current portion of long term debt (note 5)                                                                                                                                                                                   |   | 1,597              |   |   | 1,603             |  
|Total current liabilities                                                                                                                                                                                                    |   | 7,963              |   |   | 7,981             |  
|                                                                                                                                                                                                                             |   |                    |   |   |                   |  
|Long-term portion of debt
      (note 5)                                                                                                                                                                                     |   | 1,431              |   |   | 2,572             |  
|Reclamation and remediation liability (note 7
      (a))                                                                                                                                                                     |   | 8,686              |   |   | 8,166             |  
|Total liabilities                                                                                                                                                                                                            |   | 18,080             |   |   | 18,719            |  
|                                                                                                                                                                                                                             |   |                    |   |   |                   |  
|                                                                                                                                                                                                                             |   |                    |   |   |                   |  
|Shareholders' equity                                                                                                                                                                                                         |   |                    |   |   |                   |  
|Preferred stock, no par
      value, unlimited authorized, nil issued and outstanding Common
      stock, no par value unlimited authorized, 148,618,170 (2009-
      125,978,614) shares issued and outstanding (note 6(a)) |   | 65,684             |   |   | 60,988            |  
|Contributed surplus                                                                                                                                                                                                          |   | 5,339              |   |   | 3,450             |  
|Deficit                                                                                                                                                                                                                      |   | (13,448            | ) |   | (15,457           | )
|                                                                                                                                                                                                                             |   | 57,575             |   |   | 48,981            |  
|Commitments and contingencies
      (note 7)                                                                                                                                                                                 |   |                    |   |   |                   |  
|                                                                                                                                                                                                                             |   |                    |   |   |                   |  
|Subsequent events (note 10)                                                                                                                                                                                                  |   |                    |   |   |                   |  
|                                                                                                                                                                                                                             |   |                    |   |   |                   |  
|Total liabilities and shareholders
      equity                                                                                                                                                                             | $ | 75,655             |   | $ | 67,700            |  

See accompanying notes to interim consolidated financial
statements.

4

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Revett Minerals Inc.Consolidated Statements of
OperationsThree and nine months ended September 30, 2010 and 2009(expressed in thousands of United States dollars except
  share and per share amounts)(unaudited)

|                                                                  |   | Three month   |   |   | Three month   |   |   | Nine month    |   |   | Nine month    |  
|----------------------------------------------------------------- | - | ------------- | - | - | ------------- | - | - | ------------- | - | - | ------------- | -
|                                                                  |   | period ended  |   |   | period ended  |   |   | period ended  |   |   | period ended  |  
|                                                                  |   | September 30, |   |   | September 30, |   |   | September 30, |   |   | September 30, |  
|                                                                  |   | 2010          |   |   | 2009          |   |   | 2010          |   |   | 2009          |  
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Revenues                                                          | $ | 12,402        |   | $ | 8,105         |   | $ | 33,851        |   | $ | 25,035        |  
|Expenses:                                                         |   |               |   |   |               |   |   |               |   |   |               |  
|Cost of sales (note 3)                                            |   | 8,577         |   |   | 7,956         |   |   | 25,966        |   |   | 24,053        |  
|Depreciation and depletion                                        |   | 614           |   |   | 540           |   |   | 1,819         |   |   | 1,801         |  
|Exploration and development                                       |   | 131           |   |   | 109           |   |   | 405           |   |   | 258           |  
|General & administrative                                          |   | 715           |   |   | 586           |   |   | 2,786         |   |   | 2,041         |  
|Accretion of reclamation and remediation
      liability          |   | 173           |   |   | 160           |   |   | 520           |   |   | 480           |  
|                                                                  |   | 10,210        |   |   | 9,351         |   |   | 31,496        |   |   | 28,633        |  
|Income (loss) from operations                                     |   | 2,192         |   |   | (1,246        | ) |   | 2,355         |   |   | (3,598        | )
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Other income (expenses):                                          |   |               |   |   |               |   |   |               |   |   |               |  
|Interest expense                                                  |   | (99           | ) |   | (244          | ) |   | (346          | ) |   | (423          | )
|Interest and other income                                         |   | 36            |   |   | 37            |   |   | 84            |   |   | 81            |  
|Foreign exchange gain (loss)                                      |   | 36            |   |   | 17            |   |   | 4             |   |   | 13            |  
|Total other income (expenses)                                     |   | (27           | ) |   | (190          | ) |   | (258          | ) |   | (329          | )
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Net income (loss) before non-controlling
      interest and taxes |   | 2,165         |   |   | (1,436        | ) |   | 2,097         |   |   | (3,927        | )
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Income tax recovery (expense)                                     |   | (51           | ) |   | -             |   |   | (88           | ) |   | 267           |  
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Net income (loss) before non-controlling
      interest           |   | 2,114         |   |   | (1,436        | ) |   | 2,009         |   |   | (3,660        | )
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Non-controlling interest                                          |   | -             |   |   | 29            |   |   | -             |   |   | 370           |  
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Net income (loss) and comprehensive income
      (loss)           | $ | 2,114         |   | $ | (1,407        | ) | $ | 2,009         |   | $ | (3,290        | )
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Basic net income (loss) per share                                 | $ | 0.02          |   | $ | (0.01         | ) | $ | 0.02          |   | $ | (0.03         | )
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Diluted net income (loss) per share                               | $ | 0.01          |   | $ | (0.01         | ) | $ | 0.01          |   | $ | (0.03         | )
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Weighed average number of shares
      outstanding                |   | 137,457,060   |   |   | 114,420,215   |   |   | 132,988,273   |   |   | 101,072,677   |  
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Weighted average number of diluted shares
      outstanding       |   | 160,345,838   |   |   | 114,420,215   |   |   | 161,125,875   |   |   | 101,072,677   |  

See accompanying notes to interim consolidated financial
statements.

5

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Revett Minerals Inc.Consolidated Statements of
Cash FlowsThree and nine months ended September 30, 2010 and 2009(expressed in thousands of United States dollars)(unaudited)

|                                                                                   |   | Three month   |   |   | Three month   |   |   | Nine month    |   |   | Nine month    |  
|---------------------------------------------------------------------------------- | - | ------------- | - | - | ------------- | - | - | ------------- | - | - | ------------- | -
|                                                                                   |   | period ended  |   |   | period ended  |   |   | period ended  |   |   | period ended  |  
|                                                                                   |   | September 30, |   |   | September 30, |   |   | September 30, |   |   | September 30, |  
|                                                                                   |   | 2010          |   |   | 2009          |   |   | 2010          |   |   | 2009          |  
|                                                                                   |   |               |   |   |               |   |   |               |   |   |               |  
|Cash flows from operating activities:                                              |   |               |   |   |               |   |   |               |   |   |               |  
|Net loss for the period                                                            | $ | 2,114         |   | $ | (1,407        | ) | $ | 2,009         |   | $ | (3,290        | )
|Adjustment to reconcile net income to net cash used by
      operating activities: |   |               |   |   |               |   |   |               |   |   |               |  
|Depreciation and depletion                                                         |   | 614           |   |   | 540           |   |   | 1,819         |   |   | 1,801         |  
|Accretion of reclamation and remediation liability                                 |   | 173           |   |   | 160           |   |   | 520           |   |   | 480           |  
|Accretion of debt                                                                  |   | 49            |   |   | 8             |   |   | 168           |   |   | 8             |  
|Unrealized foreign exchange loss (gain)                                            |   | (36           | ) |   | (18           | ) |   | (4            | ) |   | (12           | )
|Stock based compensation                                                           |   | -             |   |   | 77            |   |   | 863           |   |   | 295           |  
|Future income tax expense (recovery)                                               |   | -             |   |   | -             |   |   | -             |   |   | (205          | )
|Non controlling interest                                                           |   | -             |   |   | (29           | ) |   | -             |   |   | (370          | )
|Accrued interest from reclamation trust fund                                       |   | (12           | ) |   | (11           | ) |   | (28           | ) |   | (49           | )
|Amortization of prepaid insurance premium                                          |   | 40            |   |   | 35            |   |   | 127           |   |   | 118           |  
|Loss on extinguishment of debt                                                     |   | -             |   |   | 152           |   |   | -             |   |   | 152           |  
|Gain on settlement of forward contract                                             |   | -             |   |   | -             |   |   | (734          | ) |   | -             |  
|Changes in:                                                                        |   |               |   |   |               |   |   |               |   |   |               |  
|Concentrate settlement and other
      receivables                                 |   | (1,202        | ) |   | (111          | ) |   | (1,033        | ) |   | (1,762        | )
|Income taxes receivable                                                            |   | -             |   |   | -             |   |   | -             |   |   | 99            |  
|Inventories                                                                        |   | 141           |   |   | 135           |   |   | 283           |   |   | 465           |  
|Prepaid expenses and deposits                                                      |   | 113           |   |   | 25            |   |   | (132          | ) |   | 110           |  
|Accounts payable and accrued liabilities                                           |   | (728          | ) |   | 108           |   |   | (388          | ) |   | 1,974         |  
|Net cash provided by (used in) operating activities                                |   | 1,266         |   |   | (336          | ) |   | 3,469         |   |   | (186          | )
|                                                                                   |   |               |   |   |               |   |   |               |   |   |               |  
|                                                                                   |   |               |   |   |               |   |   |               |   |   |               |  
|Cash flows from investing
      activities:                                        |   |               |   |   |               |   |   |               |   |   |               |  
|Release of restricted cash                                                         |   | -             |   |   | -             |   |   | -             |   |   | 1,021         |  
|Purchase of plant and equipment                                                    |   | (1,701        | ) |   | (5            | ) |   | (4,269        | ) |   | (199          | )
|Net cash provided (used) by investing activities                                   |   | (1,701        | ) |   | (5            | ) |   | (4,269        | ) |   | 822           |  
|                                                                                   |   |               |   |   |               |   |   |               |   |   |               |  
|Cash flows from financing activities:                                              |   |               |   |   |               |   |   |               |   |   |               |  
|Proceeds from the issuance of common stock,
      net                              |   | 4,106         |   |   | -             |   |   | 5,363         |   |   | 844           |  
|Repayment of debt                                                                  |   | (142          | ) |   | (200          | ) |   | (158          | ) |   | (200          | )
|Repayment of capital leases                                                        |   | (153          | ) |   | (218          | ) |   | (464          | ) |   | (410          | )
|Net cash provided (used) by financing activities                                   |   | 3,811         |   |   | (418          | ) |   | 4,741         |   |   | 234           |  
|                                                                                   |   |               |   |   |               |   |   |               |   |   |               |  
|Effects of foreign exchange on cash held In
      foreign currencies               |   | 36            |   |   | 18            |   |   | 4             |   |   | 12            |  
|                                                                                   |   |               |   |   |               |   |   |               |   |   |               |  
|Net increase (decrease) in cash and cash equivalents                               |   | 3,412         |   |   | (741          | ) |   | 3,946         |   |   | 882           |  
|Cash and cash equivalents, beginning of
      period                               |   | 3,156         |   |   | 3,256         |   |   | 2,622         |   |   | 1,633         |  
|Cash and cash equivalents, end of period                                           | $ | 6,568         |   | $ | 2,515         |   | $ | 6,568         |   | $ | 2,515         |  
|                                                                                   |   |               |   |   |               |   |   |               |   |   |               |  
|Supplementary cash flow information:                                               |   |               |   |   |               |   |   |               |   |   |               |  
|Cash paid for interest expense                                                     | $ | 53            |   | $ | 20            |   | $ | 191           |   | $ | 325           |  
|Non cash transactions:                                                             |   |               |   |   |               |   |   |               |   |   |               |  
|Note payable issued in lieu of concentrate
      settlement                        |   | -             |   |   | -             |   |   | -             |   |   | 4,292         |  
|Common stock issued to acquire non-controlling interest                            |   | -             |   |   | -             |   |   | -             |   |   | 1,628         |  
|Common stock issued in connection with debt
      restructuring                    |   | -             |   |   | 1,002         |   |   | -             |   |   | 1,002         |  
|Warrants issued in connection with debt restructuring                              |   | -             |   |   | 622           |   |   | -             |   |   | 622           |  
|Debt repayment from settlement of forward
      contracts                          |   | -             |   |   | -             |   |   | 734           |   |   | -             |  
|Shares issued to settle accounts payable                                           |   | -             |   |   | -             |   |   | 359           |   |   | -             |  
|Acquisition of plant and equipment under
      capital lease                       |   | -             |   |   | -             |   |   | 42            |   |   | 1,082         |  

