---

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 ENDEDMARCH 31, 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 GSpokane Valley, Washington
99206
(Address of principal executive offices)

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

Indicate by check mark whether registrant (1) 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 (2) 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, a non-accelerated filer, or a smaller
reporting company. See definition of large accelerated filer, accelerated
filer and smaller reporting company in rule 12b-2 of the Exchange Act. (Check
One)

|Large accelerated filer [ ] |  | Accelerated filer [ ]        
|--------------------------- |  | -----------------------------
|Non-accelerated filer [ ]   |  | Smaller reporting company [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 March 31, 2010131,234,195shares of common stock were
issued and outstanding.

1

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INDEX

|                               |                                                                                             | PAGE
|------------------------------ | ------------------------------------------------------------------------------------------- | ----
|PART I  FINANCIAL INFORMATION |                                                                                            
|                               |                                                                                            
|ITEM
      1.                  | FINANCIAL
      STATEMENTS                                                                  | 4   
|                               |                                                                                             |     
|ITEM 2.                        | MANAGEMENTS DISCUSSION AND
      ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 18  
|                               |                                                                                             |     
|ITEM 3.                        | QUANTITATIVE AND QUALITATIVE
      DISCLOSURES ABOUT MARKET RISK AND HEDGING ACTIVITIES     | 28  
|                               |                                                                                             |     
|ITEM
      4.                  | CONTROLS
      AND PROCEDURES                                                               | 28  
|                               |                                                                                             |     
|PART II  OTHER INFORMATION    |                                                                                            
|                               |                                                                                            
|ITEM
      1.                  | LEGAL
      PROCEEDINGS                                                                     | 29  

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 and comprehensive income (loss) | 5   
|                                                                            |     
|Consolidated
      statements of cash flow                                  | 6   
|                                                                            |     
|Consolidated
      statements of shareholders equity                       | 7   
|                                                                            |     
|Notes
      to consolidated financial statements                            | 8-17

3

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Revett Minerals Inc. Consolidated Balance Sheetsat March 31, 2010 and December 31,
2009(expressed in thousands of United States dollars except
share and per share amounts)

|                                                                                                                                  |   | March 31, 2010 |   |   | December 31, 2009 |  
|--------------------------------------------------------------------------------------------------------------------------------- | - | -------------- | - | - | ----------------- | -
|                                                                                                                                  |   | (unaudited)    |   |   |                   |  
|Assets                                                                                                                            |   |                |   |   |                   |  
|Current Assets                                                                                                                    |   |                |   |   |                   |  
|Cash and cash equivalents                                                                                                         | $ | 3,730          |   | $ | 2,622             |  
|Concentrate settlement and other receivables                                                                                      |   | 2,638          |   |   | 1,237             |  
|Inventories (note 3)                                                                                                              |   | 3,651          |   |   | 3,630             |  
|Prepaid expenses and deposits                                                                                                     |   | 596            |   |   | 290               |  
|Total current assets                                                                                                              |   | 10,615         |   |   | 7,779             |  
|Property, plant, and equipment (net) (note 4)                                                                                     |   | 52,597         |   |   | 52,319            |  
|Restricted cash                                                                                                                   |   | 6,643          |   |   | 6,633             |  
|Other long term assets                                                                                                            |   | 921            |   |   | 969               |  
|                                                                                                                                  |   |                |   |   |                   |  
|Total assets                                                                                                                      | $ | 70,776         |   |   | 67,700            |  
|                                                                                                                                  |   |                |   |   |                   |  
|Liabilities and shareholders equity                                                                                              |   |                |   |   |                   |  
|Current liabilities                                                                                                               |   |                |   |   |                   |  
|Trade accounts payable                                                                                                            | $ | 3,600          |   | $ | 3,251             |  
|Payroll liabilities                                                                                                               |   | 891            |   |   | 965               |  
|Income, property and mining taxes                                                                                                 |   | 1,167          |   |   | 1,409             |  
|Other accrued liabilities                                                                                                         |   | 340            |   |   | 753               |  
|Current portion of long term debt (note 5)                                                                                        |   | 1,614          |   |   | 1,603             |  
|Total current liabilities                                                                                                         |   | 7,612          |   |   | 7,981             |  
|                                                                                                                                  |   |                |   |   |                   |  
|Long-term portion of debt (note 5)                                                                                                |   | 2,505          |   |   | 2,572             |  
|Reclamation and remediation liability (note 7 (a))                                                                                |   | 8,339          |   |   | 8,166             |  
|Total liabilities                                                                                                                 |   | 18,456         |   |   | 18,719            |  
|                                                                                                                                  |   |                |   |   |                   |  
|Shareholders' equity                                                                                                              |   |                |   |   |                   |  
|Preferred stock, no par value, unlimited authorized, nil issued and outstanding                                                   |   |                |   |   |                   |  
|Common stock, no par value unlimited authorized, 131,234,195 (2009- 125,978,614) shares
      issued and outstanding (note 6 (a)) |   | 62,603         |   |   | 60,988            |  
|Contributed surplus                                                                                                               |   | 4,261          |   |   | 3,450             |  
|Deficit                                                                                                                           |   | (14,544        | ) |   | (15,457           | )
|Total equity                                                                                                                      |   | 52,320         |   |   | 48,981            |  
|                                                                                                                                  |   |                |   |   |                   |  
|Commitments and contingencies (note 7)                                                                                            |   |                |   |   |                   |  
|                                                                                                                                  |   |                |   |   |                   |  
|Total liabilities and shareholders equity                                                                                        | $ | 70,776         |   | $ | 67,700            |  

See accompanying notes to unaudited interim consolidated
financial statements.

