1. 1 Presented By: Neil McMillan President & CEO Q1 Financials May 14, 2012

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

3. 3 Q1 2012 Highlights Significant increase in mineral reserves and mineral resources at the Seabee Gold Operation St. Eugene Mining Corporation acquisition completed Winter re-supply program completed Peter Longo appointed as Vice President of Operations Brian Booth joined the Claude Resources Board of Directors

4. 4 Corporate Resource Growth 400% increase over 4 years

5. 5 Financial Highlights 3 months ended March 31 2012 3 months ended March 31 2011 Revenues (millions)$16.1$13.3 Gold sold (ounces)9,5479,461 Average realized gold price (CDN)$1,681$1,408 Total cash cost per ounce (CDN)$1,236$924 Cash flow (millions) (1) $2.6$3.6 Cash flow per share (1) $0.02$0.03 (1) For an explanation of non-IFRS performance measures, refer to the “Non-IFRS Performance Measures” section in the Company’s MD&A filed on www.sedar.com.www.sedar.com

6. 6 Financial Highlights 3 months ended Mar 31 2012 3 months ended Mar 31 2011 Net profit (millions) ($0.5)$1.8 Net profit per share $0.00$0.01

7. 7 Seabee Gold Operations 2012 Production Forecast: 50,500 ounces of gold The Company anticipates initial production at L62 deposit in the second half of 2012. Exploration Program for 2012 130,000 metres at Seabee Operation o 60,000 metres underground o 70,000 metres regionally Focused on continued reserve and resource growth at the Seabee and Santoy 8 Mines and the Santoy Gap and L62 deposits.

8. 8 Seabee Property Seabee Property: 14,400 Hectares Established fully-permitted infrastructure Underexplored productive belt $7.5 M, 130,000 m regional exploration in 2012

9. 9 Reserve & Resource Update Resource ClassZone TonnesGrade (g/tonne) Contained Gold (oz) Proven & ProbableSeabee 1,062,9006.58224,900 Santoy 8 997,1004.08 130,600 Total2,059,9005.37355,600 Measured & Indicated Seabee 127,4004.6519,000 Santoy 8 12,6005.042,000 Porky Main 160,0007.5038,600 Porky West 111,0003.1011,000 Total410,9005.3570,700 InferredSantoy Gap 2,321,0006.63495,000 Seabee 813,9006.83178,800 Santoy 8 850,0005.46149,300 Porky Main 70,00010.4323,500 Porky West 138,3006.0326,800 Total4,193,2006.48873,400 Mineral Reserves and Mineral Resources for Seabee Gold Property, Saskatchewan.

10. 10 Reserve & Resource Update Highlights include the following: Mineral reserves increased, net of mining depletion, to 355,600 ounces at 5.37 grams per tonne from 352,600 ounces at 5.58 grams per tonne. Measured and indicated resources increased to 70,700 ounces at 5.35 grams per tonne from 49,600 ounces at 5.70 grams per tonne, representing a 43 percent increase from 2010. Inferred mineral resources increased to 873,400 ounces at 6.48 grams per tonne from 260,100 ounces at 6.23 grams per tonne in 2010, representing a 236 percent increase in contained ounces year over year. A significant portion of the increases came from the discovery and delineation of the L62 and Santoy Gap deposits.

11. 11 Shaft extension From 600 metres to 980 metres Completion date: Q3 2012 Mill upgrade Expanded to a peak capacity of 1,050 tonnes Further expansions are currently being planned Camp Expansion At Seabee and Santoy 8 Projects: Seabee Gold Operation

12. 12 Amisk Gold Project On October 25, 2011 Claude announced that it entered into an agreement with St. Eugene to purchase all of its shares. The transaction closed on February 1 st, 2012. Completed a NI 43-101 resource estimate of 921,000 ozs Au Eq. in Indicated and 645,000 ozs Au Eq. in Inferred category Recent metallurgical test results returned averages of 89.4% for gold and 80.8% for silver recoveries. 2012 Projects: Amisk Preliminary Economic Assessment and resource update Near-pit exploration

13. 13 Amisk Location

14. 14 Amisk Pit Shell Claude Resources - Amisk Lake Project - Grade - Tonnage Sensitivity Table Au Eq Cut-Off Total ResourceIndicatedInferred Tonnage Au Eq (gpt) Au (gpt)Ag (gpt)Total OzInd Oz%Inf Oz% 0.30 82,422,879 0.69 0.62 4.35 1,828,471 998,62255% 824,67545% 0.40 58,803,225 0.83 0.75 5.11 1,569,171 920,88159% 644,85441% 0.50 42,979,475 0.97 0.88 5.85 1,340,368 824,70262% 512,67638%

15. 15 Madsen 2012 Program Exploration Program Metres: 29,000 2 underground rigs and 1 surface rig, targeting 30-40 holes Exploration will focus on continued testing of the 8 Zone Trend as well as the McVeigh and Austin Tuff depth continuity.

16. 16 Madsen Property: Red Lake Camp Starratt Olsen 164,000 oz @ 0.18 opt Madsen Mine Historic Production 2.4 M oz @ 0.30 opt Austin East Underground Drill Chambers 2012 exploration target areas 8 Zone

17. 17 Fully operational equipment and facilities: 500 ton per day permitted mill 5 compartment operating shaft to 4,125 feet Permitted tailings pond Madsen Infrastructure

18. 18 Exploration Summary 2012 2011 $ (in millions) Metres$ (in millions) Metres Seabee $7.50*129,600$4.90*100,000 Madsen $6.5029,050$3.8518,000 Amisk $1.506,000$1.7510,000 Total $15.50164,650$10.50128,000 *Excluding underground expenditures.

19. 19 For 2012, and looking forward, the Company will continue to: 1)Pursue best practices in the areas of safety, health and the environment; 2)Invest in capital projects and equipment to further develop satellite deposits to increase production and to decrease unit cash cost at the Seabee Gold Operation; 3)Further exploration and development at the Seabee Gold Operation to sustain or increase reserves and resources; 4)Advance surface and underground exploration drill programs at the Company’s 100 percent owned Madsen Exploration Project; and 5)Expand the scope of the Amisk Gold Project, and complete a preliminary economic assessment. 2012 Outlook

20. 20 Catalysts for 2012 Q1 Closing of SEM Acquisition Seabee Exploration Results Seabee Reserve and Resource Update Q2 Amisk Exploration Results Seabee Exploration Results Q3 Shaft Extension Completed at Seabee Mill Expansion Completed at Seabee Madsen Exploration Results PEA at Amisk Q4 Seabee Exploration Results Madsen Exploration Results

21. 21 Claude Resources Inc. Experience. Stability. Potential. Creating the Capacity to Discover. Develop. Deliver. TSX: CRJ NYSE Amex: CGR 200, 224- 4 th Avenue South Saskatoon, Saskatchewan, S7K 5M5 Canada P. 306.668.7505 F. 306.668.7500