##### 



EXHIBIT 3
 Managements Responsibility for Consolidated Financial Statements
      -s- Neil Mcmillan
    
    -s- Rick JohnsonNeil McMillan
    
    Rick JohnsonPresident &
    
    Vice President Finance &Chief Executive Officer
    
    Chief Financial Officer
 
 Managements Report on Internal Control over Financial Reporting
  (i)
    
    pertain to the maintenance of records that accurately and fairly reflect, in reasonable
detail, the transactions related to and dispositions of Claudes assets
 (ii)
    
    provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and Claudes
 19




---



##### 



receipts and expenditures are made only in accordance with authorizations of Management and
Claudes directors
 (iii)
    
    provide reasonable assurance regarding prevention of timely detection of unauthorized
acquisition, use, or disposition of Claudes assets that could have a material effect on
Claudes financial statements.
    -s- Neil Mcmillan
    
    -s- Rick JohnsonNeil McMillan
    
    Rick JohnsonPresident &
    
    Vice President Finance &Chief Executive Officer
    
    Chief Financial Officer
 
 20




---



##### 



Auditors Report to the Shareholders of claude resources inc.
    
  
 21




---



##### 



2006
    
    
    2005AssetsCurrent assets:Cash
    
    $
    5,331
    
    
    $
    1,448Receivables
    
    
    1,824
    
    
    
    4,359Inventories and stockpiled ore (Note 2)
    
    
    6,288
    
    
    
    5,953Shrinkage stope platform costs (Note 3)
    
    
    9,987
    
    
    
    8,941Prepaids
    
    
    425
    
    
    
    39723,855
    
    
    
    21,098Oil and gas properties (Note 4)
    
    
    9,198
    
    
    
    7,681Mineral properties (Note 5)
    
    
    52,984
    
    
    
    42,471Investments (Note 6)
    
    
    1,428
    
    
    
    549Restricted promissory notes (Note 7)
    
    
    55,982
    
    
    
    20,982Deposits for reclamation costs (Note 11)
    
    
    2,270
    
    
    
    2,097$
    145,717
    
    
    $
    94,878Liabilities and Shareholders EquityCurrent liabilities:Bank indebtedness (Note 8)
    
    $
    
    
    
    $
    2,543Payables and accrued liabilities
    
    
    7,294
    
    
    
    6,380Demand loans (Note 8)
    
    
    8,000
    
    
    
    4,261Other liabilities (Note 9)
    
    
    911
    
    
    
    1,01016,205
    
    
    
    14,194Obligations under capital lease (Note 10)
    
    
    502
    
    
    
    156Royalty obligations (Note 7)
    
    
    56,112
    
    
    
    21,112Deferred revenue (Note 7)
    
    
    4,834
    
    
    
    1,316Asset retirement obligations (Note 11)
    
    
    2,486
    
    
    
    2,311Shareholders equity:Share capital (Note 12)
    
    
    56,036
    
    
    
    53,109Contributed surplus (Note 12)
    
    
    1,062
    
    
    
    622Retained earnings
    
    
    8,480
    
    
    
    2,05865,578
    
    
    
    55,789Commitments
and contingency (Note 17 and Note 18)Subsequent
event (Note 22)$
    145,717
    
    
    $
    94,878
 See accompanying notes to consolidated financial statements.
 On behalf of the Board:-s- Josef Spross
    
    -s- Ronald J. Hicks, CaJosef Spross
    
    Ronald J. Hicks, CAChairman
    
    Chairman, Audit Committee
 22




---



##### 



2006
    
    
    2005
    
    
    2004Revenues:Gold
    
    $
    32,495
    
    
    $
    23,121
    
    
    $
    22,470Oil and natural gas (net of royalties)
    
    
    3,184
    
    
    
    3,779
    
    
    
    3,36035,679
    
    
    
    26,900
    
    
    
    25,830Expenses:Gold
    
    
    21,296
    
    
    
    18,296
    
    
    
    15,904Oil and gas
    
    
    2,330
    
    
    
    1,946
    
    
    
    1,574Depreciation, depletion and accretion:Gold
    
    
    9,968
    
    
    
    9,704
    
    
    
    6,023Oil and gas
    
    
    729
    
    
    
    746
    
    
    
    65334,323
    
    
    
    30,692
    
    
    
    24,1541,356
    
    
    
    (3,792
    )
    
    
    1,676Other Expenses (Income):General and administrative
    
    
    2,651
    
    
    
    2,133
    
    
    
    2,235Interest and other (Note 13)
    
    
    229
    
    
    
    20
    
    
    
