Corporate Presentation

Denver Gold Show September 2014

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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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• 2 Canadian gold assets:

– Each hosting over 1 million ounces of gold

– Low risk jurisdictions

– Located in proven mining regions

– Significant resource growth potential

• 20+ years of operating experience

• Continuing production and margin growth potential at Seabee Gold Operation

• Aggressive focus on cash flow optimization in place

Corporate Summary

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• Cash flow and earnings

• Operating/Mine Execution

• 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 13% (2013 vs. 2012: â22%)

ü Reduced unit cash costs – Q2 2014 $753 (U.S. $691) vs. Q2 2013 $875 (U.S. $855)

ü Q2 net earnings of $3.3 Million (Q2 2013: -$9.9 million)

2. Operating Execution:

ü Produced over 30,000 ozs YTD 2014 (YTD 2013 – 20,520 ozs)

ü Increased 2014 production guidance - 50,000 to 54,000 ozs (prev. 47,000 to 51,000)

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

ü New Alimak mining method results positive

ü Improved safety and environmental performance

3. Strengthened Balance Sheet:

ü Raised over $24 million in Q1 of 2014 (Sale of Madsen and NSR at Seabee Gold Operation) ü Debt reduction of $7.1 million in 1H of 2014 with additional $3.0 million in 2H

3 strategies to rebuild confidence and that work at these gold prices

What we have done to improve:

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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

• 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 – 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

• Proven mining method used in similar operations

• 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……..

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The Game Changer: Santoy Gap

• 2,000 ounces per vertical metre

• Higher reserve grade with opportunity to increase

• Average mining width of 6.3 metres

• Decreased production risk with the addition of multiple mining fronts

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

mine plan for cash flow

• System remains open at depth

• Time of 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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The Game Changer: Santoy Gap

Ø Santoy Gap Reserves of 266,100 ounces at 5.68 g/t à YTD production > 7.0 g/t

Ø Santoy region (Santoy Gap and Santoy 8) reserves & resources currently at 807,800 ounces

Ø Significant development capital already invested and no permitting required

Santoy Gap MRMR P&P Reserve – 266,100 Oz @ 5.68 g/t M&I Resource – 79,000 Oz @ 8.46 g/t Inf Resource – 271,000 Oz @ 6.96 g/t

Santoy 8 MRMR P&P Reserve – 51,800 Oz @ 4.45 g/t M&I Resource – 9,900 Oz @ 4.55 g/t Inf Resource – 125,300 @ 6.09 g/t

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The Game Changer: Santoy Gap

• Production (May – August) – 15,000 tonnes @ 7.1 g/t

• Long-Hole production began end of August

• Production ramp up to 300-400 tonnes per day by year end

• Multiple long-hole mining fronts in 2015

• Infrastructure upgrades ongoing to ramp up to 500-700 tonnes per day

2015 Production

2014 Production

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Resource Upside

SYSTEM REMAINS OPEN AT DEPTH

Ø Exploration targeted widely spaced 150-250 m centres evaluating conceptual continuity of Gap and Santoy 8

Ø Major step-out holes among the highest gram-metre product to date in the camp

Ø JOY-13-690 – 330.35 g/t over 1.6 m JOY-13-692 – 30.08 g/t over 7.9 m

Ø JOY 13-692 indicates excellent resource tonnage and grade potential at depth for Santoy 8

Ø Resource upside (Santoy Complex 1.5 – 2 M ozs) and grade change potential 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 For Change Key Project Milestones Goal Status

Development Ore Production Q2 Ongoing - May to Aug: 15,000 tonnes at 7.1 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 (200 to 300 tpd)

Q4 2014 Achieved ahead of schedule – Q3

2015 Production 400+ tpd On schedule

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2014 Outlook

• Production of 50,000 to 54,000 ounces (previously 47,000 to 51,000).

• Decreasing unit costs by approximately 10% from 2013.

• Lowering capital expenditures by 28% from 2013.

• Increasing production and margins by prioritizing Santoy Gap

development and L62 production.

• Forecast cash flow and earnings to drive further debt reduction and a

stronger balance sheet.

Our new strategies are delivering results

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Strategy Going Forward

Strengthen Balance Sheet

Strategic Alternative Review Decrease Debt

Operating Execution

Improved Planning Prioritization of Santoy Gap New Mining Method Improved Grade

Cash Flow Optimization

Focus on Margins Financial Discipline Disciplined Capital Allocation

Focused Exploration

A new plan results in a new story….

…. that focuses on margins and organic growth.

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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 8 Mine and Santoy Gap

Production: Forecast 50,000 to 54,000 ozs of gold (prev. 47 – 51K)

Cash Costs: $753/oz (Q2 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: Management Team

Mike Sylvestre, P.Eng., ICD.D

Chair, Interim President & CEO

Joined the Board of Directors in 2011. 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.

Rick Johnson, C.A.

Chief Financial Officer Vice President Finance

16 years with Claude including 10 years as CFO and VP Finance.

Brian Skanderbeg, P.Geo.

Chief Operating Officer Senior Vice President

7 years with Claude. Prior to being appointed. Appointed Sr. VP and COO in September of 2012, lead the exploration team as VP Exploration. Previously employed with Goldcorp, INCO and Helio Resources.

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Appendix D: Board of Directors

Mike Sylvestre, P.Eng., ICD.D

Chair, Interim President & CEO

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, C.A.

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.