See accompanying notes to interim consolidated financial
statements.

6

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Revett Minerals Inc.Consolidated Statements of
Shareholders EquityNine months ended September 30, 2010 and the
year ended December 31, 2009(expressed in thousands of United States dollars)(unaudited)

|                                                           |  | Common Shares |   |   | Contributed |   |   |         |   |   |         |  
|---------------------------------------------------------- |  | ------------- | - | - | ----------- | - | - | ------- | - | - | ------- | -
|                                                           |  | Shares        |   |   | Amount      |   |   | Surplus |   |   | Deficit |  
|Balance, December 31, 2008                                 |  | 75,210,697    |   | $ | 56,899      |   | $ | 1,788   |   | $ | (10,490 | )
|Issued to acquire non controlling interest                 |  | 25,583,487    |   |   | 2,388       |   |   | -       |   |   | -       |  
|Issue of shares for cash                                   |  | 3,855,558     |   |   | 279         |   |   | -       |   |   | -       |  
|Issue of shares and warrants on debt restructuring         |  | 8,333,333     |   |   | 1,000       |   |   | 621     |   |   | -       |  
|Issue of shares for settlement of accounts
      payable   |  | 3,513,098     |   |   | 545         |   |   | -       |   |   | -       |  
|Issue of shares for exercise of warrants and options       |  | 87,500        |   |   | 12          |   |   | (4      | ) |   | -       |  
|Redemption of shares for royalty                           |  | (605,059      | ) |   | (458        | ) |   | 417     |   |   | -       |  
|Issue of units for cash                                    |  | 10,000,000    |   |   | 323         |   |   | 241     |   |   | -       |  
|Stock-based compensation on options granted                |  | -             |   |   | -           |   |   | 387     |   |   | -       |  
|Net loss for the period                                    |  | -             |   |   | -           |   |   | -       |   |   | (4,967  | )
|Balance, December 31, 2009                                 |  | 125,978,614   |   | $ | 60,988      |   | $ | 3,450   |   | $ | (15,457 | )
|                                                           |  |               |   |   |             |   |   |         |   |   |         |  
|Issue shares and warrants for cash                         |  | 18,156,625    |   |   | 3,832       |   |   | 1,210   |   |   | -       |  
|                                                           |  |               |   |   |             |   |   |         |   |   |         |  
|Issue of shares for exercise of options and
      warrants |  | 3,648,749     |   |   | 505         |   |   | (184    | ) |   | -       |  
|Shares issued to settle accounts payable                   |  | 834,182       |   |   | 359         |   |   | -       |   |   | -       |  
|Stock-based compensation on options Granted                |  | -             |   |   | -           |   |   | 863     |   |   | -       |  
|Net income for the period                                  |  | -             |   |   | -           |   |   | -       |   |   | 2,009   |  
|Balance, September 30, 2010                                |  | 148,618,170   |   | $ | 65,684      |   | $ | 5,339   |   |   | (13,448 | )

See accompanying notes to unaudited interim consolidated financial
  statements

7

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Revett Minerals Inc.Notes to
Consolidated Financial StatementsFor the three months and nine
months ended September 30, 2010(Expressed in United
States dollars, unless otherwise stated(Tabular amounts expressed in thousands of United States dollars, except
share and per share amounts)Unaudited

1. Basis of Presentation and going concern

In the opinion of management, the accompanying unaudited
interim consolidated balance sheet and consolidated statements of operations,
cash flows, and shareholders equity contain all adjustments necessary to
present fairly, in all material respects, the financial position of Revett
Minerals Inc. (Revett Minerals or the Company) as of September 30, 2010, and
the results of its operations and its cash flows for the three and nine month
periods ended September 30, 2010 and 2009. The operating and financial results
for Revett Minerals for the three and nine months ended September 30, 2010 are
not necessarily indicative of the results that may be expected for the year
ended December 31, 2010.

These unaudited interim financial statements are prepared using
the same accounting policies and methods of application as those disclosed in
note 2 to the Companys audited annual financial statements for the year ended
December 31, 2009 except that in 2010, the Company changed the presentation of
transportation and refining costs. In the past, the transportation and refining
cost were netted against revenues, whereas now the transportation and refining
costs are included in cost of sales. The 2009 revenues and cost of sales have
each been increased by $0.8 million and $2.9 million for the three months and
nine months ended September 30, 2010, respectively, compared to amounts
previously reported to reflect this presentation change. These financial
statements have been prepared in accordance with Canadian generally accepted
accounting principles (Canadian GAAP) for interim financial statements and
accordingly, these interim financial statements do not include all the notes to
the financial statements required in audited annual financial statements. These
statements should be read in conjunction with the most recently completed
audited annual financial statements and notes of the Company for the year ended
December 31, 2009. Material differences between Canadian GAAP and generally
accepted accounting principles in the United States (US GAAP) are disclosed in
note 9. All currency is reported in United States dollars unless otherwise
specified.

These financial statements are prepared on a going concern
basis. Since December 31, 2009, the Company has received $5.3 million in cash
through the issuance of common shares, has settled the remaining $2.5 million of
Note payable to its customer in full (note 10), and settled a legal claim
against the Company. In addition, improved copper and silver prices throughout
2010 have positively impacted the Companys cash flows and the Company has sold
forward a significant portion of future production at fixed prices (note 8)
which, based on historic and expected future costs, would result in profitable
mining operations. Accordingly, the Company believes it will be able to generate
sufficient cash flow to continue as a going concern beyond September 30,
2011.

The Companys continuing operations in the long term and the
underlying value and recoverability of the Rock Creek property are dependent
upon the existence of economically recoverable mineral reserves, obtaining the
necessary financing to complete exploration and development of the Rock Creek
property, obtaining the necessary operating permits for the Rock Creek property
and future profitable production or sufficient proceeds from the sale of the
Rock Creek property (note 7(b)). The financial statements do not reflect
adjustments that would be necessary if the going concern assumption was not
appropriate. If the going concern basis was not appropriate for these financial
statements, then adjustments would be necessary in the carrying value of assets
and liabilities and the balance sheet classifications used.

8

---

Revett Minerals Inc.Notes to Consolidated Financial StatementsFor the three months and nine months ended September 30, 2010(Expressed in United States dollars, unless otherwise stated(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)Unaudited

2. Future accounting changes

Canadas Accounting Standards Board has ratified a strategic
plan that will result in Canadian GAAP, as used by publicly accountable
enterprises, being fully converged with International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board over
a transitional period. Full adoption of IFRS is required for all publically
accountable enterprises for fiscal years beginning on or after January 1, 2011.
The Company is currently planning to adopt accounting principles generally
accepted in the United States of America (US GAAP) as permitted by Canadian
Securities regulatory authorities for the fiscal year commencing January 1,
2011. Material differences between Canadian GAAP and US GAAP and their impact on
the consolidated financial statements are disclosed in note 9.

3. Inventories

The major components of the Companys inventory accounts
  at September 30, 2010 and December 31, 2009 are as follows:

| |                       |   | September 30, 2010 |  |   | Dec. 31, 2009 | 
| | --------------------- | - | ------------------ |  | - | ------------- | 
| |                       |   | (unaudited)        |  |   |               | 
| | Concentrate inventory | $ | 426                |  | $ | 885           | 
| | Material and supplies |   | 2,921              |  |   | 2,745         | 
| |                       | $ | 3,347              |  | $ | 3,630         | 

Cost of sales for the three and nine months ended September 30,
2010 and 2009 is comprised of the following:

|                          |   | Three month    |  |   | Three month    |  |   | Nine month     |  |   | Nine month     |  
|------------------------- | - | -------------- |  | - | -------------- |  | - | -------------- |  | - | -------------- | -
|                          |   | period ended   |  |   | period ended   |  |   | period ended   |  |   | period ended   |  
|Nature of expense         |   | Sept. 30, 2010 |  |   | Sept. 30, 2009 |  |   | Sept. 30, 2010 |  |   | Sept. 30, 2009 |  
|                          |   | (unaudited)    |  |   | (unaudited)    |  |   | (unaudited)    |  |   | (unaudited)    |  
|Raw materials and         |   |                |  |   |                |  |   |                |  |   |                |  
|consumables used          | $ | 2,501          |  | $ | 2,779          |  | $ | 8,794          |  | $ | 8,078          |  
|Labor costs               |   | 3,050          |  |   | 2,595          |  |   | 9,304          |  |   | 7,874          |  
|Other costs               |   | 2,748          |  |   | 2,572          |  |   | 7,409          |  |   | 8,160          |  
|Net change in concentrate |   |                |  |   |                |  |   |                |  |   |                |  
|Inventories               |   | 278            |  |   | 10             |  |   | 459            |  |   | (59            | )
|                          | $ | 8,577          |  | $ | 7,956          |  | $ | 25,966         |  | $ | 24,053         |  

9

---

Revett Minerals Inc.Notes to Consolidated Financial StatementsFor the three months and nine months ended September 30, 2010(Expressed in United States dollars, unless otherwise stated(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)Unaudited