    (110
    )Gain on sale of assets (Note 14)
    
    
    (5,925
    )
    
    
    (1,386
    )
    
    
    Write-down of exploration properties
    
    
    155
    
    
    
    109
    
    
    
    52Stock compensation expense (Note 12)
    
    
    523
    
    
    
    157
    
    
    
    97(2,367
    )
    
    
    1,033
    
    
    
    2,274Earnings (loss) before income taxes
    
    
    3,723
    
    
    
    (4,825
    )
    
    
    (598
    )Income tax recovery (Note 15)
    
    
    2,699
    
    
    
    1,320
    
    
    
    Net earnings (loss)
    
    $
    6,422
    
    
    $
    (3,505
    )
    
    $
    (598
    )Net earnings (loss) per share (Note 16)Basic and diluted
    
    $
    0.09
    
    
    $
    (0.05
    )
    
    $
    (0.01
    )Weighted average number of common
shares outstanding (000s) (Note 16)Basic
    
    
    73,184
    
    
    
    66,342
    
    
    
    59,769Diluted
    
    
    74,113
    
    
    
    66,342
    
    
    
    59,769
 See accompanying notes to consolidated financial statements.
 
 2006
    
    
    2005
    
    
    2004Retained earnings, beginning of year
    
    $
    2,058
    
    
    $
    5,563
    
    
    $
    6,161Net earnings (loss)
    
    
    6,422
    
    
    
    (3,505
    )
    
    
    (598
    )Retained earnings, end of year
    
    $
    8,480
    
    
    $
    2,058
    
    
    $
    5,563
 See accompanying notes to consolidated financial statements.
 23




---



##### 



2006
    
    
    2005
    
    
    2004Cash provided from (used in):Operations:Net earnings (loss)
    
    $
    6,422
    
    
    $
    (3,505
    )
    
    $
    (598
    )Non-cash items:Depreciation, depletion and accretion
    
    
    10,697
    
    
    
    10,450
    
    
    
    6,676Stock-based compensation
    
    
    523
    
    
    
    157
    
    
    
    97Write-down of exploration properties
    
    
    155
    
    
    
    109
    
    
    
    52Gain on sale of assets
    
    
    (5,925
    )
    
    
    (1,386
    )
    
    
    Income tax recovery
    
    
    (2,699
    )
    
    
    (1,320
    )
    
    
    Net changes in non-cash operating working capital:Receivables
    
    
    2,535
    
    
    
    (1,852
    )
    
    
    845Inventories and stockpiled ore
    
    
    (335
    )
    
    
    (1,125
    )
    
    
    (1,027
    )Shrinkage stope platform costs
    
    
    (1,046
    )
    
    
    (1,038
    )
    
    
    (1,225
    )Prepaids
    
    
    (28
    )
    
    
    (33
    )
    
    
    (105
    )Payables and accrued liabilities
    
    
    914
    
    
    
    1,800
    
    
    
    15Cash from operations
    
    
    11,213
    
    
    
    2,257
    
    
    
    4,730Investing:Mineral properties
    
    
    (20,507
    )
    
    
    (17,731
    )
    
    
    (13,382
    )Oil and gas properties
    
    
    (2,204
    )
    
    
    (2,287
    )
    
    
    (1,964
    )Restricted promissory notes
    
    
    (35,000
    )
    
    
    (14,000
    )
    
    
    (6,982
    )Investments
    
    
    5,046
    
    
    
    1,505
    
    
    
    992Increase in reclamation deposits
    
    
    (173
    )
    
    
    (36
    )
    
    
    (111
    )(52,838
    )
    
    
    (32,549
    )
    
    
    (21,447
    )Financing:Issue of common shares, net of issue costs
    
    
    5,547
    
    
    
    10,598
    
    
    
    5,155Sale of production royalties:Proceeds
    
    
    35,000
    
    
    
    14,000
    
    
    
    7,113Receivable
    
    
    
    
    
    
    (840
    )
    
    
    Deferred revenue
    
    
    3,212
    
    
    
    1,336
    
    
    
    906Bank indebtedness
    
    
    (2,543
    )
    
    
    1,155
    
    
    
    1,388Demand loan:Proceeds
    
    
    5,000
    
    
    
    5,000
    
    
    
    Repayments
    
    
    (1,261
    )
    
    
    (739
    )
    
    
    Obligations under capital lease:Proceeds
    
    
    841
    
    
    
    269
    
    
    
    Repayment
    
    
    (288
    )
    
    
    (84
    )
    
    
    (59
    )45,508
    
    
    
    30,695
    
    
    
