---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

___________

FORM 10-Q

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

FOR THE QUARTERLY PERIOD ENDEDJUNE 30, 2009.

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

FOR THE TRANSITION PERIOD FROM ___________ TO __________.

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

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

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

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

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

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

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

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

At August 14, 2009, 111,159,346shares of common stock
were issued and outstanding.

1

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|Revett Minerals Inc.       
|---------------------------
|Form 10-Q                  
|QUARTER ENDED June 30, 2009
|                           
|INDEX                      

|                                     | PAGE                                                                                             
|------------------------------------ | -------------------------------------------------------------------------------------------------
|PART I  FINANCIAL
      INFORMATION |                                                                                                  
|ITEM
      1.                        | FINANCIAL
      STATEMENTS                                                                       
|ITEM
      2.                        | MANAGEMENTS
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
      OPERATIONS
|ITEM
      3.                        | QUANTITATIVE
      AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK AND HEDGING
ACTIVITIES          
|ITEM
      4.                        | CONTROLS
      AND PROCEDURES                                                                    
|                                     |                                                                                                  
|PART II  OTHER INFORMATION          |                                                                                                  
|ITEM
      1.                        | LEGAL
      PROCEEDINGS                                                                          
|ITEM
      2.                        | UNREGISTERED
      SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                                
|ITEM
      3.                        | DEFAULTS
      UPON SENIOR SECURITIES                                                            
|ITEM
      4.                        | SUBMISSION
      OF MATTERS TO A VOTE OF SECURITY HOLDERS                                        
|ITEM
      5.                        | OTHER
      INFORMATION                                                                          
|ITEM
      6.                        | EXHIBITS                                                                                         
|SIGNATURES                           | 44                                                                                               

2

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Part I  Financial Information

Item 1. Financial Statements (unaudited)

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

|                                                      | Page
|----------------------------------------------------- | ----
|FINANCIAL STATEMENTS:                                 |     
|Consolidated balance
      sheets                     | 4   
|Consolidated statements of
      operations           | 5   
|Consolidated statements of
      cash flows           | 6   
|Consolidated statements of shareholders
      equity | 7   
|Notes to consolidated financial
      statements      | 8-22

3

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|Revett Minerals Inc.                                   
|-------------------------------------------------------
|Consolidated Balance Sheets                            
|at June 30, 2009 and December 31, 2008                 
|(expressed in thousands of United States
      dollars)

|                                                                               |   | June 30, 2009 |   |   | December 31, 2008 |  
|------------------------------------------------------------------------------ | - | ------------- | - | - | ----------------- | -
|                                                                               |   | (unaudited)   |   |   |                   |  
|Assets                                                                         |   |               |   |   |                   |  
|Current Assets                                                                 |   |               |   |   |                   |  
|Cash and cash equivalents                                                      | $ | 3,256         |   | $ | 1,633             |  
|Concentrate settlement and other receivable                                    |   | 1,875         |   |   | 224               |  
|Income taxes receivable                                                        |   | -             |   |   | 99                |  
|Inventories (note 4)                                                           |   | 3,365         |   |   | 3,695             |  
|Prepaid expenses and deposits                                                  |   | 256           |   |   | 341               |  
|Total current assets                                                           |   | 8,752         |   |   | 5,992             |  
|Property, plant, and equipment (net) (note
      5)                            |   | 54,734        |   |   | 63,228            |  
|Restricted cash                                                                |   | 6,614         |   |   | 7,597             |  
|Other long term assets                                                         |   | 1,042         |   |   | 1,125             |  
|                                                                               |   |               |   |   |                   |  
|Total assets                                                                   | $ | 71,142        |   | $ | 77,942            |  
|                                                                               |   |               |   |   |                   |  
|Liabilities and shareholders
      equity                                     |   |               |   |   |                   |  
|Current liabilities                                                            |   |               |   |   |                   |  
|Trade accounts payable                                                         | $ | 3,103         |   | $ | 3,532             |  
|Payroll liabilities                                                            |   | 1,142         |   |   | 1,251             |  
|Income, property and mining taxes                                              |   | 1,168         |   |   | 1,060             |  
|Concentrate settlement payable                                                 |   | -             |   |   | 1,965             |  
|Other accrued liabilities                                                      |   | 2,056         |   |   | 1,093             |  
|Note payable (note 6)                                                          |   | 4,292         |   |   | -                 |  
|Current portion of long term debt (note 7)                                     |   | 677           |   |   | 1,569             |  
|Total current liabilities                                                      |   | 12,438        |   |   | 10,470            |  
|                                                                               |   |               |   |   |                   |  
|Long-term portion of debt (note 7)                                             |   | 1,372         |   |   | 579               |  
|Reclamation and remediation liability (note
      9 (b))                       |   | 7,845         |   |   | 7,526             |  
|Future income taxes                                                            |   | -             |   |   | 5,917             |  
|Total liabilities                                                              |   | 21,655        |   |   | 24,492            |  
|                                                                               |   |               |   |   |                   |  
|Non controlling interest                                                       |   | 528           |   |   | 5,253             |  
|                                                                               |   |               |   |   |                   |  
|                                                                               |   |               |   |   |                   |  
|Shareholders' equity                                                           |   |               |   |   |                   |  
|Preferred stock, no par value, unlimited
      authorized,                     |   |               |   |   |                   |  
|nil issued and outstanding                                                     |   |               |   |   |                   |  
|Common stock, no par value unlimited
      authorized,                         |   |               |   |   |                   |  
|111,159,346 (2008- 75,210,697) shares issued and
      outstanding (note 8(a)) |   | 58,672        |   |   | 56,899            |  
|Warrants (note 8 (a))                                                          |   | 241           |   |   | -                 |  
|Contributed surplus                                                            |   | 2,420         |   |   | 1,788             |  
|Deficit                                                                        |   | (12,374       | ) |   | (10,490           | )
|                                                                               |   | 48,959        |   |   | 48,197            |  
|                                                                               |   |               |   |   |                   |  
|Total liabilities and shareholders equity                                     | $ | 71,142        |   | $ | 77,942            |  

See accompanying notes to interim consolidated financial
statements.

4

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|Revett Minerals Inc.                                                                      
|------------------------------------------------------------------------------------------
|Consolidated Statements of Operations                                                     
|Three and six months ended June 30, 2009 and
      2008                                   
|(expressed in thousands of United States dollars
      except share and per share amounts)
|(unaudited)                                                                               

|                                                                  |   | Three month   |   |   | Three month   |   |   | Six month     |   |   | Six month     |  
|----------------------------------------------------------------- | - | ------------- | - | - | ------------- | - | - | ------------- | - | - | ------------- | -
|                                                                  |   | period ended  |   |   | period ended  |   |   | period ended  |   |   | period ended  |  
|                                                                  |   | June 30, 2009 |   |   | June 30, 2008 |   |   | June 30, 2009 |   |   | June 30, 2008 |  
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|                                                                  | $ | 7,638         |   | $ | 13,377        |   | $ | 14,777        |   | $ | 25,411        |  
|Revenues                                                          |   |               |   |   |               |   |   |               |   |   |               |  
|Expenses:                                                         |   |               |   |   |               |   |   |               |   |   |               |  
|Cost of sales (note 4)                                            |   | 7,028         |   |   | 9,515         |   |   | 13,943        |   |   | 17,793        |  
|Depreciation and depletion                                        |   | 633           |   |   | 454           |   |   | 1,260         |   |   | 846           |  
|Exploration and development                                       |   | 76            |   |   | 958           |   |   | 149           |   |   | 1,310         |  
|General & administrative                                          |   | 747           |   |   | 1,389         |   |   | 1,457         |   |   | 2,375         |  
|Accretion of reclamation and remediation
      liability          |   | 165           |   |   | 148           |   |   | 319           |   |   | 295           |  
|                                                                  |   | 8,649         |   |   | 12,464        |   |   | 17,128        |   |   | 22,619        |  
|Income
      (loss) from operations                               |   | (1,011        | ) |   | 913           |   |   | (2,351        | ) |   | 2,792         |  
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Other income (expenses):                                          |   |               |   |   |               |   |   |               |   |   |               |  
|Interest expense                                                  |   | (72           | ) |   | (270          | ) |   | (179          | ) |   | (544          | )
|Interest and other income                                         |   | 6             |   |   | 362           |   |   | 45            |   |   | 617           |  
|Foreign exchange gain (loss)                                      |   | 20            |   |   | 35            |   |   | (6            | ) |   | (183          | )
|Total
      other income (expenses)                               |   | (46           | ) |   | 127           |   |   | (140          | ) |   | (110          | )
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Net income (loss) before non-controlling
      interest and taxes |   | (1,057        | ) |   | 1,040         |   |   | (2,491        | ) |   | 2,682         |  
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Income tax recovery (expense)                                     |   | -             |   |   | (496          | ) |   | 267           |   |   | (71           | )
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Net income (loss) before non-controlling
      interest           |   | (1,057        | ) |   | 544           |   |   | (2,223        | ) |   | 2,611         |  
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Non-controlling interest                                          |   | 33            |   |   | (469          | ) |   | 340           |   |   | (1,129        | )
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Net income (loss) and comprehensive income
      (loss)           | $ | (1,024        | ) | $ | 75            |   | $ | (1,884        | ) | $ | 1,482         |  
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Basic earnings (loss) per share                                   | $ | (0.01         | ) | $ | 0.00          |   | $ | (0.02         | ) | $ | 0.02          |  
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Diluted earnings (loss) per share                                 | $ | (0.01         | ) | $ | 0.00          |   | $ | (0.02         | ) | $ | 0.02          |  
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Weighed average number of shares
      outstanding                |   | 108,360,363   |   |   | 75,002,702    |   |   | 94,299,858    |   |   | 74,882,279    |  
|                                                                  |   |               |   |   |               |   |   |               |   |   |               |  
|Weighted average number of diluted shares
      outstanding       |   | 108,360,363   |   |   | 75,028,702    |   |   | 94,299,858    |   |   | 74,908,279    |  

See accompanying notes to interim consolidated financial
statements.

