1. John Tum azos
Very I ndependent
Research
Conference
Presented by
Brian Skanderbeg
Senior Vice President & COO
October 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 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

3. At a Glance
• Head Office: Saskatoon, SK
• Project Locations: Saskatchewan & Ontario
• Assets:
• Seabee Gold Operation
• Amisk Gold Project
• Madsen Gold Project
AMISK
3

4. Why Claude Resources?
 Exceptional record of reserve and resource base growth over the
past four years.
 Investing in infrastructure to increase the capacity of the Seabee
Gold Operation.
 Addition of the Santoy 8 Gold Mine in 2011 and the L62 Zone in 2012
contributes to production and increases flexibility and reliability in
operations.
 2012 production forecast of 48-50,000 ounces with strong growth
expected in future years.
 Two advanced exploration projects that each host over 1 million
ounce gold deposits and have the potential to produce one hundred
thousand ounces a year.
4

5. Corporate Overview
Stock Exchanges: Cash & Short Term Investments: ($1.6 million)
TSX CRJ (June 30, 2012)
NYSE MKT CGR
Debt (June 30, 2012):
Short Term $18.2 million
Long Term $1.0 million
Shares Outstanding (June 30, 2012):
Basic 173.7 million
Fully Diluted 183.2 million Cash Costs per Ounce:
Q2 2012 $1,082 CDN
Market Cap $150 million CDN $1,071 US
(September 19, 2012)
TSX:
52 Week High $2.29
Analyst Coverage: 52 Week Low $0.56
Brian Christie Desjardins Securities Avg. Volume 380,000
Cosmos Chui CIBC
Paolo Lostritto National Bank NYSE MKT:
Ron Stewart Dundee Securities 52 Week High $2.29
Sam Crittenden RBC 52 Week Low $0.56
Avg. Volume 400,000
5

6. Focused on Growth
Great Risk vs. Reward Investment Opportunity
 Cash flow and net earnings from Seabee Operation
 Significant exploration upside at all three projects
 Exploration success near infrastructure
 Experienced and improved management team
Increasing Seabee Gold Production Resource Base
(2007-2016)
4500000
90,000
4000000
80,000
70,000 3500000
1,566,000
Production Ounces
60,000 3000000
Amisk
50,000 2500000 1,018,000
Madsen
40,000 2000000 1,225,000
Seabee
30,000 1500000
1,225,000 1,225,000
20,000 1000000
1,300,000
10,000 500000 806,000 735,000 662,000
0 0
2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011
6

7. Operations & Projects
7

8. Seabee Gold Operation
• 100% ownership
• 14,400 hectare property
• Produced over 1,000,000 ounces of gold from
1991 to 2012
• 1.30 million ounces in NI 43-101 reserve &
resources
• Full infrastructure including a 1,050 tonne per
day mill
• Two producing mines: Seabee Gold Mine and the
Santoy 8 Gold Mine
• Exploration focused on Santoy Gap, L62, Santoy
8, Seabee Deep, and Neptune
8

9. Seabee Reserves & Resources
Resource Class Zone Tonnes Grade (g/t) Contained Gold
(oz)
Proven & Seabee 1,062,900 6.58 224,900
Probable
Santoy 8 997,100 4.08 130,600
Total 2,059,900 5.37 355,600
Indicated Seabee 127,400 4.65 19,000
Santoy 8 12,600 5.04 2,000
Porky Main 160,000 7.50 38,600
Porky West 111,000 3.10 11,000
Total 410,900 5.35 70,700
Inferred Santoy Gap 2,321,000 6.63 495,000
Seabee 813,900 6.83 178,800
Santoy 8 850,000 5.46 149,300
Porky Main 70,000 10.43 23,500
Porky West 138,300 6.03 26,800
Total 4,193,200 6.48 873,400
9

10. Seabee Property
Seabee Property:
14,400 Hectares
• Established fully-permitted infrastructure
• Underexplored productive belt
10

11. Seabee Mine
Shaft Extension
Q4 2012 completion
L62 MRMR
P & P Reserve – 70,400 Oz @ 7.62 g/t
Inf Resource – 40,300 Oz @ 7.57 g/t
Seabee Total MRMR
P & P Reserve – 224,900 Oz @ 6.58 g/t
Resource – 178,800 Oz @ 6.83 g/t
• L62 deposit discovery 200 m
from infrastructure
• Open up-dip to surface
• Currently developed on 3 levels
11

12. Santoy 8 & Gap
• Inferred Mineral Resources of 495,000 ounces at 6.63 g/t (NI 43-101 compliant)
• 65 holes completed in 2012 – focused on step-out and infill drilling
• Initiated exploration drift from current mining infrastructure
• Santoy region (Santoy Gap and Santoy 8) resource currently at 777,000 ounces
12

13. Santoy 8 Longitudinal Section
Santoy 8 Total MRMR
P & P Reserve – 130,600 Oz @ 4.08 g/t
Resource – 149,300 Oz @ 5.46 g/t
• Grid power & all-weather
road
• Currently producing ~
400 tpd
• 280 Koz MRMR with
drilling expanding at
depth
• Lower grade & lower cost
than Seabee
13

14. Impact of Santoy 8
• Santoy 8 commercial production
has reduced risk and increased
operational reliability.
• Discovery and development
towards L62 and Santoy Gap will
increase production in the near
future.
• Targeting 1+ Moz at Santoy for
2012 year end
• Santoy 8 has zones amenable to
bulk mining techniques
• Shallow satellite deposits have
potential to drive costs down
• Life of Mine Plan to be updated
in Q4 2012.
14

