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John Tumazos Very Independent Research Conference Presented by Brian Skanderbeg Senior Vice President & COO October 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 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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AMISK

At a Glance

• Head Office: Saskatoon, SK

• Project Locations: Saskatchewan & Ontario

• Assets: • Seabee Gold Operation • Amisk Gold Project • Madsen Gold Project

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Why Claude Resources?

Exceptional record of reserve and resource base growth over the past four years.

Investing in infrastructure to increase the capacity of the Seabee Gold Operation.

Addition of the Santoy 8 Gold Mine in 2011 and the L62 Zone in 2012 contributes to production and increases flexibility and reliability in operations.

2012 production forecast of 48-50,000 ounces with strong growth expected in future years.

Two advanced exploration projects that each host over 1 million ounce gold deposits and have the potential to produce one hundred thousand ounces a year.

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Corporate Overview

Stock Exchanges: TSX CRJ NYSE MKT CGR Shares Outstanding (June 30, 2012): Basic 173.7 million Fully Diluted 183.2 million Market Cap $150 million CDN (September 19, 2012) Analyst Coverage: Brian Christie Desjardins Securities Cosmos Chui CIBC Paolo Lostritto National Bank Ron Stewart Dundee Securities Sam Crittenden RBC

Cash & Short Term Investments: ($1.6 million) (June 30, 2012) Debt (June 30, 2012): Short Term $18.2 million Long Term $1.0 million Cash Costs per Ounce: Q2 2012 $1,082 CDN $1,071 US TSX: 52 Week High $2.29 52 Week Low $0.56 Avg. Volume 380,000 NYSE MKT: 52 Week High $2.29 52 Week Low $0.56 Avg. Volume 400,000

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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

Exploration success near infrastructure

Experienced and improved management team

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

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3000000

3500000

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4500000

2008 2009 2010 2011

Resource Base

Amisk

Madsen

Seabee

0

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2010 2011 2012 2013 2014 2015 2016

Prod

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unce

s

Increasing Seabee Gold Production (2007-2016)

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Operations & Projects

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Seabee Gold Operation

• 100% ownership • 14,400 hectare property • Produced over 1,000,000 ounces of gold from 1991 to 2012 • 1.30 million ounces in NI 43-101 reserve & resources • Full infrastructure including a 1,050 tonne per day 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

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Seabee Reserves & Resources

Resource Class Zone Tonnes Grade (g/t) 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

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

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Seabee Property

Seabee Property: 14,400 Hectares

• Established fully-permitted infrastructure • Underexplored productive belt

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L62 MRMR P & P Reserve – 70,400 Oz @ 7.62 g/t Inf Resource – 40,300 Oz @ 7.57 g/t

Seabee Total MRMR P & P Reserve – 224,900 Oz @ 6.58 g/t

Resource – 178,800 Oz @ 6.83 g/t

Seabee Mine

• L62 deposit discovery 200 m

from infrastructure

• Open up-dip to surface

• Currently developed on 3 levels

Shaft Extension Q4 2012 completion

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Santoy 8 & Gap

• Inferred Mineral Resources of 495,000 ounces at 6.63 g/t (NI 43-101 compliant)

• 65 holes completed in 2012 – focused on step-out and infill drilling

• Initiated exploration drift from current mining infrastructure

• Santoy region (Santoy Gap and Santoy 8) resource currently at 777,000 ounces

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Santoy 8 Longitudinal Section

• Grid power & all-weather road

• Currently producing ~ 400 tpd

• 280 Koz MRMR with drilling expanding at depth

• Lower grade & lower cost than Seabee

Santoy 8 Total MRMR P & P Reserve – 130,600 Oz @ 4.08 g/t

Resource – 149,300 Oz @ 5.46 g/t

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Impact of Santoy 8

• Santoy 8 commercial production has reduced risk and increased operational reliability.

• Discovery and development towards L62 and Santoy Gap will increase production in the near future.

• Targeting 1+ Moz at Santoy for 2012 year end

• Santoy 8 has zones amenable to bulk mining techniques

• Shallow satellite deposits have potential to drive costs down

• Life of Mine Plan to be updated in Q4 2012.

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• Seabee Mine: 1,000 ounces per vertical metre

• Santoy 8: 1,200 ounces per vertical metre

• Santoy Gap: 1,500-2,000 ounces per vertical metre

Comparative Oz/Vertical Metre

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Amisk Gold Project

• 100% ownership • 40,373 hectare property • 1.57 million ounces in NI 43-101 resource calculation • Proven mining district and “mining friendly” community • Greenfield site is close to provincial 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 Reserves & Resources

Resource Class Tonnes (000’s) Grade (g/t) Contained Ounces (000’s)

Au Ag Au Eq Au Ag Au Eq

Indicated 30,150 0.85 6.17 0.95 827 5,978 921

Inferred 27,653 0.64 4.01 0.70 589 3,692 645

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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 23,550 metre exploration program planned for 2012

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Madsen Reserves & Resources

Resource Class

Zone Tonnes Grade (g/t) Grade (oz/t) Contained Ounces (oz)

Indicated Austin 1,677,000 7.92 0.23 427,000

South Austin 850,000 9.32 0.27 254,000

McVeigh 374,000 9.59 0.28 115,000

Zone 8 335,000 12.21 0.36 132,000

Total 3,236,000 8.93 0.26 928,000

Inferred Austin 108,000 6.30 0.18 22,000

South Austin 259,000 8.45 0.25 70,000

McVeigh 104,000 6.11 0.18 20,000

Zone 8 317,000 18.14 0.53 185,000

Total 788,000 11.74 0.34 297,000

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Madsen Property

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Madsen Mine Trend

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 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 $5.90* 50,700 $4.90* 100,000

Madsen $5.40 23,550 $3.85 18,000

Amisk $1.20 3,750 $1.74 10,000

Total $12.50 78,000 $10.49 128,000

*Excluding underground expenditures.

