Claude Resources Inc. held a corporate presentation at the BMO Metals & Mining Conference in 2015. The presentation highlighted the company's strong operating and financial results in 2014, including record gold production and lower unit costs. It also outlined plans for continued production growth and cost reductions in 2015 from its Seabee Gold Operation in Saskatchewan. Key drivers included expanding production from the higher grade Santoy Gap zone and ongoing exploration success extending mineralization. The presentation concluded by emphasizing Claude's track record of delivering profitable gold production and focus on sustaining strong operating margins.

1. Corporate Presentation
BMO Metals & Mining Conference 2015

2. 2
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.
Cautionary Statement

3. 3
Corporate Summary
Canadian gold producer with over 20 years experience
•Demonstrated production and margin growth
•Produced over 1 million ounces from Seabee Gold Operation
•Each asset host +1 million ounces of gold
•Low risk and proven mining jurisdictions
Low cost and profitable
•Unit cash cost (1) of CDN $801 (U.S. $732)
•All in sustaining cost (1) of CDN $1,265 (U.S. $1,156)
•Q3 earnings of CDN $6.9 million
Strong financial position
•~ $11.2 million in cash
•No short term debt
• ~ $22 million in long-term debt
Seabee Gold Operation
(Seabee Gold 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 2014 Q3 MD&A.

4. 4
• Operating/Mine execution
• Cash flow and earnings
• Balance Sheet strength
The New Story
… and understand that we need to rebuild investor confidence
We recognized what we needed to improve…
Valuation P/CF P/E
CRJ (1)
3X 12X
Jr. Gold Avg. 6X 15X
(1) Excludes Q4 performance. Valuation is based on Sept.
30, 2014 financials and share price as of Jan. 15, 2015.

5. 5
Strong Operating Results
Production Statistics 2014 2013 Change
Tonnes Milled 279,597 280,054 -
Head Grade (g/t) 7.32 5.11 43%
Recovery 95.7% 95.3% -
Gold Ounces
Produced 62,984 43,850 44%
Sold 62,700 44,823 40%
Set annual gold production record in 2014
üSantoy Gap development ahead of schedule with long hole production initiated in Q3 2014
üAlimak mining method results positive
üImproved safety and environmental performance

6. 6
Profitable Gold Producer
Financial Results
all $ amounts in $CDN Q3 2014 Q3 2013
9 Months
2014
9 Months
2013
Earnings (in 000’s) $6,852 ($33,871) $5,068 ($46,323)
Earnings per share (basic & diluted) $0.04 ($0.19) $0.03 ($0.26)
Cash flow (1)(2) (in 000’s) $10,368 $4,272 $22,015 $9,308
Cash flow (1)(2) per share (basic & diluted) $0.06 $0.02 $0.12 $0.05
Total cash costs per ounce (1) $735 $919 $801 $999
All in sustaining cost per ounce (1) $1,063 $1,574 $1,265 $1,957
Strong operating performance driving profitability
(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s 2014 Q3 MD&A.
(2) Cash flow from operations before net changes in non-cash operating working capital.

7. 7
Profitable Gold Producer
$700
$750
$800
$850
$900
$950
$1,000
*KGI RIC SAS WDO CRJ Average Median
Unit Cash Cost/Oz in CDN $
(9 months Sept. 30, 2014)
0.0
2.0
4.0
6.0
8.0
10.0
*KGI RIC SAS WDO CRJ Average Median
P/CF (1) (2)
$ -5.1
$ 3.3
$ 6.9
-$6.0
-$4.0
-$2.0
$0.0
$2.0
$4.0
$6.0
$8.0
Q1 Q2 Q3
2014 Quarterly Earnings
$ 1.8
$ 9.9 $ 10.4
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
Q1 Q2 Q3
Cash Flow (1) (2)
(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s 2014 Q3 MD&A.
(2) Cash flow from operations before net changes in non-cash operating working capital.

8. 8
Strong Financial Position
All amounts in $CDN millions Sept. 30, 2014 Dec. 31, 2013
Long Term Debt $23.5 $25.0
Line of Credit - $8.6
Short Term Loans - $8.2
Total debt $23.5 $41.8
Cash $10.6 -
Net debt $12.9 $41.8
Working capital $27.8 ($11.9)
De-risked Balance Sheet and improved financial structure

9. 9
(1) See footnotes located on page 17
Operations and Projects

10. 10
Productive Gold Belt
Seabee Property:
17,200 Hectares
• Large land position – 17,200 Hectares
• Control the entire greenstone belt
• Underexplored gold camp
• Well established infrastructure

11. 11
Delivering Higher Grades
L62: The source of
higher grade ore
Seabee Total MRMR
P & P Reserve – 105,000 Oz @ 6.67 g/t
Resource – 163,800 Oz @ 8.89 g/t
Shaft Extension:
Driving reduced costs in
labour, consumables and
ore handling time

12. 12
Key Drivers For Change
Illustration of Alimak Mining process
New Mining Method: Alimak Mining
• Increased production rates:
• Ability to mine 100 metre high zone
in 9 months vs 16-18 months
• Significant reduction in underground
waste development and increase on-ore
development
• Reduction in labour and maintenance
costs
• Positive reconciliation on grade, ounces
and tonnes versus budget
Faster, Cheaper à More Productive……..
2014 Alimak Performance Tonnes Grade (g/t) Ounces Dilution (%)
L62 Zone 106,700 9.04 31,000 18