4. Mineral Property, Plant, Equipment and Mine Development

The major components of the Companys mineral property,
  plant, and equipment accounts at September 30, 2010, and December 31, 2009 are
  as follows:

| |                                                 |   | Sept. 30, 2010 |   |   | Dec. 31, 2009 |  
| | ----------------------------------------------- | - | -------------- | - | - | ------------- | -
| |                                                 |   | (unaudited)    |   |   |               |  
| | TROY:                                           |   |                |   |   |               |  
| | Property acquisition and development costs      | $ | 10,347         |   | $ | 6,264         |  
| | Plant and equipment                             |   | 13,422         |   |   | 13,212        |  
| | Buildings and structures                        |   | 2,532          |   |   | 2,518         |  
| |                                                 |   | 26,301         |   |   | 21,994        |  
| | ROCK CREEK:                                     |   |                |   |   |               |  
| | Property acquisition costs                      |   | 34,822         |   |   | 34,822        |  
| | OTHER, corporate                                |   | 3,677          |   |   | 3,674         |  
| | OTHER, mineral properties                       |   | 118            |   |   | 118           |  
| |                                                 |   | 64,918         |   |   | 60,608        |  
| | Accumulated depreciation and depletion:         |   |                |   |   |               |  
| | Troy Property acquisition and development costs |   | (4,293         | ) |   | (3,665        | )
| | Troy plant and equipment                        |   | (4,794         | ) |   | (3,812        | )
| | Troy buildings and structures                   |   | (927           | ) |   | (724          | )
| |                                                 |   |                |   |   |               |  
| |                                                 |   | (10,014        | ) |   | (8,201        | )
| | Other corporate assets                          |   | (93            | ) |   | (88           | )
| |                                                 |   | (10,107        | ) |   | (8,289        | )
| |                                                 | $ | 54,811         |   | $ | 52,319        |  

5. Long-term debt

At September 30, 2010 and December 31, 2009, the balance of the
Companys long term debt and capital lease obligations were as follows:

|                |   | Sept. 30, 2010 |   |   | Dec. 31, 2009 |  
|--------------- | - | -------------- | - | - | ------------- | -
|                |   | (unaudited)    |   |   |               |  
|                |   |                |   |   |               |  
|Note payable    | $ | 1,767          |   | $ | 2,492         |  
|Capital leases  |   | 1,261          |   |   | 1,683         |  
|                |   | 3,028          |   |   | 4,175         |  
|Current portion |   | (1,597         | ) |   | (1,603        | )
|                | $ | 1,431          |   | $ | 2,572         |  

10

---

Revett Minerals Inc.Notes to Consolidated Financial StatementsFor the three months and nine months ended September 30, 2010(Expressed in United States dollars, unless otherwise stated(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)Unaudited

5. Long-term debt (continued)

On January 23, 2009, the Company entered into a Senior Floating
Rate Note (the Note) with an interest rate of LIBOR plus five percent with its
primary concentrate sales customer. On October 20, 2010, this note was repaid in
full (note 10). The Note required principal payments of $0.5 million on each
June 30 and December 31 through December 31, 2011, and the remaining principal
payment of $0.5 million was due on June 30, 2012. The principal amount of the
note of $2.0 million has been reduced by unamortized financing costs of $0.2
million at September 30, 2010 which resulted from the issue of warrants in
connection with amendments made to the terms of the Note on August 24, 2009. The
finance costs are being amortized over the remaining life of the Note using the
effective interest method. The Company has granted a first-priority mortgage on
certain lands acquired for the Rock Creek project as security for the Note.

6. Share Capital

(a) Common Stock

The Company has one class of no par value common stock of which
an unlimited number are authorized for issue. The holders of common stock are
entitled to receive dividends without restriction when and if declared by the
board of directors. Holders of the Companys common stock are not entitled to
preemptive rights to acquire additional shares of common stock and do not have
cumulative voting rights. At September 30, 2010, the Company had 148,618,170
shares of common stock outstanding.

During the nine months ended September 30, 2010, the Company
issued 3,613,899 common shares for cash in the amount of $1.1 million pursuant
to a private placement; issued 834,182 common shares to settle accrued payables
to employees and directors in the amount of $ 0.4 million; and issued 3,648,749
common shares on exercise of warrants and stock options for cash proceeds of
$0.4 million. In addition the Company issued 14,542,726 units for net proceed of
$3.9 million. Each unit consisted of one common share and one-half a warrant,
with each whole warrant exercisable into common shares at Cdn $0.35 per share,
exercisable until August 24, 2013. The Company also issued 41,403 warrants and
paid $0.02 million cash as a finders fee.

(b) Preferred Stock

The Company is authorized to issue an unlimited number of no
par preferred stock. The Companys board of directors is authorized to create
any series and, in connection with the creation of each series, to fix by
resolution the number of shares of each series, and the designations, powers,
preferences and rights; including liquidation, dividends, conversion and voting
rights, as they may determine. At September 30, 2010, no preferred stock was
issued or outstanding.

11

---

Revett Minerals Inc.Notes to Consolidated Financial StatementsFor the three months and nine months ended September 30, 2010(Expressed in United States dollars, unless otherwise stated(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)Unaudited

6. Share Capital (continued)

(c) Stock options

The Companys Equity Incentive Plan authorizes the Company to
reserve and have available for issue, 18,000,000 shares of common stock. There
were 2,755,000 stock options granted during the nine months ended September 30,
2010 with a weighted average exercise price of Cdn $0.43, expiring on March 30,
2015 and June 17, 2015. The Company used the Black-Scholes option pricing
formula assuming a risk-free interest rate of 2.41%, volatility of 100% and an
expected life of the options of 60 months to calculate the fair values of the
options. The weighted average fair value per share was $0.32. During the nine
months ended September 30, 2010, 1,585,000 options were cancelled or expired and
1,150,000 options were exercised.

As at September 30, 2010, the following stock options were outstanding:

|Options   | Options     | Exercise      | Expiry                  
|--------- | ----------- | ------------- | ------------------------
|Granted   | Exercisable | Price (Cdn $) | Date                    
|          |             |               |                         
|750,000   | 750,000     | 0.15          | May 1, 2011             
|40,000    | 40,000      | 1.25          | May 12, 2011            
|50,000    | 50,000      | 0.33          | June 30, 2011           
|60,000    | 60,000      | 0.43          | September 30, 2011      
|20,000    | 20,000      | 1.25          | September 15,
      2011
|845,000   | 845,000     | 1.10          | October 4, 2011         
|25,000    | 25,000      | 1.45          | December 4, 2011        
|450,000   | 450,000     | 1.11          | January 12, 2012        
|40,000    | 40,000      | 1.15          | March 5, 2012           
|30,000    | 30,000      | 0.60          | April 29, 2013          
|1,895,000 | 1,895,000   | 0.105         | March 31, 2014          
|585,000   | 585,000     | 0.09          | April 27, 2014          
|825,000   | 825,000     | 0.09          | September 10,
      2014
|100,000   | 100,000     | 0.21          | November 2, 2014        
|180,000   | 180,000     | 0.33          | December 30, 2014       
|2,595,000 | 2,595,000   | 0.43          | March 30, 2015          
|100,000   | 100,000     | 0.29          | June 17, 2015           
|8,590,000 | 8,590,000   | 0.38          |                         

12

---

Revett Minerals Inc.Notes to Consolidated Financial StatementsFor the three months and nine months ended September 30, 2010(Expressed in United States dollars, unless otherwise stated(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)Unaudited

6. Share Capital (continued)

(d) Stock Purchase Warrants

The following stock purchase warrants were outstanding at
September 30, 2010 for the purchase of common shares of Revett Minerals.

|                |  | WARRANT    |  |  | SUMMARY        |  |  | TABLE             | 
|--------------- |  | ---------- |  |  | -------------- |  |  | ----------------- | 
|                |  |            |  |  |                |  |  |                   | 
|                |  | Number     |  |  | Exercise price |  |  | Expiry            | 
|Revett Minerals |  | 993,661    |  |  | $ 1.00         |  |  | October 7, 2010   | 
|Revett Minerals |  | 4,963,751  |  |  | $ 0.10         |  |  | February 12, 2011 | 
|Revett Minerals |  | 300,000    |  |  | Cdn $0.50      |  |  | October 20, 2011  | 
|Revett Minerals |  | 10,000,000 |  |  | $ 0.20         |  |  | June 30, 2012     | 
|Revett Minerals |  | 7,312,766  |  |  | Cdn $0.35      |  |  | August 24, 2013   | 
|                |  | 23,570,178 |  |  |                |  |  |                   | 

During the nine months ended September 30, 2010, 2,498,749
warrants were exercised and the Company issued 7,312,766 warrants in connection
with a unit offering (note 6(a)).

7. Commitments and Contingencies

(a) Reclamation

In accordance with the operating permit granted the Troy Mine,
the Montana Department of Environmental Quality is periodically required to
review the ultimate bonding requirements for the mine. The bonding requirement
at Troy totals $12.9 million. The following table shows the changes in the
reclamation liability for the nine month period ended September 30, 2010. The
Company has restricted cash of $6.7 million to fund final reclamation cost.

|                                                                |   | Sept. 30, 2010 |  |   | Dec. 31, 2009 | 
|--------------------------------------------------------------- | - | -------------- |  | - | ------------- | 
|                                                                |   | (unaudited)    |  |   |               | 
|Reclamation and remediation
      liability beginning of period | $ | 8,166          |  | $ | 7,526         | 
|                                                                |   |                |  |   |               | 
|Accretion expense, year to
      date                           |   | 520            |  |   | 640           | 
|Ending balance                                                  | $ | 8,686          |  | $ | 8,166         | 

(b) Rock Creek Development

On March 29, 2010, the US District Court ruled that the Forest
Services decision to approve the Rock Creek project is vacated and the 2003
Record of Decision and 2001 Final Environmental Impact Statement are set aside
and remanded to the Forest Service for further action. The Company is in the
process of completing a thorough review of the Courts decision but based on the
Companys review of the judgment, the Company does not believe that the judgment
prevents the Company from developing the Rock Creek project but it may delay
such development until the Company is able to satisfactorily address the Courts
concerns.

13

---

Revett Minerals Inc.Notes to Consolidated Financial StatementsFor the three months and nine months ended September 30, 2010(Expressed in United States dollars, unless otherwise stated(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)Unaudited

8. Financial Instruments

For the remainder of 2010, the Company has sold forward 1.3
million pounds of copper at an average price of $2.93 per pound and 75,000
ounces of silver at an average price of $16.25 per ounce. For 2011, the Company
has sold forward 5.0 million pounds of copper at an average price of $3.46 per
pound and 350,000 ounces of silver at an average price of $18.61 per ounce and
for 2012, the Company has sold forward 0.9 million pounds of copper at an
average price of $3.55 per pound and 60,000 ounces of silver at $19.00 per
ounce. All contracts are with the Companys customer and have been designated as
normal purchase and sale contracts. Accordingly, the effects of these contracts
are accounted for in the period they are settled.

