---

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, 2009.

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OF 15 (d) OF THESECURITIES 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 13, 2009, 123,067,147shares of common stock
were issued and outstanding.

1

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Revett Minerals Inc. Form 10-QQUARTER ENDED September
30, 2009

INDEX

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

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      | 8-23

3

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|Revett Minerals Inc.                                   
|-------------------------------------------------------
|Consolidated Balance Sheets                            
|at September 30, 2009 and December 31, 2009            
|(expressed in thousands of United States
      dollars)

|                                                                               |   | September 30, |   |   | December 31, |  
|------------------------------------------------------------------------------ | - | ------------- | - | - | ------------ | -
|                                                                               |   | 2009          |   |   | 2008         |  
|Assets                                                                         |   | (unaudited)   |   |   |              |  
|Current Assets                                                                 |   |               |   |   |              |  
|Cash and cash equivalents                                                      | $ | 2,515         |   | $ | 1,633        |  
|Concentrate settlement and other receivable                                    |   | 1,986         |   |   | 224          |  
|Income taxes receivable                                                        |   | -             |   |   | 99           |  
|Inventories (note 4)                                                           |   | 3,230         |   |   | 3,695        |  
|Prepaid expenses and deposits                                                  |   | 231           |   |   | 341          |  
|Total current assets                                                           |   | 7,962         |   |   | 5,992        |  
|Property, plant, and equipment (net) (note 5)                                  |   | 54,198        |   |   | 63,228       |  
|Restricted cash                                                                |   | 6,625         |   |   | 7,597        |  
|Other long term assets                                                         |   | 1,007         |   |   | 1,125        |  
|                                                                               |   |               |   |   |              |  
|Total assets                                                                   | $ | 69,792        |   | $ | 77,942       |  
|                                                                               |   |               |   |   |              |  
|Liabilities and shareholders equity                                           |   |               |   |   |              |  
|Current liabilities                                                            |   |               |   |   |              |  
|Trade accounts payable                                                         | $ | 2,954         |   | $ | 3,532        |  
|Payroll liabilities                                                            |   | 1,052         |   |   | 1,251        |  
|Income, property and mining taxes                                              |   | 1,464         |   |   | 1,060        |  
|Concentrate settlement payable                                                 |   | -             |   |   | 1,965        |  
|Other accrued liabilities                                                      |   | 2,101         |   |   | 1,093        |  
|Current portion of long term debt (note 7)                                     |   | 1,310         |   |   | 1,569        |  
|Total current liabilities                                                      |   | 8,881         |   |   | 10,470       |  
|                                                                               |   |               |   |   |              |  
|Long-term portion of debt (note 7)                                             |   | 3,150         |   |   | 579          |  
|Reclamation and remediation liability (note
      9 (b))                       |   | 8,006         |   |   | 7,526        |  
|Future income taxes                                                            |   | -             |   |   | 5,917        |  
|Total liabilities                                                              |   | 20,037        |   |   | 24,492       |  
|                                                                               |   |               |   |   |              |  
|Non controlling interest                                                       |   | 498           |   |   | 5,253        |  
|                                                                               |   |               |   |   |              |  
|                                                                               |   |               |   |   |              |  
|Shareholders' equity                                                           |   |               |   |   |              |  
|Preferred stock, no par value, unlimited
      authorized,                     |   |               |   |   |              |  
|nil issued and outstanding                                                     |   |               |   |   |              |  
|Common stock, no par value unlimited
      authorized,                         |   |               |   |   |              |  
|119,492,679 (2008- 75,210,697) shares issued and
      outstanding (note 8(a)) |   | 59,674        |   |   | 56,899       |  
|Warrants (note 8 (a))                                                          |   | 863           |   |   | -            |  
|Contributed surplus                                                            |   | 2,500         |   |   | 1,788        |  
|Deficit                                                                        |   | (13,780       | ) |   | (10,490      | )
|                                                                               |   | 49,257        |   |   | 48,197       |  
|Basis of presentation and going concern
      (note 1)                         |   |               |   |   |              |  
|Commitments and contingencies (note 9)                                         |   |               |   |   |              |  
|Subsequent events (notes 7 and 12)                                             |   |               |   |   |              |  
|                                                                               |   |               |   |   |              |  
|Total liabilities and shareholders equity                                     | $ | 69,792        |   | $ | 77,942       |  

See accompanying notes to interim consolidated financial
statements.

4

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|Revett Minerals Inc.                                                                      
|------------------------------------------------------------------------------------------
|Consolidated Statements of Operations                                                     
|Three and nine months ended September 30, 2009 and
      2008                             
|(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, |  
|                                                            |   | 2009          |   |   | 2008          |   |   | 2009          |   |   | 2008          |  
|                                                            |   |               |   |   |               |   |   |               |   |   |               |  
|Revenues                                                    | $ | 7,310         |   | $ | 7,430         |   | $ | 22,087        |   | $ | 32,841        |  
|Expenses:                                                   |   |               |   |   |               |   |   |               |   |   |               |  
|Cost of sales (note 4)                                      |   | 7,161         |   |   | 8,881         |   |   | 21,105        |   |   | 26,674        |  
|Depreciation and depletion                                  |   | 540           |   |   | 459           |   |   | 1,801         |   |   | 1,305         |  
|Exploration and development                                 |   | 109           |   |   | 546           |   |   | 258           |   |   | 1,856         |  
|General & administrative                                    |   | 586           |   |   | 2,183         |   |   | 2,041         |   |   | 4,558         |  
|Accretion of reclamation and remediation
      liability    |   | 160           |   |   | 147           |   |   | 480           |   |   | 442           |  
|                                                            |   | 8,556         |   |   | 12,216        |   |   | 25,685        |   |   | 34,835        |  
|Loss from operations                                        |   | (1,246        | ) |   | (4,786        | ) |   | (3,598        | ) |   | (1,994        | )
|                                                            |   |               |   |   |               |   |   |               |   |   |               |  
|Other income (expenses):                                    |   |               |   |   |               |   |   |               |   |   |               |  
|Interest expense                                            |   | (244          | ) |   | (90           | ) |   | (423          | ) |   | (458          | )
|Interest and other income                                   |   | 37            |   |   | 104           |   |   | 81            |   |   | 543           |  
|Foreign exchange gain (loss)                                |   | 17            |   |   | (135          | ) |   | 13            |   |   | (316          | )
|Total other income (expenses)                               |   | (190          | ) |   | (121          | ) |   | (329          | ) |   | (231          | )
|                                                            |   |               |   |   |               |   |   |               |   |   |               |  
|Net loss before non-controlling interest
      and taxes    |   | (1,436        | ) |   | (4,907        | ) |   | (3,927        | ) |   | (2,225        | )
|                                                            |   |               |   |   |               |   |   |               |   |   |               |  
|Income tax recovery (expense)                               |   | -             |   |   | 793           |   |   | 267           |   |   | 723           |  
|                                                            |   |               |   |   |               |   |   |               |   |   |               |  
|Net loss before non-controlling interest                    |   | (1,436        | ) |   | (4,114        | ) |   | (3,660        | ) |   | (1,502        | )
|                                                            |   |               |   |   |               |   |   |               |   |   |               |  
|Non-controlling interest                                    |   | 29            |   |   | 1,134         |   |   | 370           |   |   | 5             |  
|                                                            |   |               |   |   |               |   |   |               |   |   |               |  
|Net loss and comprehensive loss                             | $ | (1,407        | ) | $ | (2,980        | ) | $ | (3,290        | ) | $ | (1,497        | )
|                                                            |   |               |   |   |               |   |   |               |   |   |               |  
|Basic loss per share                                        | $ | (0.01         | ) | $ | (0.04         | ) | $ | (0.03         | ) | $ | (0.02         | )
|                                                            |   |               |   |   |               |   |   |               |   |   |               |  
|Diluted loss per share                                      | $ | (0.01         | ) | $ | (0.04         | ) | $ | (0.03         | ) | $ | (0.02         | )
|                                                            |   |               |   |   |               |   |   |               |   |   |               |  
|Weighed average number of shares
      outstanding          |   | 114,420,215   |   |   | 75,002,702    |   |   | 101,072,677   |   |   | 74,922,713    |  
|                                                            |   |               |   |   |               |   |   |               |   |   |               |  
|Weighted average number of diluted shares
      outstanding |   | 114,420,215   |   |   | 75,002,702    |   |   | 101,072,677   |   |   | 74,922,713    |  

See accompanying notes to interim consolidated financial
statements.