5

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|Revett Minerals Inc.                                   
|-------------------------------------------------------
|Consolidated Statements of Cash Flows                  
|Three and six months ended June 30, 2009 and
      2008
|(expressed in thousands of United States
      dollars)
|(unaudited)                                            

|                                                              |   | Three month   |   |   | Three month   |   |   | Six month     |   |   | Six month     |  
|------------------------------------------------------------- | - | ------------- | - | - | ------------- | - | - | ------------- | - | - | ------------- | -
|                                                              |   | period ended  |   |   | period ended  |   |   | period ended  |   |   | period ended  |  
|                                                              |   | June 30, 2009 |   |   | June 30, 2008 |   |   | June 30, 2009 |   |   | June 30, 2008 |  
|                                                              |   |               |   |   |               |   |   |               |   |   |               |  
|                                                              |   |               |   |   |               |   |   |               |   |   |               |  
|Cash flows from operating
      activities:                   |   |               |   |   |               |   |   |               |   |   |               |  
|Net income (loss) for the period                              | $ | (1,024        | ) | $ | 75            |   | $ | (1,884        | ) | $ | 1,482         |  
|Adjustment to reconcile net income to net
      cash used by  |   |               |   |   |               |   |   |               |   |   |               |  
|operating activities                                          |   |               |   |   |               |   |   |               |   |   |               |  
|Depreciation and depletion                                    |   | 633           |   |   | 454           |   |   | 1,260         |   |   | 846           |  
|Accretion of reclamation and remediation liability            |   | 164           |   |   | 148           |   |   | 319           |   |   | 295           |  
|Unrealized foreign exchange loss (gain)                       |   | (20           | ) |   | (35           | ) |   | 6             |   |   | 183           |  
|Stock based compensation                                      |   | 204           |   |   | 39            |   |   | 215           |   |   | 119           |  
|Loss (gain) on disposal of fixed assets                       |   | -             |   |   | (7            | ) |   | 243           |   |   | 67            |  
|Future income tax expense (recovery)                          |   | -             |   |   | 475           |   |   | (205          | ) |   | (147          | )
|Non controlling interest                                      |   | (33           | ) |   | 469           |   |   | (340          | ) |   | 1,129         |  
|Accrued interest from reclamation trust fund                  |   | (10           | ) |   | (67           | ) |   | (38           | ) |   | (153          | )
|Amortization of prepaid insurance premium                     |   | 42            |   |   | 36            |   |   | 83            |   |   | 68            |  
|Change in fair value of derivative contracts                  |   | (24           | ) |   | 2,142         |   |   | (679          | ) |   | 109           |  
|Changes in:                                                   |   |               |   |   |               |   |   |               |   |   |               |  
|Concentrate settlement and other receivables                  |   | 435           |   |   | (82           | ) |   | (1,651        | ) |   | (3,080        | )
|Income taxes receivable                                       |   | -             |   |   | -             |   |   | 99            |   |   | 1,250         |  
|Inventories                                                   |   | (61           | ) |   | (65           | ) |   | 330           |   |   | (247          | )
|Prepaid expenses and deposits                                 |   | 116           |   |   | (88           | ) |   | 85            |   |   | (153          | )
|Accounts payable and accrued liabilities                      |   | 834           |   |   | 1,229         |   |   | 1,871         |   |   | 1,631         |  
|Net cash provided (used) by operating
      activities        |   | 1,275         |   |   | 4,723         |   |   | 393           |   |   | 3,399         |  
|                                                              |   |               |   |   |               |   |   |               |   |   |               |  
|                                                              |   |               |   |   |               |   |   |               |   |   |               |  
|Cash flows from investing activities:                         |   |               |   |   |               |   |   |               |   |   |               |  
|Proceeds (purchase) of short term
      investments           |   | -             |   |   | 1,002         |   |   | -             |   |   | 3,955         |  
|Release of restricted cash                                    |   | 1,021         |   |   | -             |   |   | 1,021         |   |   | -             |  
|Other long term assets                                        |   | -             |   |   | 3             |   |   | -             |   |   | -             |  
|Purchase of plant and equipment                               |   | (148          | ) |   | (149          | ) |   | (437          | ) |   | (155          | )
|Net cash provided (used) by investing
      activities        |   | 873           |   |   | 856           |   |   | 584           |   |   | 3,800         |  
|                                                              |   |               |   |   |               |   |   |               |   |   |               |  
|Cash flows from financing
      activities:                   |   |               |   |   |               |   |   |               |   |   |               |  
|Proceeds form the issuance of common stock, net               |   | 280           |   |   | -             |   |   | 844           |   |   | -             |  
|Repayment of debt                                             |   | -             |   |   | (763          | ) |   | -             |   |   | (7,388        | )
|Repayment of capital leases                                   |   | (165          | ) |   | (282          | ) |   | (192          | ) |   | (577          | )
|Net cash provided (used) by financing
      activities        |   | 115           |   |   | (1,045        | ) |   | 652           |   |   | (7,965        | )
|                                                              |   |               |   |   |               |   |   |               |   |   |               |  
|Effects of foreign exchange on cash
      held                |   |               |   |   |               |   |   |               |   |   |               |  
|In foreign currencies                                         |   | 20            |   |   | 35            |   |   | (6            | ) |   | (183          | )
|                                                              |   |               |   |   |               |   |   |               |   |   |               |  
|Net (decrease) increase in cash and cash equivalents          |   | 2,283         |   |   | 4,569         |   |   | 1,623         |   |   | (949          | )
|Cash and cash equivalents, beginning of
      period          |   | 973           |   |   | 8,537         |   |   | 1,633         |   |   | 14,055        |  
|Cash and cash equivalents, end of period                      | $ | 3,256         |   | $ | 13,106        |   | $ | 3,256         |   | $ | 13,106        |  
|                                                              |   |               |   |   |               |   |   |               |   |   |               |  
|Supplementary cash flow information:                          |   |               |   |   |               |   |   |               |   |   |               |  
|Cash paid for interest expense                                | $ | 161           |   | $ | 148           |   | $ | 305           |   | $ | 552           |  
|Cash received for interest income                             |   | -             |   |   | -             |   |   | -             |   |   | -             |  
|Non cash transactions:                                        |   |               |   |   |               |   |   |               |   |   |               |  
|Note payable in lieu of concentrate settlement payable        |   | -             |   |   | -             |   |   | 4,292         |   |   | -             |  
|Common stock issued to acquire
      non-controlling interest |   | 230           |   |   | -             |   |   | 1,628         |   |   | 556           |  
|Reduction of reclamation and remediation liability            |   | -             |   |   | -             |   |   | -             |   |   | 51            |  
|Acquisition of plant and equipment under
      capital lease  |   | -             |   |   | -             |   |   | 1,082         |   |   | 84            |  
|Redemption of shares for a royalty interest                   |   | -             |   |   | -             |   |   | 41            |   |   | -             |  

See accompanying notes to interim consolidated financial
statements.

6

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

|                                           |  | Common Shares |   |   |        |   |   | Contributed |  |   |         |  |   |         |  
|------------------------------------------ |  | ------------- | - | - | ------ | - | - | ----------- |  | - | ------- |  | - | ------- | -
|                                           |  | Shares        |   |   | Amount |   |   | Warrants    |  |   | Surplus |  |   | Deficit |  
|Balance, December 31, 2007                 |  | 74,295,702    |   | $ | 56,315 |   | $ | -           |  | $ | 1,556   |  | $ | (3,800  | )
|Issued to acquire non controlling interest |  | 707,000       |   |   | 556    |   |   | -           |  |   | -       |  |   | -       |  
|Issued to settle severance obligations     |  | 207,995       |   |   | 28     |   |   | -           |  |   | -       |  |   | -       |  
|Stock-based compensation on options        |  |               |   |   |        |   |   |             |  |   |         |  |   |         |  
|granted                                    |  | -             |   |   | -      |   |   | -           |  |   | 232     |  |   | -       |  
|Net loss for the period                    |  | -             |   |   | -      |   |   | -           |  |   | -       |  |   | (6,690  | )
|Balance, December 31, 2008                 |  | 75,210,697    |   | $ | 56,899 |   | $ | -           |  | $ | 1,788   |  | $ | (10,490 | )
|                                           |  |               |   |   |        |   |   |             |  |   |         |  |   |         |  
|Issued to acquire non controlling interest |  |               |   |   |        |   |   |             |  |   |         |  |   |         |  
|(note 3(a))                                |  | 22,698,150    |   |   | 1,628  |   |   | -           |  |   | -       |  |   | -       |  
|Shares issued for cash (note 8(a))         |  | 3,855,558     |   |   | 280    |   |   | -           |  |   | -       |  |   | -       |  
|Issue of units (note 8(a))                 |  | 10,000,000    |   |   | 323    |   |   | 241         |  |   | -       |  |   | -       |  
|Redemption of shares (note 3(b))           |  | (605,059      | ) |   | (458   | ) |   | -           |  |   | 417     |  |   | -       |  
|Stock-based compensation on options        |  |               |   |   |        |   |   |             |  |   |         |  |   |         |  
|granted                                    |  | -             |   |   | -      |   |   | -           |  |   | 215     |  |   | -       |  
|Net loss for the period                    |  | -             |   |   | -      |   |   | -           |  |   | -       |  |   | (1,884  | )
|Balance, June 30, 2009                     |  | 111,159,346   |   | $ | 58,672 |   | $ | 241         |  | $ | 2,420   |  |   | (12,374 | )

See accompanying notes to unaudited interim consolidated
financial statements

7

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1. Basis of Presentation and going concern

In the opinion of management, the accompanying unaudited
interim consolidated balance sheet and consolidated statements of operations,
cash flows, and shareholders equity contain all adjustments, necessary to
present fairly, in all material respects, the financial position of Revett
Minerals Inc. (Revett Minerals or the Company) as of June 30, 2009, and the
results of its operations and its cash flows for the three and six month periods
ended June 30, 2009 and 2008. The operating and financial results for Revett
Minerals for the three and six months ended June 30, 2009 are not necessarily
indicative of the results that may be expected for the year ended December 31,
2009.

Except as discussed in note 2 below, these unaudited interim
financial statements are prepared using the same accounting policies and methods
of application as those disclosed in note 2 to the Companys audited financial
statements for the year ended December 31, 2008. These financial statements have
been prepared in accordance with Canadian generally accepted accounting
principles for interim financial statements and accordingly, these interim
financial statements do not include all the notes to the financial statements
required in audited annual financial statements. These statements should be read
in conjunction with the most recently completed audited annual financial
statements and notes of the Company for the year ended December 31, 2008. These
statements have been prepared in accordance with accounting principles generally
accepted in Canada (Canadian GAAP). Material differences between Canadian GAAP
and generally accepted accounting principles in the United States (US GAAP)
are disclosed in note 11. All currency is reported in United States dollars
unless otherwise specified.

At June 30, 2009, the Company had negative working capital of
$3.7 million and the Company incurred a loss for the six months ended June 30,
2009 of $1.9 million. Future declines in the price of copper and silver could
result in a further reduction in working capital and cash flows. These
conditions raise substantial doubt regarding the Companys ability to continue
as a going concern. The Company has entered into an agreement with its customer
to defer payment of $4.3 million until August 31, 2009 (note 6) and is in
arrears on royalty obligation totaling $1.6 million. Using copper and silver
prices at June 30, 2009, the Company estimates it would generate modest positive
cash flows but would not be able to pay off the $4.3 million note payable or the
$1.6 million in royalty payments owing. The Company continues to have
discussions with its customers, suppliers and royalty interest holder to manage
its cash flows. The Company is currently investigating a number of alternative
means of raising additional capital with potential lenders and investors.
However, no assurance can be given that these efforts will prove to be
successful. Given current market conditions, the Company may experience
difficulties in securing sufficient external financing to meet its obligations.
Because of the Companys need to conserve cash, limited discretionary capital
spending and exploration spending has been employed. Furthermore, the Company
does not have sufficient cash to undertake any significant activities at Rock
Creek at this time.

8

---

The Companys continuing operations and the underlying value
and recoverability of the mineral property, plant and equipment of the Troy mine
and the Rock Creek property are dependent upon the existence of economically
recoverable mineral reserves, the ability of the Company to profitability
operate the Troy Mine, obtaining the continued forbearance of its creditors
and/or the completion of additional financing in order to address its working
capital deficiency, obtaining the necessary financing to complete exploration
and development of the Rock Creek property, obtaining the necessary operating
permits for the Rock Creek property and future profitable production or
sufficient proceeds from the sale of the Rock Creek property.

