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May 10, 2012 Annual General Meeting

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May 10, 2012 Annual General Meeting Neil McMillan President and CEO

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Cautionary Note Regarding Forward-Looking Information This document contains certain forward-looking statements relating but not limited to the Company’s expectations, intentions, plans and

beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “intent”, “estimate”, “may” and “will” or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects and timing of commencement of operations, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of mined ore varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.

Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks,

uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Shareholders are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Claude Resources undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Cautionary note to U.S. investors concerning resource estimate The resource estimates in this document were prepared in accordance with National Instrument 43-101, adopted by the Canadian

Securities Administrators. The requirements of National Instrument 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”). In this document, we use the terms “measured”, “indicated” and “inferred” resources. Although these terms are recognized and required in Canada, the SEC does not recognize them. The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that constitute “reserves”. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally extracted at the time the determination is made. United States investors should not assume that all or any portion of a measured or indicated resource will ever be converted into “reserves”. Further, “inferred resources” have a great amount of uncertainty as to their existence and whether they can be mined economically or legally, and United States investors should not assume that “inferred resources” exist or can be legally or economically mined, or that they will ever be upgraded to a higher category.

Cautionary Statement

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Board of Directors

Ted J. Nieman Chair,

Nominating & Corporate

Governance Chair

Ron J. Hicks Audit Chair

J. Robert Kowalishin

Safety, Health & Environmental

Committee Chair

Mike Sylvestre Reserves

Committee Chair

Brian Booth Director

Ray A. McKay Director

Rita M. Mirwald Human

Resources & Compensation

Committee Chair

Neil McMillan President, CEO and

Director

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Executive Officers

Neil McMillan President, CEO and Director

Rick Johnson CFO, Vice

President of Finance

Brian Skanderbeg

Vice President of Exploration

Peter Longo Vice President of

Operations

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Claude Resources Inc. has three Canadian Gold Projects: Seabee, Amisk and Madsen.

Each project is expected to host multi-

million ounce ore bodies and has the potential to produce over 100 thousand ounces per year.

What is Claude All About?

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• The Company’s mission is to create and deliver outstanding stakeholder value through the exploration, development, and mining of gold and other precious metals

• Its vision is to be highly valued by all stakeholders for

its ability to discover, develop and produce gold and other precious metals in a safe, environmentally responsible and profitable manner.

Mission & Vision

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Share Price Performance – CRJ vs. Peers (52 Weeks)

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

Shar

e Pr

ice P

erfo

rman

ce (5

2 W

eeks

)

52 Week (April 30, 2011 – April 30, 2012)

52 Week Peer Group

52 Week CRJ

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Share Price Performance – CRJ vs. Peers (3 year)

-50%

0%

50%

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Peer Group 3 year

Claude 3 Year

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Corporate Overview

Stock Exchanges: TSX CRJ NYSE Amex CGR Shares Outstanding (May 4, 2012): Basic 173.7 million Fully Diluted 183.2 million Market Cap $145 million CDN Analyst Coverage: Brian Christie Desjardins Securities Cosmos Chui CIBC Paolo Lostritto National Bank Paul Burchell Dundee Securities Sam Crittenden RBC Wendell Zerb Canaccord Genuity

Cash Costs per Ounce: 2011 $908 CDN $918 US TSX: 52 Week High $2.36 52 Week Low $0.80 Avg. Volume 236,000 NYSE Amex: 52 Week High $2.37 52 Week Low $0.82 Avg. Volume 418,000 As of May 4, 2012

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Focused on Growth

Great Risk vs. Reward Investment Opportunity Cash flow and net earnings from Seabee Operation

Significant exploration upside at all three projects

Experienced management team

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Prod

uctio

n O

unce

s

Increasing Seabee Gold Production (2007-2016)

806,000 735,000 662,000 1,300,000

1,225,000 1,225,000

1,225,000

1,018,000

1,566,000

0

500000

1000000

1500000

2000000

2500000

3000000

3500000

4000000

4500000

2008 2009 2010 2011

Resource Base

Amisk

Madsen

Seabee

0.81 Moz

1.96 Moz

2.91 Moz

4.09 Moz

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2011 Highlights

• Santoy 8 Gold Mine reached commercial production

• Seabee Mineral Reserves and Mineral Resources increased from 662,000 ounces to 1,300,000 ounces due to the new discoveries of Santoy Gap and L62 deposits

• NI 43-101 resource calculation at Amisk Gold Project of 1,566,000 gold equivalent ounces

• Positive metallurgical test results from Amisk Gold Project

• Claude Resources announced agreement to acquire St. Eugene Mining and own 100% of the Amisk Gold Project (completed in Q1 2012)

• De-watering completed to the 16th level at the Madsen project

• Rehabilitation and construction of drill chambers on the 16th level at Madsen

• Deep drilling of the 8 Zone from the 16th level

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Financial Highlights

12 months ended Dec 31 2011

12 months ended Dec 31 2010

Revenues (millions) $69.7 $56.0

Gold sold (ounces) 44,632 44,003

Average realized gold price (CDN) $1,561 $1,273

Total cash cost per ounce (CDN) $908 $709

Cash flow (millions) (1) $22.2 $19.8

Cash flow per share (1) $0.14 $0.15

(1) For an explanation of non-IFRS performance measures, refer to the “Non-IFRS Performance Measures” section in the Company’s MD&A filed on www.sedar.com.