    14,503Increase (decrease) in cash
    
    
    3,883
    
    
    
    403
    
    
    
    (2,214
    )Cash, beginning of year
    
    
    1,448
    
    
    
    1,045
    
    
    
    3,259Cash, end of year
    
    $
    5,331
    
    
    $
    1,448
    
    
    $
    1,045Supplemental cash flow disclosure:Interest paid
    
    
    693
    
    
    
    396
    
    
    
    98
 See accompanying notes to consolidated financial statements.
 24




---



##### 



Operations:
 SEABEE GOLD MINE
  OIL & GAS
   1. Significant Accounting Policies:
   CONSOLIDATION PRINCIPLES
  CASH
  INVESTMENTS
  DEPOSITS FOR RECLAMATION COSTS
  INVENTORIES AND STOCKPILED ORE
  SHRINKAGE STOPE PLATFORM COSTS
  25




---



##### 



MINERAL PROPERTIES
     ASSET IMPAIRMENT
  OIL & GAS OPERATIONS
     26




---



##### 



ASSET RETIREMENT OBLIGATIONS
  REVENUE RECOGNITION
  FOREIGN CURRENCY TRANSLATION
  HEDGING TRANSACTIONS
     INCOME TAXES
  FLOW-THROUGH SHARES
  27




---



##### 



PER SHARE AMOUNTS
  STOCK-BASED COMPENSATION PLANS
  2. Inventories and Stockpiled Ore:
 2006
    
    
    2005Bullion in-circuit
    
    $
    1,076
    
    
    $
    1,293Stockpiled ore
    
    
    427
    
    
    
    364Materials and supplies
    
    
    4,785
    
    
    
    4,296$
    6,288
    
    
    $
    5,953
 3. Shrinkage Stope Platform Costs:
 2006
    
    
    2005Stope Platform Costs
    
    $
    9,987
    
    
    $
    8,941
  4. Oil & Gas Properties:
  Accumulated
    
    
    
    
    
    
    
    
    
    
    Accumulateddepreciation,
    
    
    
    
    
    
    
    
    
    
    depreciation,depletion and
    
    
    2006
    
    
    
    
    
    
    depletion and
    
    
    2005Cost
    
    
    write-down
    
    
    Net
    
    
    Cost
    
    
    write-down
    
    
    NetProperty acquisition
and drilling costs
    
    $
    14,511
    
    
    $
    10,534
    
    
    $
    3,977
    
    
    $
    13,694
    
    
    $
    10,282
    
    
    $
    3,412Gas plant and
production equipment
    
    
    11,459
    
    
    
    6,238
    
    
    
    5,221
    
    
    
    9,789
    
    
    
    5,520
    
    
    
    4,269$
    25,970
    
    
    $
    16,772
    
    
    $
    9,198
    
    
    $
    23,483
    
    
    $
    15,802
    
    
    $
    7,681
  28




---



##### 



December 31, 2006

    $
    127,694,000December 31, 2005

    $
    123,464,000
 5. Mineral Properties:
  Accumulated
    
    
    
    
    
    
    
    
    
    
    Accumulateddepreciation,
    
    
    
    
    
    
    
    
    
    
    depreciation,depletion and
    
    
    2006
    
    
    
    
    
    
    depletion and
    
    
    2005Cost
    
    
    write-down
    
    
    Net
    
    
    Cost
    
    
    write-down
    
    
    NetProperty acquisition
and mine
development costs
    
    $
    77,675
    
    
    $
    57,805
    
    
    $
    19,870
    
    
    $
    69,050
    
    
    $
    50,878
    
    
    $
    18,172Buildings, plant and
equipment
    
    
    72,985
    
    
    
    59,715
    
    
    
    13,270
    
    
    
    68,752
    
    
    
    56,805
    
    
    
    11,947Exploration properties
    
    
    24,917
    
    
    
    5,073
    
    
    
    19,844
    
    
    
    17,270
    
    
    
    4,918
    
    
    
    12,352$
    175,577
    
    
    $
    122,593
    
    
    $
    52,984
    
    
    $
    155,072
    
    
    $
    112,601
    
    
    $
    42,471
    6. Investments:
 2006
    
    
    2005Investments, at cost
    
    $
    1,428
    
    
    $
    549
  7. Promissory Notes and Royalty Obligations:
 a)
 29




---



##### 



b)
     c)
  30




---



##### 



d)
  Restricted Promissory Note Schedule
 2006
    
    
    2005
    
    
    2004Balance, beginning of year
    
    $
    20,982
    
    
    $
    6,982
    
    
    $
    Additions
    
    
    35,000
    
    
    
