Crj Presentation

Corporate Presentation
January 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

Corporate Summary
3
Canadian gold producer with over 20 years experience
• Seabee Gold Operation has produced over 1 million ounces
• Each asset hosts +1 million ounces of gold
• Low risk and proven mining jurisdictions
Low cost and profitable
• 2015 Unit cash cost (1) guidance of $685-$750 (US $535-$600)
• 2015 All in sustaining cost (1) guidance $1,065-$1,175 (US $830-$920)
• 9M 2015 net earnings of $21.0 million, $0.11 per share
Strong financial position
• $27.0 million of cash & bullion (2) (at September 30, 2015)
• $20.3 million of long-term debt (at September 30, 2015)
Seabee Gold Operation
(Seabee Mine and Santoy Mine
Complex)
Amisk Gold Project
(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s most recent MD&A
(2) Cash and bullion relates to current cash on hand of $24.5 million and $2.5 million of bullion (gold poured in dore bars, not yet been sold and valued at market prices)

Operating Execution
Ø Mine sequencing and higher grade Santoy Gap ore replacing low grade Santoy 8 ore
Ø Positive Alimak mining method results
Ø Future head grade to come more in-line with reserve grades
Ø Record safety and environmental performance
4
Performance Driven by Better Ore Bodies and Mining Method
Production Results Q3 2015 Q3 2014 9M 2015 9M 2014
Tonnes Milled 69,388 74,930 211,418 219,046
Head Grade (g/t) 7.29 8.88 8.77 7.53
Recovery 96.7% 96.4% 96.3% 95.6%
Gold Ounces
Produced 15,722 20,614 57,408 50,700
Sold 16,528 17,578 54,388 46,133

Financial Highlights
5
A Profitable Gold Producer at Current Au Prices
Financial Results
(all $ amounts in CDN$) Q3 2015 Q3 2014 9M 2015 9M 2014
Revenue (000’s) $24,549 $24,323 $80,471 $64,665
Cash flow from operations (1) (3) (000’s) $11,397 $10,368 $36,310 $22,015
Cash flow from operations (1) (3) per share $0.06 $0.06 $0.19 $0.12
Net earnings (000’s) $5,662 $6,852 $21,029 $5,068
Earnings per share (basic and diluted) $0.03 $0.04 $0.11 $0.03
(3) Cash flow from operations before net changes in non-cash operating working capital.

Strong Margins
6
$832 $896
$303
$278
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
Q3 2015 YTD 2015
GoldPrice(U.S.$)
Margin/Oz in U.S. $
Margin AISC
$1,089 $1,129
$396 $351
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
Q3 2015 YTD 2015
GoldPrice(CA$)
Margin/Oz in CDN $
Margin AISC
Q3 2015 Q3 2014 YTD 2015 YTD 2014
Average realized price per ounce $1,485 $1,384 $1,480 $1,402
Average realized price per ounce (U.S.$) $1,135 $1,270 $1,174 $1,281
Total cash costs per ounce (1) $721 $735 $669 $801
Total cash costs per ounce (1) (U.S.$) $551 $675 $531 $732
AISC per ounce (1) $1,089 $1,063 $1,129 $1,265
AISC per ounce (1) (U.S.$) $832 $976 $896 $1,156

Stronger Balance Sheet
Ø A $48.5 million improvement in financial position in 2 years
Ø Debt reduction through $1.25 million/quarter principal payments ($5.0 million
annually)
Ø Strong liquidity position with cash and bullion (2) of $27.0 million (at September 30, 2015)
7
De-Risked Balance Sheet & Improved Financial Structure
$(8.6)
$(1.2) $(5.6)
$15.1
$11.2
$18.9
$20.9
$27.0
$33.2
$27.2
$26.1
$23.5 $22.6 $21.7 $20.8
$20.3
-$10
-$5
$0
$5
$10
$15
$20
$25
$30
$35
Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
Strong Financial Position
(in CDN $millions)
Cash & bullion Total Debt

Operations and Projects
8

Prospective Gold Belt
9
• Large land position – 19,400 Hectares
• Control the entire greenstone belt
• Underexplored gold camp
• Well established infrastructure
Over 1 million ounces produced…..and much more to come

