Claude Resources Inc.



Annual
Information Form



March 27, 2013



Claude Resources Inc. – 2012 Annual Information Form1







Table
of Contents



Claude Resources Inc. (“Claude” or the “Company”)

Annual Information Form – March 27, 2013



|                                                                   |                                       | Page                                    
|------------------------------------------------------------------ | ------------------------------------- | ----------------------------------------
|                                                                   |                                       |                                         
|Statement
    Regarding Forward-Looking Information                | 3                                    
|                                                                   |                                      
|Technical
    Information                                          | 3                                    
|                                                                   |                                      
|Cautionary
    Note To U.S. Investors Concerning Resource Estimate | 4                                    
|                                                                   |                                      
|Metric Equivalents                                                 | 4                                    
|                                                                   |                                      
|Glossary
    of Terms                                              | 5                                    
|                                                                   |                                      
|Item 1:                                                            | Corporate Structure                   |                                         
|                                                                   | 1.1                                   | Name, Address and Incorporation         
|                                                                   | 1.2                                   | Subsidiary Corporations                 
|                                                                   |                                       |                                         
|Item 2:                                                            | General Development of the Business   |                                         
|                                                                   | 2.1                                   | Recent History                          
|                                                                   |                                       |                                         
|Item 3:                                                            | Description of the Company’s Business |                                         
|                                                                   | 3.1                                   | General                                 
|                                                                   | 3.2                                   | Risk Factors                            
|                                                                   | 3.3                                   | Mineral Properties                      
|                                                                   |                                       |                                         
|Item 4:                                                            | Dividends                             |                                         
|                                                                   | 4.1                                   | Dividends                               
|                                                                   |                                       |                                         
|Item 5:                                                            | Description of Capital Structure      |                                         
|                                                                   | 5.1                                   | General Description of Capital Structure
|                                                                   |                                       |                                         
|Item 6:                                                            | Market for Securities                 |                                         
|                                                                   | 6.1                                   | Trading Price and Volume                
|                                                                   |                                       |                                         
|Item 7:                                                            | Directors and Executive Officers      |                                         
|                                                                   | 7.1                                   | Name, Occupation and Security Holdings  
|                                                                   |                                       |                                         
|Item 8:                                                            | Transfer Agent and Registrar          |                                         
|                                                                   | 8.1                                   | Transfer Agent and Registrar            
|                                                                   |                                       |                                         
|Item 9:                                                            | Material Contracts                    |                                         
|                                                                   | 9.1                                   | Material Contracts                      
|                                                                   |                                       |                                         
|Item 10:                                                           | Interests of Experts                  |                                         
|                                                                   | 10.1                                  | Interests of Experts                    
|                                                                   |                                       |                                         
|Item 11:                                                           | Audit Committee                       |                                         
|                                                                   | 11.1                                  | Audit Committee Charter                 
|                                                                   | 11.2                                  | Composition of the Audit Committee      
|                                                                   | 11.3                                  | Relevant Education and Experience       
|                                                                   | 11.4                                  | Pre-Approval Policies and Procedures    
|                                                                   | 11.5                                  | External Audit Service Fees             
|                                                                   |                                       |                                         
|Item 12:                                                           | Additional Information                | 64                                      
|                                                                   |                                       |                                         
|APPENDIX A Charter
    of the Audit Committee                      | 65                                   



Claude Resources Inc. – 2012 Annual Information Form2







STATEMENT REGARDING FORWARD-LOOKING
INFORMATION



All statements, other than statements
of historical fact, contained or incorporated by reference in this annual information form constitute “forward-looking information”
within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the
United States Private Securities Litigation Reform Act of 1995 (referred to herein as “forward-looking statements”).
Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, the estimation
of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production,
costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities,
permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining
operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”,
“expects” or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”
or “believes”, or the negative connotation thereof or variations of such words and phrases or state that certain actions,
events or results, “may”, “could”, “would”, “might” or “will be taken”,
“occur” or “be achieved” or the negative connotation thereof.



All forward-looking statements are based
on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price
of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate
equipment and sufficient labour, and that the political environment within Canada will continue to support the development of
mining projects in Canada.



Forward-looking statements are subject
to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance
or achievements of Claude to be materially different from those expressed or implied by such forward-looking statements, including
but not limited to: actual results of current exploration activities; environmental risks; future prices of gold; possible variations
in ore reserves, grade or recovery rates; mine development and operating risks; accidents, labour issues and other risks of the
mining industry; delays in obtaining government approvals or financing or in the completion of development or construction activities;
and other risks and uncertainties, including but not limited to those discussed in the section entitled “Risk Factors”
in this annual information form. These risks and uncertainties are not, and should not be construed as being, exhaustive.



Although Claude has attempted to identify
important factors that could cause actual results to differ materially from those contained in forward-looking statements, there
may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements
will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements.



Forward-looking statements in this annual
information form are made as of the date of this annual information form, being March 27, 2013 and, accordingly, are subject to
change after such date. Except as otherwise indicated by Claude, these statements do not reflect the potential impact of any non-recurring
or other special items that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing
information about management’s current expectations and plans and allowing investors and others to get a better understanding
of our operating environment.



Claude does not undertake to update any
forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.



The forward-looking statements contained
in this annual information form are expressly qualified by these cautionary statements.



TECHNICAL INFORMATION



The disclosure in this annual information
form of a scientific or technical nature for the Company's material properties is based on technical reports prepared for those
properties in accordance with National Instrument 43-101 — Standards of Disclosure for Mineral Projects("NI
43-101") of the Canadian Securities Administrators. Information prepared by or under the supervision of Qualified Persons
under NI 43-101 and included in this annual information form is with the consent of such persons.



Claude Resources Inc. – 2012 Annual Information Form3







Other information
has been prepared and included in this annual information form following review and verification byBrian Skanderbeg, P.GEO,
Senior Vice President & Chief Operating Officer or Peter Longo, P.ENG, Vice President, Operationsboth Qualified Persons within the meaning of NI 43-101.



The technical reports described herein
have been filed on SEDAR and can be reviewed at www.sedar.com.



In this annual information form, the terms
"mineral reserve", "probable mineral reserve", "proven mineral reserve", "mineral resource",
"inferred mineral resource", "indicated mineral resource", "measured mineral resource", "prefeasibility
study" and "feasibility study" have the meanings ascribed to those terms by the Canadian Institute of Mining, Metallurgy
and Petroleum, as the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council, as amended on
the date hereof (the "CIM Definition Standards"), as required by NI 43-101. The definitions set out in this annual
information form for such terms reflect the CIM Definition Standards and are for convenience of reference only. In the event of
a discrepancy between the CIM Definition Standards and the definitions set out in this annual information form, the CIM Definition
Standards shall prevail.



CAUTIONARY NOTE TO U.S. INVESTORS
CONCERNING RESOURCE ESTIMATE



The resource estimates in this document
were prepared in accordance with NI 43-101. The requirements of NI 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 US 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.



METRIC EQUIVALENTS



For ease of reference, the following factors
for converting metric measurements into imperial equivalents are provided:



|To Convert
    from Metric |  | To Imperial         |  | Multiply
    metric unit by
|-------------------------- |  | ------------------- |  | ---------------------------
|Metres                     |  | Feet (ft.)          |  | 3.281                      
|Kilometres (km)            |  | Miles               |  | 0.621                      
|Tonnes                     |  | Tons (2,000 pounds) |  | 1.102                      
|Grams                      |  | Troy Ounces         |  | 0.032                      
|Hectares                   |  | Acres               |  | 2.471                      



Claude Resources Inc. – 2012 Annual Information Form4







GLOSSARY OF TERMS



Aboriginal– means First
Nation, Métis, or Inuit.



Actinolite– a bright green
or grayish green monoclinic mineral of the amphibole group.



Alteration –any change in
the mineral composition of a rock brought about by physical or chemical means.



Amphibolite – a metamorphic
rock that may have originated as a basalt lava flow or mafic dike/sill.



Anticline – a fold,
generally convex upward, whose core contains the older rocks.



Arsenopyrite – the
most common arsenic mineral and principal ore of arsenic; occurs in many sulfide ore deposits, particularly those containing lead,
silver, and gold.



Assaying – laboratory examination
that determines the content or proportion of a specific metal (ie: silver) contained within a sample. Technique usually involves
firing/smelting.



Au Eq (“gold equivalent”)
– a measure of contained metal expressed in equivalent gold grade.



Biotite – a widely
distributed and important rock-forming mineral of the mica group.



Boudinage – a structure
common in strongly deformed sedimentary and metamorphic rocks, in which an original continuous competent layer or bed has been
stretched, thinned and broken at regular intervals into bodies resembling boudins or sausages.



Brecciated – broken into
sharp-angled fragments surrounded by finer-grained material.



Bulk Sample – a collection
of representative mineralized material whose location, geologic character and metal assay content can be determined and then used
for metallurgical or geotechnical testing purposes.



Carbon-in-pulp – a method
of recovering gold and silver from pregnant cyanide solutions by absorbing the precious metals within the solution onto granules
of activated carbon.



Care and Maintenance Basis–
in reference to mining means the indefinite suspension of all operations except those services and personnel necessary to insure
the safeguarding of mining property and assets against controllable acts.



Chalcopyrite – a sulphide
mineral of copper and iron.



Chlorite – a group of platy,
monoclinic, usually greenish minerals.



Chloritic alteration – the
replacement by, conversion into, or introduction of chlorite into a rock.



Clastic – fragments of minerals
and rocks that have been moved individually from their places of origin.



Core Samples– the cylindrical
form of rock called “core” that is extracted from a diamond drill hole. Mineralized sections are separated and these
samples are sent to a laboratory for analysis.