4

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Revett Minerals Inc.Consolidated Statements of
Operations and Comprehensive Income (Loss)Three months ended March
31, 2010 and 2009(expressed in thousands of United States
dollars except share and per share amounts) (unaudited)

|                                                            |   | Three month period   |   |   | Three month period   |  
|----------------------------------------------------------- | - | -------------------- | - | - | -------------------- | -
|                                                            |   | ended March 31, 2010 |   |   | ended March 31, 2009 |  
|                                                            |   |                      |   |   |                      |  
|                                                            |   |                      |   |   |                      |  
|                                                            |   |                      |   |   |                      |  
|Revenues                                                    | $ | 12,127               |   | $ | 8,340                |  
|Expenses:                                                   |   |                      |   |   |                      |  
|Cost of sales (note 3)                                      |   | 8,755                |   |   | 8,117                |  
|Depreciation and depletion                                  |   | 625                  |   |   | 627                  |  
|Exploration and development                                 |   | 96                   |   |   | 74                   |  
|General & administrative                                    |   | 1,434                |   |   | 708                  |  
|Accretion of reclamation and remediation
      liability    |   | 173                  |   |   | 155                  |  
|                                                            |   | 11,083               |   |   | 8,480                |  
|Income
      (loss) from operations                         |   |                      |   |   |                      |  
|                                                            |   | 1,044                |   |   | (1,341               | )
|                                                            |   |                      |   |   |                      |  
|Other income (expenses):                                    |   |                      |   |   |                      |  
|Interest expense                                            |   | (125                 | ) |   | (169                 | )
|Interest and other income                                   |   | 27                   |   |   | 101                  |  
|Foreign exchange gain (loss)                                |   | 8                    |   |   | (26                  | )
|Total
      other income (expenses)                         |   | (90                  | ) |   | (94                  | )
|                                                            |   |                      |   |   |                      |  
|Net income (loss) before non controlling interest and taxes |   | 954                  |   |   | (1,435               | )
|                                                            |   |                      |   |   |                      |  
|Income tax recovery (expense)                               |   | (41                  | ) |   | 269                  |  
|                                                            |   |                      |   |   |                      |  
|Net income (loss) before non controlling interest           |   | 913                  |   |   | (1,166               | )
|                                                            |   |                      |   |   |                      |  
|Non controlling interest                                    |   | -                    |   |   | 307                  |  
|                                                            |   |                      |   |   |                      |  
|Net income (loss) and comprehensive (loss) for the period   | $ | 913                  |   | $ | (859                 | )
|                                                            |   |                      |   |   |                      |  
|Basic earnings (loss) per share                             | $ | 0.01                 |   | $ | (0.01                | )
|                                                            |   |                      |   |   |                      |  
|Diluted earnings (loss) per share                           | $ | 0.01                 |   | $ | (0.01                | )
|                                                            |   |                      |   |   |                      |  
|Weighed average number of shares outstanding                |   | 129,991,537          |   |   | 80,089,847           |  
|                                                            |   |                      |   |   |                      |  
|Weighted average number of diluted shares outstanding       |   | 144,668,582          |   |   | 80,089,847           |  

*See accompanying notes to unaudited interim consolidated
financial statements.*

5

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Revett Minerals Inc.Consolidated Statements of
Cash FlowsThree months ended March 31, 2010 and
2009(expressed in thousands of United States dollars except
share and per share amounts)(unaudited)

