This document summarizes Claude Resources' third quarter 2014 conference call. It discusses record quarterly gold production and decreased costs. Key drivers of improved performance included higher grades from the L62 deposit and Santoy Gap, where production is ramping up. Guidance for 2014 was increased to 61,000 to 64,000 ounces of gold production. The balance sheet was also strengthened through debt reduction. Drilling continues to demonstrate resource expansion potential at Santoy Mine Complex.

1. 2014 Third Quarter Conference Call November 3, 2014

2. 2
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

3. 3
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

4. 4
Highlights
ü
Record quarterly gold production of 20,614 à96% increase vs. Q3 2013
ü
Total cash cost per ounce of gold (1) of $735 à20% 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.

5. 5
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

6. 6
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

7. 7
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!

8. 8
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

9. 9
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

10. 10
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

11. 11
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)

12. 12
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

13. 13
(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

14. 14
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

15. 15
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.