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Q3 Financial & Operating Results Presented By: Neil McM illan President & CEO November 14, 2012

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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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Q3 2012 Highlights Net profit of $3.0 million, or $0.02 per share, after $1.3 million non-cash deferred income tax

expense.

Cash flow from operations before net changes in non-cash operating working capital 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 of $1,663 (U.S. $1,671) for revenue of $23.4 million.

Total cash cost per ounce of gold for the third quarter of 2012 was $920 (U.S. $924).

L62 Zone has been accessed and development is active on three levels. Development tonnage was accessed during the third quarter with production tonnage scheduled for the fourth quarter.

Final leg of the shaft extension will be completed in stages starting in Q4 and will be completed in the first quarter of 2013.

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. Drill hole JOY-12-677 returned the widest intercept to date, 14.58 grams of gold per tonne over 29.74 metres, confirming a high grade core that hosts multiple vein sets over combined widths of between 20 and 30 metres.

Seabee Gold Operation reaches one millionth ounce milestone.

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Increased Production & Improved Cash Costs

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Ounces Produced

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Cash Cost Per Ounce (CDN$ per ounce)

Q3 2012: 15,073 ounces Q3 2012: CDN $920

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Increasing Revenue & Continued Strong Gold Price

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

Q42010

Q12011

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Q32011

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Q32012

Revenue ($ millions)

$0

$200

$400

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$1,200

$1,400

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$1,800

Q42010

Q12011

Q22011

Q32011

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Q12012

Q22012

Q32012

Average Realized Gold Price (CDN$ per ounce)

Q3 2012: $23.4 million Q3 2012: CDN $1,663

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Increasing Cash Flow & Net Profit

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

$10.0

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Cash Flow From Operations Before Net Changes in Non-Cash Operating Working Capital

($ millions)

-$1.0

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Net Profit (Loss) ($ millions)

Q3 2012: $3.0 million Q3 2012: $8.6 million

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Financial Position

September 30 2012

Cash and cash equivalents (millions) $0.06

Short term debt (millions) $17.3

Long term debt (millions) $0.6

Common shares outstanding, basic (millions) 173.7

Common share outstanding, fully diluted (millions) 183.3

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Operations and Projects

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Seabee Gold Operation

2012 Production • Expects to meet forecast production of 48,000 –

50,000 ounces of gold

• Unit costs are estimated to be 10% higher than 2011 unit cash costs of $908 CDN.

• L62 Zone production tonnage is scheduled for the fourth quarter

Exploration Program for 2012 • 100,000 metres at Seabee Operation

o 60,000 metres underground (44,000 m completed)

o 40,000 metres regionally (40,000 m completed)

• During the third quarter, exploration continued at Santoy Gap with one rig performing infill and step-out drilling. Drill results are expected to come in Q4.

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Santoy 8 & Gap

• Inferred Mineral Resources of 495,000 ounces at 6.63 g/t (NI 43-101 compliant)

• Santoy region (Santoy Gap and Santoy 8) resource currently at 777,000 ounces

• Updated NI 43-101 for Santoy Gap planned for Q4

• Initiated exploration drift to the Gap from current mining infrastructure

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Impact of New Discoveries

• Santoy 8 commercial production has reduced risk and increased operational reliability.

• Discovery and development towards L62 and Santoy Gap will increase production in the near future.

• Targeting 1+ Moz at Santoy for 2012 year end

• Santoy 8 has zones amenable to bulk mining techniques

• Shallow satellite deposits have potential to drive costs down

• Life of Mine Plan to be updated in Q4 2012.

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10,000

20,000

30,000

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60,000

70,000

80,000

90,000

2010 2011 2012 2013 2014 2015 2016

Prod

uctio

n O

unce

s

Increasing Seabee Gold Production (2010-2016)

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Mill Expansion • Peak capacity expanded to 1,050 tonnes per day. Further expansions are

being evaluated given the Santoy Gap potential.

Shaft Extension • Shaft will be deepened from 600 metres to 980 metres. • Final leg of the shaft extension will be completed in stages starting in Q4

and will be completed in the first quarter of 2013.

Capital Projects: Seabee Gold Operation

Camp Upgrades • Camp upgrades were completed in

the third quarter.