Key Drivers: Santoy Gap
Ø 2,000 ounces per vertical metre (Seabee: ~ 1,000 oz/vertical metre)
Ø Higher reserve grade with opportunity to increase
Ø Decreased production risk with the addition of multiple long-hole mining fronts
Ø Higher margin ounces displaced lower margin ounces and optimized mine plan for improved cash flow
Ø Time to production from discovery = 2.5 years
10
Production Area
Higher Grade + Wider Veins = More Ounces Per Vertical Metre
3 years of production
developed by the end of 2015

Key Drivers: Santoy Gap
11
Total Mine Production by Type/Year
Sum of Tonnes Mined Sum of Ounces Grade
Development (May 2014 to Sept 2015) 109,729 27,019 7.65
Production (May 2014 to Sept 2015) 54,382 15,825 9.05
2014 47,594 12,182 7.96
2015 116,517 30,663 8.19
Total 164,111 42,845 8.12
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 ~10 year mine life at current reserves and
resources

Key Drivers: Seabee Mine
Ø Alimak mining method continues to perform well – dilution rates continue to be better than budget
Ø Reduced underground waste development and increased production rates :
Ø Ability to mine 100 metre high zone in 9 months vs 16-18 months
Ø Reduced annual development cost by approximately $5.0 million
12
Illustration of Alimak Mining process
Faster, Cheaper à More Productive
Utilizing Alimak
Mining Method for
Improved Efficiency
Seabee Mine

Sustainable Grades & Ounces
Ø Change in mining method at Santoy Gap (Transverse vs. Long-hole) increased grade and reduced dilution
Ø Santoy Gap mineral reserve grade increased by 35% to 7.64 g/t from 5.68 g/t
Ø The 45% increase in Inferred ounces was driven by the significant expansion of the Santoy 8 ore body
Ø 2015 underground drilling program of ~65,000 metres completed; 2016 program increased to ~ 80,000
metres
13
Focused on Delivering Higher Margin Ore to the Mill
Seabee Gold Operation Mineral Reserves and Mineral Resources*(4) (as of November 30, 2014)
P&P Reserves 2014 2013 Change
Grade 7.03 5.70 23%
Ounces 299,000 422,900 -29%
M&I Resources
Grade 5.98 6.91 -13%
Ounces 125,200 175,200 -29%
Inferred Resources
Grade 7.96 7.21 10%
Ounces 847,300 582,900 45%

Limited drilling below 500 metres
Exploration: Santoy Mine Complex
Ø 2014 underground drilling demonstrated economic grades and widths
Ø SUG-14-048 – 26.77 g/t over 8.7 m
Ø Major step-out holes among the highest gram-metre product to date in the camp
Ø JOY-13-690 – 330.35 g/t over 1.6 m & JOY-13-692 – 30.08 g/t over 7.9 m
Ø 63,000 metres of drilling in 2016
14
Excellent Growth Opportunity

Priority Targets
Exploration: Seabee
Ø Seabee near-mine environment remains very prospective, underexplored and is a very low-cost
environment to explore (cost of drilling is approx. $20/metre )
Ø Targets identified and ranked based on specific criteria:
Ø Grade and Structure of historical drillhole intercepts vs. Grade Potential
Ø Structural Endowment and Accessibility of the overall structure
Ø Leveraging Seabee infrastructure:
Ø 50,000 to 100,000 ounce lenses can be economic
15
Opportunity Exists Proximity to Infrastructure
Priority Targets
L62 Deposit
2015 Targets
Seabee Mine InfrastructureSeabee Mine Infrastructure

A Profitable Gold Miner
ü Strong Earnings: net earnings of $21.0 million, or $0.11 per share à a $15.9 million
improvement from YTD 2014
ü Growing Production: YTD gold production of 57,408 à13% increase vs YTD 2014
ü Higher Grades: mill head grade of 8.77 g/t à 16% increase vs YTD 2014
ü Peer Leading Cost Performance:
ü cash cost per ounce (1)
of $669 (US $531) à 16% decrease vs YTD 2014
ü AISC (1)
of $1,129 (US $896) à 11% decrease vs YTD 2014
ü Strong Balance Sheet: increased cash and bullion (2)
to $27.0 million and decreased
debt to $20.3 million (at September 30, 2015)
16
Our Strategies are Delivering Results