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

2. Change in Accounting Policy

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

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

3. Acquisition of non-controlling interest and conversion of
shares to royalty:(a) Acquisition of non-controlling interest:

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

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

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

9

---

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

|    | As the fair value of the consideration, being the market
      value of the common shares issued, was less than the carrying value of the
      net assets acquired, mineral property, plant and equipment was reduced by
      the excess.The reduction in the mineral property, plant and equipment was
      allocated to the individual categories of mineral property, plant and
      equipment for Troy and to the mineral property acquisition cost of Rock
      Creek on a pro- rata basis based on their carrying values.               
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(b) | Conversion of shares to royalty                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | On January 5, 2009, Royal Gold Inc. exercised its option
      to convert its 605,059 common shares of the Company and 728,274 common
      shares of Revett Silver into a one percent net smelter royalty on future
      production of Rock Creek.                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | The conversion of the 605,059 common shares of the
      Company was accounted for as a redemption of shares at a cost of $0.04
      million, being the fair market value of the common shares exchanged based
      on their quoted market value and applicable foreign exchange rate on the
      conversion date. This cost was allocated to the Rock Creek property and
      the difference between the cost of redemption and the stated or assigned
      value of the common shares was allocated to contributed surplus as
      follows:

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

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

10

---

Silver shares were convertible based on
the quoted market value of those shares on the conversion date, was allocated as
follows:

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

4. Inventories

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

| |                       |   | June 30, 2009 |  |   | Dec. 31, 2008 | 
| | --------------------- | - | ------------- |  | - | ------------- | 
| |                       |   | (unaudited)   |  |   |               | 
| | Concentrate inventory | $ | 450           |  | $ | 380           | 
| | Material and supplies |   | 2,915         |  |   | 3,315         | 
| |                       | $ | 3,365         |  | $ | 3,695         | 

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

|                          |   | Three month   |   |   | Three month   |  |   | Six month     |   |   | Six month     |  
|------------------------- | - | ------------- | - | - | ------------- |  | - | ------------- | - | - | ------------- | -
|                          |   | period ended  |   |   | period ended  |  |   | period ended  |   |   | period ended  |  
|Nature of expense         |   | June 30, 2009 |   |   | June 30, 2008 |  |   | June 30, 2009 |   |   | June 30, 2008 |  
|                          |   | (unaudited)   |   |   | (unaudited)   |  |   | (unaudited)   |   |   | (unaudited)   |  
|Raw materials and         |   |               |   |   |               |  |   |               |   |   |               |  
|consumables used          | $ | 2,769         |   | $ | 3,683         |  | $ | 5,299         |   | $ | 6,802         |  
|Labor costs               |   | 2,673         |   |   | 3,685         |  |   | 5,279         |   |   | 6,259         |  
|Other costs               |   | 1,717         |   |   | 2,139         |  |   | 3,435         |   |   | 4,739         |  
|Net change in concentrate |   |               |   |   |               |  |   |               |   |   |               |  
|inventories               |   | (131          | ) |   | 8             |  |   | (70           | ) |   | (7            | )
|                          | $ | 7,028         |   | $ | 9,515         |  | $ | 13,943        |   | $ | 17,793        |  

5. Mineral Property, Plant, Equipment and Mine Development

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

11

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| |                                                  |   | June 30, 2009 |   |   | Dec. 31, 2008 |  
| | ------------------------------------------------ | - | ------------- | - | - | ------------- | -
| |                                                  |   | (unaudited)   |   |   |               |  
| | TROY:                                            |   |               |   |   |               |  
| | Property acquisition and development
      costs | $ | 6,437         |   | $ | 8,989         |  
| | Plant and equipment                              |   | 13,214        |   |   | 12,105        |  
| | Buildings and structures                         |   | 3,840         |   |   | 3,840         |  
| | ROCK CREEK:                                      |   |               |   |   |               |  
| | Property acquisition costs                       |   | 34,656        |   |   | 40,044        |  
| | OTHER, corporate                                 |   | 3,656         |   |   | 4,059         |  
| | OTHER, mineral properties                        |   | 118           |   |   | 118           |  
| |                                                  |   | 61,921        |   |   | 69,155        |  
| | Accumulated depreciation and depletion:          |   |               |   |   |               |  
| | Troy Property acquisition and development costs  |   | (3,353        | ) |   | (2,927        | )
| | Troy plant and equipment                         |   | (3,200        | ) |   | (2,598        | )
| | Troy buildings and structures                    |   | (553          | ) |   | (322          | )
| | Other corporate assets                           |   | (81           | ) |   | (80           | )
| |                                                  |   | (7,187        | ) |   | (5,927        | )
| |                                                  | $ | 54,734        |   | $ | 63,228        |  

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

6. Note Payable

On January 23, 2009, the Company entered into a Senior Floating
Rate Note (Note) for $4.3 million with an interest rate of LIBOR plus five
percent with its primary concentrate sales customer which delayed the due date
of concentrate settlement otherwise payable. Interest payments are due on the
last day of each quarter, commencing March 31, 2009 with computation commencing
January 1, 2009. The outstanding principle balance of this Note was originally
due on June 30, 2009 but was extended to August 31, 2009. The Company granted a
first-priority mortgage on certain lands acquired for the Rock Creek project. If
the lands are sold by the Company, the proceeds must be used to repay the
note.

7. Long-term debt

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

| |                    |       | June 30, 2009 |   |   | Dec. 31, 2008 |  
| | ------------------ | ----- | ------------- | - | - | ------------- | -
| |                    |       | (unaudited)   |   |   |               |  
| |                    |       |               |   |   |               |  
| | Royal Gold royalty | $     | -             |   | $ | 989           |  
| | Capital leases     |       | 2,049         |   |   | 1,159         |  
| |                    |       | 2,049         |   |   | 2,148         |  
| | Current portion    |       | (677          | ) |   | (1,569        | )
| |                    | **$** | **1,372**     |   | $ | 579           |  

12

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In October 2004, Revett Silver, which is currently a 96.7%
owned subsidiary of the Company, sold Royal Gold two royalties on production
from the Troy Mine for $7.25 million (the production payment) and $0.25
million (the tail royalty), respectively. The production payment royalty is a
7% gross smelter return royalty payable in cash on production and limited to the
lesser of 90% production revenue to be received on proven and probable reserves
existing for Troy as at October 13, 2004 or $10.5 million. The tail royalty is
payable in cash at the rate of 6.1% on the gross smelter returns from Troy for
production revenue between 100% and 115% of its proven and probable reserves
existing as at October 13, 2004 and then at the rate of 2% of production revenue
on production revenues in excess of 115% of proven and probable reserves as at
October 13, 2004. At June 30, 2009, the Company had not paid royalty obligations
owing totaling $1.6 million. This $1.6 million is included in accrued
liabilities. The Company is currently negotiating a deferral of this payment or
arranging other means to settle this obligation.

8. Share Capital

(a) Common Stock

The Company has one class of no par value common stock of which
an unlimited number are authorized for issue. The holders of common stock are
entitled to receive dividends without restriction when and if declared by the
board of directors. Holders of the Companys common stock are not entitled to
preemptive rights to acquire additional shares of common stock and do not have
cumulative voting rights. At June 30, 2009, the Company had 111,159,346 shares
of common stock outstanding. During the six months ended June 30, 2009, the
Company issued 22,698,150 of its common shares in exchange for an equal number
of Class B common shares of Revett Silver (note 3(a)). At June 30, 2009, Revett
Silver had 2,885,337 Class B common shares outstanding which are exchangeable by
the holder into common shares of the Company, on a one for one basis. In
addition, Revett Silver had 915,000 stock options and 993,661 warrants
outstanding which, if exercised into common shares of Revett Silver, would be
exchangeable by the holder into common shares of the Company on a one for one
basis.

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

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

13

---

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

(b) Preferred Stock

The Company is authorized to issue an unlimited number of no
par preferred stock. The Companys board of directors is authorized to create
any series and, in connection with the creation of each series, to fix by
resolution the number of shares of each series, and the designations, powers,
preferences and rights; including liquidation, dividends, conversion and voting
rights, as they may determine. At June 30, 2009, no preferred stock was issued
or outstanding.

(c) Stock options

The Companys Equity Incentive Plan authorizes the Company to
reserve and have available for issue, 18,000,000 shares of common stock, less
that number of shares reserved for issuance pursuant to stock options granted
under the Revett Silver stock option plan. As at June 30, 2009 Revett Silver had
a total of 915,000 stock options exercisable into Class B common shares of
Revett Silver at a weighed average price of $0.75 per share and expiring at
various dates in 2009. During the six months ended June 30, 2009, 250,000 of the
Revett Silver options expired. Revett Silver will not grant any further stock
options pursuant to this plan.

14

---

There were 3,495,000 stock options granted during the three and
six months ended June 30, 2009 by the Company. The fair value of the options was
determined using the Black-Scholes option pricing model based on a volatility of
94.5%, risk free interest rate of 1.9%, a 60 month term and a 10.5% forfeiture
rate. The weighed average fair value of the options was $0.08 per option. At
June 30, 2009, the Company had a total of 6,490,000 stock options outstanding at
a weighted average exercise price of Can $0.52 and 6,420,000 options are
currently exercisable with a weighted average exercise price of Can $0.52.
During the six months ended June 30, 2009, 745,000 options were cancelled or
expired.

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

|Options   | Options     |  | Exercise      | Expiry            
|--------- | ----------- |  | ------------- | ------------------
|Granted   | Exercisable |  | Price (Can $) | Date              
|100,000   | 100,000     |  | 0.76          | January 25, 2010  
|600,000   | 600,000     |  | 0.76          | April 27, 2010    
|75,000    | 75,000      |  | 0.55          | July 19, 2010     
|40,000    | 40,000      |  | 1.25          | May 12, 2011      
|20,000    | 20,000      |  | 1.25          | September 15, 2011
|1,145,000 | 1,145,000   |  | 1.10          | October 4, 2011   
|25,000    | 25,000      |  | 1.45          | December 4, 2011  
|750,000   | 750,000     |  | 1.11          | January 12, 2012  
|40,000    | 40,000      |  | 1.15          | March 5, 2012     
|210,000   | 140,000     |  | 0.84          | November 19, 2012 
|60,000    | 60,000      |  | 0.60          | April 29, 2013    
|2,735,000 | 2,735,000   |  | 0.105         | March 31, 2014    
|690,000   | 690,000     |  | 0.09          | April 27, 2014    
|6,490,000 | 6,420,000   |  |               |                   

(d) Stock Purchase Warrants

The table below identifies stock purchase warrants outstanding
at June 30, 2009 for the purchase of common shares of Revett Minerals and Revett
Silver. The warrants of Revett Silver are exercisable into Class B common stock
of Revett Silver, which in turn are exchangeable into common stock of the
Company. During March 2009, 2,060,998 Revett Silver purchase warrants were
converted into Revett Minerals purchase warrants at an exercise price of $1.00
and with an expiration date of September 30, 2010.

|WARRANT SUMMARY TABLE
|---------------------
|                     
|                     
|                     
|Revett Silver (1)    
|Revett Minerals      
|Revett Minerals      
|Revett Minerals      

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

15

---

9. Commitments and Contingencies

a) Federal Mine Safety and Health Act Violations

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

b) Reclamation

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

|                                                          |   | June 30, 2009 |  |   | Dec. 31, 2008 |  
|--------------------------------------------------------- | - | ------------- |  | - | ------------- | -
|                                                          |   | (unaudited)   |  |   |               |  
|Reclamation and remediation liability                     |   |               |  |   |               |  
|beginning of period                                       | $ | 7,526         |  | $ | 7,141         |  
|Reduction in present value of liability due               |   |               |  |   |               |  
|to increase in mine life resulting from reserve additions |   | -             |  |   | (205          | )
|Accretion expense, year to date                           |   | 319           |  |   | 590           |  
|Ending balance                                            | $ | 7,845         |  | $ | 7,526         |  

16

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c) Legal Proceedings

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

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

(2) Rock Creek Permitting Matters:

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

(3) Ivins litigation

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

(4) Possible Litigation:

Revett Silver Company believes that ASARCO LLC has filed or
intends to file a complaint in a Texas court against Revett Silver that alleges
certain amendments to the agreement, (but not the

17

---

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

d) Kennecott Royalty Option

Kennecott has the right to acquire a 2% net smelter return
royalty from the sale of metals from a defined area of the Companys Rock Creek
property at any time until the later of: (1) one year after the Rock Creek
Project achieves 80% of designed commercial capacity production or (2) December
31, 2015. Kennecott is required to surrender the 2,250,000 common shares of the
Company it owns in order to acquire this royalty. The royalty terminates upon
Kennecotts recovery of $8 million in total royalty payments, plus an adjustment
related to changes in the consumer price index.

