The document provides an overview of Q3 2012 financial and operating results for Claude Resources Inc. Key highlights include: - Net profit of $3.0 million and cash flow from operations of $8.6 million. - Gold production of 15,073 ounces at a total cash cost of $920 per ounce. - Continued exploration success extending resources at Santoy Gap and confirming continuity. - Capital projects on track to increase production including shaft extension and mill expansion. - Management additions bringing significant operating experience to optimize operations. - Outlook focuses on increasing production and reserves while advancing projects like Amisk.

1. Q3 Financial
& Operating
Results
P resented By:
Neil M cM illan
P resident & CEO
Novem ber 14, 2012
1

2. 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 reser ve
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 reser ves,
the grade and recover y of mined ore varying from estimates, capital and operating costs var ying 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 know n 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 Instr ument 43-101, adopted by the Canadian
Securities Administrators. The requirements of National Instr ument 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 conver ted into “reserves”. Fur ther, “inferred resources” have a great amount of
uncertainty as to their existence and w hether 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

3. Q3 2012 Highlights
 Net profit of $3.0 million, or $0.02 per share, after $1.3 million non-cash deferred income tax
expense.
 Cash flow from operations before net changes in non-cash operating working capital of $8.6
million, or $0.05 per share.
 Production of 15,073 ounces of gold for the quarter ended September 30, 2012.
 Gold sales of 14,088 ounces at an average realized price of $1,663 (U.S. $1,671) for revenue of
$23.4 million.
 Total cash cost per ounce of gold for the third quarter of 2012 was $920 (U.S. $924).
 L62 Zone has been accessed and development is active on three levels. Development tonnage
was accessed during the third quarter with production tonnage scheduled for the fourth
quarter.
 Final leg of the shaft extension will be completed in stages starting in Q4 and will be completed
in the first quarter of 2013.
 Santoy Gap drill results, released during the third quarter, extended the mineralized system up-
dip, along strike to the north and at depth as well as confirmed continuity within the existing
mineral resource. Drill hole JOY-12-677 returned the widest intercept to date, 14.58 grams of
gold per tonne over 29.74 metres, confirming a high grade core that hosts multiple vein sets
over combined widths of between 20 and 30 metres.
 Seabee Gold Operation reaches one millionth ounce milestone.
3

4. Increased Production &
Improved Cash Costs
Cash Cost Per Ounce
Ounces Produced (CDN$ per ounce)
16,000 $1,400
14,000 $1,200
12,000
$1,000
10,000
$800
8,000
$600
6,000
$400
4,000
2,000 $200
0 $0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010 2011 2011 2011 2011 2012 2012 2012 2010 2011 2011 2011 2011 2012 2012 2012
Q3 2012: 15,073 ounces Q3 2012: CDN $920
4

5. Increasing Revenue &
Continued Strong Gold Price
Revenue Average Realized Gold Price
(CDN$ per ounce)
($ millions)
$25.0 $1,800
$1,600
$20.0 $1,400
$1,200
$15.0
$1,000
$800
$10.0
$600
$5.0 $400
$200
$0.0 $0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010 2011 2011 2011 2011 2012 2012 2012 2010 2011 2011 2011 2011 2012 2012 2012
Q3 2012: $23.4 million Q3 2012: CDN $1,663
5

6. Increasing Cash Flow & Net Profit
Cash Flow From Operations Before
Net Changes in Non-Cash Net Profit (Loss)
Operating Working Capital ($ millions)
($ millions)
$10.0 $6.0
$9.0
$5.0
$8.0
$7.0 $4.0
$6.0 $3.0
$5.0
$2.0
$4.0
$3.0 $1.0
$2.0
$0.0
$1.0
$0.0 -$1.0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010 2011 2011 2011 2011 2012 2012 2012 2010 2011 2011 2011 2011 2012 2012 2012
Q3 2012: $8.6 million Q3 2012: $3.0 million
6