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Amisk Gold Project Project Overview: • 100% ownership

• 1.56M oz resources (NI 43-101 compliant)

• 40,373 hectare property

• Open pit potential

Exploration Program for 2012 • 3,750 metres at the Amisk Gold Project • During the third quarter, work on a

Preliminary Economic Assessment at Amisk continued, including a technical site visit and an evaluation of the potential production rate.

• Results from the Preliminary Economic Assessment are expected late in the fourth quarter or early in the first quarter of 2013.

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Madsen Gold Project Project Overview: • 100% ownership

• 1.23M oz resources (NI 43-101 compliant)

• Historic production of 2.45 million ounces of gold from 1938 to 1976

• 10,000 acre land package

• Fully permitted mill, shaft and tailings management facility

• Similar type of geology to that of Goldcorp’s Red Lake Assets

Exploration Program for 2012 • 19,000 metres completed

• 2 underground rigs and 1 surface rig

• Drilling was completed late in the third quarter, with visible gold noted in several of the drill targets.

• Assays from Phase II drilling are pending and are anticipated to be released during the fourth quarter.

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Key Personnel Additions

New Site Management Team: • 4 Leaders with 50+ years operating experience at Seabee

Dale Cliff, Site Manager: 25+ years mining experience (mostly at Seabee).

Pat Hamilton, Manager Technical Services (Engineering): 20 years mining engineering experience at Claude.

Jeff Kulas, Manager Technical Services (Geology): 15+ years industry experience including operations and geology.

Mark Lodewyk, P. Eng., Mine Manager: 10 years in mining in Canada/Australia, including 4 years at Seabee.

• 5 New Leaders with 65+ years operating experience Chad Ireland, HSA, CSO, Manager Safety & Training: 10+ years industry at Claude, SNC Lavalin.

Trevor Cooney, SPCM, Manager Supply Chain: 10 years experience, 5 years in Northern Sask mining operations.

Nicola Banton, MSc, P.Eng, Manager Environment: 10+ years in industry working in base metals, uranium and potash milling operations and projects.

Lane Maxemiuk, P.Eng: Technical services: 15 years experience in mining operations including Diavik mine (Rio Tinto) and consulting firms (Golder, SRK).

Kerry McNamara, P. Eng, Manager Capital Projects: 20+ years industry experience in operations, engineering, and projects in gold and uranium at Goldcorp and Cameco.

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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.

2012 Outlook

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Claude Resources Inc. Experience. Stability. Potential.

Creating the Capacity to

Discover. Develop. Deliver.

TSX: CRJ NYSE MKT: CGR

200, 224 - 4th Avenue South Saskatoon, Saskatchewan, S7K 5M5 Canada P. 306.668.7505 F. 306.668.7500

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Neil McMillan President Chief Executive Officer Board Director

17 years as President & CEO of Claude. 16 years managing the RBC Dominion Securities operation in Saskatoon. Shore Gold Inc. and Cameco Corporation Board Director.

Rick Johnson, C.A.

Chief Financial Officer Vice President Finance

16 years with Claude including 8 years as CFO and VP Finance.

Brian Skanderbeg, P.Geo.

Chief Operating Officer Senior Vice President

5 years with Claude leading the exploration team. Appointed Sr. VP and COO in September 2012. Previously worked for Goldcorp, INCO and Helio Resources.

Peter Longo, P.Eng., MBA, PMP

Vice President Operations Joined Claude in 2011 as Manager of Capital Projects and appointed VP Operations in 2012. Previously worked for Areva Resources, Cameco Corporation and INCO.

Appendix A: Management Team

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Ted J. Nieman Chairman Senior Vice-President, General Counsel and Corporate Secretary of Canpotex. A board member of all of Canpotex’s subsidiaries and affiliates. Joined the Board of Directors in 2007.

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.

Ray A. McKay Director Held numerous senior positions within the aboriginal business community, provincial government and in the education sector. Most recently retired as the CEO of Kitsaki Management, a business arm of the Lac La Ronge Indian Band.

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 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.

Mike Sylvestre Director Currently the President and Chief Executive Officer for Castle Resources Inc. Holds an 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.

Brian Booth 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.

Neil McMillan President & CEO Director

17 years as President & CEO of Claude. 16 years managing the RBC Dominion Securities operation in Saskatoon. Shore Gold Inc. and Cameco Corporation Board Director.

Appendix B: Board of Directors