Q2 2015 Earnings Call

August 13,2015

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Cautionary Note Regarding Forward-Looking InformationThis 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 EstimateThe 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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Q2 Key Highlights

Record Earnings: net earnings of $10.2 million, or $0.05 per share a $6.9

million or 208% improvement vs Q2 2014

Solid Operating Performance: gold production of 20,619 10% increase vs Q2

2014

Mining Higher Grades: mill head grade of 8.88 g/t 15% increase vs Q2 2014

Decreasing Costs: Cash cost per ounce (1) $623 (U.S. $507) 17% decrease vs Q2 2014

All-in sustaining cost per ounce (1) $954 (U.S. $776) 10% decrease vs Q2

2014

Strong Balance Sheet: increased cash and bullion (2) to $20.9 million and

decreased debt to $20.8 million(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s Q2 2015 MD&A.

(2) Cash and bullion relates to current cash on hand of $16.8 and $4.1 million of bullion (gold poured in dore bars which has not yet been sold and is valued at market prices).

Generating Free Cash Flow

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H1 Key Highlights

Profitable: net earnings of $15.4 million, or $0.08 per share a $17.2 million

improvement from H1 2014

Record Operating Performance: gold production of 41,686 39% increase vs.

H1 2014

Higher Grades: mill head grade of 9.49 g/t 39% increase vs. H1 2014

Peer Leading Cost Performance: cash cost per ounce of gold (1) of $647 (U.S.

$524) 23% decrease vs. H1 2014; all-in sustaining cost per ounce of gold (1) of

$1,146 (U.S.$928) 18% decrease vs. H1 2014

Improved production and cost guidance for 2015: gold production of

68,000-72,000; cash cost (1) per ounce $730-$800 (U.S.$580-$635); AISC (1) per

ounce $1,100-$1,200 (U.S.$875-$950)(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s Q2 2015 MD&A.

Delivering Strong and Sustainable Results

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Financial Results

(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s Q2 2015 MD&A.

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

Financial Results (all $ amounts in CDN$ unless otherwise stated) Q2 2015 Q2 2014

YTD 2015 YTD 2014

Revenue (000’s) $29,739 $24,718 $55,922 $40,342

Net earnings (loss) (000’s) $10,245 $3,327 $15,367 ($1,784)

Earnings (loss) per share (basic and diluted) $0.05 $0.02 $0.08 ($0.01)

Cash flow from operations (1) (2) (000’s) $15,645 $9,863 $24,913 $11,647

Cash flow from operations (1) (2) per share $0.08 $0.05 $0.13 $0.06

Average realized price per ounce $1,448 $1,397 $1,477 $1,413

Average realized price per ounce (U.S.$) $1,178 $1,282 $1,196 $1,288

Total cash costs per ounce (1) $623 $753 $647 $841

Total cash costs per ounce (1) (U.S.$) $507 $691 $524 $767

All-in sustaining cost per ounce (1) $954 $1,065 $1,146 $1,390

All-in sustaining cost per ounce (1) (U.S.$) $776 $977 $928 $1,267

A Profitable Gold Producer at Current Au Prices

Stronger Balance Sheet

Debt reduction through $300,000/month principal payments ($3.6 million annually)

Strong liquidity position with cash and bullion (2) of $20.9 million and an undrawn line of credit of up to $8.5 million

All amounts in $CDN millions June 30, 2015 June 30, 2014

Long Term Debt $20.8 $24.4

Line of Credit - $5.6

Demand Loans - $1.7

Total debt $20.8 $31.7

Cash $16.8 -Net debt $4.0 $31.7

Cash and bullion (2) $20.9 -

(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s Q2 2015 MD&A.

(2) Cash and bullion relates to current cash on hand of $16.8 million and $4.1 million of bullion (gold poured in dore bars which has not yet been sold and is valued at market prices).

De-Risked Balance Sheet & Improved Financial Structure

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Operating Execution

Mine sequencing and replacing low grade Santoy 8 ore with high grade Santoy Gap ore

Alimak mining method results positive

Future head grade to come more in-line with reserve grades

Record safety and environmental performance

Produced 74,584 ounces over the last 4 quarters

Production Results Q2 2015 Q2 2014 YTD 2015 YTD 2014

Tonnes Milled 74,781 79,746 142,030 144,116

Head Grade (g/t) 8.88 7.70 9.49 6.83

Recovery 96.5% 95.0% 96.2% 95.0%

Gold Ounces

Produced 20,619 18,742 41,686 30,086

Sold 20,534 17,690 37,860 28,555

Performance Driven by Higher Grades and Mine Sequencing

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Key Drivers: Santoy Gap

Total Mine Production by Type/Year

  Sum of Tonnes Mined Sum of Ounces GradeDevelopment (May 2014 to

Present) 79,220 19,798 7.77

Production (May 2014 to Present) 44,968 13,897 9.61

2014 47,594 12,182 7.96

2015 76,594 21,513 8.74

Total 124,188 33,695 8.44

Production well-ahead of schedule and pre-

feasibility design

Step-change in production driven by

improved sill and long-hole stope

availability

Reconciling above reserves and resources

on ounces and below on tonnage

Infrastructure upgrades and mine plan

update on-going to ramp up to 600-700 tpd

Forecast to be 60% of 2015 production Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

