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Report of
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



The Board of Directors of Claude Resources Inc.



We have audited Claude Resources Inc.’s
internal control over financial reporting as of December 31, 2011, based on the criteria established inInternal Control
– Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Claude Resources
Inc.’s management is responsible for maintaining effective internal control over financial reporting and for its assessment
of the effectiveness of internal control over financial reporting, included in management’s annual report on internal control
over financial reporting included in its Annual Report on Form 40-F for the year ended December 31, 2011. Our responsibility is
to express an opinion on the Claude Resources Inc.’s internal control over financial reporting based on our audit.



We conducted our audit in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all
material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on
the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We
believe that our audit provides a reasonable basis for our opinion.



A company’s internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s
internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the
financial statements.



Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.



In our opinion, Claude Resources Inc. maintained,
in all material respects, effective internal control over financial reporting as of December 31, 2011, based on the criteria
established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO).



KPMG LLP, is a Canadian limited
liability partnership and a member firm of the KPMG

network of independent member firms
affiliated with KPMG International Cooperative

(“KPMG International”),
a Swiss entity.

KPMG Canada provides services to
KPMG LLP.















We also have audited, in accordance with
the standards of the Public Company Accounting Oversight Board (United States), the consolidated statements of financial position
as of December 31, 2011, December 31, 2010 and January 1, 2010, and the related consolidated statements of income, comprehensive
income, shareholders’ equity and cash flows for the years ended December 31, 2011 and December 31, 2010, and our report
dated March 30, 2012 expressed an unqualified opinion on those consolidated financial statements.







Chartered Accountants



Saskatoon, Canada

March 30, 2012