10. Financial Instruments

The Company may be exposed to credit risk on copper and silver
forward contracts if its counterparty were not to honor its contractual
commitment at settlement. The Company attempts to manage this risk by
contracting only with reliable and reputable third parties known personally to
management. At June 30, 2009, the Company had forward contract to sell 1,400
tonnes of copper at a weighted average price of $4,532 per tonne ($2.06 per
pound) maturing at various dates from July 2009 to January 2010 and 350,000
ounces of silver at a weighted average price of $14.39 per ounce maturing at
various dates from July 2009 to January 2010. These forward sales contracts have
been designated as normal purchase and sales agreements as the contracts are
with the Companys customer whom regularly purchases the Companys concentrates.
As these contracts have been designated as normal purchase and sale contracts,
these contracts have not been marked to market at June 30, 2009. The fair value
of these contracts is a loss of $0.3 million as at June 30, 2009.

The carrying values of cash and cash equivalents, accounts
receivable, restricted cash, and accounts payable and accrued liabilities
approximate fair value due to their limited time to maturity or ability to
immediately convert them to cash in the normal course. The carrying value of
capital lease obligations approximate fair market values as they are based on
market rates of interest.

18

---

11. Reconciliation to United States Generally Accepted
Accounting Principles:

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

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

|                                                      |   | June 30, |   |   | Dec. 31, |  
|----------------------------------------------------- | - | -------- | - | - | -------- | -
|                                                      |   | 2009     |   |   | 2008     |  
|                                                      |   |          |   |   |          |  
|Total assets under Canadian GAAP                      | $ | 71,142   |   | $ | 77,942   |  
|Adjustment to property, plant and equipment for       |   |          |   |   |          |  
|acquisition of non controlling
      interest (e)(ii) |   | 4,229    |   |   | -        |  
|Total assets under US GAAP                            | $ | 75,371   |   | $ | 77,942   |  
|                                                      |   |          |   |   |          |  
|Liabilities and non controlling, interest             |   |          |   |   |          |  
|under Canadian
      GAAP                             | $ | 22,183   |   | $ | 29,745   |  
|Non-controlling interest (e)(ii)                      |   | (528     | ) |   | (5,253   | )
|Adjustment to
      future tax liabilities for        |   |          |   |   |          |  
|acquisition on non
      controlling interest(e) (ii) |   | 1,254    |   |   | -        |  
|Shares
      redeemable at option of holder (a)       |   | 676      |   |   | 1,076    |  
|                                                      |   |          |   |   |          |  
|Liabilities, under US GAAP                            | $ | 23,585   |   | $ | 25,568   |  

|                                                        |   | June 30, |   |   | Dec. 31, |  
|------------------------------------------------------- | - | -------- | - | - | -------- | -
|                                                        |   | 2009     |   |   | 2008     |  
|                                                        |   |          |   |   |          |  
|Shareholders equity, under Canadian GAAP               | $ | 48,959   |   | $ | 48,197   |  
|Non-controlling interest                                |   | 528      |   |   | 5,253    |  
|Adjustment to
      contributed surplus for             |   |          |   |   |          |  
|acquisition of non controlling
      interest (e)(ii)   |   | 2,750    |   |   | -        |  
|Adjustment to deficit
      for additional depreciation |   |          |   |   |          |  
|and income tax recovery
      (e)(ii)                   |   | 225      |   |   | -        |  
|Shares redeemable at
      option of holder (a)         |   | (676     | ) |   | (1,076   | )
|                                                        |   |          |   |   |          |  
|Shareholders equity, under US GAAP                     | $ | 51,786   |   | $ | 52,374   |  

19

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|                        |   | Three month   |   |   | Three month   |  |   | Six month     |   |   | Six month     | 
|----------------------- | - | ------------- | - | - | ------------- |  | - | ------------- | - | - | ------------- | 
|                        |   | period ended  |   |   | period ended  |  |   | period ended  |   |   | period ended  | 
|                        |   | June 30, 2009 |   |   | June 30, 2008 |  |   | June 30, 2009 |   |   | June 30, 2008 | 
|                        |   | (unaudited)   |   |   | (unaudited)   |  |   | (unaudited)   |   |   | (unaudited)   | 
|Net income (loss) under |   |               |   |   |               |  |   |               |   |   |               | 
|Canadian GAAP           | $ | (1,024        | ) | $ | 75            |  | $ | (1,884        | ) | $ | 1,482         | 
|Depreciation (e)(ii)    |   | (140          | ) |   | -             |  |   | (140          | ) |   | -             | 
|Income tax recovery     |   | 365           |   |   | -             |  |   | 365           |   |   | -             | 
|(e)(ii)                 |   |               |   |   |               |  |   |               |   |   |               | 
|Net income (loss) and   |   |               |   |   |               |  |   |               |   |   |               | 
|comprehensive income    |   |               |   |   |               |  |   |               |   |   |               | 
|(loss) under US GAAP    |   | (779          | ) | $ | 75            |  | $ | (1,659        | ) | $ | 1,482         | 

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

(a) Redeemable shares:

As at June 30, 2009, a shareholder owns 2,250,000 common shares
of the Company which are redeemable, at the option of the holder, into a net
smelter return royalty as described in note 9 (d). Under Canadian GAAP, the
common shares are classified as equity and the value attributable to the royalty
(which was not material on issue of the shares) would be classified as a
liability. Under US GAAP, the full value associated with the redeemable shares
of $0.7 million as at June 30, 2009 ($ 1,076 million at December 31, 2008) is
classified as temporary equity.

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

(b) Income taxes:

For Canadian GAAP purposes, future income tax assets and
liabilities are calculated based on substantively enacted tax rates in effect in
the periods when the temporary differences are expected to reverse. For US GAAP
purposes, enacted tax rates are used to calculate future income tax assets and
liabilities. For all periods presented, there were no differences between the
tax rates used for Canadian and US GAAP purposes.

The Company has reviewed tax exposures pursuant to Financial
Interpretation No. 48, Accounting for Uncertainty in Income Taxes - An
Interpretation of SFAS Statement No. 109. Based on the review, the Company
does not believe that any income tax positions taken in its filings are subject
to material uncertainty if reviewed by the Internal Revenue Service or Canada
Revenue Agency. In cases where the Company is charged interest and penalties on
uncertain tax positions which do not meet the recognition criteria, the Company
includes these in interest expense and other operating expenses respectively.
Tax years subsequent to December 31,2004 remain open for examination by
the Internal Revenue Service and Canada Revenue Agency. However, in both
jurisdictions, if the Company utilizes tax loss carry forwards in the future,
those losses can be challenged in the year they are used even though the tax
year in which they were incurred is statute barred.

20

---

(c) Common share units:

Under Canadian GAAP, the proceeds received on issuance of units
in November 2006, consisting of common shares and warrants, are not required to
be allocated to the individual common share and warrant components when the
instrument and its components are all determined to be equity instruments. Under
US GAAP, the Company is required to allocate the proceeds received on unit
offerings to the individual common share and warrant components on a relative
fair value basis when both components are determined to be equity classified.
The relative fair value of share purchase warrants issued in November 2006 was
determined to be $1.0 million using the Black-Scholes method based on the
following factors: risk free rate - 4.50%; volatility - 70%; expected life - 2.5
years; expected dividend yield - nil. Accordingly, under US GAAP, share capital
as at June 30, 2009 and December 31, 2008 has been reduced and contributed
surplus as at these dates has been increased by $1.0 million to reflect the
relative fair values of the shares and warrants. As at June 30, 2009, all of the
warrants have expired.

The $1.0 million was reclassified from contributed surplus to
deficit as a result of adoption of EITF 07-05 (note 11(e)(iii)). As a result,
there is no change in total shareholders equity arising from the warrants when
reconciling Canadian GAAP to US GAAP.

(d) Stock option plan and compensation expense:

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

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

At June 30, 2009, Revett Silver had 915,000 stock options
outstanding. The weighted averaged exercise price of Revett Silver options
granted and exercisable is $0.75 per share. All options granted have vested. As
at June 30, 2009 the estimated intrinsic value of the options granted and vested
was nil.

21

---

(e) Impact of recent United States accounting pronouncements:

(i)In December 2007, FASB issued SFAS NO. 141 (R)
Business Combinations. This standard is effective, for the Company, for
transactions where the acquisition of control is on or after January 1, 2009.
SFAS No. 141 (R) changes the accounting for assets acquired and liabilities
assumed in a business combination as follows:

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

Adoption of SFAS No 141 (R) did not have a material effect on
the consolidated financial statements.

(ii) In December 2007, FASB issued SFAS N0. 160 Non
Controlling Interests in Consolidated Financial Statements - an amendment
of No. ARB 51 and is effective for the Company on January 1, 2009. SFAS No.
160 amends ARB 51 to establish accounting and reporting standards for the non
controlling ownership interest in a subsidiary and for the deconsolidation of a
subsidiary. The adoption of the standard requires that for US GAAP purposes non
controlling interest be classified as equity where as for Canadian GAAP, it is
classified between liabilities and equity. Also, income (loss) before
non-controlling interest, non-controlling interest and net income (loss) for US
GAAP purposes would be labeled net income (loss), net income (loss) attributable
to non-controlling interest and net income (loss) attributable to the Company,
respectively.

The acquisition of the non-controlling interest during the six
months ended June 30, 2009 would be accounted for as an equity transaction
rather than a step acquisition using the purchase method for US GAAP purposes.
Accordingly, for US GAAP purposes, a reduction of mineral property, plant and
equipment of $4.4 million and a reduction of the future income tax liability of
$1.6 million recorded for Canadian GAAP purposes would not be made under US GAAP
and instead $2.7 million would be included in contributed surplus. In addition,
under US GAAP, additional depreciation expense of $0.1 million and income tax
recovery of $0.4 million is recognized for the three and six months ended June
30, 2009.