13. 13
The Game Changer: Santoy Gap
• 2,000 ounces per vertical metre (Seabee: ~ 1,000 oz/vertical metre)
• Higher reserve grade with opportunity to increase
• Decreased production risk with the addition of multiple long-hole mining fronts
• Opportunity to displace low margin ounces with high margin ounces and optimize
mine plan for improved cash flow
• Time to production from discovery = 2.5 years
• System remains open at depth
What makes Santoy Gap so special?
Higher Grade + Wider Vein Widths = More Ounces Per Vertical Metre

14. 14
Key Drivers: Santoy Gap
• Production (May to December) – over 48,000 tonnes @
approx. 7.9 g/t
• Long-hole production began end of Q3
• 60% of 2015 annual gold production tonnage
• Infrastructure upgrades on-going to ramp up to 600-700 tpd
• 35,000 to 40,000 metres of underground drilling in 2015
2015 Production
2014 Production
2015 Production
Tonnes 165,000 – 175,000
Grade 6.4 – 6.6 g/t
Ounces 34,000 – 37,000

15. 15
Key Drivers: Santoy Gap
SYSTEM REMAINS OPEN AT DEPTH
Excellent opportunity for resource expansion at Santoy Mine Complex
• 2014 underground drilling continues to demonstrate economic grades and widths
• SUG-14-038 – 26.77 g/t over 8.7 m
• Major step-out holes among the highest gram-metre product to date in the camp
• JOY-13-690 – 330.35 g/t over 1.6 m JOY-13-692 – 30.08 g/t over 7.9 m
2015 Drill Target

16. 16
A profitable gold miner
ü Increased production & margins by prioritizing Santoy Gap development & change
in mining method at L62
ü Set new annual gold production record of 62,984 ozs (2013: 43,850)
ü Decreased unit costs by approximately 20% from 2013
ü Lowered capital expenditures by 30% from 2013
ü Increased cash flow & earnings to drive further debt reduction & a stronger balance
sheet
Our strategies are delivering results

17. 17
2015 Outlook
üGold production of 60,000 to 65,000 ounces
üUnit cash costs - CDN $750 to $810 per ounce
üAll in sustaining costs – CDN $1,175 to $1,275 per ounce
üExpected FCF in 2015 @ CDN $1,300 Au/oz (U.S. $1,040
Au/oz)
üOur performance & profitability is sustainable
Our focus will remain on cost containment, margins
and production growth

18. 18
(1) See footnotes located on page 17
Claude Resources Inc.
Discover. Develop. Deliver.
TSX: CRJ OTCQB: CLGRF
200, 219 Robin Cres.
Saskatoon, Saskatchewan, S7L 6M8
Canada
P. 306.668.7505
F. 306.668.7500
E: ir@clauderesources.com

19. 19
Appendix A: Seabee Gold Operation
Project Overview:
Ownership: 100%
Property Size:17,200 hectares
Property Location: Saskatchewan, Canada
History:(1991 – Present) +1,000,000 oz of gold production
Resources: 1.20 million ounces of gold (NI 43-101)
Status: Production from Seabee Mine, Santoy Mine Complex
(Santoy 8 and Santoy Gap)
Production: 2014: 62,984 ozs of gold (2013: 43,850)
Cash Costs: $735/oz (Q3 2014); $801/oz (9 months 2014)
Infrastructure:
Mill:1,050 tonne per day
Shaft: 1,000 metres
Tailings Facility: Permitted
Exploration: Focused on the Seabee and Santoy Mine Complex
infill drilling

20. 20
Appendix B: Amisk Gold Project
Project Overview
Ownership: 100%
Property Size: 40,373 hectares
Property Location: Saskatchewan, Canada
Resource: 1.6 million ozs gold equivalent (NI 43-101)
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

21. 21
Appendix C:
Executive Team
Brian Skanderbeg,
P.Geo.
President &
CEO
7 years with Claude. Prior to his current position,
held several management positions including his
most recent position of Sr. VP and COO.
Previously employed with Goldcorp, Inco Ltd. and
Helio Resources. He holds a B.Sc. from the
University of Manitoba, an M.Sc. from Rhodes
University, South Africa.
Rick Johnson,
CPA, CA
Chief Financial Officer
Vice President Finance
18 years with Claude including 10 years as CFO
and VP Finance. Mr. Johnson holds a Bachelor of
Commerce degree from the University of
Saskatchewan and is a member of the Canadian
Institute of Chartered Accountants.

22. 22
Appendix D:
Board of Directors
Brian Booth,
P.Geo.
Chair 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.
Mike Sylvestre,
P.Eng., ICD.D
Director Currently the President and Chief Executive Officer for Castle Resources Inc. Holds a
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.
Ronald J. Hicks,
CPA, CA
Director Spent 41 years with Deloitte where he was a partner. Has served as a Director with
Dickenson Mines Ltd., Kam Kotia Mines Ltd., Saskatchewan Government Insurance
and Prairie Malt Ltd. Joined the Board of Directors in 2007.
J. Robert
Kowalishin, P.Eng.
Director Held a number of senior positions with the Trane Company over the course of his 42
year 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 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.
Brian Skanderbeg,
P.Geo.
President &
CEO
7 years with Claude. Prior to his current position, held several management positions
including his most recent position of Sr. VP and COO. Previously employed with
Goldcorp, Inco Ltd. and Helio Resources. He holds a B.Sc. from the University of
Manitoba, an M.Sc. from Rhodes University, South Africa.