7. Financial Position
September 30
2012
Cash and cash equivalents (millions) $0.06
Short term debt (millions) $17.3
Long term debt (millions) $0.6
Common shares outstanding, basic (millions) 173.7
Common share outstanding, fully diluted (millions) 183.3
7

8. Operations and Projects
8

9. Seabee Gold Operation
2012 Production
• Expects to meet forecast production of 48,000 –
50,000 ounces of gold
• Unit costs are estimated to be 10% higher than 2011
unit cash costs of $908 CDN.
• L62 Zone production tonnage is scheduled for the
fourth quarter
Exploration Program for 2012
• 100,000 metres at Seabee Operation
o 60,000 metres underground (44,000 m
completed)
o 40,000 metres regionally (40,000 m
completed)
• During the third quarter, exploration continued at
Santoy Gap with one rig performing infill and step-
out drilling. Drill results are expected to come in Q4.
9

10. Santoy 8 & Gap
• Inferred Mineral Resources of 495,000 ounces at 6.63 g/t (NI 43-101 compliant)
• Santoy region (Santoy Gap and Santoy 8) resource currently at 777,000 ounces
• Updated NI 43-101 for Santoy Gap planned for Q4
• Initiated exploration drift to the Gap from current mining infrastructure
10

11. Impact of New Discoveries
Increasing Seabee Gold Production
• Santoy 8 commercial production
(2010-2016) has reduced risk and increased
90,000 operational reliability.
80,000 • Discovery and development
towards L62 and Santoy Gap will
70,000
increase production in the near
60,000
future.
Production Ounces
50,000
• Targeting 1+ Moz at Santoy for
2012 year end
40,000
• Santoy 8 has zones amenable to
30,000 bulk mining techniques
20,000 • Shallow satellite deposits have
potential to drive costs down
10,000
• Life of Mine Plan to be updated
0 in Q4 2012.
2010 2011 2012 2013 2014 2015 2016
11

12. Capital Projects:
Seabee Gold Operation
Mill Expansion
• Peak capacity expanded to 1,050 tonnes per day. Further expansions are
being evaluated given the Santoy Gap potential.
Shaft Extension
• Shaft will be deepened from 600 metres to 980 metres.
• Final leg of the shaft extension will be completed in stages starting in Q4
and will be completed in the first quarter of 2013.
Camp Upgrades
• Camp upgrades were completed in
the third quarter.
12

13. Amisk Gold Project
Project Overview:
• 100% ownership
• 1.56M oz resources (NI 43-101
compliant)
• 40,373 hectare property
• Open pit potential
Exploration Program for 2012
• 3,750 metres at the Amisk Gold Project
• During the third quarter, work on a
Preliminary Economic Assessment at
Amisk continued, including a technical
site visit and an evaluation of the
potential production rate.
• Results from the Preliminary Economic
Assessment are expected late in the
fourth quarter or early in the first quarter
of 2013.
13

14. Madsen Gold Project
Project Overview:
• 100% ownership
• 1.23M oz resources (NI 43-101 compliant)
• Historic production of 2.45 million ounces of gold from
1938 to 1976
• 10,000 acre land package
• Fully permitted mill, shaft and tailings management
facility
• Similar type of geology to that of Goldcorp’s Red Lake
Assets
Exploration Program for 2012
• 19,000 metres completed
• 2 underground rigs and 1 surface rig
• Drilling was completed late in the third quarter, with
visible gold noted in several of the drill targets.
• Assays from Phase II drilling are pending and are
anticipated to be released during the fourth quarter.
14