5

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|Revett Minerals Inc.                                         
|-------------------------------------------------------------
|Consolidated Statements of Cash Flows                        
|Three and nine months ended September 30, 2009 and
      2008
|(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, |  
|                                                                     |   | 2009          |   |   | 2008          |   |   | 2009          |   |   | 2008          |  
|                                                                     |   |               |   |   |               |   |   |               |   |   |               |  
|Cash flows from operating
      activities:                          |   |               |   |   |               |   |   |               |   |   |               |  
|Net loss for the period                                              | $ | (1,407        | ) | $ | (2,980        | ) | $ | (3,290        | ) | $ | (1,497        | )
|Adjustment to reconcile net income to net
      cash used by         |   |               |   |   |               |   |   |               |   |   |               |  
|operating activities                                                 |   |               |   |   |               |   |   |               |   |   |               |  
|Depreciation and depletion                                           |   | 540           |   |   | 459           |   |   | 1,801         |   |   | 1,305         |  
|Accretion of debt                                                    |   | 8             |   |   | -             |   |   | 8             |   |   | -             |  
|Accretion of reclamation and remediation
      liability             |   | 160           |   |   | 147           |   |   | 480           |   |   | 442           |  
|Unrealized foreign exchange loss (gain)                              |   | (18           | ) |   | 133           |   |   | (12           | ) |   | 316           |  
|Stock based compensation                                             |   | 77            |   |   | 57            |   |   | 295           |   |   | 176           |  
|Loss (gain) on disposal of fixed assets                              |   | -             |   |   | (2            | ) |   | -             |   |   | 65            |  
|Future income tax expense (recovery)                                 |   | -             |   |   | (576          | ) |   | (205          | ) |   | (723          | )
|Non controlling interest                                             |   | (29           | ) |   | (1,134        | ) |   | (370          | ) |   | (5            | )
|Accrued interest from reclamation trust
      fund                   |   | (11           | ) |   | (24           | ) |   | (49           | ) |   | (177          | )
|Amortization of prepaid insurance premium                            |   | 35            |   |   | 31            |   |   | 118           |   |   | 99            |  
|Loss on extinguishment of debt (note 6)                              |   | 152           |   |   | -             |   |   | 152           |   |   | -             |  
|Changes in:                                                          |   |               |   |   |               |   |   |               |   |   |               |  
|Concentrate settlement and other
      receivables                   |   | (111          | ) |   | 1,628         |   |   | (1,762        | ) |   | (1,452        | )
|Income taxes receivable                                              |   | -             |   |   | (99           | ) |   | 99            |   |   | 1,151         |  
|Inventories                                                          |   | 135           |   |   | (133          | ) |   | 465           |   |   | (380          | )
|Prepaid expenses and deposits                                        |   | 25            |   |   | 317           |   |   | 110           |   |   | 164           |  
|Accounts payable and accrued liabilities                             |   | 108           |   |   | 3,498         |   |   | 1,974         |   |   | 5,237         |  
|Net cash provided (used) by operating activities                     |   | (336          | ) |   | 1,322         |   |   | (186          | ) |   | 4,721         |  
|                                                                     |   |               |   |   |               |   |   |               |   |   |               |  
|Cash flows from investing activities:                                |   |               |   |   |               |   |   |               |   |   |               |  
|Proceeds of short term investments                                   |   | -             |   |   | -             |   |   | -             |   |   | 3,955         |  
|Release of restricted cash                                           |   | -             |   |   | -             |   |   | 1,021         |   |   | -             |  
|Other long term assets                                               |   | -             |   |   | -             |   |   | -             |   |   | -             |  
|Purchase of plant and equipment                                      |   | (5            | ) |   | (1,792        | ) |   | (199          | ) |   | (1,947        | )
|Net cash provided (used) by investing
      activities               |   | (5            | ) |   | (1,792        | ) |   | 822           |   |   | 2,008         |  
|                                                                     |   |               |   |   |               |   |   |               |   |   |               |  
|Cash flows from financing
      activities:                          |   |               |   |   |               |   |   |               |   |   |               |  
|Proceeds form the issuance of common stock, net                      |   | -             |   |   | -             |   |   | 844           |   |   | -             |  
|Repayment of debt                                                    |   | (200          | ) |   | (814          | ) |   | (200          | ) |   | (8,203        | )
|Repayment of capital leases                                          |   | (218          | ) |   | (210          | ) |   | (410          | ) |   | (786          | )
|Net cash provided (used) by financing
      activities               |   | (418          | ) |   | (1,024        | ) |   | 234           |   |   | (8,989        | )
|                                                                     |   |               |   |   |               |   |   |               |   |   |               |  
|Effects of foreign exchange on cash
      held                       |   |               |   |   |               |   |   |               |   |   |               |  
|In foreign currencies                                                |   | 18            |   |   | (133          | ) |   | 12            |   |   | (316          | )
|                                                                     |   |               |   |   |               |   |   |               |   |   |               |  
|Net (decrease) increase in cash and cash equivalents                 |   | (741          | ) |   | (1,627        | ) |   | 882           |   |   | (2,576        | )
|Cash and cash equivalents, beginning of
      period                 |   | 3,256         |   |   | 13,106        |   |   | 1,633         |   |   | 14,055        |  
|Cash and cash equivalents, end of period                             | $ | 2,515         |   | $ | 11,479        |   | $ | 2,515         |   | $ | 11,479        |  
|                                                                     |   |               |   |   |               |   |   |               |   |   |               |  
|Supplementary cash flow information:                                 |   |               |   |   |               |   |   |               |   |   |               |  
|Cash paid for interest expense                                       | $ | 20            |   | $ | 151           |   | $ | 325           |   | $ | 702           |  
|Cash paid for income taxes                                           |   | -             |   |   | -             |   |   | -             |   |   | 75            |  
|Non cash transactions:                                               |   |               |   |   |               |   |   |               |   |   |               |  
|Note payable in lieu of concentrate settlement payable               |   | -             |   |   | -             |   |   | 4,292         |   |   | -             |  
|Common stock issued to acquire
      non-controlling interest        |   | -             |   |   | -             |   |   | 1,628         |   |   | 556           |  
|Common stock issued in connection with debt restructuring            |   | 1,002         |   |   | -             |   |   | 1,002         |   |   | -             |  
|Warrants issued in connection with
      debt restructuring (note 6) |   | 622           |   |   | -             |   |   | 622           |   |   | -             |  
|Acquisition of plant and equipment under capital lease               |   | -             |   |   | 255           |   |   | 1,082         |   |   | 338           |  
|Redemption of shares for a royalty interest                          |   | -             |   |   | -             |   |   | 41            |   |   | -             |  

See accompanying notes to interim consolidated financial
statements.

6

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|Revett Minerals Inc.                                                           
|-------------------------------------------------------------------------------
|Consolidated Statements of Shareholders Equity                                
|Nine months ended September 30, 2009 and the year
      ended December 31, 2008
|(expressed in thousands of United States
      dollars)                        
|(unaudited)                                                                    

|                                           |  | Common Shares |   |   |        |   |   | Contributed |  |   |         |  |   |         |  
|------------------------------------------ |  | ------------- | - | - | ------ | - | - | ----------- |  | - | ------- |  | - | ------- | -
|                                           |  | Shares        |   |   | Amount |   |   | Warrants    |  |   | Surplus |  |   | Deficit |  
|Balance, December 31, 2007                 |  | 74,295,702    |   | $ | 56,315 |   | $ | -           |  | $ | 1,556   |  | $ | (3,800  | )
|Issued to acquire non controlling interest |  | 707,000       |   |   | 556    |   |   | -           |  |   | -       |  |   | -       |  
|Issued to settle severance obligations     |  | 207,995       |   |   | 28     |   |   | -           |  |   | -       |  |   | -       |  
|Stock-based compensation on options        |  |               |   |   |        |   |   |             |  |   |         |  |   |         |  
|granted                                    |  | -             |   |   | -      |   |   | -           |  |   | 232     |  |   | -       |  
|Net loss for the period                    |  | -             |   |   | -      |   |   | -           |  |   | -       |  |   | (6,690  | )
|Balance, December 31, 2008                 |  | 75,210,697    |   | $ | 56,899 |   | $ | -           |  | $ | 1,788   |  | $ | (10,490 | )
|                                           |  |               |   |   |        |   |   |             |  |   |         |  |   |         |  
|Issued to acquire non controlling interest |  |               |   |   |        |   |   |             |  |   |         |  |   |         |  
|(note 3(a))                                |  | 22,698,150    |   |   | 1,628  |   |   | -           |  |   | -       |  |   | -       |  
|Shares issued for cash (note 8(a))         |  | 3,855,558     |   |   | 280    |   |   | -           |  |   | -       |  |   | -       |  
|Issue of units (note 8(a))                 |  | 10,000,000    |   |   | 323    |   |   | 241         |  |   | -       |  |   | -       |  
|Issue of shares and warrants on debt       |  |               |   |   |        |   |   |             |  |   |         |  |   |         |  
|restructuring (note 6)                     |  | 8,333,333     |   |   | 1,002  |   |   | 622         |  |   | -       |  |   |         |  
|Redemption of shares (note 3(b))           |  | (605,059      | ) |   | (458   | ) |   | -           |  |   | 417     |  |   | -       |  
|Stock-based compensation on options        |  |               |   |   |        |   |   |             |  |   |         |  |   |         |  
|granted                                    |  | -             |   |   | -      |   |   | -           |  |   | 295     |  |   | -       |  
|Net loss for the period                    |  | -             |   |   | -      |   |   | -           |  |   | -       |  |   | (3,290  | )
|Balance, September 30, 2009                |  | 119,492,679   |   | $ | 59,674 |   | $ | 863         |  | $ | 2,500   |  |   | (13,780 | )

See accompanying notes to unaudited interim consolidated
financial statements

7

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(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, 2009, and
the results of its operations and its cash flows for the three and nine month
periods ended September 30, 2009 and 2008. The operating and financial results
for Revett Minerals for the three and nine months ended September 30, 2009 are
not necessarily indicative of the results that may be expected for the year
ended December 31, 2009.

Except as discussed in note 2 below, 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 financial
statements for the year ended December 31, 2008. 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,
2008. Material differences between Canadian GAAP and generally accepted
accounting principles in the United States (US GAAP) are disclosed in note 11.
All currency is reported in United States dollars unless otherwise
specified.

At September 30, 2009, the Company had negative working capital
of $0.9 million and the Company incurred a loss for the nine months ended
September 30, 2009 of $3.2 million. Future declines in the price of copper and
silver could result in a further reduction in working capital and cash flows.
These conditions raise doubt regarding the Companys ability to continue as a
going concern. The Company is currently investigating a number of alternative
means of raising additional capital with potential lenders and investors.
However, no assurance can be given that these efforts will prove to be
successful. Given current market conditions, the Company may experience
difficulties in securing sufficient external financing to meet its obligations.
Because of the Companys need to conserve cash, limited discretionary capital
spending and exploration spending has been employed. Furthermore, the Company
does not have sufficient cash to undertake any significant activities at Rock
Creek at this time.

The Companys continuing operations and the underlying value
and recoverability of the mineral property, plant and equipment of the Troy mine
and the Rock Creek property are dependent upon the existence of economically
recoverable mineral reserves, the ability of the Company to profitability
operate the Troy Mine, obtaining the continued forbearance of its creditors
and/or the completion of additional financing in order to address its working
capital deficiency, 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. During the three
months ended September 30, 2009, the Company restructured its note payable (note
6) and subsequent to September 30, 2009, the Company settled or restructured
further obligations (note 7 and 12).

8

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United
      States dollars, except share and per share amounts)
|Unaudited                                                                                                  

These financial statements are prepared on a going concern
basis. The financial statements do not reflect adjustments that would be
necessary if the going concern assumption was not appropriate. If going concern
basis was not appropriate for these financial statements, then adjustments would
be necessary in the carrying value of assets and liabilities, the reported
revenues and expenses, and the balance sheet classifications used.

2. Change in Accounting Policies

a) New Accounting Standards:

In February 2008, the CICA issued Section 3064, Goodwill and
Intangible Assets, which replaces Section 3062, Goodwill and Other Intangible
Assets and Section 3450, Research and Development Costs. The new Section
establishes standards for the recognition, measurement and disclosure of
goodwill and intangible assets. Concurrent with the introduction of this
standard, the CICA withdrew EIC 27, Revenues and Expenses during the
pre-operating period. The new requirements were adopted by the Company on
January 1, 2009. The adoption of these standards did not have a material impact
on the consolidated financial statements.

(b) Future accounting standards:

In February 2008, the Canadian Accounting Financial Standards
Board confirmed that Canadian public companies will be required to adopt
International Financial Reporting Standards (IFRS) for fiscal years beginning on
or after January 1, 2011. The adoption of IFRS will require the Company to
change certain accounting policies and disclosures. The Company is in the
process of evaluating the impact of adopting IFRS for its financial statements.
As an alternative, the Company is considering the adoption of US GAAP as its
reporting GAAP rather than IFRS.

3. Acquisition of Non-Controlling Interest and Conversion of
Shares to Royalty:

(a) Acquisition of non-controlling interest:

During March 2009, the Company issued 20,553,500 of its common
shares in exchange for an equal number of Class B common shares of Revett Silver
Company (Revett Silver), increasing the Companys interest in Revett Silver
from 69.8% to 94.2% . The consideration was determined to be $1.4 million being
the fair value of the Companys common shares exchanged based on the quoted
market value of the shares ($0.07 per share) and the applicable foreign exchange
rate.

