---

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, 2011.

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OF 15 (d) OF THESECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROM
___________TO__________.

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

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

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

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

Indicate by check mark whether registrant (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 May 12, 2011 33,767,936shares of common stock were
issued and outstanding.

1

---

INDEX

PAGE

|PART I  FINANCIAL INFORMATION    |              
|--------------------------------- | -------------
|                                  |              
|                                  | ITEM
      1.
|                                  |              
|                                  | ITEM
      2.
|                                  |              
|                                  | ITEM
      3.
|                                  |              
|                                  | ITEM
      4.
|                                  |              
|PART II  OTHER
      INFORMATION |              
|                                  |              
|                                  | ITEM
      1.

2

---

|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                            | 8-14

3

---

|Revett Minerals Inc.                                                                      
|------------------------------------------------------------------------------------------
|Consolidated Balance Sheets                                                               
|at March 31, 2011 and December 31, 2010                                                   
|(expressed in thousands of United States dollars
      except share and per share amounts)
|(Unaudited)                                                                               

|                                                                                                                                                                                                                                   |   | March 31, 2011 |   |   | December 31, 2010        |  
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | -------------- | - | - | ------------------------ | -
|                                                                                                                                                                                                                                   |   |                |   |   | **(recast  note 2(a))** |  
|Assets                                                                                                                                                                                                                             |   |                |   |   |                          |  
|Current Assets                                                                                                                                                                                                                     |   |                |   |   |                          |  
|Cash and cash equivalents                                                                                                                                                                                                          | $ | 10,183         |   | $ | 8,766                    |  
|Concentrate settlement and other receivables                                                                                                                                                                                       |   | 2,751          |   |   | 3,553                    |  
|Inventories (note 3)                                                                                                                                                                                                               |   | 4,562          |   |   | 3,674                    |  
|Prepaid expenses and deposits                                                                                                                                                                                                      |   | 489            |   |   | 392                      |  
|Total current assets                                                                                                                                                                                                               |   | 17,985         |   |   | 16,385                   |  
|Property, plant, and equipment (net) (note 4)                                                                                                                                                                                      |   | 58,029         |   |   | 57,444                   |  
|Restricted cash                                                                                                                                                                                                                    |   | 6,504          |   |   | 6,498                    |  
|Other long term assets                                                                                                                                                                                                             |   | 904            |   |   | 931                      |  
|                                                                                                                                                                                                                                   |   |                |   |   |                          |  
|Total assets                                                                                                                                                                                                                       | $ | 83,422         |   | $ | 81,258                   |  
|                                                                                                                                                                                                                                   |   |                |   |   |                          |  
|Liabilities and shareholders equity                                                                                                                                                                                               |   |                |   |   |                          |  
|Current liabilities                                                                                                                                                                                                                |   |                |   |   |                          |  
|Trade accounts payable                                                                                                                                                                                                             | $ | 2,364          |   | $ | 2,624                    |  
|Payroll liabilities                                                                                                                                                                                                                |   | 687            |   |   | 547                      |  
|Income, property and mining taxes                                                                                                                                                                                                  |   | 1,411          |   |   | 1,398                    |  
|Other accrued liabilities                                                                                                                                                                                                          |   | 618            |   |   | 544                      |  
|Current portion of long term debt (note 5(a))                                                                                                                                                                                      |   | 534            |   |   | 624                      |  
|Total current liabilities                                                                                                                                                                                                          |   | 5,614          |   |   | 5,737                    |  
|                                                                                                                                                                                                                                   |   |                |   |   |                          |  
|Long term debt (note 5(a))                                                                                                                                                                                                         |   | 680            |   |   | 768                      |  
|Reclamation and remediation liability (note 7
      (a))                                                                                                                                                                           |   | 8,115          |   |   | 7,946                    |  
|Future Income taxes                                                                                                                                                                                                                |   | 483            |   |   | -                        |  
|Warrant derivative liability (note 5(b))                                                                                                                                                                                           |   | 6,874          |   |   | 5,876                    |  
|Total liabilities                                                                                                                                                                                                                  |   | 21,766         |   |   | 20,327                   |  
|                                                                                                                                                                                                                                   |   |                |   |   |                          |  
|Temporary equity  shares
      redeemable at option of holder (note 7 (b))                                                                                                                                                        |   | -              |   |   | 676                      |  
|Total liabilities and temporary equity                                                                                                                                                                                             |   | 21,766         |   |   | 21,003                   |  
|                                                                                                                                                                                                                                   |   |                |   |   |                          |  
|                                                                                                                                                                                                                                   |   |                |   |   |                          |  
|Shareholders' equity                                                                                                                                                                                                               |   |                |   |   |                          |  
|Preferred stock, no par value, unlimited
      authorized, 
      nil issued and outstanding Common stock, no par value
      unlimited authorized, 33,555,436 (December 31, 2010- 33,177,884)
      shares issued and outstanding |   | 71,361         |   |   | 69,190                   |  
|Contributed(note 6 (a))
      surplus                                                                                                                                                                                              |   | 9,132          |   |   | 5,842                    |  
|Deficit                                                                                                                                                                                                                            |   | (18,837        | ) |   | (14,777                  | )
|Total equity                                                                                                                                                                                                                       |   | 61,656         |   |   | 60,255                   |  
|                                                                                                                                                                                                                                   |   |                |   |   |                          |  
|Commitments and contingencies
      (note 7)                                                                                                                                                                                       |   |                |   |   |                          |  
|                                                                                                                                                                                                                                   |   |                |   |   |                          |  
|Total liabilities and shareholders
      equity                                                                                                                                                                                   | $ | 83,422         |   | $ | 81,258                   |  

See accompanying notes to unaudited interim consolidated
financial statements.