    14,000
    
    
    
    6,982Balance, end of year
    
    $
    55,982
    
    
    $
    20,982
    
    
    $
    6,982
 Royalty Obligation Schedule
 2006
    
    
    2005
    
    
    2004Balance, beginning of year
    
    $
    21,112
    
    
    $
    7,112
    
    
    $
    Additions
    
    
    35,000
    
    
    
    14,000
    
    
    
    7,112Balance, end of year
    
    $
    56,112
    
    
    $
    21,112
    
    
    $
    7,112
 Schedules outlining prepaid interest, indemnification fees, loan agreement fees and the applicable
amortization of such items
 2006
    
    
    2005
    
    
    2004Balance, beginning of year
    
    $
    2,243
    
    
    $
    906
    
    
    $
    Indemnification fees
    
    
    436
    
    
    
    907
    
    
    
    625Prepaid interest received
    
    
    3,764
    
    
    
    773
    
    
    
    281Indemnification fee income recognized
    
    
    (215
    )
    
    
    (62
    )
    
    
    Recognition of prepaid interest
    
    
    (773
    )
    
    
    (281
    )
    
    
    Balance, end of year
    
    
    5,455
    
    
    
    2,243
    
    
    
    906Less: current portion (Note 9)
    
    
    621
    
    
    
    927
    
    
    
    343$
    4,834
    
    
    $
    1,316
    
    
    $
    563
  31




---



##### 



8. Bank Indebtedness and Demand Loans:
  2006
    
    
    2005Line of credit, up to $3,500,000, interest at prime plus 0.75%
    
    $
    
    
    
    $
    2,543Demand loan, repayable in monthly payments of $96,514 including
interest at 5.99%, due February 2010.
    
    
    3,300
    
    
    
    4,261Demand loan, repayable in monthly payments of $83,333 including
Interest at bank prime plus 1.5%, due December 2007
    
    
    4,700
    
    
    
    $
    8,000
    
    
    $
    6,804
  9. Other Liabilities:
 2006
    
    
    2005Deferred revenue (Note 7)
    
    $
    621
    
    
    $
    927Obligations under capital lease (Note 10)
    
    
    290
    
    
    
    83$
    911
    
    
    $
    1,010
 10. Obligations under Capital Lease:
  11. Asset Retirement Obligations:
  2006
    
    
    2005Asset retirement obligation, beginning
    
    $
    2,311
    
    
    $
    2,046Accretion expense
    
    
    175
    
    
    
    154Revisions in estimated cash flows
    
    
    
    
    
    
    111Asset retirement obligation, ending
    
    $
    2,486
    
    
    $
    2,311
  32




---



##### 



2006
    
    
    2005Deposits for reclamation costs, beginning
    
    $
    2,097
    
    
    $
    2,061Additions:Mineral properties
    
    
    150
    
    
    
    16Saskatchewan oil properties
    
    
    23
    
    
    
    20Deposits for reclamation costs, ending
    
    $
    2,270
    
    
    $
    2,097
 12. Shareholders Equity:
 AUTHORIZED
     ISSUED AND OUTSTANDING COMMON SHARES
 2006
    
    
    
    
    
    
    2005
    
    
    
    
    
    
    2004Number
    
    
    Amount
    
    
    Number
    
    
    Amount
    
    
    Number
    
    
    AmountBeginning of year
    
    
    72,461,686
    
    
    $
    53,109
    
    
    
    61,691,707
    
    
    $
    43,966
    
    
    
    58,341,627
    
    
    $
    38,850ESPP (a)
    
    
    108,327
    
    
    
    125
    
    
    
    104,607
    
    
    
    136
    
    
    
    61,597
    
    
    
    120Exercise of stock options (b)
    
    
    230,000
    
    
    
    251
    
    
    
    95,000
    
    
    
    107
    
    
    
    
    
    
    
    Fair value of broker warrants
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    74
    
    
    
    
    
    
    
    Exercise of warrants (c)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,138,450
    
    
    
    2,106Flow-through shares (d)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,000,000
    
    
    
    1,500Issue costs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (107
    )Flow-through shares (e)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,150,033
    
    
    
    1,725Issue costs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (228
    )Private placement (f)
    
    
    
    
    
    
    
    
    
    
    8,570,373
    
    
    
    9,025
    
    
    
    
    
    
    
    Issue costs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (878
    )
    
    
    
    
    
    
    Exercise of warrants (f)
    
    
    139,750
    
    
    
    167
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Flow-through shares (g)
    
    
    
    
    
    
    
    
    
    
    1,999,999
    
    
    
    2,100
    
    
    