Cross-cut – a horizontal
opening driven from a shaft or haulage drift at an oblique or right angle to the strike of a vein or other orebody.



Crown – Her Majesty the Queen
in right of Saskatchewan as represented by the Saskatchewan Ministry of the Economy.



Cut-off Grade– the lowest
grade of mineralized material that qualifies as a reserve in a deposit (ie: contributing material of the lowest assay that is
included in a reserve estimate).



Claude Resources Inc. – 2012 Annual Information Form5







Diamond Drilling – a type
of rotary drilling in which diamond bits are used as the rock-cutting tool to produce a recoverable drill core sample of rock
for observation and analysis.



Dip – the angle that a structural
surface, a bedding or fault plane makes with the horizontal, measured perpendicular to the strike of the structure.



Disposition – rights granted
by the Crown under a permit, claim or lease.



Dore – the final saleable
product from a gold mine.



Drift – a horizontal underground
opening that follows along the length of a vein or rock formation.



Duty to
Consult – governments in Canada may have a duty to consult with and potentially accommodate Aboriginal groups prior
to making decisions which may impact lands and resources subject to established or potential treaty or Aboriginal rights, title
or other claims. These governments, in turn, may delegate procedural aspects of this duty to industry.



Electrowinning – the process
of recovering metal from solution by electrolysis.



Exploration– work involved
in searching for ore, from prospecting to diamond drilling or driving a drift.



Face – the end of a drift,
crosscut or stope in which work is taking place.



Facies – the character and
composition of sedimentary deposits.



Fault – a fracture or break
in rock along which there has been movement.



Feasibility
Study –a comprehensive technical and economic study of the selected development option for a mineral project
that includes appropriately detailed assessments of realistically assumed mining, processing, metallurgical, economic, marketing,
legal, environmental, social and governmental considerations together with any other relevant operational factors and detailed
financial analysis, that are necessary to demonstrate at the time of reporting that extraction is reasonably justified (economically
mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution
to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a Prefeasibility
Study.



Feldspathic arenite – a sandstone
containing abundant quartz, less than ten percent argillaceous matrix and 10 to 25 percent feldspar.



Felsic –an adjective describing
an igneous rock having mostly light colored minerals and rich in silica, potassium and/or sodium rich aluminosilicated minerals.



Fire Assay – the assaying
of metallic minerals by use of a miniature smelting procedure with various agents.



Footwall – the rock on the
underside of a vein or ore structure.



Fracture – a break or crack
in rock.



Gabbro – a dark-coloured,
plutonic rock with quartz between 0 and 5 percent and feldspar greater than 90 percent.



Garnet – a brittle, transparent
mineral with a vitreous luster.



Geophysical Survey – a scientific
method of prospecting that measures the physical properties of rock formations. Common properties investigated include magnetism,
specific gravity, electrical conductivity and radioactivity.



Claude Resources Inc. – 2012 Annual Information Form6







Gneiss – a layered or banded
crystalline metamorphic rock, the grains of which are aligned or elongated into a roughly parallel arrangement.



Grade – the metal content
of rock with precious metals, grade can be expressed as troy ounces or grams per tonne of rock.



Gram metre – a measure of
contained gold within a given interval calculated as the product of grams per tonne of gold intercepted over length of core.



Granitoid – a light-coloured,
plutonic rock with quartz between 20 and 60 percent.



Gross– in reference to land
means a 100 percent interest.



Head Grade – the average
grade of ore fed into a mill.



Hydrothermal – the products
or the actions of heated waters in a rock mass such as a mineral deposit precipitating from a hot solution.



Igneous– a primary type
of rock formed by the cooling of molten material.



Indicated Mineral Resource –is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can
be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters,
to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable
exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.



Inferred Mineral Resource –
is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence
and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and
drill holes.



ITA– Income Tax
Act (Canada).



Joint Venture–a
contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.



Lens – a body of ore that
is thick in the middle and tapers towards the ends.



Lithostructural – an assemblage
of rocks that is unified on the basis of structural and lithological features.



LT– long tons.



Mafic – igneous rocks composed
mostly of dark, iron and magnesium-rich minerals.



Measured
Mineral Resource–is that part of a Mineral Resource for which quantity, grade or quality, densities, shape,
and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate
application of technical and economic parameters, to support production planning and evaluation of the economic viability of the
deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm
both geological and grade continuity.



Metamorphosed Rocks– rocks
that are changed in character by processes of intense heat and pressure deep within the earth’s crust.



Metallurgy– the study of
the extractive processes which produce minerals from their host rocks.



Claude Resources Inc. – 2012 Annual Information Form7







Mill – a processing facility
where ore is finely ground and thereafter undergoes physical or chemical treatment to extract the valuable metals.



Mineral– a naturally formed
chemical element or compound having a definitive chemical composition and usually a characteristic crystal form.



Mineralization– a natural
concentration in rocks or soil of one or more minerals.



Mineral Reserve – the economically
mineable part of a Measured or Indicated Mineral Resource demonstrated by at least a Prefeasibility Study. This study must include
adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of
reporting, that economic extraction can be justified. A Mineral Reserve includes diluting materials and allowances for losses
that may occur when material is mined.



Mineral Resource – a concentration
or occurrence of natural, solid, inorganic, or fossilized organic material in or on the Earth’s crust in such form and quantity
and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological
characteristics, and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and
knowledge.



Muck – ore or rock that has
been broken by blasting.



Muskeg – a thick deposit
of decayed vegetable matter forming swampy areas.



National Instrument 43-101 or NI 43-101– National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.



Net Smelter Return Royalty/ NSR Royalty
–a phrase used to describe a royalty payment made by a producer of metals based on a percentage of gross metal production
from the property, less deduction of certain limited costs including smelting, refining, transportation and insurance costs.



Ounces – troy ounces of a
fineness of 999.9 parts per 1,000 parts.



Ore – rock, generally containing
metallic or non-metallic minerals, which can be mined and processed at a profit.



Ore Body – a sufficiently
large amount of ore that can be mined economically.



Pillar – a block of solid
ore or other rock left in place to structurally support the shaft, walls or roof of a mine.



Plunge – the vertical angle
a linear geological feature makes with the horizontal plane.



Porphyry – any igneous rock
in which relatively large crystals are set in a fine-grained groundmass.



Prefeasibility
Study –a comprehensive study of a range of options for the technical and economic viability of a mineral project
that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in
the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis
based on reasonable assumptions on mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmental
considerations and the evaluation of any other relevant factors which are sufficient for a Qualified Person, acting reasonably,
to determine if all or part of the Mineral Resource may be classified as a Mineral Reserve.



Probable Mineral Reserve –
the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource, demonstrated by at least
a Prefeasibility Study. This study must include adequate information on mining, processing, metallurgical, economic and other
relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.



Claude Resources Inc. – 2012 Annual Information Form8







Proven Mineral Reserve –
the economically mineable part of a Measured Mineral Resource demonstrated by at least a Prefeasibility Study. This study must
include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the
time of reporting, that economic extraction is justified.



Pulp – a mixture of ground
ore and water.



Pyrite– an iron sulphide
mineral (FeS2), the most common naturally occurring sulphide mineral.



Pyrrhotite – a bronze-colored,
often magnetic iron sulphide mineral.



Qualified Person – an individual
who is an engineer or geoscientist with at least five (5) years of experience in mineral exploration, mine development, mine operation,
project assessment or any combination of these; has experience relevant to the subject matter of the mineral project and technical
report; and is a member in good standing of a professional association.



Quartz – crystalline silica;
often forming veins in fractures and faults within older rocks.



Raise–a vertical
or inclined underground working that has been excavated from the bottom upward.



Ramp – an inclined underground
opening.



Sericite – a fine-grained
potassium mica found in various metamorphic rocks.



Shear Zone – a zone in which
shearing has occurred on a large scale so that the rock is crushed and brecciated.



Showing – surface occurrence
of mineral.



Shrinkage Stoping – any mining
method in which broken ore is temporarily retained in the stope to provide a working platform and/or to offer temporary support
to the stope walls during active mining.



Sill – an intrusive sheet
of igneous rock of roughly uniform thickness that has been forced between the bedding planes of existing rock; the initial horizontal
drift along the strike of the ore vein.



Specific Gravity – the ratio
between the weight of a unit volume of a substance and a similar weight and unit volume of water.



Splay – one of a series of
divergent small faults or fractures at the extremities of a major fault.



Stope – an underground excavation
from which ore has been extracted, either above or below a level. Access to stopes is usually by way of adjacent raises.



Stratigraphy – the sequence
of bedded rocks in a particular area.



Tailings – the material that
remains after all economically and technically recoverable precious metals have been removed from the ore during processing. This
material is discharged, normally in as slurry, to a final storage area commonly known as a Tailings Management Facility (TMF).



Till – is unsorted glacial
sediment. Its content may vary from clays to mixtures of clay, sand, gravel and boulders. This material is typically derived from
the subglacial erosion and incorporated by the moving ice of the glaciers of previously available unconsolidated sediments.



Tonne – a metric ton or 2,204
pounds.



Tourmaline – a complex, crystalized
silicate containing boron.



Trenching – the process of
exploration by which till is removed from a trench cut from the earth’s surface.



Vein– a thin, sheet-like,
cross-cutting body of hydrothermal mineralization, principally quartz.



Claude Resources Inc. – 2012 Annual Information Form9







Waste – barren rock in a
mine, or mineralized material that is too low in grade to be mined and milled at a profit.



Working interest or WI– means the interest held by Claude in property. This interest normally bears its proportionate share of capital and
operating costs as well as royalties or other production burdens. The working interest percentage is expressed before royalty
interests.



