- The document discusses Claude Resources' corporate presentation from October 2015. - It highlights the company's focus on delivering shareholder value through production growth, being a low-cost and profitable producer, and maintaining a strong balance sheet. - Key drivers of future performance mentioned include higher-grade ore from the Santoy Gap zone and improved efficiency from the Alimak mining method at Seabee.

1. Corporate Presentation
October 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. 33
Corporate Summary
Canadian gold producer with over 20 years experience
• Produced over 1 million ounces from Seabee Gold Operation
• 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)
• H1 2015 net earnings of $15.4 million, $0.08 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)

4. 44
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
Sep-14 Dec-14 Mar-15 Jun-15 Sep-15
The New Story
…and we are delivering results!
We recognized what we needed to improve…
Deliver
Shareholder
Value
Production
Growth
Low Cost
Profitable
Strong
Balance
Sheet

5. 5
Operating Execution
 Mine sequencing and higher grade Santoy Gap ore replacing low grade Santoy 8 ore
 Positive Alimak mining method results
 Future head grade to come more in-line with reserve grades
 Record safety and environmental performance
Production Results
Q3 2015 Q3 2014 YTD 2015 YTD 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
Performance Driven by Better Ore Bodies and Mining Method

6. 6
Delivering Record Earnings
(3) Cash flow from operations before net changes in non-cash operating working capital.
Financial Results
(all $ amounts in CDN$ unless otherwise stated) Q2 2015 Q2 2014 YTD 2015 YTD 2014
Revenue (000’s) $29,739 $24,718 $55,922 $40,342
Net earnings (loss) (000’s) $10,245 $3,327 $15,367 ($1,784)
Earnings (loss) per share (basic and diluted) $0.05 $0.02 $0.08 ($0.01)
Cash flow from operations (1) (3) (000’s) $15,645 $9,863 $24,913 $11,647
Cash flow from operations (1) (3) per share $0.08 $0.05 $0.13 $0.06
Total cash costs per ounce (1) $623 $753 $647 $841
Total cash costs per ounce (1) (US$) $507 $691 $524 $767
All-in sustaining cost per ounce (1) $954 $1,065 $1,146 $1,390
All-in sustaining cost per ounce (1) (US$) $776 $977 $928 $1,267
A Profitable Gold Producer at Current Gold Prices

7. 77
Stronger Balance Sheet
 A $48.5 million improvement in financial position in 2 years
 Debt reduction through $1.25 million/quarter principal payments ($5.0 million annually)
 Strong liquidity position with cash and bullion (2) of $27.0 million (at September 30, 2015)
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

8. 88
A Compelling Story
0
2
4
6
8
10
12
♦TGZ
CRJ
AR
PRU
OGC
LSG
DPM
♦P
KGI
AUQ
RIC
P/CF
P/CF 2015 P/CF 2016
Source: Bloomberg, Cormark
5.68 5.86
5.11
7.32
6.8 to 7.3
0
1
2
3
4
5
6
7
8
9
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2011A 2012A 2013A 2014A 2015E
Growing Production and Grades
Production Grade
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
CRJ *KGI SAS RIC WDO Average
Peer Leading Cost Performance (1) YTD
In CDN$
Cash Costs/Oz All in Sustaining/Oz
CDN Au $ - $1,475
Valuation*
P/CF P/E
CRJ 3.0X 5.5X
Jr. Gold Avg. 7.0X 15.0X
*Based on analyst consensus and share price as of October 1, 2015.