4

---

|Revett Minerals Inc.                                                                      
|------------------------------------------------------------------------------------------
|Consolidated Statements of Operations and Comprehensive
      income (loss)               
|Three months ended March 31, 2011 and 2010                                                
|(expressed in thousands of United States dollars
      except share and per share amounts)
|(unaudited)                                                                               

|                                                            |   | Three month period   |   |   | Three month period       |  
|----------------------------------------------------------- | - | -------------------- | - | - | ------------------------ | -
|                                                            |   | ended March 31, 2011 |   |   | ended March 31, 2010     |  
|                                                            |   |                      |   |   | **(recast  note 2(a))** |  
|                                                            |   |                      |   |   |                          |  
|                                                            |   |                      |   |   |                          |  
|Revenues                                                    | $ | 12,768               |   | $ | 12,127                   |  
|Expenses:                                                   |   |                      |   |   |                          |  
|Cost of sales (note 3)                                      |   | 8,772                |   |   | 8,755                    |  
|Depreciation and depletion                                  |   | 584                  |   |   | 751                      |  
|Exploration and development                                 |   | 306                  |   |   | 96                       |  
|General & administrative:                                   |   |                      |   |   |                          |  
|Stock based compensation                                    |   | 3,444                |   |   | 842                      |  
|Other                                                       |   | 829                  |   |   | 652                      |  
|Accretion of reclamation and remediation
      liability    |   | 169                  |   |   | 173                      |  
|                                                            |   | 14,104               |   |   | 11,209                   |  
|Income
      (loss) from operations                         |   |                      |   |   |                          |  
|                                                            |   | (1,336               | ) |   | 918                      |  
|                                                            |   |                      |   |   |                          |  
|Other income (expenses):                                    |   |                      |   |   |                          |  
|Interest expense                                            |   | (20                  | ) |   | (125                     | )
|Interest and other income                                   |   | 29                   |   |   | 27                       |  
|Foreign exchange gain (loss)                                |   | (9                   | ) |   | 8                        |  
|Loss on warrant derivative                                  |   | (998                 | ) |   | -                        |  
|Total other (expenses)                                      |   | (998                 | ) |   | (90                      | )
|                                                            |   |                      |   |   |                          |  
|Net income (loss) before taxes                              |   | (2,334               | ) |   | 828                      |  
|                                                            |   |                      |   |   |                          |  
|Income tax recovery (expense)                               |   | (513                 | ) |   | (41                      | )
|                                                            |   |                      |   |   |                          |  
|Net income (loss) for the period                            | $ | (2,847               | ) | $ | 787                      |  
|                                                            |   |                      |   |   |                          |  
|Basic earnings (loss) per share                             | $ | (0.09                | ) | $ | 0.03                     |  
|                                                            |   |                      |   |   |                          |  
|Diluted earnings (loss) per share                           | $ | (0.09                | ) | $ | 0.03                     |  
|                                                            |   |                      |   |   |                          |  
|Weighed average number of shares
      outstanding          |   | 33,258,622           |   |   | 25,998,307               |  
|                                                            |   |                      |   |   |                          |  
|Weighted average number of diluted shares
      outstanding |   | 33,258,622           |   |   | 28,933,716               |  

See accompanying notes to unaudited interim consolidated
financial statements.

5

---

|Revett Minerals Inc.                                                                      
|------------------------------------------------------------------------------------------
|Consolidated Statements of Cash Flows                                                     
|Three months ended March 31, 2011 and 2010                                                
|(expressed in thousands of United States dollars
      except share and per share amounts)
|(unaudited)                                                                               

|                                                                                                    |   | Three month period   |   |   | Three month period       |  
|--------------------------------------------------------------------------------------------------- | - | -------------------- | - | - | ------------------------ | -
|                                                                                                    |   | ended March 31, 2011 |   |   | ended March 31, 2010     |  
|                                                                                                    |   |                      |   |   | **(recast  note 2(a))** |  
|                                                                                                    |   |                      |   |   |                          |  
|                                                                                                    |   |                      |   |   |                          |  
|Cash flows from operating activities:                                                               |   |                      |   |   |                          |  
|Net income (loss) for the period                                                                    | $ | (2,847               | ) | $ | 787                      |  
|Adjustment to reconcile net income to net cash generated
      (used) by 
    operating activities: |   |                      |   |   |                          |  
|Depreciation and amortization                                                                       |   | 584                  |   |   | 751                      |  
|Accretion of debt                                                                                   |   | -                    |   |   | 58                       |  
|Accretion of reclamation and remediation
      liability                                            |   | 169                  |   |   | 173                      |  
|Foreign exchange loss (gain)                                                                        |   | 9                    |   |   | (8                       | )
|Stock based compensation                                                                            |   | 3,444                |   |   | 842                      |  
|Loss on disposal of fixed assets                                                                    |   | 2                    |   |   | -                        |  
|Accrued interest from reclamation trust
      fund                                                  |   | (6                   | ) |   | (10                      | )
|Amortization of prepaid insurance premium                                                           |   | 27                   |   |   | 48                       |  
|Loss on warrant derivative                                                                          |   | 998                  |   |   | -                        |  
|Future income tax                                                                                   |   | 513                  |   |   | -                        |  
|Changes in:                                                                                         |   |                      |   |   |                          |  
|Concentrate settlement and other receivable                                                         |   | 802                  |   |   | (1,401                   | )
|Inventory                                                                                           |   | (888                 | ) |   | (21                      | )
|Prepaid expenses and deposits                                                                       |   | (97                  | ) |   | (306                     | )
|Accounts payable and accrued liabilities                                                            |   | (64                  | ) |   | (23                      | )
|Net cash generated (used) by operating activities                                                   |   | 2,646                |   |   | 890                      |  
|                                                                                                    |   |                      |   |   |                          |  
|                                                                                                    |   |                      |   |   |                          |  
|Cash flows from investing
      activities:                                                         |   |                      |   |   |                          |  
|Purchase of plant and equipment                                                                     |   | (1,171               | ) |   | (859                     | )
|Net cash provided (used) by investing
      activities                                              |   | (1,171               | ) |   | (859                     | )
|                                                                                                    |   |                      |   |   |                          |  
|Cash flows from financing
      activities:                                                         |   |                      |   |   |                          |  
|Proceeds from the issuance of common stock, net                                                     |   | 128                  |   |   | 1,225                    |  
|Repayment of capital leases                                                                         |   | (177                 | ) |   | (156                     | )
|Net cash from (used by) financing activities                                                        |   | (49                  | ) |   | 1,069                    |  
|                                                                                                    |   |                      |   |   |                          |  
|Effects of foreign exchange on cash held In
      foreign currencies                                |   | (9                   | ) |   | 8                        |  
|                                                                                                    |   |                      |   |   |                          |  
|Net increase in cash and cash equivalents                                                           |   | 1,417                |   |   | 1,108                    |  
|Cash and cash equivalents, beginning of
      period                                                |   | 8,766                |   |   | 2,622                    |  
|Cash and cash equivalents, end of period                                                            | $ | 10,183               |   | $ | 3,730                    |  
|                                                                                                    |   |                      |   |   |                          |  
|Supplementary cash flow information:                                                                |   |                      |   |   |                          |  
|Cash paid for interest expense                                                                      | $ | 20                   |   | $ | 70                       |  
|Cash paid for income taxes                                                                          |   | 38                   |   |   | -                        |  
|Non cash transactions:                                                                              |   |                      |   |   |                          |  
|Common stock issued to acquire a royalty right (note 7 (b))                                         |   | 1,213                |   |   | -                        |  
|Common stock issued for settlement of
      accrued compensation                                    |   | 65                   |   |   | 359                      |  
|Acquisition of plant and equipment under capital lease                                              |   | -                    |   |   | 42                       |  