    
    
    
    
    Issue costs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (101
    )
    
    
    
    
    
    
    Flow-through share (h)
    
    
    3,333,028
    
    
    
    5,500
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Issue costs
    
    
    
    
    
    
    (417
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Tax benefit (i)
    
    
    
    
    
    
    (2,699
    )
    
    
    
    
    
    
    (1,320
    )
    
    
    
    
    
    
    End of year
    
    
    76,272,791
    
    
    $
    56,036
    
    
    
    72,461,686
    
    
    $
    53,109
    
    
    
    61,691,707
    
    
    $
    43,966
 (a) EMPLOYEE SHARE PURCHASE PLAN (ESPP)
  33




---



##### 



(b) SHARE OPTION PLAN
   2006
    
    
    Average
    
    
    2005
    
    
    AverageOptions
    
    
    Price
    
    
    Options
    
    
    PriceBeginning of year
    
    
    2,755,000
    
    
    $
    1.11
    
    
    
    2,660,000
    
    
    $
    1.15Options granted
    
    
    965,000
    
    
    
    1.35
    
    
    
    345,000
    
    
    
    0.98Options exercised
    
    
    (230,000
    )
    
    
    0.74
    
    
    
    (95,000
    )
    
    
    0.57Options lapsed
    
    
    (110,000
    )
    
    
    2.13
    
    
    
    (155,000
    )
    
    
    1.74End of year
    
    
    3,380,000
    
    
    $
    1.17
    
    
    
    2,755,000
    
    
    $
    1.11
  Weighted Average
    
    
    Weighted Average Per ShareOptions Price
    
    Number
    
    
    Exercise Price
    
    
    Remaining Life$0.53-$0.96
    
    
    981,000
    
    
    
    $        0.66
    
    
    5.90 years$1.05-$1.47
    
    
    1,764,000
    
    
    
    1.25
    
    
    5.18 years$1.59-$2.10
    
    
    635,000
    
    
    
    1.74
    
    
    6.58 years3,380,000
    
    
    
    $        1.17
    
    
    5.65 years
  (c) PRIVATE PLACEMENT
  (d) FLOW-THROUGH SHARES
  (e) FLOW-THROUGH SHARES
  34




---



##### 



(f) FLOW-THROUGH SHARES
  (g) FLOW-THROUGH SHARES
  (h) FLOW-THROUGH SHARES
  (i) TAX BENEFIT
  (j) CONTRIBUTED SURPLUS
  2006
    
    
    2005Contributed surplus, beginning of year
    
    $
    622
    
    
    $
    330Add: stock option expense
    
    
    523
    
    
    
    157fair value of broker warrants
    
    
    
    
    
    
    246Less: stock options exercised
    
    
    (83
    )
    
    
    (37
    )broker warrants exercised
    
    
    
    
    
    
    (74
    )Contributed surplus, end of year
    
    $
    1,062
    
    
    $
    622
 13. Interest and Other:
 2006
    
    
    2005
    
    
    2004Interest expense
    
    $
    2,011
    
    
    $
    534
    
    
    $
    98Interest and other income
    
    
    (1,782
    )
    
    
    (514
    )
    
    
    (208
    )Interest and other
    
    $
    229
    
    
    $
    20
    
    
    $
    (110
    )
 35




---



##### 



14. Gain on Sale of Assets:
  15. Income Taxes:
  2006
    
    
    2005Future income tax assets:Mineral properties(1)
    
    $
    7,796
    
    
    $
    26,732Non-capital loss carryforwards
    
    
    
    
    
    
    1,712Asset retirement obligations
    
    
    771
    
    
    
    878Share issue costs
    
    
    316
    
    
    
    573Royalty obligation(1)
    
    
    17,515
    
    
    
    8,022Deferred revenue
    
    
    1,691
    
    
    
    852Future income tax assets before valuation allowance
    
    
    28,089
    
    
    
    38,769Valuation allowance
    
    
    (28,089
    )
    
    
    (38,769
    )Future income tax assets
    
    $
    
    
    
    $
    
 (1)
    
    Reflects impact of Royalty Agreements and utilization of mineral tax pools as
disclosed in Note 7.
  2006
    
    
    2005
    
    
    2004Earnings (loss) before income taxes
    
    $
    3,723
    
    
    $
    (4,825
    )
    
    $
    (598
    )Combined federal and provincial tax rate
    
    
    37
    %
    
    
    40
    %
    
    
    42
    %Expected tax expense (recovery)
    
    
    1,378
    
    
    
    (1,930
    )
    