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

10. 10
Prospective Gold Belt
Seabee Property:
17,200 Hectares
• Large land position – 19,950 Hectares
• Control the entire greenstone belt
• Underexplored gold camp
• Well established infrastructure
Over 1 million ounces produced…..and much more to go

11. Key Drivers: Santoy Gap
Production Area
Higher Grade + Wider Veins = More Ounces Per Vertical Metre
11
3 years of production
developed by the end of 2015
 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
 Higher margin ounces displaced lower margin ounces and optimized mine plan for improved cash flow
 Time to production from discovery = 2.5 years

12. Key Drivers: Santoy Gap
Total Mine Production by Type/Year
Sum of Tonnes Mined Sum of Ounces Grade
Development (May 2014 to June 2015) 79,220 19,798 7.77
Production (May 2014 to June 2015) 44,968 13,897 9.61
2014 47,594 12,182 7.96
2015 76,594 21,513 8.74
Total 124,188 33,695 8.44
 Production well-ahead of schedule and pre-
feasibility design
 Reconciling above reserves and resources on
ounces and below on tonnage
 Infrastructure upgrades on-going for 600-700
tpd profile in 2016
 Forecast to be 60% of 2015 production
 ~10 year mine life at current reserves and
resources
12
0
2,500
5,000
7,500
10,000
12,500
15,000
0
10,000
20,000
30,000
40,000
50,000
60,000
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 2016 E
QuarterlyOz
QuarterlyTonnage
Santoy Gap Quarterly
Production Profile
Budget T Actual T
Budget Oz Actual Oz

13. 13
Key Drivers: Seabee Mine
Illustration of Alimak Mining process
 Alimak mining method continues to perform well – dilution rates continue to be better than budget
 Reduced underground waste development and increased production rates :
 Ability to mine 100 metre high zone in 9 months vs 16-18 months
 Reduced annual development cost by approximately $5.0 million
 Forecast to be 40% of 2015 annual gold production tonnage
Faster, Cheaper  More Productive
Utilizing Alimak
Mining Method for
Improved Efficiency
Seabee Mine

14. 14
Focused on Delivering Higher Margin Ore to the Mill
 Change in mining method at Santoy Gap (Transverse vs. Long-hole) increased grade and reduced dilution
 Santoy Gap mineral reserve grade increased by 35% to 7.64 g/t from 5.68 g/t
 The 45% increase in Inferred ounces was driven by the significant expansion of the Santoy 8 ore body
 A significant 2015 underground drilling program of ~65,000 metres is expected to drive mineral reserve and
mineral resource growth
Sustainable Grades and Resources
* See Appendix D for MRMR breakdown
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%

15. 15
2015 Exploration – Santoy Mine Complex
SYSTEM REMAINS OPEN AT DEPTH
 2014 underground drilling demonstrated economic grades and widths
 SUG-14-048 – 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
 Budgeted 6,000 metres of underground exploration drilling in 2015
2015 & 2016 Drill Target Area
2.5 km Strike Length
Excellent Growth Opportunity
2016 Drill Target Area

16. 16
2015 Exploration - Seabee
Priority Targets
 Seabee near-mine environment remains very prospective, underexplored and is a very low-cost
environment to explore (cost of drilling is approx. $20/metre )
 Targets identified and ranked based on specific criteria:
 Grade and Structure of historical drillhole intercepts vs. Grade Potential
 Structural Endowment and Accessibility of the overall structure
 2015 drilling will test up to 7 priority UG targets totalling 10,000 metres
 Leveraging Seabee infrastructure:
 50,000 to 100,000 ounces lenses can be economic
L62 Deposit
2015 Targets
Seabee Mine Infrastructure

17. 17
A Profitable Gold Miner
Our Strategies are Delivering Results
 Record Earnings: net earnings of $15.4 million, or $0.08 per share  a $17.2 million
improvement from H1 2014
 Growing Production: YTD gold production of 57,408 13% increase vs YTD 2014
 Higher Grades: mill head grade of 8.77 g/t  16% increase vs YTD 2014
 Peer Leading Cost Performance:
 Cash cost per ounce (1)
of $647 (US $524)  23% decrease vs H1 2014
 All-in sustaining cost per ounce (1)
of $1,146 (US $928)  18% decrease vs H1 2014
 Strong Balance Sheet: increased cash and bullion (2)
to $27.0 million and decreased debt
to $20.3 million (at September 30, 2015)