See accompanying notes to unaudited interim consolidated
financial statements.

6

---

|Revett Minerals Inc.                                                                      
|------------------------------------------------------------------------------------------
|Consolidated Statements of Shareholders Equity                                           
|Three months ended March 31, 2011 and year ended
      December 31, 2010                  
|(expressed in thousands of United States dollars
      except share and per share amounts)
|(unaudited)                                                                               

|                                                             |  | Common Shares |  |   | Contributed |  |   |         |   |   |         |  
|------------------------------------------------------------ |  | ------------- |  | - | ----------- |  | - | ------- | - | - | ------- | -
|                                                             |  | Shares        |  |   | Amount      |  |   | Surplus |   |   | Deficit |  
|Balance, December 31, 2009
      (recast  note 2(a))        |  | 25,195,723    |  | $ | 60,312      |  | $ | 4,714   |   | $ | (14,163 | )
|Issue of units for cash                                      |  | 2,908,545     |  |   | 2,940       |  |   | 913     |   |   | -       |  
|Issue of shares for cash                                     |  | 722,780       |  |   | 1,147       |  |   | -       |   |   | -       |  
|Issue of shares for the settlement of
      accounts payable |  | 166,836       |  |   | 359         |  |   | -       |   |   | -       |  
|Issue of shares for exercise
      of warrants               |  | 3,492,500     |  |   | 3,621       |  |   | (875    | ) |   | -       |  
|Issue of shares for exercise of options                      |  | 691,500       |  |   | 811         |  |   | (301    | ) |   | -       |  
|Warrants issued on settlement
      of legal action          |  | -             |  |   | -           |  |   | 366     |   |   | -       |  
|Stock-based compensation on options Granted                  |  | -             |  |   | -           |  |   | 1,025   |   |   | -       |  
|Net loss for the period                                      |  | -             |  |   | -           |  |   | -       |   |   | (614    | )
|Balance, December 31, 2010 (recast
      note 2 (a))         |  | 33,177,884    |  | $ | 69,190      |  | $ | 5,842   |   | $ | (14,777 | )
|                                                             |  |               |  |   |             |  |   |         |   |   |         |  
|                                                             |  |               |  |   |             |  |   |         |   |   |         |  
|                                                             |  |               |  |   |             |  |   | -       |   |   |         |  
|Exchange of shares (Note 7(b))                               |  | 275,000       |  |   | 1,889       |  |   |         |   |   | (1,213  | )
|Issue of shares for services                                 |  | 13,052        |  |   | 65          |  |   | -       |   |   | -       |  
|                                                             |  |               |  |   |             |  |   |         |   |   |         |  
|Issue of shares for exercise
      of options                |  | 89,500        |  |   | 217         |  |   | (89     | ) |   | -       |  
|                                                             |  |               |  |   |             |  |   |         |   |   |         |  
|Stock-based compensation d                                   |  | -             |  |   | -           |  |   | 3,379   |   |   | -       |  
|Net loss for the period                                      |  | -             |  |   | -           |  |   | -       |   |   | (2,847  | )
|Balance, March 31,
      2011                                |  | 33,555,436    |  | $ | 71,361      |  | $ | 9,132   |   | $ | (18,837 | )

See accompanying notes to unaudited interim consolidated
financial statements

7

---

|Revett Minerals Inc.                                                           
|-------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                     
|Three months ended March 31, 2011 and 2010                                     
|(expressed in thousands of United States dollars
      unless otherwise stated)
|(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, 2011, and the results of its operations and its cash
flows for the three month periods ended March 31, 2011 and 2010. The operating
and financial results for Revett Minerals for the three months ended March 31,
2011 are not necessarily indicative of the results that may be expected for the
year ended December 31, 2011.

These unaudited interim financial statements have been prepared
by management in accordance with generally accepted accounting principles used
in the United States of America (U.S. GAAP) and are presented in U.S. dollars.
The Company issued its audited annual consolidated financial statements for the
year ended December 31, 2010 in accordance with Canadian GAAP and also provided
a reconciliation on the differences between Canadian GAAP and U.S. GAAP in note
15 to those audited annual consolidated financial statements. The change in
generally accepted accounting principles is described in note 2 below. These
unaudited interim consolidated financial statements do not include all note
disclosures required by U.S. GAAP on an annual basis, and therefore should be
read in conjunction with the annual audited consolidated financial statements
for the year ended December 31, 2010 filed with the appropriate securities
regulatory authorities.

These financial statements are prepared on a going concern
basis. At March 31, 2011, the Company had working capital of $12.4 million. The
Company has generated positive cash flows from operations for the three-months
ended March 31, 2011 and the year ended December 31, 2010. Improved copper and
silver prices have positively impacted the Companys cash flows and in addition,
the Company has sold forward a significant portion of 2011 production at fixed
prices which, based on historic and expected future costs, would result in
profitable mining operations. Accordingly, the Company believes it will be able
to generate sufficient cash flows to continue as a going concern beyond March
31, 2012.

