Claude Resources Inc. Q1 2016 Earnings Call

Q1 2016 Earnings Call
May 5, 2016

www.clauderesources.com
Cautionary Statement
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.
2

Q1 2016 – Off to a Great Start
3
Key Highlights
ü Recipient of the John T. Ryan safety award
ü Strong production from mining higher grades
ü Strong earnings from sustainable costs and higher gold sales
ü Free cash flow added cash to the balance sheet
ü Exploration success at Santoy Gap
ü Announced a proposed acquisition of Claude by Silver Standard

Operating Execution
Ø Excellent safety and environment results
Ø Mine sequencing and higher grade Santoy Gap ore replaced lower grade Santoy 8 ore
Ø Santoy Gap averaged 589 tonnes per day at 9.04 g/t
Ø Exceeded budgeted on tonnes and grade at Santoy Gap
4
Performance Driven by Santoy Gap
Production Results Q1 2016 Q1 2015
Tonnes Milled 74,179 67,249
Head Grade (g/t) 8.99 10.17
Recovery 96.5% 95.8%
Gold Ounces
Produced 20,672 21,067
Sold 21,030 17,326

Key Driver: Santoy Gap
5
Higher Grade + Wider Veins = More Ounces per Vertical Metre
Ø Production well-ahead of schedule and pre-
feasibility design
Ø Reconciling above reserves and resources on
ounces and below on tonnage
Ø Infrastructure upgrades on-going for 650-700
tpd profile in 2016
Ø Transitioning to full production in 2016 - 2017
Ø ~80% of 2016 production
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016 2016 E
QuarterlyOz
QuarterlyTonnage
Santoy Gap Quarterly
Production Profile
Budget T
Actual T
Budget Oz
Total Mine Production
Tonnes Ounces Grade
Development (May 2014 to Mar 2016) 179,896 47,152 8.15
Production (May 2014 to Mar 2016) 67,162 20,062 9.29
Total 247,058 67,214 8.46
250 tpd
500 tpd
700 tpd

Financial Highlights
6
A High Margin Gold Producer
Financial Results
(all $ amounts in CDN$) Q1 2016 Q1 2015
Revenue (000’s) $34,027 $26,183
Cash flow from operations (1) (2) (000’s) $14,335 $9,268
Cash flow from operations (1) (2) per share $0.07 $0.05
Net earnings (000’s) $6,009 $5,122
Earnings per share $0.03 $0.03
Adjusted net earnings (1) (000’s) $9,102 $5,122
Adjusted earnings (1) per share $0.05 $0.03
(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s Q1 2016 MD&A.
(2) Cash flow from operations before net changes in non-cash operating working capital.

Strong Margins
7
Generating Free Cash Flow
Q1 2016 Q1 2015
Average realized price per ounce $1,618 $1,511
Average realized price per ounce (U.S.$) $1,178 $1,218
Total cash costs per ounce (1) $715 $675
Total cash costs per ounce (1) (U.S.$) $521 $544
AISC per ounce (1) $1,328 $1,374
AISC per ounce (1) (U.S.$) $967 $1,107
(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s Q1 2016 MD&A.
$1,328 $1,374
$290 $137
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
Q1 2016 Q1 2015
GoldPrice($CDN)
Margin/oz in $CDN
Margin AISC
$967
$1,107
$211
$111
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
Q1 2016 Q1 2015
GoldPrice($U.S.)
Margin/oz in $U.S.
Margin AISC

Strong Balance Sheet
Ø A $69.3 million improvement in financial position
Ø Debt reduction through $1.25 million/quarter principal payments ($5.0 million annually)
Ø Strong liquidity position with cash and bullion (4) of $45.3 million (at March 31, 2016)
8
De-Risked Balance Sheet & Improved Financial Structure
$(8.6) $(1.2) $(5.6)
$15.1
$11.2
$18.9
$20.9
$27.0
$39.8
$45.3
$33.2
$27.2 $26.1
$23.5 $22.6 $21.7 $20.8
$20.3 $19.1
$17.8
-$10
-$5
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Cash & bullion Total Debt
(4) Cash and bullion relates to current cash on hand of $43.4 million and $1.9 million of bullion (gold poured in dore bars, not yet been sold and valued at market prices) at March 31, 2016.

