---

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 ENDEDJUNE
  30, 2010.

[ ] 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 August 16, 2010, 131,549,195shares of common stock
were issued and outstanding.

1

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Revett Minerals Inc. Form 10-QQUARTER ENDED June 30,
2010

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      | 8-22

3

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|Revett Minerals Inc.                                   
|-------------------------------------------------------
|Consolidated Balance Sheets                            
|at June 30, 2010 and December 31, 2009                 
|(expressed in thousands of United States
      dollars)

|                                                                                                                                                                                                                                    |   | June 30, 2010 |   |   | December 31, 2009 |  
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ------------- | - | - | ----------------- | -
|                                                                                                                                                                                                                                    |   | (unaudited)   |   |   |                   |  
|Assets                                                                                                                                                                                                                              |   |               |   |   |                   |  
|Current Assets                                                                                                                                                                                                                      |   |               |   |   |                   |  
|Cash and cash equivalents                                                                                                                                                                                                           | $ | 3,150         |   | $ | 2,622             |  
|Concentrate settlement and other receivable                                                                                                                                                                                         |   | 1,802         |   |   | 1,237             |  
|Inventories (note 3)                                                                                                                                                                                                                |   | 3,488         |   |   | 3,630             |  
|Prepaid expenses and deposits                                                                                                                                                                                                       |   | 536           |   |   | 290               |  
|Total current assets                                                                                                                                                                                                                |   | 8,976         |   |   | 7,779             |  
|Property, plant, and equipment (net) (note 4)                                                                                                                                                                                       |   | 53,724        |   |   | 52,319            |  
|Restricted cash                                                                                                                                                                                                                     |   | 6,649         |   |   | 6,633             |  
|Other long term assets                                                                                                                                                                                                              |   | 881           |   |   | 969               |  
|                                                                                                                                                                                                                                    |   |               |   |   |                   |  
|Total assets                                                                                                                                                                                                                        | $ | 70,230        |   | $ | 67,700            |  
|                                                                                                                                                                                                                                    |   |               |   |   |                   |  
|Liabilities and shareholders equity                                                                                                                                                                                                |   |               |   |   |                   |  
|Current liabilities                                                                                                                                                                                                                 |   |               |   |   |                   |  
|Trade accounts payable                                                                                                                                                                                                              | $ | 4,687         |   | $ | 3,251             |  
|Payroll liabilities                                                                                                                                                                                                                 |   | 984           |   |   | 965               |  
|Income, property and mining taxes                                                                                                                                                                                                   |   | 1,139         |   |   | 1,409             |  
|Other accrued liabilities                                                                                                                                                                                                           |   | 276           |   |   | 753               |  
|Current portion of long term debt (note 5)                                                                                                                                                                                          |   | 1,609         |   |   | 1,603             |  
|Total current liabilities                                                                                                                                                                                                           |   | 8,695         |   |   | 7,981             |  
|                                                                                                                                                                                                                                    |   |               |   |   |                   |  
|Long-term portion of debt (note 5)                                                                                                                                                                                                  |   | 1,665         |   |   | 2,572             |  
|Reclamation and remediation liability (note 7 (a))                                                                                                                                                                                  |   | 8,513         |   |   | 8,166             |  
|Total liabilities                                                                                                                                                                                                                   |   | 18,873        |   |   | 18,719            |  
|                                                                                                                                                                                                                                    |   |               |   |   |                   |  
|                                                                                                                                                                                                                                    |   |               |   |   |                   |  
|Shareholders' equity                                                                                                                                                                                                                |   |               |   |   |                   |  
|Preferred stock, no par value, unlimited
      authorized, 
      nil issued and outstanding Common stock, no par value
      unlimited authorized, 131,549,195 (2009- 125,978,614) shares issued
      and outstanding (note 6(a)) |   | 62,653        |   |   | 60,988            |  
|Contributed surplus                                                                                                                                                                                                                 |   | 4,264         |   |   | 3,450             |  
|Deficit                                                                                                                                                                                                                             |   | (15,560       | ) |   | (15,457           | )
|                                                                                                                                                                                                                                    |   | 51,357        |   |   | 48,981            |  
|Commitments and contingencies (note 7)                                                                                                                                                                                              |   |               |   |   |                   |  
|                                                                                                                                                                                                                                    |   |               |   |   |                   |  
|Total liabilities and shareholders equity                                                                                                                                                                                          | $ | 70,230        |   | $ | 67,700            |  

See accompanying notes to interim consolidated financial
statements.

4

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|Revett Minerals Inc.                                                                      
|------------------------------------------------------------------------------------------
|Consolidated Statements of Operations                                                     
|Three and six months ended June 30, 2010 and
      2009                                   
|(expressed in thousands of United States dollars
      except share and per share amounts)
|(unaudited)                                                                               

|                                                      |   | Three month   |   |   | Three month   |   |   | Six month     |   |   | Six month     |  
|----------------------------------------------------- | - | ------------- | - | - | ------------- | - | - | ------------- | - | - | ------------- | -
|                                                      |   | period ended  |   |   | period ended  |   |   | period ended  |   |   | period ended  |  
|                                                      |   | June 30, 2010 |   |   | June 30, 2009 |   |   | June 30, 2010 |   |   | June 30, 2009 |  
|                                                      |   |               |   |   |               |   |   |               |   |   |               |  
|                                                      | $ | 9,322         |   | $ | 8,590         |   | $ | 21,449        |   | $ | 16,930        |  
|Revenues                                              |   |               |   |   |               |   |   |               |   |   |               |  
|Expenses:                                             |   |               |   |   |               |   |   |               |   |   |               |  
|Cost of sales (note 3)                                |   | 8,633         |   |   | 7,981         |   |   | 17,388        |   |   | 16,097        |  
|Depreciation and depletion                            |   | 581           |   |   | 633           |   |   | 1,206         |   |   | 1,260         |  
|Exploration and development                           |   | 178           |   |   | 76            |   |   | 273           |   |   | 149           |  
|General & administrative                              |   | 639           |   |   | 746           |   |   | 2,073         |   |   | 1,456         |  
|Accretion of reclamation and remediation liability    |   | 173           |   |   | 165           |   |   | 347           |   |   | 319           |  
|                                                      |   | 10,204        |   |   | 9,601         |   |   | 21,287        |   |   | 19,281        |  
|Income (loss) from operations                         |   | (882          | ) |   | (1,011        | ) |   | 162           |   |   | (2,351        | )
|                                                      |   |               |   |   |               |   |   |               |   |   |               |  
|Other income (expenses):                              |   |               |   |   |               |   |   |               |   |   |               |  
|Interest expense                                      |   | (122          | ) |   | (72           | ) |   | (247          | ) |   | (179          | )
|Interest and other income                             |   | 22            |   |   | 6             |   |   | 49            |   |   | 45            |  
|Foreign exchange gain (loss)                          |   | (39           | ) |   | 20            |   |   | (31           | ) |   | (6            | )
|Total other income (expenses)                         |   | (139          | ) |   | (46           | ) |   | (229          | ) |   | (140          | )
|                                                      |   |               |   |   |               |   |   |               |   |   |               |  
|Net loss before non-controlling interest and taxes    |   | (1,021        | ) |   | (1,057        | ) |   | (67           | ) |   | (2,491        | )
|                                                      |   |               |   |   |               |   |   |               |   |   |               |  
|Income tax recovery (expense)                         |   | 5             |   |   | -             |   |   | (36           | ) |   | 267           |  
|                                                      |   |               |   |   |               |   |   |               |   |   |               |  
|Net loss before non-controlling interest              |   | (1,016        | ) |   | (1,057        | ) |   | (103          | ) |   | (2,224        | )
|                                                      |   |               |   |   |               |   |   |               |   |   |               |  
|Non-controlling interest                              |   | -             |   |   | 33            |   |   | -             |   |   | 340           |  
|                                                      |   |               |   |   |               |   |   |               |   |   |               |  
|Net loss and comprehensive loss                       | $ | (1,016        | ) | $ | (1,024        | ) | $ | (103          | ) | $ | (1,884        | )
|                                                      |   |               |   |   |               |   |   |               |   |   |               |  
|Basic loss per share                                  | $ | (0.01         | ) | $ | (0.01         | ) | $ | (0.00         | ) | $ | (0.02         | )
|                                                      |   |               |   |   |               |   |   |               |   |   |               |  
|Diluted loss per share                                | $ | (0.01         | ) | $ | (0.01         | ) | $ | (0.00         | ) | $ | (0.02         | )
|                                                      |   |               |   |   |               |   |   |               |   |   |               |  
|Weighed average number of shares outstanding          |   | 131,395,679   |   |   | 108,360,363   |   |   | 130,717,453   |   |   | 94,299,858    |  
|                                                      |   |               |   |   |               |   |   |               |   |   |               |  
|Weighted average number of diluted shares outstanding |   | 131,395,679   |   |   | 108,360,363   |   |   | 130,717,453   |   |   | 94,299,858    |  

