2Cautionary 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.Cautionary Statement
3Q1 2013 Highlightsü Net loss of $2.5 million, or $0.01 per share.ü Cash flow from operations before net changes in non-cash operating workingcapital (1)of $1.4 million, or $0.01 per share.ü Produced 8,082 ounces of gold.ü Gold sales of 9,301 ounces at an average realized price of $1,643 (U.S. $1,629) forrevenue of $15.3 million.ü Total cash cost per ounce of gold (2)for the first quarter of 2013 was $1,245 (U.S.$1,235).ü 2013 winter road re-supply program was successfully completed.ü Seabee Gold Mine shaft extension project was completed to 980 metres inJanuary.ü Closed debt financing with Canadian Western Bank and with Crown CapitalPartners on April 5, 2013.
4Ounces Produced &Cash Costs02,0004,0006,0008,00010,00012,00014,00016,000Q22011Q32011Q42011Q12012Q22012Q32012Q42012Q12013Ounces Produced$0$200$400$600$800$1,000$1,200$1,400Q22011Q32011Q42011Q12012Q22012Q32012Q42012Q12013Cash Cost Per Ounce (2)(CDN$ per ounce)Q1 2013: 8,082 ounces Q1 2013: CDN $1,245
5Revenue & Gold Price$0.0$5.0$10.0$15.0$20.0$25.0Q22011Q32011Q42011Q12012Q22012Q32012Q42012Q12013Revenue($ millions)$1,350$1,400$1,450$1,500$1,550$1,600$1,650$1,700Q22011Q32011Q42011Q12012Q22012Q32012Q42012Q12013Average Realized Gold Price(CDN$ per ounce)Q1 2013: $15.3 million Q1 2013: CDN $1,643
6Cash Flow & Net Profit$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0$8.0$9.0$10.0Q22011Q32011Q42011Q12012Q22012Q32012Q42012Q12013Cash Flow From Operations BeforeNet Changes in Non-CashOperating Working Capital (1)($ millions)-$3.0-$2.0-$1.0$0.0$1.0$2.0$3.0$4.0$5.0$6.0Q22011Q32011Q42011Q12012Q22012Q32012Q42012Q12013Net Profit (Loss)($ millions)Q1 2013: ($2.5 million)Q1 2013: $1.4 million
7Financial PositionMarch 312013Short term debt* (millions) $20.8Long term debt (millions) $0.0Common shares outstanding, basic (millions) 175.8Common share outstanding, fully diluted (millions) 184.1*Includes $9.7 of debentures outstanding which mature in May of 2013
8• During the first quarter of 2013, the Company expanded itsdebt facilities.– $25.0 million with Canadian Western Bank (up from$14.0 million)– $25.0 million with Crown Capital Partners Inc. (closedon April 5, 2013)• The new debt facilities are expected to permit theretirement of the Company’s outstanding debentures,allow for the development of Santoy Gap, the Seabee Mineand for working capital purposes.Financial Capacity
9• Since the second quarter of 2012 the Company hasaggressively taken steps to reduce corporate expenditures.• In 2013, Claude has identified and implemented anadditional $6.0 million (annualized) of expenditure cuts andcontinues to review and adjust capital expenditures.• Year over year, Claude expects to reduce expenditures byover 20%.Cost Reduction Initiatives
11Seabee Gold Operation2013 Production• Forecast gold production of 50,000 to 54,0000ounceso Approximately 60% from Seabee and 40% from theSantoy Mine Complex• Unit costs are estimated to improve modestly from2012 cash costs of CDN $997• L62 Zone now in productionExploration Program for 2013• Exploration budget of $1.6 million mainly focused onthe Seabee and Santoy regions• Approximately 15,000 metres of underground drillingwas completed during the first quarter of 2013.
12Santoy Gap• Indicated Mineral Resources of 281,000 ounces at 8.80 g/t (NI 43-101 compliant)• Inferred Mineral Resources of 357,000 ounces at 5.92 g/t (NI 43-101 compliant)• Initiated exploration ramp to the Santoy Gap from current mining infrastructure –currently 485 metres into the 800 metre ramp
13Resource Growth391,000617,000976,3001,815,4001,545,400196,0001,135,2001,576,3001,919,6002,193,200219,000208,200352,600355,600 311,1000500,0001,000,0001,500,0002,000,0002,500,0003,000,0003,500,0004,000,0004,500,0002008 2009 2010 2011 2012Global Resource BaseDecember 31, 2012Proven &ProbableMeasured&IndicatedInferredReserves:• Grade á14% to 6.14 g/t from 5.37 g/t.• Ounces â13% or 44,500 after mining49,570 ounces in 2012.• Anticipate significant reserve growth in2013 from Santoy GapIndicated and Measured:• Grade á46% to 7.82 g/t from 5.35 g/t.• Ounces á344,200 ozs from 70,700 ozs.Inferred:• Ounces â31% as 270,000 ounces fromSantoy Gap was upgraded into theMeasured and Indicated category
14Amisk Gold ProjectProject Overview:• 100% ownership• 1.56M oz resources (NI 43-101compliant)• 40,400 hectare property• Open pit potentialExploration Program for 2013• Advancement of a PreliminaryEconomic Assessment of the AmiskGold Project was ongoing during thefirst quarter.• Exploration activities were minimal withplanned fiscal 2013 expenditures beingdeferred.