Exploration
Ø 2016 surface exploration budget of $2.1 million (18,000 metres)
Ø Exploration will focus on:
Ø Expanding Mineral Resources near infrastructure
Ø Testing greenfield targets for the next Santoy Gap
Ø An additional 65,000 metres of underground drilling for reserve and
resource growth
9
A Renewed Investment in an Underexplored Camp
Program Metres Purpose
Santoy Gap Deep 11,000 Test continuity at depth
Santoy Gap Up-Dip 4,000 Expand continuity up-dip
Carr Target 2,000 Greenfield exploration
Herb West 1,000 Greenfield exploration
Santoy Mine Complex 45,000 Resource conversion and expansion
Seabee Gold Mine 20,000 Resource conversion and expansion

Limited drilling below 500 metres
Exploration: Santoy Mine Complex
Ø Underground drilling demonstrated economic grades and widths
Ø JOY-16-700 – 29.16 g/t over 6.26 m & JOY-16-701 – 52.80 g/t over 2.1 m
Ø Depth continuity demonstrate high grade intercepts
Ø SUG-16-011 – 11.29 g/t over 9.5 m & SUG -15-317 – 16.23 g/t over 4.24
Ø ~60,000 metres of drilling in 2016
10
Excellent Growth Opportunity

Outlook
ü Sustainable gold production guidance of 65,000 to 72,000
ounces
ü Low unit cost guidance
ü Cash costs per ounce (1)(3)
to $700 - $775 (U.S. $530 - $585)
ü AISC per ounce (1)(3)
to $1,125 - $1,245 (U.S. $850 - $935)
ü FCF in 2016 @ CDN ~$1,270 Au/oz (U.S. $955 Au/oz)
ü FCF margin of ~20% @ current Au prices
11
Focus Remains on Operating Execution, Free Cash Flow
& Exploration
(3) Forecast uses CDN$/U.S.$ exchange rate of $1.33, at CDN$ 1,620/oz and mid-point of production and cost guidance.

Claude & Silver Standard
12
Ø Silver Standard to acquire all issued and outstanding CRJ shares
Ø Total equity value of C$337 million (as of March 4, 2016 closing price)
Ø Exchange ratio of 0.185 Silver Standard share and $0.001 in cash per CRJ
share
Ø Implied premium of 30% to spot and a 25% premium to 20-Day VWAP as
of March 4, 2016 closing price
Ø C$1.65 per share at time of announcement (March 7, 2016)
Ø Pro-forma ownership: 69% Silver Standard and 31% Claude
Resources
Transaction Summary

Benefits to Claude Shareholders
13
Meaningful Ownership of the Next Mid-tier Au Producer
Ø 31% ownership in mid-tier precious metals producer
Ø Provides immediate exposure to Silver Standard’s diversified project portfolio
Ø Lowers operating risk and provides scale with multiple mining operations
Ø Significantly enhances financial strength and free cash flow generation
Ø Provides equity participation for exposure to future value creation and growth
Ø Increases trading liquidity and capital markets exposure
Ø Presents financial and tax synergies only realized through the combination

Claude & Silver Standard
14
Ø Establishes a high-quality intermediate precious metals producer with margin
and scale in attractive mineral belts and political regions
Ø Combined company is expected to produce ~390,000 gold equivalent ounces
at cash costs of ~ U.S.$735 per Au Eq ounce sold in 2016
Ø Immediately strengthens financial position with cash and marketable securities of
approximately U.S.$330 million (C$440 million) for enhanced credit quality and financial
flexibility
Ø Combines complementary safe underground and open pit mining skills to
realize portfolio benefits with growth and exploration opportunities
Ø Well positioned to pursue growth at our combined operations and large exploration
land package, and to continue our disciplined approach of reviewing external
opportunities
Creating Value and Growth with Silver Standard
Notes: Au Eq production and cash cost calculated based on mid-point of each company’s previously announced 2016 production and cash cost guidance with silver converted to gold equivalent at a 75:1 ratio. Cash
and marketable securities as at December 31, 2015. USD/CAD of $0.75 exchange rate used.

www.clauderesources.com 15
Trading Symbol:
TSX: CRJ
OTCQB: CLGRF
Investor Relations:
Marc Lepage, CPIR
1.306.668.7501
ir@clauderesources.com