During June 2009, the Company issued a further 2,144,650 of its
common shares in exchange for an equal number of Class B common shares of Revett
Silver, increasing the Companys interest in Revett Silver from 94.2% to 96.7%
.The value of the consideration was determined to be
$0.23 million being the fair value of the Companys common shares exchanged
based on the quoted market value of the shares ($0.11 per share) and the
applicable foreign exchange rate.

9

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United
      States dollars, except share and per share amounts)
|Unaudited                                                                                                  

The transactions were accounted for as a step acquisition of
the non-controlling interest using the purchase method. The purchase price was
allocated as follows:

| | Cost of acquisition, at fair value of
      shares issued | $ | 1,628  |  
| | --------------------------------------------------------- | - | ------ | -
| |                                                           |   |        |  
| | Non-controlling interest acquired                         | $ | 4,282  |  
| | Mineral property, plant and equipment                     |   | (8,332 | )
| | Future income taxes                                       |   | 5,678  |  
| |                                                           | $ | 1,628  |  

As the fair value of the consideration, being the market value
of the common shares issued, was less than the carrying value of the net assets
acquired, mineral property, plant and equipment was reduced by the excess. The
reduction in the mineral property, plant and equipment was allocated to the
individual categories of mineral property, plant and equipment for Troy and to
the mineral property acquisition cost of Rock Creek on a pro-rata basis based on
their carrying values.

(b) Conversion of shares to royalty

On January 5, 2009, Royal Gold Inc. exercised its option to
convert its 605,059 common shares of the Company and 728,274 common shares of
Revett Silver into a one percent net smelter royalty on future production of
Rock Creek.

The conversion of the 605,059 common shares of the Company was
accounted for as a redemption of shares at a cost of $0.04 million, being the
fair market value of the common shares exchanged based on their quoted market
value and applicable foreign exchange rate on the conversion date. This cost was
allocated to the Rock Creek property and the difference between the cost of
redemption and the stated or assigned value of the common shares was allocated
to contributed surplus as follows:

| | Redemption value of common shares | $ | 41   |  
| | --------------------------------- | - | ---- | -
| |                                   |   |      |  
| | Stated value of common shares     | $ | 458  |  
| | Contributed surplus               |   | (417 | )
| | Allocated to mineral property     | $ | 41   |  

10

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United
      States dollars, except share and per share amounts)
|Unaudited                                                                                                  

The conversion of the Revett Silver shares was accounted for as
an acquisition of non-controlling interest similar to the transactions described
in note 3(a). The acquisition cost, being the fair market value of the Companys
common shares into which the Revett Silver shares were convertible based on the
quoted market value of those shares on the conversion date, was allocated as
follows:

| | Cost of acquisition                   | $ | 48  |  
| | ------------------------------------- | - | --- | -
| |                                       |   |     |  
| | Non-controlling interest acquired     | $ | 103 |  
| | Mineral property, plant and equipment |   | (89 | )
| | Future income tax asset               |   | 34  |  
| |                                       | $ | 48  |  

4. Inventories

The major components of the Companys inventory at September
30, 2009 and December 31, 2008 are as follows:

| |                       |   | September 30, 2009 |  |   | Dec. 31, 2008 | 
| | --------------------- | - | ------------------ |  | - | ------------- | 
| |                       |   | (unaudited)        |  |   |               | 
| | Concentrate inventory | $ | 439                |  | $ | 380           | 
| | Material and supplies |   | 2,791              |  |   | 3,315         | 
| |                       | $ | 3,230              |  | $ | 3,695         | 

Cost of goods sold for the three and nine months ended
September 30, 2009 and 2008 is comprised of the following:

|                          |   | Three month  |  |   | Three month  |   |   | Nine month   |   |   | Nine month    |  
|------------------------- | - | ------------ |  | - | ------------ | - | - | ------------ | - | - | ------------- | -
|                          |   | period ended |  |   | period ended |   |   | period ended |   |   | period ended  |  
|Nature of expense         |   | September    |  |   | September    |   |   | September    |   |   | September 30, |  
|                          |   | 30, 2009     |  |   | 30, 2008     |   |   | 30, 2009     |   |   | 2008          |  
|                          |   | (unaudited)  |  |   | (unaudited)  |   |   | (unaudited)  |   |   | (unaudited)   |  
|Raw materials and         |   |              |  |   |              |   |   |              |   |   |               |  
|consumables used          | $ | 2,779        |  | $ | 4,707        |   | $ | 8,078        |   | $ | 11,509        |  
|Labor costs               |   | 2,595        |  |   | 3,499        |   |   | 7,874        |   |   | 9,758         |  
|Other costs               |   | 1,777        |  |   | 928          |   |   | 5,212        |   |   | 5,665         |  
|Net change in concentrate |   |              |  |   |              |   |   |              |   |   |               |  
|inventories               |   | 10           |  |   | (253         | ) |   | (59          | ) |   | (258          | )
|                          | $ | 7,161        |  | $ | 8,881        |   | $ | 21,105       |   | $ | 26,674        |  

Depreciation and depletion is included as depreciation and
depletion expense in the statement of operations when the related inventory is
sold.

11

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(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. Mineral Property, Plant, Equipment and Mine
Development

The major components of the Companys mineral property, plant,
and equipment accounts at September 30, 2009 and December 31, 2008 are as
follows:

| |                                                       |   | Sept. 30, 2009 |   |   | Dec. 31, 2008 |  
| | ----------------------------------------------------- | - | -------------- | - | - | ------------- | -
| |                                                       |   | (unaudited)    |   |   |               |  
| | TROY:                                                 |   |                |   |   |               |  
| | Property acquisition and development costs            | $ | 6,437          |   | $ | 8,989         |  
| | Plant and equipment                                   |   | 13,219         |   |   | 12,105        |  
| | Buildings and structures                              |   | 3,840          |   |   | 3,840         |  
| | ROCK CREEK:                                           |   |                |   |   |               |  
| | Property acquisition costs                            |   | 34,656         |   |   | 40,044        |  
| | OTHER, corporate                                      |   | 3,656          |   |   | 4,059         |  
| | OTHER, mineral properties                             |   | 118            |   |   | 118           |  
| |                                                       |   | 61,926         |   |   | 69,155        |  
| | Accumulated depreciation and depletion:               |   |                |   |   |               |  
| | Troy Property acquisition and
      development costs |   | (3,503         | ) |   | (2,927        | )
| | Troy plant and equipment                              |   | (3,486         | ) |   | (2,598        | )
| | Troy buildings and structures                         |   | (655           | ) |   | (322          | )
| | Other corporate assets                                |   | (84            | ) |   | (80           | )
| |                                                       |   | (7,728         | ) |   | (5,927        | )
| |                                                       | $ | 54,198         |   | $ | 63,228        |  

No drilling costs were incurred and capitalized to convert
mineral resources to reserves at the Rock Creek property and the Troy mine
during the periods presented. As the result of acquisition of non-controlling
interest and the royalty conversion (notes 3(a) and 3(b)) mineral property,
plant and equipment was decreased by $8.4 million.

6. Note Payable

On January 23, 2009, the Company entered into a Senior Floating
Rate Note (Note) for $4.3 million with an interest rate of LIBOR plus five
percent with its primary concentrate sales customer which delayed the due date
of concentrate settlement otherwise payable. Interest payments are due on the
last day of each quarter. The outstanding principle balance of this Note was
originally due on June 30, 2009 but was subsequently extended to August 31,
2009. In July of 2009, the Company made a $0.2 million principal payment. On
August 24, 2009, the Company and its customer entered into an agreement to
modify the terms of the note. Of the outstanding principal value of the note,
$1.0 million was repaid through the issuance of 8.3 million common shares of the
Company. The term of the remaining note payable of $3.1 million was extended
with principal payments of $0.2 million due on December 31, 2009, $0.5 million
payable on each June 30 and December 31 thereafter through December 31, 2011,
and the remaining principal payment of $0.9 million due on June 30, 2012. The
Company is also required to make additional payments equal to the amount by
which the Companys cash balance exceeds $3.0 million at the end of each quarter
to a maximum payment of $0.5 million per

12

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United
      States dollars, except share and per share amounts)
|Unaudited                                                                                                  

quarter, commencing with the March 31, 2010 quarter end. The
interest on the note continues at LIBOR plus five percent. In addition, the
Company issued warrants to purchase up to 10 million common shares of the
Company at an exercise price of $0.20 per share with an expiry date of June 30,
2012. The fair value of the warrants was $0.6 million determined using the Black
Scholes option pricing formula with the following assumptions: volatility of
96.17%; risk free interest rate of 1.81% and expected life of 2 years. The value
of the warrants was allocated between the remaining principal amount of the note
and the amount settled through the issuance of shares based on the relative fair
value of each component. The amount allocated to the remaining principal value
of $0.4 million has been netted against the remaining principal value of the
note and is being amortized over the remaining life of the note using the
effective interest method. The amount allocated to the debt settlement of $0.2
million was expensed. The Company has granted a first-priority mortgage on
certain lands acquired for the Rock Creek project. If the lands are sold by the
Company, the proceeds must be used to repay the note.

7. Long-term debt

At September 30, 2009 and December 31, 2008 the balance of the
Companys long term debt and capital lease obligations were as follows:

Sept. 30, 2009
    
    
    Dec. 31, 2008(unaudited)Note payable, net of unamortized financecosts of $463 (a)
    $
    2,629
    
    $
    -Royal Gold royalty (b)
    
    -
    
    
    989Capital leases
    
    1,831
    
    
    1,1594,460
    
    
    2,148Current portion
    
    (1,310
    )
    
    (1,569
    )$
    3,150
    
    $
    579


(a) see Note 6

(b) In October 2004, Revett Silver, which is currently a 96.7%
owned subsidiary of the Company, sold Royal Gold Inc. (Royal Gold) two
royalties on production from the Troy Mine for $7.25 million (the production
payment) and $0.25 million (the Tail Royalty), respectively. The production
payment royalty is a 7% gross smelter return royalty payable in cash on
production and limited to the lesser of 90% of production revenue to be received
on proven and probable reserves existing for Troy as at October 13, 2004 or
$10.5 million. The Tail Royalty is payable in cash at the rate of 6.1% on the
gross smelter returns from Troy for production revenue arising on between 100%
and 115% of its proven and probable reserves which existed as at October 13,
2004 and then at the rate of 2% of production revenue on production revenues in
excess of 115% of proven and probable reserves as at October 13, 2004. At
September 30, 2009, the Company had not paid production payment royalty
obligations owing totaling $1.6 million. This $1.6 million is included in
accrued liabilities. On October 13, 2009, the Company and Royal Gold agreed to
restructure the Tail Royalty in exchange for a payment from Royal Gold to the
Company in the amount of $ 1.6 million. The Tail Royalty was restructured to a
3% gross smelter return payable over the life of the Troy Mine commencing with
production on and after July 1, 2010. The Company used the $1.6 million proceeds
from the restructuring of the Tail Royalty to repay the $1.6 million production
payment royalty obligation.