15. Key Personnel Additions
New Site Management Team:
• 4 Leaders with 50+ years operating experience at Seabee
 Dale Cliff, Site Manager: 25+ years mining experience (mostly at Seabee).
 Pat Hamilton, Manager Technical Services (Engineering): 20 years mining engineering experience at Claude.
 Jeff Kulas, Manager Technical Services (Geology): 15+ years industry experience including operations and geology.
 Mark Lodewyk, P. Eng., Mine Manager: 10 years in mining in Canada/Australia, including 4 years at Seabee.
• 5 New Leaders with 65+ years operating experience
 Chad Ireland, HSA, CSO, Manager Safety & Training: 10+ years industry at Claude, SNC Lavalin.
 Trevor Cooney, SPCM, Manager Supply Chain: 10 years experience, 5 years in Northern Sask mining operations.
 Nicola Banton, MSc, P.Eng, Manager Environment: 10+ years in industry working in base metals, uranium and
potash milling operations and projects.
 Lane Maxemiuk, P.Eng: Technical services: 15 years experience in mining operations including Diavik mine (Rio
Tinto) and consulting firms (Golder, SRK).
 Kerry McNamara, P. Eng, Manager Capital Projects: 20+ years industry experience in operations, engineering, and
projects in gold and uranium at Goldcorp and Cameco.
15

16. 2012 Outlook
Looking forward, the Company will continue to:
1) Pursue best practices in the areas of safety, health and the environment;
2) Increase production and improve unit operating costs at the Seabee Gold
Operation by investing in capital projects and equipment to further develop
satellite deposits;
3) Sustain or increase reserves and resources at the Seabee Gold Operation
through further exploration and development;
4) Advance the Company's 100 percent owned Madsen Exploration Project;
and
5) Complete a Preliminary Economic Assessment on the Amisk Gold Project.
16

17. Claude Resources Inc.
Experience. Stability. Potential.
Creating the Capacity to
Discover. Develop. Deliver.
TSX: CRJ NYSE MKT: CGR
200, 224 - 4th Avenue South
Saskatoon, Saskatchewan, S7K 5M5
Canada
P. 306.668.7505
F. 306.668.7500
17

18. Appendix A:
Management Team
Neil McMillan President 17 years as President & CEO of Claude. 16
Chief Executive Officer years managing the RBC Dominion Securities
Board Director operation in Saskatoon. Shore Gold Inc. and
Cameco Corporation Board Director.
Rick Johnson, Chief Financial Officer 16 years with Claude including 8 years as CFO
C.A. Vice President Finance and VP Finance.
Brian Chief Operating Officer 5 years with Claude leading the exploration
Skanderbeg, Senior Vice President team. Appointed Sr. VP and COO in
P.Geo. September 2012. Previously worked for
Goldcorp, INCO and Helio Resources.
Peter Longo, Vice President Operations Joined Claude in 2011 as Manager of Capital
P.Eng., MBA, Projects and appointed VP Operations in
PMP 2012. Previously worked for Areva Resources,
Cameco Corporation and INCO.
18

19. Appendix B:
Board of Directors
Ted J. Nieman Chairman Senior Vice-President, General Counsel and Corporate Secretary of Canpotex. A board
member of all of Canpotex’s subsidiaries and affiliates. Joined the Board of Directors in
2007.
Ronald J. Hicks, Director Spent 41 years with Deloitte where he was a partner. Has served as a Director with
C.A. Dickenson Mines Ltd., Kam Kotia Mines Ltd., Saskatchewan Government Insurance
and Prairie Malt Ltd. Joined the Board of Directors in 2007.
Ray A. McKay Director Held numerous senior positions within the aboriginal business community, provincial
government and in the education sector. Most recently retired as the CEO of Kitsaki
Management, a business arm of the Lac La Ronge Indian Band.
J. Robert Director Held a number of senior positions with the Trane Company over the course of his 42
Kowalishin, P.Eng. year career with the company. Joined the Board of Directors in 2007.
Rita Mirwald 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.
Mike Sylvestre Director Currently the President and Chief Executive Officer for Castle Resources Inc. Holds an
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.
Brian Booth Director 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.
Neil McMillan President & CEO 17 years as President & CEO of Claude. 16 years managing the RBC Dominion
Director Securities operation in Saskatoon. Shore Gold Inc. and Cameco Corporation Board
Director.
19