Appendix A:
16
Corporate Summary
Stock Exchanges:
TSX CRJ
OTCQB CLGRF
Share Structure:
Shares Outstanding (May 4, 2016):
Basic 200.0 million
Fully Diluted 205.7million
Market Cap CDN ~$425 million (at May 4, 2016)
52 Week High $2.20
52 Week Low $0.51
Analyst Coverage:
Richard Gray Cormark Securities
Rahul Paul Canaccord Genuity
Ron Stewart Dundee Securities
Adam Melnyk National Bank
Don Blyth Paradigm Capital
Philip Ker PI Financial
Craig Johnston Scotiabank
Andrew Mikitchook M Partners
Financials :
(March 31, 2016) :
Adj. EPS (1): $0.05
CFPS (2) : $0.07
Total cash cost/oz (1) : C$715 (U.S. $521)
AISC/oz (1) : C$1,328 (U.S. $967)
Cash & bullion (4) : $45.3
Debt: $17.8
Outlook:
Gold Production: 65,000 – 72,000 ozs
Total cash cost/oz
(1)(3)
: C$700-$775 (U.S. $530-$585)
AISC/oz
(1)(3)
: C$1,125-$1,245 (U.S. $850-$935)

Appendix B: Seabee Gold Operation
17
Project Overview
Ownership: 100%
Property Size: 23,300 hectares
Property Location: Saskatchewan, Canada
History:(1991 – Present) +1,200,000 oz of gold production
Resources: See Appendices D & E
Status: Production from Seabee Mine and Santoy Mine
Complex
Production: Forecast 65,000 – 72,000 ozs of gold in 2016
Infrastructure:
Mill: 900 tonnes per day (1,050 tpd peak)
Shaft: 1,000 metres
Tailings Facility: Permitted 6 year life
Key Notes:
• Santoy Gap ramp up ahead of schedule (460 tpd achieved in
2015)
• 2016 UG drill program 65,000 m
• 2016 exploration program 18,000 m
• Successful execution of Alimak mining method at Seabee
• Santoy Gap infrastructure upgrades on-going to reach 650-
700 tpd in 2016

Appendix C: Amisk Gold Project
18
Project Overview
Ownership: 100%
Property Size: 40,400 hectares
Property Location: Saskatchewan, Canada
Resource:
Indicated Resources: 921,000 Au Eq ozs
Inferred Resources: 645,000 Au Eq ozs
Status: Greenfield exploration
Infrastructure: Exploration camp
Key Notes:
• Large bulk mineable potential
• Mineralization begins at surface and has been tested to
approximately 600 metres below surface
• Close to provincial infrastructure and in proven mining district
and “mining friendly” community

Appendix D:
19
Mineral Reserves & Mineral Resources (5)
At December 31, 2015 Tonnes Grade (g/t) Contained Gold (Oz)
Seabee Gold Mine
Proven Reserves 167,300 6.01 32,300
Probable Reserves 46,700 7.01 10,500
Measured Resources 20,600 6.47 4,300
Indicated Resources 94,600 7.79 23,700
Inferred Resources 404,800 8.09 105,300
Santoy Gap
Inferred Resources 1,101,900 8.52 301,700
Santoy 8
Inferred Resources 1,847,100 9.29 551,700
Porky Main
Porky West
Total Gold
Proven & Probable Reserves 976,400 7.62 239,300
Measured & Indicated Resources 642,000 6.24 128,800
Inferred Resources 3,598,500 8.76 1,012,900