|                                                                                               |   | Three month period |   |   | Three month period   |  
|---------------------------------------------------------------------------------------------- | - | ------------------ | - | - | -------------------- | -
|                                                                                               |   | ended March 31,    |   |   | ended March 31, 2009 |  
|                                                                                               |   | 2010               |   |   |                      |  
|                                                                                               |   |                    |   |   |                      |  
|                                                                                               |   |                    |   |   |                      |  
|Cash flows from operating activities:                                                          |   |                    |   |   |                      |  
|Net income (loss) for the period                                                               | $ | 913                |   | $ | (859                 | )
|Adjustment to reconcile net income to net cash generated
      (used) by operating activities: |   |                    |   |   |                      |  
|Depreciation and amortization                                                                  |   | 625                |   |   | 627                  |  
|Accretion of debt                                                                              |   | 58                 |   |   | -                    |  
|Accretion of reclamation and remediation
      liability                                       |   | 173                |   |   | 155                  |  
|Foreign exchange loss (gain)                                                                   |   | (8                 | ) |   | 26                   |  
|Stock based compensation                                                                       |   | 842                |   |   | 11                   |  
|Loss on disposal of fixed assets                                                               |   | -                  |   |   | 243                  |  
|Future income tax recovery                                                                     |   | -                  |   |   | (269                 | )
|Non controlling interest                                                                       |   | -                  |   |   | (307                 | )
|Accrued interest from reclamation trust
      fund                                             |   | (10                | ) |   | (28                  | )
|Amortization of prepaid insurance premium                                                      |   | 48                 |   |   | 41                   |  
|Changes in:                                                                                    |   |                    |   |   |                      |  
|Concentrate settlement and other receivable                                                    |   | (1,401             | ) |   | (2,086               | )
|Inventory                                                                                      |   | (21                | ) |   | 391                  |  
|Prepaid expenses and deposits                                                                  |   | (306               | ) |   | 68                   |  
|Accounts payable and accrued liabilities                                                       |   | (23                | ) |   | 1,079                |  
|Net cash generated (used) by operating activities                                              |   | 890                |   |   | (884                 | )
|                                                                                               |   |                    |   |   |                      |  
|                                                                                               |   |                    |   |   |                      |  
|Cash flows from investing
      activities:                                                    |   |                    |   |   |                      |  
|Other long term assets                                                                         |   | -                  |   |   | 2                    |  
|Purchase of plant and equipment                                                                |   | (859               | ) |   | (289                 | )
|Net cash provided (used) by investing activities                                               |   | (859               | ) |   | (287                 | )
|                                                                                               |   |                    |   |   |                      |  
|Cash flows from financing activities:                                                          |   |                    |   |   |                      |  
|Proceeds form the issuance of common stock,
      net                                          |   | 1,225              |   |   | 564                  |  
|Repayment of capital leases                                                                    |   | (156               | ) |   | (27                  | )
|Net cash from (used by) financing
      activities                                             |   | 1,069              |   |   | 537                  |  
|                                                                                               |   |                    |   |   |                      |  
|Effects of foreign exchange on cash
      held                                                 |   |                    |   |   |                      |  
|In foreign currencies                                                                          |   | 8                  |   |   | (26                  | )
|                                                                                               |   |                    |   |   |                      |  
|Net (decrease) increase in cash and cash equivalents                                           |   | 1,108              |   |   | (660                 | )
|Cash and cash equivalents, beginning of
      period                                           |   | 2,622              |   |   | 1,633                |  
|Cash and cash equivalents, end of period                                                       | $ | 3,730              |   | $ | 973                  |  
|                                                                                               |   |                    |   |   |                      |  
|Supplementary cash flow information:                                                           |   |                    |   |   |                      |  
|Cash paid for interest expense                                                                 | $ | 70                 |   | $ | 144                  |  
|Non cash transactions:                                                                         |   |                    |   |   |                      |  
|Note payable in lieu of concentrate
      settlement payable                                   |   | -                  |   |   | 4,292                |  
|Common stock issued to acquire non controlling interest                                        |   | -                  |   |   | 1,398                |  
|Common stock issued for settlement of
      accrued compensation                               |   | 359                |   |   | -                    |  
|Acquisition of plant and equipment under capital lease                                         |   | 42                 |   |   | 1,082                |  
|Redemption of shares for a royalty interest                                                    |   | -                  |   |   | 41                   |  

See accompanying notes to unaudited interim consolidated
financial statements.

6

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Revett Minerals Inc.Consolidated Statements of
Shareholders EquityThree months ended March 31, 2010 and year
ended December 31, 2009(expressed in thousands of United
States dollars except share and per share amounts) (unaudited)

|                                                           |  | Common Shares |   |   | Contributed |   |   |         |   |   |         |  
|---------------------------------------------------------- |  | ------------- | - | - | ----------- | - | - | ------- | - | - | ------- | -
|                                                           |  | Shares        |   |   | Amount      |   |   | Surplus |   |   | Deficit |  
|Balance, December 31, 2008                                 |  | 75,210,697    |   | $ | 56,899      |   | $ | 1788    |   | $ | (10,490 | )
|Issued to acquire non controlling interest                 |  | 25,583,487    |   |   | 2,388       |   |   | -       |   |   | -       |  
|Issue of shares for cash                                   |  | 3,855,558     |   |   | 279         |   |   | -       |   |   | -       |  
|Issue of units for cash                                    |  | 10,000,000    |   |   | 323         |   |   | 241     |   |   | -       |  
|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     |   |   | -       |  
|Stock-based compensation on
      options
      granted    |  | -             |   |   | -           |   |   | 387     |   |   | -       |  
|Net loss for the period                                    |  | -             |   |   | -           |   |   | -       |   |   | (4,967  | )
|Balance, December 31, 2009                                 |  | 125,978,614   |   | $ | 60,988      |   | $ | 3,450   |   | $ | (15,457 | )
|                                                           |  |               |   |   |             |   |   |         |   |   |         |  
|                                                           |  |               |   |   |             |   |   |         |   |   |         |  
|Issue of shares for cash                                   |  | 3,613,899     |   |   | 1,147       |   |   | -       |   |   | -       |  
|Issue of shares for compensation                           |  | 834,182       |   |   | 359         |   |   | -       |   |   | -       |  
|Issue of shares for exercise of warrants
      and options |  | 807,500       |   |   | 109         |   |   | (31     | ) |   | -       |  
|Stock-based compensation on options
      granted          |  | -             |   |   | -           |   |   | 842     |   |   | -       |  
|Net income for the period                                  |  | -             |   |   | -           |   |   | -       |   |   | 913     |  
|Balance, March 31, 2010                                    |  | 131,234,195   |   | $ | 62,603      |   | $ | 4,261   |   | $ | (14,544 | )

See accompanying notes to unaudited interim consolidated
financial statements

7

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Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31,
2010(Expressed in United States dollars, unless otherwise
stated)(Tabular amounts expressed in thousands of United
States dollars, except share and per share amounts)unaudited

1. Basis of Presentation and going concern

In the opinion of management, the accompanying unaudited
interim consolidated balance sheet and consolidated statements of operations,
cash flows, and shareholders equity contain all adjustments, consisting of
normal recurring items, necessary to present fairly, in all material respects,
the financial position of Revett Minerals Inc. (Revett Minerals or the
Company) as of March 31, 2010, and the results of its operations and its cash
flows for the three month periods ended March 31, 2010 and 2009. The operating
and financial results for Revett Minerals for the three months ended March 31,
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 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
are included in cost of sales. The 2009 revenues and cost of sales have each
been increased by $1.2 million compared to amounts previously reported to
reflect this presentation change. These financial statements have been prepared
in accordance with Canadian generally accepted accounting principles 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 and as such 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. These statements have been
prepared in accordance with accounting principles generally accepted in Canada
(Canadian GAAP). 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 March 31, 2010, the Company had working capital of $3.0
million and the Company earned income for the three months ended March 31, 2010
of $0.9 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. The Company is currently
investigating a number of alternative means of raising additional capital with
potential lenders and investors for the advancement of the Rock Creek project.
However, no assurance can be given that these efforts will prove to be
successful. The Company does not have sufficient cash to undertake significant
activities at Rock Creek at this time.