See accompanying notes to interim consolidated financial
statements.

5

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|Revett Minerals Inc.                                   
|-------------------------------------------------------
|Consolidated Statements of Cash Flows                  
|Three and six months ended June 30, 2010 and
      2009
|(expressed in thousands of United States
      dollars)
|(unaudited)                                            

|                                                                                  |   | Three month   |   |   | Three month   |   |   | Six month     |   |   | Six month     |  
|--------------------------------------------------------------------------------- | - | ------------- | - | - | ------------- | - | - | ------------- | - | - | ------------- | -
|                                                                                  |   | period ended  |   |   | period ended  |   |   | period ended  |   |   | period ended  |  
|                                                                                  |   | June 30, 2010 |   |   | June 30, 2009 |   |   | June 30, 2010 |   |   | June 30, 2009 |  
|                                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|                                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Cash flows from operating activities:                                             |   |               |   |   |               |   |   |               |   |   |               |  
|Net loss for the period                                                           | $ | (1,016        | ) | $ | (1,024        | ) | $ | (103          | ) | $ | (1,884        | )
|Adjustment to reconcile net income to net
      cash used by operating activities |   |               |   |   |               |   |   |               |   |   |               |  
|Depreciation and depletion                                                        |   | 581           |   |   | 633           |   |   | 1,206         |   |   | 1,260         |  
|Accretion of reclamation and remediation
      liability                          |   | 164           |   |   | 164           |   |   | 347           |   |   | 319           |  
|Accretion of debt                                                                 |   | 60            |   |   | -             |   |   | 118           |   |   | -             |  
|Unrealized foreign exchange loss (gain)                                           |   | 39            |   |   | (20           | ) |   | 31            |   |   | 6             |  
|Stock based compensation                                                          |   | 21            |   |   | 204           |   |   | 863           |   |   | 215           |  
|Loss (gain) on disposal of fixed assets                                           |   | -             |   |   | -             |   |   | -             |   |   | 243           |  
|Future income tax expense
      (recovery)                                        |   | -             |   |   | -             |   |   | -             |   |   | (205          | )
|Non controlling interest                                                          |   | -             |   |   | (33           | ) |   | -             |   |   | (340          | )
|Accrued interest from
      reclamation trust fund                                |   | (7            | ) |   | (10           | ) |   | (16           | ) |   | (38           | )
|Amortization of prepaid insurance premium                                         |   | 41            |   |   | 42            |   |   | 88            |   |   | 83            |  
|Change in fair value of
      derivative contracts                                |   | -             |   |   | (24           | ) |   | -             |   |   | (679          | )
|Gain on settlement of forward contracts                                           |   | (734          | ) |   | -             |   |   | (734          | ) |   | -             |  
|Changes in:                                                                       |   |               |   |   |               |   |   |               |   |   |               |  
|Concentrate settlement and other receivables                                      |   | 837           |   |   | 435           |   |   | (565          | ) |   | (1,651        | )
|Income taxes receivable                                                           |   | -             |   |   | -             |   |   | -             |   |   | 99            |  
|Inventories                                                                       |   | 163           |   |   | (61           | ) |   | 142           |   |   | 330           |  
|Prepaid expenses and deposits                                                     |   | 61            |   |   | 116           |   |   | (246          | ) |   | 85            |  
|Accounts payable and accrued liabilities                                          |   | 1,100         |   |   | 853           |   |   | 1,066         |   |   | 1,978         |  
|Net cash provided by
      operating activities                                   |   | 1,310         |   |   | 1,275         |   |   | 2,197         |   |   | 393           |  
|                                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|                                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Cash flows from investing activities:                                             |   |               |   |   |               |   |   |               |   |   |               |  
|Release of restricted cash                                                        |   | -             |   |   | 1,021         |   |   | -             |   |   | 1,021         |  
|Purchase of plant and equipment                                                   |   | (1,709        | ) |   | (148          | ) |   | (2,568        | ) |   | (437          | )
|Net cash provided (used)
      by investing activities                            |   | (1,709        | ) |   | 873           |   |   | (2,568        | ) |   | 584           |  
|                                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Cash flows from financing
      activities:                                       |   |               |   |   |               |   |   |               |   |   |               |  
|Proceeds form the issuance of common stock,
      net                             |   | 31            |   |   | 280           |   |   | 1,257         |   |   | 844           |  
|Repayment of debt                                                                 |   | (16           | ) |   | -             |   |   | (16           | ) |   | -             |  
|Repayment of capital leases                                                       |   | (156          | ) |   | (165          | ) |   | (311          | ) |   | (192          | )
|Net cash provided (used)
      by financing activities                            |   | (141          | ) |   | 115           |   |   | 930           |   |   | 652           |  
|                                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Effects of foreign
      exchange on cash held                                    |   |               |   |   |               |   |   |               |   |   |               |  
|In foreign currencies                                                             |   | (39           | ) |   | 20            |   |   | (31           | ) |   | (6            | )
|                                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Net increase (decrease) in cash and cash
      equivalents                        |   | (579          | ) |   | 2,283         |   |   | 528           |   |   | 1,623         |  
|Cash and cash equivalents,
      beginning of period                              |   | 3,729         |   |   | 973           |   |   | 2,622         |   |   | 1,633         |  
|Cash and cash equivalents, end of period                                          | $ | 3,150         |   | $ | 3,256         |   | $ | 3,150 $       |   |   | 3,256         |  
|                                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Supplementary cash flow information:                                              |   |               |   |   |               |   |   |               |   |   |               |  
|Cash paid for interest
      expense                                              | $ | 67            |   | $ | 161           |   | $ | 137           |   | $ | 305           |  
|Non cash transactions:                                                            |   |               |   |   |               |   |   |               |   |   |               |  
|Common stock issued to
      acquire non-controlling interest                     |   | -             |   |   | 230           |   |   | -             |   |   | 1,628         |  
|Debt repayment from settlement of forward
      contracts                         |   | 734           |   |   |               |   |   | 734           |   |   |               |  
|Shares issued for
      compensation                                              |   | -             |   |   | -             |   |   | 359           |   |   | -             |  
|Acquisition of plant and equipment under
      capital lease                      |   | -             |   |   | -             |   |   | 44            |   |   | 1,082         |  

See accompanying notes to interim consolidated financial
statements.