15Madsen Gold ProjectProject Overview:• 100% ownership• 1.23M oz resources (NI 43-101 compliant)• Historic production of 2.45 million ounces of gold from1938 to 1976• 10,000 acre land package• Fully permitted mill, shaft and tailings managementfacility• Similar type of geology to that of Goldcorp’s Red LakeAssetsExploration Program for 2013• The Company will focus on completion of an internalscoping study of the Madsen Project in 2013.
162013 Outlook• Forecast gold production of 50,000 to 54,0000 ounces– Approximately 60% from Seabee and 40% from the Santoy 8• Unit costs are estimated to improve modestly from 2012 cashcosts of CDN $997• Exploration budget of $1.6 million mainly focused on theSeabee and Santoy regions• Budgeted capital expenditures forecasted to decrease 25% yearover year at approximately $31.9 million• Continued review and adjustments on expenditures in 2013
18Neil McMillan PresidentChief Executive OfficerBoard Director17 years as President & CEO of Claude. 16years managing the RBC Dominion Securitiesoperation in Saskatoon. Shore Gold Inc. andCameco Corporation Board Director.Rick Johnson,C.A.Chief Financial OfficerVice President Finance16 years with Claude including 8 years as CFOand VP Finance.BrianSkanderbeg,P.Geo.Chief Operating OfficerSenior Vice President5 years with Claude leading the explorationteam. Appointed Sr. VP and COO September1, 2012. Previously employed with Goldcorp,INCO and Helio Resources.Peter Longo,P.Eng., MBAVice President, Operations Joined Claude in 2011 as Manager of CapitalProjects and appointed VP Operations in2012. Previously worked for Areva Resources,Cameco Corporation and INCO.Appendix A:Management Team
19Ted J. Nieman,Q.C.Chairman Senior Vice-President, General Counsel and Corporate Secretary of Canpotex. A boardmember of all of Canpotex’s subsidiaries and affiliates. Joined the Board of Directors in2007.Ronald J. Hicks,C.A.Director Spent 41 years with Deloitte where he was a partner. Has served as a Director withDickenson Mines Ltd., Kam Kotia Mines Ltd., Saskatchewan Government Insuranceand Prairie Malt Ltd. Joined the Board of Directors in 2007.Ray A. McKay Director Held numerous senior positions within the aboriginal business community, provincialgovernment and in the education sector. Most recently retired as the CEO of KitsakiManagement, a business arm of the Lac La Ronge Indian Band.J. RobertKowalishin, P.Eng.Director Held a number of senior positions with the Trane Company over the course of his 42year career with the company. Joined the Board of Directors in 2007.Rita Mirwald,C.M.Director Held a number of senior positions with Cameco Corporation, including that of SeniorVice President Corporate Services. Joined the Board of Directors in 2011.Mike Sylvestre,P.Eng.Director Currently the President and Chief Executive Officer for Castle Resources Inc. Holds anMSc and BSc in Mining Engineering from McGill University and Queen’s University.Previous experience with Inco Ltd. Over 35 years of mining experience. Joined theBoard of Directors in 2011.Brian Booth,P.Geo.Director Currently serves as the President and Chief Executive Officer of Pembrook MiningCorp. Previous work experience includes Inco Ltd. and Lake Shore Gold Corp. Over 30years of experience in mineral exploration. Joined the Board of Directors in 2012.Neil McMillan President & CEODirector17 years as President & CEO of Claude. 16 years managing the RBC DominionSecurities operation in Saskatoon. Serves on the Board of Shore Gold Inc. and CamecoCorporation.Appendix B:Board of Directors
20Appendix C:Footnotes(1) See description and reconciliation of this performancemeasure in the “Other Performance Measures” section of theCompany’s MD&A.(2) See description and reconciliation of non-IFRS performancemeasures in the “Non-IFRS Performance Measures andReconciliations” section of the Company’s MD&A.