2014 Third Quarter Conference Call

November 3, 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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Executive

Mike Sylvestre, P.Eng., ICD.D Chair, Interim President & CEO

Rick Johnson, CA Vice President of Finance &

CFO

Brian Skanderbeg, P.Geo Senior Vice President & COO

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Highlights

ü Record quarterly gold production of 20,614 à 96% increase vs. Q3 2013

ü Total cash cost per ounce of gold (1) of $735 à 20% decrease vs. Q3 2013

ü Net profit of $6.9 million, or $0.04 per share

ü Debt reduction totaling $9.7 million during the first nine months of 2014

ü Santoy Gap year to date production of over 28,000 tonnes at approx. 8.60

grams per tonne

ü Increased full year 2014 gold production guidance to 61,000 – 64,000 ounces

(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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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 2014 Q3 MD&A.

Financial Results (all $ amounts in $CDN) Q3 2014 Q3 2013 YTD 2014 YTD 2013

Revenue (in 000’s) $24,323 $14,976 $64,665 $46,324

Production costs (in 000’s) $12,021 $9,909 $35,243 $31,581

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

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

Cash flow from operations before net changes in non-cash working capital (in 000’s) $10,368 $4,272 $22,015 $9,308

Cash flow from operations before net changes in non-cash working capital (1) per share $0.06 $0.02 $0.12 $0.05

Average realized price per ounce $1,384 $1,389 $1,402 $1,465

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

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Stronger Balance Sheet

All amounts in $CDN Sept. 30 2014 Dec. 30 2013

Cash and cash equivalents (in millions) $10.6 ($8.6)

Total debt (in millions) $23.5 $33.2

Net debt (in millions) $12.9 $41.8

Working capital (in millions) $27.8 ($11.9)

Current ratio 3.21 0.77

A focus on decreasing unit costs and improved operating execution has

resulted in our ability to reduce debt and strengthen the Balance Sheet

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Q3 Operating Results

Seabee Gold Operation Production Statistics

Q3 2014 Q3 2013 Change

Tonnes Milled 74,930 64,642 16%

Tonnes per day 814 703 16%

Head Grade (g/t) 8.88 5.30 68%

Recovery 96.4% 95.8% 1%

Gold Ounces

Produced 20,614 10,541 96%

Sold 17,578 10,781 63%

Q3 production was the highest in the Company’s history!

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YTD Operating Results

Seabee Gold Operation Production Statistics

YTD 2014 YTD 2013 Change

Tonnes Milled 219,046 205,596 7%

Tonnes per day 802 753 7%

Head Grade (g/t) 7.53 4.94 52%

Recovery 95.6% 95.2% -

Gold Ounces

Produced 50,700 31,061 63%

Sold 46,133 31,614 46%

On pace to achieve new annual production record

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Key Drivers: L62 & Alimak Mining

Illustration of Alimak Mining process

• 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

• Positive reconciliation on grade, ounces and tonnes versus budget

Faster, Cheaper à More Productive

L62: The source of higher grade ore

Seabee Mine – L62 Deposit

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Key Drivers: Santoy Gap • Production to date – over 28,000 tonnes @ approx. 8.6 g/t

• Long-Hole production began end of August

• Production ramp up to 250-350 tonnes per day by year end

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

2015 Production

2014 Production

Higher Grade + Wider Veins = More Ounces Per Vertical Metre

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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

• JOY 13-692 indicates excellent resource tonnage and grade potential at depth 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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2014 Outlook

ü Increased gold production - 61,000 to 64,000 ounces (previously 50,000 to

54,000)

ü Decreasing unit costs by approximately 20% from 2013

ü Lowering capital expenditures by 28% from 2013

ü Increasing production and margins by prioritizing Santoy Gap development and

L62 production

ü Forecast cash flow and earnings to drive further debt reduction and a stronger

balance sheet

Our strategies are delivering results

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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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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 September 1, 2012, lead the exploration team as VP Exploration. Previously employed with Goldcorp, INCO and Helio Resources.

Appendix A: Executive Team

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Appendix B: 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.