Claude Resources Inc. corporate presentation for November 2014 Toronto marketing.

1. Corporate Presentation
November 2014

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

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2 Canadian gold assets:
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Each hosting over 1 million ounces of gold
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Low risk jurisdictions
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Located in proven mining regions
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Significant resource growth potential
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20+ years of operating experience
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Continuing production and margin growth potential at Seabee Gold Operation
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Aggressive focus on cash flow optimization in place
Corporate Summary

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Cash flow and earnings
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Operating/Mine execution
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Balance Sheet strength
The New Story
… and understand that we need to rebuild investor confidence.
We recognized the areas that we needed to improve on…

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Building Value
1. Cash Flow Optimization Plan:
ü
Reduced 2014 overall expenditures by over 6% (2013 vs. 2012: â26%)
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Reduced unit cash costs 20% – Q3 2014 $735 (U.S. $675) vs. Q3 2013 $919 (U.S. $885)
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Generated Q3 net earnings of $6.9 million (Q3 2013: -$33.9 million) 2. Operating Execution:
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Increased 2014 production guidance - 61,000 to 64,000 ozs (prev. 50,000 to 54,000)
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Santoy Gap development ahead of schedule with long hole production initiated in Q3 2014
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New Alimak mining method results positive
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Improved safety and environmental performance 3. Strengthened Balance Sheet:
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Cash and cash equivalents of $10.6 million at Sept. 30, 2014
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Debt reduction of $9.7 million in the first nine months of 2014
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Raised over $24 million in Q1 of 2014 (Sale of Madsen & NSR royalty at Seabee Gold Operation)
3 strategies that work at these gold prices
What we have done to improve:

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Stronger Balance Sheet
All amounts in $CDN
Sept. 30, 2014
Dec. 31, 2013
Cash and cash equivalents (in millions)
$10.6
($8.6)
Total debt (in millions)
$23.5
$33.2
Net debt (in millions)
$12.9
$41.8
Working capital (in millions)
$27.8
($11.9)
Current ratio
3.21
0.77
A focus on decreasing unit costs & improved operating execution has resulted in debt reduction & a stronger Balance Sheet

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

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

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Delivering Higher Grades
L62: The source of higher grade ore
Seabee Total MRMR
P & P Reserve – 221,300 Oz @ 7.13 g/t
Resource – 104,800 Oz @ 8.13 g/t
Shaft Extension:
Driving reduced costs in labour, consumables and ore handling time

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Key Drivers For Change
Illustration of Alimak Mining process
New Mining Method: Alimak Mining
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Proven mining method used in similar operations
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Increased production rates:
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Ability to mine 100 metre high zone in 9 months vs 16-18 months
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Significant reduction in underground waste development and increase on-ore development
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Reduction in labour and maintenance costs
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Positive reconciliation on grade, ounces and tonnes versus budget
Faster, Cheaper à More Productive……..

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The Game Changer: Santoy Gap
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2,000 ounces per vertical metre (Seabee: ~ 1,000 oz/vertical metre)
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Higher reserve grade with opportunity to increase
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Wider mining widths than Seabee & Santoy 8
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Decreased production risk with the addition of multiple long-hole mining fronts
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Opportunity to displace low margin ounces with high margin ounces and optimize mine plan for improved cash flow
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System remains open at depth
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Time to production from discovery = 2.5 years
What makes Santoy Gap so special?
Higher Grade + Wider Vein Widths = More Ounces Per Vertical Metre

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Key Drivers: Santoy Gap
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Production to date – over 28,000 tonnes @ approx. 8.6 g/t
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Long-Hole production began end of Q3
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Production ramp up to 250-350 tonnes per day by year end
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Infrastructure upgrades ongoing to ramp up to 500-700 tonnes per day
2015 Production
2014 Production
Higher Grade + Wider Veins = More Ounces Per Vertical Metre

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Key Drivers: Santoy Gap
SYSTEM REMAINS OPEN AT DEPTH
Excellent opportunity for resource expansion at Santoy Mine Complex
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2014 underground drilling continues to demonstrate economic grades and widths
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SUG-14-038 – 26.77 g/t over 8.7 m
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Major step-out holes among the highest gram-metre product to date in the camp
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JOY-13-690 – 330.35 g/t over 1.6 m JOY-13-692 – 30.08 g/t over 7.9 m
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JOY 13-692 indicates excellent resource tonnage and grade potential at depth for Santoy 8
JOY-13-692
19.71 g/t over 5.1m
(30.08 g/t over 7.9m)
JOY-13-690 31.21 g/t over 1.2m (330.35 g/t over 1.6m)

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Key Drivers: Santoy Gap
Key Project Milestones
Goal
Status
Development Ore Production
Q2
Ongoing - May to Sept: 28,000 tonnes at ~8.6 g/t
Ventilation Raise
Q2
Completed ahead of schedule in June
UG Drilling
27,000 m
Ongoing – results to date have been excellent
Long Hole Production (250 to 350 tpd)
Q4 2014
Achieved ahead of schedule – Q3
2015 Production
400+ tpd
On schedule

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2014 Outlook
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Increasing production & margins by prioritizing Santoy Gap development & L62 production
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Increased 2014 gold production - 61,000 to 64,000 ounces (previously 50,000 to 54,000)
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Decreasing unit costs by approximately 20% from 2013
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Lowering capital expenditures by 30% from 2013
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Increased cash flow & earnings to drive further debt reduction & a stronger balance sheet
Our strategies are delivering results

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(1) See footnotes located on page 17
Claude Resources Inc. Experience. Stability. Potential. Creating the Capacity to 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

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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: Forecast 61,000 to 64,000 ozs of gold (prev. 50 – 54K) Cash Costs: $735/oz (Q3 2014); $801/oz (YTD 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

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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:
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Large bulk mineable potential
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Mineralization begins at surface and has been tested to approximately 600 metres below surface
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Close to provincial infrastructure and in proven mining district and “mining friendly” community

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Appendix C: Management 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.

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Appendix D: Board of Directors
Mike Sylvestre, P.Eng., ICD.D
Chair
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.
Brian Booth, P.Geo.
Lead 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.
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.