13

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(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. 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, 2009, Revett Silver had 2,885,337
Class B common shares outstanding which are exchangeable by the holder into
common shares of the Company, on a one for one basis. In addition, Revett Silver
had 885,000 stock options and 993,661 warrants outstanding which, if exercised
into common shares of Revett Silver, would be exchangeable by the holder into
common shares of the Company on a one for one basis.

On January 5, 2009, Royal Gold exercised its option to convert
its 605,059 common shares of the Company and 728,274 common shares of Revett
Silver into a one percent net smelter royalty from future production at Rock
Creek (note 3(b)).

On February 12, 2009, the Company closed a private placement of
10 million Equity Units for $0.06 per Unit or gross proceeds of $0.6 million.
Each Unit consists of one common share of the Company, plus three-quarters of
one purchase warrant. Each full purchase warrant allows holder to acquire one
common share of the Company for a period of two years for $0.10 per full
purchase warrant. If the closing price of the common shares of the Company is
above CAD$0.50 per share for fifteen consecutive trading days, the Company may
accelerate the expiry of the warrants by issuing a press release to the effect
that the warrants will expire 30 days following the date of such press release.
The proceeds of the Units were allocated between the common shares and the
warrants based on their relative fair values. The fair value of the common
shares was based on the quoted market price and the fair value of the warrants
was determined using the Black-Scholes option pricing model with the following
assumptions: stock price volatility 70%; risk free interest rate  0.89%;
expected life  2 years; and dividend rate  nil.

In April 2009, under an existing Shareholder Participation
Rights Agreement, the Company completed a private placement of 3,855,558 shares
and realized gross proceeds of approximately $0.3 million.

In August 2009, the Company issued 8,333,333 common shares to a
lender as principal payment on a note payable (see Note 6). The principal of the
note payable was reduced by $ 1.0 million.

(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

14

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United
      States dollars, except share and per share amounts)
|Unaudited                                                                                                  

voting rights, as they may determine. At September 30, 2009, no
preferred stock was issued or outstanding.

(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, less
that number of shares reserved for issuance pursuant to stock options granted
under the Revett Silver stock option plan. As at September 30, 2009 Revett
Silver had a total of 885,000 stock options exercisable into Class B common
shares of Revett Silver at a weighed average price of $0.75 per share and
expiring at various dates in 2009. During the nine months ended September 30,
2009, 280,000 of the Revett Silver options expired. Revett Silver will not grant
any further stock options pursuant to this plan.

There were 4,595,000 stock options granted during the nine
months ended September 30, 2009 by the Company. The fair value of the options
was determined using the Black-Scholes option pricing model based on a
volatility of 94.5%, risk free interest rate of 1.9%, a 60 month term and a
10.5% forfeiture rate. The weighed average fair value of the options was $0.08
per option. At September 30, 2009, the Company had a total of 7,570,000 stock
options outstanding with a weighted average exercise price of Can $0.45 and
7,500,000 options are currently exercisable with a weighted average exercise
price of Can $0.46. During the nine months ended September 30, 2009, 835,000
options were cancelled or expired.

The table below identifies the key attributes of the stock
options outstanding by the Company and the options vested as at September 30,
2009.

Options
    Options
    Exercise
    ExpiryGranted
    Exercisable
    Price (Can $)
    Date100,000
    100,000
    0.76
    January 25, 2010600,000
    600,000
    0.76
    April 27, 201075,000
    75,000
    0.55
    July 19, 201040,000
    40,000
    1.25
    May 12, 201120,000
    20,000
    1.25
    September 15, 20111,145,000
    1,145,000
    1.10
    October 4, 201125,000
    25,000
    1.45
    December 4, 2011750,000
    750,000
    1.11
    January 12, 201240,000
    40,000
    1.15
    March 5, 2012210,000
    140,000
    0.84
    November 19, 201260,000
    60,000
    0.60
    April 29, 2013200,000
    200,000
    0.095
    March 31, 20142,535,000
    2,535,000
    0.105
    March 31, 2014670,000
    670,000
    0.09
    April 27, 20141,100,000
    1,100,000
    0.09
    September 10, 20147,570,000
    7,500,000


15

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United
      States dollars, except share and per share amounts)
|Unaudited                                                                                                  

(d) Stock Purchase Warrants

The table below identifies stock purchase warrants outstanding
at September 30, 2009 for the purchase of common shares of Revett Minerals and
Revett Silver. The warrants of Revett Silver are exercisable into Class B common
stock of Revett Silver, which in turn are exchangeable into common stock of the
Company. During March 2009, 2,060,998 Revett Silver purchase warrants were
converted at no cost into Revett Minerals purchase warrants at an exercise price
of $1.00 and with an expiration date of September 30, 2010.

WARRANT
    
    SUMMARY
    
    TABLENumber
    
    Exercise price
    
    ExpiryRevett Silver (1)
    993,661
    
    $1.00
    
    To be determinedRevett Minerals
    7,500,000
    
    $0.10
    
    February 12, 2011Revett Minerals
    300,000
    
    Can $0.50
    
    October 20, 2011Revett Minerals
    2,060,998
    
    $1.00
    
    September 30, 2010Revett Minerals
    10,000,000
    
    $0.20
    
    June 30, 2012


(1) These warrants expire 18 months after Revett Silver becomes
listed on a public stock exchange

9. Commitments and Contingencies

a) Federal Mine
  Safety and Health Act Violations

The U.S. Federal Mine Safety and Health Administration (MSHA)
issued 53 safety related citations against a subsidiary of Revett Silver at
various times in August 2007. Several of these citations related to a rock fall
which occurred at Troy on July 30, 2007. Three of these citations allege the
subsidiary company was negligent with respect to certain operations or
activities conducted while mining and two citations allege the subsidiary acted
in reckless disregard for the safety of the employees at the mine. Various other
citations have been issued during each subsequent quarterly inspection since
July 2007. The Company disputes many of the citations put forth by MSHA and is
in the process of appealing the allegations and proposed penalties for these
citations. The Company has accrued its best estimate of possible penalties at
September 30, 2009.

16

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United
      States dollars, except share and per share amounts)
|Unaudited                                                                                                  

b) Reclamation

In accordance with the operating permit granted the Troy Mine,
the Montana Department of Environmental Quality (DEQ) is periodically required
to review the ultimate bonding requirements for the mine. The following table
shows the changes in the reclamation liability for the nine month period ended
September 30, 2009.

| |                                                           |   | Sept. 30, 2009 |  |   | Dec. 31, 2008 |  
| | --------------------------------------------------------- | - | -------------- |  | - | ------------- | -
| |                                                           |   | (unaudited)    |  |   |               |  
| | Reclamation and remediation liability                     |   |                |  |   |               |  
| | beginning of period                                       | $ | 7,526          |  | $ | 7,141         |  
| | Reduction in present value of liability due               |   |                |  |   |               |  
| | To increase in mine life resulting from reserve additions |   | -              |  |   | (205          | )
| | Accretion expense, year to date                           |   | 480            |  |   | 590           |  
| | Ending balance                                            | $ | 8,006          |  | $ | 7,526         |  

c) Legal Proceedings

(1) Cabinet Resources Group, Inc. Plaintiff v. Montana
Department of Environmental Quality, Revett Minerals Inc. and Genesis Inc.,
Defendant.

The plaintiffs suit alleges that Troy is being operated in
violation of the Montana Metal Mine Reclamation Act (MMRA) because of
deficiencies in its reclamation plan and that the defendants have violated the
Montana Constitution and various state statutes and regulations by allowing
operations to continue. The plaintiffs seek a declaration that the Troy
operating permit and reclamation plan are void and invalid; alternatively it
seeks a writ of mandamus from the court requiring the Montana Department of
Environmental Quality (DEQ) to enforce the MMRA and suspend or revoke Troys
operating permit, declare a forfeiture of the Companys performance bond and
enjoin the Company from further operations at Troy pending approval of a new
reclamation plan. The Company believes this action is without merit,
particularly in view of on-going discussions with the DEQ concerning proposed
revisions to the existing reclamation plan at Troy and the increase in the
performance bonds approved and accepted by the DEQ. The Company is vigorously
defending itself with respect to this action.

(2) Rock Creek Permitting Matters

There are a number of legal challenges relating to the United
States Forest Service (USFS) and DEQ approving the Rock Creek record of
decision and supporting studies (including the recently re-affirmed biological
opinion) and analysis. These challenges have been filed by individuals and
organizations generally opposed to mining in the United States. The Company, in
general, is not a named defendant to these actions, but it typically has
requested and been granted intervener status due to the direct impact the
outcome of these cases could have on the Companys Rock Creek project. These
actions are either preliminary in nature, or where the Company has prevailed,
the decision of the court is being appealed. Therefore, the outcome of these
matters is not determinable. Although the Company believes that it will
ultimately retain its environmental and operating permits, it is possible that
successful challenges could delay or prevent the Company

17

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|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United
      States dollars, except share and per share amounts)
|Unaudited                                                                                                  

from advancing development of the Rock Creek project which
could result in the impairment and write down of the carrying value related to
Rock Creek.

(3) Ivins litigation

Revett Silver and the Company have been served with a lawsuit
for damages in the amount of $18 million by the estate of an employee who, in
July 2007, was fatally injured during an isolated rock fall incident while he
was working underground at the Troy mine. The Company plans on vigorously
defending itself against the claim brought and damages sought. As the outcome of
this action and any amounts payable are not determinable, no amounts have been
accrued at September 30, 2009 in respect of this action. Counsel has been
engaged to contest the claims and the Companys insurance carrier has agreed to
join in the defense of this claim, including paying the legal costs.

(4) Possible Litigation

Revett Silver Company believes that ASARCO LLC has filed or
intends to file a complaint in a Texas court against Revett Silver that alleges
certain amendments to the agreement, (but not the agreement itself) by which
Revett Silver acquired ASARCOs interest in Troy and Rock Creek, were invalid
because ASARCO was about to become insolvent. These amendments were negotiated
by Revett Silver and ASARCO between 2000 and 2004 and were done at arms length.
As of the date of this report this complaint has not been served and is
therefore not in effect. The Company does not know if or when this complaint may
be served. In any event, because Revett Silvers dealings with ASARCO were years
before ASARCO had filed for bankruptcy, the Company believes that these
allegations are without merit and the Company plans on vigorously defending
itself against these allegations when and if the complaint is served.

d) Kennecott Royalty Option

Kennecott has 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: (1) one year after the Rock Creek
Project achieves 80% of designed commercial capacity production or (2) December
31, 2015. Kennecott is required to surrender the 2,250,000 common shares of the
Company it owns in order to acquire 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.