The carrying values of cash and cash equivalents, short-term
investments, accounts receivable, restricted cash, and accounts payable and
accrued liabilities approximate fair value due to their limited time to maturity
or ability to immediately convert them to cash in the normal course. The
carrying value of concentrate settlement payable or receivable are marked to
market each month using quoted forward prices as at the last trading day of each
month, and accordingly are recognized at fair value. The carrying values of
capital lease obligations approximate fair market values as they are based on
market rates of interest. The fair value of the note payable is approximately
$2.0 million based on market rates of interest. The fair value of the Companys
forward contracts is approximately negative $3.9 million as at September 30,
2010.

The following table sets forth the Companys financial assets
and liabilities measured at fair value by level within the fair value hierarchy.
Assets and liabilities are classified in their entirety based on the lowest
level of input that is significant to the fair value measurement.

|                        |   | Fair value at September 30, 2010 | 
|----------------------- | - | -------------------------------- | 
|                        |   | Total                            | 
|                        |   |                                  | 
|                        |   |                                  | 
|Cash equivalents        | $ | 6,568                            | 
|Restricted cash         |   | 6,662                            | 
|Concentrate receivables |   | 3,004                            | 
|                        | $ | 16,234                           | 

The Companys cash equivalent instruments including restricted
cash are classified within Level 1 of the fair value hierarchy because they are
valued using quoted market prices. The cash equivalent instruments that are
valued based on quoted market prices in active markets are primarily money
market securities and U.S. Treasury securities.

The Companys concentrate receivables, which includes
provisionally priced sales, are valued using pricing models and the Company
generally uses similar models to value similar instruments. Where possible, the
Company verifies the values produced by its pricing models to market prices.
Valuation models require a variety of inputs, including contractual terms,
market prices, yield curves, credit spreads, measures of volatility, and
correlations of such inputs. Such instruments are typically classified within
Level 2 of the fair value hierarchy.

14

---

Revett Minerals Inc.Notes to Consolidated Financial StatementsFor the three months and nine months ended September 30, 2010(Expressed in United States dollars, unless otherwise stated(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)Unaudited

9. Reconciliation to United States Generally Accepted
Accounting Principles

The consolidated financial statements have been prepared in
accordance with Canadian GAAP, which differ in certain material respects from
those principles that the Company would have followed had its consolidated
financial statements been prepared in accordance with US GAAP.

The effect of the
  material measurement differences between Canadian GAAP and US GAAP on the
  amounts reported in the consolidated balance sheets, statements of operations
  and cash flows are as follows:

|                                                                                                  |   | September 30, |   |   | December
      31, |  
|------------------------------------------------------------------------------------------------- | - | ------------- | - | - | ------------------ | -
|                                                                                                  |   | 2010          |   |   | 2009               |  
|                                                                                                  |   |               |   |   |                    |  
|Total assets under Canadian
      GAAP                                                            | $ | 75,655        |   | $ | 67,700             |  
|Adjustment to property, plant and equipment
      for acquisition of non-controlling interest (e) |   | 3,466         |   |   | 3,767              |  
|Unamortized finance costs (f)                                                                     |   | 233           |   |   | 401                |  
|Total assets under US GAAP                                                                        | $ | 79,354        |   | $ | 71,868             |  
|                                                                                                  |   |               |   |   |                    |  
|Liabilities under Canadian GAAP                                                                   | $ | 18,080        |   | $ | 18,719             |  
|Warrants (f)                                                                                      |   | 2,581         |   |   | -                  |  
|Unamortized finance costs (g)                                                                     |   | 233           |   |   | 401                |  
|Total liabilities under US
      GAAP                                                             | $ | 20,894        |   | $ | 19,120             |  
|                                                                                                  |   |               |   |   |                    |  
|Temporary equity - shares redeemable at option of holder (a)                                      |   | 676           |   |   | 676                |  
|Total liabilities and temporary equity under US GAAP                                              | $ | 21,570        |   | $ | 19,796             |  
|                                                                                                  |   |               |   |   |                    |  
|Shareholders equity under Canadian GAAP                                                          | $ | 57,575        |   | $ | 48,981             |  
|Shares redeemable at option
      of holder (a)                                                   |   | (676          | ) |   | (676               | )
|Reclasification of warrants (f)                                                                   |   | (1,209        | ) |   | -                  |  
|Adjustment to fair value of
      warrants (f)                                                    |   | (1,372        | ) |   | -                  |  
|Adjustment to contributed surplus for
      acquisition of non-controlling interest               |   | 2,473         |   |   | 2,473              |  
|Adjustment to deficit for additional depreciation and income
      taxes (e)                      |   | 993           |   |   | 1,294              |  
|Total shareholders equity under US GAAP                                                          | $ | 57,784        |   | $ | 52,072             |  

15

---

Revett Minerals Inc.Notes to Consolidated Financial StatementsFor the three months and nine months ended September 30, 2010(Expressed in United States dollars, unless otherwise stated(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)Unaudited

|9. | Reconciliation to United States Generally Accepted
      Accounting Principles(continued)
|-- | -----------------------------------------------------------------------------------------

|                                                                            |   | Three month    |   |   | Three month    |   |   | Nine
      month |   |   | Nine
      month |  
|--------------------------------------------------------------------------- | - | -------------- | - | - | -------------- | - | - | ---------------- | - | - | ---------------- | -
|                                                                            |   | period ended   |   |   | period ended   |   |   | period ended     |   |   | period ended     |  
|                                                                            |   | Sept. 30, 2010 |   |   | Sept. 30, 2009 |   |   | Sept. 30, 2010   |   |   | Sept. 30, 2009   |  
|                                                                            |   | (unaudited)    |   |   | (unaudited)    |   |   | (unaudited)      |   |   | (unaudited)      |  
|Net income (loss) and comprehensive income
      (loss) under Canadian GAAP | $ | 2,114          |   | $ | (1,407         | ) | $ | 2,009            |   | $ | (3,290           | )
|Mark to market loss on warrants (f)                                         |   | (1,372         | ) |   | -              |   |   | (1,372           | ) |   | -                |  
|Depreciation (e)                                                            |   | (86            | ) |   | (88            | ) |   | (301             | ) |   | (228             | )
|Income tax
      recovery                                                   |   | -              |   |   | 426            |   |   | -                |   |   | 791              |  
|Net income (loss) and comprehensive loss under US GAAP                      | $ | 656            |   | $ | (1,069         | ) | $ | 336              |   |   | (2,727           | )
|Basic income (loss) per share                                               | $ | 0.00           |   | $ | (0.01          | ) | $ | 0.00             |   | $ | (0.03            | )
|Diluted income (loss) per share                                             | $ | 0.00           |   | $ | (0.01          | ) | $ | 0.00             |   | $ | (0.03            | )

There are no material differences between Canadian GAAP and US
GAAP with respect to total operating, financing or investing cash flows in the
consolidated statements of cash flows.

|(a) | Redeemable shares:                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | The Company issued 2,250,000 common shares in a prior
      period which are redeemable, at the option of the holder, into a net
      smelter return royalty. Under Canadian GAAP, the equity portion of these
      shares are classified as equity. Under US GAAP, the full value associated
      with the redeemable shares is classified as temporary equity.                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(b) | Income taxes:                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | For Canadian GAAP purposes, future income tax assets and
      liabilities are calculated based on substantially enacted tax rates in
      effect in the periods when the temporary differences are expected to
      reverse. For US GAAP purposes, enacted tax rates are used to calculate
      future income tax assets and liabilities. For all periods presented, there
      were no differences between the tax rates used for Canadian and US GAAP
      purposes.

16

---

Revett Minerals Inc.Notes to Consolidated Financial StatementsFor the three months and nine months ended September 30, 2010(Expressed in United States dollars, unless otherwise stated(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)Unaudited

|9. | Reconciliation to United States Generally Accepted
      Accounting Principles(continued)
|-- | -----------------------------------------------------------------------------------------

|(c) | Equity units:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | Under Canadian GAAP, the proceeds received on issuance of
      equity units, consisting of common shares and warrants, are not required
      to be allocated to the individual common share and warrant components when
      the instrument and its components are all determined to be equity
      instruments. Under US GAAP, the Company is required to allocate the
      proceeds received on unit offerings to the individual common share and
      warrant components on a relative fair value basis when both components are
      determined to be classified as equity. Accordingly, under US GAAP, share
      capital would be reduced and deficit as at September 30, 2010 would be
      increased each by $1.0 million respectively to reflect the relative fair
      values of the shares and warrants. As of September 30, 2010, the warrants
      have expired.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|(d) | Stock option plan and compensation expense:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | As at September 30, 2010 the weighted average intrinsic
      value of options outstanding and exercisable was $1.8 million (2009 -$1.1
      million).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | As at September 30, 2010 the total unrecognized
      compensation cost related to unvested stock options is nil.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|(e) | Non-controlling interest:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | For US GAAP purposes, non controlling interest is
      classified as equity whereas for Canadian GAAP, it is classified between
      liabilities and equity. Also, loss before non-controlling interest,
      non-controlling interest and net loss for US GAAP purposes would be
      labeled net loss, net loss attributable to non-controlling interest and
      net loss attributable to the Company, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | The acquisition of the non-controlling interest during
      the year ended December 31, 2009 would be accounted for as an equity
      transaction for US GAAP purposes rather than a step acquisition using the
      purchase method. Accordingly, for US GAAP purposes, a reduction of mineral
      property, plant and equipment of $4.1 million and a reduction of the
      future income tax liability of $1.6 million recorded for Canadian GAAP
      purposes would not be made under US GAAP and instead $2.5 million would be
      included in contributed surplus. In addition, under US GAAP, additional
      depreciation expense of $0.1 million (2009 - $0.1 million), and $0.3
      million (2009 - $0.2 million) for the three and nine months ended
      September 30, 2010, respectively, was recognized.                                                    

17

---

Revett Minerals Inc.Notes to Consolidated Financial StatementsFor the three months and nine months ended September 30, 2010(Expressed in United States dollars, unless otherwise stated(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)Unaudited

|9. | Reconciliation to United States Generally Accepted
      Accounting Principles(continued)
|-- | -----------------------------------------------------------------------------------------

