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Annual GeneralMeeting

Presented By:Neil McMillanPresident & CEO

May 9, 2013

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Cautionary Note Regarding Forward-Looking InformationThis 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 EstimateThe 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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• 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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• 3 Canadian gold assets:

– Low risk jurisdictions

– Located in proven mining regions

– Each hosting over 1 million ounces of gold

• 20+ years of operating experience

• Excellent growth potential at Seabee

• Focused on cost reduction initiatives

• Excellent reserve and resource growth

potential near current mining

infrastructure

Claude Resources Today

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Resource Growth

2008 2009 2010 2011 20120

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

391,000617,000

976,300

1,815,4001,545,400

196,000

1,135,200

1,576,300

1,919,6002,193,200

219,000

208,200

352,600

355,600 311,100

Global Resource BaseDecember 31, 2012

Proven & Probable

Measured & Indi-cated

Inferred

Reserves:

• Grade 14% to 6.14 g/t from 5.37 g/t.

• Ounces 13% or 44,500 after mining 49,570 ounces in 2012.

• Anticipate significant reserve growth in 2013 from Santoy Gap

Indicated and Measured:

• Grade 46% to 7.82 g/t from 5.35 g/t.

• Ounces 344,200 ozs from 70,700 ozs.

Inferred:

• Ounces 31% as 270,000 ounces from Santoy Gap was upgraded into the Measured and Indicated

category

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2012 Highlights Net profit of $5.6 million, or $0.03 per share.

Cash flow from operations* of $25.8 million, or $0.15 per share.

Cash cost per ounce of gold* for 2012 of $997 (U.S. $998).

Increased revenue by 16% to $80.8 million.

Produced 49,570 ounces after achieving a record mill throughput of 275,235 tonnes at 5.86 g/t.

Mineral Reserves grade at the Seabee Gold Operation increased by 14%.

Measured and Indicated Resources increased to 344,200 ounces from 70,700 ounces and the grade increased 46% to 7.82 g/t from 5.35 g/t year over year.

Expanded debt facilities with Canadian Western Bank and Crown Capital Partners.

Surpassed one million ounces of total production at the Seabee Gold Operation.

Shaft extension project was completed.

* See description and reconciliation of non-IFRS performance measures in the “Non-IFRS Performance Measures and

Reconciliations” section of the Company’s 2012 Annual MD&A available on www.sedar.com

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Positive Trends in Production & Cash Costs

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Ounces Produced

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Cash Cost Per Ounce (*)(CDN$ per ounce)

Q4 2012: 12,757 ounces Q4 2012: CDN $822

* See description and reconciliation of non-IFRS performance measures in the “Non-IFRS Performance Measures and Reconciliations” section of the

Company’s 2012 Annual MD&A available on www.sedar.com

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Increasing Revenue & Continued Strong Gold Price

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

Revenue($ millions)

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

$1,250

$1,300

$1,350

$1,400

$1,450

$1,500

$1,550

$1,600

$1,650

$1,700

$1,750

Average Realized Gold Price(CDN$ per ounce)

Q4 2012: $21.3 million Q4 2012: CDN $1,668

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Increasing Cash Flow & Net Profit

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

$10.0

Cash Flow From Operations Before Net Changes in Non-

Cash Operating Working Cap-ital (*)

($ millions)

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012-$1.0

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

Net Profit (Loss)($ millions)

Q4 2012: $2.4 million Q4 2012: $9.4 million

* See description and reconciliation of non-IFRS performance measures in the “Non-IFRS Performance Measures and Reconciliations” section of the

Company’s 2012 Annual MD&A available on www.sedar.com

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• During the first and second quarters of 2013, the Company expanded its debt facilities.

– $25.0 million with Canadian Western Bank (up from $14.0 million)

– $25.0 million with Crown Capital Partners Inc. (closed on April 5, 2013)

• The new debt facilities are expected to permit the retirement of the Company’s outstanding debentures, allow for the development of Santoy Gap, the Seabee Mine and for working capital purposes.

Financial Capacity

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Operations and Projects

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Seabee Gold Operation

2012 Production• Met forecast production of 48,000 – 50,000

ounces of gold with 49,570 ounces

• Unit cash costs of $997 CDN; 10% higher than 2011 unit cash costs of $908 CDN.

• L62 Zone production tonnage began during the fourth quarter

• Staked an additional 3,350 hectares (total land package of 17,200 ha)

Exploration Program • 101,000 metres at Seabee Operation in 2012

o 60,000 metres underground o 41,000 metres regionally

• 2013 exploration will focus on near-mine targets at Seabee and Santoy as well as infill drilling.

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Santoy Gap

• Indicated Mineral Resources of 281,000 ounces at 8.80 g/t (NI 43-101

compliant)

• Inferred Mineral Resources of 357,000 ounces at 5.92 g/t (NI 43-101 compliant)

• Initiated exploration ramp to the Santoy Gap from current mining infrastructure

– currently 485 metres into the 800 metre ramp

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Amisk Gold Project

• 100% ownership

• 40,373 hectare property

• 1.6 million ounces in NI 43-101 resource calculation

• Proven mining district and “mining friendly” community

• Greenfield site is close to infrastructure

• Large bulk mineable potential

• Mineralization begins at surface and has been drill tested to approximately 600 metres below surface

NI 43-101 Resource and PEA to be completed in 1H 2013

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Amisk Location

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Madsen Gold Project

Project Overview:• 100% ownership

• 1.23M oz resources (NI 43-101 compliant)

• Historic production of 2.45 million ounces of gold from 1938 to 1976

• 10,000 acre land package

• Fully permitted mill, shaft and tailings management facility

• Similar type of geology to that of Goldcorp’s Red Lake Assets

Exploration Program• 19,000 metres completed in 2012

• Results from the 2012 drill program extended the 8 Zone system at depth and confirmed conceptual potential beneath the Austin Tuff.

• The Company is focused on an internal scoping level analysis of the Madsen Gold Project in 2013.

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Madsen Property

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2013 Outlook

• Forecast gold production of 50,000 to 54,0000

ounces

– Approximately 60% from Seabee and 40% from the Santoy 8

• Unit costs are estimated to improve modestly from

2012 cash costs of CDN $997

• Q1 production was lower than budgeted but annual

guidance maintained

• Ongoing cost reduction and cash flow optimization

plans

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Claude Resources Inc.

Experience. Stability. Potential.

Creating the Capacity toDiscover. Develop. Deliver.TSX: CRJ NYSE MKT:

CGR

200, 224 - 4th Avenue SouthSaskatoon, Saskatchewan, S7K 5M5Canada

P. 306.668.7505F. 306.668.7500E: ir@clauderesources.com

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Annual GeneralMeeting

Presented By:Neil McMillanPresident & CEO

May 9, 2013