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.

8

---

|Revett Minerals Inc.                                                           
|-------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                     
|Three months ended March 31, 2011 and 2010                                     
|(expressed in thousands of United States dollars
      unless otherwise stated)
|(unaudited)                                                                    

2. Changes affecting fiscal 2010 consolidated financial
statements and Future accounting Changes:

(a) Changes in generally accepted accounting policies:

The Company historically prepared its consolidated financial
statements in conformity with Canadian GAAP and provided a supplemental
reconciliation to U.S. GAAP. Effective January 1, 2011, the Company adopted U.S.
GAAP as the reporting standard for its consolidated financial statements. These
unaudited consolidated interim financial statements, including related notes,
have therefore been prepared in accordance with U.S. GAAP. All comparative
financial information contained herein has been recast to reflect the Companys
results as if the Company had historically reported in accordance with U.S.
GAAP. The adjustments resulted in an increase in deficit of $3.7 million, an
increase in assets of $3.4 million, an increase in liabilities of $5.9 million,
an increase in temporary equity of $0.7 million, a decrease in shareholders
equity of $0.7 million, and an increase in contributed surplus $1.3 million at
January 1, 2011. These differences are outlined in our annual consolidated
financial statements for the year ended December 31, 2010 in note 15.

There were no recent amendments by the Financial Accounting
Standards Board (FASB) to the Accounting Standards Codification that
materially impacted the Companys consolidated financial statements or
disclosures.

(b) Future accounting changes

There were no new pronouncements issued by the FASB that may
materially impact the Companys consolidated financial statements for future
periods.

3. Inventory

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

|                      |   | March 31, 2011 |  |   | Dec. 31, 2010 | 
|--------------------- | - | -------------- |  | - | ------------- | 
|                      |   | (unaudited)    |  |   |               | 
|Concentrate inventory | $ | 1,517          |  | $ | 567           | 
|Material and supplies |   | 3
      ,045   |  |   | 3,107         | 
|                      | $ | 4,562          |  | $ | 3,674         | 

9

---

|Revett Minerals Inc.                                                           
|-------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                     
|Three months ended March 31, 2011 and 2010                                     
|(expressed in thousands of United States dollars
      unless otherwise stated)
|(unaudited)                                                                    

Cost of sales is comprised of the following:

|Nature of expense                   |   | March 31, 2011 |   |   | March 31, 2010 | 
|----------------------------------- | - | -------------- | - | - | -------------- | 
|                                    |   | (unaudited)    |   |   | (unaudited)    | 
|Raw materials and consumables used  | $ | 3,237          |   | $ | 3,258          | 
|Labor costs                         |   | 3,366          |   |   | 3,118          | 
|Other costs                         |   | 3,119          |   |   | 2,357          | 
|Net change in concentrate inventory |   | (950           | ) |   | 22             | 
|Total cost of sales                 | $ | 8,772          |   | $ | 8,755          | 

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, 2011 |   |   | Dec. 31, 2010 |  
|----------------------------------------------------- | - | -------------- | - | - | ------------- | -
|                                                      |   | (unaudited)    |   |   |               |  
|Troy:                                                 |   |                |   |   |               |  
|Property acquisition and development
      costs      | $ | 14,040         |   | $ | 13,652        |  
|Plant and equipment                                   |   | 14,112         |   |   | 13,730        |  
|Buildings and structures                              |   | 2,651          |   |   | 2,846         |  
|                                                      |   | 30,803         |   |   | 30,228        |  
|Rock Creek:                                           |   |                |   |   |               |  
|Property acquisition costs                            |   | 34,822         |   |   | 34,822        |  
|Other, corporate                                      |   | 4,219          |   |   | 3,685         |  
|Other, mineral properties                             |   | 118            |   |   | 118           |  
|                                                      |   | 69,962         |   |   | 68,853        |  
|Accumulated depreciation and depletion:               |   |                |   |   |               |  
|Troy Property acquisition and
      development costs |   | (5,561         | ) |   | (5,307        | )
|Troy plant and equipment                              |   | (5,255         | ) |   | (5,032        | )
|Troy buildings and structures                         |   | (1,023         | ) |   | (977          | )
|                                                      |   | (11,839        | ) |   | (11,316       | )
|Other corporate assets                                |   | (94            | ) |   | (93           | )
|                                                      |   | (11,933        | ) |   | (11,409       | )
|                                                      | $ | 58,029         |   | $ | 57,444        |  

10

---

|Revett Minerals Inc.                                                           
|-------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                     
|Three months ended March 31, 2011 and 2010                                     
|(expressed in thousands of United States dollars
      unless otherwise stated)
|(unaudited)                                                                    

5. Long-term debt

(a) Capital leases:

The balance of the Companys capital lease obligations were as
follows:

March 31, 2011
    
    
    Dec. 31, 2010(unaudited)Capital leases
    $
    1,214
    
    $
    1,392Current portion
    
    (534
    )
    
    (624
    )$
    680
    
    $
    768


(b) Derivates liability:

Some of the Companys issued and outstanding common share
purchase warrants have the exercise price denominated in a foreign currency,
which require treatment as a derivative liability. The amount of cash the
Company will receive on exercise of the warrants will vary depending on the
exchange rate, these warrants are classified as a derivate liability and
recognized at fair value. Changes in the fair value of these warrants are
recognized in earnings until such time as the warrants are exercised or expire.
The Company recognized a loss of $1.0 million from the change in fair value of
the warrants for the three months ended March 31, 2011 (March 31, 2010 -$
nil).

The following table presents the fair value reconciliation of
the fair value of the warrants:

For the three months
    
    
    For the three monthsMarch 31, 2011
    
    
    March 31, 2010(unaudited)
    
    
    (unaudited)Balance December 31
    $
    5,876
    
    $
    -Loss on derivatives
    
    998
    
    
    -Balance March 31
    $
    6,874
    
    $
    -


These common share purchase warrants do not trade in an active
securities market, and as such, the Company has estimated the fair value of
these warrants using the Black-Scholes option pricing model using the following
assumptions at March 31, 2011: weighted average risk-free interest rate 0.80%,
Weighted average volatility112%, expected dividend yield  nil, and weighted
average expected life (in years) 2.4. At December 31, 2010: weighted average
risk-free interest rate 1.02%, Weighted average volatility 113%, expected
dividend yield  nil, and weighted average expected life (in years) 2.7. The
fair value estimate is classified as level 2 in the fair value hierarchy.