6

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

|                                                         |  | Common Shares |   |   | Contributed |   |   |         |   |   |         |  
|-------------------------------------------------------- |  | ------------- | - | - | ----------- | - | - | ------- | - | - | ------- | -
|                                                         |  | Shares        |   |   | Amount      |   |   | Surplus |   |   | Deficit |  
|Balance, December 31, 2008                               |  | 75,210,697    |   | $ | 56,899      |   | $ | 1,788   |   | $ | (10,490 | )
|Issued to acquire non controlling interest               |  | 25,583,487    |   |   | 2,388       |   |   | -       |   |   | -       |  
|Issue of shares for cash                                 |  | 3,855,558     |   |   | 279         |   |   | -       |   |   | -       |  
|Issue of shares and warrants on debt restructuring       |  | 8,333,333     |   |   | 1,000       |   |   | 621     |   |   | -       |  
|Issue of shares for settlement of accounts
      payable |  | 3,513,098     |   |   | 545         |   |   | -       |   |   | -       |  
|Issue of shares for exercise of warrants and options     |  | 87,500        |   |   | 12          |   |   | (4      | ) |   | -       |  
|Redemption of shares for royalty                         |  | (605,059      | ) |   | (458        | ) |   | 417     |   |   | -       |  
|Issue of units for cash                                  |  | 10,000,000    |   |   | 323         |   |   | 241     |   |   | -       |  
|Stock-based compensation on options granted              |  | -             |   |   | -           |   |   | 387     |   |   | -       |  
|Net loss for the period                                  |  | -             |   |   | -           |   |   | -       |   |   | (4,967  | )
|Balance, December 31, 2009                               |  | 125,978,614   |   | $ | 60,988      |   | $ | 3,450   |   | $ | (15,457 | )
|                                                         |  |               |   |   |             |   |   |         |   |   |         |  
|Issued shares                                            |  | 3,613,899     |   |   | 1,147       |   |   | -       |   |   | -       |  
|Issue of shares for exercise of options and warrants     |  | 1,122,500     |   |   | 159         |   |   | (49     | ) |   | -       |  
|Shares issued for compensation                           |  | 834,182       |   |   | 359         |   |   | -       |   |   | -       |  
|Stock-based compensation on options granted              |  | -             |   |   | -           |   |   | 863     |   |   | -       |  
|Net loss for the period                                  |  | -             |   |   | -           |   |   | -       |   |   | (103    | )
|Balance, June 30, 2010                                   |  | 131,549,195   |   | $ | 62,653      |   | $ | 4,264   |   |   | (15,560 | )

See accompanying notes to unaudited interim consolidated
financial statements

7

---

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 June 30, 2010, and the
results of its operations and its cash flows for the three and six month periods
ended June 30, 2010 and 2009. The operating and financial results for Revett
Minerals for the three and six months ended June 30, 2010 are not necessarily
indicative of the results that may be expected for the year ended December 31,
2010.

These unaudited interim financial statements are prepared using
the same accounting policies and methods of application as those disclosed in
note 2 to the Companys audited annual financial statements for the year ended
December 31, 2009 except that in 2010, the Company changed the presentation of
transportation and refining costs. In the past, the transportation and refining
cost were netted against revenues, whereas now the transportation and refining
costs are included in cost of sales. The 2009 revenues and cost of sales have
each been increased by $1.0 million and $2.2 million for the three months and
six months ended June 30, 2010, respectively, compared to amounts previously
reported to reflect this presentation change. These financial statements have
been prepared in accordance with Canadian generally accepted accounting
principles (Canadian GAAP) for interim financial statements and accordingly,
these interim financial statements do not include all the notes to the financial
statements required in audited annual financial statements. These statements
should be read in conjunction with the most recently completed audited annual
financial statements and notes of the Company for the year ended December 31,
2009. Material differences between Canadian GAAP and generally accepted
accounting principles in the United States (US GAAP) are disclosed in note 9.
All currency is reported in United States dollars unless otherwise
specified.

At June 30, 2010, the Company had working capital of $ 0.3
million and the Company had a loss for the six months ended June 30, 2010 of $
0.1 million. Declines in the price of copper and silver could result in a
reduction in working capital and cash flows. At current copper and silver prices
the Company generated a positive cash flow from operations. The Company is
currently investigating a number of alternative means of raising additional
capital with potential lenders and investors (see note 10). However, no
assurance can be given that these efforts will prove to be successful.

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 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.

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.

8

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the Six and Three months ended June 30, 2010                                                           
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United States
      dollars, except share and per share amounts)
|unaudited                                                                                                  

2. Change in Accounting Policy

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

3. Inventories

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

|                      |   | June 30, 2010 |  |   | Dec. 31, 2009 | 
|--------------------- | - | ------------- |  | - | ------------- | 
|                      |   | (unaudited)   |  |   |               | 
|Concentrate inventory | $ | 616           |  | $ | 885           | 
|Material and supplies |   | 2,872         |  |   | 2,745         | 
|                      | $ | 3,488         |  | $ | 3,630         | 

Cost of goods sold for the three and six months ended June 30,
2010 and 2009 is comprised of the following:

|                          |   | Three month   |  |   | Three month   |   |   | Six month     |  |   | Six month     |  
|------------------------- | - | ------------- |  | - | ------------- | - | - | ------------- |  | - | ------------- | -
|                          |   | period ended  |  |   | period ended  |   |   | period ended  |  |   | period ended  |  
|Nature of expense         |   | June 30, 2010 |  |   | June 30, 2009 |   |   | June 30, 2010 |  |   | June 30, 2009 |  
|                          |   | (unaudited)   |  |   | (unaudited)   |   |   | (unaudited)   |  |   | (unaudited)   |  
|Raw materials and         |   |               |  |   |               |   |   |               |  |   |               |  
|consumables used          | $ | 3,036         |  | $ | 2,769         |   | $ | 6,293         |  | $ | 5,299         |  
|Labor costs               |   | 3,136         |  |   | 2,673         |   |   | 6,254         |  |   | 5,279         |  
|Other costs               |   | 2,216         |  |   | 2,669         |   |   | 4,572         |  |   | 5,589         |  
|Net change in concentrate |   |               |  |   |               |   |   |               |  |   |               |  
|Inventories               |   | 245           |  |   | (130          | ) |   | 269           |  |   | (70           | )
|                          | $ | 8,633         |  | $ | 7,981         |   | $ | 17,388        |  | $ | 16,097        |  

9

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the Six and Three months ended June 30, 2010                                                           
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United States
      dollars, except share and per share amounts)
|unaudited                                                                                                  

4. Mineral Property, Plant, Equipment and Mine
Development

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

|                                                      |   | June 30, 2010 |   |   | Dec. 31, 2009 |  
|----------------------------------------------------- | - | ------------- | - | - | ------------- | -
|                                                      |   | (unaudited)   |   |   |               |  
|TROY:                                                 |   |               |   |   |               |  
|Property acquisition and development
      costs      | $ | 8,749         |   | $ | 6,264         |  
|Plant and equipment                                   |   | 13,335        |   |   | 13,212        |  
|Buildings and structures                              |   | 2,518         |   |   | 2,518         |  
|                                                      |   | 24,602        |   |   | 21,994        |  
|ROCK CREEK:                                           |   |               |   |   |               |  
|Property acquisition costs                            |   | 34,822        |   |   | 34,822        |  
|OTHER, corporate                                      |   | 3,677         |   |   | 3,674         |  
|OTHER, mineral properties                             |   | 118           |   |   | 118           |  
|                                                      |   | 63,219        |   |   | 60,608        |  
|Accumulated depreciation and depletion:               |   |               |   |   |               |  
|Troy Property acquisition and
      development costs |   | (4,052        | ) |   | (3,665        | )
|Troy plant and equipment                              |   | (4,487        | ) |   | (3,812        | )
|Troy buildings and structures                         |   | (864          | ) |   | (724          | )
|                                                      |   |               |   |   |               |  
|                                                      |   | (9,403        | ) |   | (8,201        | )
|Other corporate assets                                |   | (92           | ) |   | (88           | )
|                                                      |   | (9,495        | ) |   | (8,289        | )
|                                                      | $ | 53,724        |   | $ | 52,319        |  

5. Long-term debt

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

|                |   | June 30, 2010 |   |   | Dec. 31, 2009 |  
|--------------- | - | ------------- | - | - | ------------- | -
|                |   | (unaudited)   |   |   |               |  
|                |   |               |   |   |               |  
|Note payable    | $ | 1,859         |   | $ | 2,492         |  
|Capital leases  |   | 1,415         |   |   | 1,683         |  
|                |   | 3,274         |   |   | 4,175         |  
|Current portion |   | (1,609        | ) |   | (1,603        | )
|                | $ | 1,665         |   | $ | 2,572         |  

On January 23, 2009, the Company entered into a Senior Floating
Rate Note (the Note) with an interest rate of LIBOR plus five percent with its
primary concentrate sales customer. The Note requires principal payments of $0.5
million on each June 30 and December 31 through December 31, 2011, and the
remaining principal payment of $0.9 million is due on June 30, 2012.

