May 10, 2012Annual General Meeting                         1
May 10, 2012Annual General MeetingNeil McMillanPresident and CEO                         2
Cautionary StatementCautionary Note Regarding Forward-Looking InformationThis document contains certain forward-looking st...
Board of DirectorsTed J. Nieman      J. Robert          Mike            Rita M.     Chair,       Kowalishin        Sylvest...
Executive OfficersNeil McMillan    Rick Johnson         Brian           Peter LongoPresident, CEO     CFO, Vice       Skan...
What is Claude All About?Claude Resources Inc. has three   Canadian Gold Projects: Seabee,   Amisk and Madsen.Each project...
Mission & Vision• The Company’s mission is to create and deliver  outstanding stakeholder value through the  exploration, ...
Share Price Performance – CRJ vs.                                                                       Peers (52 Weeks)  ...
Share Price Performance – CRJ vs.                            Peers (3 year)300%250%200%150%                               ...
Corporate OverviewStock Exchanges:                            Cash Costs per Ounce:TSX              CRJ                   ...
Focused on Growth         Great Risk vs. Reward Investment Opportunity                            Cash flow and net earni...
2011 Highlights• Santoy 8 Gold Mine reached commercial production• Seabee Mineral Reserves and Mineral Resources increased...
Financial Highlights                                                                             12 months ended 12 months...
Financial Highlights                                                12 months       12 months                             ...
OperationsAMISK PROJECT                         15
Seabee Gold Operation• 100% ownership• 14,400 hectare property• Produced over 980,000 ounces of gold from 1991 to2011• 1.3...
Seabee PropertySeabee Property: 14,400 Hectares     • Established fully-permitted infrastructure     • Underexplored produ...
Regional Exploration:                                                                 Santoy Gap• Inferred Mineral Resourc...
L62 DiscoveryL62 Discovery                          Shaft Extension                          Q3 2012                •   L6...
Regional Exploration:                 NeptuneHighlights of 2010 and 2011 drilling:• 3.2 m @ 85.0 g/t• 3.0 m @ 13.6 g/t• 2....
Amisk Gold Project• 100% ownership• 24,350 hectare property• 1.57 million ounces in NI 43-101 resourcecalculation• Proven ...
Amisk Location             22
Amisk Pit Shell                 Claude Resources - Amisk Lake Project - Grade - Tonnage Sensitivity Table                 ...
Madsen Exploration Project• 100% ownership• 10,000 hectare property• 1.23 million ounces in NI 43-101 resourcecalculation•...
Madsen Property              25
Madsen Mine Trend2012 Exploration is focused on continued testing of the 8 Zone Trend as well as the                     M...
Madsen Property:                                                           Red Lake Camp   Starratt Olsen               Ma...
Madsen Cross Section                   28
Madsen InfrastructureModern equipment and facilities:• 500 ton per day permitted mill• 5 compartment shaft to 4,125 feet• ...
Exploration Summary                                           2012            2012        2011            2011            ...
Peer Valuation                                                              (as of May 4, 2012)                $350       ...
Catalysts for 2012     • Closing of SEM Acquisition     • Seabee Exploration Results (Santoy Gap and L62)Q1   • Seabee Res...
Claude Resources Inc. Experience. Stability. Potential.    Creating the Capacity to Discover. Develop. Deliver.TSX: CRJ   ...