Appendix E:
20
Footnotes
(1) Cash description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations”
section of the Company’s Q1 2016 MD&A.
(2) Cash flow from operations before net changes in non-cash operating working capital.
(3) Forecast uses CDN$/U.S.$ exchange rate of $1.33, at CDN$ 1,620/oz and mid-point of production and cost guidance.
(4) Cash and bullion relates to current cash on hand of $43.4 million and $1.9 million of bullion (gold poured in dore bars, not yet
been sold and valued at market prices) at March 31, 2016.
(5) Footnotes to the Mineral Resource Statement:
• At December 31, 2015 and November 30, 2014, Mineral Reserves and Mineral Resources were estimated by Claude personnel.
The Mineral Resource evaluation work was completed by a team of geologists and engineers under the supervision of Brian
Skanderbeg, P.Geo., President and Chief Executive Officer. Mineral Reserves were conducted under the direction of Qualified
Person Gordon Reed, P.Eng., Seabee Gold Operation General Manager. Mr. Skanderbeg and Mr. Reed have sufficient experience,
which is relevant to the style of mineralization and type of deposit under consideration and to the activities undertaken to qualify
as Qualified Persons as defined by NI 43-101.
• The Mineral Resources and reserves reported herein have been estimated in conformity with generally accepted CIM “Estimation of
Mineral Resource and Mineral Reserves Best Practices” guidelines and are reported in accordance with Canadian Securities
Administrators’ National Instrument 43-101.
• Mineral Reserves and Mineral Resources for the Seabee deposit are reported at a cut-off of 4.6 grams of gold per tonne. Santoy 8
and Santoy Gap Mineral Reserves and Mineral Resources are reported at a cut-off of 3.75 grams of gold per tonne. Porky Main
and Porky West Mineral Resources are reported at a cut-off grade of 3.0 grams of gold per tonne. Assumptions include a price of
CDN $1,400 per ounce of gold using metallurgical and process recovery of 96.2 percent and overall ore mining and processing
costs derived from 2015 and 2014 realized costs.
• All figures are rounded to reflect the relative accuracy of the estimates. Summation of individual columns may not add-up due to
rounding. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that
all or any part of the Mineral Resource will be converted into Mineral Reserves.
• Proven and Probable Mineral Reserves are exclusive of Measured and Indicated Mineral Resources.

Appendix F:
21
Executive Team
Brian Skanderbeg,
P.Geo.
President &
CEO, Director
Mr. Skanderbeg joined the Corporation in April
2007. He was appointed as President & CEO in
November 2014. Prior to his current position, he
was the Sr. VP and COO. He previously worked for
Goldcorp, Inco Ltd. and Helio Resources, holding
positions in both exploration and operations. He
holds a B.Sc. from the University of Manitoba, an
M.Sc. from Rhodes University, South Africa. Mr.
Skanderbeg brings extensive experience in gold
systems, operational management, cost and asset
optimization and strategic analysis.
Rick Johnson,
CPA, CA
Chief Financial Officer
Vice President Finance
Mr. Johnson joined Claude Resources in 1996. He
was appointed to his present position in 2004,
having previously served as Company Controller. Mr.
Johnson holds a Bachelor of Commerce degree
from the University of Saskatchewan and is a
member of CPA Canada.

Appendix G:
22
Board of Directors
Brian Booth, P.Geo. Chair Currently serves as the President and CEO 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.
Rita Mirwald,
C.M.
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.
Patrick Downey,
P.Eng
Director Has over 25 years of international experience in the resource industry. Most recently, Mr.
Downey was the President and CEO of Elgin Mining Inc., which was acquired by Mandalay
Resources Inc. He has held numerous senior engineering positions at several large scale gold
mining operations. He holds a B.Sc (Hon.) degree in Engineering from Queen's University in
Belfast, Ireland. Joined the Board of Directors in January 2015.
Arnold Klassen,
CA, CPA (Illinois)
Director Has over 35 years of experience in accounting, audit and tax, with over 30 years of
experience in the mining industry. Mr. Klassen is currently President of AKMJK Consulting Ltd.
and prior to that was the VP of Finance for Dynatec Corporation from 1988 to 2007. Mr.
Klassen spent seven years with KPMG prior to becoming VP of Finance with the Tonto Group
of Companies. He joined the Board of Directors in April 2015.
John Murphy, CFA Director Mr. Murphy recently retired from Raymond James Ltd. as Managing Director, Investment
Banking, Co-Head Mining and Metals after more than 21 years with the organization. John
also worked for more than six years at Swiss Bank Corporation in its corporate lending,
restructuring and risk advisory activities. He has been directly involved in numerous financial
advisory assignments and financing transactions in a variety of sectors. John has a degree in
economics from the University of British Columbia and is a Chartered Financial Analyst.
Brian Skanderbeg,
P.Geo.
President &
CEO, Director
Mr. Skanderbeg joined the Corporation in April 2007. He was appointed as President & CEO in
November 2014. Prior to his current position, he was the Sr. VP and COO. He previously
worked for Goldcorp, Inco Ltd. and Helio Resources, holding positions in both exploration and
operations. He holds a B.Sc. from the University of Manitoba and an M.Sc. from Rhodes
University, South Africa. He brings extensive experience in gold systems, operational
management, cost and asset optimization and strategic analysis.

Claude Resources Inc. Q1 2016 Earnings Call

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