The following table shows the changes
in the non-controlling interest under US GAAP:

| |                                               |   | September |  |   | December |  
| | --------------------------------------------- | - | --------- |  | - | -------- | -
| |                                               |   | 30,       |  |   | 31,      |  
| |                                               |   | 2010      |  |   | 2009     |  
| |                                               |   |           |  |   |          |  
| | Balance, beginning of period                  | $ | -         |  | $ | 5,253    |  
| | Loss attributable to non-controlling interest |   |           |  |   | (391     | )
| | Acquisition of non-controlling interest       |   | -         |  |   | (4,862   | )
| | Balance, end of period                        | $ | -         |  | $ | -        |  

The following table shows, using US
GAAP measurements, the effect of changes to the Companys interest in Revett
Silver on shareholders equity attributable to the Company:

| |                                                                                                         |   | September |  |   | September |  
| | ------------------------------------------------------------------------------------------------------- | - | --------- |  | - | --------- | -
| |                                                                                                         |   | 30,       |  |   | 30,       |  
| |                                                                                                         |   | 2010      |  |   | 2009      |  
| |                                                                                                         |   |           |  |   |           |  
| | Net income (loss) under US
      GAAP attributable to the Company                                       | $ | 336       |  | $ | (2,727    | )
| | Increase in contributed surplus on acquisition of
      non-controlling interest                        |   | -         |  |   | 2,750     |  
| | Change from income (loss) attributable to the Company and
      acquisition of non-controlling interest | $ | 336       |  | $ | (23       | )

|(f) | Warrants                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | Under Canadian GAAP, outstanding share purchase warrants
      are classified and accounted for as equity. Certain of the Companys share
      purchase warrants have an exercise price denominated in a currency other
      than the Companys functional currency and are not considered to be
      indexed to the Companys own stock. Accordingly, for US GAAP purposes,
      these warrants are classified and accounted for as a financial liability
      at their fair value with changes in fair value included in net
      earnings.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | For the three and nine months ended September 30, 2010,
      the mark to market loss was $1.3 million (2009 nil). The fair value of
      the warrants of $2.6 million as at September 30, 2010 has been determined
      using a Black Sholes option pricing model using the following assumptions:
      expected life of 2.92 years; volatility of 113%; risk free discount note
      of 0.77%. This measurement would be designated as level 2 in the fair
      value hierarchy.                                                           

18

---

Revett Minerals Inc.Notes to Consolidated Financial StatementsFor the three months and nine months ended September 30, 2010(Expressed in United States dollars, unless otherwise stated(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)Unaudited

|9. | Reconciliation to United States Generally Accepted
      Accounting Principles(continued)
|-- | -----------------------------------------------------------------------------------------

|(e) | Debt finance costs:                                                                                                                                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                 
|    | Under Canadian GAAP, costs incurred in connection with
      the issue of debt are netted against the related debt and amortized using
      the effective interest rate method. For US GAAP these cost are also
      amortized using the effective interest rate method but the unamortized
      costs would be presented as an asset on the balance
  sheet.

10. Subsequent events

On October 7, 2010, ASARCO LLC (ASARCO) agreed to dismiss its
lawsuit against the Company in exchange for the Company issuing ASARCO one
million stock purchase warrants. These warrants expire October 7, 2013, and have
a $0.30 per share exercise price. ASARCO cannot trade the securities before
February 7, 2011.

On October 20, 2010, Trafigura AG, the Companys concentrate
customer, elected to exercise 10 million stock purchase warrants at an exercise
price of $0.20 per share. The proceeds have been used to settle, in full, the
Companys note payable (note 5) to Trafigura.

Subsequent to September 30, 2010, in addition to the Trafigura
exercise of warrants, various warrant holders exercised 2.8 million warrants at
an exercise price of $0.10 per share resulting in $0.3 million in proceeds to
the Company. In addition, various stock option holders exercised 1.3 million
options resulting in net proceeds to the Company of $0.1 million.

19

---

Managements Discussion and Analysis of Financial Condition
and Results of Operations as at November 15, 2010

This Managements Discussion and Analysis (MD&A) of the
financial results of Revett Minerals Inc. (Revett Minerals or the Company)
for the three month and nine month periods ended September 30, 2010 should be
read in conjunction with the unaudited consolidated interim financial statements
and notes as at September 30, 2010 which form part of this report. In addition,
this MD&A and related financial statements should be read in conjunction
with the 2009 audited annual consolidated financial statements, the related
Managements Discussion and Analysis, and the Form 10-K filed in Canada on SEDAR
or on file in the United States with the Securities and Exchange Commission
(SEC) or on EDGAR. These financial statements are expressed in United States
dollars, unless otherwise stated, and they are prepared in accordance with
Canadian generally accepted accounting principles. Material differences between
Canadian and US GAAP are disclosed in note 9 of the unaudited consolidated
interim financial statements.

Some of the statements in this MD&A are forward looking
statements that are subject to risk factors set out in the cautionary note
contained in this MD&A.

Overview and Important Factors Influencing Results for the
Three and Nine Months Ended September 30, 2010

As at November 12, 2010, the Companys principal assets
consisted of a 100% interest in the Troy copper and silver mine (Troy) in
northwest Montana, USA and also a 100% interest in the undeveloped Rock Creek
copper and silver development project (Rock Creek) also located in northwest
Montana.

Overall Performance

For the nine month period ended September 30, 2010, Revett
Minerals reported a net income after taxes of $2.0 million or $0.02 per share
($0.01 per share diluted) compared to a net loss after taxes and non-controlling
interest of $3.3 million or $0.03 per share for the nine months ended September
30, 2009. The primary reason for the profit in the first nine months of 2010 was
due to 10% improvement in mill throughput and favorable metal prices. The
average LME copper price was $3.25 per pound and silvers average price was
$18.07 per ounce during the first nine months of 2010 compared to $2.33 per
pound for copper and $14.65 per ounce of silver in 2009. Total revenues were
$33.9 million for the nine months ended September 30, 2010 compared to $25.0
million for the same period in 2009.

During the three months ended September 30, 2010, the Company
successfully accessed to the C Bed mine area, which contains higher ore grades.
Ore production from this area has begun and is expected to increase as
additional mine development is completed.

For the three months ended September 30, 2010, the Company
reported a net income after taxes of $2.1 million or $0.02 per share ($0.01 per
share diluted) compared to a net loss of $1.4 million or $0.01 per share for the
three months ended September 30, 2009. A 16% improvement in mill throughput,
including a 22% improvement in copper metal production and a 11% improvement in
silver production resulted in higher copper and silver sales. Coppers LME
average price was $3.29 per pound and silvers average price was $18.96 during
the third quarter of 2010 compared to $2.66 per pound of copper and $14.70 per
ounce for silver in the third quarter of 2009. Total revenues were $12.4 million
for the three months ended September 30, 2010 compared to $8.1 million for the
same period in 2009.

20

---

Results of Operations for the Three and Nine Months Ended
September 30, 2010 Compared to the Same Period in 2009.

The major highlights for the three and nine months ended
September 30, 2010, included:

- Troy continued its productivity gains through the period averaging
  3,914 tons per day (tpd) and 4,053 tpd for the 3ndquarter and the first nine months of 2010, respectively,
  compared to 3,362 tpd and 3,700 tpd in the 3rd quarter and the first nine
  months of 2009;
- For the nine month period ended September 30, 2010, the Company
  recorded sales of $33.9 million compared to revenues of $25.0 million
  for the nine months ended September 30, 2009;
- On a stand alone basis, Troys net income before tax was $5.7 million
  for the nine months ended September 30, 2010;
- The Company was successful in completing the development of the haulage
  ramp to access the higher grade C Bed area.

Concentrate sales during the nine months ended September 30,
2010 consisted of 6.5 million pounds of copper and 710,832 ounces of silver
compared to 6.4 million pounds of copper and 791,504 ounces of silver during the
same period in 2009.

Operating Results:

The table below illustrates certain key operating statistics
for Troy for the three months ended September 30, 2010, with a comparison to the
same three month period in 2009.

|                      | Three Months Ended September 30, 2010 | Three Months Ended September 30, 2009
|--------------------- | ------------------------------------- | -------------------------------------
|Tons milled           | 352,296                               | 302,543                              
|Tons milled per day   | 3,914                                 | 3,362                                
|Copper grade (%)      | 0.44                                  | 0.39                                 
|Silver grade (opt)    | 0.95                                  | 1.00                                 
|Copper recovery (%)   | 77.0                                  | 81.0                                 
|Silver recovery (%)   | 83.0                                  | 82.0                                 
|Copper produced (lbs) | 2,347,643                             | 1,928,405                            
|Silver produced (ozs) | 277,437                               | 250,982                              

Production during the third quarter of 2010 was improved by 16%
over the third quarter of 2009 and operating cost per ton milled was reduced by
9%. The increase in tons mined was complemented by improved copper grades by 11%
compared to the same period in 2009. Silver grade was 6% lower in the third
quarter of 2010 compared to the same period in 2009 due to lower silver grades
in the Lower Quartizite areas. Mill recoveries remained good but slightly lower
than plan due to lower grades and a higher percentage of non-sulfide ores milled
at 83% for silver and 77% for copper compared to expected recoveries of 86.9%
for silver and 84.7% for copper.

The table below illustrates the variation of operating costs
per ton milled.

|                        | Q3.10   | Q2.10   | Q1.10   | Q4.09   | Q3.09   | Q2.09  
|----------------------- | ------- | ------- | ------- | ------- | ------- | -------
|Tons milled             | 352,296 | 354,359 | 379,592 | 345,586 | 302,543 | 349,925
|Cost per ton milled ($) | 22.67   | 23.49   | 22.99   | 23.71   | 25.03   | 21.89  