11

---

|Revett Minerals Inc.                                                           
|-------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                     
|Three months ended March 31, 2011 and 2010                                     
|(expressed in thousands of United States dollars
      unless otherwise stated)
|(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, 2011, the Company had 33,555,436 shares
of common stock outstanding.

During the quarter ended March 31, 2011, the Company issued
275,000 common shares with a fair value of $1.2 million pursuant to acquire a
right to convert certain shares into a 2% royalty interest on future Rock Creek
production (note 7(b)), issued 13,052 shares for compensation to directors in
the amount of $ 0.07 million; and issued 89,500 common shares on exercise of
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, 2011, 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, 3,600,000 shares of common stock. There
were 917,500 stock options granted during the three months ended March 31, 2011
with an exercise price of $4.98, expiring on March 30, 2016. The Company used
the Black-Scholes option pricing formula with a risk-free interest rate of
2.07%, volatility of 96% 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 $3.64. During the three months ended March 31, 2011, no options were
cancelled or expired and 89,500 options were exercised and 13,052 common shares
were issued for services. As at March 31, 2011, the weighted average intrinsic
value of options outstanding and exercisable was $4.7 million (2010: $3.2
million). As at March 31, 2011, the total unrecognized compensation cost related
to unvested stock options is $ nil (2010:$ nil).

12

---

|Revett Minerals Inc.                                                           
|-------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                     
|Three months ended March 31, 2011 and 2010                                     
|(expressed in thousands of United States dollars
      unless otherwise stated)
|(unaudited)                                                                    

As at March 31, 2011, the following stock options were
outstanding:

Options
    Options
    Exercise
    ExpiryGranted
    Exercisable
    Price
    Date8,000
    8,000
    6.25 CDN
    May 12, 201110,000
    10,000
    1.65
    June 30, 201130,000
    30,000
    2.15
    June 16, 201155,000
    55,000
    0.45
    June 16, 20114,000
    4,000
    6.25 CDN
    September 15, 201112,000
    12,000
    2.15
    September 30, 2011169,000
    169,000
    5.50 CDN
    October 4, 20115,000
    5,000
    7.25 CDN
    December 4, 201190,000
    90,000
    5.55 CDN
    January 10, 20128,000
    8,000
    5.75 CDN
    March 5, 20126,000
    6,000
    3.00 CDN
    April 29, 201310,000
    10,000
    2.50
    November 1, 201335,000
    35,000
    4.30
    December 13, 201310,000
    10,000
    4.45
    February 25, 2014180,000
    180,000
    0.52 CDN
    March 31, 201444,000
    44,000
    0.45 CDN
    April 27, 2014110,000
    110,000
    0.45
    September 10, 201420,000
    20,000
    1.05
    November 2, 201430,000
    30,000
    1.65
    December 30, 2014352,000
    352,000
    2.15
    March 15, 201520,000
    20,000
    1.50
    June 17, 201520,000
    20,000
    2.50
    December 13, 2015907,500
    907,500
    4.98
    March 21, 20162,135,500
    2,135,500
    3.53


(d) Stock Purchase Warrants

The following stock purchase warrants were outstanding at March
31, 2011 for the purchase of common shares of Revett Minerals.

WARRANT
    
    
    SUMMARY
    
    
    TABLENumber
    
    
    Exercise price
    
    
    ExpiryRevett Minerals
    
    147,333
    
    $
    5.00
    
    
    June 30, 2011Revett Minerals
    
    60,000
    
    
    CDN$ 2.50
    
    
    October 20, 2011Revett Minerals
    
    1,217,718
    
    
    CDN $1.75
    
    
    August 24, 2013Revett Minerals
    
    244,836
    
    
    CDN $ 1.75
    
    
    August 31, 2013Revett Minerals
    
    200,000
    
    $
    1.50
    
    
    October 7, 20131,869,887


During the three months ended March 31, 2011, no warrants were
exercised.

13

---

|Revett Minerals Inc.                                                           
|-------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                     
|Three months ended March 31, 2011 and 2010                                     
|(expressed in thousands of United States dollars
      unless otherwise stated)
|(unaudited)                                                                    

7. Commitments and Contingencies

a)
  Reclamation

The following table shows the changes in the reclamation
liability for the periods indicated.

Three months ended
    
    
    Year endedMarch 31, 2011
    
    
    Dec. 31, 2010(unaudited)Reclamation and remediation liabilitybeginning of period
    $
    7,946
    
    $
    8,166Reduction in present value of liability due
      to mine life extension
    
    -
    
    
    (914
    )Accretion expense, year to
      date
    
    169
    
    
    694Ending balance
    $
    8,115
    
    $
    7,946


b) Kennecott Royalty Option

During 2002, Kennecott and Revett Silver, a wholly owned
subsidiary of the Company, agreed to amend the February 21, 2000 Asset Purchase
and Sale Agreement pursuant to which Revett Silver acquired Kennecotts interest
in Troy and Rock Creek. Among other things, the amendment granted Kennecott the
right to acquire a 2% net smelter return royalty (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 was required to surrender
450,000 shares of the Company's common shares previously issued to acquire the
NSR royalty. On March 21, 2011, the Company purchased the right to convert the
450,000 shares to a 2% net smelter royalty interest on future Rock Creek
production that was previously owned by Kennecott in exchange for the issue of
an additional 275,000 of its common shares. The exchange was accounted for as an
exchange of the original 450,000 common shares with a conversion feature for
725,000 common shares without a conversion feature. The carrying values of the
original 450,000 shares of $676,000 has been transferred from temporary equity
to share capital. The fair value of the additional 275,000 common shares was
$1,213,000 and has been recorded in accumulated deficit as an equity
transaction.