10

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the Six and Three months ended June 30, 2010                                                           
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United States
      dollars, except share and per share amounts)
|unaudited                                                                                                  

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 quarter, commencing
on March 31, 2010. For purposes of the additional payment requirement, cash
balance is defined as total cash minus accounts payable and certain mine
development expenses. As at June 30, 2010, no additional payments are required.
The principal amount of the note of $2.1 million has been reduced by unamortized
financing costs of $0.3 million at June 30, 2010 which resulted from the issue
of warrants in connection with amendments made to the terms of the Note on
August 24, 2009. The finance costs are being amortized over the remaining life
of the note using the effective interest method. The Company has granted a
first-priority mortgage on certain lands acquired for the Rock Creek project. If
the lands are sold by the Company, the proceeds must be used to repay the
note.

6. Share Capital

(a) Common Stock

The Company has one class of no par value common stock of which
an unlimited number are authorized for issue. The holders of common stock are
entitled to receive dividends without restriction when and if declared by the
board of directors. Holders of the Companys common stock are not entitled to
preemptive rights to acquire additional shares of common stock and do not have
cumulative voting rights. At June 30, 2010, the Company had 131,549,195 shares
of common stock outstanding.

During the six months ended June 30, 2010, the Company issued
3,613,899 common shares for cash in the amount of $1.1 million pursuant to a
private placement; issued 834,182 common shares to settle accrued compensation
to employees and directors in the amount of $ 0.4 million; and issued 1,122,500
common shares on exercise of warrants and stock options for cash proceeds of
$0.1 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 voting
rights, as they may determine. At June 30, 2010, 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. There
were 2,755,000 stock options granted during the six months ended June 30, 2010
with a weighted average exercise price of Cdn $0.43, expiring on March 30, 2015
and June 17, 2015. The Company used the Black-Scholes option pricing formula
assuming a risk-free interest rate of 2.41%, volatility of 100% and an expected
life of the options of 60 months to calculate the fair values of the options.
The weighted average fair value per share was $0.32. During the six months ended
June 30, 2010, 1,510,000 options were cancelled or expired and 485,000 options
were exercised.

11

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the Six and Three months ended June 30, 2010                                                           
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United States
      dollars, except share and per share amounts)
|unaudited                                                                                                  

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

|Options   |  | Options     |  |  | Exercise      |  |  | Expiry             | 
|--------- |  | ----------- |  |  | ------------- |  |  | ------------------ | 
|Granted   |  | Exercisable |  |  | Price (Cdn $) |  |  | Date               | 
|          |  |             |  |  |               |  |  |                    | 
|75,000    |  | 75,000      |  |  | 0.55          |  |  | July 19, 2010      | 
|750,000   |  | 750,000     |  |  | 0.15          |  |  | May 1, 2011        | 
|40,000    |  | 40,000      |  |  | 1.25          |  |  | May 12, 2011       | 
|50,000    |  | 50,000      |  |  | 0.33          |  |  | June 30, 2011      | 
|60,000    |  | 60,000      |  |  | 0.43          |  |  | September 30, 2011 | 
|20,000    |  | 20,000      |  |  | 1.25          |  |  | September 15, 2011 | 
|845,000   |  | 845,000     |  |  | 1.10          |  |  | October 4, 2011    | 
|25,000    |  | 25,000      |  |  | 1.45          |  |  | December 4, 2011   | 
|450,000   |  | 450,000     |  |  | 1.11          |  |  | January 12, 2012   | 
|40,000    |  | 40,000      |  |  | 1.15          |  |  | March 5, 2012      | 
|30,000    |  | 30,000      |  |  | 0.60          |  |  | April 29, 2013     | 
|200,000   |  | 200,000     |  |  | 0.095         |  |  | March 31, 2014     | 
|2,335,000 |  | 2,335,000   |  |  | 0.105         |  |  | March 31, 2014     | 
|610,000   |  | 610,000     |  |  | 0.09          |  |  | April 27, 2014     | 
|825,000   |  | 825,000     |  |  | 0.09          |  |  | September 10, 2014 | 
|100,000   |  | 100,000     |  |  | 0.21          |  |  | November 2, 2014   | 
|180,000   |  | 180,000     |  |  | 0.33          |  |  | December 30, 2014  | 
|2,595,000 |  | 2,595,000   |  |  | 0.437         |  |  | March 30, 2015     | 
|100,000   |  | 100,000     |  |  | 0.29          |  |  | June 17, 2015      | 
|9,330,000 |  | 9,330,000   |  |  | 0.37          |  |  |                    | 

(d) Stock Purchase Warrants

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

|                |  | WARRANT    |  |   | SUMMARY        |  |  | TABLE             | 
|--------------- |  | ---------- |  | - | -------------- |  |  | ----------------- | 
|                |  |            |  |   |                |  |  |                   | 
|                |  | Number     |  |   | Exercise price |  |  | Expiry            | 
|Revett Minerals |  | 3,054,659  |  | $ | 1.00           |  |  | October 7, 2010   | 
|Revett Minerals |  | 6,825,000  |  | $ | 0.10           |  |  | February 12, 2011 | 
|Revett Minerals |  | 300,000    |  |   | Cdn $0.50      |  |  | October 20, 2011  | 
|Revett Minerals |  | 10,000,000 |  | $ | 0.20           |  |  | June 30, 2012     | 
|                |  | 20,179,659 |  |   |                |  |  |                   | 

During the six months ended June 30, 2010, 637,500 warrants
were exercised.

12

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the Six and Three months ended June 30, 2010                                                           
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United States
      dollars, except share and per share amounts)
|unaudited                                                                                                  

7. Commitments and Contingencies

(a) Reclamation

In accordance with the operating permit granted the Troy Mine,
the Montana Department of Environmental Quality is periodically required to
review the ultimate bonding requirements for the mine. The bonding requirement
at Troy totals $12.9 million. The following table shows the changes in the
reclamation liability for the six month period ended June 30, 2010.

|                                                                |   | June 30, 2010 |  |   | Dec. 31, 2009 | 
|--------------------------------------------------------------- | - | ------------- |  | - | ------------- | 
|                                                                |   | (unaudited)   |  |   |               | 
|Reclamation and remediation liability
      beginning of period | $ | 8,166         |  | $ | 7,526         | 
|                                                                |   |               |  |   |               | 
|Accretion expense, year to date                                 |   | 347           |  |   | 640           | 
|Ending balance                                                  | $ | 8,513         |  | $ | 8,166         | 

(b) 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 previously issued to Kennecott 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.

(c) Rock Creek Development

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

8. Financial Instruments

At June 30, 2010, the Company has forward contracts to sell 4.6
million pounds of copper at a weighed average price of $3.12 per pound and 0.5
million ounces of silver at a weighed average price of $17.54 per ounce. These
contracts mature at various dates from July 31, 2010 to February 2012. All
contracts are with the Companys customer and have been designated as normal
purchase and sale contracts. Accordingly, the effect of these contracts are
accounted for in the period they are settled. The fair value of these forward
sales contracts, if settled at June 30, 2010 metal prices, would result in a
gain of approximately $0.2 million. During the three months ended June 30, 2010, the Company and its primary concentrate
customer agreed to financially settle forward contracts of 1.3 million pounds of
copper and use the notional proceeds on settlement to repay a portion of the
note payable owing to the customer. The Company recognized a gain of $0.7
million on the settlement of the forward contract which is reflected in
revenue.