Claude Resources Inc. – 2012 Annual Information Form10







Item 1 Corporate Structure



1.1 Name, Address and Incorporation



Claude Resources Inc. (“Claude”
or the “Company”) amalgamated effective January 1, 2000, with its then subsidiaries Madsen Gold Corp. and 3377474
Canada Inc. The amalgamated Company carries on business under the name Claude Resources Inc. and is governed by the Canada Business
Corporations Act.



The registered
office of the Company is located at 1500, 410 – 22nd Street East, Saskatoon, Saskatchewan, S7K 5T6. Its principal
executive office is located at 200, 224 – 4th Avenue South, Saskatoon, Saskatchewan, S7K 5M5, Telephone: (306)
668-7505, Facsimile: (306) 668-7500, email:clauderesources@clauderesources.com, website:www.clauderesources.com.



| | 1.2 | Subsidiary Corporations
| | --- | -----------------------



Claude has three wholly-owned subsidiary
corporations: 4158849 Canada Ltd. and Madsen Gold Corporation, both Canada federal corporations, and St. Eugene Mining Corporation
Limited ("SEM"), a British Columbia company. References herein to the “Company” or “Claude”
include the Company and its subsidiaries, unless otherwise indicated or the context otherwise requires.



Item 2 General Development of the
Business



| | 2.1 | Recent History
| | --- | --------------



Recent developments in the Company’s
business over the last three completed fiscal years were as follows:



2012: On February 2, 2012, the Company
announced that it had completed the acquisition of St. Eugene Mining Corporation Limited. As a result of this acquisition, Claude
now owns 100 percent of the Amisk Gold Project. At 40,400 hectares, this gold and silver exploration property is one of the largest
land positions in the prolific Flin Flon mineral district. The Amisk Gold Property is located 20 kilometres southwest of Flin
Flon, Manitoba and hosts the Amisk Gold Project, a bulk mineable gold and silver deposit. Currently, the Amisk Gold Project hosts
a National Instrument 43-101 compliant resource calculation of 1.57 million gold equivalent ounces. A detailed description of
the Amisk Gold Project can be found under “3.3 Mineral Properties”.



In March 2012, the Company released an
updated National Instrument 43-101 compliant Mineral Reserve and Mineral Resource estimate for the Seabee property. Effective
December 31, 2011, the update included recent drill results from the Santoy Gap deposit (“Santoy Gap”, which is part
of the Santoy Mine Complex) and resulted in an additional 2,321,000 tonnes at 6.63 grams of gold per tonne (495,000 ounces) in
the Inferred Mineral Resource category. Inclusive of ounces from the Santoy Gap, the Seabee Gold Operation reported an Indicated
Mineral Resource of 70,600 ounces and an Inferred Mineral Resource of 873,400 ounces. Compared to December 31, 2010, this represents
a 206 percent increase in gold within the Company’s Mineral Resources. The technical report supporting the Mineral Reserve
and Mineral Resource estimate dated April 28, 2012 was filed on SEDAR at www.sedar.com on April 30, 2012.



During April 2012, the Company announced
key appointments to the Management team and Board of Directors (“Board”):



| | § | Mr.
                                                                                                                Peter Longo was
                                                                                                                appointed as Vice
                                                                                                                President, Operations.
                                                                                                                Mr. Longo’s
                                                                                                                knowledge, skill
                                                                                                                set and capital
                                                                                                                project experience
                                                                                                                will be instrumental
                                                                                                                in the optimization
                                                                                                                of the Seabee,
                                                                                                                Madsen and Amisk
                                                                                                                gold assets; and,
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | § | Mr.
                                                                                                                Brian Booth was
                                                                                                                appointed to the
                                                                                                                Company’s
                                                                                                                Board of Directors.
                                                                                                                Mr. Booth’s
                                                                                                                geological background
                                                                                                                and experience
                                                                                                                as a business
                                                                                                                leader will provide
                                                                                                                new insight to
                                                                                                                the Management
                                                                                                                team and Board.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Claude Resources Inc. – 2012 Annual Information Form11







On August 23, 2012, the Company announced
the appointment of Mr. Brian Skanderbeg as Senior Vice President and Chief Operating Officer, effective September 1, 2012. Mr.
Skanderbeg’s extensive exploration and operational experience fill a critical need as the Company advances the Seabee, Madsen
and Amisk gold assets.



At the end of August 2012, the Company
provided an exploration update from its 2012 drill program targeting the Santoy Gap deposit. Newly released drill results (see
below) have extended the mineralized system up-dip, along strike to the north and at depth as well as confirming continuity within
the existing inferred 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. The
system remains open in most directions and underground development from the existing Santoy 8 infrastructure has been initiated.



Table 1: Highlights from 2012 Drilling Targeting the Santoy
Gap Deposit

|Hole ID    |  | Easting |  | Northing |  | From (m) |  | To (m) |  | Grade (g/t) |  | Width (m) |  | Zone 
|---------- |  | ------- |  | -------- |  | -------- |  | ------ |  | ----------- |  | --------- |  | -----
|JOY-12-622 |  | 599436  |  | 6170747  |  | 403.57   |  | 405.29 |  | 4.81        |  | 1.72      |  | HW   
|           |  |         |  | And      |  | 722.00   |  | 723.00 |  | 6.20        |  | 1.00      |  | FW   
|JOY-12-624 |  | 599148  |  | 6170973  |  | 519.71   |  | 520.43 |  | 7.87        |  | 0.72      |  | FW   
|JOY-12-630 |  | 598791  |  | 6170890  |  | 272.27   |  | 272.77 |  | 13.60       |  | 0.50      |  | GAP  
|JOY-12-636 |  | 599035  |  | 6170957  |  | 415.77   |  | 432.50 |  | 6.91        |  | 16.73     |  | GAP  
|JOY-12-638 |  | 599035  |  | 6170957  |  | 398.00   |  | 400.30 |  | 13.94       |  | 2.30      |  | GAP  
|JOY-12-643 |  | 598950  |  | 6170670  |  | 181.75   |  | 183.57 |  | 41.88       |  | 1.82      |  | GAP  
|JOY-12-648 |  | 599073  |  | 6170506  |  | 61.92    |  | 62.42  |  | 17.25       |  | 0.50      |  | Other
|           |  |         |  | And      |  | 158.00   |  | 159.00 |  | 11.45       |  | 1.00      |  | GAP  
|JOY-12-657 |  | 599124  |  | 6170848  |  | 322.24   |  | 322.79 |  | 23.20       |  | 0.55      |  | GAP  
|JOY-12-661 |  | 599124  |  | 6170848  |  | 345.20   |  | 345.70 |  | 14.90       |  | 0.50      |  | GAP  
|JOY-12-664 |  | 599080  |  | 6170572  |  | 135.14   |  | 135.64 |  | 15.45       |  | 0.50      |  | GAP  
|JOY-12-665 |  | 599094  |  | 6170889  |  | 378.25   |  | 380.00 |  | 13.84       |  | 1.75      |  | GAP  
|JOY-12-666 |  | 599000  |  | 6170595  |  | 143.29   |  | 143.95 |  | 20.30       |  | 0.66      |  | GAP  
|JOY-12-667 |  | 599000  |  | 6170595  |  | 124.57   |  | 126.24 |  | 10.75       |  | 1.67      |  | GAP  
|JOY-12-670 |  | 599010  |  | 6170745  |  | 253.59   |  | 255.97 |  | 11.50       |  | 2.38      |  | GAP  
|JOY-12-674 |  | 599207  |  | 6170942  |  | 520.15   |  | 526.45 |  | 4.67        |  | 6.30      |  | GAP  
|           |  |         |  | And      |  | 566.25   |  | 567.25 |  | 49.50       |  | 1.00      |  | FW   
|JOY-12-677 |  | 599154  |  | 6170781  |  | 321.04   |  | 350.78 |  | 14.58       |  | 29.74     |  | GAP  
|JOY-12-678 |  | 598827  |  | 6170985  |  | 230.50   |  | 231.50 |  | 50.30       |  | 1.00      |  | GAP  
|JOY-12-679 |  | 599155  |  | 6170775  |  | 343.99   |  | 364.28 |  | 13.81       |  | 20.29     |  | GAP  
|JOY-12-682 |  | 599155  |  | 6170775  |  | 374.60   |  | 375.60 |  | 27.20       |  | 1.00      |  | GAP  
|           |  |         |  | And      |  | 400.80   |  | 405.50 |  | 11.07       |  | 4.70      |  | GAP  



Note:Composites were
calculated using a 3.0 g/t Au cut-off grade and may include internal dilution. True widths are interpreted to be 75 to 95 percent
of drilled width. Assay results are uncut. True widths are interpreted to be 75 to 95 percent of drilled width. Assay results
are uncut.



On November 27, 2012, the Company released
the final drill holes of the 2012 exploration program targeting the Santoy Gap deposit. These final drill holes (see table below)
targeted the down-dip extension of the Santoy Gap deposit. Of these, four drill holes returned visible gold-bearing intercepts,
including JOY-12-688 and JOY-12-689, which contained both hanging-wall and Santoy Gap deposit mineralized intervals. Recent Santoy
Gap deposit intercepts are highlighted by drill hole JOY-12-686 that returned 8.16 grams of gold per tonne over 5.93 metres and
JOY-12-689 that returned 4.68 grams of gold per tonne over 1.41 metres and 5.03 grams of gold per tonne over 1.58 metres. Drill
hole JOY-12-686 extended economic mineralization 150 metres down-dip to a depth of 650 metres below surface. Drill hole JOY-12-689
is of particular significance as it implies continuity of the Santoy Gap deposit structure along strike towards the Santoy 8 deposit
within the Santoy Mine Complex.



