1. 2013 Third
Quarter Results
P resented By:
Neil M cM illan
P resident & CEO
Novem ber 14, 2013

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. Q3 2013 Highlights
ü Santoy Gap contributed 243,000 ounces of gold to a 78% increase in Seabee
total Mineral Reserves.
ü On pace for record mill throughput.
ü Production of 10,541 ounces of gold.
ü Revenue of $15.0 million from the sale of 10,781 ounces of gold.
ü Total cash cost per ounce of gold (1) was $919 (U.S. $885).
ü Net cash margin of $470 per ounce.
ü Cash flow from operations before net changes in non-cash operating working
capital (1) of $4.3 million, or $0.02 per share.
ü Adjusted net loss (1) of $1.2 million, or $0.01 per share.
ü Net loss of $33.9 million, or $0.19 per share, after an impairment charge of
$45.2 million partially offset by a $12.5 million deferred income tax recovery.
(1)
See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations”
section of the Company’s Q3 MD&A.
3

4. Q3 Financial Results
Metric
Q3 2013
Q3 2012
Gold Production
10,541
15,073
Gold Sales
10,781
14,088
Gold Price
$1,389
$1,663
Total Cash Costs(1) (CDN$/oz)
$919
$920
Revenue (CDN$ million)
$15.0
$23.4
Cash Flow(1) (CDN$ million)
per share
$4.3
$0.02
$8.6
$0.05
($33.9)
($0.19)
$3.0
$0.02
($1.2)
($0.01)
$4.4
$0.01
(All $ amounts in CDN $)
Net (Loss) Profit
per share
(CDN$ million)
Adj. Net (Loss) Profit(1) (CDN$ million)
Per share
(1)
See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations”
section of the Company’s Q3 MD&A.
4

5. Q3 Accounting Impacts
Impairment charge impacting earnings
• Madsen considered held for sale.
• Revised assumptions relating to future production and unit cost analysis at the
Seabee Gold Operation.
Adjusted Net (loss) Profit Reconciliation
Three Months
Nine Months
Ended September 30
Ended September 30
2013
$
Net (loss) profit
Adjustments:
$
(46,323)
$
3,146
$
-
56,034
-
174
262
(620)
(12,531)
Deferred income tax (recovery) expense
1,274
(16,773)
1,728
(1,215)
175,811
$
175,811
Weighted Average shares outstanding (diluted)
(1)
2,958
-
Loss (gain) on investments
Per share adjusted net (loss) profit (basic and diluted)
$
2012
45,187
Impairment charge
Adjusted Net (loss) Profit
Weighted Average shares outstanding (basic)
(33,871)
2013
2012
$
(0.01)
4,406
173,746
$
0.03
$
175,478
173,819
$
(6,800)
175,478
$
(0.04)
4,254
172,660
173,094
$
0.02
See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations”
section of the Company’s Q3 MD&A.
5

6. Staying Competitive
To manage the volatile gold environment, Claude has:
Lowered Costs:
üDecreased YTD PP&E by 23% vs. budget; YTD 50% vs. 2012
ü Decreased YTD Exploration by 38% vs. budget; YTD 83% vs. 2012
ü Decreased YTD overall corporate expenditures by 15% vs. budget; YTD 26% vs. 2012
Focused on adding lower risk and cost ounces at the Seabee Gold Operation:
ü Increased Mineral Reserves by 78%, or 243,000 ounces from the Santoy Gap deposit
ü Santoy Gap development ore expected in 1H 2014
Improve Operating Efficiencies:
ü Improved safety record
ü Decreased labour costs
ü Improved supply chain management
ü Improved development rates
ü Reduced labour, diesel, ventilation and equipment usage at the Seabee Mine due to shaft
extension
6

7. Operations and Projects
(1)
See footnotes located on page 17
7

8. Operating Results
Metric
Q3 2013
Q3 2012
Tonnes Milled
64,642
66,173
Grade (g/t)
5.30
7.34
Recovery (%)
95.8
96.5
Gold Production
10,541
15,073
8

9. Seabee Gold Operation
•
Revised forecast gold production of 45,000 to 47,000
ounces
•
Decrease in production is primarily due to lower than
expected grades
•
Strong mill performance, recovery of 96%
•
Improved operating performance at the Seabee Mine
due to shaft extension
•
Lower labour, diesel, ventilation, and equipment
usage
•
Lower transportation and handling times
•
Unit costs are estimated to improve from 2012 cash
costs of CDN $997
•
New mining technique on the L62 Zone expected to:
•
Lower unit costs
•
Require less development
•
Reduce dilution
9

10. Santoy Gap
• Preliminary results indicate the Santoy Gap will provide significant
economic value
Updated Mineral Reserve and Resource
• Due to wider mining widths and high grade core, the Santoy Gap is
expected to lower unit costs and increase production
Ounces
Grade (g/t)
• Decrease operating risk with the addition of more mining faces
P&P Reserves
243,000
6.24
• Minimal capital expenditures to begin mining
Indicated Resources
14,000
4.65
• Expect to see development ore in 1H 2014 and steadily ramp up to
700 tpd over the next several years
Inferred Resources
356,900
5.92
10