13

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the Six and Three months ended June 30, 2010                                                           
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United States
      dollars, except share and per share amounts)
|unaudited                                                                                                  

9. Reconciliation to United States Generally Accepted
Accounting Principles

The consolidated financial statements have been prepared in
accordance with Canadian GAAP, which differ in certain material respects from
those principles that the Company would have followed had its consolidated
financial statements been prepared in accordance with US GAAP. The effect of the
material measurement differences between Canadian GAAP and US GAAP on the
amounts reported in the consolidated balance sheets, statements of operations
and cash flows are as follows:

|                                                                                    |   | June 30, 2010 |   |   | December 31, |  
|----------------------------------------------------------------------------------- | - | ------------- | - | - | ------------ | -
|                                                                                    |   |               |   |   | 2009         |  
|                                                                                    |   |               |   |   |              |  
|Total assets under Canadian GAAP                                                    | $ | 70,230        |   | $ | 67,700       |  
|Adjustment to property, plant and equipment
      for                               |   |               |   |   |              |  
|acquisition of non-controlling interest (e)                                         |   | 3,552         |   |   | 3,767        |  
|Unamortized finance costs (f)                                                       |   | 283           |   |   | 401          |  
|Total assets under US GAAP                                                          | $ | 74,065        |   | $ | 71,868       |  
|                                                                                    |   |               |   |   |              |  
|Liabilities and non-controlling interest
      under Canadian GAAP                  | $ | 18,873        |   | $ | 18,719       |  
|Unamortized finance costs (f)                                                       |   | 283           |   |   | 401          |  
|Total liabilities under US GAAP                                                     | $ | 19,156        |   | $ | 19,120       |  
|                                                                                    |   |               |   |   |              |  
|Temporary equity - shares redeemable at option of holder
      (a)                  |   | 676           |   |   | 676          |  
|Total liabilities and temporary equity                                              | $ | 19,832        |   | $ | 19,796       |  
|                                                                                    |   |               |   |   |              |  
|Shareholders equity under Canadian GAAP                                            | $ | 51,357        |   | $ | 48,981       |  
|Shares redeemable at option of holder                                               |   | (676          | ) |   | (676         | )
|Adjustment to contributed surplus for
      acquisition of non-controlling interest |   | 2,473         |   |   | 2,473        |  
|Adjustment to deficit for additional depreciation and
      income taxes (e)        |   | 1,079         |   |   | 1,294        |  
|Total shareholders equity under US GAAP                                            | $ | 54,233        |   | $ | 52,072       |  

14

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the Six and Three months ended June 30, 2010                                                           
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United States
      dollars, except share and per share amounts)
|unaudited                                                                                                  

|                                                    |   | Three month   |   |   | Three month   |   |   | Six month     |   |   | Six month     |  
|--------------------------------------------------- | - | ------------- | - | - | ------------- | - | - | ------------- | - | - | ------------- | -
|                                                    |   | period ended  |   |   | period ended  |   |   | period ended  |   |   | period ended  |  
|                                                    |   | June 30, 2010 |   |   | June 30, 2009 |   |   | June 30, 2010 |   |   | June 30, 2009 |  
|                                                    |   | (unaudited)   |   |   | (unaudited)   |   |   | (unaudited)   |   |   | (unaudited)   |  
|Net loss and comprehensive loss under Canadian GAAP | $ | (1,016        | ) | $ | (1,024        | ) | $ | (103          | ) | $ | (1,884        | )
|Depreciation (e)                                    |   | (125          | ) |   | (140          | ) |   | (215          | ) |   | (140          | )
|Income tax recovery                                 |   | -             |   |   | 365           |   |   | -             |   |   | 365           |  
|Net loss and comprehensive loss under US GAAP       | $ | (1,141        | ) | $ | (799          | ) | $ | (318          | ) |   | (1,659        | )
|Basic loss per share                                | $ | (0.01         | ) | $ | (0.01         | ) | $ | (0.00         | ) | $ | (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 statements of cash flows.

|(a) | Redeemable shares:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | The Company had issued 2,250,000 common shares in a prior
      period which are redeemable, at the option of the holder, into a net
      smelter return royalty as described in note 7(b). Under Canadian GAAP, the
      equity portion of these shares would be classified as equity. Under US
      GAAP, the full value associated with the redeemable shares is classified
      as temporary equity.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(b) | Income taxes:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | For Canadian GAAP purposes, future income tax assets and
      liabilities are calculated based on substantially enacted tax rates in
      effect in the periods when the temporary differences are expected to
      reverse. For US GAAP purposes, enacted tax rates are used to calculate
      future income tax assets and liabilities. For all periods presented, there
      were no differences between the tax rates used for Canadian and US GAAP
      purposes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | The Company has reviewed its income tax positions in its
      tax filings and, based on its review, the Company does not believe that
      any income tax positions taken 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 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, consisting of common shares and warrants, are not required to be
      allocated to the individual common share and
warrant components when the instrument and its components are all
      determined to be equity instruments. Under US GAAP, the Company is
      required to allocate the proceeds received on unit offerings to the
      individual common share and warrant components on a relative fair value
      basis when both components are determined to be classified as equity.
      Accordingly, under US GAAP, share capital would be reduced and deficit as
      at June 30, 2010 would be each increased by $1.0 million respectively to
      reflect the relative fair values of the shares and warrants. As of June
      30, 2010, none of the warrants have been exercised and the warrants have
    expired.                          

15

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the Six and Three months ended June 30, 2010                                                           
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United States
      dollars, except share and per share amounts)
|unaudited                                                                                                  

|(d) | Stock option plan and compensation expense:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | As at June 30, 2010 the weighted average intrinsic value
      of options outstanding and exercisable was $1.0 million (2009 -$1.1
      million).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | As at June 30, 2010 the total unrecognized compensation
      cost related to unvested stock options is nil.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(e) | Non-controlling interest:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | For US GAAP purposes, non controlling interest is
      classified as equity whereas for Canadian GAAP, it is classified between
      liabilities and equity. Also, loss before non-controlling interest,
      non-controlling interest and net loss for US GAAP purposes would be
      labeled net loss, net loss attributable to non-controlling interest and
      net loss attributable to the Company, respectively.                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    | The acquisition of the non-controlling interest during
      the three year ended December 31, 2009 would be accounted for as an equity
      transaction for US GAAP purposes rather than a step acquisition using the
      purchase method. Accordingly, for US GAAP purposes, a reduction of mineral
      property, plant and equipment of $4.1 million and a reduction of the
      future income tax liability of $1.6 million recorded for Canadian GAAP
      purposes would not be made under US GAAP and instead $2.5 million would be
      included in contributed surplus. In addition, under US GAAP, additional
      depreciation expense of $0.1 million (2009 - $0.1 million), and $0.2
      million (2009 - $0.1 million) for the three and six months ended June 30,
      2010, respectively, was recognized.