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Financial Highlights

12 months ended Dec 31,

2011

12 months ended Dec 31,

2010

Net profit (millions) $9.5 $10.3

Net profit per share (basic and diluted) $0.06 $0.08

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AMISK PROJECT

Operations

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Seabee Gold Operation

• 100% ownership • 14,400 hectare property • Produced over 980,000 ounces of gold from 1991 to 2011 • 1.30 million ounces in NI 43-101 resource calculation • Full infrastructure including an 850 tonne per day permitted mill • Two producing mines: Seabee Gold Mine and the Santoy 8 Gold Mine • Exploration focused on Santoy Gap, L62, Santoy 8, Seabee Deep, and Neptune 130,000 metre exploration program planned for 2012

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Seabee Property

Seabee Property: 14,400 Hectares

• Established fully-permitted infrastructure • Underexplored productive belt • $7.5 M, 130,000 m regional exploration in 2012

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Regional Exploration: Santoy Gap

• Inferred Mineral Resources of 495,000 ounces (NI 43-101 compliant)

• 3 rigs drilling approximately 40,000 metres in 2012

• Proximal to current mining infrastructure

• Extension of Santoy 8 deposit

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L62 Discovery

• L62 deposit 200 m from

infrastructure

• Open in all directions

• Expected to be in production 2H

2012

L62 Discovery

Shaft Extension Q3 2012

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Regional Exploration: Neptune

Highlights of 2010 and 2011 drilling:

• 3.2 m @ 85.0 g/t

• 3.0 m @ 13.6 g/t

• 2.0 m @ 5.2 g/t

• 3.9 m @ 5.9 g/t

70,000 m of drilling between

Neptune, Santoy 8 and Santoy Gap

planned for 2012

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Amisk Gold Project

• 100% ownership • 24,350 hectare property • 1.57 million ounces in NI 43-101 resource calculation • Proven mining district and “mining friendly” community • Close to infrastructure • Large bulk mineable potential • Mineralization begins at surface and has been tested to approximately 600 metres below surface NI 43-101 Resource update planned in Q2 2012 and PEA to be completed in Q3 2012

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Amisk Location

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Amisk Pit Shell

Claude Resources - Amisk Lake Project - Grade - Tonnage Sensitivity Table

Au Eq Cut-Off Total Resource Indicated Inferred

Tonnage Au Eq (gpt) Au (gpt) Ag (gpt) Total Oz Ind Oz % Inf Oz %

0.30 82,422,879 0.69 0.62 4.35 1,828,471 998,622 55% 824,675 45%

0.40 58,803,225 0.83 0.75 5.11 1,569,171 920,881 59% 644,854 41%

0.50 42,979,475 0.97 0.88 5.85 1,340,368 824,702 62% 512,676 38%

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Madsen Exploration Project

• 100% ownership • 10,000 hectare property • 1.23 million ounces in NI 43-101 resource calculation • Historic production was 2.45 million ounces of gold from 1938 to 1976 • Similar type of geology to that of Goldcorp’s Red Lake Assets • All existing infrastructure is fully permitted Aggressive exploration program planned for 2012

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Madsen Property

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Madsen Mine Trend 2012 Exploration is focused on continued testing of the 8 Zone Trend as well as the

McVeigh and Austin Tuff depth continuity.

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Madsen Property: Red Lake Camp

Starratt Olsen 164,000 oz @ 0.18 opt

Madsen Mine Historic Production 2.4 M oz @ 0.30 opt Austin East

Underground Drill Chambers

2012 exploration target areas

8 Zone

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Madsen Cross Section

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Madsen Infrastructure

Modern equipment and facilities:

• 500 ton per day permitted mill

• 5 compartment shaft to 4,125 feet

• Shaft capable of skipping 1,925 tpd

• Permitted tailings facility

Minimal capital required to bring Madsen into production

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Exploration Summary

2012 2012 2011 2011

$ (in millions) Metres $ (in millions) Metres

Seabee $7.50* 129,600 $4.90* 100,000

Madsen $6.50 29,050 $3.85 18,000

Amisk $1.50 6,000 $1.74 10,000

Total $15.50 164,650 $6.66 128,000

*Excluding underground expenditures.

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$0

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$350Rubicon

Kirkland Lake

Explorers Producers

Peer Valuation (as of May 4, 2012)

Mar

ket

Cap/

Oz

Calculation based on National Instrument 43-101 ounces

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Catalysts for 2012

Q1 • Closing of SEM Acquisition • Seabee Exploration Results (Santoy Gap and L62) • Seabee Reserve and Resource Update

Q2 • Amisk Resource Update • Amisk Exploration Results • Seabee Exploration Results (Neptune, Santoy Gap and L62)

Q3

• Shaft Extension Completed at Seabee • Mill Expansion Completed at Seabee • Madsen Exploration Results • PEA at Amisk

Q4 • Seabee Exploration Results (Santoy Gap and L62) • Madsen Exploration Results

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Claude Resources Inc. Experience. Stability. Potential.

Creating the Capacity to

Discover. Develop. Deliver.

TSX: CRJ NYSE Amex: CGR

200, 224- 4th Avenue South Saskatoon, Saskatchewan, S7K 5M5 Canada P. 306.668.7505 F. 306.668.7500

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May 10, 2012 Annual General Meeting