15. Comparative Oz/Vertical Metre
• Seabee Mine: 1,000 ounces per vertical metre
• Santoy 8: 1,200 ounces per vertical metre
• Santoy Gap: 1,500-2,000 ounces per vertical
metre
15

16. Amisk Gold Project
• 100% ownership
• 40,373 hectare property
• 1.57 million ounces in NI 43-101 resource
calculation
• Proven mining district and “mining friendly”
community
• Greenfield site is close to provincial infrastructure
• Large bulk mineable potential
• Mineralization begins at surface and has been drill
tested to approximately 600 metres below surface
NI 43-101 Resource and PEA to be completed
in 1H 2013
16

17. Amisk Reserves & Resources
Resource Class Tonnes (000’s) Grade (g/t) Contained Ounces
(000’s)
Au Ag Au Eq Au Ag Au Eq
Indicated 30,150 0.85 6.17 0.95 827 5,978 921
Inferred 27,653 0.64 4.01 0.70 589 3,692 645
17

18. Amisk Location
18

19. Amisk Pit Shell
Claude Resources - Amisk Lake Project - Grade - Tonnage Sensitivity Table
Total Resource Indicated Inferred
Au Eq Cut-Off Au Eq
Tonnage Au (gpt) Ag (gpt) Total Oz Ind Oz % Inf Oz %
(gpt)
0.30 82,422,879 0.69 0.62 4.35 1,828,471 998,622 55% 824,675 45%
0.40 58,803,225 0.83 0.75 5.11 1,569,171 920,881 59% 644,854 41%
0.50 42,979,475 0.97 0.88 5.85 1,340,368 824,702 62% 512,676 38%
19

20. Madsen Exploration Project
• 100% ownership
• 10,000 hectare property
• 1.23 million ounces in NI 43-101 resource
calculation
• Historic production was 2.45 million ounces of
gold from 1938 to 1976
• Similar type of geology to that of Goldcorp’s Red
Lake Assets
• All existing infrastructure is fully permitted
23,550 metre exploration program planned
for 2012
20

21. Madsen Reserves & Resources
Resource Zone Tonnes Grade (g/t) Grade (oz/t) Contained
Class Ounces (oz)
Indicated Austin 1,677,000 7.92 0.23 427,000
South Austin 850,000 9.32 0.27 254,000
McVeigh 374,000 9.59 0.28 115,000
Zone 8 335,000 12.21 0.36 132,000
Total 3,236,000 8.93 0.26 928,000
Inferred Austin 108,000 6.30 0.18 22,000
South Austin 259,000 8.45 0.25 70,000
McVeigh 104,000 6.11 0.18 20,000
Zone 8 317,000 18.14 0.53 185,000
Total 788,000 11.74 0.34 297,000
21

22. Madsen Property
22

23. Madsen Mine Trend
Exploration is focused on continued testing of the 8 Zone Trend as well as the
McVeigh and Austin Tuff depth continuity.
23

24. Madsen Property:
Red Lake Camp
Starratt Olsen Madsen Mine Historic Production
2.4 M oz @ 0.30 opt Austin East
164,000 oz @ 0.18 opt
Underground
Drill Chambers
2012 exploration target areas
8 Zone
24

25. Madsen Infrastructure
Modern equipment and facilities:
• 500 ton per day permitted mill
• 5 compartment shaft to 4,125 feet
• Shaft capable of skipping 1,925 tpd
• Permitted tailings facility
Minimal capital required to
bring Madsen into production
25

26. Exploration Summary
2012 2012 2011 2011
$ (in millions) Metres $ (in millions) Metres
Seabee $5.90* 50,700 $4.90* 100,000
Madsen $5.40 23,550 $3.85 18,000
Amisk $1.20 3,750 $1.74 10,000
Total $12.50 78,000 $10.49 128,000
*Excluding underground expenditures.
26

27. Peer Valuation
(as of September 18, 2012)
$450
$400 Rubicon
Non-producer
$350 Kirkland Lake
Producer
$300 Average
Market Cap/Oz
$250
$200
$150
$100
$50
$0
*Calculation based on National Instrument 43-101 ounces
27

28. 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
28

29. Appendix A:
Major Shareholders
Shareholder Position % of Market Cap
Craton Capital Ltd. 11,600,000 6.68
Libra Advisors LLC 8,308,160 4.78
Sprott Asset Management LP 7,159,838 4.12
Ruffer LLP 5,493,000 3.16
Royal Bank of Canada 4,062,742 2.34
GCIC Ltd. 4,062,270 2.34
Mackenzie Financial Corporation 3,152,300 1.81
US Global Investors Inc. 2,500,000 1.44
29

30. Appendix B:
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.
30

31. Appendix C:
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
C.A. with Dickenson Mines Ltd., Kam Kotia Mines Ltd., Saskatchewan Government
Insurance and Prairie Malt Ltd. Joined the Board of Directors in 2007.
J. Robert Director Held a number of senior positions with the Trane Company over the course of
Kowalishin, his 42 year career with the company. Joined the Board of Directors in 2007.
P.Eng.
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 17 years as President & CEO of Claude. 16 years managing the RBC Dominion
Chief Executive Securities operation in Saskatoon. Shore Gold Inc. and Cameco Corporation
Officer Board Director.
Board Director
31

32. Appendix D:
Key Personnel Additions
Re-structuring of Operations:
– Create Mine Manager role: Responsible for mine operations.
– Established Capital Projects role: – Responsible for building business case, planning and execution of capital projects and
new mines.
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 from other operations
– 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.
32