Claude Resources Inc. April 2015 Corporate Presentation

Corporate Presentation

April 2015

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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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Corporate Summary

Canadian gold producer with over 20 years experience

• Demonstrated production and margin growth • 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

• 2014 Unit cash cost (1) of CDN $836 (U.S. $757) • 2014 All in sustaining cost/oz (1) of CDN $1,310 (U.S. $1,186) • 2014 earnings of CDN $4.6 million

Strong financial position

• $11.2 million of cash (at December 31, 2014)

• $22.6 million of debt (at December 31, 2014)

Seabee Gold Operation (Seabee Gold 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 2014 MD&A.

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• Operating/Mine execution

• Cash flow and earnings

• Balance Sheet strength

The New Story

… and we are delivering results.

We recognized what we needed to improve…

Valuation(1) P/CF P/E

CRJ 3.5X 10X

Jr. Gold Avg. 7.2X 15X (1) Based on analyst consensus and share price as of March 31, 2015.

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Strong Operating Results

Set new records in safety, environment and production

ü Santoy Gap development was ahead of schedule with long hole production initiated in Q3 2014

ü Alimak mining method results positive

ü Record safety and environmental performance

Production Statistics 2014 2013 Change

Tonnes Milled 279,597 280,054 -

Head Grade (g/t) 7.32 5.11 43%

Recovery 95.7% 95.3% -

Gold Ounces

Produced 62,984 43,850 44%

Sold 62,772 44,823 40%

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Strong Start to 2015

Set new quarterly gold production record in Q1 2015

ü Typically our most challenging quarter

ü Driven by higher grades from L62 and Santoy Gap

Production Statistics Q1 2015 Q1 2014 Change

Tonnes Milled 67,249 64,370 4%

Head Grade (g/t) 10.17 5.76 77%

Recovery 95.8% 95.1% 1%

Gold Ounces

Produced 21,067 11,344 86%

Poured 19,659 10,829 82%

Sold 17,330 10,865 59%

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Financial Results

(1) 2013 results reflect: impairment charges of $22.2 million on the Company’s Seabee Gold Operation and impairment charges of $41.6 million on the Company’s Madsen Property which was sold in the first quarter of 2014.

(2) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s 2014 MD&A.

(3) Cash flow from operations before net changes in non-cash operating working capital.

Financial Results (all $ amounts in $CDN) 2014 2013

Revenue (in 000’s) $87,372 $63,794

Production costs (in 000’s) $50,211 $44,051

Net profit (loss) (in 000’s) (1) $4,552 ($73,423)

Earnings (loss) per share (basic and diluted) (1) $0.02 ($0.42)

Cash flow (2)(3) (in 000’s) $26,540 $13,785

Cash flow (2)(3) per share $0.14 $0.08

Total cash costs per ounce (2) $836 $983

All in sustaining cost per ounce (2) $1,310 $1,855

A profitable gold producer

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Stronger Balance Sheet

De-risked Balance Sheet & improved financial structure

ü Debt reduction of $10.6 million and repayment of $8.6 million on line of credit in 2014

ü Strong liquidity position of $19.7 million

Balance sheet strength and debt reduction remain a key priority

All amounts in $CDN millions Dec. 31, 2014 Dec. 31, 2013

Long Term Debt $22.6 $25.0

Line of Credit - $8.6

Demand Loans - $8.2

Total debt $22.6 $41.8

Cash $11.2 - Net debt ($11.4) ($41.8)

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Compelling Valuation

$760 $780 $800 $820 $840 $860 $880 $900 $920 $940 $960 $980

*KGI RIC SAS WDO CRJ Average Median

CDN$ Unit Cash Cost/Oz (12 months 2014)

$836

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3' 14 Q4 '14 2015E FY

AISC (CDN$/oz) (1)

Current CDN Au $ - $1,510

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 (1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s 2014 MD&A.