May 10, 2012Annual General Meeting                         34
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Claude Resources Inc. 2012 Annual General Meeting Presentation

  1. 1. May 10, 2012Annual General Meeting 1
  2. 2. May 10, 2012Annual General MeetingNeil McMillanPresident and CEO 2
  3. 3. Cautionary StatementCautionary Note Regarding Forward-Looking InformationThis document contains certain forward-looking statements relating but not limited to the Company’s expectations, intentions, plans andbeliefs. 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 reserveand 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 todiffer 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 inobtaining 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 torisks, 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-lookingstatements. Shareholders are cautioned not to place undue reliance on forward-looking information. By its nature, forward-lookinginformation involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibilitythat the predictions, forecasts, projections and various future events will not occur. Claude Resources undertakes no obligation to updatepublicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factorswhich 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 CanadianSecurities Administrators. The requirements of National Instrument 43-101 differ significantly from the requirements of the United StatesSecurities 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. miningcompanies, in their filings with the SEC, to disclose only those mineral deposits that constitute “reserves”. Under United Statesstandards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could beeconomically and legally extracted at the time the determination is made. United States investors should not assume that all or anyportion of a measured or indicated resource will ever be converted into “reserves”. Further, “inferred resources” have a great amount ofuncertainty as to their existence and whether they can be mined economically or legally, and United States investors should not assumethat “inferred resources” exist or can be legally or economically mined, or that they will ever be upgraded to a higher category. 3
  4. 4. Board of DirectorsTed J. Nieman J. Robert Mike Rita M. Chair, Kowalishin Sylvestre Mirwald Nominating & Safety, Health & Reserves Human Corporate Environmental Committee Resources & Governance Committee Chair Compensation Chair Chair Committee Chair Ron J. Hicks Brian Booth Ray A. McKay Neil McMillan Audit Chair Director Director President, CEO and Director 4
  5. 5. Executive OfficersNeil McMillan Rick Johnson Brian Peter LongoPresident, CEO CFO, Vice Skanderbeg Vice President of and Director President of Vice President of Operations Finance Exploration 5
  6. 6. What is Claude All About?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. 6
  7. 7. Mission & Vision• 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. 7
  8. 8. Share Price Performance – CRJ vs. Peers (52 Weeks) 52 Week (April 30, 2011 – April 30, 2012) 30% 20% 10% 0%Share Price Performance (52 Weeks) -10% 52 Week Peer Group -20% 52 Week CRJ -30% -40% -50% -60% -70% 8
  9. 9. Share Price Performance – CRJ vs. Peers (3 year)300%250%200%150% Peer Group 3 year Claude 3 Year100%50% 0%-50% 9
  10. 10. Corporate OverviewStock Exchanges: Cash Costs per Ounce:TSX CRJ 2011 $908 CDNNYSE Amex CGR $918 US TSX:Shares Outstanding (May 4, 2012): 52 Week High $2.36Basic 173.7 million 52 Week Low $0.80Fully Diluted 183.2 million Avg. Volume 236,000Market Cap $145 million CDN NYSE Amex: 52 Week High $2.37 52 Week Low $0.82Analyst Coverage: Avg. Volume 418,000Brian Christie Desjardins SecuritiesCosmos Chui CIBC As of May 4, 2012Paolo Lostritto National BankPaul Burchell Dundee SecuritiesSam Crittenden RBCWendell Zerb Canaccord Genuity 10
  11. 11. 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 Increasing Seabee Gold Production Resource Base (2007-2016) 4500000 90,000 4.09 Moz 80,000 4000000 70,000 3500000 1,566,000 3000000 2.91 MozProduction Ounces 60,000 Amisk 50,000 2500000 1,018,000 1.96 Moz Madsen 40,000 2000000 1,225,000 Seabee 30,000 1500000 1,225,000 1,225,000 20,000 1000000 0.81 Moz 10,000 1,300,000 500000 806,000 735,000 662,000 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 11
  12. 12. 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 12
