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  • 1. John Tum azosVery I ndependentResearchConferencePresented byBrian SkanderbegSenior Vice President & COOOctober 2012 1
  • 2. 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. 2
  • 3. At a Glance • Head Office: Saskatoon, SK • Project Locations: Saskatchewan & Ontario • Assets: • Seabee Gold Operation • Amisk Gold Project • Madsen Gold ProjectAMISK 3
  • 4. 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. 4
  • 5. Corporate OverviewStock Exchanges: Cash & Short Term Investments: ($1.6 million)TSX CRJ (June 30, 2012)NYSE MKT CGR Debt (June 30, 2012): Short Term $18.2 million Long Term $1.0 millionShares Outstanding (June 30, 2012):Basic 173.7 millionFully Diluted 183.2 million Cash Costs per Ounce: Q2 2012 $1,082 CDNMarket Cap $150 million CDN $1,071 US(September 19, 2012) TSX: 52 Week High $2.29Analyst Coverage: 52 Week Low $0.56Brian Christie Desjardins Securities Avg. Volume 380,000Cosmos Chui CIBCPaolo Lostritto National Bank NYSE MKT:Ron Stewart Dundee Securities 52 Week High $2.29Sam Crittenden RBC 52 Week Low $0.56 Avg. Volume 400,000 5
  • 6. Focused on GrowthGreat 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 Increasing Seabee Gold Production Resource Base (2007-2016) 4500000 90,000 4000000 80,000 70,000 3500000 1,566,000Production Ounces 60,000 3000000 Amisk 50,000 2500000 1,018,000 Madsen 40,000 2000000 1,225,000 Seabee 30,000 1500000 1,225,000 1,225,000 20,000 1000000 1,300,000 10,000 500000 806,000 735,000 662,000 0 0 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 6
  • 7. Operations & Projects 7
  • 8. Seabee Gold Operation• 100% ownership• 14,400 hectare property• Produced over 1,000,000 ounces of gold from1991 to 2012• 1.30 million ounces in NI 43-101 reserve &resources• Full infrastructure including a 1,050 tonne perday mill• Two producing mines: Seabee Gold Mine and theSantoy 8 Gold Mine• Exploration focused on Santoy Gap, L62, Santoy8, Seabee Deep, and Neptune 8
  • 9. Seabee Reserves & ResourcesResource Class Zone Tonnes Grade (g/t) Contained Gold (oz)Proven & Seabee 1,062,900 6.58 224,900Probable Santoy 8 997,100 4.08 130,600 Total 2,059,900 5.37 355,600Indicated 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 70,700Inferred 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 9
  • 10. Seabee PropertySeabee Property:14,400 Hectares • Established fully-permitted infrastructure • Underexplored productive belt 10
  • 11. Seabee Mine Shaft Extension Q4 2012 completion L62 MRMRP & 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 • L62 deposit discovery 200 m from infrastructure • Open up-dip to surface • Currently developed on 3 levels 11
  • 12. 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 12
  • 13. Santoy 8 Longitudinal Section Santoy 8 Total MRMR P & P Reserve – 130,600 Oz @ 4.08 g/t Resource – 149,300 Oz @ 5.46 g/t • Grid power & all-weather road • Currently producing ~ 400 tpd • 280 Koz MRMR with drilling expanding at depth • Lower grade & lower cost than Seabee 13
  • 14. 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. 14
  • 15. Comparative Oz/Vertical Metre• 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 15
  • 16. Amisk Gold Project• 100% ownership• 40,373 hectare property• 1.57 million ounces in NI 43-101 resourcecalculation• 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 drilltested to approximately 600 metres below surfaceNI 43-101 Resource and PEA to be completedin 1H 2013 16
  • 17. Amisk Reserves & ResourcesResource Class Tonnes (000’s) Grade (g/t) Contained Ounces (000’s) Au Ag Au Eq Au Ag Au EqIndicated 30,150 0.85 6.17 0.95 827 5,978 921Inferred 27,653 0.64 4.01 0.70 589 3,692 645 17
  • 18. Amisk Location 18
  • 19. 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% 19
  • 20. Madsen Exploration Project• 100% ownership• 10,000 hectare property• 1.23 million ounces in NI 43-101 resourcecalculation• Historic production was 2.45 million ounces ofgold from 1938 to 1976• Similar type of geology to that of Goldcorp’s RedLake Assets• All existing infrastructure is fully permitted23,550 metre exploration program plannedfor 2012 20
  • 21. Madsen Reserves & ResourcesResource Zone Tonnes Grade (g/t) Grade (oz/t) ContainedClass 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 0.26 928,000Inferred 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 21
  • 22. Madsen Property 22
  • 23. Madsen Mine TrendExploration is focused on continued testing of the 8 Zone Trend as well as the McVeigh and Austin Tuff depth continuity. 23
  • 24. 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 24
  • 25. 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 tobring Madsen into production 25
  • 26. Exploration Summary 2012 2012 2011 2011 $ (in millions) Metres $ (in millions) MetresSeabee $5.90* 50,700 $4.90* 100,000Madsen $5.40 23,550 $3.85 18,000Amisk $1.20 3,750 $1.74 10,000Total $12.50 78,000 $10.49 128,000 *Excluding underground expenditures. 26
  • 27. Peer Valuation (as of September 18, 2012) $450 $400 Rubicon Non-producer $350 Kirkland Lake Producer $300 AverageMarket Cap/Oz $250 $200 $150 $100 $50 $0 *Calculation based on National Instrument 43-101 ounces 27
  • 28. 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 28
  • 29. Appendix A: Major ShareholdersShareholder Position % of Market CapCraton Capital Ltd. 11,600,000 6.68Libra Advisors LLC 8,308,160 4.78Sprott Asset Management LP 7,159,838 4.12Ruffer LLP 5,493,000 3.16Royal Bank of Canada 4,062,742 2.34GCIC Ltd. 4,062,270 2.34Mackenzie Financial Corporation 3,152,300 1.81US Global Investors Inc. 2,500,000 1.44 29
  • 30. Appendix B: Management TeamNeil McMillan President 17 years as President & CEO of Claude. 16 Chief Executive Officer years managing the RBC Dominion Securities Board Director operation in Saskatoon. Shore Gold Inc. and Cameco Corporation Board Director.Rick Johnson, Chief Financial Officer 16 years with Claude including 8 years as CFOC.A. Vice President Finance and VP Finance.Brian Chief Operating Officer 5 years with Claude leading the explorationSkanderbeg, Senior Vice President team. Appointed Sr. VP and COO inP.Geo. September 2012. Previously worked for Goldcorp, INCO and Helio Resources.Peter Longo, Vice President Operations Joined Claude in 2011 as Manager of CapitalP.Eng., MBA, Projects and appointed VP Operations inPMP 2012. Previously worked for Areva Resources, Cameco Corporation and INCO. 30
  • 31. Appendix C: Board of DirectorsTed 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, Director Spent 41 years with Deloitte where he was a partner. Has served as a DirectorC.A. with Dickenson Mines Ltd., Kam Kotia Mines Ltd., Saskatchewan Government Insurance and Prairie Malt Ltd. Joined the Board of Directors in 2007.J. Robert Director Held a number of senior positions with the Trane Company over the course ofKowalishin, his 42 year career with the company. Joined the Board of Directors in 2007.P.Eng.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 17 years as President & CEO of Claude. 16 years managing the RBC Dominion Chief Executive Securities operation in Saskatoon. Shore Gold Inc. and Cameco Corporation Officer Board Director. Board Director 31
  • 32. Appendix D: Key Personnel AdditionsRe-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. 32