A sub-parallel, hanging-wall structure
was discovered with JOY-12-688 and JOY-12-689 returning 5.07 grams of gold per tonne over 6.00 metres and 3.51 grams of gold per
tonne over 4.53 metres, respectively. Both intercepts contained coarse visible-gold associated with silicified granodiorite and
quartz veining. The intercepts lie between 375 and 425 metres below surface, remain open in all directions and represent a new
discovery.



Claude Resources Inc. – 2012 Annual Information Form12







Table 2: Highlights from 2012 Santoy Gap drilling



|Hole ID     |  | Easting |  | Northing |  | From
        (m) |  | To (m) |  | Grade (g/t) |  | Width
        (m) |  | Zone
|----------- |  | ------- |  | -------- |  | ---------------- |  | ------ |  | ----------- |  | ----------------- |  | ----
|JOY-12-686* |  | 599287  |  | 6170925  |  | 642.40           |  | 648.33 |  | 8.16        |  | 5.93              |  | GAP 
|JOY-12-688* |  | 599481  |  | 6170719  |  | 416.20           |  | 422.20 |  | 5.07        |  | 6.00              |  | HW  
|JOY-12-689* |  | 599537  |  | 6170658  |  | 382.84           |  | 387.37 |  | 3.51        |  | 4.53              |  | HW  
|            |  |         |  | And      |  | 603.00           |  | 604.32 |  | 4.68        |  | 1.41              |  | GAP 
|            |  |         |  | And      |  | 607.50           |  | 609.08 |  | 5.03        |  | 1.58              |  | GAP 



Note:* Newly released
drill hole intercept. Composites were calculated using a 3.0 g/t Au cut-off grade and may include internal dilution. True widths
are interpreted to be 75 to 95 percent of drilled width. Assay results are uncut.



In 2012, Phase
II underground and surface drilling at the Madsen project completed 19,100 metres and 16 holes, targeting the 8 Zone plunge and
strike continuity as well as the Austin and McVeigh Tuff plunge continuity. The 2012 program was completed in late-September and
included two underground rigs active on the 16th level and one surface rig. In November
2012, the Company provided a summary of 2012 exploration activities at the Company’s 100 percent-owned Madsen Project in
Red Lake, Ontario. 2012 drilling continued to expand the 8 Zone plunge at depth and demonstrated significant depth extension to
the Austin and McVeigh Tuff. Highlights from the 2012 drill results are summarized below:



| | · | 14.30 grams Au per tonne over 2.00 metres in AD-11-01   | Austin Tuff 
| | - | ------------------------------------------------------- | ------------
| |   |                                                         |             
| | · | 6.52 grams Au per tonne over 2.00 metres in MUG-12-18d  | 8 Zone Main 
| |   |                                                         |             
| | · | 26.50 grams Au per tonne over 2.00 metres in MUG-12-20  | 8 Zone Main 
| |   |                                                         |             
| | · | 9.53 grams Au per tonne over 2.00 metres in MUG-11-21   | Austin Tuff 
| |   |                                                         |             
| | · | 14.55 grams Au per tonne over 2.00 metres in MUG-12-25b | 8 Zone FW   
| |   |                                                         |             
| | · | 12.00 grams Au per tonne over 1.50 metres in MUG-12-26  | 8 Zone Main 
| |   |                                                         |             
| | · | 29.60 grams Au per tonne over 1.50 metres in MUG-12-28  | 8 Zone Main 
| |   |                                                         |             
| | · | 17.70 grams Au per tonne over 2.00 metres in MUG-12-29  | McVeigh Tuff
| |   |                                                         |             
| | · | 7.77 grams Au per tonne over 1.00 metres in MUG-12-30   | 8 Zone FW   



Based on these results, the significant
existing resource base and advanced infrastructure, the Company believes that the Madsen Project warrants scoping level analysis.
The analysis, to be completed in 2013 will provide key input into a decision to advance Madsen towards a Preliminary Economic
Assessment (PEA), conceptually evaluating the value and development potential of the project.



In December 2012, the Company reported
an updated National Instrument 43-101 compliant Mineral Resource estimate from the Santoy Gap deposit (see table below). The update
upgraded a significant portion of the Santoy Gap deposit’s Inferred Resource into the Indicated category while continuing
to grow the Santoy Gap deposit.



Claude Resources Inc. – 2012 Annual Information Form13







Table 3: Santoy Gap, Mineral Resource Statement *

|                            |  | 2012   |           |  | 2011        | 
|--------------------------- |  | ------ | --------- |  | ----------- | 
|                            |  | Tonnes |           |  | Grade (g/t) | 
|Indicated Mineral Resources |  |        |           |  |             | 
|                            |  |        | 994,000   |  |             | 
|Inferred Mineral Resources  |  |        |           |  |             | 
|                            |  |        | 1,875,000 |  |             | 



* Reported at a cut-off grade of 3.0 grams of gold per tonne
assuming an underground extraction scenario, a gold price of U.S. $1,475 per ounce, and metallurgical recoveries of 95 percent.
Mineral resources are not mineral reserves and do not have a demonstrated economic viability. All figured have been rounded to
reflect the accuracy of the estimates.



The Santoy Gap resource has been defined
to be in excess of 690 metres below surface and over a strike length of 800 metres. The deposit is located between 200 and 1,000
metres north of the existing Santoy 8 resource and remains open down plunge to the north and at depth. The Company is currently
developing an underground exploration drift towards the Santoy Gap deposit from the Santoy 8 deposit within the Santoy Mine Complex.
The drift will be utilized as a drill platform to test continuity between the Santoy Gap and Santoy 8 deposits, to explore for
sub-parallel, hanging wall structures as well as for infill drilling.



Claude has evaluated, at a preliminary
level, the potential capital and operating costs at the Santoy Mine Complex. The results indicate that the Santoy Gap deposit
has the potential to provide significant economic value to the Seabee Operation. The Company has also initiated more detailed
feasibility studies on the deposit to bring it into production as soon as possible.



On January 17, 2013, the Company announced
that it had expanded its current debt facilities with its existing bank and, in addition, had come to an agreement, subject to
due diligence, with Crown Capital Partners Inc. for an additional debt facility of $25 million. The Company believes that its
new capital structure will advance the Company over the long term without penalizing shareholders through major equity financings.
The new debt facilities are intended for the retirement of the $9.8 million debenture due in May 2013, for expansion capital at
the Seabee Gold Operation and for working capital purposes.



On February 4, 2013, the Company announced
that it had completed the shaft extension project at the Seabee Mine. The project extended the shaft from 600 metres to 980 metres
depth. The resultant reduction of trucking distance and ore handling will result in lower diesel consumption, reduced maintenance
costs and improved ventilation.



2011: During the first quarter, Claude
and SEM (then a non-related third party) commissioned a consultant to prepare an independent mineral resource evaluation and Technical
Report (the “Amisk Technical Report”) for the Amisk Gold Project in northeastern Saskatchewan, Canada. This mineral
resource evaluation was based on historical drilling completed by Saskatchewan Mining Development Corporation between 1983 and
1989 and Claude between 1996 and 1998 as well as recent drill holes completed by the Claude and SEM in 2010. Highlights of the
Amisk Technical Report, which was filed by Claude on SEDAR on April 4, 2011, are presented below:



Claude Resources Inc. – 2012 Annual Information Form14







Table 4:
Consolidated Mineral Resource Statement* Amisk Gold Project, Saskatchewan, February 9, 2011 (100 percent)



|               |  | Quantity        |        |  | Grade (g/tonne) |  |      | Contained Ounces (000’s) | 
|-------------- |  | --------------- | ------ |  | --------------- |  | ---- | ------------------------ | 
|Resource Class |  | (000’s  tonnes) |        |  | Au              |  |      | Ag                       | 
|Indicated      |  |                 | 30,150 |  |                 |  | 0.85 |                          | 
|Inferred       |  |                 | 28,653 |  |                 |  | 0.64 |                          | 



| | * | Reported at a cut-off of
0.40 grams of gold equivalent (Au Eq) per tonne using a price of U.S. $1,100 per ounce of gold and U.S. $16 per ounce of silver
inside a conceptual pit shell optimized using metallurgical and process recovery of 87 percent, overall ore mining and processing
costs of U.S.$15 per tonne and overall pit slope of fifty degrees.  All figures are rounded to reflect the relative
accuracy of the estimates.  Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Towards the end of the first quarter the
Company published initial drilling results from an exciting discovery identified as the Santoy Gap deposit. The Santoy Gap deposit
is located 400 metres from underground infrastructure and is immediately on strike and adjacent to the Santoy 8 deposit within
the Santoy Mine Complex. Exploration drilling continued throughout 2011 with highlights of full year drilling provided below:



Table 5: Highlights from 2011 drilling targeting the Santoy
Gap Deposit



|Hole ID     |  | Easting |  | Northing |  | From (m) |  | To (m) |  | Au Grade
        (g/t) |  | Width
        (m) |  | Newly
        Released
|----------- |  | ------- |  | -------- |  | -------- |  | ------ |  | ---------------------- |  | ----------------- |  | ----------------------
|JOY-11-565* |  | 599043  |  | 6170888  |  | 396.22   |  | 397.68 |  | 27.65                  |  | 1.46              |  | Y                     
|JOY-11-588  |  | 599021  |  | 6170706  |  | 222.16   |  | 231.94 |  | 35.00                  |  | 9.78              |  | Y                     
|            |  |         |  | Incl     |  | 231.44   |  | 231.94 |  | 533.00                 |  | 0.50              |  | Y                     
|JOY-11-589  |  | 599237  |  | 6170826  |  | 468.66   |  | 470.63 |  | 46.44                  |  | 1.97              |  | Y                     
|JOY-11-594  |  | 598995  |  | 6170771  |  | 289.42   |  | 291.70 |  | 14.75                  |  | 2.28              |  | Y                     
|            |  |         |  | And      |  | 301.17   |  | 305.21 |  | 16.14                  |  | 4.04              |  | Y                     
|JOY-11-600  |  | 598968  |  | 6170808  |  | 290.36   |  | 291.77 |  | 56.23                  |  | 1.41              |  | Y                     
|JOY-11-606  |  | 599247  |  | 6170665  |  | 395.33   |  | 403.13 |  | 12.95                  |  | 7.80              |  | Y                     
|            |  |         |  | Incl     |  | 397.08   |  | 400.14 |  | 23.44                  |  | 3.06              |  | Y                     
|JOY-11-611  |  | 599292  |  | 6170777  |  | 455.13   |  | 458.95 |  | 9.74                   |  | 3.82              |  | Y                     
|            |  |         |  | Incl     |  | 456.67   |  | 457.81 |  | 23.24                  |  | 1.14              |  | Y                     
|JOY-11-535  |  | 599349  |  | 6170487  |  | 310.57   |  | 316.00 |  | 10.30                  |  | 5.43              |  |                       
|JOY-11-549  |  | 599178  |  | 6170745  |  | 330.38   |  | 336.62 |  | 6.73                   |  | 6.24              |  |                       
|JOY-11-551  |  | 599205  |  | 6170769  |  | 405.77   |  | 408.59 |  | 22.06                  |  | 2.82              |  |                       
|JOY-11-554  |  | 599146  |  | 6170803  |  | 413.20   |  | 415.44 |  | 41.94                  |  | 2.24              |  |                       
|JOY-11-555  |  | 599146  |  | 6170803  |  | 377.40   |  | 397.65 |  | 12.79                  |  | 20.25             |  |                       
|            |  |         |  | Incl     |  | 377.40   |  | 378.40 |  | 144.00                 |  | 1.00              |  |                       
|JOY-11-556  |  | 599146  |  | 6170803  |  | 323.00   |  | 343.48 |  | 19.10                  |  | 20.48             |  |                       
|            |  |         |  | Incl     |  | 331.00   |  | 331.59 |  | 524.00                 |  | 0.59              |  |                       
|JOY-11-580  |  | 599097  |  | 6170891  |  | 364.06   |  | 365.78 |  | 36.51                  |  | 1.72              |  |                       



Note:* Partial result, certain assays within
zone are pending. Composites calculated at 3.0 g/t cut-off and may include internal dilution. True width is interpreted to range
from 70 to 95% drilled width.



On April 11, 2011, the Company announced
that its new Santoy 8 deposit within the Santoy Mine Complex had achieved commercial production at the Seabee Operation in northern
Saskatchewan, Canada, effective January 1, 2011. The Santoy Mine Complex is a satellite deposit located approximately 14 kilometres
east of the Seabee Mine and Central Milling Facility and is accessible by an all-weather road. The Santoy Mine Complex represents
an opportunity for the Seabee Gold Operation to grow its production profile with a decrease in unit cash operating costs. Over
the life of mine plan for the Seabee gold operation, the Company anticipates the Santoy Mine Complex to provide up to 50 percent
of the overall feedstock to the Seabee central milling facility and anticipates this contribution to be a positive catalyst in
improving production and lowering unit operating costs.



Claude Resources Inc. – 2012 Annual Information Form15







On April 12, 2011, the Company launched
Phase II underground drilling at its 100 percent owned Madsen exploration property in northwestern Ontario. The Madsen Mine, located
in the town of Madsen, Ontario is approximately 10 kilometres from the town of Red Lake, Ontario and is in one of the highest
grade gold districts in the world. The property currently hosts the following NI 43-101 compliant resource:





|Table 6:
Consolidated Mineral Resource Statement* for the Madsen Mine, Ontario  (at January 20, 2010).
|------------------------------------------------------------------------------------------------------
|Resource
        Class                                                                                
|Indicated                                                                                             
|                                                                                                      
|                                                                                                      
|                                                                                                      
|                                                                                                      
|Inferred                                                                                              
|                                                                                                      
|                                                                                                      
|                                                                                                      
|                                                                                                      



| | * | Mineral
                                                                                                                  Resources are
                                                                                                                  not Mineral
                                                                                                                  Reserves and
                                                                                                                  do not have
                                                                                                                  demonstrated
                                                                                                                  economic viability.
                                                                                                                  All figures
                                                                                                                  have been rounded
                                                                                                                  to reflect the
                                                                                                                  relative accuracy
                                                                                                                  of the estimates.
                                                                                                                  Reported at
                                                                                                                  a cut-off grade
                                                                                                                  of 5.0 g/t gold
                                                                                                                  based on U.S.
                                                                                                                  $1,000 per troy
                                                                                                                  ounce of gold
                                                                                                                  and gold metallurgical
                                                                                                                  recoveries of
                                                                                                                  94 percent.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



On January 20, 2010, Claude filed a technical
report supporting the Mineral Resource estimate on SEDAR.



The initial underground drill targets
included the plunge and strike extensions of the 8 Zone trend as well as conceptual targets associated with the 8 Zone trend.
The 8 Zone trend has all the characteristics of other high grade Red Lake systems and has seen limited exploration.



Phase II drilling includes 14,800 metres
in 9 holes and continued through to the end of 2011. Dewatering and rehabilitation of the Madsen Mine continued during the year
with water levels below the 17th level.



Later in the second quarter of 2011, the
Company completed a short form prospectus offering. The offering consisted of the issuance of 20,000,000 common shares of the
Company, on a bought deal basis, at a price of $2.50 per common share as well as the issuance of 3,000,000 common shares, also
at $2.50 per share, to the underwriting syndicate pursuant to an over-allotment option. Gross proceeds from the offering was $57,500,000.
The Company used the net proceeds of the offering for the continued exploration and development of its projects and for general
corporate purposes.



Also during the second quarter, the Company
undertook initial metallurgical and engineering testwork on the Amisk drill core to assess metallurgical recovery and processing
characteristics. The initial metallurgical testing indicated that gold and silver mineralization is amenable to conventional cyanide
leaching. Results from three composite samples from the Amisk Gold Deposit have returned an average of 89.4 percent recovery for
gold and an average of 80.8 percent recovery for silver. Finer grinds resulted in higher recoveries for all metals, with peak
recoveries of 91.7 percent and 92.8 percent for gold and silver, respectively.



In July 2011, the Company announced significant
drill results from its underground exploration program at the Seabee Mine as well as two promising holes from the new L62 zone.
The L62 zone is located approximately 200 metres from existing Seabee underground infrastructure, 1,000 metres below surface.
Drilling continued throughout the remainder of the year and a second underground diamond drill was added to expedite exploration
of this new zone. Highlights from 2011 drilling are provided below:



Claude Resources Inc. – 2012 Annual Information Form16







| | · | 8.81
                                                                                                               grams Au per tonne
                                                                                                               over 4.9 metres
                                                                                                               true width (U11-349);
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | 39.75
                                                                                                               grams Au per tonne
                                                                                                               over 10.0 metres
                                                                                                               true width (U11-629),
                                                                                                               including 528.1
                                                                                                               grams Au per tonne
                                                                                                               over 0.7 metres;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | 14.01
                                                                                                               grams Au per tonne
                                                                                                               over 5.0 metres
                                                                                                               true width (U11-637);
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | 261.28
                                                                                                               grams Au per tonne
                                                                                                               over 3.6 metres
                                                                                                               true width (U11-638),
                                                                                                               including 1,563
                                                                                                               grams Au per tonne
                                                                                                               over 0.5 metres;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | 195.06
                                                                                                               grams Au per tonne
                                                                                                               over 2.29 metres
                                                                                                               true width (U11-651);
                                                                                                               and
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | 24.16
                                                                                                               grams Au per tonne
                                                                                                               over 5.71 metres
                                                                                                               true width (U11-663).
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



During the fourth quarter, the Company
announced its intent to acquire all of the shares of SEM that it did not already own by way of a court approved plan of arrangement.
SEM owned 35 percent of the Amisk Gold Project, a gold and silver exploration property in the prolific Flin Flon mineral district.



2010:	In April 2010, the Santoy
8 Gold Project (part of the Santoy Mine Complex) received Ministerial approval and the operating permits necessary to advance
it to production. Over the life of mine plan for the Seabee Operation, the Company anticipates the Santoy Mine Complex will provide
up to 50 percent of the overall feedstock to the Seabee central milling facility. The Company anticipates this contribution to
be a positive catalyst in improving production and lowering unit operating costs. Development of the ore body continued throughout
2010 with commercial production achieved in the first quarter of 2011.



Also in April, the Company announced the
finalization of a 65:35 Joint Venture Agreement with SEM on the Amisk Gold Project. Claude was the operator of the joint venture
and in 2010 completed a $2.1 million exploration program on the property. Highlights from the 2010 winter drill program included:



| | · | 161.86
                                                                                                               metres at 1.29
                                                                                                               grams of gold and
                                                                                                               8.0 grams of silver
                                                                                                               per tonne; and
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | 86.70
                                                                                                               metres at 1.03
                                                                                                               grams of gold and
                                                                                                               6.0 grams of silver
                                                                                                               per tonne.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Based on the success of the winter drill
program, the joint venture sampled over 22,000 metres of historic core. Highlights from the historic core sampling included:



| | · | 241.00
                                                                                                               metres of 2.16
                                                                                                               grams of gold and
                                                                                                               18.9 grams of silver
                                                                                                               per tonne; and
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | 173.12
                                                                                                               metres at 2.29
                                                                                                               grams of gold and
                                                                                                               14.1 grams of silver
                                                                                                               per tonne.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The joint venture approved and completed
a 3,300 metre fall drill program that expanded the strike and dip extensions of the Amisk Gold Deposit. Combined with results
from the summer historic core sampling program, 2010 drilling expanded the mineralized system to a strike length of 500 metres,
width of 400 metres and depths of 400 metres.