22

---

The following table shows the changes in the non-controlling
interest during the six months ended June 30, 2009:

|                                                       |   | June 30     |   |   | December 31 |  
|------------------------------------------------------ | - | ----------- | - | - | ----------- | -
|                                                       |   | 2009        |   |   | 2008        |  
|                                                       |   | (unaudited) |   |   |             |  
|Balance beginning of period                            | $ | 5,253       |   | $ | 8,175       |  
|Income (loss) attributable to non-controlling interest |   | (340        | ) |   | 661         |  
|Acquisition of non-controlling interest                |   | (4,385      | ) |   | (3,583      | )
|Balance end of period                                  | $ | 528         |   | $ | 5,253       |  

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

|                                                   |   | Six months ended June 30, |  
|-------------------------------------------------- | - | ------------------------- | -
|                                                   |   | 2009                      |  
|                                                   |   |                           |  
|Net loss attributable to the Company               | $ | (1,659                    | )
|Increase in contributed surplus on                 |   |                           |  
|                                                   |   |                           |  
|acquisition of non-controlling interest            |   | 2,750                     |  
|Change in equity attributable to the
      Company | $ | (1,091                    | )

(iii) In June 2008, the EITF reached a conclusion in EITF 07-05
that an equity-linked financial instrument would not be considered indexed to
the Companys own stock if the strike price is denominated in a currency other
than the issuers functional currency. The determination of whether an
equity-linked financial instrument is indexed to an entitys own stock is not
affected by the currency or currencies in which the underlying shares trade. The
guidance is effective for financial statements beginning on January 1, 2009. The
adoption of EITF 07-05 resulted in no material impact on the balance sheet or
statement of operations as the fair value of the outstanding warrants as at
January 1, 2009 and at June 30, 2009 was nominal. However, certain warrants
related to a previous Unit offering had an assigned value of $1.0 million (note
11 (c)) for US GAAP purposes recognized in contributed surplus. On adoption of
EITF 07-05, this amount was reclassified from contributed surplus to a liability
at its fair value on January 1, 2009 of $NIL resulting in a reduction in
contributed surplus and opening deficit of $1.0 million on adoption of EITF
07-05 effective January 1, 2009.

(iv) In June 2009, the FSP FAS No. 107-1 and ABP 28-1,
Interim Disclosures about Fair Value of Financial Instruments,amended
FASB Statement No. 107, Disclosures about Fair Value of Financial Instrumentsand Accounting Principle Board Opinion No. 28, Interim Financial
Reporting, to require disclosures about fair value of financial instruments
in interim financial statements. The Company has provided the required
disclosures in Note 10.

23

---

Managements Discussion and Analysis of Financial Condition
and Results of Operations as at August 14, 2009

This Managements Discussion and Analysis (MD&A) of the
financial results of Revett Minerals Inc. (Revett Minerals or the Company)
for the three month and six month periods ended June 30, 2009 should be read in
conjunction with the unaudited consolidated interim financial statements and
notes as at June 30, 2009 which form part of this report. In addition, this
MD&A and related financial statements should be read in conjunction with the
2008 audited consolidated financial statements, the related Managements
Discussion and Analysis, and the Form 10-K filed in Canada on SEDAR or on file
in the United States with the Securities and Exchange Commission (SEC) or on
EDGAR. These financial statements are expressed in United States dollars, unless
otherwise stated, and they are prepared in accordance with Canadian generally
accepted accounting principles. Material differences between Canadian and US
GAAP are disclosed in note 11 of the unaudited consolidated interim financial
statements

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

Overview and Important Factors Influencing Results for the
Three and Six Months Ended June 30, 2009

As at August 14, 2009, the Companys principal assets consisted
of a 96.7% interest in the Troy copper and silver mine (Troy) in northwest
Montana, USA and also a 96.7% interest in the undeveloped Rock Creek copper and
silver development project (Rock Creek) also located in northwest Montana.

Overall Performance

For the six month period ended June 30, 2009, Revett Minerals
reported a net loss after taxes and non-controlling interest of $1.9 million or
$0.02 per share compared to net income after taxes and non-controlling interest
of $1.5 million or $0.02 per share for the six months ended June 30, 2008. The
primary reason for loss in the first half of 2009 as compared to 2008 is lower
copper and silver prices. For the six months ended June 30, 2009, the LME copper
price averaged $1.83 per pound and LME silver price averaged $13.17 per ounce as
compared to 2008 prices of $3.68 per pound for copper and $17.43 per ounce for
silver. The average copper price dropped by approximately 51% while silver price
decreased by approximately 25%. Although copper and silver quantities sold
during the first half of 2009 were slightly higher than in 2008, the lower
prices resulted in lower revenues by approximately $10.6 million.

For the three months ended June 30, 2009, the Company reported
a net loss after taxes and non-controlling interest of $1.0 million or $0.01 per
share compared to a net income of $0.1 million or $0.00 per share for the three
months ended June 30, 2008. Cost of sales is 26% lower in the 2nd
quarter 2009 as compared to the same period in 2008 due to a concerted effort by
management to reduce costs resulting in lower labor, fuel and steel costs.
During the three months ended June 30, 2009, LME copper prices averaged $2.11
per pound and LME silver averaged $13.73 per ounce compared to $3.83 per pound
for copper and $17.17 per ounce for silver during the same period in 2008
resulting in lower revenues by $5.7 million.

24

---

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

The major highlights for the three and six months ended June
30, 2009, included:

- Troy (100% basis) achieved improved mill throughput averaging 3,932
  tons per day compared to 3,645 tons per day in the second quarter of
  2008;
- Troy (100% basis) produced 2.4 million pounds of copper and 301,770
  ounces of silver during the three months ended June 30, 2009 compared
  to 2.4 million pounds of copper and 259,847 ounces of silver in the
  second quarter of 2008;
- The Company continued efforts to streamline its corporate structure
  with the exchange of 22,698,150 common shares for an equivalent number
  of Revett Silver Class B common shares during the first half of 2009.
  The Company now owns 96.7% of the issued and outstanding Class B common
  shares of Revett Silver.
- During the first six months of 2009, the Troy mill throughput improved
  to averaging 3,871 tons per day compared to 3,489 tons per day in the
  first half of 2008, an 11% improvement.
- For the six month period ended June 30, 2009, Troy produced 4.7 million
  pounds of Copper and 622,919 ounces of silver compared to 4.5 million
  pounds of copper and 491,759 ounces of silver over the same period in
  2008.

Concentrate sales during the second quarter of 2009 consisted
of 2.3 million pounds of copper and 283,009 ounces of silver compared to 2.5
million pounds of copper and 253,523 ounces of silver during the second quarter
of 2008.

Operating Results:

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

|                      | Three Months Ended June 30,
      2009 | Three Months Ended June 30,
      2008
|--------------------- | -------------------------------------- | --------------------------------------
|Tons milled           | 349,925                                | 331,698                               
|Tons milled per day   | 3,932                                  | 3,727                                 
|Copper grade (%)      | 0.39                                   | 0.41                                  
|Silver grade (opt)    | 1.01                                   | 0.87                                  
|Copper recovery (%)   | 84.0                                   | 87.9                                  
|Silver recovery (%)   | 86.0                                   | 90.05                                 
|Copper produced (lbs) | 2,284,770                              | 2,388,947                             
|Silver produced (ozs) | 301,770                                | 259,847                               

Production during the second quarter of 2009 was significantly
improved at 3,932 tons per day, an 8% improvement over the second quarter of
2008 at 3,645 tons per day. With the increase in tons mined and improved silver
grade at 1.01 ounces per ton, metal production improved to 301,770 ounces of
silver and 2,417,606 pounds of copper as compared to 259,847 ounces of silver
and 2,388,947 pounds of copper in 2008. An extensive employee training program
was instituted in 2008 which has resulted in productivity improvements in the
first half of 2009. Ore grades remain slightly lower than estimated life of mine
averages due to mining more quantity of ore from the lower grade area known as
the lower quartzite. Mill recoveries remain good but slightly lower than plan
due to a higher percentage of non-sulfide ores milled at 86% for silver

25

---

and 84% for copper compared to expected recoveries of 88.5% for
silver and 87.0% for copper. The table below illustrates the variation of
operating costs per ton milled.

|                        |  | Q2.09   |  |  | Q1.09   |  |  | Q4.08   |  |  | Q3.08   |  |  | Q2.08   |  |  | Q1.08   | 
|----------------------- |  | ------- |  |  | ------- |  |  | ------- |  |  | ------- |  |  | ------- |  |  | ------- | 
|Tons milled             |  | 349,925 |  |  | 339,171 |  |  | 354,190 |  |  | 321,696 |  |  | 331,698 |  |  | 299,863 | 
|Cost per ton milled ($) |  | 19.09   |  |  | 18.69   |  |  | 26.40   |  |  | 26.83   |  |  | 26.86   |  |  | 28.39   | 

As shown in the table, operating costs have also improved
significantly with a 29% decrease realized in the second quarter of 2009 as
compared to 2008.

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

| | a) | Revenue:For the second quarter of 2009 compared
      to the second quarter of 2008, revenue decreased from $13.4 million to
      $7.6 million primarily due to the decrease in the prices of copper and
      silver. During the quarter ended June 30, 2009, the LME prices of copper
      and LME silver averaged $2.11 per pound and $13.73 per ounce,
      respectively, compared to average prices of $3.83 per pound and $17.17 per
      ounce, respectively in the second quarter of 2008. This lower metals
      pricing resulted in a decrease in revenue of approximately $5.7
      million.                                                                                            
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | b) | Cost of Goods Sold:The cost of goods sold
      associated with the second quarter revenue was $ 7.0 million, a decrease
      of $2.5 million (a 26% improvement) over the same period in 2008. The main
      reasons for the improved operating cost in the second quarter of 2009 were
      lower labor costs due to a 10% pay reduction for all workers at the mine,
      lower cost of consumables such as fuel, explosives and milling reagents
      and other milling consumables. In addition, employees have been successful
      in reducing consumption of consumables through increased operating
      efficiencies and a continued focus on obtaining the lowest costs
      possible.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | c) | Depreciation and depletion:For the second quarter
      of 2009, these non cash charges were higher than the first quarter of
      2008, because of an increase year over year in the total cost of equipment
      being depreciated. The majority of the plant and equipment at Troy is
      depreciated using the units-of-production method and an increase in mill
      throughput also resulted in higher depreciation.                                                                                                                                                                                                                                                                         
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | d) | Exploration and development:This expense
      decreased by $0.9 million because the Company has elected to defer its
      exploration program for 2009 and spending at Rock Creek was significantly
      lower in 2009 than it was in 2008 due to efforts to conserve
  cash.                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | e) | General and administration costs:The decrease in
      corporate administration costs in the second quarter of 2009 over the
      comparable quarter in 2008 was mainly due to a twenty percent pay cut by
      corporate management and efforts to reduce all spending in order to
      conserve cash.                                                                                                                                                                                                                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | f) | Accretion of reclamation and remediation liability:This expense is a marginal increase in the reclamation accretion at
      Troy, which increases as the amount of the liability
  increases.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

26

---

| | g) | Income (loss) from operations:The lower metal
      pricing more than offset the decrease in costs. Revenues were $5.8 million
      lower in 2009 compared to the same period in 2008 while costs were reduced
      by $3.8 million. The net result was the Company recording $1.0 million in
      loss from operations compared to income from operation in 2008 of $0.9
      million.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                            
| | h) | Other Expenses:There was a $0.02 million foreign
      exchange gain on the cash and investments held in Canada and denominated
      in Canadian dollars and net interest expense of $0.07 million in the
      second quarter of 2009.                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                            
| | i) | Income taxes:For the three month period ended
      June 30, 2009, the Company reported an income tax recovery of nil as its
      future income tax liability has been eliminated as a result of various
      transactions and the Company has concluded that it is not more likely
      than not that the benefit of its tax losses will be realized.                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                            
| | j) | Non-controlling interest:The non-controlling
      interest recovery of $0.03 million represents the after tax share of
      Revett Silvers loss attributable to the Class B shareholders of Revett
      Silver. This charge changes as Revett Silvers income changes and it is
      reduced as Revett Minerals ownership in Revett Silver increases.                                 
| |    |                                                                                                                                                                                                                                                                                                                                                                                            
| | k) | Net earnings:The Company recorded net loss of
      $1.0 million or $0.01 per share for the second quarter compared to net
      income of $0.074 million or $0.00 per share in the second quarter of
      2008.                                                                                                                                                                          