11. Updated Reserves and
Resources
• 78% increase in Mineral Reserves from the Santoy Gap deposit
• Exploration results from the Santoy Mine Complex (Santoy 8 and Santoy Gap) indicated significant
resource growth upside
• Two of three step-out drill holes in 2013 returned 330.35 g/t over 1.55 metres and 18.80 g/t over
13.86 metres (Note included in updated Mineral Reserve and Mineral Resource statement)
Proven and Probable M ineral R eserves, Decem ber 31, 2012
Projects
Seabee
Santoy 8
Santoy Gap
Totals
Tonnes
947,100
628,100
1,210,000
2,785,200
Grade (g/t)
7.26
4.45
6.24
6.19
Ozs
221,100
89,900
243,000
554,100
Projects
Seabee
Santoy 8
Santoy Gap
Porky Main
Porky West
Totals
Tonnes
45,400
59,300
94,000
160,000
111,000
469,600
Grade (g/t)
4.86
3.28
4.65
7.50
3.10
5.10
Ozs
7,100
6,200
14,000
38,600
11,000
77,000
Projects
Seabee
Santoy 8
Santoy Gap
Porky Main
Porky West
Totals
Tonnes
355,600
518,700
1,875,000
70,000
138,300
2,957,600
Grade (g/t)
8.55
5.91
5.92
10.43
6.03
6.35
Ozs
97,700
98,600
356,900
23,500
26,800
603,400
M easured and Indicated M ineral R esources
Inferred M ineral R esources
11

12. Amisk Gold Project
Project Overview:
•
100% ownership
•
1.57M oz Au Eq resources (NI 43-101
compliant)
•
40,400 hectare property
•
Open pit potential
•
Deferred work plans for 2013 and 2014
12

13. Madsen Gold Project
Decision to Divest:
• In line with current strategy to focus on current and near term cash
flow generating projects
• Better ROI at Santoy Gap and near infrastructure targets at the
Seabee Gold Operation
• Improves balance sheet in the short term
• Helps in reducing financing needs and risks in current volatile gold
environment
• Current lack of capital to move project forward
• Reduced exploration and de-watering costs
• Future capital requirements/needs in order to move project forward
• The Company expects to maintain upside exposure to the Madsen
project
13

14. Top Priorities
Operational Improvement
•
•
•
•
Improved Capital and Operational planning
Improved grade forecasts
New mining method at Seabee Gold Mine
A continued focus on safety – over 40% decrease in safety incidents
Strengthen Balance Sheet
• Sale of Madsen Gold Project
• Review other financing alternatives
Cost Management
• Continue to execute on the Cash Flow Optimization Plan
• Improved supply chain management
• Ensure lowered costs are sustainable
Financial Discipline
• PP&E decreased 23% YTD and by 50% vs. 2012
• Overall corporate expenditures decreased by 15% YTD and 26% vs.
2012
Focus on Low Cost and Risk
Growth
• Advance Santoy Gap
• Displace lower grade ounces with higher grade ounces
• Prioritize development budget and metres
14

15. Claude Resources Inc.
Experience. Stability. Potential.
Creating the Capacity to
Discover. Develop. Deliver.
TSX: CRJ
OTCQB: CLGRF
200, 224 - 4th Avenue South
Saskatoon, Saskatchewan, S7K 5M5
Canada
P. 306.668.7505
F. 306.668.7500
E: ir@clauderesources.com
(1) See footnotes located on page 17
15

16. Appendix A:
Management Team
Neil McMillan
President
Chief Executive Officer
Board Director
17 years as President & CEO of Claude. 16
years managing the RBC Dominion Securities
operation in Saskatoon. Chairs the Cameco
Corporation Board and a Director on Shore
Gold Inc.
Rick Johnson,
C.A.
Chief Financial Officer
Vice President Finance
16 years with Claude including 8 years as CFO
and VP Finance.
Brian
Skanderbeg,
P.Geo.
Chief Operating Officer
Senior Vice President
5 years with Claude leading the exploration
team. Appointed Sr. VP and COO September
1, 2012. Previously employed with Goldcorp,
INCO and Helio Resources.
Peter Longo,
P.Eng., MBA
Vice President, Operations
Joined Claude in 2011 as Manager of Capital
Projects and appointed VP Operations in
2012. Previously employed with Areva
Resources, Cameco Corporation and INCO.
16

17. Appendix B:
Board of Directors
Ted J. Nieman,
Q.C.
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,
C.A.
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.
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. 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.
Mike Sylvestre,
P.Eng.
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.
Brian Booth,
P.Geo.
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
Director
17 years as President & CEO of Claude. 16 years managing the RBC Dominion
Securities operation in Saskatoon. Serves on the Board of Shore Gold Inc. and Cameco
Corporation.
17