During the year dewatering of the Madsen
mine shaft continued with work crews gaining access to the 16th level. Phase II deep drilling initiated early in the
second quarter. The Company drilled approximately 14,500 metres from the 16th level targeting the highgrade 8 Zone.
Two drills targeted the up and down dip and along strike of the 8 Zone.



During the third quarter, Claude completed
the sale of its Nipisi property and the related petroleum and natural gas interests for gross proceeds of $6.2 million. Concurrent
with the completion of the sale of this non-core asset, the Company announced an offer to repay its 12 percent senior secured
debenture. This offer to repay expired on January 5, 2011 with $0.1 million of the $9.8 million in outstanding debentures redeemed.



During the year, Claude completed approximately
53,000 metres of underground diamond drilling from Santoy 8 and underground operations at Seabee Deep. Drill intercepts continued
to define the 2b and 2c ore shoots at depth and along strike. Highlights from the drill program at Seabee Deep included:



Claude Resources Inc. – 2012 Annual Information Form17







| | · | 46.06
                                                                                                               grams of gold per
                                                                                                               tonne (uncut) over
                                                                                                               4.3 metres true
                                                                                                               width (hole U10-631);
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | 15.90
                                                                                                               grams of gold per
                                                                                                               tonne (uncut) over
                                                                                                               6.3 metres true
                                                                                                               width (hole U10-629);
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | 39.27
                                                                                                               grams of gold per
                                                                                                               tonne (uncut) over
                                                                                                               2.1 metres true
                                                                                                               width (hole U10-632);
                                                                                                               and
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | 30.63
                                                                                                               grams of gold per
                                                                                                               tonne (uncut) over
                                                                                                               2.0 metres true
                                                                                                               width (hole U10-627).
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



These drill intercepts from the core of
Seabee deep continue to represent a near term opportunity to enhance production grades and improve operating margins at the Seabee
Operation.



Item 3  Description of the Company’s
Business



3.1	General



The Company is engaged in the acquisition,
exploration, and development of precious metal properties and the production and marketing of minerals. All of Claude's mineral
properties are located in northern Saskatchewan and northwestern Ontario.



The Company’s mineral property portfolio
includes the Seabee Property, which includes two producing gold mines and various exploration properties located at Laonil Lake,
Saskatchewan, approximately 125 kilometres northeast of La Ronge, Saskatchewan. This property has been in operation since December
1991, producing 1,023,091 ounces of gold to December 31, 2012. In 2012, gold production was 49,570 ounces compared to 44,756 ounces
in 2011.



The Company also holds a portfolio of
exploration properties in the provinces of Saskatchewan and Ontario. The Madsen Properties comprise six contiguous claim blocks
totaling approximately 10,000 acres (4,000 hectares) located in the Red Lake Mining District of northwestern Ontario. The Amisk
Gold Property is located in the province of Saskatchewan, 20 kilometres southwest of Flin Flon, Manitoba and covers an area of
40,400 hectares.



A detailed description of the Seabee Property
and the Company’s other mineral properties is found under “3.3 Mineral Properties”.



Operations, although affected by weather,
are not seasonal as gold is produced year round. Gold is a commodity for which there is an active market and is not differentiated
from the products of competitors. Therefore, the Company conducts no special marketing and its revenue is determined by prevailing
market prices.



The Company is not dependent upon any
patents, licenses or new manufacturing processes, nor is it dependent upon any financial contracts other than those entered into
in the ordinary course of its business.



A statement regarding the Company’s
competitive position is disclosed in “3.2 Risk Factors”, under “Industry Competition may Hinder Corporate Growth”.



| | 3.2 | Risk Factors
| | --- | ------------



An investment in the common shares of
the Company must be considered speculative due to the nature of the Company’s business and the present stage of exploration
and development of its mineral deposit properties. In addition to the other information contained in the Company’s 2012
annual report, the following risk factors should be considered in evaluating the Company.



The Company is Involved in the Resource
Industry which has Certain Inherent Exploration and Operating Risks



The exploration for and development of
mineral deposits involves significant risks, which even the combination of careful evaluation, experience and knowledge may not
eliminate. It is impossible to guarantee that current or future exploration programs on existing mineral properties will establish
reserves.



Claude Resources Inc. – 2012 Annual Information Form18







The level of profitability of the Company
in future years will depend mainly on gold prices, the cost of production at the Seabee Operation and whether any of the Company’s
exploration stage properties can be brought into production. Whether an ore body will continue to be commercially viable depends
on a number of factors, some of which are the particular attributes of the deposit, such as size, grade and proximity to infrastructure,
as well as metal prices, which cannot be predicted and which have been highly volatile in the past, mining costs, and government
regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals,
environmental protection and reclamation and closure obligations. The effect of these factors cannot be accurately predicted,
but the combination of these factors may cause a mineral deposit that has been mined profitably in the past, such as the Seabee
Operation, to become unprofitable. The Company is subject to the risks normally encountered in the mining industry, such as unusual
or unexpected geological formations, cave-ins or flooding. The Company may become subject to liability for pollution, cave-ins
or other hazards against which it cannot insure or against which it may elect not to insure.



The development of gold and other mineral
properties is affected by many factors, including the cost of operations, variations in the grade of ore, fluctuations in commodity
markets, costs of processing equipment and other factors such as government regulations, including regulations relating to royalties,
fluctuations in the U.S. dollar versus Canadian dollar exchange rate, allowable production, importing and exporting of minerals
and environmental protection.



Persistent Low Gold Prices Could
Cause Mine Operations to be Suspended or Shutdown and Negatively Affect the Company’s Profitability



The economics of developing gold and other
metal properties are affected by many factors including the cost of operations, variations in the grade of ore mined and the price
of gold or other metals. Depending on the price of gold, the Company may determine that it is impractical to commence or continue
commercial production. The price of gold has fluctuated in recent years. During the year ended December 31, 2012, the market price
per ounce for gold ranged from a low of U.S. $1,540 to a high of U.S. $1,792 with an average price of U.S. $1,669.



Any significant drop in the price of gold
adversely impacts the Company’s revenues, profitability and cash flows. Also, sustained low gold prices can:



| | 1. | Reduce production revenues as a
                                                              result of cutbacks caused by the cessation of mining operations
                                                              involving deposits or portions of deposits that have become uneconomic
                                                              at the prevailing price of gold;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Cause the cessation or deferral
                                                              of new mining projects;
| | -- | ---------------------------------------------------------------------------------------------------------------------

| | 3. | Decrease the amount of capital available
                                                              for exploration activities;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------

| | 4. | Reduce existing reserves by removing
                                                              ore from reserves that cannot be economically mined at prevailing
                                                              prices; or,
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | Cause the write-off of an asset
                                                              whose value is impaired by the low price of gold.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------



Gold prices may fluctuate widely and are
affected by numerous industry factors, such as demand for precious metals, forward selling by producers and central bank sales
and purchases of gold. Moreover, gold prices are also affected by macro-economic factors such as expectations for inflation, interest
rates, currency exchange rates and global or regional political and economic situations. The current demand for and supply of
gold affects gold prices, but not necessarily in the same manner as current demand and supply affects the price of other commodities.
The potential supply of gold consists of new mine production plus existing stocks of bullion and fabricated gold held by governments,
financial institutions, industrial organizations and individuals. If gold prices remain at low market levels for a sustained period,
the Company could determine that it is not economically feasible to continue mining operations or exploration activities.



There can be no assurance that the price
of gold will remain stable or that such price will be at a level that will prove feasible to continue the Company’s exploration
activities, or if applicable, begin development of its properties, or commence or, if commenced, continue commercial production.



Claude Resources Inc. – 2012 Annual Information Form19







Fluctuations in the U.S. Dollar versus
Canadian Dollar Exchange Rate Could Negatively Impact Operating Results



The price of gold is denominated in U.S.
dollars and, accordingly, the Company’s proceeds from gold sales will be denominated and received in U.S. dollars. As a
result, fluctuations in the U.S. dollar against the Canadian dollar could result in unanticipated fluctuations in the Company’s
financial results, which are reported in Canadian dollars. During the year ended December 31, 2012, the CDN$/US$ exchange rate
ranged from a low of $0.9784 to a high of $1.0275 with an average of $0.9994.



Inability to Raise Required Funding
Could Cause Deferral of Projects and/or Dilution of Property Interests



The Company’s ability to continue
its production, exploration and development activities depends in part on its ability to generate revenues from its operations
or to obtain financing through joint ventures, debt financing, equity financing, and production sharing arrangements or other
means.



The failure of the Company to meet its
ongoing obligations on a timely basis could result in the loss or substantial dilution of its interest (as existing or as proposed
to be acquired) in its properties. In addition, Management estimates that approximately $2.7 million is the minimum annual expenditure
required to fulfill the Company’s intended exploration and dewatering programs in 2013.



At current gold prices and forecast production,
Management believes operating cash flows will not be sufficient to fund the debenture maturing in May 2013. The Company expects
that operating cash flows combined with the closing of the debt financing announced in January 2013 will provide sufficient funding
for 2013 and the Q1 2014 winter road resupply at the Seabee operation.



Unfavourable Government Regulatory
Changes May Cause Cessation of Mining Operations and Exploration Activities



The
Company’s exploration activities and mining operations are affected to varying degrees by government regulations relating
to mining operations, the acquisition of land, pollution control and environmental protection, safety, production and expropriation
of property. Changes in these regulations or in their application are beyond the control of the Company and may adversely affect
its operations, business and results of operations. Failure to comply with the conditions set out in any permit or failure to
comply with the applicable statutes and regulations may result in orders to cease or curtail operations or to install additional
equipment. The Company may be required to compensate those suffering loss or damage by reason of its operating or exploration
activities.