Summarized Financial Results by Quarter

2009 Q2
    2009 Q1
    2008 Q4
    2008 Q3
    2008 Q2
    2008 Q1
    2007 Q4
    2007 Q3
    2007 Q2Cu Production (million lbs)
    2.4
    2.3
    2.7
    2.5
    2.1
    2.2
    1.1
    1.8
    3.5Ag Production (000s ozs)
    302
    321
    380
    302
    260
    232
    127
    196
    372Total Sales (000s $)
    7,638
    7,139
    3,101
    7,430
    13,377
    12,034
    3,130
    9,136
    15,903Net Income (000s $)
    (1,024)
    (859)
    (5,193)
    (2,980)
    75
    1,407
    (3,037)
    (120)
    3,727EPS- Basic ($)
    (0.01)
    (0.01)
    (0.07)
    (0.04)
    0.00
    0.02
    (0.04)
    (0.00)
    0.05EPS- Fully diluted ($)
    (0.01)
    (0.01)
    (0.07)
    (0.04)
    0.00
    0.02
    (0.04)
    (0.00)
    0.05Cash and Cash Equivalents & s/t Investments
      ending (000s $)
    3,256
    973
    1,633
    11,479
    13,106
    9,540
    18,010
    26,012
    27,639Total Assets ending (000s $)
    71,142
    71,071
    77,942
    90,187
    91,563
    89,519
    94,611
    100,329
    102,398Total liabilities ending (000s $)
    21,655
    20,826
    24,492
    28,943
    26,264
    24,801
    32,365
    33,959
    36,318Total Equity ending (000s $)
    48,959
    49,270
    48,197
    53,306
    56,227
    56,114
    54,071
    56,017
    55,984


27

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Operating Results for the six months ended June 30, 2009
and 2008:

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

|                      | Six Months Ended June 30, 2009 | Six Months Ended June 30, 2008
|--------------------- | ------------------------------ | ------------------------------
|Tons milled           | 689,096                        | 631,561                       
|Tons milled per day   | 3,871                          | 3,489                         
|Copper grade (%)      | 0.39                           | 0.41                          
|Silver grade (opt)    | 1.04                           | 0.87                          
|Copper recovery (%)   | 85.0                           | 87.2                          
|Silver recovery (%)   | 86.0                           | 89.6                          
|Copper produced (lbs) | 4,734,308                      | 4,518,469                     
|Silver produced (ozs) | 622,919                        | 491,759                       

Production during the first half of 2009 was much improved at
3,871 ton per day, an 11% improvement over the first half of 2008 at 3,489 tons
per day. With the increase in tons mined and improved silver grade at 1.04
ounces per ton, metal production improved to 622,919 ounces of silver and
4,734,308 pounds of copper as compared to 491,759 ounces of silver and 4,518,469
pounds of copper in 2008. An extensive employee training program was instituted
in 2008 which has resulted in productivity improvements in the first half of
2009. Copper ore grades remain slightly lower than estimated life of mine
averages due to mining more quantity of ore from the lower grade area known as
the lower quartzite.

Financial Results for the six months ended June 30,
2009:

| | b) | Revenue:For the first half of 2009 compared to
      the first half of 2008, revenue decreased from $25.4 million to $14.8
      million primarily due to the decrease in the price of copper and silver.
      During the six months ended June 30, 2009, the LME price of copper and
      silver averaged $1.83 per pound and $13.17 per ounce, respectively,
      compared to average prices of $3.68 per pound and $17.43 per ounce,
      respectively in the first half of 2008. This lower metals pricing resulted
      in a decrease in revenue of approximately $10.6 million.                                                                                                          
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | b) | Cost of Goods Sold:The cost of goods sold
      associated with the first half 2009 revenue was $ 13.9 million, a decrease
      of $3.9 million (a 22% improvement) over the same period in 2008. The main
      reasons for the improved operating cost in the first half of 2009 were
      lower labor costs due to a 10% pay reduction for all workers at the mine,
      lower cost of consumables such as fuel, explosives, milling reagents and
      other milling consumables. In addition, employees have been successful in
      reducing consumption of consumables through increased operating
      efficiencies and a continued focus on obtaining the lowest costs
      possible.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | c) | Depreciation and depletion:For the first half of
      2009, these non cash charges were higher than the first half of 2008,
      because of an increase year over year in the total cost of equipment being
      depreciated. The majority of the plant and equipment at Troy is
      depreciated using the units-of-production method and an increase in mill
      throughput also resulted in higher depreciation.                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | d) | Exploration and development:This expense
      decreased by $1.2 million because the Company has elected to defer the
      majority of its exploration program for 2009 and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

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| |    | spending at Rock Creek was significantly lower in 2009
      than it was in 2008 due to efforts to conserve cash.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | e) | General and administration costs:The decrease in
      corporate administration costs in the first half of 2009 over the
      comparable quarter in 2008 was mainly due to a twenty percent pay cut by
      corporate management and efforts to reduce all spending in order to
      conserve cash.                                                                                                                                                                                                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | f) | Accretion of reclamation and remediation liability:This expense is a marginal increase in the reclamation accretion at
      Troy which increases as the liability increases.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | g) | Income(loss) from operations:The lower metal
      pricing more than offset the decrease in costs. Revenues were $10.6
      million lower in the first half of 2009 compared to the same period 2008
      while costs were reduced by $5.5 million. The net result was the Company
      recording $2.4 million in loss from operations compared to income from
      operation in 2008 of $2.8 million.                                                                                                                                                                                                                                                                            
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | h) | Other Expenses:There was a $0.006 million foreign
      exchange loss on the cash and investments held in Canada and denominated
      in Canadian dollars and net interest expense of $0.1 million in the first
      half of 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | i) | Income taxes:For the six month period ended June
      30, 2009, the Company reported an income tax recovery of $0.3 million
      which arose from the recognition of certain deferred tax assets,
      principally net operating loss carry forwards, that were not previously
      recognized and the on-going amortization of the fair market purchase price
      adjustment to property, plant and equipment. As the Companys future
      income tax liability has been eliminated through various transactions and
      it is not more likely than not that the benefit of the Companys tax
      assets will be realized, no future tax assets have been
  recognized.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | j) | Non-controlling interest:The non-controlling
      interest recovery of $0.3 million represents the after tax share of Revett
      Silvers loss attributable to the Class B shareholders of Revett Silver.
      This charge changes as Revett Silvers income changes and it is reduced as
      Revett Minerals ownership in Revett Silver increases.                                                                                                                                                                                                                                                                                                                             
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | l) | Net earnings:The Company recorded net loss of
      $1.9 million or $0.02 per share for the first half of 2009 compared to net
      income of $1.5 million or $0.02 per share in the first half of
  2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

29

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Financing Activities

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

|                          |  |        |  |  | Current |  |  | 1 to 3 |  |  | 3 to 5 |  |  | 5 years or | 
|------------------------- |  | ------ |  |  | ------- |  |  | ------ |  |  | ------ |  |  | ---------- | 
|Contractual obligation    |  | Total  |  |  | portion |  |  | years  |  |  | years  |  |  | more       | 
|Note payable              |  | 4,292  |  |  | 4,292   |  |  |        |  |  | -      |  |  | -          | 
|Royalty payable           |  | 1,572  |  |  | 1,572   |  |  |        |  |  |        |  |  |            | 
|Capital lease obligations |  | 2,049  |  |  | 677     |  |  | 1,016  |  |  | 356    |  |  |            | 
|Long term Reclamation     |  |        |  |  |         |  |  |        |  |  |        |  |  |            | 
|costs                     |  | 13,320 |  |  | -       |  |  | -      |  |  | -      |  |  | 13,320     | 
|Total contractual         |  |        |  |  |         |  |  |        |  |  |        |  |  |            | 
|obligations               |  | 21,233 |  |  | 6,541   |  |  | 1,016  |  |  | 365    |  |  | 13,320     | 

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

Liquidity and Capital Resources

The Companys liquidity position is directly related to the
level of concentrate production, cost of this production and the provisional and
final prices received for the copper and silver in the concentrate that is sold.
At June 30, 2009, working capital was a negative $3.7 million and cash and cash
equivalents was $3.3 million. At June 30, 2009, net concentrate receivable was
$1.9 million.

As a result of significant decreases in both copper and silver
prices and the Companys lack of working capital, the Company was unable to
repay its customer for some of its concentrate sold prior to December 31, 2008,
upon final settlement. On January 23, 2009, the Company issued a senior floating
rate note in the principal amount of $4.3 million related to amounts owing for
shipments from November 2008 and prior periods. The outstanding principal of the
Note was originally due on June 30, 2009 but was extended to August 31, 2009.
Using copper and silver prices at June 30, 2009, the Company estimates it would
generate a modest positive cash flows, however the Company may not be in
position to pay off the $4.3 million note that is due on August 31, 2009 or the
$1.6 million in royalty currently owing unless alternative financing is secured.

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

30

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

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

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

Off Balance Sheet Arrangements

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

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

Related Party Transactions

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

Proposed Transactions

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

31

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Principal Risks and Uncertainties

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

We may not be able to continue as a going concern.Our consolidated financial statements have been prepared on the basis
that we will continue as a going concern. At June 30, 2009, we had negative
working capital of approximately $3.7 million, which may not be sufficient to
meet our planned business objectives. The Company has entered into an agreement
with its customer to defer payment of $4.3 million until August 31, 2009. At
current copper and silver prices the Company would be able to generate a modest
positive cash flow but would not be able to pay off the note payable or the $1.6
million in royalty payments owing. Management recognizes that the Company will
need to generate additional financial resources in order to meet its objectives.
If the Company is not able to generate positive cash flows and profits or obtain
adequate additional financing, it will be required to curtail operations and
exploration activities. Furthermore, its inability to continue as a going
concern would require it to restate its assets and liabilities on a liquidation
basis, which could differ significantly from the going concern basis.

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

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

32

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court challenges to the record of decision and its accompanying
biological opinion will inevitably delay us from proceeding with our planned
development, and a successful challenge to either could prevent us from
developing the project at all. If we are successful in defending these
challenges, we still must comply with a number of requirements and conditions as
development progresses, failing which we could be denied the ability to continue
with our proposed activities at Rock Creek.

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

We presently do not have the financial resources to
develop Rock Creek.At June 30, 2009 we had cash and cash equivalents
and short term investments of approximately $3.3 million. At this time we do not
have sufficient cash to fund our evaluation program at Rock Creek and we do not
have sufficient funds to allow us to develop the mine or begin mining operations
should it prove feasible to do so. Moreover, we do not have any commitments for
additional funding. The forecasted capital cost of constructing a mine at Rock
Creek is currently estimated to be in the range of $220 to $270 million and
could change materially.

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

33

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

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

Copper and silver prices fluctuate markedly.Our
operations are significantly influenced by the price of copper and silver.
Copper and silver prices fluctuate widely and are affected by numerous factors
that are beyond our control, such as inflation, the strength of the United
States dollar relative to foreign currencies, global and regional demand,
commodity funds and speculators and the political and economic conditions of
major producing countries throughout the world. Since 1990, world average copper
prices fluctuated from a low of $0.71 per pound in 2002 to a high of $3.23 per
pound in 2007, and world average annual silver prices fluctuated from a low of
$3.95 per ounce in 1992 to a high of $15.03 per ounce in 2008.