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$0

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Rubicon

Kirkland Lake

Average

Non-producer

Producer

Peer Valuation (as of September 18, 2012)

Mar

ket

Cap/

Oz

*Calculation based on National Instrument 43-101 ounces

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Claude Resources Inc. Experience. Stability. Potential.

Creating the Capacity to

Discover. Develop. Deliver.

TSX: CRJ NYSE MKT: CGR

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

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Appendix A: Major Shareholders

Shareholder Position % of Market Cap Craton Capital Ltd. 11,600,000 6.68

Libra Advisors LLC 8,308,160 4.78

Sprott Asset Management LP 7,159,838 4.12

Ruffer LLP 5,493,000 3.16

Royal Bank of Canada 4,062,742 2.34

GCIC Ltd. 4,062,270 2.34

Mackenzie Financial Corporation 3,152,300 1.81

US Global Investors Inc. 2,500,000 1.44

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Neil McMillan President Chief Executive Officer Board Director

17 years as President & CEO of Claude. 16 years managing the RBC Dominion Securities operation in Saskatoon. Shore Gold Inc. and Cameco Corporation Board Director.

Rick Johnson, C.A.

Chief Financial Officer Vice President Finance

16 years with Claude including 8 years as CFO and VP Finance.

Brian Skanderbeg, P.Geo.

Chief Operating Officer Senior Vice President

5 years with Claude leading the exploration team. Appointed Sr. VP and COO in September 2012. Previously worked for Goldcorp, INCO and Helio Resources.

Peter Longo, P.Eng., MBA, PMP

Vice President Operations Joined Claude in 2011 as Manager of Capital Projects and appointed VP Operations in 2012. Previously worked for Areva Resources, Cameco Corporation and INCO.

Appendix B: Management Team

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Ted J. Nieman Chairman Senior Vice-President, General Counsel and Corporate Secretary of Canpotex. A board member of all of Canpotex’s subsidiaries and affiliates. Joined the Board of Directors in 2007.

Ronald J. Hicks, C.A.

Director Spent 41 years with Deloitte where he was a partner. Has served as a Director with Dickenson Mines Ltd., Kam Kotia Mines Ltd., Saskatchewan Government Insurance and Prairie Malt Ltd. Joined the Board of Directors in 2007.

J. Robert Kowalishin, P.Eng.

Director Held a number of senior positions with the Trane Company over the course of his 42 year career with the company. Joined the Board of Directors in 2007.

Rita Mirwald Director Held a number of senior positions with Cameco Corporation, including that of Senior Vice President Corporate Services. Joined the Board of Directors in 2011.

Mike Sylvestre Director Currently the President and Chief Executive Officer for Castle Resources Inc. Holds an MSc and BSc in Mining Engineering from McGill University and Queen’s University. Previous experience with Inco Ltd. Over 35 years of mining experience. Joined the Board of Directors in 2011.

Brian Booth Director Currently serves as the President and Chief Executive Officer of Pembrook Mining Corp. Previous work experience includes Inco Ltd. and Lake Shore Gold Corp. Over 30 years of experience in mineral exploration. Joined the Board of Directors in 2012.

Neil McMillan President Chief Executive Officer Board Director

17 years as President & CEO of Claude. 16 years managing the RBC Dominion Securities operation in Saskatoon. Shore Gold Inc. and Cameco Corporation Board Director.

Appendix C: Board of Directors

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Appendix D: Key Personnel Additions

Re-structuring of Operations: – Create Mine Manager role: Responsible for mine operations.

– Established Capital Projects role: – Responsible for building business case, planning and execution of capital projects and new mines.

New Site Management Team: • 4 Leaders with 50+ years operating experience at Seabee

– Dale Cliff, Site Manager: 25+ years mining experience (mostly at Seabee).

– Pat Hamilton, Manager Technical Services (Engineering): 20 years mining engineering experience at Claude.

– Jeff Kulas, Manager Technical Services (Geology): 15+ years industry experience including operations and geology.

– Mark Lodewyk, P. Eng., Mine Manager: 10 years in mining in Canada/Australia, including 4 years at Seabee.

• 5 New Leaders with 65+ years operating experience from other operations – Chad Ireland, HSA, CSO, Manager Safety & Training: 10+ years industry at Claude, SNC Lavalin.

– Trevor Cooney, SPCM,, Manager Supply Chain: 10 years experience, 5 years in Northern Sask mining operations.

– Nicola Banton, MSc, P.Eng, Manager Environment: 10+ years in industry working in base metals, uranium and potash milling operations and projects.

– Lane Maxemiuk, P.Eng: Technical services: 15 years experience in mining operations including Diavik mine (Rio Tinto) and consulting firms (Golder, SRK).

– Kerry McNamara, P. Eng, Manager Capital Projects: 20+ years industry experience in operations, engineering, and projects in gold and uranium at Goldcorp and Cameco.