5.7 5.9 5.1

7.3 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

Production Grade

$2,800

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(1) See footnotes located on page 17

Operations and Projects

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Productive Gold Belt

Seabee Property: 17,200 Hectares

• Large land position – 17,200 Hectares • Control the entire greenstone belt • Underexplored gold camp • Well established infrastructure

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Key Drivers: L62 & Alimak Mining

Illustration of Alimak Mining process

• Reduced underground waste development and increased production rates :

• Ability to mine 100 metre high zone in 9 months vs 16-18 months

• Positive reconciliation on grade, ounces and tonnes versus budget

Faster, Cheaper à More Productive

L62: The source of higher grade ore

Seabee Mine – L62 Deposit

2014 Alimak Performance Tonnes Grade (g/t) Ounces Dilution (%)

L62 Zone 127,273 9.10 37,243 18

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Key Drivers: Santoy Gap

• 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

• Opportunity to displace low margin ounces with high margin ounces and optimize

mine plan for improved cash flow

• Time to production from discovery = 2.5 years

• System remains open at depth

What makes Santoy Gap so special?

Higher Grade + Wider Veins = More Ounces Per Vertical Metre

Key Drivers: Santoy Gap

• Production to date – over 87,500 tonnes @ 8.18 g/t

• Long-hole production began end of Q3

• Forecast to be 60% of 2015 annual gold production tonnage

• Infrastructure upgrades on-going to ramp up to 600-700 tpd

• 35,000 to 40,000 metres of underground drilling in 2015

2015 Production

2014 Production

Higher Grade + Wider Veins = More Ounces Per Vertical Metre

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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

Updated Reserves and Resources

Seabee Gold Operation Mineral Reserves and Mineral Resources* (as of November 30, 2014)

Grade (g/t) Ounces

Category 2014 2013 YOY change 2014 2013 YOY change

P&P Reserves 7.03 5.70 23% 299,000 422,900 (29%)

M&I Resources 5.98 6.91 (13%) 125,200 175,200 (29%)

Inferred Resources 7.96 7.21 10% 847,300 582,900 45%

* See 2014 Annual MD&A for footnotes to the Mineral Resource Statement.

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Prospective Gold Camp

SYSTEM REMAINS OPEN AT DEPTH

Excellent opportunity for resource expansion at Santoy Mine Complex • 2014 underground drilling demonstrated economic grades and widths

• SUG-14-038 – 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 ~35,000 metres of underground drilling in 2015

2015 Drill Target Area

2.5 km Strike Length

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A profitable gold miner

ü Increased production & margins by prioritizing Santoy Gap development &

changing mining method at L62 deposit

ü Set new annual gold production record of 62,984 ozs in 2014 (2013: 43,850)

ü New quarterly gold production record in Q1 2015 of 21,067

ü Decreased 2014 all-in sustaining costs by 29% from 2013

ü Lowered 2014 capital expenditures by 28% from 2013

ü Increased cash flow & earnings to drive further debt reduction & a stronger

balance sheet

Our strategies are delivering results

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2015 Outlook

üGold production of 60,000 to 65,000 ounces

ü Unit cash costs – CDN $785 to $850 per ounce (includes NSR)

ü All in sustaining costs – CDN $1,175 to $1,275 per ounce

ü Expected FCF in 2015 @ CDN $1,300 Au/oz (U.S. $1,040 Au/oz*)

üOur performance & profitability is sustainable

Our focus w ill remain on cost containment, margins and production grow th

*Assuming U.S./CDN exchange rate of $0.80

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(1) See footnotes located on page 17

Claude Resources Inc. 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: [email protected]

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Project Overview Ownership: 100%

Property Size:17,200 hectares

Property Location: Saskatchewan, Canada

History:(1991 – Present) +1,000,000 oz of gold production

Resources: 1.27 million ounces of gold (NI 43-101)

Status: Production from Seabee, Santoy 8 & Santoy Gap Mines

Production: Forecast 60,000 to 65,000 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 on pace to reach 500 tpd • 2015 UG drill program 65,000 m • Successful mining method transition at Seabee • Santoy Gap infrastructure upgrades on-going to reach 600-

700 tpd

Appendix A: Seabee Gold Operation

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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:

• 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

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Appendix C: Executive Team

Brian Skanderbeg, P.Geo.

President & CEO

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 and brings extensive experience in gold systems and include operational management, cost and asset optimization as well as 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 the Canadian Institute of Chartered Accountants.

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Appendix D: 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.

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.

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

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 and brings extensive experience in gold systems and include operational management, cost and asset optimization as well as strategic analysis