    
    (251
    )Increase (decrease) in taxes resulting from:Crown royalties
    
    
    256
    
    
    
    715
    
    
    
    696Alberta Royalty Tax Credit
    
    
    (125
    )
    
    
    (200
    )
    
    
    (155
    )Resource allowance
    
    
    (292
    )
    
    
    (695
    )
    
    
    (751
    )Other permanent differences
    
    
    (658
    )
    
    
    (505
    )
    
    
    770Effect of change in effective tax rates
    
    
    7,422
    
    
    
    65
    
    
    
    (37
    )Valuation allowance
    
    
    (10,680
    )
    
    
    1,230
    
    
    
    (272
    )Income tax recovery
    
    $
    (2,699
    )
    
    $
    (1,320
    )
    
    $
    
 16. Per Share Amounts:
  2006
    
    
    2005
    
    
    2004Basic earnings (loss) per share:Net earnings (loss) available to
common shareholders
    
    $
    6,422
    
    
    $
    (3,505
    )
    
    $
    (598
    )Weighted average number of
common shares outstanding
    
    
    73,184
    
    
    
    66,342
    
    
    
    59,769$
    0.09
    
    
    $
    (0.05
    )
    
    $
    (0.01
    )
 36




---



##### 



2006
    
    
    2005
    
    
    2004Diluted earnings (loss) per share:Net earnings (loss) available to
common shareholders
    
    $
    6,422
    
    
    $
    (3,505
    )
    
    $
    (598
    )Weighted average number of
common shares outstanding
    
    
    74,113
    
    
    
    66,342
    
    
    
    59,769$
    0.09
    
    
    $
    (0.05
    )
    
    $
    (0.01
    )
    17. Financial Instruments:
     18. Commitment and Contingency:
 (a) COMMITMENT
  (b) CONTINGENCY
  19. Segmented Information:
  37




---



##### 



2006
    
    Gold
    
    
    Oil & Gas
    
    
    All Others
    
    
    TotalRevenue
    
    $
    32,495
    
    
    $
    8,893
    
    
    $
    
    
    
    $
    41,388Crown royalties
    
    
    
    
    
    
    (1,979
    )
    
    
    
    
    
    
    (1,979
    )Alberta royalty tax credit
    
    
    
    
    
    
    500
    
    
    
    
    
    
    
    500Overriding royalties
    
    
    
    
    
    
    (4,230
    )
    
    
    
    
    
    
    (4,230
    )Net Revenue
    
    
    32,495
    
    
    
    3,184
    
    
    
    
    
    
    
    35,679Operating expenses
    
    
    21,296
    
    
    
    2,330
    
    
    
    
    
    
    
    23,626Depreciation, depletion and accretion
    
    
    9,968
    
    
    
    729
    
    
    
    
    
    
    
    10,697Write-down of exploration properties
    
    
    155
    
    
    
    
    
    
    
    
    
    
    
    155Non-segmented income
    
    
    
    
    
    
    
    
    
    
    (5,221
    )
    
    
    (5,221
    )Net earnings
    
    $
    1,076
    
    
    $
    125
    
    
    $
    5,221
    
    
    $
    6,422Assets
    
    
    66,487
    
    
    
    10,538
    
    
    
    68,692
    
    
    
    145,717Capital expenditures for the year
    
    
    20,507
    
    
    
    2,204
    
    
    
    
    
    
    
    22,711
 2005
    
    Gold
    
    
    Oil & Gas
    
    
    All Others
    
    
    TotalRevenue
    
    $
    23,121
    
    
    $
    11,142
    
    
    $
    
    
    
    $
    34,263Crown royalties
    
    
    
    
    
    
    (2,616
    )
    
    
    
    
    
    
    (2,616
    )Alberta royalty tax credit
    
    
    
    
    
    
    500
    
    
    
    
    
    
    
    500Overriding royalties
    
    
    
    
    
    
    (5,247
    )
    
    
    
    
    
    
    (5,247
    )Net Revenue
    
    
    23,121
    
    
    
    3,779
    
    
    
    
    
    
    
    26,900Operating expenses
    
    
    18,296
    
    
    
    1,946
    
    
    
    
    
    
    
    20,242Depreciation, depletion and accretion
    
    
    9,704
    
    
    
    746
    
    
    
    
    
    
    
    10,450Write-down of exploration properties
    
    
    109
    
    
    
    
    
    
    
    
    
    
    
    109Non-segmented income
    
    
    
    
    
    
    
    
    
    
    (396
    )
    
    
    (396
    )Net earnings (loss)
    
    $
    (4,988
    )
    
