H I G H L I G H T S : Production of 15,073 ounces of gold. L62 Zone has been accessed and

development is active on three levels. Production tonnage has been accessed and will contribute to the fourth quarter production.

Occupancy in newly upgraded Seabee Camp Facilities occurred during the third quarter.

Madsen exploration was completed in the third quarter. Results were released on November 20, 2012.

Celebrated 1 Millionth Ounce of Gold at the Seabee Gold Operation.

Brian Skanderbeg appointed as Senior Vice President & Chief Operating Officer.

S H A F T E X T E N S I O N U P DA T E

During 2011, the Company commenced a shaft extension at the Seabee Mine which will see the shaft deepened from 600 metres to 980 metres. The shaft extension project was undertaken to provide more efficient transportation of ore and waste from underground to surface. With a combination of Seabee Deep ore and the higher grade L62 Zone, it is anticipated that the shaft extension will provide a reduction in unit cash costs due to lower material movement costs. On the vertical development portion of the extension, the Company has completed the majority of mining and timbering, with the pillar between the new and existing shaft remaining to be blasted. On the horizontal development portion of the extension, the Company has completed 620L, 720L, 860L, 1000L shaft bottom, the 950L rock breaker and the 975L loading pocket excavations. The shaft extension is currently in the construction phase which involves the grizzly construction, rock breaker set up and loading pocket installation. The final phase of the shaft extension project is the upgrade to the hoist automation and the shaft plug removal. These portions of the shaft extension, originally scheduled for completion during the latter half of 2012, have been deferred until the first quarter of 2013 in order to reduce interruption to operations from 40 days to approximately 20 days.

Q3 CORPORATE UPDATE

TSX: CRJ

52 Week High: $1.97

52 Week Low: $0.56

NYSE MKT: CGR

52 Week High: $1.97

52 Week Low: $0.56

Market Capitalization

~$110,000,000

Share Structure

(September 30, 2012)

173.7 million shares out-standing

183.3 million fully diluted

I N S I D E T H I S I S S U E :

Highlights 1

Shaft Extension 1

The L62 Zone Development

2

Santoy Gap Exploration

2

2012 Outlook 3

Contact Us 4

Q3 Financial & Operating Results

3

November 2012

Marty Topping, Mill Superintendent, holding the 1 Millionth Ounce gold brick with Peter Longo, VP Operations, and Neil McMillan,

President & CEO.

Page 2 November 2012

T H E L 6 2 Z O N E D E V E L O P M E N T Since discovery during the second quarter of 2011, the L62 Zone has been the focus of an aggressive exploration program and has grown rapidly. The L62’s high grade results obtained from drilling completed between September and December 2011 were incorporated into and had a material impact on the Seabee Mine's updated National Instrument 43-101 resource calculation as at December 31, 2011. L62 Zone has been accessed and development is active on three levels. Development tonnage was accessed during the third quarter and production tonnage is scheduled for the fourth quarter of 2012. The L62 Zone is located approximately 200 metres away from existing development and operations on multiple levels in the hanging wall of the Seabee Mine. Exploration of this Zone defined a resource base between 500 and 1,000 metres below surface. The deposit remains open up dip and will be evaluated further late in the fourth quarter of 2012 and during the first quarter of 2013.

S A N T O Y G A P E X P L O R A T I O N

During the third quarter, exploration continued at Santoy Gap with one rig performing infill and step-out drilling. Santoy Gap drill results, released during the third quarter, extended the mineralized system up-dip, along strike to the north and at depth as well as confirmed continuity within the existing mineral resource. All holes returned economic visible gold-bearing intercepts greater than or consistent with that of the existing resource. Specifically, JOY-12-677 returned 14.58 grams of gold per tonne over 29.74 metres and JOY-12-679 returned 13.81 grams of gold per tonne over 20.29 metres, 40 and 75 metres along strike from the previously released JOY-11-556 that returned 19.10 grams of gold per tonne over 20.48 metres.

Results from this drilling will be included in the 2012 resource update which will be available in the fourth quarter of 2012.

Figure 1: Seabee Mine Longitudinal Section. (L62 Zone Discovery)

Page 3

November 2012

C L A U D E R E C O R D S N E T P R O F I T O F $3 . 0 M I L L I O N I N Q3 2012 Net profit of $3.0 million, or $0.02 per share, after a $1.3 million non-cash deferred income tax expense. Cash flow from operations before net changes in non-cash operating working capital (1) of $8.6 million, or

$0.05 per share. Production of 15,073 ounces of gold for the quarter ended September 30, 2012. Gold sales of 14,088 ounces at an average realized price or $1,663 (U.S. $1,671) for revenue of $23.4 million. Total cash cost per ounce of gold (1) for the third quarter or 2012 was $920 (U.S. $924). Seabee Gold Operation reaches one millionth ounce milestone. (1) See description and reconciliation of non-IFRS performance measures in the “Non-IFRS Performance Measures and Reconciliations” section of the Company’s MD&A.

O U T L O O K

Looking forward, the Company will continue to: 1) Pursue best practices in the areas of safety, health and the environment; 2) Increase production and improve unit operating costs at the Seabee Gold Operation by investing in capital

projects and equipment to further develop satellite deposits; 3) Sustain or increase reserves and resources at the Seabee Gold Operation through further exploration and

development; 4) Advance the Company’s 100 percent owned Madsen Exploration Project; and 5) Complete a Preliminary Economic Assessment on the Amisk Gold Project. The Company expects to meet its forecasted gold production of 48,000 to 50,000 ounces at the Seabee Operation. Unit costs for 2012 are estimated to be about 10 percent higher than 2011 unit cash costs of $908 CDN. Further information relating to the Company’s outlook can be found in the Management’s Discussion and Analysis on the Company’s website.

Page 4

Claude Resources Inc. is a public company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX-CRJ) and the NYSE MKT (NYSE MKT-CGR). Claude is a gold exploration and mining company with an asset base located entirely in Canada. Since 1991, Claude has produced over 1,010,000 ounces of gold from its Seabee mining operation in Northeastern Saskatchewan. The Company also owns 100 percent of the 10,000 acre Madsen property in the prolific Red Lake gold camp of Northwestern Ontario and owns 100 percent of the Amisk Gold Project in Northeastern Saskatchewan. CAUTION 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 infor-mation 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, uncer-tainties 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 US investors concerning resource estimates The resource estimates in this document were prepared in accordance with National Instrument 43-101, adopted by the Canadian Securities Administrators. The require-ments 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, miner-alization 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 deter-mination 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.

Claude Resources Inc. 200, 224 - 4th Avenue South Saskatoon, SK S7K 5M5 Tel: 306-668-7505 Fax: 306-668-7500 Email: ir@clauderesources.com

www.clauderesources.com

November 2012

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