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

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

16

---

|Revett Minerals Inc.                                                                                       
|-----------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                 
|For the Six and Three months ended June 30, 2010                                                           
|(Expressed in United States dollars, unless otherwise
      stated)                                        
|(Tabular amounts expressed in thousands of United States
      dollars, except share and per share amounts)
|unaudited                                                                                                  

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:

|                                                                                               |   | June 30, |   |   | December |  
|---------------------------------------------------------------------------------------------- | - | -------- | - | - | -------- | -
|                                                                                               |   | 2010     |   |   | 31,      |  
|                                                                                               |   |          |   |   | 2009     |  
|                                                                                               |   |          |   |   |          |  
|Net loss under US GAAP attributable to the Company                                             | $ | (318     | ) | $ | (3,673   | )
|Increase in
      contributed surplus on acquisition of non-controlling interest               |   | -        |   |   | 2,473    |  
|Change from loss
      attributable to the Company and acquisition of non-controlling interest | $ | (318     | ) | $ | (1,200   | )

(f) Debt finance costs

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

10. Subsequent Events

On August 6, 2010, the Company entered into a Subscription
Agreement to issue Cdn$3.0 million in units (Units) of the Corporation at a
price of Cdn$0.28 per Unit, each Unit to be comprised of one common share of the
Company and one-half of one common share purchase warrant, with each one warrant
entitling the holder thereof to purchase one common share at a price of Cdn$0.35
per share until 36 months from the closing date. On August 16, 2010, the Company
received Cdn $3.0 million as a result of this private placement of its
Units.

17

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Managements Discussion and Analysis of Financial Condition
and Results of Operations as at August 16, 2010

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

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

Overview and Important Factors Influencing Results for the
Three and Six Months Ended June 30, 2010

As at August 13, 2010, the Companys principal assets consisted
of a 100% interest in the Troy copper and silver mine (Troy) in northwest
Montana, USA and also a 100% interest in the undeveloped Rock Creek copper and
silver development project (Rock Creek) also located in northwest Montana.

Overall Performance

For the six month period ended June 30, 2010, Revett Minerals
reported a net loss after taxes of $0.1 million or $0.00 per share compared to
net loss after taxes and non-controlling interest of $1.9 million or $0.02 per
share for the six months ended June 30, 2009. The primary reason for the loss in
the first half of 2010 was lower than planned ore grades in the second quarter,
which also caused mill recoveries to be lower than plan. Less tons of higher
grade ore were mined than planned from the East Ore Body due to ongoing access
development work in that area. Production was mainly from the Lower Quartzite
areas which is also lower grade. By quarter end, mining had resumed in the East
Ore Body and metal grades are expected to return to normal levels in the third
quarter. Copper ore grades were 10% lower and silver grades were 25% lower when
compared to the first six months of 2009. The lower metals production was offset
by higher metals pricing. The average LME copper price was $3.23 per pound and
silvers average price was $17.62 per ounce during the first six months of 2010
compared to $1.83 per pound for copper and $13.17 per ounce of silver in 2009.
Total revenues were $21.4 million for the six months ended June 30, 2010
compared to $16.9 million for the same period in 2009.

The Company continued with its efforts to develop access to the
C Bed mine area, which contains higher ore grades, and continued with
exploration efforts which resulted in some very encouraging drill results.

For the three months ended June 30, 2010, the Company reported
a net loss after taxes of $1.0 million or $0.01 per share compared to a net loss
of $1.0 million or $0.01 per share for the three months ended June 30, 2009. Lower metal production resulted in
lower copper and silver sales. The lower metals production was more than offset
by higher metal prices as coppers average price was $3.19 per pound and
silvers average price was $18.32 during the second quarter of 2010 compared to
$2.11 per pound of copper and $13.73 per ounce for silver in the second quarter
of 2009. Total revenues were $9.3 million for the three months ended June 30,
2010 compared to $8.6 million for the same period in 2009.

18

---

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

The major highlights for the three and six months ended June
30, 2010, included:

- Troy continued its productivity gains through the period averaging
  3,982 tpd and 4,123 tpd for the 2ndquarter
  and 1sthalf of 2010, respectively, compared to 3,932
  tpd and 3,871 tpd in the 2nd quarter and 1sthalf of 2009;
- Despite record low average head grades in the 2ndquarter (0.70opt Ag and 0.39% Cu), Troy generated $1.3
  million and $2.2 million of cash flow from operations in the
  2nd quarter and 1sthalf of
  2010, respectively;
- For the six month period ended June 30, 2010, the Company recorded
  sales of $21.4 million compared to revenues of $16.9 million for the
  six months ended June 30, 2009;
- On a stand alone basis, Troys net income before tax was $2.6 million
  for the six months ended June 30, 2010;
- Exploration drilling discovered the highest grade intercept yet in the
  I-Beds (24 feet of 1.99 ounce per ton silver and 0.43% copper)
  beneath the current mine workings;
- Good progress was made on development of the haulage ramp to access the
  higher grade C Bed area with 1,722 feet or 57% completed by the end of
  June.

Concentrate sales during the second quarter of 2010 consisted
of 1.8 million pounds of copper and 191,312 ounces of silver compared to 2.2
million pounds of copper and 271,593 ounces of silver during the second quarter
of 2009.

Operating Results:

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

|                      |  | Three Months Ended June 30,
      2010 |  |  | Three Months Ended June 30,
      2009 | 
|--------------------- |  | -------------------------------------- |  |  | -------------------------------------- | 
|Tons milled           |  | 354,359                                |  |  | 349,925                                | 
|Tons milled per day   |  | 3,982                                  |  |  | 3,932                                  | 
|Copper grade (%)      |  | 0.33                                   |  |  | 0.39                                   | 
|Silver grade (opt)    |  | 0.70                                   |  |  | 1.01                                   | 
|Copper recovery (%)   |  | 81.0                                   |  |  | 84.0                                   | 
|Silver recovery (%)   |  | 84.0                                   |  |  | 86.0                                   | 
|Copper produced (lbs) |  | 1,888,935                              |  |  | 2,284,770                              | 
|Silver produced (ozs) |  | 207,948                                |  |  | 301,770                                | 

19

---

Production during the second quarter of 2010 was improved at
3,982 tons per day, a 1% improvement over the second quarter of 2009 at 3,932
tons per day. The increase in tons mined was offset by lower ore grades mined as
the copper grade was 16% lower in 2010 compared to the same period in 2009.
Silver grade was 30% lower in the second quarter of 2010 compared to the same period in 2009. Mill recoveries remained good but
slightly lower than plan due to lower grades and a higher percentage of
non-sulfide ores milled at 84% for silver and 81% for copper compared to
expected recoveries of 86.9% for silver and 84.7% for copper. The table below
illustrates the variation of operating costs per ton milled.

|                        |  | Q2.10   |  |  | Q1.10   |  |  | Q4.09   |  |  | Q3.09   |  |  | Q2.09   |  |  | Q1.09   | 
|----------------------- |  | ------- |  |  | ------- |  |  | ------- |  |  | ------- |  |  | ------- |  |  | ------- | 
|Tons milled             |  | 354,359 |  |  | 379,592 |  |  | 345,586 |  |  | 302,543 |  |  | 349,925 |  |  | 339,171 | 
|Cost per ton milled ($) |  | 23.49   |  |  | 22.99   |  |  | 23.71   |  |  | 25.03   |  |  | 21.89   |  |  | 21.90   | 