10. Financial Instruments

The Company may be exposed to credit risk on copper and silver
forward contracts if its counterparty were not to honor its contractual
commitment at settlement. The Company attempts to manage this risk by
contracting only with reliable and reputable third parties known personally to
management. At September 30, 2009, the Company had forward contracts to sell
2,000 tonnes of copper at a weighted average price of $5,417 per tonne ($2.46
per pound) and 500,000 ounces of silver at a weighted average price of $15.43
per ounce maturing at various dates from October 2009 to January 2011. These
forward sales contracts have been designated as normal purchase and sales
agreements as the contracts are with the Companys customer whom regularly
purchases the Companys concentrates. As these contracts have been designated as
normal

18

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|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United
      States dollars, except share and per share amounts)
|Unaudited                                                                                                  

purchase and sale contracts, these contracts have not been
marked to market at September 30, 2009. The fair value of these contracts is a
loss of $2.2 million as at September 30, 2009.

The carrying values of cash and cash equivalents, concentrate
and other receivables, 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 capital lease obligations approximate fair market values as they are
based on market rates of interest. The fair value of the note payable is $3.1
million based on market rates of interest.

19

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United
      States dollars, except share and per share amounts)
|Unaudited                                                                                                  

11. Reconciliation to United States Generally Accepted
Accounting Principles:

The consolidated financial statements have been prepared in
accordance with Canadian GAAP, which differs 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:

|                                                        |   | Sept. 30, |   |   | Dec. 31, |  
|------------------------------------------------------- | - | --------- | - | - | -------- | -
|                                                        |   | 2009      |   |   | 2008     |  
|                                                        |   |           |   |   |          |  
|Total assets under Canadian GAAP                        | $ | 69,792    |   | $ | 77,942   |  
|Adjustment to property, plant and equipment for         |   |           |   |   |          |  
|acquisition of non controlling
      interest (e)(ii)   |   | 4,141     |   |   | -        |  
|Unamortized finance costs                               |   | 463       |   |   |          |  
|                                                        |   |           |   |   |          |  
|Total assets under US GAAP                              | $ | 74,396    |   | $ | 77,942   |  
|                                                        |   |           |   |   |          |  
|Liabilities and non controlling, interest               |   |           |   |   |          |  
|under Canadian
      GAAP                               | $ | 20,535    |   | $ | 29,745   |  
|Non-controlling interest (e)(ii)                        |   | (498      | ) |   | (5,253   | )
|Adjustment to
      future tax liabilities for          |   |           |   |   |          |  
|acquisition on non
      controlling interest(e) (ii)   |   | 828       |   |   | -        |  
|Unamortized
      finance costs                         |   | 463       |   |   | -        |  
|Shares redeemable at option of
      holder (a)         |   | 676       |   |   | 1,076    |  
|                                                        |   |           |   |   |          |  
|Liabilities, under US GAAP                              | $ | 22,004    |   | $ | 25,568   |  
|                                                        |   |           |   |   |          |  
|                                                        |   | Sept. 30, |   |   | Dec. 31, |  
|                                                        |   | 2009      |   |   | 2008     |  
|                                                        |   |           |   |   |          |  
|Shareholders equity, under Canadian GAAP               | $ | 49,257    |   | $ | 48,197   |  
|Non-controlling interest                                |   | 498       |   |   | 5,253    |  
|Adjustment to
      contributed surplus for             |   |           |   |   |          |  
|acquisition of non
      controlling interest (e)(ii)   |   | 2,750     |   |   | -        |  
|Adjustment to
      deficit for additional depreciation |   |           |   |   |          |  
|and income tax
      recovery (e)(ii)                   |   | 563       |   |   | -        |  
|Shares
      redeemable at option of holder (a)         |   | (676      | ) |   | (1,076   | )
|                                                        |   |           |   |   |          |  
|Shareholders equity, under US GAAP                     | $ | 52,392    |   | $ | 52,374   |  

20

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts 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    |   |   | September    |   |   | September    |   |   | September 30, |  
|                        |   | 30, 2009     |   |   | 30, 2008     |   |   | 30, 2009     |   |   | 2008          |  
|                        |   | (unaudited)  |   |   | (unaudited)  |   |   | (unaudited)  |   |   | (unaudited)   |  
|Net income (loss) under |   |              |   |   |              |   |   |              |   |   |               |  
|Canadian GAAP           | $ | (1,407       | ) | $ | (2,980       | ) | $ | (3,290       | ) | $ | (1,497        | )
|Depreciation (e)(ii)    |   | (88          | ) |   | -            |   |   | (228         | ) |   | -             |  
|Income tax recovery     |   | 426          |   |   | -            |   |   | 791          |   |   | -             |  
|(e)(ii)                 |   |              |   |   |              |   |   |              |   |   |               |  
|Net income (loss) and   |   |              |   |   |              |   |   |              |   |   |               |  
|comprehensive income    |   |              |   |   |              |   |   |              |   |   |               |  
|(loss) under US GAAP    | $ | (1,069       | ) | $ | (2,980       |   | $ | (2,727       | ) | $ | (1,497        | )
|Basic and diluted loss  |   |              |   |   |              |   |   |              |   |   |               |  
|per share               | $ | (0.01        | ) | $ | (0.04        | ) | $ | (0.03        | ) | $ | (0.02         | )

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

(a) Redeemable shares:

As at September 30, 2009, a shareholder owns 2,250,000 common
shares of the Company which are redeemable, at the option of the holder, into a
net smelter return royalty as described in note 9 (d). Under Canadian GAAP, the
common shares are classified as equity and the value attributable to the royalty
(which was not material on the date the shares were issued) would be classified
as a liability. Under US GAAP, the carrying value associated with the redeemable
shares of $0.7 million as at September 30, 2009 ($1.1 million at December 31,
2008) is classified as temporary equity.

During the nine months ended September 30, 2009, 605,059 common
shares of the Company and 728,274 Revett Silver Class B common shares were
converted to a royalty. As a result, for US GAAP purposes, the temporary equity
reduced by $0.4 million and contributed surplus was increased by the same
amount.

(b) Income taxes:

For Canadian GAAP purposes, future income tax assets and
liabilities are calculated based on substantively 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.

Based on a review of the Companys tax position, the Company
does not believe that any income tax positions taken in its filings are subject
to material uncertainty if reviewed by the Internal Revenue Service or Canada
Revenue Agency. In cases where the Company is charged interest and penalties on
uncertain tax positions which do not meet the recognition criteria, the Company
includes these in interest expense and other operating expenses respectively.
Tax years subsequent to December 31, 2004 remain open for examination by the
Internal Revenue Service

21

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|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United
      States dollars, except share and per share amounts)
|Unaudited                                                                                                  

and Canada Revenue Agency. However, in both jurisdictions, if
the Company utilizes tax loss carry forwards in the future, those losses can be
challenged in the year they are used even though the tax year in which they were
incurred is statute barred.

(c) Common share units:

Under Canadian GAAP, the proceeds received on issuance of units
in November 2006, consisting of common shares and warrants, were 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 equity classified.
Accordingly, under US GAAP, share capital as at September 30, 2009 and December
31, 2008 has been reduced and contributed surplus as at these dates has been
increased by $1.0 million to reflect the relative fair values of the shares and
warrants. As at September 30, 2009, all of the warrants have expired.

The $1.0 million was reclassified from contributed surplus to
deficit as a result of adoption of a new accounting standard for US GAAP
purposes (note 11(e)(iii)). As a result, there is no change in total
shareholders equity arising from the warrants when reconciling Canadian GAAP to
US GAAP.

(d) Stock option plan and compensation expense:

The weighed average intrinsic value of options exercised during
the nine months ended September 30, 2009 was $nil (2008- $nil). At September 30,
2009, the weighted average intrinsic value of options outstanding and
exercisable was $nil and $nil respectively.

At September 30, 2009, the total unrecognized compensation cost
related to unvested stock options is $0.01 million. This cost is expected to be
recognized over the next two months.

At September 30, 2009, Revett Silver had 885,000 stock options
outstanding. The weighted averaged exercise price of Revett Silver options
granted and exercisable is $0.75 per share. All options granted have vested. As
at September 30, 2009 the estimated intrinsic value of the options granted and
vested was nil.

(e) Impact of recent United States accounting
pronouncements:

(i)Effective January 1, 2009, the Company adopted a new
accounting standard for business combinations for US GAAP purposes which is
applicable for transactions on or after January 1, 2009. The new standard
changes the accounting for assets acquired and liabilities assumed in a business
combination as follows:

- acquisition costs are generally expensed as incurred;
- non controlling interests are valued at fair value at the acquisition
  date;
- acquired contingent liabilities are recorded at fair value at the
  acquisition date and subsequently measured at either the higher of such amount
  or the amount determined under existing guidance for non acquired
  contingencies;

22

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United
      States dollars, except share and per share amounts)
|Unaudited                                                                                                  

- in-process research and development is recorded at fair value as an
  indefinite-lived intangible asset at the acquisition date;
- restructuring costs associated with a business combination are generally
  expensed subsequent to the acquisition date; and
- changes in deferred tax asset valuation allowances and income tax
  uncertainties after the acquisition date affect income tax expense.

Adoption of the new standard did not have a material effect on
the consolidated financial statements as at January 1, 2009.

(ii) Effective January 1, 2009, the Company adopted a new
accounting standard for US GAAP purposes related to the accounting for
non-controlling interests in consolidated financial statements. The new standard
establishes accounting and reporting standards for the non controlling ownership
interest in a subsidiary and for the deconsolidation of a subsidiary. The
adoption of the standard requires that for US GAAP purposes non controlling
interest be classified as equity where as for Canadian GAAP, it is classified
between liabilities and equity. Also, income (loss) before non-controlling
interest, non-controlling interest and net income (loss) for US GAAP purposes
would be labeled net income (loss), net income (loss) attributable to
non-controlling interest and net income (loss) attributable to the Company,
respectively.

The acquisition of the non-controlling interest during the nine
months ended September 30, 2009 would be accounted for as an equity transaction
rather than a step acquisition using the purchase method for US GAAP purposes.
Accordingly, for US GAAP purposes, a reduction of mineral property, plant and
equipment of $4.4 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 $2.7 million would be included in contributed surplus. In addition,
under US GAAP, additional depreciation expense of $0.1 million and $0.2 million,
respectively and income tax recovery of $0.4 million and $0.8 million,
respectively for the three and nine months ended September 30, 2009 was
recognized.

