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Presented By:Neil McMillanPresident & CEO

Q1 FinancialsMay 14, 2012

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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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Q1 2012 Highlights

• Significant increase in mineral reserves and mineral resources at the Seabee Gold Operation

• St. Eugene Mining Corporation acquisition completed

• Winter re-supply program completed

• Peter Longo appointed as Vice President of Operations

• Brian Booth joined the Claude Resources Board of Directors

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Corporate Resource Growth

2008 2009 2010 20110

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

806,000 735,000 662,000

1,300,000

1,225,000 1,225,000

1,225,000

1018000

1566000

Resource Base

AmiskMadsenSeabee

0.81 Moz

1.96 Moz

2.91 Moz

4.09 Moz

400% in

crease

over 4

years

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Financial Highlights

3 months ended March

31 2012

3 months ended March

31 2011

Revenues (millions) $16.1 $13.3

Gold sold (ounces) 9,547 9,461

Average realized gold price (CDN) $1,681 $1,408

Total cash cost per ounce (CDN) $1,236 $924

Cash flow (millions) (1) $2.6 $3.6

Cash flow per share (1) $0.02 $0.03

(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

3 months ended Mar 31 2012

3 months ended Mar 31 2011

Net profit (millions) ($0.5) $1.8

Net profit per share $0.00 $0.01

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Seabee Gold Operations

2012 Production• Forecast: 50,500 ounces of gold• The Company anticipates initial production at

L62 deposit in the second half of 2012.

Exploration Program for 2012• 130,000 metres at Seabee Operation

o 60,000 metres undergroundo 70,000 metres regionally

• Focused on continued reserve and resource growth at the Seabee and Santoy 8 Mines and the Santoy Gap and L62 deposits.

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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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Reserve & Resource Update

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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Reserve & Resource Update

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

Camp Expansion• At Seabee and Santoy 8

Projects: Seabee Gold Operation

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Amisk Gold Project

• 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 1st, 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 Preliminary Economic Assessment and resource update

• Near-pit exploration

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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 2012 Program

Exploration Program• Metres: 29,000• 2 underground rigs and 1 surface rig, targeting

30-40 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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Madsen Property: Red Lake Camp

Starratt Olsen 164,000 oz @ 0.18

opt

Madsen Mine Historic Production

2.4 M oz @ 0.30 optAustin East

UndergroundDrill 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

Madsen Infrastructure

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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 $1.75 10,000

Total $15.50164,65

0 $10.50128,00

0*Excluding underground expenditures.

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For 2012, and looking forward, the Company will continue

to:

1) Pursue best practices in the areas of safety, health and the

environment;

2) Invest in capital projects and equipment to further develop satellite

deposits to increase production and to decrease unit cash cost at the

Seabee Gold Operation;

3) Further exploration and development at the Seabee Gold Operation to

sustain or increase reserves and resources;

4) Advance surface and underground exploration drill programs at the

Company’s 100 percent owned Madsen Exploration Project; and

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

preliminary economic assessment.

2012 Outlook

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Catalysts for 2012

Q1

•Closing of SEM Acquisition

•Seabee Exploration Results

•Seabee Reserve and Resource Update

Q2

•Amisk Exploration Results

•Seabee Exploration Results

Q3

•Shaft Extension Completed at Seabee

•Mill Expansion Completed at Seabee

•Madsen Exploration Results

•PEA at Amisk

Q4

•Seabee Exploration Results

•Madsen Exploration Results

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Claude Resources Inc.

Experience. Stability. Potential.

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

CGR

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

P. 306.668.7505F. 306.668.7500