21

---

Financial Results for the three months ended September
30, 2010:

|a) | Revenue:For the third quarter of 2010 compared to
      the third quarter of 2009, revenue increased from $8.1 million to $12.4
      million primarily due to the increase in the prices of copper and silver
      and higher copper production. During the quarter ended September 30, 2010,
      the LME prices of copper and LME silver averaged $3.29 per pound and
      $18.96 per ounce, respectively, compared to average prices of $2.66 per
      pound and $14.70 per ounce, respectively in the third quarter of 2009. The
      Company realized an average copper price of $3.11 per pound and an average
      silver price of $18.24 per ounce during the three months ended September
      30, 2010, as a result of the fixed forward pricing blended with spot
      pricing.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|b) | Cost of Goods Sold:The cost of goods sold
      associated with the third quarter revenue was $8.6 million, an increase of
      $0.6 million over the same period in 2009. The primary reason for the
      increase in cost of sales was additional ore tons milled and the new
      royalty expense (the 3% gross smelter return royalty began on July 1,
      2010).                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|c) | Depreciation and depletion:For the third quarter
      of 2010, these non cash charges are slightly higher due to the additional
      ore tons milled as compared to 2009. The majority of the plant and
      equipment at Troy is depreciated using the units-of-production
    method.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|d) | Exploration and development:This expense
      increased by $0.1 million because of the Companys renewed efforts to
      increase ore reserves at the Troy mine. Spending at Rock Creek did not
      change in 2010 due to efforts to conserve cash.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|e) | General and administration costs:The increase in
      corporate administration costs in the third quarter of 2010 over the
      comparable quarter in 2009 was mainly due the increased focus on
      investor/public relations efforts and higher legal and consulting spending
      related to settling the ASARCO issue.                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|f) | Accretion of reclamation and remediation liability:This expense is a marginal increase in the reclamation accretion at
      Troy, which increases as the amount of the liability increases.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|g) | Income (loss) from operations:The higher cost of
      sales was more than offset by the increase in revenues. Revenues were $4.3
      million higher in 2010 compared to the same period in 2009 while costs
      increased by $0.9 million. The net result was the Company recording $2.2
      million in income from operations compared to a loss from operation in
      2009 of $1.2 million.                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|h) | Net earnings:The Company recorded net income of
      $2.1 million or $0.02 per share ($0.01 per share diluted) for the third
      quarter compared to a net loss of $1.4 million or $0.01 per share in the
      third quarter of 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

22

---

Summarized Financial Results by Quarter

|                                                                   | 2010   | 2010    | 2010   | 2009    | 2009    | 2009    | 2009   | 2008   
|------------------------------------------------------------------ | ------ | ------- | ------ | ------- | ------- | ------- | ------ | -------
|                                                                   | Q3     | Q2      | Q1     | Q4      | Q3      | Q2      | Q1     | Q4     
|Cu Production (million lbs)                                        | 2.3    | 1.9     | 2.5    | 2.0     | 1.9     | 2.4     | 2.3    | 2.7    
|Ag Production (000s ozs)                                          | 277    | 208     | 287    | 253     | 251     | 302     | 321    | 380    
|Total Sales (000s $)                                              | 12,402 | 9,322   | 12,127 | 8,141   | 8,105   | 8,590   | 8,340  | 4,113  
|Net Income (loss) (000s $)                                        | 2,114  | (1,016) | 912    | (1,738) | (1,407) | (1,024) | (859)  | (5,193)
|EPS- Basic ($)                                                     | 0.02   | (0.01)  | 0.01   | (0.02)  | (0.01)  | (0.01)  | (0.01) | (0.07) 
|EPS- Fully diluted ($)                                             | 0.01   | (0.01)  | 0.01   | (0.02)  | (0.01)  | (0.01)  | (0.01) | (0.07) 
|Cash and Cash Equivalents &
      s/t Investments ending (000s $) | 6,568  | 3,150   | 3,730  | 2,622   | 2,515   | 3,256   | 973    | 1,633  
|Total Assets ending (000s $)                                      | 75,655 | 70,230  | 70,776 | 67,700  | 69,792  | 71,142  | 71,071 | 77,942 
|Total liabilities ending (000s
      $)                           | 18,080 | 18,873  | 18,456 | 18,719  | 20,037  | 21,655  | 20,826 | 24,492 
|Total Equity ending (000s $)                                      | 57,575 | 51,357  | 52,320 | 48,981  | 49,058  | 48,959  | 49,270 | 48,197 

Operating Results for the nine months ended September 30,
2010 and 2009:

The table below illustrates certain key operating statistics
for Troy (100% basis) for the nine months ended September 30, 2010, with a
comparison to the same nine month period in 2009.

|                      | Nine Months Ended September 30, 2010 | Nine Months Ended September 30, 2009
|--------------------- | ------------------------------------ | ------------------------------------
|Tons milled           | 1,086,247                            | 991,639                             
|Tons milled per day   | 4,053                                | 3,700                               
|Copper grade (%)      | 0.38                                 | 0.39                                
|Silver grade (opt)    | 0.84                                 | 1.03                                
|Copper recovery (%)   | 81.0                                 | 84.0                                
|Silver recovery (%)   | 85.0                                 | 85.0                                
|Copper produced (lbs) | 6,692,768                            | 6,571,147                           
|Silver produced (ozs) | 772,644                              | 873,901                             

Production during the first nine months of 2010 was much
improved at 4,053 tons per day, a 16% improvement over the first nine months of
2009 at 3,700 tons per day. The increase in tons mined was slightly offset by
lower silver grade at 0.84 ounces per ton resulting in a 101,257 ounce, or 12%,
decrease in silver production compared to 2009. Copper ore grades remain
slightly lower than estimated life of mine averages due to mining more quantity
of ore from the lower grade area known as the lower quartzite. Despite slightly
lower copper grades, copper production was slightly higher than 2009 production
due to increased tonnage milled.

23

---

Financial Results for the nine months ended September 30,
2010:

|a) | Revenue:For the first nine months of 2010
      compared to 2009, while silver production was down, revenue increased from
      $25.0 million to $33.9 million primarily due to the increase in the price
      of copper and silver and due to the financial settlement of a forward
      sales contract resulting in a gain of $0.7 million. During the nine months
      ended September 30, 2010, the LME price of copper and silver averaged
      $3.25 per pound and $18.07 per ounce, respectively, compared to average
      prices of $2.33 per pound and $14.65 per ounce, respectively in the first
      nine months of 2009. The Company realized an average copper price of $3.14
      per pound and an average silver price of $17.75 per ounce during the nine
      months ended September 30, 2010, as a result of the fixed forward pricing
      blended with spot pricing.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|b) | Cost of Goods Sold:The cost of goods sold
      associated with the first nine months of 2010 revenue was $26.0 million,
      an increase of $1.9 million (an 8% change) over the same period in 2009.
      The main reasons for the increase in the first nine months of 2010 were
      increased ore tons milled (a 10% increase in tons milled resulting in
      approximately $2.0 million in higher costs), higher labor costs as the
      labor rates were increased by 10%, and higher consumable prices (steel,
      diesel fuel and transportation).                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|c) | Depreciation and depletion:For the first nine
      months of 2010, these non cash charges were basically the same as the
      first nine months of 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|d) | Exploration and development:This expense
      increased by $0.2 million because the Company has elected to resume an
      exploration program on the Troy property. Spending at Rock Creek was
      basically the same in 2010 as in 2009 due to efforts to conserve
    cash.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|e) | General and administration costs:The increase in
      corporate administration costs of $0.7 million in the first nine months of
      2010 over the comparable period in 2009 was mainly due to the expensing of
      stock options issued to the Companys employees (non cash stock option
      expense of $0.9 million was recorded in 2010 compared to $0.3 million in
      2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|f) | Accretion of reclamation and remediation liability:This expense is a marginal increase in the reclamation accretion at
      Troy which increases as the liability increases.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|g) | Income (loss) from operations:The higher metal
      prices more than offset the decrease in silver production during the nine
      months ended September 30, 2010. Revenues were $8.8 million higher in the
      first nine months of 2010 compared to the same period 2009. However, costs
      increased by $2.9 million. The net result was the Company recording $2.4
      million in income from operations compared to a loss from operation in
      2009 of $3.6 million.                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|h) | Non-controlling interest:During the fourth
      quarter of 2009 the Company acquired 100% of its subsidiary Revett Silver
      Company, and the Company no longer has a non- controlling
  interest.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|i) | Net earnings:The Company recorded net income of
      $2.0 million or $0.02 per share ($0.01 per share diluted) for the first
      nine months of 2010 compared to a net loss of $3.3 million or $0.03 per
      share in the first nine months of 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

24

---

Financing Activities

During the first nine months of 2010 the Company entered into a
capital lease for the purchase of three tractors with a value of $ 0.05 million
which is being financed over a three year period. Revett Silver has entered into
the following contractual financial obligations (in thousands of USD) as of
September 30, 2010:

|                              |  |        |  |  | Current |  |  | 1 to 3 |  |  | 3 to 5 |  |  | 5 years or | 
|----------------------------- |  | ------ |  |  | ------- |  |  | ------ |  |  | ------ |  |  | ---------- | 
|Contractual obligation        |  | Total  |  |  | portion |  |  | years  |  |  | years  |  |  | more       | 
|Note payable                  |  | 2,000  |  |  | 1,000   |  |  | 1,000  |  |  | -      |  |  | -          | 
|                              |  |        |  |  |         |  |  |        |  |  |        |  |  |            | 
|Capital lease obligations     |  | 1,261  |  |  | 609     |  |  | 652    |  |  |        |  |  |            | 
|Long term Reclamation costs   |  | 12,900 |  |  | -       |  |  | -      |  |  | -      |  |  | 12,900     | 
|Total contractual obligations |  | 16,161 |  |  | 1,609   |  |  | 1,652  |  |  | -      |  |  | 12,900     | 

The note payable was repaid in full subsequent to September 30,
2010.

Revett Silver has also entered into operating leases for a
total of 33 rail cars at an average cost of $458 per car per month.

Liquidity and Capital Resources

The Companys liquidity position is directly related to the
level of concentrate production, cost of this production and the provisional and
final prices received for the copper and silver in the concentrate that is sold.
At September 30, 2010, working capital was $5.4 million and cash and cash
equivalents was $6.6 million. At September 30, 2010, net concentrate receivable
was $2.9 million.

At todays copper and silver prices the Company is generating
positive cash flow from operations. Declines in the price of copper and silver
could erode the Companys cash and working capital position. The Company does
not have sufficient cash to undertake any major spending activities at Rock
Creek at this time. For the remainder of 2010, the Company has sold forward 1.3
million pounds of copper at an average price of $2.93 per pound and 75,000
ounces of silver at an average price of $16.25 per ounce. For 2011, the Company
has sold forward 5.0 million pounds of copper at an average price of $3.46 per
pound and 350,000 ounces of silver at an average price of $18.61 per ounce and
for 2012, the Company has sold forward 0.9 million pounds of copper at an
average price of $3.55 per pound and 60,000 ounces of silver at $19.00 per
ounce.

In January 2010, the Company completed a private placement of
3,613,899 shares of common stock and realized gross proceeds of approximately
$1.1 million. In August 2010, the Company issued 14,542,726 units for net
proceed of $3.9 million. Each unit consisted of one common share and one-half a
warrant, with each whole warrant exercisable into common shares at Cdn
$0.35.

In October 2010, ASARCO LLC (ASARCO) agreed to dismiss its
lawsuit against the Company in exchange for the Company issuing ASARCO one
million stock purchase warrants. These warrants expire October 7, 2013, and have
a $0.30 per share exercise price. ASARCO cannot trade the securities before
February 7, 2011.

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On October 20, 2010, Trafigura AG, the Companys concentrate
customer, elected to exercise 10 million stock purchase warrants at an exercise
price of $0.20 per share. The proceeds have been used to settle, in full, the
Companys note payable to Trafigura.