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 14

---

|Revett Minerals Inc.                                                           
|-------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                     
|Three months ended March 31, 2011 and 2010                                     
|(expressed in thousands of United States dollars
      unless otherwise stated)
|(unaudited)                                                                    

Statement are set aside and remanded to the Forest Service for
further action. Based on the Company's review of the judgment, the Company does
not believe that the judgment prevents the Company from developing the Rock
Creek project but it may delay such development until the Company is able to
satisfactorily address the Courts concerns.

Although the Company believes that it will ultimately receive
environmental and operating permits, it is possible that successful challenges
could delay or prevent the Company from developing the Rock Creek project which
could result in the impairment and write-down of the carrying value related to
the Rock Creek property.

8. Financial Instruments

At March 31, 2011, the Company had two forward contracts to
sell 4.0 million pounds of copper at a price of $3.55 per pound and 0.270
million ounces of silver at an average price of $ 19.00 per ounce. These
contracts mature at various dates from June 30, 2011 through February 2012. All
contracts are with the Companys customer and have been designated as normal
purchase and sale contracts. Accordingly, the effect of these contracts are
accounted for in the period they are settled. The fair value of these forward
sales contracts, if settled at March 31, 2011 metal prices, would result in a
liability of approximately $8.2 million.

15

---

Managements Discussion and Analysis of Financial Condition
and Results of Operations as at May 12, 2011

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, 2011 should be read in conjunction
with the unaudited interim financial statements and notes as at and for the
three months ended March 31, 2011 which form part of this report. In addition,
this MD&A and related financial statements should be read in conjunction
with the 2010 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
United States generally accepted accounting principles (GAAP).

These unaudited interim consolidated financial statements have
been prepared by management in accordance with generally accepted accounting
principles used in the United States of America (U.S. GAAP) and are presented in
U.S. dollars. The Company issued its audited annual consolidated financial
statements for the year ended December 31, 2010 in accordance with Canadian GAAP
and also provided a reconciliation on the differences between Canadian GAAP and
U.S. GAAP in note 15 to those audited annual consolidated financial statements.
The change in generally accepted accounting principles is described in note
2.

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, 2011

As at May 12, 2011, 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

As at March 31, 2011 the Company increased cash and cash
equivalents on hand by 173% to $10.1 million compared to $3.7 million at March
31, 2010. For the three month period ended March 31, 2011,the Company reported
net loss after taxes of $2.8 million (which includes a $3.4 million non-cash
charge for the issuance of stock options during the period and a non-cash
expense to adjust the fair value of the derivate liability related to the
Companys warrants exercisable in Canadian dollars of $1.0 million) or $0.09 net
loss per share compared to a net income after taxes of $0.8 million or $0.03 per
share for the three months ended March 31, 2010. Prior to the stock based
compensation expense and loss on warrant derivative, earnings would have been
$1.6 million, or $0.05 per share for the first quarter of 2011.

16

---

Results of Operations for the Three Months Ended March 31,
2011 Compared to the same period in 2010.

The major highlights for the quarter ended March 31, 2011,
included:

- The Company purchased the right to convert certain common shares into a
  2% net smelter royalty interest on future Rock Creek production from
  the holder of these shares. 275,000 shares of common stock with a fair
  market value of $1.2 million were issued to acquire this right;
- Troy produced 2.0 million pounds of copper and 245,068 ounces of silver
  compared to 2.5 million pounds of copper and 287,259 ounces of silver
  in the first quarter of 2010;
- Copper ore grades improved by 16% and silver ore grades improved by 18%
  when compared to the same reporting period in 2010;
- Exploration program at the Troy Mine continues to provide promising
  results with emphasis on the I Bed expansion;
- Troy completed the ventilation and secondary escape-way raise for
  completion of the C Bed development project.

Operating Results:

The table below illustrates certain key operating statistics
for Troy for the three months ended March 31, 2011, with a comparison to the
same three month period in 2010.

|                      |  | **Three**
      **Months Ended** March 31, |  |  | Three Months
      Ended March 31, | 
|--------------------- |  | ------------------------------------------ |  |  | ---------------------------------- | 
|                      |  | 2011                                       |  |  | 2010                               | 
|Tons milled           |  | 291,690                                    |  |  | 379,592                            | 
|Tons milled per day   |  | 3,277                                      |  |  | 4,265                              | 
|Copper grade (%)      |  | 0.44                                       |  |  | 0.38                               | 
|Silver grade (opt)    |  | 1.02                                       |  |  | 0.86                               | 
|Copper recovery (%)   |  | 78.0                                       |  |  | 85.1                               | 
|Silver recovery (%)   |  | 82.2                                       |  |  | 87.5                               | 
|Copper produced (lbs) |  | 1,998,410                                  |  |  | 2,456,190                          | 
|Silver produced (ozs) |  | 245,068                                    |  |  | 287,259                            | 

Due to mining difficulties in the East Ore Body, production
during the first quarter of 2011 was lower at 3,277 tons per day, a 23%
reduction from the first quarter of 2010 at 4,265 tons per day. The decrease in
tons milled was offset somewhat by higher copper and silver grades. Copper
production was lower at 1,998,410 pounds while silver production decreased to
245,068 ounces as compared to 287,259 ounces of silver and 2,456,190 pounds of
copper in the first quarter of 2010. Additional work necessary for continued
mining in the East Ore Body resulted in lower overall ore production in the
first quarter of 2011. Mining in the C Beds is progressing as expected and metal
grades in the C Beds are also as expected. For the quarter, ore grades increased
15% for silver and 14% for copper as compared to the first quarter of 2010. Mill
recoveries were lower than planned at 82.2% for silver and 78.0% for copper
compared to planned recoveries of 86.6% for silver and 84.9% for copper.
Additional metallurgical studies evaluating grind size and non-sulfide content
are underway to determine the cause of the lower recovery.

