Corporate Presentation

BMO Metals & Mining Conference 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 host +1 million ounces of gold • Low risk and proven mining jurisdictions

Low cost and profitable

• Unit cash cost (1) of CDN $801 (U.S. $732) • All in sustaining cost (1) of CDN $1,265 (U.S. $1,156) • Q3 earnings of CDN $6.9 million

Strong financial position

• ~ $11.2 million in cash • No short term debt • ~ $22 million in long-term debt

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 Q3 MD&A.

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• Operating/Mine execution

• Cash flow and earnings

• Balance Sheet strength

The New Story

… and understand that we need to rebuild investor confidence

We recognized what we needed to improve…

Valuation P/CF P/E

CRJ (1) 3X 12X

Jr. Gold Avg. 6X 15X (1) Excludes Q4 performance. Valuation is based on Sept. 30, 2014 financials and share price as of Jan. 15, 2015.

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Strong Operating Results

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 62,700 44,823 40%

Set annual gold production record in 2014

üSantoy Gap development ahead of schedule with long hole production initiated in Q3 2014

üAlimak mining method results positive

ü Improved safety and environmental performance

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Profitable Gold Producer

Financial Results all $ amounts in $CDN Q3 2014 Q3 2013

9 Months 2014

9 Months 2013

Earnings (in 000’s) $6,852 ($33,871) $5,068 ($46,323)

Earnings per share (basic & diluted) $0.04 ($0.19) $0.03 ($0.26)

Cash flow (1)(2) (in 000’s) $10,368 $4,272 $22,015 $9,308

Cash flow (1)(2) per share (basic & diluted) $0.06 $0.02 $0.12 $0.05

Total cash costs per ounce (1) $735 $919 $801 $999

All in sustaining cost per ounce (1) $1,063 $1,574 $1,265 $1,957

Strong operating performance driving profitability

(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s 2014 Q3 MD&A.

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

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Profitable Gold Producer

$700

$750

$800

$850

$900

$950

$1,000

*KGI RIC SAS WDO CRJ Average Median

Unit Cash Cost/Oz in CDN $ (9 months Sept. 30, 2014)

0.0

2.0

4.0

6.0

8.0

10.0

*KGI RIC SAS WDO CRJ Average Median

P/CF (1) (2)

$ -5.1

$ 3.3

$ 6.9

-$6.0

-$4.0

-$2.0

$0.0

$2.0

$4.0

$6.0

$8.0

Q1 Q2 Q3

2014 Quarterly Earnings

$ 1.8

$ 9.9 $ 10.4

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

Q1 Q2 Q3

Cash Flow (1) (2)

(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s 2014 Q3 MD&A.

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

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Strong Financial Position

All amounts in $CDN millions Sept. 30, 2014 Dec. 31, 2013

Long Term Debt $23.5 $25.0

Line of Credit - $8.6

Short Term Loans - $8.2

Total debt $23.5 $41.8

Cash $10.6 - Net debt $12.9 $41.8

Working capital $27.8 ($11.9)

De-risked Balance Sheet and improved financial structure

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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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Delivering Higher Grades

L62: The source of higher grade ore

Seabee Total MRMR P & P Reserve – 105,000 Oz @ 6.67 g/t

Resource – 163,800 Oz @ 8.89 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 • Increased production rates:

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

• Significant reduction in underground waste development and increase on-ore development

• Reduction in labour and maintenance costs

• Positive reconciliation on grade, ounces and tonnes versus budget

Faster, Cheaper à More Productive……..

2014 Alimak Performance Tonnes Grade (g/t) Ounces Dilution (%) L62 Zone 106,700 9.04 31,000 18

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The Game Changer: 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 Vein Widths = More Ounces Per Vertical Metre

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Key Drivers: Santoy Gap

• Production (May to December) – over 48,000 tonnes @

approx. 7.9 g/t

• Long-hole production began end of Q3

• 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

2015 Production

Tonnes 165,000 – 175,000

Grade 6.4 – 6.6 g/t

Ounces 34,000 – 37,000

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Key Drivers: Santoy Gap

SYSTEM REMAINS OPEN AT DEPTH

Excellent opportunity for resource expansion at Santoy Mine Complex

• 2014 underground drilling continues to demonstrate 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

2015 Drill Target

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A profitable gold miner

ü Increased production & margins by prioritizing Santoy Gap development & change

in mining method at L62

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

ü Decreased unit costs by approximately 20% from 2013

ü Lowered capital expenditures by 30% 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

üUnit cash costs - CDN $750 to $810 per ounce

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

üExpected FCF in 2015 @ CDN $1,300 Au/oz (U.S. $1,040

Au/oz)

üOur performance & profitability is sustainable

Our focus will remain on cost containment, margins and production growth

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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: 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: 2014: 62,984 ozs of gold (2013: 43,850)

Cash Costs: $735/oz (Q3 2014); $801/oz (9 months 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:

• 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

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

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.

Mike Sylvestre, P.Eng., ICD.D

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.

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.

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.