Currently, all of the Company’s
properties are subject to the federal laws of Canada and, depending upon the location of the Company’s properties, may be
subject to the provincial laws of Saskatchewan and Ontario as well as local municipal laws. Mineral exploration and mining may
be affected in varying degrees by government regulations relating to the mining industry. Any changes in regulations or shifts
in political conditions are beyond the control of the Company and may adversely affect its business.



Operations may be affected in varying
degrees by government regulations with respect to price controls, export controls, foreign exchange controls, income taxes, expropriation
of property, environmental and mine safety legislation.



Aboriginal Rights, Title Claims and
the Duty to Consult may Delay Projects



Exploration, development and mining activities
at the Company’s Saskatchewan and Ontario properties may affect established or potential treaty or Aboriginal rights, title
or other claims held by Aboriginal groups, in these circumstances, First Nation and Métis, with related duty to consult
issues. The Company is committed to effectively managing any impacts to such rights, title and claims and any resulting consultation
requirements that may arise. However, there is no assurance that the Company will not face material adverse consequences because
of the legal and factual uncertainties associated with these issues.



Failure to Effectively Manage the Company’s
Tailings Facilities could Negatively Impact Gold Production



The Company’s Seabee Mill produces
tailings. Managing these tailings is integral to gold production. The Seabee Operation’s East Lake and Triangle Lake tailings
management facilities have the capacity to store tailings from milling ore from the Seabee Mill until approximately 2016. The
Company is currently in the process of planning tailings capacity expansion beyond 2016. This will support the extension of Seabee’s
mine life and provide additional tailings capacity to process ore from the Santoy 8 deposit and other potential sources such as
the Santoy Gap deposit within the Santoy Mine Complex. If the Company does not receive regulatory approval for new or expanded
tailings facilities, gold production could be constrained.



Claude Resources Inc. – 2012 Annual Information Form20







Changes to Safety, Health and Environmental
Regulations Could Have a Material Adverse Effect on Future Operations



Safety, health and environmental legislation
affects nearly all aspects of the Company’s operations including exploration, mine development, working conditions, waste
disposal, emission controls and protection of endangered and protected species. Compliance with safety, health and environmental
legislation can require significant expenditures and failure to comply with such safety, health and environmental legislation
may result in the imposition of fines and penalties, the temporary or permanent suspension of operations, clean-up costs resulting
from contaminated properties, damages and the loss of important permits. Exposure to these liabilities arises not only from the
Company’s existing operations, but from operations that have been closed or sold to third parties. Generally, the Company
is required to reclaim properties after mining is completed and specific requirements vary among jurisdictions. The Company is
required to provide financial assurances as security for reclamation costs, which may exceed the Company’s estimates for
such costs. The Company could also be held liable for worker exposure to hazardous substances and for accidents causing injury
or death. There can be no assurances that the Company will at all times be in compliance with all safety, health and environmental
regulations or that steps to achieve compliance would not materially adversely affect the Company’s business.



Safety, health and environmental laws
and regulations are evolving in all jurisdictions where the Company has activities. The Company is not able to determine the specific
impact that future changes in safety, health and environmental laws and regulations may have on its operations and activities,
and its resulting financial position; however, the Company anticipates that capital expenditures and operating expenses will increase
in the future as a result of the implementation of new and increasingly stringent safety, health and environmental regulation.
For example, emissions standards are poised to become increasingly stringent. Further changes in safety, health and environmental
laws, new information on existing safety, health and environmental conditions or other events, including legal proceedings based
upon such conditions or an inability to obtain necessary permits, may require increased financial reserves or compliance expenditures
or otherwise have a material adverse effect on the Company.



Environmental and regulatory review is
a long and complex process that can delay the opening, modification or expansion of a mine, extend decommissioning at a closed
mine, or restrict areas where exploration activities may take place.



Decommissioning and Reclamation Obligations
May Constrain Production



Environmental regulators are demanding
more and more financial assurances so that the parties involved, and not the government, bear the costs of decommissioning and
reclaiming sites. Decommissioning plans have been filed for the Seabee and Madsen properties. These plans are reviewed, as necessary,
or at the time of an amendment or renewal of an operating licence. Regulators may conduct a further review of the detailed decommissioning
plans, and this can lead to additional requirements, costs and financial assurances. It is not possible to predict what level
of decommissioning and reclamation and financial assurances regulators may require in the future.



Imprecise Ore Reserves and Ore Grade
Estimates may Negatively Impact Gold Production and Operating Profitability



Although the Company has assessed the
Mineral Reserve and Mineral Resource estimates contained in this document and believes that the methods used to estimate such
Mineral Reserves and Mineral Resources are appropriate, such figures are estimates. Estimates of Mineral Reserves and Mineral
Resources are inherently imprecise and depend to some extent on statistical inferences drawn from limited drilling, which may
prove unreliable. Furthermore, the indicated level of recovery of gold may not be realized. Market price fluctuations of gold
may render reserves and deposits containing relatively lower grades of mineralization uneconomic. Moreover, short-term operating
factors relating to Mineral Reserves, such as the need for orderly development of the deposits or the processing of new or different
grades, may cause mining operations to be unprofitable in any particular period.



Claude Resources Inc. – 2012 Annual Information Form21







Potential Shareholder Dilution Could
Impact Share Price and New Equity Issues



As of December 31, 2012, there were stock
options outstanding to purchase 6,948,527 common shares and share purchase warrants outstanding to purchase 1,693,200 common shares.
Subsequent to December 31, 2012, and subject to due diligence, the Company may issue an additional 5,750,000 common share purchase
warrants pursuant to a debt financing. The common shares issuable under these options and warrants, if fully exercised, would
constitute approximately 7.6 percent of the Company’s resulting share capital. The exercise of such options or warrants
and the subsequent resale of such shares in the public market could adversely affect the prevailing share market price and the
Company’s ability to raise equity capital in the future at a time and price which it deems appropriate. The Company may
also enter into commitments in the future which would require the issuance of additional common shares and the Company may grant
additional share purchase warrants and stock options. Any share issuances from the Company’s treasury could result in immediate
dilution to existing shareholders.



Industry Competition may Hinder Corporate
Growth



The Company’s business is intensely
competitive, and the Company competes with other mining companies, some of which have greater resources and experience. Competition
in the precious metals mining industry is primarily for mineral rich properties which can be developed and produced economically;
the technical expertise to find, develop, and produce such properties; the labour to operate the properties; and, the capital
for the purpose of financing development of such properties. Many competitors not only explore for and mine precious metals, but
also conduct refining and marketing operations on a worldwide basis and some of these companies have much greater financial and
technical resources than the Company. Such competition may result in the Company being unable to acquire desired properties, to
recruit or retain qualified employees or to acquire the capital necessary to fund its operations and develop its properties. The
Company’s inability to compete with other mining companies could have a material adverse effect on the Company’s results
of operations and its business.



Extreme and Persistent Weather Conditions
could Cause Operating and Exploration Difficulties



The Company’s mining and exploration
properties are all located in the northern portions of Saskatchewan and Ontario. Access to these properties and the ability to
conduct work on them can be affected by adverse weather conditions. Adverse weather conditions can also increase the costs of
both access and work on the Company’s properties.



Title to Company Properties could
be Challenged with Potential Loss of Ownership



Acquisition of title to mineral properties
is a very detailed and time-consuming process. The Company believes it has investigated title to all of its mineral properties
and has obtained title opinions with respect to its most significant properties. To the best of the Company’s knowledge,
titles to all such properties are in good standing. For the Madsen properties, the Company has searched title records for any
and all encumbrances. For the Seabee and Amisk properties, the Company has examined property search abstracts from the Saskatchewan
Ministry of the Economy as well as made inquiries and reviewed lease files from the Ministry. It has also received confirmation
of title from Saskatchewan Environment.



The title to the Company’s properties
could be challenged or impugned. The properties may have been acquired in error from parties who did not possess transferable
title, may be subject to prior unregistered agreements or transfers and title may be affected by undetected defects.



We May Not be Able to Hire Enough Skilled Employees to Support
Operations



Many of the projects undertaken by the
Company rely on the availability of skilled labour and the capital outlays required to employ such labour. The Company employs
full and part time employees, contractors and consultants to assist in executing operations and providing technical guidance.
In the event of a skilled labour shortage, various projects of the Company may not become operational due to increased capital
outlays associated with labour. Further, a skilled labour shortage could result in operational issues such as production shortfalls
and higher mining costs.



Claude Resources Inc. – 2012 Annual Information Form22







Uninsured Risks could Negatively Impact
Profitability



In the course of exploration, development
and production of mineral properties, certain risks, and in particular, unexpected or unusual geological operating conditions
including rock bursts, cave-ins, fire and flooding and earthquakes may occur. It is not always possible to fully insure against
such risks and the Company may decide not to take out insurance against such risks as a result of high premiums or other reasons.
Should such liabilities arise, they could reduce or eliminate any future profitability and result in increased costs and a decline
in the value of the securities of the Company.



The Company is Subject to Evolving
Corporate Governance and Public Disclosure Regulations that have Increased the Cost of Compliance and the Risk of Non-compliance



The Company is subject to changing rules
and regulations promulgated by a number of Canadian and United States governmental and self-regulating organizations, including
the Canadian Securities Administrators, the Toronto Stock Exchange, the U.S. Securities and Exchange Commission, the NYSE MKT
and the International Accounting Standards Board. These rules and regulations continue to evolve in scope and complexity making
compliance more difficult and uncertain. Efforts to comply with new regulations have resulted, and are likely to continue to result
in, increased general and administrative expenses and a diversion of Management time and attention from revenue-generating activities
to compliance activities.