The Companys continuing operations and the underlying value
and recoverability of the mineral property, plant and equipment of the Troy mine
and the Rock Creek property are dependent upon the existence of economically
recoverable mineral reserves, the ability of the Company to profitability
operate the Troy Mine, obtaining the 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.

8

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Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31,
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

If going concern basis was not appropriate for these financial
statements, then adjustments would be necessary in the carrying value of assets
and liabilities, the reported revenues and expenses, and the balance sheet
classifications used.

2. Future Accounting Changes

Canadas Accounting Financial 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. Inventory

The major components of the Companys inventory accounts are as
follows:

|                      |   | March 31, 2010 |  |   | Dec. 31, 2009 | 
|--------------------- | - | -------------- |  | - | ------------- | 
|                      |   | (unaudited)    |  |   |               | 
|Concentrate inventory | $ | 862            |  | $ | 885           | 
|Material and supplies |   | 2,789          |  |   | 2,745         | 
|                      | $ | 3,651          |  | $ | 3,630         | 

Cost of goods sold comprised of the following:

|Nature of expense                   |   | March 31, 2010 |  |   | March 31, 2009 | 
|----------------------------------- | - | -------------- |  | - | -------------- | 
|                                    |   | (unaudited)    |  |   | (unaudited)    | 
|Raw materials and consumables used  | $ | 3,258          |  | $ | 2,530          | 
|Labor costs                         |   | 3,118          |  |   | 2,606          | 
|Other costs                         |   | 2,357          |  |   | 2,919          | 
|Net change in concentrate inventory |   | 22             |  |   | 62             | 
|Total cost of goods sold            | $ | 8,755          |  | $ | 8,117          | 

9

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Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31,
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 are as follows:

|                                                      |   | March 31, 2010 |   |   | Dec. 31, 2009 |  
|----------------------------------------------------- | - | -------------- | - | - | ------------- | -
|                                                      |   | (unaudited)    |   |   |               |  
|TROY:                                                 |   |                |   |   |               |  
|Property acquisition and
      development costs      | $ | 7,092          |   | $ | 6,264         |  
|Plant and equipment                                   |   | 13,285         |   |   | 13,212        |  
|Buildings and structures                              |   | 2,518          |   |   | 2,518         |  
|                                                      |   | 22,895         |   |   | 21,994        |  
|ROCK CREEK:                                           |   |                |   |   |               |  
|Property acquisition costs                            |   | 34,822         |   |   | 34,822        |  
|OTHER, corporate                                      |   | 3,674          |   |   | 3,674         |  
|OTHER, mineral properties                             |   | 118            |   |   | 118           |  
|                                                      |   | 61,509         |   |   | 60,608        |  
|Accumulated depreciation and depletion:               |   |                |   |   |               |  
|Troy Property acquisition and
      development costs |   | (3,859         | ) |   | (3,665        | )
|Troy plant and equipment                              |   | (4,166         | ) |   | (3,812        | )
|Troy buildings and structures                         |   | (798           | ) |   | (724          | )
|                                                      |   | (8,823         | ) |   | (8,201        | )
|Other corporate assets                                |   | (89            | ) |   | (88           | )
|                                                      |   | (8,912         | ) |   | (8,289        | )
|                                                      | $ | 52,597         |   | $ | 52,319        |  

5. Long-term debt

The balance of the Companys long term debt and capital lease
obligations were as follows:

|                |   | March 31, 2010 |   |   | Dec. 31, 2009 |  
|--------------- | - | -------------- | - | - | ------------- | -
|                |   | (unaudited)    |   |   |               |  
|                |   |                |   |   |               |  
|Note payable    | $ | 2,550          |   | $ | 2,492         |  
|Capital leases  |   | 1,569          |   |   | 1,683         |  
|                |   | 4,119          |   |   | 4,175         |  
|Current portion |   | (1,614         | ) |   | (1,603        | )
|                | $ | 2,505          |   | $ | 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. 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 March
31, 2010, no additional payments are required. The principal amount of the note
of $2.9 million has been reduced by financing costs of $0.3 million 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.

10

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31,
2010(Expressed in United States dollars, unless otherwise
stated)(Tabular amounts expressed in thousands of United
States dollars, except share and per share amounts)unaudited

6. Share Capital

(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 March 31, 2010, the Company had 131,234,195 shares
of common stock outstanding.

During the quarter ended March 31, 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 807,500
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 March 31, 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 2,655,000 stock options granted during the three months ended March 31,
2010 with an exercise price of Cdn $0.437, expiring on March 30, 2015. The
Company used the Black-Scholes option pricing formula with 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 three months ended March 31, 2010, 100,000
options were cancelled or expired and 170,000 options were exercised.

