2013 Third Quarter Results Presented By: Neil McMillan President & CEO November 14, 2013

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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 2013 Highlights ü Santoy Gap contributed 243,000 ounces of gold to a 78% increase in Seabee total Mineral Reserves.

ü On pace for record mill throughput.

ü Production of 10,541 ounces of gold.

ü Revenue of $15.0 million from the sale of 10,781 ounces of gold.

ü Total cash cost per ounce of gold (1) was $919 (U.S. $885).

ü Net cash margin of $470 per ounce.

ü Cash flow from operations before net changes in non-cash operating working capital (1) of $4.3 million, or $0.02 per share.

ü Adjusted net loss (1) of $1.2 million, or $0.01 per share.

ü Net loss of $33.9 million, or $0.19 per share, after an impairment charge of $45.2 million partially offset by a $12.5 million deferred income tax recovery.

(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations”

section of the Company’s Q3 MD&A.

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Metric (All $ amounts in CDN $)

Q3 2013 Q3 2012

Gold Production 10,541 15,073

Gold Sales 10,781 14,088

Gold Price $1,389 $1,663

Total Cash Costs(1) (CDN$/oz) $919 $920

Revenue (CDN$ million) $15.0 $23.4

Cash Flow(1) (CDN$ million) per share

$4.3 $0.02

$8.6 $0.05

Net (Loss) Profit (CDN$ million) per share

($33.9) ($0.19)

$3.0 $0.02

Adj. Net (Loss) Profit(1) (CDN$ million) Per share

($1.2) ($0.01)

$4.4 $0.01

Q3 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 Q3 MD&A.

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Impairment charge impacting earnings • Madsen considered held for sale. • Revised assumptions relating to future production and unit cost analysis at the Seabee Gold Operation.

Q3 Accounting Impacts

Adjusted Net (loss) Profit Reconciliation Three Months Nine Months

Ended September 30 Ended September 30

2013 2012 2013 2012

Net (loss) profit $ (33,871) $ 2,958 $ (46,323) $ 3,146 Adjustments:

Impairment charge 45,187 - 56,034 -

Loss (gain) on investments - 174 262 (620)

Deferred income tax (recovery) expense (12,531) 1,274 (16,773) 1,728

Adjusted Net (loss) Profit $ (1,215) $ 4,406 $ (6,800) $ 4,254 Weighted Average shares outstanding (basic) 175,811 173,746 175,478 172,660

Weighted Average shares outstanding (diluted) 175,811 173,819 175,478 173,094

Per share adjusted net (loss) profit (basic and diluted) $ (0.01) $ 0.03 $ (0.04) $ 0.02

(1) See description and reconciliation of non-IFRS financial measures in the “Non-IFRS Financial Measures and Reconciliations” section of the Company’s Q3 MD&A.

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To manage the volatile gold environment, Claude has: Lowered Costs:

üDecreased YTD PP&E by 23% vs. budget; YTD 50% vs. 2012 ü Decreased YTD Exploration by 38% vs. budget; YTD 83% vs. 2012 ü Decreased YTD overall corporate expenditures by 15% vs. budget; YTD 26% vs. 2012

Focused on adding lower risk and cost ounces at the Seabee Gold Operation:

ü Increased Mineral Reserves by 78%, or 243,000 ounces from the Santoy Gap deposit

ü Santoy Gap development ore expected in 1H 2014

Improve Operating Efficiencies:

ü Improved safety record

ü Decreased labour costs

ü Improved supply chain management

ü Improved development rates

ü Reduced labour, diesel, ventilation and equipment usage at the Seabee Mine due to shaft extension

Staying Competitive

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(1) See footnotes located on page 17

Operations and Projects

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Metric Q3 2013 Q3 2012

Tonnes Milled 64,642 66,173

Grade (g/t) 5.30 7.34

Recovery (%) 95.8 96.5

Gold Production 10,541 15,073

Operating Results

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• Revised forecast gold production of 45,000 to 47,000 ounces

• Decrease in production is primarily due to lower than expected grades

• Strong mill performance, recovery of 96%

• Improved operating performance at the Seabee Mine due to shaft extension

• Lower labour, diesel, ventilation, and equipment usage

• Lower transportation and handling times

• Unit costs are estimated to improve from 2012 cash costs of CDN $997

• New mining technique on the L62 Zone expected to:

• Lower unit costs

• Require less development

• Reduce dilution

Seabee Gold Operation

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• Preliminary results indicate the Santoy Gap will provide significant economic value

• Due to wider mining widths and high grade core, the Santoy Gap is expected to lower unit costs and increase production

• Decrease operating risk with the addition of more mining faces

• Minimal capital expenditures to begin mining

• Expect to see development ore in 1H 2014 and steadily ramp up to 700 tpd over the next several years

Updated Mineral Reserve and Resource

Ounces Grade (g/t)

P&P Reserves 243,000 6.24

Indicated Resources 14,000 4.65

Inferred Resources 356,900 5.92

Santoy Gap

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• 78% increase in Mineral Reserves from the Santoy Gap deposit

• Exploration results from the Santoy Mine Complex (Santoy 8 and Santoy Gap) indicated significant resource growth upside

• Two of three step-out drill holes in 2013 returned 330.35 g/t over 1.55 metres and 18.80 g/t over 13.86 metres (Note included in updated Mineral Reserve and Mineral Resource statement)

Updated Reserves and Resources

Proven and Probable Mineral Reserves, December 31, 2012 Projects Tonnes Grade (g/t) Ozs Seabee 947,100 7.26 221,100 Santoy 8 628,100 4.45 89,900 Santoy Gap 1,210,000 6.24 243,000 Totals 2,785,200 6.19 554,100 Measured and Indicated Mineral Resources Projects Tonnes Grade (g/t) Ozs Seabee 45,400 4.86 7,100 Santoy 8 59,300 3.28 6,200 Santoy Gap 94,000 4.65 14,000 Porky Main 160,000 7.50 38,600 Porky West 111,000 3.10 11,000 Totals 469,600 5.10 77,000 Inferred Mineral Resources Projects Tonnes Grade (g/t) Ozs Seabee 355,600 8.55 97,700 Santoy 8 518,700 5.91 98,600 Santoy Gap 1,875,000 5.92 356,900 Porky Main 70,000 10.43 23,500 Porky West 138,300 6.03 26,800 Totals 2,957,600 6.35 603,400

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Project Overview: • 100% ownership

• 1.57M oz Au Eq resources (NI 43-101 compliant)

• 40,400 hectare property

• Open pit potential

• Deferred work plans for 2013 and 2014

Amisk Gold Project

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Decision to Divest:

• In line with current strategy to focus on current and near term cash flow generating projects

• Better ROI at Santoy Gap and near infrastructure targets at the Seabee Gold Operation

• Improves balance sheet in the short term • Helps in reducing financing needs and risks in current volatile gold

environment • Current lack of capital to move project forward

• Reduced exploration and de-watering costs • Future capital requirements/needs in order to move project forward • The Company expects to maintain upside exposure to the Madsen

project

Madsen Gold Project

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Top Priorities

• Continue to execute on the Cash Flow Optimization Plan • Improved supply chain management • Ensure lowered costs are sustainable

Operational Improvement

• PP&E decreased 23% YTD and by 50% vs. 2012 • Overall corporate expenditures decreased by 15% YTD and 26% vs.

2012

Cost Management

• Sale of Madsen Gold Project • Review other financing alternatives Strengthen Balance Sheet

• Improved Capital and Operational planning • Improved grade forecasts • New mining method at Seabee Gold Mine • A continued focus on safety – over 40% decrease in safety incidents

Financial Discipline

• Advance Santoy Gap • Displace lower grade ounces with higher grade ounces • Prioritize development budget and metres

Focus on Low Cost and Risk 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, 224 - 4th Avenue South Saskatoon, Saskatchewan, S7K 5M5 Canada P. 306.668.7505 F. 306.668.7500 E: ir@clauderesources.com

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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. Chairs the Cameco Corporation Board and a Director on Shore Gold Inc.

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 September 1, 2012. Previously employed with Goldcorp, INCO and Helio Resources.

Peter Longo, P.Eng., MBA

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

Appendix A: Management Team

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Appendix B: Board of Directors

Ted J. Nieman, Q.C.

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. 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.

Mike Sylvestre, P.Eng.

Director 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.

Brian Booth, P.Geo.

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. Serves on the Board of Shore Gold Inc. and Cameco Corporation.