    $
    1,087
    
    
    $
    396
    
    
    $
    (3,505
    )Assets
    
    
    51,369
    
    
    
    9,192
    
    
    
    34,317
    
    
    
    94,878Capital expenditures for the year
    
    
    17,731
    
    
    
    2,287
    
    
    
    
    
    
    
    20,018
 2004
    
    Gold
    
    
    Oil & Gas
    
    
    All Others
    
    
    TotalRevenue
    
    $
    22,470
    
    
    $
    9,745
    
    
    $
    
    
    
    $
    32,215Crown royalties
    
    
    
    
    
    
    (2,209
    )
    
    
    
    
    
    
    (2,209
    )Alberta royalty tax credit
    
    
    
    
    
    
    442
    
    
    
    
    
    
    
    442Overriding royalties
    
    
    
    
    
    
    (4,618
    )
    
    
    
    
    
    
    (4,618
    )Net Revenue
    
    
    22,470
    
    
    
    3,360
    
    
    
    
    
    
    
    25,830Operating expenses
    
    
    15,904
    
    
    
    1,574
    
    
    
    
    
    
    
    17,478Depreciation, depletion and accretion
    
    
    6,023
    
    
    
    653
    
    
    
    
    
    
    
    6,676Write-down of exploration properties
    
    
    52
    
    
    
    
    
    
    
    
    
    
    
    52Non-segmented expense
    
    
    
    
    
    
    
    
    
    
    2,222
    
    
    
    2,222Net earnings (loss)
    
    $
    491
    
    
    $
    1,133
    
    
    $
    (2,222
    )
    
    $
    (598
    )Assets
    
    
    41,089
    
    
    
    7,444
    
    
    
    17,413
    
    
    
    65,946Capital expenditures for the year
    
    
    13,382
    
    
    
    1,964
    
    
    
    
    
    
    
    15,346
 20. Comparative Figures:
  21. Differences From United States Accounting Principles:
  38




---



##### 



a) Balance Sheets
 2006
    
    
    2005Mineral Properties  under Canadian GAAP
    
    $
    52,984
    
    
    $
    42,471Cumulative exploration expenditures expensed under U.S. GAAP (i)
    
    
    (19,844
    )
    
    
    (12,352
    )Cumulative depreciation and depletion adjustment (ii)
    
    
    1,607
    
    
    
    1,502Cumulative write-down adjustment (ii)
    
    
    (1,825
    )
    
    
    (1,825
    )Mineral Properties  under U.S. GAAP
    
    $
    32,922
    
    
    $
    29,796Investments  under Canadian GAAP
    
    $
    1,428
    
    
    $
    549Unrealized gain on available-for-sale securities (iii)
    
    
    463
    
    
    
    6,138Investments  under U.S. GAAP
    
    $
    1,891
    
    
    $
    6,687Payables and accrued liabilities  under Canadian GAAP
    
    $
    7,294
    
    
    $
    6,380Cumulative liability for flow-through shares (vii)
    
    
    777
    
    
    
    366Payables and accrued liabilities- under U.S. GAAP
    
    $
    8,071
    
    
    $
    6,746Shareholders equityShare capital  under Canadian GAAP
    
    $
    56,036
    
    
    $
    53,109Reduction of stated capital (v)
    
    
    55,000
    
    
    
    55,000Adjustment for flow-through shares (vii)
    
    
    4,019
    
    
    
    1,320Adjustment for flow-through share premiums (vii)
    
    
    (2,698
    )
    
    
    (1,664
    )Share capital  under U.S. GAAP
    
    
    112,357
    
    
    
    107,765Contributed SurplusContributed Surplus  Under Canadian GAAP
    
    
    1,062
    
    
    
    622Cumulative stock compensation costs (iv)
    
    
    (25
    )
    
    
    (25
    )Contributed Surplus  under U.S. GAAP
    
    
    1,037
    
    
    
    597Retained earnings  under Canadian GAAP
    
    
    8,480
    
    
    
    2,058Reduction of stated capital (v)
    
    
    (55,000
    )
    
    
    (55,000
    )Cumulative exploration expenses (i)
    
    
    (19,844
    )
    
    
    (12,352
    )Cumulative depreciation and depletion adjustment (ii)
    
    
    1,607
    
    
    
    1,502Cumulative write-down adjustment (ii)
    
    
    (1,825
    )
    
    
    (1,825
    )Cumulative stock compensation costs (iv)
    
    
    25
    
    
    
    25Cumulative impact of flow-through shares (vii)
    
    
    (4,019
    )
    
    
    (1,320
    )Cumulative renunciation of tax deductions on flow-through shares (vii)
    