11

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31,
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 March 31, 2010, the following stock options were
outstanding:

|Options    | Options     | Exercise      | Expiry            
|---------- | ----------- | ------------- | ------------------
|Granted    | Exercisable | Price (Can $) | Date              
|600,000    | 600,000     | 0.76          | April 27, 2010    
|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     
|20,000     | 20,000      | 1.25          | September 15, 2011
|1,145,000  | 1,145,000   | 1.10          | October 4, 2011   
|25,000     | 25,000      | 1.45          | December 4, 2011  
|750,000    | 750,000     | 1.11          | January 12, 2012  
|40,000     | 40,000      | 1.15          | March 5, 2012     
|30,000     | 30,000      | 0.60          | April 29, 2013    
|210,000    | 210,000     | 0.84          | November 19, 2013 
|200,000    | 200,000     | 0.095         | March 31, 2014    
|2,485,000  | 2,485,000   | 0.105         | March 31, 2014    
|635,000    | 635,000     | 0.09          | April 27, 2014    
|965,000    | 965,000     | 0.09          | September 10, 2014
|100,000    | 100,000     | 0.21          | November 2, 2014  
|180,000    | 180,000     | 0.33          | December 30, 2014 
|2,655,000  | 2,655,000   | 0.437         | March 30, 2015    
|10,955,000 | 10,955,000  | 0.43          |                   

(d) Stock Purchase Warrants

The following stock purchase warrants were outstanding at March
31, 2010 for the purchase of common shares of Revett Minerals.

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

During the three months ended March 31, 2010, 637,500 warrants
were exercised.

12

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31,
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 three month period ended March 31, 2010.

| |                                                                |   | March 31, 2010 |  |   | Dec. 31, 2009 | 
| | -------------------------------------------------------------- | - | -------------- |  | - | ------------- | 
| |                                                                |   | (unaudited)    |  |   |               | 
| | Reclamation and remediation 
    liability beginning of period | $ | 8,166          |  | $ | 7,526         | 
| |                                                                |   |                |  |   |               | 
| | Accretion expense, year to date                                |   | 173            |  |   | 640           | 
| | Ending balance                                                 | $ | 8,339          |  | $ | 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 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 March 31, 2010, the Company had three forward contracts to
sell 4.6 million pounds of copper at a price of $2.93 per pound and 0.275
million ounces of silver at an average price of $16.25 per ounce. These
contracts mature at various dates from April 30, 2010 to February 2011. 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 March 31, 2010 metal prices, would result in a
loss of approximately $3.9 million.

13

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31,
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 generally accepted accounting principles (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 United States generally accepted accounting
principles (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:

|                                                                                                 |   | March
      31, 2010 |   |   | December 31, 2009 |  
|------------------------------------------------------------------------------------------------ | - | -------------------- | - | - | ----------------- | -
|                                                                                                 |   |                      |   |   |                   |  
|                                                                                                 |   |                      |   |   |                   |  
|                                                                                                 |   |                      |   |   |                   |  
|Total assets under Canadian GAAP                                                                 | $ | 70,776               |   | $ | 67,700            |  
|Adjustment to property, plant and equipment for 
    acquisition of non-controlling interest (e) |   | 3,641                |   |   | 3,767             |  
|Unamortized finance costs (f)                                                                    |   | 343                  |   |   | 401               |  
|                                                                                                 |   |                      |   |   |                   |  
|Total assets under
      US GAAP                                                                 | $ | 74,760               |   | $ | 71,868            |  
|                                                                                                 |   |                      |   |   |                   |  
|Liabilities and non-controlling interest under Canadian GAAP                                     | $ | 18,456               |   | $ | 18,719            |  
|Unamortized
      finance costs (f)                                                              |   | 343                  |   |   | 401               |  
|                                                                                                 |   |                      |   |   |                   |  
|Total liabilities under US GAAP                                                                  | $ | 18,799               |   | $ | 19,120            |  
|                                                                                                 |   |                      |   |   |                   |  
|Temporary equity - shares redeemable at option of holder (a)                                     |   | 676                  |   |   | 676               |  
|Total liabilities
      and temporary equity                                                     | $ | 19,475               |   | $ | 19,796            |  
|                                                                                                 |   |                      |   |   |                   |  
|Shareholders equity under Canadian GAAP                                                         | $ | 52,320               |   | $ | 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)     |   | 1,168                |   |   | 1,294             |  
|Total
      shareholders equity under US GAAP                                                   | $ | 55,285               |   | $ | 52,072            |  

14

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31,
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
      months |   |   | Three
      months |  
|--------------------------------------------------------------------- | - | ------------------ | - | - | ------------------ | -
|                                                                      |   | ended March 31,    |   |   | ended March 31,    |  
|                                                                      |   | 2010               |   |   | 2009               |  
|Net income (loss) and comprehensive income (loss) under Canadian GAAP | $ | 913                |   | $ | (859               | )
|Depreciation (e)                                                      |   | (126               | ) |   | -                  |  
|                                                                      |   |                    |   |   |                    |  
|Net income (loss) and comprehensive income (loss) under US GAAP       | $ | 787                |   | $ | (859               | )

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

|(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 March 31, 2010
      would be each increased by $1.0 million respectively to reflect the
      relative fair values of the shares and warrants. As of March 31, 2010,
    none of the warrants have been exercised and the warrants have expired.                            