Off Balance Sheet Arrangements

During 2002, Kennecott and Revett Silver agreed to amend the
February 21, 2000 Asset Purchase and Sale Agreement pursuant to which Revett
Silver acquired Kennecotts interest in Troy and Rock Creek. Among other things,
the amendment granted Kennecott the right to acquire a 2% net smelter return
royalty from the sale of metals from a defined area of the Companys Rock Creek
property at any time until the later of: (i) one year after Rock Creek achieves
80% of designed commercial production capacity or, (ii) December 31, 2015. The
amendment requires Kennecott to surrender 2,250,000 common shares of the Company
previously issued for this royalty. The royalty terminates upon Kennecotts
recovery of $8 million in total royalty payments, plus an adjustment related to
changes in the consumer price index.

The Company also has forward contracts to sell copper and
silver at fixed prices which have been designated as normal purchase and sales
contracts. The fair value of these contracts are not recognized in the balance
sheet (see Financial instruments, Hedging Activities).

Related Party Transactions

There were no related party transactions during the first nine
months of 2010.

Proposed Transactions

There are no proposed transactions as at September 30, 2010
other than those discussed herein as subsequent events.

Principal Risks and Uncertainties

Revett Minerals is a speculative investment, for many
reasons, and the following risk factors should be carefully considered in
evaluating it. In addition, this report contains forward-looking statements that
involve known and unknown risks and uncertainties. These forward-looking
statements include statements of our plans, objectives, expectations and
intentions. Actual results could differ from those discussed in the
forward-looking statements as a result of certain factors, including those set
forth below. You should carefully consider the risks and uncertainties described
below and the other information in this report before investing.

We may not be able to continue as a going concern.Our consolidated financial statements have been prepared on the basis
that we will continue as a going concern. At September 30, 2010, we had working
capital of approximately $5.4 million, which may not be sufficient to meet our
planned business objectives, specifically, we would not be able to proceed with
the Rock Creek project. At current copper and silver prices the Company would be
able to generate a positive cash flow from operations. Management recognizes
that the Company will need to generate additional financial resources in order
to meet its objectives. If the Company is not able to generate positive cash
flows and profits or obtain adequate additional financing, it will be required
to curtail operations and exploration activities. Furthermore, its inability to
continue as a going concern would require it to restate its assets and
liabilities on a liquidation basis, which could differ significantly from the
going concern basis.

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We have a limited operating history and had losses in
prior years.We have been engaged in commercial mining operations at
Troy for just over five years and have not yet attained a significant level of
earnings. In 2009, we incurred a loss of $5.0 million on $29.5 million in
revenues. In 2008, we incurred a loss of $6.7 million on revenues of $35.9
million. In 2007, we earned approximately $0.9 million on revenues of
approximately $39 million. In 2006, we incurred a loss of approximately $1.7
million on revenues of approximately $31.4 million, and in 2005 we incurred a
loss of approximately $2.9 million on revenues of approximately $21.1 million.
Our loss in 2009 and 2008 was primarily a result of a rapid decrease in copper
and silver pricing during the second half of 2008 and lower than expected metals
production. Our losses in 2006 and 2005 were partially attributable to the fact
that production levels at Troy had not attained projected levels due to
geotechnical problems, a shortage of skilled employees, problems in obtaining
necessary repair parts for its equipment, and other factors common to
underground hard rock mining operations.

Environmental challenges could prevent us from ever
developing Rock Creek.Our proposed development of Rock Creek has been
challenged on environmental grounds by several regional and national
organizations at various times subsequent to the Forest Services issuance of an
administrative record of decision approving our plan of operation in 2003. Some
of these challenges are substantial and ongoing, and allege violations of the
procedural and substantive requirements of a variety of federal and state laws
and regulations pertaining to our permitting activities at Rock Creek, including
ESA, NEPA, the 1872 Mining Law, the Federal Land Policy Management Act, the
Wilderness Act, the National Forest Management Act, the Clean Water Act, the
Forest Service Organic Act of 1897, and the Administrative Procedural Act.
Although we have generally been successful in addressing most of the
environmental challenges to our operations, we cannot predict with any degree of
certainty how the pending challenges will be resolved. Rock Creek is potentially
the more significant of our two mining assets. Continued court challenges to the
record of decision and its accompanying biological opinion will inevitably delay
us from proceeding with our planned development, and a successful challenge to
either could prevent us from developing the project at all. If we are successful
in defending these challenges, we still must comply with a number of
requirements and conditions as development progresses, failing which we could be
denied the ability to continue with our proposed activities at Rock Creek.

On March 29, 2010, the US District Court ruled that the Forest
Services decision to approve the Rock Creek Mine Project is vacated and the
2003 Record of Decision and 2001 Final Environmental Impact Statement are set
aside and remanded to the Forest Service for further action consistent with the
Courts opinion. The Company is completing thorough review before discussing
options with various agencies involved to determine the best course of action
moving forward. The Company remains confident the Rock Creek project can be
developed on an environmentally responsible manner and view the courts ruling
as a step forward in the process.

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Our reclamation liability at Troy could be
substantial. In acquiring Troy, we agreed to indemnify ASARCO and hold
it harmless from all of the liabilities associated with the reclamation,
restoration and closure of the mine. This entailed our procurement of a $12.9
million performance bond to ensure that sufficient funds would be available to
meet these obligations. We are currently preparing a revised reclamation and
restoration plan for Troy which, when completed, may result in changes to the
estimated reclamation and restoration costs and the amount of the performance
bond. One of the key issues that has yet to be resolved is the extent to which
we may be required to treat water from Troy after mining operations have ceased.
Another issue is whether we are required to prepare and file an EIS in
conjunction with any action taken with respect to our revised reclamation plan.
We have advised the DEQ that we will fund the cost of an EIS, but believe the
study should be postponed until such time as mining operations at Troy are
actually projected to cease and more current information concerning the scope of
any required remediation is known. We do not presently know whether our revised
plan will actually result in increased reclamation and restoration costs at
Troy. Laws governing the closure of mining operations in Montana have become
more stringent since Troy was first placed into production, and in the case of
Troy, could include provisions requiring us to perpetually treat all of the
discharged water from the mine. These factors could result in the imposition of
a higher performance bond. Further, our reclamation and restoration liability at
Troy is not limited by the amount of the performance bond itself. The bond
serves only as security for the payment of these obligations; any substantial
increase in actual costs over and above the amount of the bond would necessarily
be borne by the Company. Payment of such costs could have a material adverse
effect on the Companys financial condition.

We presently do not have the financial resources to
develop Rock Creek. At September 30, 2010 we had cash and cash
equivalents and short term investments of approximately $6.6 million. At this
time we do not have sufficient cash to fund our evaluation program at Rock Creek
and we do not have sufficient funds to allow us to develop the mine or begin
mining operations should it prove feasible to do so. Moreover, we do not have
any commitments for additional funding. The forecasted capital cost of
constructing a mine at Rock Creek is currently estimated to be in the range of
$220 to $270 million and could change materially.

Non-U.S. persons owning our stock could be subject to
U.S. taxes if we are treated as a United States company.Section 7874 of
the Internal Revenue Code of 1986, as amended (the Code), provides that, under
certain instances, a non-U.S. corporation such as Revett Minerals could be
treated as a U.S. corporation for U.S. tax purposes. A consequence of this
treatment for non-U.S. persons owning common stock of such a corporation is that
they could be subject to U.S. tax on any gain they receive from the sale of such
stock unless they qualify for a statutory exemption. Were these to occur, it is
unlikely that this potential U.S. tax liability would be credited against the
shareholders tax liability in his or her country of domicile, meaning that the
shareholder would likely suffer double taxation on any such gain. Management
does not believe Revett Minerals will be treated as a U.S. corporation for tax
purposes, but cannot offer any assurance that such treatment would not occur.
There is presently uncertainty surrounding the interpretation of Section 7874.
The Internal Revenue Service could challenge Revett Minerals interpretation of
the guidance that has been provided to date, or it could write implementing
regulations that differ from that guidance.

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We could be treated as a passive foreign income company
for tax purposes.Section 1297 of the Code provides that a foreign
corporation such as Revett Minerals may be a passive foreign investment company
(PFIC) if (a) 75% or more of its gross income is passive income or (b) the
average percentage of the corporations assets (by value) held by it during the
taxable year that produce passive income or are held for the production of
passive income is at least 50%. (For purposes of Section 1297, passive income
could include income derived by Revett Minerals from the operations of its
majority-owned Revett Silver subsidiary.) If a U.S. taxpayer shareholder
receives an excess distribution from a PFIC, that distribution is generally
subject to an interest charge unless the shareholder has elected to treat its
interest in the corporation as an interest in a qualified electing fund or
QEF, or makes an election to mark to market his or her PFIC stock at the close
of each taxable year. An excess distribution for purposes of Section 1297 and
regulations promulgated there-under is the amount of any current distribution
that exceeds the normal level of a PFICs distributions. The purpose of the
interest charge is to enable a recapture of the benefit of any U.S. income tax
deferral to a U.S. shareholder while the investment income (presumably untaxed)
was accumulated by the foreign investment company.

There are other formidable risks to mining.We
are subject to all of the risks inherent in the mining industry, including
industrial accidents, labor disputes, unusual or unexpected geologic formations,
cave-ins, surface subsidence, flooding, power disruptions and periodic
interruptions due to inclement weather. These risks could result in damage to or
destruction of its mineral properties and production facilities, personal
injury, environmental damage, delays, monetary losses and legal liability. We do
not maintain insurance covering catastrophic liabilities and we do not expect to
procure such insurance unless and until it is economically feasible to do so. In
addition, we are subject to competition for new mineral properties, management
and skilled miners from other mining companies, many of which have significantly
greater resources than we do. We also have no control over changes in
governmental regulation of mining activities, the speculative nature of mineral
exploration and development, operating hazards, fluctuating metals prices, and
inflation and other economic conditions.

Copper and silver prices fluctuate markedly.Our
operations are significantly influenced by the price of copper and silver.
Copper and silver prices fluctuate widely and are affected by numerous factors
that are beyond our control, such as inflation, the strength of the United
States dollar relative to foreign currencies, global and regional demand,
commodity funds and speculators and the political and economic conditions of
major producing countries throughout the world. Since 1990, world average copper
prices fluctuated from a low of $0.71 per pound in 2002 to a high of $4.02 per
pound in 2010, and world average annual silver prices fluctuated from a low of
$3.95 per ounce in 1992 to a high of $28.92 per ounce in 2010.

Currency fluctuations will affect our
competitiveness. The price of copper and silver are denominated
in U.S. dollars even though most production originates in countries whose
currencies are independently valued. Fluctuations in the value of the U.S.
dollar relative to the values of these host country currencies could affect the
competitiveness of our operations.