    
    1,921
    
    
    
    1,298Deficit  under U.S. GAAP
    
    
    (68,655
    )
    
    
    (65,614
    )Accumulated other comprehensive incomeUnrealized gain on available-for-sale securities (iii)
    
    
    463
    
    
    
    6,138Shareholders equity  under U.S. GAAP
    
    $
    45,202
    
    
    $
    48,886
 39




---



##### 



b) Statements of Earnings (Loss)
 2006
    
    
    2005
    
    
    2004Net earnings (loss)  under Canadian GAAP
    
    $
    6,422
    
    
    $
    (3,505
    )
    
    $
    (598
    )Exploration expenditures (i)
    
    
    (7,492
    )
    
    
    (4,555
    )
    
    
    (3,690
    )Depreciation and depletion adjustment (ii)
    
    
    105
    
    
    
    138
    
    
    
    125Tax liability of flow-through shares (vii)
    
    
    (2,699
    )
    
    
    (1,320
    )
    
    
    Renunciation of tax deductions on flow-through shares (vii)
    
    
    623
    
    
    
    628
    
    
    
    253Net earnings (loss)  under U.S. GAAP
    
    
    (3,041
    )
    
    
    (8,614
    )
    
    
    (3,910
    )Available-for-sale securities (iii)
    
    
    (5,675
    )
    
    
    2,924
    
    
    
    1,453Derivative instruments (vi)
    
    
    
    
    
    
    (227
    )
    
    
    12Comprehensive earnings (loss) under U.S. GAAP
    
    
    (8,716
    )
    
    
    (5,917
    )
    
    
    (2,445
    )Net earnings (loss) per share under U.S. GAAPBasic and diluted
    
    $
    (0.04
    )
    
    $
    (0.13
    )
    
    $
    (0.07
    )
 i) Mineral Property Exploration Expenditures
  ii) Write-down of Mineral Properties
  iii) Available-for-Sale Securities
  iv) Stock-Based Compensation
    40




---



##### 



v) Reduction of Stated Capital
  vi) Accounting for Derivative Instruments and Hedging Activities
   vii) Flow-through Share Premiums
  viii) New Accounting Pronouncements
     22.
Subsequent Event:
  41




---



##### 



Josef Spross  Chairman
 Neil McMillan  President & Chief Executive Officer
 Rick Johnson, CA  Vice President Finance & Chief Financial Officer
 Brian Groves  Vice President Corporate Development
 Judy Stoeterau  Vice President Exploration
 Philip Ng  Vice President Operations
 Jon MacNeill  Director
 Ronald J. Hicks, CA  Director
 Ted Nieman  Director
 Bob Kowalishin  Director
 Claude Resources Inc.
 (CRJ  TSX)
(CGR  AMEX)
200, 224  4th Avenue S., Saskatoon,
Saskatchewan, Canada
S7K 5M5
306.668.7505
306.668.7500 Fax
 Incorporation
 Canada Business
Corporations Act
 Capitalization
and Listings
 76,272,791
common shares
outstanding
Exempt issuer under
 42




---



##### 



SEC Regulation
12g3-2(b)
 Transfer Agent
 Valiant Trust Company
Calgary, Canada
 Auditors
 KPMG LLP
Saskatoon, Canada
 Solicitors
 MacPherson Leslie & Tyerman
Saskatoon, Canada
 Bank
 Canadian Western Bank
Saskatoon, Canada
 The Annual General Meeting of the shareholders of Claude Resources Inc. will be held in Saskatoon
at the Sheraton Cavalier Hotel at the Top of the Inn at 10:00 a.m. on Tuesday, May 8, 2007.
 Shareholders are encouraged to attend. Those unable to attend should complete the form of proxy
included with the Shareholder Information Circular and forward it to Valiant Trust Company at the
address specified on the form of proxy for receipt no later than 24 hours before the meeting.
 AMEX Corporate
 The Companys common shares are listed on the American Stock Exchange (AMEX). Section 110 of the
AMEX company guide permits AMEX to consider the laws, customs and practices of foreign issuers in
relaxing certain AMEX listing criteria, and to grant exemptions from AMEX listing criteria based on
these considerations. A description of the significant ways in which the Companys governance
practices differ from those followed by U.S. domestic companies pursuant to AMEX standards is
contained on the Companys website:
 www.clauderesources.com
  Claude Resources Inc.
200, 224 - 4th Avenue South
Saskatoon, Saskatchewan, Canada S7K 5M5
P 306.668.7505 F 306.668.7500
www.clauderesources.com
clauderesources@clauderesources.com
 43