  13. 13. Financial Highlights 12 months ended 12 months ended Dec 31 2011 Dec 31 2010Revenues (millions) $69.7 $56.0Gold sold (ounces) 44,632 44,003Average realized gold price (CDN) $1,561 $1,273Total cash cost per ounce (CDN) $908 $709Cash flow (millions) (1) $22.2 $19.8 (1)Cash flow per share $0.14 $0.15 For an explanation of non-IFRS performance measures, refer to the “Non-IFRS Performance Measures” section in the Company’s (1) MD&A filed on www.sedar.com. 13
  14. 14. Financial Highlights 12 months 12 months ended Dec 31, ended Dec 31, 2011 2010Net profit (millions) $9.5 $10.3Net profit per share (basic and diluted) $0.06 $0.08 14
  15. 15. OperationsAMISK PROJECT 15
  16. 16. Seabee Gold Operation• 100% ownership• 14,400 hectare property• Produced over 980,000 ounces of gold from 1991 to2011• 1.30 million ounces in NI 43-101 resourcecalculation• Full infrastructure including an 850 tonne per daypermitted mill• Two producing mines: Seabee Gold Mine and theSantoy 8 Gold Mine• Exploration focused on Santoy Gap, L62, Santoy 8,Seabee Deep, and Neptune130,000 metre exploration program plannedfor 2012 16
  17. 17. Seabee PropertySeabee Property: 14,400 Hectares • Established fully-permitted infrastructure • Underexplored productive belt • $7.5 M, 130,000 m regional exploration in 2012 17
  18. 18. 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 18
  19. 19. L62 DiscoveryL62 Discovery Shaft Extension Q3 2012 • L62 deposit 200 m from infrastructure • Open in all directions • Expected to be in production 2H 2012 19
  20. 20. Regional Exploration: NeptuneHighlights 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/t70,000 m of drilling betweenNeptune, Santoy 8 and Santoy Gapplanned for 2012 20
  21. 21. Amisk Gold Project• 100% ownership• 24,350 hectare property• 1.57 million ounces in NI 43-101 resourcecalculation• Proven mining district and “mining friendly”community• Close to infrastructure• Large bulk mineable potential• Mineralization begins at surface and has beentested to approximately 600 metres below surfaceNI 43-101 Resource update planned in Q22012 and PEA to be completed in Q3 2012 21
  22. 22. Amisk Location 22
  23. 23. Amisk Pit Shell Claude Resources - Amisk Lake Project - Grade - Tonnage Sensitivity Table Total Resource Indicated InferredAu Eq Cut-Off Au Eq Tonnage Au (gpt) Ag (gpt) Total Oz Ind Oz % Inf Oz % (gpt) 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% 23
  24. 24. Madsen Exploration Project• 100% ownership• 10,000 hectare property• 1.23 million ounces in NI 43-101 resourcecalculation• Historic production was 2.45 million ouncesof gold from 1938 to 1976• Similar type of geology to that of Goldcorp’sRed Lake Assets• All existing infrastructure is fully permittedAggressive exploration program plannedfor 2012 24
  25. 25. Madsen Property 25
  26. 26. Madsen Mine Trend2012 Exploration is focused on continued testing of the 8 Zone Trend as well as the McVeigh and Austin Tuff depth continuity. 26
  27. 27. Madsen Property: Red Lake Camp Starratt Olsen Madsen Mine Historic Production 2.4 M oz @ 0.30 opt Austin East164,000 oz @ 0.18 opt Underground Drill Chambers 2012 exploration target areas 8 Zone 27
  28. 28. Madsen Cross Section 28
  29. 29. Madsen InfrastructureModern 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 facilityMinimal capital required to bringMadsen into production 29
  30. 30. Exploration Summary 2012 2012 2011 2011 $ (in millions) Metres $ (in millions) MetresSeabee $7.50* 129,600 $4.90* 100,000Madsen $6.50 29,050 $3.85 18,000Amisk $1.50 6,000 $1.74 10,000Total $15.50 164,650 $6.66 128,000 *Excluding underground expenditures. 30
  31. 31. Peer Valuation (as of May 4, 2012) $350 Explorers Rubicon $300 Producers Kirkland Lake $250 $200Market Cap/Oz $150 $100 $50 $0 Calculation based on National Instrument 43-101 ounces 31
  32. 32. Catalysts for 2012 • Closing of SEM Acquisition • Seabee Exploration Results (Santoy Gap and L62)Q1 • Seabee Reserve and Resource Update • Amisk Resource Update • Amisk Exploration ResultsQ2 • Seabee Exploration Results (Neptune, Santoy Gap and L62) • Shaft Extension Completed at Seabee • Mill Expansion Completed at Seabee • Madsen Exploration ResultsQ3 • PEA at Amisk • Seabee Exploration Results (Santoy Gap and L62) • Madsen Exploration ResultsQ4 32
  33. 33. 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 33
  34. 34. May 10, 2012Annual General Meeting 34
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