The Ricoh is not weather-sealed. Might run into two problems: "Drowning" the camera and having condensation in the lens that might cloud your photos. Condensation will not be as heavy as to ruin the camera itself.

The issue with condensation happens normally when the air is very humid and if the outside temperature changes much faster than the camera itself. If you go on a high mountain, the air is normally not humid. The humidity will much rather build up inside of your clothes when you sweat, specially if you wear waterproof outerwear.

You also might have an issue with actual water from rain or snow getting into the camera. You have to know yourself if there is a risk of rain where you go. I would assume that you should be able to protect the camera from snow.

I would therefore recommend you to get either put the camera in a pocket that is still protected from snow but that is not as close to your body that each time you take it out it will suffer from severe temperature changes. Putting it inside your backpack might be the best solution. Even if you ascend from a humid climate, you will not do so too quickly for the air in the camera being able to adapt to the changes.