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.

Recently Adopted Accounting Standards

In February 2008, the CICA issued Section 3064, Goodwill and
Intangible Assets, which replaces Section 3062, Goodwill and Other Intangible
Assets and Section 3450, research and Development Costs. The new Section
establishes standards for the recognition, measurement and disclosure of

34

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goodwill and intangible assets. Concurrent with the
introduction of this standard, the CICA withdrew EIC 27, Revenues and Expenses
during the pre-operating period. The new requirements were adopted by the
Company on January 1, 2009. The adoption of this standard did not have a
material impact on the consolidated financial statements.

In December 2007, FASB issued SFAS N0. 160 Non Controlling
Interests in Consolidated

Financial Statements - an amendment of No. ARB 51 and
is effective for the Company on January 1, 2009. SFAS No. 160 amends ARB 51 to
establish accounting and reporting standards for the non controlling ownership
interest in a subsidiary and for the deconsolidation of a subsidiary. The
adoption of this standard requires that for US GAAP purposes non controlling
interest be classified as equity where as for Canadian GAAP, it is classified
between liabilities and equity. FAS 160 also affected the accounting for the
acquisition of the non-controlling interest in March, 2009.

In December 2007, FASB issued SFAS NO. 141 (R) Business
Combinations. This standard is effective for the Company for transactions
where the acquisition of control is on or after January 1, 2009. SFAS No. 141
(R) changes the accounting for assets acquired and liabilities assumed in a
business combination as follows:

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

Adoption of SFAS No 141 (R) did
not have a material effect on our consolidated financial statements.

In June 2008, the EITF reached a conclusion in EITF 07-05 that
an equity-linked financial instrument would not be considered indexed to the
Companys own stock if the strike price is denominated in a currency other than
the issuers functional currency. The determination of whether an equity-linked
financial instrument is indexed to an entitys own stock is not affected by the
currency or currencies in which the underlying shares trade. The guidance is
effective for financial statements beginning on January 1, 2009. The adoption of
EITF 07-05 did not have a material impact on the balance sheet or statement of
operations as the fair value of the warrants at January 1, 2009 adoption and at
June 30, 2009 was nominal. However certain warrants related to a previously
issued Unit offering have an assigned value of $1.0 million (note 10 (c)) for
U.S. GAAP purposes recognized in contributed surplus. This amount has been
reclassified as a liability and subsequently revalued to a fair value of $NIL
resulting in a charge to opening deficit of $1.0 million on adoption at January
1, 2009.

In June 2009, the FSP FAS No. 107-1 and ABP 28-1, Interim
Disclosures about Fair Value of Financial Instruments,amended FASB
Statement No. 107, Disclosures about Fair Value of Financial Instrumentsand Accounting Principle Board Opinion No. 28, Interim Financial

35

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Reporting, to require disclosures about fair value of
financial instruments in interim financial statements. The Company has provided
the required disclosures in Note 10 of the consolidated interim financial
statements.

Future accounting changes

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

Financial Instruments

Hedging Activities

The Company fair values the amount of silver and copper in
concentrate for which final prices have not yet been determined. At each month
end, the Company adjusts its revenue to account for expected future prices and
the corresponding expected future revenue and cash flow. In order to do this,
the Company must make estimates of the future prices expected to prevail when
final settlement occurs. The Company uses Comex commodity futures market prices
at each month end to estimate these expected prices. At June 30, 2009, the
Company had 528,718 pounds of copper and 68,186 ounces of silver with prices not
yet fixed. The fair value revenue adjustment as at June 30, 2009 was a loss of
$0.07 million and is recorded in accounts receivable at June 30, 2009 with the
corresponding loss recorded in the statement of operations. Considerable
judgment is required to interpret market data and to develop the estimates of
fair value for future periods. Accordingly, the estimates presented herein are
not necessarily indicative of the amounts the Company will realize in such
future periods.

Other Instruments

At June 30, 2009, the Company had one forward contract to sell
200 tons of copper at a price of $4,037 per ton maturing in July 2009; six
forward contracts to sell a total of 1,200 tons of copper at a price of $4,615
per ton maturing between August 2009 and January 2010; one forward contract to
sell 50,000 ounces of silver at a price of $15.55 per ounce maturing in July
2009; six forward contracts to sell a total of 300,000 ounces of silver at a
price of $14.20 per ounce maturing between August 2009 and January 2010. The
Company has elected not to recognize the fair value of these fixed pricing
contracts in accordance with the normal sales exception allowed in FAS 133.

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

36

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statements. Such forward looking-statements include statements
regarding future production levels and operating costs at the Troy mine, future
levels of capital expenditures at both Troy and Rock Creek, the reserve and
resource estimates at both Troy and Rock Creek, the adequacy of the financial
resources and funds to cover operating and exploration costs at Troy and the
cost of exploration at Rock Creek, the timing of certain litigation activities
which have delayed exploration activities at Rock Creek, the adequacy of third
party financing to complete certain corporate development activities, and the
expectation that the Troy mine will be able to generate positive cash flow in
future periods. Factors that could cause actual results to differ materially
from these forward looking statements include, among others:

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

as well as other factors described elsewhere in our annual Form
10-K and the various regulatory filings done with United States and Canadian and
provincial regulatory bodies which are available in Canada at www.sedar.com or
in the United States on EDGAR. Future events and actual results could differ
materially from those set forth in, contemplated by, or underlying the
forward-looking statements. Most of these factors are beyond our ability to
predict or control. Future events and actual results could differ materially
from those set forth in, contemplated by, or underlying the forward looking
statements. We disclaim any obligation to update any forward-looking statement
made here-in. Readers are cautioned not to put undue reliance on forward looking
statements.

Quantitative and Qualitative Disclosures About Market Risk

Our earnings and cash flow are significantly affected by
changes in the market price of copper and silver. The prices of both metals can
fluctuate widely and are influenced by numerous factors such as demand,
production levels, the economic policies of central banks, producer and fund
hedging, world political and economic events and the strength of the US dollar
relative to other currencies. During the past eighteen years the average annual
price of copper has ranged from a low of $0.71 per pound to a high of $3.23 per
pound. Average annual silver prices over this same period have ranged from a low
of $3.95 per ounce to a high of $15.02. Currently the prices for both metals are
at or near $2.27 per pound for copper and $14.65 per ounce for silver. Should
the price of copper or silver decline substantially, the value of Troy and Rock
Creek could fall

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dramatically and the future operation of Troy and the future
exploration and development at Rock Creek could both be at risk.

During the six months ended June 30, 2009, the Company
delivered and sold 4.5 million pounds of copper and 580,220 ounces of silver.
Based upon these metals sales levels, a $0.50 change in the price of each metal
would have changed revenue by $2.2 million.

A substantial portion of the Companys cash and short term
investments are invested in certificates of deposit or high quality government
and corporate fixed income securities, all of which are denominated in US
dollars. With the uncertainty in the financial markets the value of these fixed
income securities could change materially. Approximately $0.4 million of the
Companys short term investments are in savings deposits by a major Canadian
chartered bank and are denominated in Canadian dollars which exposes the Company
to some foreign exchange risk.

Controls and Procedures

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

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

The Company evaluated the effectiveness of the design and
operation of its disclosure controls and procedures as required by Exchange Act
Rules 13 (a) - 15 (e) and 15 (d)  15 (e). This evaluation was performed under
the supervision and with the participation of its management, including the
chief executive officer and its chief financial officer. Based upon this
evaluation, the chief executive officer and the chief financial officer
concluded that the design and operation of the Companys disclosure controls and
procedures are effective as at June 30, 2009 to ensure that information required
to be disclosed by us in reports that we file under the Exchange Act, is
gathered, reported, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commissions rules and forms and is
accumulated and communicated to management of Revett Minerals, including the CEO
and CFO, to allow timely decisions regarding required disclosure as specified
under U.S. and Canadian securities laws.

Internal Controls over Financial
Reporting. Management is responsible for establishing and
maintaining adequate internal control over financial reporting as defined in
Rules 13a-15(f) and 15d-15(f) under the Securities Act of 1934.Our
internal control over financial reporting is designed to provide reasonable
assurance regarding the reliability of our financial reporting and preparation
of our financial statements for external purposes in accordance with generally
accepted accounting principles. Our internal control over financial reporting
includes those

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policies and procedures that: pertain to the maintenance of
records that in reasonable detail accurately and fairly reflect our transactions
and disposition of assets; provide reasonable assurance that transactions are
recorded as necessary to permit preparation of our financial statements in
accordance with generally accepted accounting principles and that receipts and
expenditures of our assets are being made only in accordance with the
authorizations of management and directors; and provided reasonable assurance
regarding prevention or timely detection of unauthorized acquisitions, use or
disposition of assets that could have a material effect on our financial
statements. Because of inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to risk that controls
may become inadequate because of changes in conditions or that degree of
compliance with the policies and procedures may deteriorate.

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

PART II: Other Information

Legal proceedings

The Company and certain of its subsidiaries are parties to
several pending legal actions in the federal and state courts in Montana as of
the date of this report, most of which are predicated on alleged violations of
various federal and state environmental laws and regulations at Troy and Rock
Creek.

Troy-Related Actions.

Cabinet Resource Group, Inc. v. Montana Department of
Environmental Quality, Revett Minerals Inc. and Genesis Inc., Montana
Nineteenth Judicial District Court in and for Lincoln County (Case No.
DV-07-118). This action was brought in 2007. The plaintiff, a regional
environmental organization, alleges that Genesis, Inc. is operating Troy in
violation of the Metal Mine Reclamation Act (MMRA) because of deficiencies in
its reclamation plan, and that all of the defendants have violated the Montana
constitution and various state statutes and regulations by allowing such
operations to continue. The plaintiff seeks a declaration that the Troy
operating permit and reclamation plan are void and invalid; alternatively, it
seeks a writ of mandamus from the court requiring DEQ to enforce the MMRA and
presumably suspend or revoke the operating permit, declare a forfeiture of the
Companys performance bond, and enjoin the Company from further operations at
Troy pending approval of a reclamation plan. The plaintiff also alleges that DEQ
has failed to maintain a clean and healthful environment, in violation of the
Montana constitution.

The Company has answered the complaint and asserted several
affirmative defenses to plaintiffs claims. It has also filed a motion seeking
to dismiss Revett Minerals on the grounds that it does not do business in
Montana. Discovery has been substantially completed, although no trial date has
been set. The court has indicated that it will not set a trial date until DEQ
has completed its required review of the reclamation plan. The Company is
engaged in ongoing discussions with

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DEQ concerning proposed revisions to the existing reclamation
plan and increased performance bond requirements, and therefore believes the
claim is without merit.

Federal Mine Safety and Health Act Violations and Related
Matters. MSHA issued 53 safety-related citations and six orders against
Revett Silvers Genesis, Inc. subsidiary during the period from July 30, 2007 to
September 30, 2007, the majority of which relate to the isolated rock fall
incident and resulting fatality that occurred at Troy on July 30, 2007. Three of
these citations allege that the Company was negligent with respect to certain
operations or activities conducted at Troy, and two of them allege that Company
acted in reckless disregard of the safety of its employees. The Company has
engaged counsel to contest these citations.