23

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the three and nine months ended September 30,
      2009                                               
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United
      States dollars, except share and per share amounts)
|Unaudited                                                                                                  

The following table shows the changes in the non-controlling
interest under US GAAP during the nine months ended September 30, 2009:

| |                                                        |   | September 30, |   |   | December 31, |  
| | ------------------------------------------------------ | - | ------------- | - | - | ------------ | -
| |                                                        |   | 2009          |   |   | 2008         |  
| |                                                        |   | (unaudited)   |   |   |              |  
| | Balance beginning of period                            | $ | 5,253         |   | $ | 8,175        |  
| | Income (loss) attributable to non-controlling interest |   | (370          | ) |   | 661          |  
| | Acquisition of non-controlling interest                |   | (4,385        | ) |   | (3,583       | )
| | Balance end of period                                  | $ | 498           |   | $ | 5,253        |  

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:

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

(iii) Effective January 1, 2009, the Company adopted new
accounting standards for US GAAP purposes relating to whether an equity linked
financial instrument is indexed to an entitys own stock. Among other things,
the guidance indicates that an equity-linked financial instrument would not be
considered indexed to the Companys own stock if the exercise price is
denominated in a currency other than the issuers functional currency. The
adoption of the new guidance resulted in no material impact on the balance sheet
or statement of operations as the fair value of the Companys outstanding
warrants as at January 1, 2009 and at September 30, 2009 was nominal. However,
certain of the Companys warrants related to a previous Unit offering had an
assigned value of $1.0 million (note 11 (c)) for US GAAP purposes recognized in
contributed surplus. On adoption of the new guidance, this amount was
reclassified from contributed surplus to a liability. The liability has been
adjusted to its fair value on January 1, 2009 of $NIL, resulting in an overall
reduction in contributed surplus and opening deficit of $1.0 million on adoption
of the new standard on January 1, 2009.

(iv) In June 2009, the Company adopted new accounting guidance
for US GAAP purposes related to disclosures about fair value in interim
financial statements. The Company has provided the required disclosures in Note
10.

12. Subsequent Event

Subsequent to September 30, 2009, the Company settled an
account payable of approximately $0.5 million through the issuance of 3,574,468
common shares of the Company.

24

---

Managements Discussion and Analysis of Financial Condition
and Results of Operations as at November 13, 2009

This Managements Discussion and Analysis (MD&A) of the
financial results of Revett Minerals Inc. (Revett Minerals or the Company)
for the three and nine month periods ended September 30, 2009 should be read in
conjunction with the unaudited consolidated interim financial statements and
notes as at September 30, 2009 which form part of this report. In addition, this
MD&A and related financial statements should be read in conjunction with the
2008 audited 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 11 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, 2009

As at November 13, 2009, the Companys principal assets
consisted of a 96.7% interest in the Troy copper and silver mine (Troy) in
northwest Montana, USA and also a 96.7% 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, 2009, Revett
Minerals reported a net loss of $3.3 million or $0.03 per share compared to net
loss of $1.5 million or $0.02 per share for the nine months ended September 30,
2008. The primary reason for loss in the first nine months of 2009 as compared
to 2008 is lower copper and silver prices. For the nine months ended September
30, 2009, the LME copper price averaged $2.11 per pound and LME silver price
averaged $13.68 per ounce as compared to 2008 average prices of $3.62 per pound
for copper and $16.63 per ounce for silver. The average copper price dropped by
approximately 42% while silver price decreased by approximately 18%. While our
copper quantities sold during the first nine months of 2009 was lower by only 5%
compared to the same period in 2008, the lower prices resulted in lower revenues
by approximately $10.8 million.

For the three months ended September 30, 2009, the Company
reported a net loss of $1.4 million or $0.01 per share compared to a net loss of
$3.0 million or $0.04 per share for the three months ended September 30, 2008.
During the three months ended September 30, 2009, LME copper prices averaged
$2.66 per pound and LME silver averaged $14.70 per ounce compared to $3.48 per
pound for copper and $15.03 per ounce for silver during the same period in 2008
resulting in a reduction in revenues of approximately $1.6 million. However
revenues for the three months ended September 30, 2008 was offset by the impact
of the significant decrease in metal prices at the end of the quarter which
resulted in negative mark to market adjustment related to un-priced metal
sales.

25

---

Results of Operations for the Three and Nine Months Ended
September 30, 2009 Compared to the Same Period in 2008.

The major highlights for the three and nine months ended
September 30, 2009, included:

- The Trafigura $4.3 million interest bearing note originally due June
  30, 2009 has been restructured. As part of the restructuring, $1.0
  million was converted to equity and the remaining principal is now
  repayable over three years.
- The Company continued efforts to streamline its corporate structure
  with the exchange of 22,698,150 common shares for an equivalent number
  of Revett Silver Class B common shares. The Company now owns 96.7% of
  the issued and outstanding Class B common shares of Revett Silver.
- During the first nine months of 2009, the Troy mill throughput improved
  to an average of 3,700 tons per day compared to 3,492 tons per day in
  the first nine months of 2008, a 5% improvement.
- For the nine month period ended September 30, 2009, Troy produced 6.7
  million pounds of copper and 873,901 ounces of silver compared to 7.1
  million pounds of copper and 793,998 ounces of silver over the same
  period in 2008.
- An eight day mine shut down in July due to electrical problems resulted
  in loss production of approximately 32,000 tons of ore.

Concentrate sales during the third quarter of 2009 consisted of
1.9 million pounds of copper and 250,982 ounces of silver compared to 2.5
million pounds of copper and 302,239 ounces of silver during the third quarter
of 2008.

Operating Results:

The table below illustrates certain key operating statistics
for Troy (100% basis) for the three months ended September 30, 2009, with a
comparison to the same three month period in 2008.

|                    |  | Three Months Ended September
      30, |  |  | Three Months Ended September
      30, | 
|------------------- |  | -------------------------------------- |  |  | -------------------------------------- | 
|                    |  | 2009                                   |  |  | 2008                                   | 
|Tons milled         |  | 302,543                                |  |  | 321,696                                | 
|Tons milled per day |  | 3,362                                  |  |  | 3,497                                  | 
|Copper grade (%)    |  | 0.39                                   |  |  | 0.45                                   | 
|Silver grade (opt)  |  | 1.00                                   |  |  | 1.04                                   | 
|Copper recovery (%) |  | 81.0                                   |  |  | 88.7                                   | 
|Silver recovery (%) |  | 82.0                                   |  |  | 90.19                                  | 
|Copper sales (lbs)  |  | 1,928,405                              |  |  | 2,549,580                              | 
|Silver sales (ozs)  |  | 250,982                                |  |  | 302,239                                | 

Production during the third quarter of 2009 was significantly
hampered due to an eight day shut down of the mine because of electrical
problems in July. With the decrease in tons mined and lower metal grades,
production was lower in 2009 with 250,982 ounces of silver and 1,928,405 pounds
of copper as compared to 302,239 ounces of silver and 2,549,580 pounds of copper
in 2008. 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. Mill recoveries remain good but slightly lower than plan due to a
higher percentage of non-sulfide ores milled at 82% for silver and 81% for
copper compared to recoveries of 90% for silver and 89% for copper in 2008.

26

---

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

|                        |  | Q3.09   |  |  | Q2.09   |  |  | Q1.09   |  |  | Q4.08   |  |  | Q3.08   |  |  | Q2.08   | 
|----------------------- |  | ------- |  |  | ------- |  |  | ------- |  |  | ------- |  |  | ------- |  |  | ------- | 
|Tons milled             |  | 302,543 |  |  | 349,925 |  |  | 339,171 |  |  | 354,190 |  |  | 321,696 |  |  | 331,698 | 
|Cost per ton milled ($) |  | 22.39   |  |  | 19.09   |  |  | 18.69   |  |  | 26.40   |  |  | 26.83   |  |  | 26.96   | 

As shown in the table, operating costs per ton have also
improved significantly with a 17% decrease realized in the third quarter of 2009
as compared to 2008. Cost per ton milled in the third quarter was higher than
the first and second quarter of 2009 due to lower volume which was a result of
the mine being shutdown for eight days in July from electrical problems.

Financial Results for the three months ended September
30, 2009:

| | a) | Revenue:For the third quarter of 2009 compared to
      the third quarter of 2008, revenue decreased from $7.4 million to $7.3
      million primarily due to the decrease in the prices of copper and silver.
      During the quarter ended September 30, 2009, the LME prices of copper and
      LME silver averaged $2.66 per pound and $14.70 per ounce, respectively,
      compared to average prices of $3.48 per pound and $15.03 per ounce,
      respectively in the third quarter of 2008. The higher production and
      pricing during the third quarter of 2008 were offset by the significant
      decrease in metal prices at the end of the quarter and when the open
      invoice prices were marked to market a significant charge to revenue
      resulted in lower revenues in 2008. As a result, revenues for the third
      quarter of 2009 are only lower by $0.1 million relative to the same period
      in 2008.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | b) | Cost of Goods Sold:The cost of goods sold
      associated with the third quarter revenue was $7.2 million, a decrease of
      $1.7 million (a 19% reduction) over the same period in 2008. This
      reduction was partially due to lower volumes of tons milled. In addition
      operating cost in the third quarter of 2009 decreased relative to 2008 as
      a result of lower labor costs due to a 5% pay reduction for all workers at
      the mine, lower cost of consumables such as fuel, explosives and milling
      reagents and lower cost of other milling consumables. In addition,
      employees have been successful in reducing consumption of consumables
      through increased operating efficiencies and a continued focus on
      obtaining the lowest costs possible.                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | c) | Depreciation and depletion:For the third quarter
      of 2009, these non cash charges were higher than the third quarter of
      2008, because of an increase year over year in the total cost of equipment
      being depreciated.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | d) | Exploration and development:This expense
      decreased by $0.4 million because the Company has elected to defer its
      exploration program for 2009 and spending at Rock Creek was significantly
      lower in 2009 than it was in 2008 due to efforts to conserve
  cash.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | e) | General and administration costs:The decrease in
      corporate administration costs in the third quarter of 2009 over the
      comparable quarter in 2008 was due to a twenty percent pay cut by
      corporate management, staffing reduction and efforts to reduce all
      spending in order to conserve cash. In addition, a one time severance
      payment $0.6 million was also included in the cost for
  2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

27

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| | 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) | Loss from operations:Metal prices and sales
      volumes in 2009 were lower than in 2008 but in 2008 revenues were affected
      by significant negative pricing adjustments as a result of falling copper
      prices where as in 2009 the pricing adjustments are positive given rising
      copper prices. As a result, revenues were only $0.1 million lower in 2009
      compared to the same period in 2008 while costs were reduced by $3.7
      million. As a result, the Company recorded $1.2 million in loss from
      operations compared to loss from operation in 2008 of $4.8 million. Costs
      were lower because of lower metal sales and because of the Companys
      efforts in reducing consumption of consumables through increased operating
      efficiencies, elected to not to spend for exploration/development and a
      continued focus on obtaining the lowest costs possible and limit
      spending.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | h) | Other Expenses:There was a $0.02 million foreign
      exchange gain on the cash and investments held in Canada and denominated
      in Canadian dollars and net interest expense of $0.2 million in the second
      quarter of 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | i) | Income taxes:For the three month period ended
      September 30, 2009, the Company reported an income tax recovery of nil as
      its future income tax liability has been eliminated as a result of various
      transactions and the Company has concluded that it is not more likely
      than not that the benefit of its tax losses will be realized.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | j) | Non-controlling interest:The non-controlling
      interest recovery of $0.03 million represents the after tax share of
      Revett Silvers loss attributable to the Class B shareholders of Revett
      Silver. This charge changes as Revett Silvers income changes and it is
      reduced as Revett Minerals ownership in Revett Silver increases.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | k) | Net earnings:The Company recorded net loss of
      $1.3 million or $0.01 per share for the third quarter compared to net loss
      of $3.0 million or $0.04 per share in the third quarter of
  2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