15

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31,
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 March 31, 2010 the weighted average intrinsic value
      of options outstanding and exercisable was $1.1 million (2009 -$1.1
      million).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | As at March 31, 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 where as for Canadian GAAP, it is classified between
      liabilities and equity. Also, income (loss) before non-controlling
      interest, non-controlling interest and net income (loss) for US GAAP
      purposes would be labeled net income (loss), net income (loss)
      attributable to non-controlling interest and net income (loss)
    attributable to the Company, respectively.                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | The acquisition of the
      non-controlling interest during the 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 - $nil), and income tax recovery of $nil million (2009 - $nil) for
      the three months ended March 31, 2010 was recognized.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | The following table shows the changes in the
      non-controlling interest under US GAAP:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

| |                                                       |   | March
      31, |  |   | December 31, |  
| | ----------------------------------------------------- | - | --------------- |  | - | ------------ | -
| |                                                       |   | 2010            |  |   | 2009         |  
| |                                                       |   |                 |  |   |              |  
| |                                                       |   |                 |  |   |              |  
| | Balance, beginning of period                          | $ | -               |  | $ | 5,253        |  
| | Income (loss) attributable to non-controllinginterest |   |                 |  |   | (391         | )
| | Acquisition of
      non-controlling interest         |   | -               |  |   | (4,862       | )
| | Balance, end of period                                | $ | -               |  | $ | -            |  

16

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Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31,
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:
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |                                                                                                           |   | March
      31, |  |   | December 31, |  
| | --------------------------------------------------------------------------------------------------------- | - | --------------- |  | - | ------------ | -
| |                                                                                                           |   | 2010            |  |   | 2009         |  
| |                                                                                                           |   |                 |  |   |              |  
| |                                                                                                           |   |                 |  |   |              |  
| | Net loss under US GAAP attributable to the
      
    Company                                             | $ | 913             |  | $ | (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 | $ | 913             |  | $ | (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.

17

---

Managements Discussion and Analysis of Financial Condition
and Results of Operations as at May 11, 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 period ended March 31, 2010 should be read in conjunction
with the unaudited interim financial statements and notes as at March 31, 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 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 (GAAP). Material differences between Canadian and US GAAP are
disclosed in note 9 of the 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 Months Ended March 31, 2010

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

Overall Performance

For the three month period ended March 31, 2010, Revett
Minerals reported net income after taxes of $0.9 million (which includes a $0.8
million non cash charge for the issuance of stock options during the period) or
$0.01 per share compared to a net loss after taxes and non-controlling interest
of $0.9 million or $0.01 per share for the three months ended March 31,
2009.

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 $1.2 million compared to amounts previously reported to reflect
this presentation change. Where applicable, prior period amounts reported below
have also been changed to reflect this change in presentation.

Results of Operations for the Three Months Ended March 31,
2010 Compared to the Same Period in 2009.

The major highlights for the quarter ended March 31, 2010,
included:

- Troy achieved improved mill throughput averaging 4,265 tons per day
  compared to 3,811 tons per day in the first quarter of 2009;
- Troy produced 2.5 million pounds of copper and 287,259 ounces of silver
  compared to 2.3 million pounds of copper and 321,149 ounces of silver
  in the first quarter of 2009;
- Troy started on the development work for the higher grade C Bed area.
  Access should be complete by the end of the third quarter, 2010.

18

---

- Completed a private placement with Silver Wheaton totaling $1.1 million
  in cash received.

Operating Results:

The table below illustrates certain key operating statistics
for Troy for the three months ended March 31, 2010, with a comparison to the
same three month period in 2009.

|                      | Three Months Ended
      March 31, 2010 | Three Months Ended March 31, 2009
|--------------------- | --------------------------------------- | ---------------------------------
|                      |                                         |                                  
|Tons milled           | 379,592                                 | 339,171                          
|Tons milled per day   | 4,265                                   | 3,811                            
|Copper grade (%)      | 0.38                                    | 0.40                             
|Silver grade (opt)    | 0.86                                    | 1.09                             
|Copper recovery (%)   | 85.1                                    | 86.3                             
|Silver recovery (%)   | 87.5                                    | 87.1                             
|Copper produced (lbs) | 2,456,190                               | 2,316,702                        
|Silver produced (ozs) | 287,259                                 | 321,149                          

Production during the first quarter of 2010 was significantly
improved at 4,265 tons per day, a 12% improvement over the first quarter of 2009
at 3,811 tons per day. The increase in tons milled was offset somewhat by lower
copper and silver grades. Copper production improved to 2,456,190 pounds while
silver production decreased to 287,259 ounces as compared to metal production of
321,149 ounces of silver and 2,316,702 pounds of copper in the first quarter of
2009. Increased mine crew experience and low employee turnover coupled with more
available active mine headings have resulted in productivity improvements in the
first quarter of 2010. For the quarter, ore grades remain lower than the life of
mine averages as planned in the mine schedule due to mining of more lower
quartzite ore. Once the C Bed area becomes available for mining in the fourth
quarter, metal grades are expected to improve. Mill recoveries remain good and
slightly higher than plan at 87.5% for silver and 85.1% for copper compared to
planned recoveries of 87.3% for silver and 85.0% for copper. The table below
illustrates the sensitivity of operating costs per ton milled.