Rock Creek-Related Actions.

Clark Fork Coalition, Rock Creek Alliance, Inc, Cabinet
Resource Group, Inc., Montana Environmental Information Center, Inc. and
Trout Unlimited v. Montana Department of Environmental Quality, Montana
First Judicial District Court in and for Lewis and Clark County (Cause
No. BDV-2002-70). This action was brought in 2002 challenging DEQs issuance
of a Montana Pollution Discharge Elimination System (MPDES) permit pertaining
to prospective wastewater and mine drainage from the proposed Rock Creek
project. The plaintiffs contend the permit was arbitrarily issued because DEQ
did not perform the required non-degradation review and did not ensure that
surface waters designated as Outstanding Water Resources within the Cabinet
Mountains Wilderness Area would not be degraded by the proposed project. The
plaintiffs also allege that the proposed reclamation plan for Rock Creek fails
to provide for the reclamation of lands within the wilderness area that may be
damaged by subsidence or other disturbances, all in violation of MMRA and the
Montana Water Quality Act, and that the permitted discharges violate the
constitutional rights of Montana citizens to a clean and healthy environment.

In February 2005, the parties stipulated to a dismissal of the
constitutional, MMRA and Outstanding Water Resources claims, without prejudice.
In March 2006, the district court entered summary judgment against the
plaintiffs on their claim that the MPDES permit as to Outfall 001 and 004
violated the Montana Water Quality Act and the states constitution. However, it
did find that those portions of the MPDES permit covering Outfall 002 (the area
in which a proposed paste facility would be constructed) violated the act and
the constitution since it allows an increase in arsenic levels below the
outfall, and was therefore void. The court concluded by noting that its decision
does not mean Rock Creek could not go forward, only that the MPDES permit needed
to be revised in light of its ruling. The Company had commenced the required
revision of the MPDES permit before the courts ruling was issued, as part of
its statutorily-required five-year review process, and management is confident
that the issues with the Outfall 002 can be successfully resolved.

In May 2007, the plaintiffs filed an appeal with the Montana
Supreme Court, contending that the district courts March 2006 summary judgment
was incorrect in not invalidating the MPDES permit entirely, and asking the
court to do so on constitutional grounds. On December 4, 2008, the Montana
Supreme Court reversed the prior judgment in favor of DEQ remanding
consideration of the MPDES permit back to DEQ for further consideration. DEQ is
now in discussions on how to address the Supreme Court ruling. The Company
believes this particular outfall of the MPDES permit is not required to start
the evaluation of the program at Rock Creek.

Rock Creek Alliance, Clark Fork Coalition, Cabinet Resource
Group, Inc., Montana Wilderness Association, Earthworks, and Alliance for
the Wild Rockies, Plaintiffs, v. United States Forest Service, U.S.
Department of Agriculture, Tom Tidwell, in his official capacity as Regional
Forester for the Northern Region, Paul Bradford, in his official capacity as
Forest Supervisor of the Kootenai National Forest, and Ed Schaffer, in
his official capacity as Secretary of the U.S.

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Department of Agriculture, Defendants, United States
District Court for the District of Montana, Missoula Division, Case No.
CV-05-107-M-DWM. This action was originally filed in June 2005 and was
superseded by an amended complaint filed in February 2008. Plaintiffs seek
injunctive and declaratory relief against the defendants, claiming they
unlawfully approved the record of decision, plan of operations, and the final
EIS for Rock Creek. In addition, plaintiffs challenge the findings of a
determination letter issued by the Forest Service and three supplemental
information reports issued by the Kootenai National Forest in December 2007.
They allege violations of the ESA, NEPA, the National Forest Management Act, the
Clean Water Act, the Forest Service Organic Administration Act of 1897, the
Administrative Procedure Act, and various implementing regulations adopted under
these statutes. Revett Silver petitioned the court and was granted intervener
status in October 2005.

This action has twice been stayed. The first stay was ordered
in 2005 pending resolution of a challenge to the USFWSs May 2003 biological
opinion in a separate lawsuit in the United States District Court for the
District of Montana entitled Rock Creek Alliance v. U.S. Fish and Wildlife
Service, CV 01-152-M-DWM. That lawsuit has now been concluded and resulted
in the issuance of a revised biological opinion in October 2006, which concluded
that development of Rock Creek would not likely to jeopardize the continued
existence of grizzly bears or bull trout, each of which is listed as a
threatened species under the ESA, nor adversely modify critical habitat of these
species. The second stay was ordered in November 2006 pending a Forest Service
determination as to whether the Companys plan of operations at Rock Creek
needed to be modified. The Forest Services December 2007 supplemental
information reports did not mandate any changes to the plan of operations of the
final EIS.

The governmental defendants and the Company each filed answers
to the plaintiffs amended complaint in March 2008 and the issues in this action
are to be fully briefed to the court by early June 2008. An adverse ruling could
delay or even prevent the Company from proceeding with its proposed activities
at Rock Creek.

Rock Creek Alliance, Cabinet Resource Group, Sierra Club,
Alliance For The Wild Rockies, Natural Resource Defense Council, Trout
Unlimited, Earthworks, Idaho Counsel of Trout Unlimited, Pacific Rivers
Counsel and Great Old Broads For Wilderness v United States Fish and
Wildlife Service, United States District Court for the District of Montana,
Missoula Division, case No. CV-08-28-M-DWM. This lawsuit was filed in
February 2008 after the US Fish and Wildlife Service reaffirmed the conclusions
reached in its revised October 2006 biological opinionnamely, that Rock Creek
would not jeopardize the continued existence of the grizzly bear or bull trout
in the vicinity of the proposed mine. The plaintiffs contend that the
conclusions reached by the USFWS ignored the best available science and were
arbitrary, capricious, and an abuse of discretion in violation of the ESA and
the Administrative Procedural Act. The Company has intervened in this matter as
a defendant and this case has been consolidated with the above described
actions. Answers have been filed by the Fish and Wildlife service and the
Company and the issues will be briefed to the court tentatively scheduled for
June 2008.

Managements Analysis of Actions pertaining to the Record of
Decision and Biological Opinion. Management cannot predict with any degree
of certainty whether the Company will be successful in defending the pending
legal challenges to the Forest Services record of decision and the Fish and
Wildlife Services revised biological opinion. The issues presented by these
challenges are complex and involve agency actions, procedures and determinations
that the Company may influence but not control. The February 2008 amendment to
the lawsuit petition challenging the USFWSs revised biological opinion is
particularly difficult to analyze at this time, since it simply challenges the
scientific studies and evidence reached by the responsible agencies. It is also
vexing in light of the conclusions that were reached in earlier challenges to
the biological

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opinions, including an agency-approved agreed mitigation plan
that addresses concerns about Rock Creeks affect on grizzly bear habitat and
migration corridors in the project area.

The validity of the USFWSs various studies and analyses has
been a recurrent theme in prior environmental challenges to the Rock Creek
biological opinions. Consequently, management of the Company anticipates that,
should the petitioners ultimately commence an action challenging the revised
opinion, they will again contend that these studies and analyses are flawed or
ignore the best available science.

Managements ability to predict the outcome of these challenges
is further complicated by the fact that Rock Creek is one of two proposed mining
projects in the Cabinet Mountains Wilderness Area, the other being the Montanore
project being developed by Mines Management, Inc., a junior mining company based
in Spokane, Washington. Although the pending actions are specific to Rock Creek,
it is only because development of Rock Creek has proceeded to the point where
the jurisdictional agencies have either issued permits or taken other
administrative actions that invoke legal challenges. The prospective cumulative
effect of two mining projects within the Cabinet Mountains Wilderness Area is an
implicit factor in these pending actions, in managements opinionthis despite
the fact that the Montanore project faces substantial hurdles and, at this
point, may not be developed in the foreseeable future.

Management anticipates that, even if the revised biological
opinion is upheld, it will result in some modification of the Forest Services
record of decision, which could in turn affect the Rock Creek plan of operation.
Regardless, unless and until they are favorably resolved, these challenges could
delay the Companys planned evaluation program at Rock Creek and may make it
more difficult to obtain the financing needed to fund commercial development.
Even if the Company is ultimately successful in defending these challenges, it
still must comply with a number of requirements and conditions as development of
Rock Creek progresses, failing which it could be denied the ability to continue.

Other Actions and Proceedings.

In re ASARCO, LLC et al., Debtor: ASARCO, LLC, Plaintiff v.
Revett Silver Company and Genesis, Inc., United States Bankruptcy Court
for the Southern District of Texas, Corpus Christi Division (Bankruptcy
Case No. 05-21207). This action seeks to avoid the July 2002 and May 2004
amendments to Revett Silvers purchase agreement with ASARCO. It also seeks a
judgment in an amount equal to the value ceded by these amendments. Importantly,
the action does not challenge the provisions of the original agreement that
resulted in ASARCOs transfer of its interests in the Troy mine and the Rock
Creek project to us. (See the subsection of this report entitled Properties 
Our Purchase Agreements with ASARCO and Kennecott.).

The amendments pertain to the amount we owed ASARCO under the
original purchase agreement and the manner in which we were to have paid that
amount. Specifically, the amendments resulted in the issuance of additional
shares of our common stock to ASARCO in exchange for its cancellation of a
production debt obligation and certain share price guaranties in the original
purchase agreement. Plaintiff contends that the amendments constitute fraudulent
transfers under applicable federal and state law because ASARCO was insolvent at
the time and received insufficient or no value under the amendments. Although
this action was commenced in 2007, neither Revett Silver nor Genesis, Inc. had
been served as of the date of this report.

Tammy K. Ivins, Individually and as Personal Representative
of the Estate of Michael E. Ivins, Deceased, Plaintiffs, vs. Revett
Minerals Inc., a Foreign Corporation for Profit; Revett Silver

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Company, a for Profit Corporation; and Does A-Z, Inclusive,
Defendants.This action arises from the isolated rock fall incident and
resulting fatality that occurred at Troy on July 30, 2007. The complaint alleges
causes of action based on negligence, failure to provide a safe work place,
strict liability for abnormally dangerous activity, and intentional and
malicious acts or omissions and seeks compensatory damages in the amount of
$8,000,000 and punitive damages in the amount of $10,000,000. We have engaged
counsel to contest the claims and the Companys insurance carrier has agreed to
join in the defense of this claim, including the paying the legal costs.

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

Not Applicable

Item #3: Defaults Upon Senior Securities

Not Applicable

Item #4: Submission To A Vote of Securities Holders

Not Applicable.

Item #5: Other Information

Not Applicable

Item #6: Exhibits

(a) Exhibits:31.1 Certification
        of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
        Act31.2 Certification of Chief Financial
        Officer pursuant to Section 302 of the Sarbanes-Oxley Act32.1 Certification
        of the Chief Executive Officer pursuant to 18 U.S.C., 1350 (Section 906
        of the Sarbanes-Oxley Act32.2 Certification of the Chief
        Financial Officer pursuant to 18 U.S.C., 1350 (Section 906 of the Sarbanes-Oxley
        Act


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

|                      | REVETT MINERALS INC.                 
|--------------------- | -------------------------------------
|                      |                                      
|                      |                                      
|Date: August 15, 2009 | By: /s/John Shanahan                 
|                      | John Shanahan                        
|                      | President and Chief Executive Officer
|                      |                                      
|                      |                                      
|Date: August 15, 2009 | By: /s/ Ken Eickerman                
|                      | Ken Eickerman                        
|                      | Chief Financial Officer              

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