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Presented By: Neil McMillan

President & CEO

Q4 & Annual Financials April 2, 2012

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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 grea t 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.

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On January 1, 2011, the Company transitioned to the International Financial Reporting Standards (“IFRS”). The new accounting policies under IFRS have been used in this quarter’s information and related quarterly information for comparative purposes. Further details regarding IFRS can be found in the Company’s fourth quarter 2011 Management’s Discussion & Analysis, interim financial statement and notes thereto available on Sedar (www.sedar.com).

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Neil McMillan President and CEO

Rick Johnson CFO, VP Finance

Brian Skanderbeg VP, Exploration

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• Santoy 8 Gold Mine reached commercial production

• Seabee increased Mineral Reserves and Mineral Resources

from 662,000 ounces to 1,300,000 ounces from the new discoveries of Santoy Gap and L62

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

• Claude Resources announced agreement to acquire St.

Eugene Mining.

• De-watering completed to the 16th level at the Madsen Exploration 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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3 months ended Dec 31 2011

3 months ended Dec 31 2010

12 months ended Dec 31 2011

12 months ended Dec 31 2010

Revenues (millions) $19.9 $14.9 $69.7 $56.0

Gold sold (ounces) 11,855 10,844 44,632 44,003

Average realized gold price (CDN) $1,678 $1,378 $1,561 $1,238

Total cash cost per ounce (CDN) $1,130 $597 $908 $709

Cash flow (millions) (1) $4.3 $6.2 $22.2 $19.8

Cash flow per share (1) $0.03 $0.04 $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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3 months ended Dec 31, 2011

3 months ended Dec 31, 2010

12 months ended Dec 31, 2011

12 months ended Dec 31, 2010

Net profit (millions) ($0.2) $4.1 $9.5 $10.3

Net profit per share $0.00 $0.03 $0.06 $0.08

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December 31, 2011

December 31, 2010

Cash, cash equivalents and short term investments & gold receivables $35.7 $10.8

Debt (including leases) $14.3 $14.3

Working Capital $42.4 $4.3

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2012 Production

• Forecast: 50,500 ounces of gold

• The Company anticipates initial production at L62 in the second half of 2012.

Exploration Program for 2012

• 130,000 metres at Seabee Operation

o 60,000 metres underground

o 70,000 metres regionally

• Focused on continued reserve and resource growth

at the Seabee Mine, Santoy 8, Santoy Gap and L62.

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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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Resource Class Zone Tonnes Grade (g/tonne)

Contained Gold (oz)

Proven & Probable Seabee 1,062,900 6.58 224,900

Santoy 8 997,100 4.08 130,600

Total 2,059,900 5.37 355,600

Measured & Indicated

Seabee 127,400 4.65 19,000

Santoy 8 12,600 5.04 2,000

Porky Main 160,000 7.50 38,600

Porky West 111,000 3.10 11,000

Total 410,900 5.35 70,700

Inferred Santoy Gap 2,321,000 6.63 495,000

Seabee 813,900 6.83 178,800

Santoy 8 850,000 5.46 149,300

Porky Main 70,000 10.43 23,500

Porky West 138,300 6.03 26,800

Total 4,193,200 6.48 873,400

Mineral Reserves and Mineral Resources for Seabee Gold Property, Saskatchewan.

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Highlights include the following: • Mineral reserves increased, net of mining depletion, to 355,600 ounces at 5.37

grams per tonne from 352,600 ounces at 5.58 grams per tonne.

• Measured and indicated resources increased to 70,700 ounces at 5.35 grams per tonne from 49,600 ounces at 5.70 grams per tonne, representing a 43 percent increase from 2010.

• Inferred mineral resources increased to 873,400 ounces at 6.48 grams per tonne from 260,100 ounces at 6.23 grams per tonne in 2010, representing a 236 percent increase in contained ounces year over year.

• A significant portion of the increases came from the discovery and delineation of the L62 and Santoy Gap deposits.

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Shaft extension

• From 600 metres to 980 metres

• Completion date: Q3 2012

Mill upgrade

• Expanded to a peak capacity of 1,050 tonnes

• Further expansions are currently being planned

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• On October 25, 2011 Claude announced that it entered into an agreement with St. Eugene to purchase all of its shares. The transaction closed on February 2nd, 2012.

• Completed a NI 43-101 resource estimate of 921,000 ozs Au Eq. in Indicated and 645,000 ozs Au Eq. in Inferred category

• Recent metallurgical test results returned averages of 89.4% for gold and 80.8% for silver recoveries.

2012 Projects:

• Amisk Resource Update

• Amisk Preliminary Economic Assessment

• Near-pit exploration

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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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Exploration Program

• Metres: 29,000

• 2 underground rigs and 1 surface rig, targeting 40 – 50 holes

Exploration will focus on continued testing of the 8 Zone Trend as well as the McVeigh and Austin Tuff depth

continuity.

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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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Fully operational equipment and facilities:

• 500 ton per day permitted mill

• 5 compartment operating shaft to

4,125 feet

• Permitted tailings pond

• Environmental monitoring program in place

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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

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

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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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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For 2012, and looking forward, the company will continue to:

1) Invest in capital projects and equipment to further develop satellite deposits to

increase production and to improve operating margins at the Seabee Gold

Operation;

2) Further exploration and development at the Seabee Gold Operation to sustain

or increase reserves and resources;

3) Advance surface and underground exploration drill programs at the Company’s

100 percent owned Madsen Exploration Project; and

4) Expand the scope of the Amisk Gold Project, and complete a preliminary

economic assessment.

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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