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Accounting Changes

In 2010 the Company has changed the classification of treatment
and transportation costs. These costs were previously netted against revenues
but are now classified as cost of sales. The 2009 treatment and transportation
costs of $0.8 million and $2.9 million for the three months and nine months
ended September 30, 2010, respectively, have now been reclassified to cost of
sales. As a result, revenues and cost of sales each increased by $0.8 million
and $2.9 million, respectively, compared to amounts previously reported.

Future accounting changes

Canadas Accounting Standards Board has ratified a strategic
plan that will result in Canadian GAAP, as used by publicly accountable
enterprises, being fully converged with International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board
over a transitional period. Full adoption of IFRS is required for all publicly
accountable enterprises for fiscal years beginning on or after January 1, 2011.
The Company is currently planning to adopt accounting principles generally
accepted in the United States of America (US GAAP) as permitted by Canadian
Securities regulatory authorities and adopt IFRS if and when IFRS and US GAAP
converge. Material differences between Canadian GAAP and US GAAP and their
impact on the consolidated financial statements are disclosed in note 9 to those
financial statements.

Financial Instruments

Provisional pricing

The Company fair values the receivable amount for silver and
copper in concentrate for which final prices have not yet been determined. At
each month end, the Company adjusts its revenue and receivable to account for
expected future prices and the corresponding expected future revenue and cash
flow. In order to do this, the Company must make estimates of the future prices
expected to prevail when final settlement occurs. The Company uses Comex
commodity futures market prices at each month end to estimate these expected
prices. At September 30, 2010, the Company had 2,382,372 pounds of copper and
266,462 ounces of silver with prices not yet fixed. The fair value revenue
adjustment as at September 30, 2010 was a gain of $0.2 million and is recorded
in accounts receivable at September 30, 2010 with the corresponding gain
recorded in the statement of operations. Considerable judgment is required to
interpret market data and to develop the estimates of fair value for future
periods. Accordingly, the actual amounts received will differ from the estimate
and amounts the Company will realize in such future periods.

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Hedging activities

For the remainder of 2010, the Company has sold forward 1.3
million pounds of coper at an average price of $2.93 per pound and 75,000 ounces
of silver at an average price of $16.25 per ounce. For 2011, the Company has
sold forward 5.0 million pounds of copper at an average price of $3.46 per pound
and 350,000 ounces of silver at an average price of $18.61 per ounce and for
2012, the Company has sold forward 0.9 million pounds of copper at an average
price of $3.55 per pound and 60,000 ounces of silver at $19.00 per ounce.

Forward Looking Statements

Cautionary Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995. With the exception of historical
matters, the matters discussed in this report are forward- looking statements
that involve risk and uncertainties that could cause actual results to differ
materially from projections or estimates contained herein. The words believe,
estimate, anticipate, expect, and project and similar expressions are
included to identify forward-looking statements. Such forward looking-statements
include statements regarding future production levels and operating costs at the
Troy mine, future levels of capital expenditures at both Troy and Rock Creek,
the reserve and resource estimates at both Troy and Rock Creek, the adequacy of
the financial resources and funds to cover operating and exploration costs at
Troy and the cost of exploration at Rock Creek, the timing of certain litigation
activities which have delayed exploration activities at Rock Creek, the adequacy
of third party financing to complete certain corporate development activities,
and the expectation that the Troy mine will be able to generate positive cash
flow in future periods.

Factors that could cause actual results to differ materially
from these forward looking statements include, among others:

- changes in copper and silver prices;
- the operating performance of the Troy mine;
- geological conditions at the Troy mine;
- the need for copper concentrate by copper smelters and the costs
  associated with selling such concentrate to the smelters;
- the ability of the Company to complete exploration activities at the Rock
  Creek project;
- activities of certain environmental groups opposed to the Companys
  activities in the United States;
- changes in the planned Rock Creek project parameters; changes in estimates
  of the reserves and resources at all the properties owned or controlled by the
  Company;
- economic and market conditions;
- future financial needs and the Companys ability to secure such financing
  under reasonable terms and conditions;
- changes in federal or state legislation and regulations governing our
  operations and projects;
- risks of future unknown lawsuits respecting future planned activities on
  our projects or past activities by the Company.

as well as other factors described elsewhere in our annual Form
10-K and the various regulatory filings done with United States and Canadian and
provincial regulatory bodies which are available in Canada at www.sedar.com or
in the United States on EDGAR.

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Future events and actual results could differ materially from
those set forth in, contemplated by, or underlying the forward-looking
statements. Most of these factors are beyond our ability to predict or control.
Future events and actual results could differ materially from those set forth
in, contemplated by, or underlying the forward looking statements. We disclaim
any obligation to update any forward-looking statement made here-in. Readers are
cautioned not to put undue reliance on forward looking statements.

Quantitative and Qualitative Disclosures About Market Risk

Our earnings and cash flow are significantly affected by
changes in the market price of copper and silver. The prices of both metals can
fluctuate widely and are influenced by numerous factors such as demand,
production levels, the economic policies of central banks, producer and fund
hedging, world political and economic events and the strength of the US dollar
relative to other currencies. During the past eighteen years the average annual
price of copper has ranged from a low of $0.71 per pound to a high of $3.82 per
pound. Average annual silver prices over this same period have ranged from a low
of $3.95 per ounce to a high of $24.49. Currently the prices for both metals are
at or near $4.02 per pound for copper and $28.92 per ounce for silver. Should
the price of copper or silver decline substantially, the value of Troy and Rock
Creek could fall dramatically and the future operation of Troy and the future
exploration and development at Rock Creek could both be at risk.

During the nine months ended September 30, 2010, the Company
delivered and sold 6.7 million pounds of copper and 710,832 ounces of silver.
Based upon these metals sales levels, a $0.50 change in the price of each metal
would have changed revenue by $3.7 million.

A substantial portion of the Companys cash and short term
investments are invested in certificates of deposit or high quality government
and corporate fixed income securities, all of which are denominated in US
dollars. With the uncertainty in the financial markets the value of these fixed
income securities could change materially. Approximately $2.3 million of the
Companys short term investments are in savings deposits by a major Canadian
chartered bank and are denominated in Canadian dollars which exposes the Company
to some foreign exchange risk.

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Controls and Procedures

Management of the Company is responsible for adopting an
internal control system that gives it and the board of directors reasonable
assurance that the Companys financial statements present fairly its financial
position and activities. Management is also responsible for establishing and
maintaining disclosure controls and procedures that provide reasonable assurance
the material information concerning the Company and its consolidated
subsidiaries is appropriately disclosed.

Disclosure Controls and Procedures. The Companys
disclosure controls and procedures are designed to ensure that information the
Company is required to disclose in its periodic reports and other information
filed under the Securities Exchange Act, as amended (the Exchange Act) is
recorded, processed, summarized and accurately reported within the time periods
prescribed by the Securities and Exchange Commissions rules. They include,
without limitation, controls and procedures designed to ensure that such
information is accumulated and promptly communicated to the Companys
management, including its chief executive officer, its chief financial officer
and other principal accounting officers, so such persons can make timely
decisions regarding disclosure,

The Company evaluated the effectiveness of the design and
operation of its disclosure controls and procedures as required by Exchange Act
Rules 13 (a) - 15 (e) and 15 (d)  15 (e). This evaluation was performed under
the supervision and with the participation of its management, including the
chief executive officer and its chief financial officer. Based upon this
evaluation, the chief executive officer and the chief financial officer
concluded that the design and operation of the Companys disclosure controls and
procedures are effective as at September 30, 2010 to ensure that information
required to be disclosed by us in reports that we file under the Exchange Act,
is gathered, reported, processed, summarized and reported within the time
periods specified in the Securities and Exchange Commissions rules and forms
and is accumulated and communicated to management of Revett Minerals, including
the CEO and CFO, to allow timely decisions regarding required disclosure as
specified under U.S. and Canadian securities laws.

Internal Controls over Financial
Reporting. Management is responsible for establishing and
maintaining adequate internal control over financial reporting as defined in
Rules 13a-15(f) and 15d-15(f) under the Securities Act of 1934.Our
internal control over financial reporting is designed to provide reasonable
assurance regarding the reliability of our financial reporting and preparation
of our financial statements for external purposes in accordance with generally
accepted accounting principles. Our internal control over financial reporting
includes those policies and procedures that: pertain to the maintenance of
records that in reasonable detail accurately and fairly reflect our transactions
and disposition of assets; provide reasonable assurance that transactions are
recorded as necessary to permit preparation of our financial statements in
accordance with generally accepted accounting principles and that receipts and
expenditures of our assets are being made only in accordance with the
authorizations of management and directors; and provided reasonable assurance
regarding prevention or timely detection of unauthorized acquisitions, use or disposition of
assets that could have a material effect on our financial statements. Because of
inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness to
future periods are subject to risk that controls may become inadequate because
of changes in conditions or that degree of compliance with the policies and
procedures may deteriorate. The Company has evaluated the effectiveness of the
design internal controls over financial reporting and concluded they are
designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements.

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Changes in Internal Controls. During the first
nine months of 2010, no changes occurred in the Companys internal control over
financial reporting that have affected, or are reasonably likely to material
affect, the Companys internal control over financial reporting.

PART II: Other Information Legal proceedings

There has been no material changes with regards to Legal
proceedings which are reported in the December 31, 2009 Form 10-K.

Item #2: Unregistered sales of equity securities and Use of
proceeds

Not Applicable

Item #3: Defaults Upon Senior Securities

Not Applicable

Item #4: Submission To A Vote of Securities Holders

Not Applicable.

Item #5: Other Information

Not Applicable

Item #6: Exhibits

(a) Exhibits:

| | 31.1 | Certification
        of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
        Act                     
| | ---- | -------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                
| | 31.2 | Certification
        of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
        Act                     
| |      |                                                                                                                                
| | 32.1 | Certification
        of the Chief Executive Officer pursuant to 18 U.S.C., 1350 (Section 906
        of the Sarbanes-Oxley Act
| |      |                                                                                                                                
| | 32.2 | Certification
        of the Chief Financial Officer pursuant to 18 U.S.C., 1350 (Section 906
        of the Sarbanes-Oxley Act

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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.

|                        | REVETT MINERALS INC.                 
|----------------------- | -------------------------------------
|                        |                                      
|                        |                                      
|Date: November 15, 2010 | By: /s/John Shanahan                 
|                        | John Shanahan                        
|                        | President and Chief Executive Officer
|                        |                                      
|                        |                                      
|Date: November 15, 2010 | By: /s/ Ken Eickerman                
|                        | Ken Eickerman                        
|                        | Chief Financial Officer              

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