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

Financial Results:

|a) | Revenue:For the first quarter of 2010 compared to
      the first quarter of 2009, revenue increased from $8.3 million to $12.1
      million primarily due to the increase in the price of copper and silver.
      During the quarter ended March 31, 2010, the LME price of copper and
      silver averaged $3.28 per pound and $16.92 per ounce, respectively,
      compared to average prices of $1.56 per pound and $12.62 per ounce in the
      first quarter of 2009. Copper sales during the first quarter were 2.4
      million pounds of copper and 264,030 ounces of silver. The physical metal
      sold represents an improvement of 6% for copper and a reduction of 11% for
      silver from the first quarter of 2009. The main factors which resulted in
      higher production and sales in the first quarter of 2010 compared to that
      in 2009 is higher metal prices and better mill throughput of
  12%.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

19

---

|b) | Cost of Goods Sold:The cost of goods sold
      associated with the first quarter revenue was $ 8.8 million, an increase
      of $0.6 million over the same period in 2009. The main reasons for the
      increase operating cost in the first quarter of 2010 was the 12% increase
      in ore tonnage milled.                                                                                                                                                                                                           
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|c) | Depreciation and depletion:For the first quarter
      of 2010, these non cash charges are in line with the first quarter of
      2009. The majority of the plant and equipment at Troy is depreciated using
      the units-of-production method and the effect of an increase in mill
      throughput was offset by a lower asset basis due to the reduction which
      resulted from the acquisition of Revett Silver shares and the sale of a
      royalty interest during 2009.                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|d) | Exploration and development:This expense includes
      $ 0.04 million for exploration spending around the Troy Mine and $ 0.05
      million spending for Rock Creek. The spending in 2010 and 2009 are the
      same as we continue to focus on improving cash flow from Troy.                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|e) | General and administration costs:Included in the
      corporate administration costs in the first quarter of 2010 is a non-cash
      stock option expense of $ 0.8 million.                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|f) | Accretion of reclamation and remediation liability:This expense is a marginal increase in the reclamation accretion at
      Troy because of the higher liability.                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|g) | Income from operations:Favorable metal prices
      resulted in a $3.8 million increase in revenues in the first quarter of
      2010 compared to the same period 2009 while costs were higher by $1.4
      million as a result of non-cash charge of $0.8 million for stock option
      expense and increased mining costs related to the higher ore tons milled.
      The net result was the Company recording $1.0 million income from
      operations compared to a loss from operation in 2009 of $1.3
    million.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|h) | Other Expenses:This was mainly a result of net
      interest expense of $0.1 million in the first quarter of 2010.                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|i) | Income taxes:As the Companys future income tax
      liability has been eliminated through various transaction and it is not
      more likely than not that the benefit of the Companys tax assets will
      be realized, no future tax assets are recognized. The Company is subject
      to alternative minimum tax which resulted in $ 0.04 million income tax
      expense for the three months ended March 31, 2010.                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|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 income of
      $0.9 million or $0.01 per share for the first quarter compared to a loss
      of $0.9 million or $0.01 per share in the first quarter of
  2009.                                                                                                                                                                                                                                                                                                                      

20

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Summarized Financial Results by Quarter

|                                                                                     | 2010   | 2009    | 2009    | 2009    | 2009   | 2008    | 2008    | 2008  
|------------------------------------------------------------------------------------ | ------ | ------- | ------- | ------- | ------ | ------- | ------- | ------
|                                                                                     | Q1     | Q4      | Q3      | Q2      | Q1     | Q4      | Q3      | Q2    
|Cu Production
      (million lbs)                                                    | 2.5    | 2.0     | 1.9     | 2.4     | 2.3    | 2.7     | 2.5     | 2.1   
|Ag Production
      (000s ozs)                                                      | 287    | 253     | 251     | 302     | 321    | 380     | 302     | 260   
|Total Sales
      (000s $)                                                          | 12,127 | 8,141   | 8,106   | 8,615   | 8,340  | 4,113   | 8,286   | 14,276
|Net Income (loss) (000s $)                                                          | 913    | (1,738) | (1,346) | (1,024) | (859)  | (5,193) | (2,980) | 75    
|EPS-
      Basic ($)                                                                 | 0.01   | (0.02)  | (0.01)  | (0.01)  | (0.01) | (0.07)  | (0.04)  | 0.00  
|EPS-
      Fully diluted ($)                                                         | 0.01   | (0.02)  | (0.01)  | (0.01)  | (0.01) | (0.07)  | (0.04)  | 0.00  
|Cash and Cash
      Equivalents & s/t
      Investments
      ending
      (000s $) | 3,730  | 2,622   | 2,515   | 3,256   | 973    | 1,633   | 11,479  | 13,106
|Total Assets ending
      (000s $)                                                  | 70,776 | 67,700  | 69,792  | 71,142  | 71,071 | 77,942  | 90,187  | 91,563
|Total liabilities
      ending (000s $)                                             | 18,456 | 18,719  | 20,037  | 21,655  | 20,826 | 24,492  | 28,943  | 26,264
|Total Equity ending
      (000s $)                                                  | 52,320 | 48,981  | 49,058  | 48,959  | 49,270 | 48,197  | 53,306  | 56,227

Financing Activities

During the first quarter of 2010 the Company entered into
capital leases for the purchase of three Tractors which cost $0.04 million and
will be 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                  |  | 2,892  |  |  | 1,000   |  |  | 1,892  |  |  | -      |  |  | -          | 
|Capital lease obligations     |  | 1,627  |  |  | 614     |  |  | 1,013  |  |  |        |  |  |            | 
|Long term Reclamation costs   |  | 12,900 |  |  | -       |  |  | -      |  |  | -      |  |  | 12,900     | 
|Total contractual obligations |  | 17,419 |  |  | 1,614   |  |  | 2,905  |  |  | -      |  |  | 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 18 cars expires in July 2010 and the final lease for 6 cars
expires in September 2010.