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

| | a) | Revenue:For the second quarter of 2010 compared
      to the second quarter of 2009, revenue increased from $8.5 million to $9.3
      million primarily due to the increase in the prices of copper and silver
      and due to the financial settlement of a forward sales contract of $0.7
      million. During the quarter ended June 30, 2010, the LME prices of copper
      and LME silver averaged $3.19 per pound and $18.32 per ounce,
      respectively, compared to average prices of $2.11 per pound and $13.73 per
      ounce, respectively in the second quarter of 2009.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | b) | Cost of Goods Sold:The cost of goods sold
      associated with the second quarter revenue was $8.6 million, an increase
      of $0.6 million over the same period in 2009. The main reasons for the
      increase in cost of sales was additional ore tons milled which resulted in
      a $0.1 increase, higher labor costs due to reinstating the labor rates to
      100% (during 2009 pay rates were reduced by 10% to conserve cash), and
      higher diesel fuel and consumables prices.                                                                                       
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | c) | Depreciation and depletion:For the second quarter
      of 2010, these non cash charges are basically the same as the second
      quarter of 2009. The majority of the plant and equipment at Troy is
      depreciated using the units-of-production method.                                                                                                                                                                                                                                                                                                                             
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | d) | Exploration and development:This expense
      increased by $0.1 million because of the Companys renewed efforts to
      increase ore reserves at the Troy mine. Spending at Rock Creek did not
      change in 2010 due to efforts to conserve cash.                                                                                                                                                                                                                                                                                                                                    
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | e) | General and administration costs:The decrease in
      corporate administration costs in the second quarter of 2010 over the
      comparable quarter in 2009 was mainly due the timing of recording the
      stock option expense (the Company recorded stock option expense in the
      second quarter of 2009 and incurred a minor stock option expense in the
      second quarter of 2010) and efforts to reduce all spending in order to
      conserve cash.                                                                                                                      
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | f) | Accretion of reclamation and remediation liability:This expense is a marginal increase in the reclamation accretion at
      Troy, which increases as the amount of the liability increases.                                                                                                                                                                                                                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | g) | Income (loss) from operations:The higher cost of
      sales more than offset the increase in revenues. Revenues were $0.7
      million higher in 2010 compared to the same period in 2009 while costs
      increased by $0.6 million. The net result was the Company recording $1.0
      million in loss from operations compared to a loss from operation in 2009
      of $1.0 million.                                                                                                                                                                                              
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | h) | Net earnings:The Company recorded net loss of $1.0
million or $0.01 per share for the second quarter compared to a net loss of $1.0
million or $0.01 per share in the second quarter of 2009.                                                                                                                                                                                                                                                                                                                                                                                              

20

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Summarized Financial Results by Quarter

|                                                                   | 2010 Q2 | 2010 Q1 | 2009 Q4 | 2009 Q3 | 2009 Q2 | 2009 Q1 | 2008 Q4 | 2008 Q3
|------------------------------------------------------------------ | ------- | ------- | ------- | ------- | ------- | ------- | ------- | -------
|Cu Production (million lbs)                                        | 1.9     | 2.5     | 2.0     | 1.9     | 2.4     | 2.3     | 2.7     | 2.5    
|Ag Production (000s ozs)                                          | 208     | 287     | 253     | 251     | 302     | 321     | 380     | 302    
|Total Sales (000s $)                                              | 9,322   | 12,127  | 8,141   | 8,106   | 8,590   | 8,340   | 4,113   | 8,286  
|Net Income (loss) (000s $)                                        | (1,016) | 912     | (1,738) | (1,346) | (1,024) | (859)   | (5,193) | (2,980)
|EPS- Basic ($)                                                     | (0.01)  | 0.01    | (0.02)  | (0.01)  | (0.01)  | (0.01)  | (0.07)  | (0.04) 
|EPS- Fully diluted ($)                                             | (0.01)  | 0.01    | (0.02)  | (0.01)  | (0.01)  | (0.01)  | (0.07)  | (0.04) 
|Cash and Cash Equivalents & s/t
      Investments ending (000s $) | 3,150   | 3,730   | 2,622   | 2,515   | 3,256   | 973     | 1,633   | 11,479 
|Total Assets ending (000s $)                                      | 70,230  | 70,776  | 67,700  | 69,792  | 71,142  | 71,071  | 77,942  | 90,187 
|Total liabilities ending (000s $)                                 | 18,873  | 18,456  | 18,719  | 20,037  | 21,655  | 20,826  | 24,492  | 28,943 
|Total Equity ending (000s $)                                      | 51,357  | 52,320  | 48,981  | 49,058  | 48,959  | 49,270  | 48,197  | 53,306 

21

---

Operating Results for the six months ended June 30, 2010
and 2009:

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

|                      | Six Months Ended June 30, 2010 | Six Months Ended June 30, 2009
|--------------------- | ------------------------------ | ------------------------------
|Tons milled           | 733,951                        | 689,096                       
|Tons milled per day   | 4,123                          | 3,871                         
|Copper grade (%)      | 0.36                           | 0.39                          
|Silver grade (opt)    | 0.70                           | 1.04                          
|Copper recovery (%)   | 83.0                           | 85.0                          
|Silver recovery (%)   | 86.0                           | 86.0                          
|Copper produced (lbs) | 4,345,125                      | 4,734,308                     
|Silver produced (ozs) | 495,207                        | 622,919                       

Production during the first half of 2010 was much improved at
4,123 tons per day, a 7% improvement over the first half of 2009 at 3,871 tons
per day. The increase in tons mined was offset by lower silver grade at 0.70
ounces per ton and lower copper grades of .36% per ton of ore resulting in lower
metal production of 495,207 ounces of silver and 4,345,125 pounds of copper as
compared to 622,919 ounces of silver and 4,734,308 pounds of copper in 2009.
Copper ore grades remain slightly lower than estimated life of mine averages due
to mining more quantity of ore from the lower grade area known as the lower
quartzite.

Financial Results for the six months ended June 30,
2010:

| | a) | Revenue:For the first half of 2010 compared to
      the first half of 2009, while metals production was down, revenue
      increased from $16.9 million to $21.4 million primarily due to the
      increase in the price of copper and silver and due to the financial
      settlement of a forward sales contract of $0.7 million. During the six
      months ended June 30, 2010, the LME price of copper and silver averaged
      $3.19 per pound and $18.32 per ounce, respectively, compared to average
      prices of $2.11 per pound and $13.73 per ounce, respectively in the first
      half of 2009.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | b) | Cost of Goods Sold:The cost of goods sold
      associated with the first half 2010 revenue was $ 17.4 million, an
      increase of $1.3 million (an 8% change) over the same period in 2009. The
      main reasons for the increase in the first half of 2010 were increased ore
      tons milled (a 7% increase in tons milled resulting in approximately $1.0
      million in higher costs), higher labor costs as the labor rates were
      increased by 10%, and higher consumable prices (steel, diesel fuel and
      transportation).                                                                    
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | c) | Depreciation and depletion:For the first half of
      2010, these non cash charges were basically the same as the first half of
      2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | d) | Exploration and development:This expense
      increased by $0.1 million because the Company has elected resume an
      exploration program on the Troy property. Spending at Rock Creek was
      basically the same in 2010 as in 2009 due to efforts to conserve
    cash.                                                                                                                                                                                                                                                                                                                                        
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | e) | General and administration costs:The increase in
      corporate administration costs of $0.6 million in the first half of 2010
      over the comparable period in 2009 was mainly due to the expensing of
      stock options issued to the Companys employees ($0.9 million non cash
      stock option expense was recorded in the first half of
  2010).                                                                                                                                                                                                                                                        

22

---

| | f) | Accretion of reclamation and remediation liability:This expense is a marginal increase in the reclamation accretion at
      Troy which increases as the liability increases.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | g) | Income (loss) from operations:The higher metal
      pricing more than offset the decrease in metals production during the six
      months ended June 30, 2010. Revenues were $4.5 million higher in the first
      half of 2010 compared to the same period 2009. However, costs increased by
      $2.0 million. The net result was the Company recording $0.2 million in
      income from operations compared to a loss from operation in 2009 of $2.4
      million.                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | h) | Other Expenses:There was a $0.03 million foreign
      exchange loss on the cash and investments held in Canada and denominated
      in Canadian dollars and net interest expense of $0.2 million in the first
      half of 2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | i) | Income taxes:For the six month period ended June
      30, 2009, the Company reported an income tax expense of $0.04 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 future tax assets have been
  recognized.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | j) | Non-controlling interest:During the fourth
      quarter of 2009 the Company acquired 100% of its subsidiary Revett Silver
      Company, and the Company no longer has a non- controlling
  interest.                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | k) | Net earnings:The Company recorded net loss of
      $0.08 million or $0.00 per share for the first half of 2010 compared to a
      net loss of $1.9 million or $0.02 per share in the first half of
    2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

Financing Activities

During the first six months of 2010 the Company entered into a
capital lease for the purchase of three tractors with a value of $ 0.05 million
which is being financed over a three year period. Revett Silver 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                  |  | 2,142  |  |  | 1,000   |  |  | 1,142  |  |  | -      |  |  | -          | 
|                              |  |        |  |  |         |  |  |        |  |  |        |  |  |            | 
|Capital lease obligations     |  | 1,415  |  |  | 609     |  |  | 806    |  |  |        |  |  |            | 
|Long term Reclamation costs   |  | 12,900 |  |  | -       |  |  | -      |  |  | -      |  |  | 12,900     | 
|Total contractual obligations |  | 16,457 |  |  | 1,609   |  |  | 1,948  |  |  | -      |  |  | 12,900     | 

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 expired in July 2010 and the final lease for 6 cars
expires in September 2010.