28

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Summarized Financial Results by Quarter

2009 Q3
    2009 Q2
    2009 Q1
    2008 Q4
    2008 Q3
    2008 Q2
    2008 Q1
    2007 Q4Cu Production (million lbs)
    1.9
    2.4
    2.3
    2.7
    2.5
    2.1
    2.2
    1.1Ag Production (000s ozs)
    251
    302
    321
    380
    302
    260
    232
    127Total Sales (000s $)
    7,310
    7,638
    7,139
    3,101
    7,430
    13,377
    12,034
    3,130Net Income (000s $)
    (1,346)
    (1,024)
    (859)
    (5,193)
    (2,980)
    75
    1,407
    (3,037)EPS- Basic ($)
    (0.01)
    (0.01)
    (0.01)
    (0.07)
    (0.04)
    0.00
    0.02
    (0.04)EPS- Fully diluted ($)
    (0.01)
    (0.01)
    (0.01)
    (0.07)
    (0.04)
    0.00
    0.02
    (0.04)Cash and Cash Equivalents (000s $)
    2,515
    3,256
    973
    1,633
    11,479
    13,106
    9,540
    18,010Total Assets ending (000s $)
    69,792
    71,142
    71,071
    77,942
    90,187
    91,563
    89,519
    94,611Total liabilities ending (000s $)
    20,037
    21,655
    20,826
    24,492
    28,943
    26,264
    24,801
    32,365Total Equity ending (000s $)
    49,058
    48,959
    49,270
    48,197
    53,306
    56,227
    56,114
    54,071


Operating Results for the nine months ended September 30,
2009 and 2008:

The table below illustrates certain key operating statistics
for Troy (100% basis) for the nine months ended September 30, 2009, with a
comparison to the same nine month period in 2008.

|                    |  | Nine Months Ended September 30, |  |  | Nine Months Ended September 30, | 
|------------------- |  | ------------------------------- |  |  | ------------------------------- | 
|                    |  | 2009                            |  |  | 2008                            | 
|Tons milled         |  | 991,639                         |  |  | 953,257                         | 
|Tons milled per day |  | 3,700                           |  |  | 3,492                           | 
|Copper grade (%)    |  | 0.39                            |  |  | 0.42                            | 
|Silver grade (opt)  |  | 1.03                            |  |  | 0.93                            | 
|Copper recovery (%) |  | 84.0                            |  |  | 87.7                            | 
|Silver recovery (%) |  | 85.0                            |  |  | 89.8                            | 
|Copper sales (lbs)  |  | 6,662,713                       |  |  | 7,068,049                       | 
|Silver sales (ozs)  |  | 873,901                         |  |  | 793,998                         | 

Production during the first nine months of 2009 improved to
3,700 ton per day, a 6% improvement over the first nine months of 2008 at 3,492
tons per day. An extensive employee training program was instituted in 2008
which resulted in productivity improvements in the first nine months of 2009.
The increase in tons milled and improved silver grade of 1.03 ounces per ton
compared to 0.93 ounces per ton in 2008 resulted in improved silver sales to
873,901 ounces of silver compared to 793,998. However, copper sales were
6,662,713 pounds as compared to 7,068,049 pounds of copper in 2008 due to lower
copper grades and recovery rates which are a

29

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result of mining in an area with ore grades lower than the
estimated life of mine averages known as the Lower Quartzite zone.

Financial Results for the nine months ended September 30,
2009:

| | a) | Revenue:For the first nine months of 2009
      compared to the first nine months of 2008, revenue decreased from $32.8
      million to $22.1 million primarily due to the decrease in the price of
      copper and silver and due to the decrease in the volumes of copper and
      silver sold. During the nine months ended September 30, 2009, the LME
      price of copper and silver averaged $2.11 per pound and $13.68 per ounce,
      respectively, compared to average prices of $3.62 per pound and $16.63 per
      ounce, respectively, in the first nine months of 2008. Although mill
      throughput improved to 991,639 ton compared to 953,257 in 2008, sales
      volumes were lower due to the mining of lower grade ore and reduced
      recoveries. This lower metals pricing and lower copper production resulted
      in a decrease in revenue of approximately $10.8 million.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | b) | Cost of Goods Sold:The cost of goods sold
      associated with the first nine months of 2009 revenue was $ 21.1 million,
      a decrease of $5.6 million (a 21% reduction) over the same period in 2008.
      This reduction was in spite of an increase in ton milled of 4% because the
      operating cost in the first nine months of 2009 improved as a result of
      lower labor costs due to a 5% pay reduction for all workers at the mine,
      lower cost of consumables such as fuel, explosives, milling reagents and
      other milling consumables. In addition, employees have been successful in
      reducing consumption of consumables through increased operating
      efficiencies and a continued focus on obtaining the lowest costs
      possible.                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | c) | Depreciation and depletion:For the first nine
      months of 2009, these non cash charges were higher than the first half of
      2008, because of an increase year over year in the total cost of equipment
      being depreciated. The majority of the plant and equipment at Troy is
      depreciated using the units-of-production method and an increase in mill
      throughput also resulted in higher depreciation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | d) | Exploration and development:This expense
      decreased by $1.6 million because the Company has elected to defer the
      majority of its exploration program for 2009 and spending at Rock Creek
      was significantly lower in 2009 than it was in 2008 due to efforts to
      conserve cash.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | e) | General and administration costs:The decrease in
      corporate administration costs over the comparable period in 2008 was due
      to a twenty percent pay cut by corporate management, staffing reduction
      and efforts to reduce all spending in order to conserve cash. In addition,
      for 2008, a one time severance payment $0.6 million was included in the
      cost.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | 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) | Loss from operations:The lower metal pricing more
      than offset the decrease in costs. Revenues were $10.8 million lower in
      the first nine months of 2009 compared to the same period 2008 while costs
      were reduced by $9.2 million. The net result was the Company recording
      $3.6 million in loss from operations compared to a loss from operation in
      2008 of $2.0 million.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

30

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| | h) | Other Expenses:There was a $0.013 million foreign
      exchange gain on the cash and investments held in Canada and denominated
      in Canadian dollars and net interest expense of $0.3 million in the first
      nine months of 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | i) | Income taxes:For the nine month period ended
      September 30, 2009, the Company reported an income tax recovery of $0.3
      million which arose from the recognition of certain deferred tax assets,
      principally net operating loss carry forwards, that were not previously
      recognized and the on-going amortization of the fair market purchase price
      adjustment to property, plant and equipment. As the Companys future
      income tax liability has been eliminated through various transactions and
      it is not more likely than not that the benefit of the Companys tax
      assets will be realized, no further future tax assets are
    recognized.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | j) | Non-controlling interest:The non-controlling
      interest recovery of $0.4 million represents the after tax share of Revett
      Silvers loss attributable to the Class B shareholders of Revett Silver.
      This charge changes as Revett Silvers income changes and it is reduced as
      Revett Minerals ownership in Revett Silver increases.                                                                                                                                                                                                                                                                                                                                       
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | k) | Net earnings:The Company recorded net loss of
      $3.2 million or $0.03 per share for the first nine months of 2009 compared
      to net loss of $1.5 million or $0.02 per share in the first nine months of
      2008. Lower metal pricing in 2009 has been the biggest factor in the
      higher net loss for the first nine months when compared to the same period
      in 2008.                                                                                                                                                                                                                                                                                                      

Financing Activities

During the first quarter of 2009 the Company entered into a
capital lease for the purchase of a CAT haul truck with a value of $1.3 million
which is being financed over a six year period. Revett Silver had entered into
the following contractual financial obligations (in thousands of USD):

|                          |   |        |  |   | Current |  |   | 1 to 3 |  |   | 3 to 5 |  |   | 5 years or | 
|------------------------- | - | ------ |  | - | ------- |  | - | ------ |  | - | ------ |  | - | ---------- | 
|Contractual obligation    |   | Total  |  |   | portion |  |   | years  |  |   | years  |  |   | more       | 
|Note payable              | $ | 3,092  |  | $ | 700     |  | $ | 2,392  |  | $ | -      |  | $ | -          | 
|Royalty payable           |   | 1,572  |  |   | 1,572   |  |   | -      |  |   | -      |  |   | -          | 
|Capital lease obligations |   | 1,831  |  |   | 610     |  |   | 1,015  |  |   | 206    |  |   | -          | 
|Long term Reclamation     |   |        |  |   |         |  |   |        |  |   |        |  |   |            | 
|costs                     |   | 13,320 |  |   | -       |  |   | -      |  |   | -      |  |   | 13,320     | 
|Total contractual         |   |        |  |   |         |  |   |        |  |   |        |  |   |            | 
|obligations               | $ | 19,815 |  | $ | 2,882   |  | $ | 3,407  |  | $ | 206    |  | $ | 13,320     | 

Revett Silver has also entered into three different operating
leases for a total of 54 rail cars at an average cost of $458 per car per month.
The leases have different terms, the first lease for 33 cars expiring May 2011,
the second lease for 15 cars expires in February 2010 and the final lease for 6
cars expires in May 2010.

In October 2004, Revett Silver, which is currently a 96.7%
owned subsidiary of the Company, sold Royal Gold Inc. (Royal Gold) two
royalties on production from the Troy Mine for $7.25 million (the production
payment) and $0.25 million (the Tail Royalty), respectively. The production
payment royalty is a 7% gross smelter return royalty payable in cash on
production and limited to the lesser of 90% of production revenue to be received
on proven and probable reserves existing for Troy as at October 13, 2004 or
$10.5 million. The Tail Royalty is payable in

31

---

cash at the rate of 6.1% on the gross smelter returns from Troy
for production revenue arising on between 100% and 115% of its proven and
probable reserves which existed as at October 13, 2004 and then at the rate of
2% of production revenue on production revenues in excess of 115% of proven and
probable reserves as at October 13, 2004. At September 30, 2009, the Company had
not paid production payment royalty obligations owing totaling $1.6 million.
This $1.6 million is included in accrued liabilities. On October 13, 2009, the
Company and Royal Gold agreed to restructure the Tail Royalty in exchange for a
payment from Royal Gold to the Company in the amount of $ 1.6 million. The Tail
Royalty was restructured to a 3% gross smelter return payable over the life of
the Troy Mine commencing with production on and after July 1, 2010. The Company
used the $1.6 million proceeds from the restructuring of the Tail Royalty to
repay the $1.6 million production payment royalty obligation.