21

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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 March 31, 2010, working capital was $3.0 million; including cash and cash
equivalents was $3.7 million. At March 31, 2010, net concentrate receivable was
$2.5 million compared to $1.2 million at December 31, 2009. Favorable mark to
market pricing of $0.4 million on the open invoices and improved metals prices
resulted in this increase in receivables.

At todays copper and silver prices the Company is generating
positive cash flow. Declines in copper and silver could erode the Companys cash
and working capital position and although it is currently investigating means of
raising additional capital with potential lendors 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.

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 has the right to acquire a 2% net smelter return
royalty (the NSR royalty) from the sale of metals from a defined area of the
Company's Rock Creek property anytime until the later of one year after Rock
Creek achieves 80% of designed commercial capacity production or December 31,
2015. Kennecott is required to surrender 2,250,000 shares of the Company's
common shares to acquire the NSR royalty. This NSR royalty terminates upon
Kennecott's recovery of $8.0 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 three
months of 2010.

Proposed Transactions

There were no proposed transactions during the first three
months of 2010.

22

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Principal Risks and Uncertainties

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

We may not be able to continue as a going concern.Our consolidated financial statements have been prepared on the basis
that we will continue as a going concern. At March 31, 2010, we had working
capital of approximately $3.0 million, which may not be sufficient to meet our
planned business objectives. At current copper and silver prices the Company
would be able to generate a positive cash flow. 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
environmental 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.

23

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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, although it is probable that it will. 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 its financial condition.

We presently do not have the financial resources to
develop Rock Creek.At March 31, 2010 we had cash and cash equivalents
and short term investments of approximately $ 3.7 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.

The Rock Creek mineral resources are not equivalent to
reserves. This report includes information concerning our estimated size
of the mineral resource at Rock Creek and the amount of ore that may be produced
from the project were it to be developed. Since no ore has been produced from
Rock Creek, these estimates are preliminary in nature. And although we believe
these amounts are significant, it does not mean the mineral resource can be
economically mined. A mineral resource is not equivalent to a commercially
mineable ore body or proven reserves or probable reserves under standards
promulgated by the United States Securities and Exchange Commission (the SEC),
principally because they are less certain and not necessarily amenable to
economic development. We will not be able to determine whether Rock Creek
contains a commercially mineable ore body until our evaluation program has been
completed and we have obtained a final, economic and technical feasibility study
that will include an analysis of the amount of ore that can be economically
produced under then-prevailing market conditions. Investors are cautioned not to
assume that our mineral resource estimates for Rock Creek will ever be converted
into reserves.

24

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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.

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. 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 $15.03 per ounce in 2008.

25

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*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 $1.2 million were reclassified to cost of sales. As a result, revenues
and cost of sales each increased by $1.2 million compared to amounts previously
reported.

Future accounting changes

Canadas Accounting Standards Board has ratified a strategic
plan that will result in Canadian GAAP, as used by publicly accountable
enterprises, being fully converged with International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board
over a transitional period. Full adoption of IFRS is required for all 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 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.

Financial Instruments, Hedging Activities and Other
Instruments

The largest market risk the Company is exposed to as changes in
the prices of copper and silver will have a significant effect on revenue, cash
flow and the value of concentrate receivables or payables because a significant
portion of the Companys sales are subject to a future pricing mechanism and
changes in metal prices will change both revenue and the value of concentrate
receivables or payables. The Company does have a hedging policy which permits
the Company to fix the sales price of concentrate to be produced in the future
or for which concentrate has been sold and for which final settlement has not
occurred.

For financial statement purposes, the Company records at fair
value the amount of silver and copper in concentrate sold to its customer 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 published forward prices for the period of expected
settlement to estimate these expected prices.

As at March 31, 2010, the Company had contracts outstanding to
sell 4.6 million pounds of copper at an average price of $2.93 per pound and
275,000 ounces of silver at an average price of $16.25. These contracts mature at various dates from April, 2010 to
February, 2011. 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 March 31, 2010 metal prices,
would result in a loss of approximately $3.9 million.

26

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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.

27

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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 $3.30 per pound for copper and $17.00 per ounce for silver. Should
the price of copper or silver decline substantially, the value of Troy and Rock
Creek could fall dramatically and the future operation of Troy and the future
exploration and development at Rock Creek could both be at risk.

During the three months ended March 31, 2010, the Company
delivered and sold 2.4 million pounds of copper and 264,030 ounces of silver.
Based upon these metals sales levels, a $0.50 change in the price of each metal
would have changed revenue by $1.3 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 $ 1.2 million of the
Companys short term investments are in savings deposits by a major Canadian
chartered bank and are denominated in Canadian dollars which exposes the Company
to some foreign exchange risk.

Controls and Procedures

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

Disclosure Controls and Procedures. The Companys
disclosure controls and procedures are designed to ensure that information the
Company is required to disclose in its periodic reports and other information
filed under the Securities Exchange Act, as amended (the Exchange Act) is
recorded, processed, summarized and accurately reported within the time periods
prescribed by the Securities and Exchange Commissions rules. They include,
without limitation, controls and procedures designed to ensure that such
information is accumulated and promptly communicated 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.

28

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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
quarter 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.

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Item #5: Other Information

Not Applicable

Item #6: Exhibits

(a) Exhibits:

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

30

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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: May 11, 2010 | By:                       
|                   |                           
|                   |                           
|                   |                           
|                   |                           
|Date: May 11, 2010 | By:                       
|                   |                           
|                   |                           

31

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