0

10,000

20,000

30,000

40,000

50,000

60,000

0

2,500

5,000

7,500

10,000

12,500

15,000Santoy Gap Production Profile

Budget T Actual T Budget Oz

Actual Oz

Qua

rter

ly T

onna

ge

Qua

rter

ly O

z

Higher Grade + Wider Vein Widths = More Ounces Per Vertical Metre

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Key Drivers: Seabee Mine

Illustration of Alimak Mining process

Alimak mining method continues to perform well – dilution rates continue to be below budget

Reduced underground waste development and increased production rates :

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

Reduced annual development cost by approximately $5.0 million

Forecast to be 40% of 2015 annual gold production tonnage

Faster, Cheaper More Productive

Utilizing Alimak Mining Method for Improved Efficiency

Seabee Mine

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2015 Exploration – Santoy Mine Complex

SYSTEM REMAINS OPEN AT DEPTH

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 6,000 metres of underground drilling in 2015

2015 Drill Target Area

2.5 km Strike Length

Excellent Growth Opportunity

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2015 Exploration - Seabee

Priority Targets

Recognition that Seabee near-mine environment remains very prospective, underexplored and is a very low-cost environment to explore (cost of drilling is approx. $20/metre )

Targets were identified and ranked based on specific criteria: Grade and Structure of historical drillhole intercepts vs. Grade Potential,

Structural Endowment and Accessibility of the overall structure

2015 drilling will test up to 7 priority UG targets totalling 10,000 metres

L62 Deposit

2015 Targets

Seabee Mine Infrastructure

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2015 Outlook

Increased gold production guidance of 68,000 to

72,000 ounces (was 60,000 to 65,000)

Lowered unit cost guidance

Cash costs per ounce to $730-$800 (U.S.$580-$635*)

AISC per ounce to $1,100-$1,200 (U.S.$875-$950*)

FCF in 2015 @ ~CDN$1,250 Au/oz (U.S.$990 Au/oz*)

FCF margin of ~15% @ spot (CDN$1,440/oz)

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

*Assuming CDN$/U.S.$ exchange rate of $1.26, at spot Au price and mid-point of production and cost guidance

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(1) See footnotes located on page 17

Claude Resources Inc. Discover. Develop. Deliver.

TSX: CRJ OTCQB: CLGRF

200 – 219 Robin CresSaskatoon, Saskatchewan, S7L 6M8Canada

P. 306.668.7505F. 306.668.7500E: ir@clauderesources.com

Appendix A: Corporate Summary

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Stock Exchanges:

TSX CRJOTCQB CLGRF

Share Structure:

Shares Outstanding (June 30, 2015):Basic 194.8 millionFully Diluted 204.1 millionMarket Cap CDN ~$130 million

52 Week High $0.7852 Week Low $0.19Avg. Volume 600,000

Analyst Coverage:

Richard Gray Cormark SecuritiesJoe Mazumdar Canaccord GenuityJoe Fazzini Dundee SecuritiesDerek Macpherson M Partners Adam Melnyk National BankDon Blyth Paradigm Capital Philip Ker PI Financial Craig Johnston Scotiabank

Financials: (YTD 2015) :

EPS: $0.08

CFPS: $0.13

Total cash cost per ounce: $647 (U.S. $524)

All-in sustaining cost per ounce: $1,146

(U.S. $928)

Cash & bullion: $20.9

Debt: $20.8

Outlook:

Gold Production: 68,000 – 72,000 ozs (was 60,000-65,000)

Total cash cost per ounce: $730-$800 (U.S.$580-$635)

All-in sustaining cost per ounce: $1,100 - $1,200 (U.S.$875-$950)

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Project OverviewOwnership: 100%

Property Size:19,950 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 and Santoy Mine Complex

Production: Forecast 68,000 to 72,000 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 B: Seabee Gold Operation

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Appendix C: 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 D: 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. Mr. Skanderbeg brings extensive experience in gold systems, operational management, cost and asset optimization and strategic analysis.

Rick Johnson, CPA, CA

Chief Financial OfficerVice 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 CPA Canada.

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Appendix E: 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.

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. Mr. Skanderbeg brings extensive experience in gold systems, operational management, cost and asset optimization and strategic analysis.