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, 2009, working capital was a negative $0.9 million and cash and
cash equivalents was $2.5 million. At September 30, 2009, net concentrate
receivable was $2.0 million. As a result of significant decreases in both copper
and silver prices and the Companys lack of working capital, the Company was
unable to repay its customer for some of its concentrate sold prior to December
31, 2008, upon final settlement. On January 23, 2009, the Company issued a
senior floating rate note in the principal amount of $4.3 million related to
amounts owing for shipments from November 2008 and prior periods. The
outstanding principal of the Note was originally due on June 30, 2009 but was
extended to August 31, 2009. In July of 2009 the Company made a $0.2 million
principal payment. On August 24, 2009, the two parties entered into an agreement
to modify the terms of the note as follows: $1.0 million of principal debt was
repaid by issuance of 8.3 million common shares of the Company; principal
payments were modified to $0.2 million due on December 31, 2009 and $0.5 million
payable on each June 30 and December 31 thereafter through December 31, 2011,
and the remaining principal payment of $0.9 million to be paid on June 30, 2012,
The interest on the note is LIBOR plus five percent. The Company has granted a
first-priority mortgage on certain lands acquired for the Rock Creek project. If
the lands are sold by the Company, the proceeds must be used to repay the note.
In addition, the Company issued detachable warrants to purchase as many as 10
million shares of common stock of the Company at an exercise price of $0.20 per
share with an expiry date of June 30, 2012.

Further price declines in copper and silver could further erode
the Companys cash and working capital position and although it is currently
investigating means of raising additional capital with potential lenders and
investors, no assurance may be given if these efforts will prove successful.
Given market conditions in 2009, it may be difficult for the Company to secure
sufficient external financing to meet its obligations. These conditions raise
substantial doubt regarding the Companys ability to continue as a going
concern. Because of the Companys need to conserve cash, most discretionary
capital spending and exploration spending have been placed on hold. Furthermore,
the Company does not have sufficient cash to undertake any activities at Rock
Creek at this time.

In February 2009, the Company completed a private placement of
10,000,000 units (each unit consisting of one share of common stock and three
quarters of one common stock purchase warrant) and realized gross proceeds of
$0.6 million. If fully exercised, the warrants would result in the issuance of
7,500,000 additional shares of common stock. The exercise price for a full
warrant is $0.10 and the warrants expire on February 13, 2011.

32

---

In April 2009, under an existing Shareholder Participation
Rights Agreement, the Company completed a private placement of 3,855,558 shares
with Silver Wheaton Corp. and realized proceeds of approximately $0.3
million.

In May of 2009, the Company requested and received $1.0 million
from its commutation account (restricted cash account) which is administered by
its insurance bonding company. The Company requested its bonding company to
reimburse for the final reclamation costs incurred over the last four years.

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.

In October 2004, Revett Silver sold Royal Gold 1,333,333 common
shares for gross proceeds of $1.0 million. Royal Gold had the right to convert
these common shares into a perpetual, non-participating 1% net smelter return
royalty from production from Rock Creek. On January 5, 2009, Royal Gold
exercised its right and returned these common shares to Revett Silver in return
for a perpetual, non-participating 1% net smelter return royalty from production
from Rock Creek.

At September 30, 2009, the Company had forward contracts to
sell 2,000 tonnes of copper at a weighted average price of $5,417 per tonne
($2.46 per pound) and 500,000 ounces of silver at a weighted average price of
$15.43 per ounce maturing at various dates from October 2009 to January 2011.
These forward sales contracts have been designated as normal purchase and sales
agreements as the contracts are with the Companys customer whom regularly
purchases the Companys concentrates. As these contracts have been designated as
normal purchase and sale contracts, these contracts have not been marked to
market at September 30, 2009. The fair value of these contracts is a loss of
$2.2 million as at September 30, 2009.

On October 13, 2009, the Company and Royal Gold agreed to
restructure the Tail Royalty in exchange for a payment from Royal Gold to the
Company in the amount of $ 1.6 million. The Tail Royalty is now a 3% gross
smelter return payable over the life of the Troy Mine commencing with production
on and after July 1, 2010. The Company used the $1.6 million proceeds from the
restructuring of the Tail Royalty to repay the $1.6 million production payment
royalty obligation.

Related Party Transactions

There were no related party transactions during the first nine
months of 2009.

33

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Proposed Transactions

In accordance with the Agreement and Plan of Reorganization
approved by the shareholders of Revett Silver, Revett Silver anticipates it may
either redeem its Class B common shares for cash or exchange them for common
shares of Revett Minerals. In March 2009, Revett Silver shareholders exchanged
20,553,500 Class B common shares of Revett Silver for the same number of common
shares of Revett Minerals, which increased Revett Minerals ownership in Revett
Silver to 94.2% . In June 2009, Revett Silver shareholders exchanged 2,144,650
Class B common shares of Revett Silver for the same number of common shares of
Revett Minerals, which increased Revett Minerals ownership in Revett Silver to
96.7% . As at September 30, 2009, there are 2,885,337 Revett Silver Class B
common shares outstanding.

Principal Risks and Uncertainties

There have been no material changes to the Risks and
Uncertainties which are reported in the December 31, 2008 Form 10-K.

Recently Adopted Accounting Standards

In February 2008, the CICA issued new standards for Goodwill
and Intangible Assets, which replaces the old standard for Goodwill and Other
Intangible Assets and Research and Development Costs. The new Section
establishes standards for the recognition, measurement and disclosure of
goodwill and intangible assets. Concurrent with the introduction of this
standard, the CICA withdrew Revenues and Expenses during the pre-operating
period. The new requirements were adopted by the Company on January 1, 2009. The
adoption of this standard did not have a material impact on the consolidated
financial statements.

Effective January 1, 2009, the Company adopted a new accounting
standard for US GAAP purposes related to the accounting for non-controlling
interests in consolidated financial statements. The new standard establishes
accounting and reporting standards for the non controlling ownership interest in
a subsidiary and for the deconsolidation of a subsidiary. The adoption of this
standard requires that for US GAAP purposes non controlling interest be
classified as equity where as for Canadian GAAP, it is classified between
liabilities and equity.

In December 2007, a new standard for US GAAP purposes was
issued relating to business combinations. This standard is effective for the
Company for transactions on or after January 1, 2009. The new standard changes
the accounting for assets acquired and liabilities assumed in a business
combination as follows:

- acquisition costs are generally expensed as incurred;
- non controlling interests are valued at fair value at the acquisition
  date;
- acquired contingent liabilities are recorded at fair value at the
  acquisition date and subsequently measured at either the higher of such amount
  or the amount determined under existing guidance for non acquired
  contingencies;
- in-process research and development is recorded at fair value as an
  indefinite-lived intangible asset at the acquisition date;
- restructuring costs associated with a business combination are generally
  expensed subsequent to the acquisition date; and
- changes in deferred tax asset valuation allowances and income tax
  uncertainties after the acquisition date affect income tax expense.

34

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Adoption of this new standard did
not have a material effect on our consolidated financial statements as at
January 1, 2009.

Effective January 1, 2009, the Company adopted new accounting
for US GAAP purposes relating to whether an equity linked financial instruments
is indexed to an entitys own stock. Among other things, the guidance indicates
that an equity-linked financial instrument would not be considered indexed to
the Companys own stock if the exercise price is denominated in a currency other
than the issuers functional currency. The adoption of the new guidance did not
have a material impact on the balance sheet or statement of operations as the
fair value of the Companys warrants at the January 1, 2009 adoption date and at
September 30, 2009 was nominal. However certain warrants related to a previously
issued Unit offering have an assigned value of $1.0 million (note 10 (c) to the
consolidated interim financial statements) for U.S. GAAP purposes recognized in
contributed surplus. This amount has been reclassified as a liability and
subsequently revalued to a fair value of $NIL resulting in a charge to opening
deficit of $1.0 million on adoption at January 1, 2009.

In June 2009, the Company adopted new accounting guidance for
US GAAP purposes related to disclosure about fair value in interim financial
statements. The Company has provided the required disclosures in Note 10 of the
consolidated interim financial statements.

Future accounting changes

In February 2008, the Canadian Accounting Financial Standards
Board confirmed that Canadian public companies will be required to adopt
International Financial Reporting Standards (IFRS) for fiscal years beginning on
or after January 1, 2011. The adoption of IFRS will require the Company to
change certain accounting policies and disclosures. The Company is in the
process of evaluating the impact of adopting IFRS for its financial statements.
As an alternative, the Company is considering the adoption of US GAAP as it
primary GAAP rather than IFRS.

Financial Instruments

Conditional Pricing

The Company fair values the amount of silver and copper in
concentrate for which final prices have not yet been determined. At each month
end, the Company adjusts its revenue 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, 2009, the
Company had sold 863,690 pounds of copper and 100,334 ounces of silver with
prices not yet fixed. The fair value revenue adjustment as at September 30, 2009
was a gain of $0.007 million and is recorded in accounts receivable at September
30, 2009 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 estimates presented
herein are not necessarily indicative of the amounts the Company will realize in
such future periods.

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Hedging Activities

At September 30, 2009, the Company had four forward contracts
to sell a total of 800 tons of copper at a price of $4,461 per ton maturing
between October 2009 and January 2010; Twelve forward contracts to sell a total
of 1,200 tons of copper at a price of $5,952 per ton maturing between February
2010 and January 2011; four forward contracts to sell 200,000 ounces of silver
at a price of $14.20 per ounce maturing between October 2009 and January 2010;
twelve forward contracts to sell a total of 300,000 ounces of silver at a price
of $16.25 per ounce maturing between February 2010 and January 2011. The Company
has designated these as Normal Purchase and Sales contracts and has not
recognized the fair value of these fixed pricing contracts of a loss of $2.2
million in the consolidated financial statements as at September 30, 2009.

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.

36

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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. 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 $3.23 per
pound. Average annual silver prices over this same period have ranged from a low
of $3.95 per ounce to a high of $15.02. Currently the prices for both metals are
at or near $2.95 per pound for copper and $17.34 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, 2009, the Company
delivered and sold 6.4 million pounds of copper and 791,504 ounces of silver.
Based upon these metals sales levels, a $0.50 change in the price of each metal
would have changed revenue by $3.6 million for the nine months ended September
30, 2009.

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 $0.2 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.

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

37

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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, 2009 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.

Changes in Internal Controls. During the first
nine months of 2009, the Company rehired its tax expert to review each quarter
end income tax recovery. During the fourth quarter of 2008, the Company, in its
efforts to conserve cash, did not hire this tax expert and a material weakness
was noted during our December 31, 2008 assessment which was reported by
management in its year end managements discussion and analysis.

PART II: Other Information

Legal proceedings

There has been no material changes with regards to Legal
proceedings which are reported in the December 31, 2008 Form 10-K.

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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      

39

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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 13, 2009 | By: /s/John Shanahan                 
|                        | John Shanahan                        
|                        | President and Chief Executive Officer
|                        |                                      
|                        |                                      
|Date: November 13, 2009 | By: /s/ Ken Eickerman                
|                        | Ken Eickerman                        
|                        | Chief Financial Officer              



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