Outlook
ü Increased gold production guidance of 70,000 to 75,000
ounces (previously 68,000 to 72,000 ozs)
ü Lowered unit cost guidance
ü Cash costs per ounce to $685 - $750 (U.S. $535 - $600*)
ü AISC per ounce to $1,065 - $1,175 (U.S. $830 - $920*)
ü FCF in 2015 @ CDN ~1,200 Au/oz (U.S. $950 Au/oz*)
ü FCF margin of >15% @ CDN $1,450/oz
17
Focus Remains on Operating Execution, Free Cash Flow
& Exploration
*Forecast uses CDN$/U.S.$ exchange rate of $1.28, at CDN$ 1,470/oz and mid-point of production and cost guidance

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

Appendix A:
19
Corporate Summary
Stock Exchanges:
TSX CRJ
OTCQB CLGRF
Share Structure:
Shares Outstanding (September 30, 2015):
Basic 194.9 million
Fully Diluted 204.1 million
Market Cap CDN ~$140 million
52 Week High $0.82
52 Week Low $0.22
Avg. Volume 600,000
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 YTD:
(September 30, 2015) :
EPS: $0.11
CFPS (3) : $0.19
Total cash cost/oz (1) : C$669 (U.S. $531)
AISC/oz (1) : C$1,129 (U.S. $896)
Cash & bullion (2) : $27.0
Debt: $20.3
Outlook:
Gold Production: 70,000 – 75,000 ozs (was 68,000-
72,000 ozs)
Total cash cost/oz
(1)
: C$685-$750 (U.S. $535-$600)
AISC/oz
(1)
: C$1,065-$1,175 (U.S. $830-$920)

Appendix B: Seabee Gold Operation
20
Project Overview
Ownership: 100%
Property Size:19,400 hectares
Property Location: Saskatchewan, Canada
History:(1991 – Present) +1,100,000 oz of gold production
Resources: See Appendices D & G
Status: Production from Seabee Mine and Santoy Mine
Complex
Production: Forecast 70,000 – 75,000 ozs of gold in 2015
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 scheduling reaching 584 tpd
in Q3 2015
• 2015 UG drill program ~65,000 m
• Successful execution of Alimak mining method at Seabee
• Santoy Gap infrastructure upgrades on-going to reach 600-
700 tpd in 2016

Appendix C: Amisk Gold Project
21
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:
22
Mineral Reserves & Mineral Resources (4)
Tonnes Grade (g/t) Contained Gold (Oz)
Seabee Gold Mine
Proven Reserves 217,700 6.05 42,400
Probable Reserves 192,600 6.91 42,800
Measured Resources 17,400 8.26 4,600
Indicated Resources 88,500 6.49 18,500
Inferred Resources 403,300 8.09 104,900
Santoy Gap
Inferred Resources 1,319,100 7.50 318,100
Santoy 8
Porky Main
Porky West
Total Gold
Proven & Probable Reserves 1,323,100 7.03 299,000
Measured & Indicated Resources 651,000 5.98 125,200

Appendix E:
23
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 F:
24
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.

Appendix G:
25
Footnotes
(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations”
section of the Company’s Q3 2015 MD&A
(2) Cash and bullion relates to current cash on hand of $24.5 million and $2.5 million of bullion (gold poured in dore bars, not yet
been sold and valued at market prices) at September 30, 2015
(3) Cash flow from operations before net changes in non-cash operating working capital
(4) Footnotes to the Mineral Resource Statement:
• At 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 4.5 grams of gold per tonne. Santoy 8
and Santoy Gap Mineral Reserves and Mineral Resources are reported at a cut-off of 3.6 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
$1,375 per ounce of gold using metallurgical and process recovery of 95.2 percent and overall ore mining and processing costs
derived from 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.
• The geological data in this table has been reviewed by Mr. Brian Skanderbeg, P.Geo, President and CEO of Claude Resources Inc.
Mr. Skanderbeg is a "qualified person" as defined by NI 43-101.

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