23

---

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 June 30, 2010, working capital was $0.3 million and cash and cash equivalents
was $3.2 million. At June 30, 2010, net concentrate receivable was $1.8
million.

At todays copper and silver prices the Company is generating
positive cash flow from operations. Declines in the price of copper and silver
could erode the Companys cash and working capital position. Although the
Company is currently investigating means of raising additional capital with
potential lenders and investors, no assurance may be given if these efforts will
prove successful. The Company does not have sufficient cash to undertake any
major spending activities at Rock Creek at this time. For 2010, the Company has
sold forward approximately 50% of copper production at an average price of $2.93
per pound and approximately 25% of silver production at an average price of
$16.25 per ounce. For 2011, the Company has sold forward 1.3 million pounds of
copper at an average price of $3.60 per pound and 300,000 ounces of silver at an
average price of $18.40 per ounce

In January 2010, the Company completed a private placement of
3,613,899 shares of common stock and realized gross proceeds of approximately
$1.1 million.

Off Balance Sheet Arrangements

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

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

Related Party Transactions

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

Proposed Transactions

There are no proposed transactions as at June 30, 2010.

Principal Risks and Uncertainties

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

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We may not be able to continue as a going concern.Our consolidated financial statements have been prepared on the basis
that we will continue as a going concern. At June 30, 2010, we had working
capital of approximately $0.3 million, which may not be sufficient to meet our
planned business objectives, specifically, we would not be able to proceed with
the Rock Creek project. At current copper and silver prices the Company would be
able to generate a positive cash flow from operations. Management recognizes
that the Company will need to generate additional financial resources in order
to meet its objectives. If the Company is not able to generate positive cash
flows and profits or obtain adequate additional financing, it will be required
to curtail operations and exploration activities. Furthermore, its inability to
continue as a going concern would require it to restate its assets and
liabilities on a liquidation basis, which could differ significantly from the
going concern basis.

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

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

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

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

We presently do not have the financial resources to
develop Rock Creek.At June 30, 2010 we had cash and cash equivalents
and short term investments of approximately $3.2 million. At this time we do not
have sufficient cash to fund our evaluation program at Rock Creek and we do not
have sufficient funds to allow us to develop the mine or begin mining operations
should it prove feasible to do so. Moreover, we do not have any commitments for
additional funding. The forecasted capital cost of constructing a mine at Rock
Creek is currently estimated to be in the range of $220 to $270 million and
could change materially.

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

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

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

Copper and silver prices fluctuate markedly.Our
operations are significantly influenced by the price of copper and silver.
Copper and silver prices fluctuate widely and are affected by numerous factors
that are beyond our control, such as inflation, the strength of the United
States dollar relative to foreign currencies, global and regional demand,
commodity funds and speculators and the political and economic conditions of
major producing countries throughout the world. Since 1990, world average copper
prices fluctuated from a low of $0.71 per pound in 2002 to a high of $3.23 per
pound in 2007, and world average annual silver prices fluctuated from a low of
$3.95 per ounce in 1992 to a high of $17.62 per ounce in the first half of
2010.

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

Accounting Changes

In 2010 the Company has changed the classification of treatment
and transportation costs. These costs were previously netted against revenues
but are now classified as cost of sales. The 2009 treatment and transportation
costs of $1.0 million and $2.2 million for the three months and six months ended
June 30, 2010 were reclassified to cost of sales. As a result, revenues and cost
of sales each increased by $1.0 million and $2.2 million,
respectively, compared to amounts previously reported.

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Future accounting changes

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

Financial Instruments

Provisional pricing

The Company fair values the 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 June 30, 2010, the
Company had 2,020,952 pounds of copper and 213,398 ounces of silver with prices
not yet fixed. The fair value revenue adjustment as at June 30, 2010 was a loss
of $0.08 million and is recorded in accounts receivable at June 30, 2010 with
the corresponding loss 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.

Hedging activities

At June 30, 2010, the Company had one forward contract to sell
1.8 million pounds of copper at a price of $2.70 per pound between July 2010 and
February 2011; one forward contract to sell a total of 0.8 million pounds of
copper at a price of $3.15 per pound between July 2010 and January 2011; one
forward contract to sell a total of 0.8 million pounds of copper at a price of
$3.21 per pound between July 2010 and January 2011; one forward contract to sell
a total of 1.3 million pounds of copper at a price of $3.60 per pound between
March 2011 and February 2012; one forward contract to sell 200,000 ounces of
silver at a price of $16.25 per ounce between July 2010 and February 2011; one
forward contract to sell a total of 300,000 ounces of silver at a price of
$18.40 per ounce between March 2011 and February 2012. All contracts are with
the Companys customer and have been designated as normal purchase and sale
contracts. Accordingly, the effect of these contracts are accounted for in the
period they are settled. The fair value of these forward sales contracts, if
settled at June 30, 2010 metal prices, would result in a gain of approximately
$0.2 million.

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Forward Looking Statements

Cautionary Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995.

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

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

as well as other factors described elsewhere in our annual Form
10-K and the various regulatory filings done with United States and Canadian and
provincial regulatory bodies which are available in Canada at www.sedar.com or
in the United States on EDGAR. 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 $3.38 per pound for copper
and $18.55 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.

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During the six months ended June 30, 2010, the Company
delivered and sold 4.2 million pounds of copper and 455,342 ounces of silver.
Based upon these metals sales levels, a $0.50 change in the price of each metal
would have changed revenue by $2.3 million.

A substantial portion of the Companys cash and short term
investments are invested in certificates of deposit or high quality government
and corporate fixed income securities, all of which are denominated in US
dollars. With the uncertainty in the financial markets the value of these fixed
income securities could change materially. Approximately $0.9 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 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 March 31, 2010 to ensure that information
required to be disclosed by us in reports that we file under the Exchange Act,
is gathered, reported, processed, summarized and reported within the time
periods specified in the Securities and Exchange Commissions rules and forms
and is accumulated and communicated to management of Revett Minerals, including
the CEO and CFO, to allow timely decisions regarding required disclosure as
specified under U.S. and Canadian securities laws.

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

The Company has evaluated the effectiveness of the design
internal controls over financial reporting and concluded they are designed to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements.

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

PART II: Other Information Legal proceedings

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

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

Not Applicable

Item #3: Defaults Upon Senior Securities

Not Applicable

Item #4: Submission To A Vote of Securities Holders

Not Applicable.

Item #5: Other Information

Not Applicable

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Item #6: Exhibits

|(a) Exhibits:
|-------------
|             
|31.1         
|             
|31.2         
|             
|32.1         
|             
|32.2         

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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: August 16, 2010 | By: /s/John Shanahan                 
|                      | John Shanahan                        
|                      | President and Chief Executive Officer
|                      |                                      
|                      |                                      
|Date: August 16, 2010 | By: /s/ Ken Eickerman                
|                      | Ken Eickerman                        
|                      | Chief Financial Officer              

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