17

---

Financial Results:

| | a) | Revenue:For the first quarter of 2011 compared to
      the first quarter of 2010, revenue increased from $12.1 million to $12.8
      million primarily due to the increase in the price of copper and silver.
      During the quarter ended March 31, 2011, the LME price of copper and
      silver averaged $4.38 per pound and $31.66 per ounce, respectively,
      compared to average prices of $3.28 per pound and $16.92 per ounce in the
      first quarter of 2010. Copper sales during the first quarter were 1.9
      million pounds of copper and 225,000 ounces of silver. The physical metal
      sold represents a decrease of 19% for copper and a reduction of 15% for
      silver from the first quarter of 2010. The main factor which resulted in
      higher sales in the first quarter of 2011 compared to that in 2010 is
    higher metal prices.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | b) | Cost of Sales:The cost of sales associated with
      the first quarter revenue was $8.8 million, basically the same as the
      first quarter of 2010. Lower ore production was offset by higher labor and
      fuel costs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | c) | Depreciation and depletion:For the first quarter
      of 2011, these non cash charges are slightly lower than the first quarter
      of 2010. The majority of the plant and equipment at Troy is depreciated
      using the units-of-production method and the effect of lower mill
      throughput resulted in slightly lower depreciation expense.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | d) | Exploration and development:This expense includes
      $0.2 million for exploration spending around the Troy Mine and $0.1
      million spending for Rock Creek. The spending in 2011 is higher than 2010
      ($0.01) due to increase emphasis on exploration around the Troy
    Mine.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | e) | General and administration costs:Included in the
      corporate administration costs in the first quarter of 2011 is a non-cash
      stock option expense of $ 3.4 million compared to 2010 non-cash stock
      option expense of $0.8 million.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | f) | Accretion of reclamation and remediation liability:This expense is a marginal decrease in the reclamation accretion at
      Troy due to the effects of the increase in mine life of the Troy
      operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | g) | Loss before taxes:Favorable metal prices resulted
      in a $0.6 million increase in revenues in the first quarter of 2011
      compared to the same period 2010 while costs were higher by $2.9 million
      as a result of non-cash charge of $3.4 million for stock option expense
      and $1.0 million non-cash loss on derivative liabilities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | h) | Net loss:The Company recorded a net loss of $2.8
      million or $0.09 loss per share for the first quarter compared to net
      income of $0.8 million or $0.03 per share in the first quarter of
    2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

18

---

Summarized Financial Results by Quarter

2011
    2010
    2010
    2010
    2010
    2009
    2009
    2009Q1
    Q4
    Q3
    Q2
    Q1
    Q4
    Q3
    Q2Cu Production(million lbs)
    2.0
    2.1
    2.3
    1.9
    2.5
    2.0
    1.9
    2.4Ag Production(000s ozs)
    245
    235
    277
    208
    287
    253
    251
    302Total Sales (000s $)
    12,768
    13,153
    12,402
    9,322
    12,127
    8,141
    8,106
    8,615Net Income (loss) (000s $)
    (2,847)
    (1,270)
    656
    (1,141)
    787
    (946)
    (1,069)
    (799)EPS- Basic ($)
    (0.09)
    (0.04)
    0.00
    (0.05)
    0.03
    (0.05)
    (0.05)
    (0.05)EPS- Fully diluted ($)
    (0.09)
    (0.04)
    0.00
    (0.05)
    0.03
    (0.05)
    (0.05)
    (0.05)Cash and Cash Equivalents & s/t
      Investments ending (000s $)
    10,183
    8,766
    6,568
    3,150
    3,730
    2,622
    2,515
    3,256Total Assets ending (000s $)
    83,422
    81,258
    79,354
    74,065
    74,760
    71,868
    74,396
    75,371Total liabilities ending (000s $)
    21,766
    21,003
    21,570
    19,832
    19,475
    19,796
    22,004
    23,585Total Equity ending (000s $)
    61,656
    60,255
    57,784
    54,233
    55,285
    52,072
    52,392
    51,786


Financing Activities

During the first quarter of 2011, the Company did not enter
into any new capital leases. 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       | 
|                                            |  |        |  |  |         |  |  |        |  |  |        |  |  |            | 
|Capital lease obligations                   |  | 1,214  |  |  | 534     |  |  | 680    |  |  |        |  |  |            | 
|                                            |  |        |  |  |         |  |  |        |  |  |        |  |  |            | 
|cLong term Reclamation osts                 |  | 12,900 |  |  | -       |  |  | -      |  |  | -      |  |  | 12,900     | 
|                                            |  |        |  |  |         |  |  |        |  |  |        |  |  |            | 
|**Total contractual**
      **obligations** |  | 14,114 |  |  | 534     |  |  | 680    |  |  | -      |  |  | 12,900     | 

Revett Silver has also entered into a number of operating
leases relating to the production and transportation of the copper concentrate
produced at Troy. All such leases expire in 2011 and many may be renewed
annually. The obligations in 2011 under the terms of these leases are $0.4
million.

19

---

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, 2011, working capital was $12.4 million, including cash and cash
equivalents of $10.2 million. At March 31, 2011, net concentrate receivable was
$2.7 million compared to $3.6 million at December 31, 2010 and copper
concentrate inventory was $1.5 million compared to $0.6 million at December 31,
2010.

At todays copper and silver prices the Company is generating
positive cash flow. Declines in copper and silver prices could erode the
Companys cash and working capital position. The Company does not have
sufficient cash to undertake any major spending activities at Rock Creek at this
time. For 2011, the Company has sold forward approximately 50% of copper
production at an average price of $3.55 per pound and approximately 25% of
silver production at an average price of $19.00 per ounce.

Off Balance Sheet Arrangements

During 2002, Kennecott and Revett Silver, a wholly owned
subsidiary of the Company, agreed to amend the February 21, 2000 Asset Purchase
and Sale Agreement pursuant to which Revett Silver acquired Kennecotts interest
in Troy and Rock Creek. Among other things, the amendment granted Kennecott the
right to acquire a 2% net smelter return royalty (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 was required to surrender
450,000 shares of the Company's common shares previously issued to acquire the
NSR royalty. On March 21, 2011, the Company purchased the right to convert the
450,000 shares to a 2% net smelter royalty interest on future Rock Creek
production that was previously owned by Kennecott in exchange for the issue of
an additional 275,000 of its common shares. The exchange was accounted for as an
exchange of the original 450,000 common shares with a conversion feature for
725,000 common shares without a conversion feature. The carrying values of the
original 450,000 shares of $676,000 has been transferred from temporary equity
to share capital. The fair value of the additional 275,000 common shares was
$1,213,000 and has been recorded in accumulated deficit as an equity
transaction.