18. 18
2015 Outlook
 Increased gold production guidance of 70,000 to 75,000
ounces (original 60,000 to 65,000 ozs)
 Lowered unit cost guidance
 Cash costs per ounce to $685 - $750 (US $535 - $600*)
 AISC per ounce to $1,065 - $1,175 (US $830 - $920*)
 FCF in 2015 @ CDN ~1,200 Au/oz (US $950 Au/oz*)
 FCF margin of ~15% @ CDN $1,450/oz
Our focus remains on production growth,
cost containment and margins
*Forecast uses CDN$/U.S.$ exchange rate of $1.28, at CDN$ 1,470/oz and mid-point of production and cost guidance

19. 19
(1) See footnotes located on page 17
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

20. Appendix A:
Corporate Summary
20
Stock Exchanges:
TSX CRJ
OTCQB CLGRF
Share Structure:
Shares Outstanding (June 30, 2015):
Basic 194.9 million
Fully Diluted 204.1 million
Market Cap CDN ~$120 million
52 Week High $0.78
52 Week Low $0.19
Avg. Volume 600,000
Analyst Coverage:
Richard Gray Cormark Securities
Joe Mazumdar Canaccord Genuity
Matt O’Keefe Dundee Securities
Derek Macpherson M Partners
Adam Melnyk National Bank
Don Blyth Paradigm Capital
Philip Ker PI Financial
Craig Johnston Scotiabank
Financials:
(June 30, 2015) :
EPS: $0.08
CFPS: $0.13
Total cash cost/oz (1) : C$647 (US $524)
All-in sustaining cost/oz (1) : C$1,146 (US $928)
Cash & bullion: $27.0 (2) (at Sept. 30, 2015)
Debt: $20.3 (at Sept. 30, 2015)
Outlook:
Gold Production: 70,000 – 75,000 ozs (was 68,000-
72,000 ozs)
Total cash cost/oz
(1)
: C$685-$750 (US $535-$600)
All-in sustaining cost/oz
(1)
: C$1,065 - $1,175 (US
$830-$920)

21. 21
Project Overview
Ownership: 100%
Property Size:19,950 hectares
Property Location: Saskatchewan, Canada
History:(1991 – Present) +1,000,000 oz of gold production
Resources: See Appendix D
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 B:
Seabee Gold Operation

22. 22
Appendix C:
Amisk Gold Project
Project Overview
Ownership: 100%
Property Size: 40,373 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

23. 23
Appendix D:
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
Proven Reserves 105,000 5.49 18,500
Probable Reserves 694,600 7.96 177,800
Measured Resources 34,800 5.85 6,500
Indicated Resources 147,900 5.65 26,900
Inferred Resources 1,319,100 7.50 318,100
Santoy 8
Proven Reserves 15,300 4.91 2,400
Probable Reserves 97,900 4.79 15,100
Measured Resources 34,700 8.71 9,700
Indicated Resources 67,000 4.13 8,900
Inferred Resources 1,344,300 8.56 369,900
Porky Main
Indicated Resources 160,000 7.50 38,600
Inferred Resources 70,000 10.43 23,500
Porky West
Indicated Resources 100,700 3.57 11,600
Inferred Resources 174,800 5.48 30,800
Total Gold
Proven & Probable Reserves 1,323,100 7.03 299,000
Measured & Indicated Resources 651,000 5.98 125,200
Inferred Resources 3,311,400 7.96 847,300

24. 24
Appendix E:
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.

25. 25
Appendix F:
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.
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 Vice President of Finance for Dynatec
Corporation from 1988 to 2007. Mr. Klassen spent seven years with KPMG prior to
becoming Vice President of Finance with the Tonto Group of Companies from 1984 to
1998. Joined the Board of Directors in April 2015.
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.

26. 26
Appendix G: Footnotes
(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations”
section of the Company’s Q2 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)
(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.