The Company has forward contracts to sell 4.0 million pounds of
copper and 0.270 million ounces of silver at fixed prices of $3.55 per pound and
$19.00 per ounces, respectively, which have been designated as normal purchase
and sales contracts. The fair value of these contracts at March 31, 2011,is a
liability of $8.8 million which is 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 2011.

Proposed Transactions

There were no proposed transactions during the first three
months of 2011.

20

---

Principal Risks and Uncertainties

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

We have a limited operating history and had losses in
prior years.We have been engaged in commercial mining operations at
Troy for just over six years and have not yet attained a significant level of
earnings. In the first quarter of 2011 we incurred a loss of $2.8 million on
revenues of $12.8 million. For the 2010 year, we incurred a loss of $0.6 million
on revenues of $47.0 million. In 2009, we incurred a loss of $3.7 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. 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.

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 a 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 1897and
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 have delayed us from proceeding with our planned
development. 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. (See the section of this report entitled Legal
Proceedings.)

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. We have submitted a revised reclamation plan for Troy
to the Montana DEQ and they have been in the process of completing environmental
analysis in cooperation with the Forest Service. The Agencies have given notice
that an Environmental Impact Statement will be completed and subsequently
changes may be made to the estimated reclamation costs and the amount of the
performance bond. One of the key issues yet to be resolved is the extent to
which we may be required to treat water from Troy after mining operations have
ceased. We do not presently know whether our revised plan will actually result
in increased reclamation costs at Troy. Laws governing the closure of mining
operations in Montana have become more stringent since Troy was first placed
into production, and 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 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 $16.8 million maximum allowed under the current
surety agreement would necessarily be borne by the Company. Payment of such
costs could have a material adverse effect on our financial condition.

21

---

We presently do not have the financial resources to
develop Rock Creek.At March 31, 2011 we had cash and cash equivalents
and short term investments of $10.2 million. 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 a mine or begin mining operations should it prove feasible
to do so. The estimated capital cost of constructing a mine at Rock Creek is in
the range of $250 to $275 million and could change materially.

The Rock Creek mineral resources are not equivalent to
reserves. This report includes information concerning the estimated size
of our 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. This report also includes
information concerning mineral resources at Troy. 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 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.
United States investors are cautioned that the terms measured mineral
resources, indicated mineral resources and inferred mineral resources are
not recognized by the SEC. The estimation of mineral resources involves greater
uncertainty as to their existence and economic feasibility than the estimation
of proven and probable reserves. United States investors are cautioned not to
assume that mineral resources will ever be converted into reserves.

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 the strength of the United States dollar,
global and regional industrial demand, and the political and economic conditions
of major producing countries throughout the world. Since 1990, world average
copper prices have fluctuated from a low of $0.71 per pound in 2002 to a high of
$4.48 per pound in 2011, and world average annual silver prices have fluctuated
from a low of $3.95 per ounce in 1992 to a high of $41.96 per ounce in 2011. As at March 31, 2011, we have
contracts outstanding to sell 4.0 million pounds of copper at an average price
of $3.55 per pound and 270,000 ounces of silver at an average price of $19.00.
These contracts mature at various dates from June 2011 to February
2012.

22

---

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

These unaudited interim financial statements have been prepared
by management in accordance with generally accepted accounting principles used
in the United States of America (U.S. GAAP) and are presented in U.S. dollars.
Revett Minerals Inc. (the Company) issued its audited annual consolidated
financial statements for the year ended December 31, 2010 in accordance with
Canadian GAAP and also provided a reconciliation on the differences between
Canadian GAAP and U.S. GAAP in note 15 to those audited annual consolidated
financial statements. Effective January 1, 2011, the Company began presenting
its financial statements in accordance with US GAAP and prior period financial
statements were restated to be presents in accordance with US GAAP. All
financial information stated herein has been presented in accordance with US
GAAP.

Future accounting changes

There were no new pronouncements issued by the FASB that may
materially impact the Companys consolidated financial statements for future
periods.

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, 2011, the Company had contracts outstanding to
sell 4.0 million pounds of copper at an average price of $3.55 per pound and
270,000 ounces of silver at an average price of $19.00.

23

---

These contracts mature at various dates from June, 2011 to
February, 2012. All contracts are with the Companys customer and have been
designated as normal purchase and sale contracts. Accordingly, the effect of
these contracts are accounted for in the period they are settled. The fair value
of these forward sales contracts, if settled at March 31, 2011 metal prices,
would result in a liability of approximately $8.2 million.

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 except as required by law.
Readers are cautioned not to put undue reliance on forward looking
statements.

24

---

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, and world political and economic events and the strength of
the US dollar. 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 $4.48 per pound. Average
annual silver prices over this same period have ranged from a low of $3.95 per
ounce to a high of $41.96. 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, 2011, we reported sales
revenue of $12.8 million on sales of approximately 1.9 million pounds of payable
copper and 0.225 million ounces of payable silver. During this period copper and
silver prices averaged $4.38 per pound and $31.66 per ounce respectively. Had
the price of copper or silver changed by $1.00 each, revenue would have changed
by approximately $2.1 million.

A substantial portion of our 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. Approximately $2.0 million of our short term investments are in
the form of certificates of deposit issued by a major Canadian chartered bank
and are denominated in Canadian dollars which exposes us 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, 2011 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.

25

---

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 as at March 31, 2011.

Changes in Internal Controls. During the first
quarter of 2011, 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

Item #1: Legal proceedings

There has been no material changes with regards to Legal
proceedings which are reported in the December 31, 2010 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

26

---

Not Applicable.

Item #5: Other Information

Not Applicable

Item #6: Exhibits

(a) Exhibits:

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

27

---

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 12, 2011 | By: /s/John Shanahan                 
|                   | John Shanahan                        
|                   | President and Chief Executive Officer
|                   |                                      
|                   |                                      
|Date: May 12, 2011 | By: /s/ Ken Eickerman                
|                   | Ken Eickerman                        
|                   | Chief Financial Officer              

28

---