Due to the Company’s Canadian
Jurisdiction, Investors may be Deterred from Trading Company Stock as it may be Difficult for United States (“U.S.”)
Investors to Effect Service of Process Against the Company



The Company is incorporated under the
laws of Canada. All of the Company’s directors and officers are residents of Canada and all of the Company’s assets
and its subsidiaries are located in Canada. Consequently, it may be difficult for United States investors to affect service of
process in the United States upon the Company’s directors or officers or to realize in the United States upon judgments
of United States courts predicated upon civil liabilities under the United States Securities Exchange Act of 1934, as amended.
A judgment of a U.S. court predicated solely upon such civil liabilities may be enforceable in Canada by a Canadian court if the
U.S. court in which the judgment was obtained had jurisdiction, as determined by the Canadian court, in the matter. There is substantial
doubt whether an original action could be brought successfully in Canada against any of such persons or the Company predicated
solely upon such civil liabilities.



Internal Controls Provide No Absolute
Assurances as to Reliability of Financial Reporting



The Company has invested resources to
document and assess its system of internal controls over financial reporting and it is continuing its evaluation of such internal
controls. Internal controls over financial reporting are procedures designed to provide reasonable assurance that transactions
are properly authorized, assets are safeguarded against unauthorized or improper use, and transactions are properly recorded and
reported. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with
respect to the reliability of financial reporting and financial statement preparation.



The Company is required to satisfy the
requirement of Section 404 of the U.S. Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), which requires an annual
assessment by management of the effectiveness of the Company’s internal control over financial reporting.



Claude Resources Inc. – 2012 Annual Information Form23







If the Company fails to maintain the adequacy
of its internal control over financial reporting, as such standards are modified, supplemented, or amended from time to time,
the Company may not be able to ensure that it can conclude on an ongoing basis that it has effective internal controls over financial
reporting in accordance with Section 404 of the Sarbanes-Oxley Act. The Company’s failure to satisfy the requirement of
Section 404 of the Sarbanes-Oxley Act on an ongoing, timely basis could result in the loss of investor confidence in the reality
of its financial statements, which in turn could harm the Company’s business and negatively impact the trading price of
its common shares. In addition, any failure to implement required new or improved controls, or difficulties encountered in their
implementation, could harm the Company’s operating results or cause it to fail to meet its reporting obligations.



Although the Company intends to devote
substantial time and incur substantial costs, as necessary, to ensure ongoing compliance, the Company cannot be certain that it
will be successful in complying with Section 404 of the Sarbanes-Oxley Act.



The Company is Subject to Certain Legal
Proceedings and May be Subject to Additional Litigation in the Future



All industries, including the mining industry,
are subject to legal claims, with and without merit. The Company is currently involved in litigation of a non-material nature
and may become involved in legal disputes in the future. Defence and settlement costs can be substantial, even with respect to
claims that have no merit. Due to the inherent uncertainty of the litigation process, there can be no assurance that the resolution
of any particular legal proceedings will not have a material adverse effect on the Company’s financial position or results
of operations.



Conflicts of Interest



Certain of the directors of the Company
are also directors and officers of other companies engaged in mineral exploration and development and mineral property acquisitions.
As such, situations may arise where such directors are in a conflict of interest with the Company. The Company will resolve any
actual conflicts of interest if and when the same arise in accordance with the Company’s Code of Ethics Policy.



3.3 Mineral Properties



The Company’s mineral property
portfolio includes the Seabee and Santoy 8 producing gold mines, and a portfolio of exploration properties located in
the Provinces of Saskatchewan and Ontario. The Company has assembled the majority of its property portfolio in and around
the Seabee and Santoy 8 Mines (including the Santoy Gap deposit, Neptune and Porky Lake exploration projects) and Amisk
Gold Property in Saskatchewan, and the formerly producing Madsen Mine in Ontario. At the Seabee Operation and Madsen
Property, Claude owns a mill and equipment that could potentially be used to process ore from any economic ore body found
within the portfolio of properties located around it either by relocating the mill and equipment to the economic ore body or
by transporting the ore to the current mill site. At the present time, only the Seabee and Santoy Mine Complex are
producing gold.



CLAUDE ASSET LOCATIONS



Except for the operations from Seabee
and the Santoy Mine Complex, all of the Company’s mining properties are at the exploration stage. Among the Company’s
exploration projects, those within trucking distance of the Seabee Mill will receive the majority of the Company’s exploration
budget and focus for the foreseeable future.



Seabee Mine



The Seabee Mine is located at Laonil Lake,
Saskatchewan, approximately 125 kilometres northeast of the town of La Ronge. Claude commenced commercial production at the mine
in December, 1991. Since start-up, the mine has produced 1,023,091 ounces of gold including 49,570 ounces produced in 2012.



Claude Resources Inc. – 2012 Annual Information Form24







SEABEE PROPERTY







SEABEE AREA



Property Description and Access



The Seabee Operation has produced gold
from five mineral leases. It currently is producing from ML5519, ML5520 and ML5543. The original ten quartz claims covering the
mine site were consolidated into a single mineral lease (ML 5519) of approximately 201 hectares granted by the Crown on November
25, 1999. In November 1994, the Company entered into an option agreement to acquire a 100 percent working interest, subject to
a 30 percent Net Profits Interest, in the surrounding Currie Rose property (in August 2010, the Company purchased the 30 percent
Net Profits Interest on the Currie Rose Property). After fulfilling the conditions in the option agreement and obtaining a 100
percent interest in the property, a portion of the claims were converted to a mineral lease (ML 5520) on January 1, 1999. The
leases were renegotiated in June of 2002 and expire in 2025. Additional mineral leases were added during 2007 at Porky West (ML
5536) and Santoy 7 (ML 5535) and during 2009 at Santoy 8 (ML 5543). Late in 2012, the Company staked an additional 3,350 hectares,
taking its current land position to in excess of 17,750 hectares.



Claude Resources Inc. – 2012 Annual Information Form25











Figure 1: Seabee Property showing significant
gold deposits and occurrences



The Seabee Operation is located in the
La Ronge Mining District at the north end of Laonil Lake approximately 125 kilometres northeast of the town of La Ronge, Saskatchewan
and about 150 kilometres northwest of Flin Flon, Manitoba.



Topography of the region is characterized
by low rocky ridges interspersed with lakes and muskeg. Temperature in the region typically ranges from -13 degrees Fahrenheit
(-25 degrees Celsius) in January to 62 degrees Fahrenheit (17 degrees Celsius) in July. Mean annual precipitation is approximately
20 inches per year which includes snowfall from late October to mid-April.



Access to the minesite is by fixed wing
aircraft from La Ronge or Flin Flon to a 1,275 metre airstrip located on the property. Equipment and bulky or heavier supplies
are trucked to the site via a 60 kilometre winter road from Brabant Lake on Highway 102. The winter road is typically in use from
January through March.



The Seabee Operation directly supports
a workforce of approximately 330 employees with permanent camp facilities. Electrical power is provided by a transmission line
to the operation by the provincial power authority, Saskatchewan Power Corporation.



Property Royalties



Red Mile Royalty Agreements



From 2004 through
2007 the Company sold production royalties pursuant to four Royalty Agreements, for proceeds of $7.1 million, $14.0 million, $35.0
million and $25.6 million, respectively. Proceeds from the sale of the royalties were deposited in exchange for a restricted promissory
note.Interest and principal from the restricted promissory note will be sufficient to fund the expected basic royalty
payments and any interest expense.Under certain circumstances the Company has the right, by
way of a call option, to acquire the partnership which owns the royalty, for the lower of market value or for the outstanding
amount of the restricted promissory note at the end of the tenth year of each Royalty Agreement. This would effectively terminate
the applicable royalty obligation. In addition to the royalty, the Company granted a net profit interest (“NPI”) of
varying percentages, payable only if gold prices exceed a pre-determined threshold:



Claude Resources Inc. – 2012 Annual Information Form26







Table 7: Summary of NPI’s Pursuant to Red Mile Royalty
Agreements



|                         |  | 2004
        Agreement |  | 2005
        Agreement |  | 2006
        Agreement |  | 2007
        Agreement  
|------------------------ |  | ---------------------- |  | ---------------------- |  | ---------------------- |  | ------------------------
|Net Profit Interest      |  |                        |  |                        |  |                        |  |                         
|                         |  |                        |  |                        |  |                        |  |                         
|Applicable years         |  | 2010-2014              |  | 2011-2015              |  | 2012-2016              |  | 2013-2017               
|Percent                  |  | 2.50, 3.00 or 4.00     |  | 1.00, 2.00 or 3.00     |  | 3.75, 4.00 or 4.25     |  | 3.50, 3.70 or 3.90      
|Price of gold thresholds |  | $800, $900 or $1,200   |  | $875, $1,075 or $1,275 |  | $975, $1,175 or $1,375 |  | $1,250, $1,500 or $1,675



Prior to any NPI payment, the Company
is entitled to first recover from the NPI expenditures (including capital expenditures), working capital, operating losses, interest
charges and asset retirement obligations relating to the production of ore at the Seabee Operation. These expenditures are calculated
on a cumulative basis from the commencement of the individual agreements. At December 31, 2012, the cumulative carry forward amounts
remained in a deficiency position under each of the agreements. No payments are anticipated over the next calendar year.



Santoy Project Net Profits Interest



Subject to the Agreement for Assignment
of Mineral Dispositions dated the 21st day of March, 1984 between Saskatchewan Mining Development Corporation ("Cameco")
and Claude Resources Inc., there is a five percent NPI on the Company's Santoy property.   At December 31, 2012, the
cumulative carry forward amounts subject to the Santoy NPI remained in a deficiency position and no payments are expected during
2013 or 2014.



Saskatchewan Government Production Royalties



Royalties are payable to the province
of Saskatchewan under the terms of the Mineral Disposition Regulations, 1986. The royalty is calculated on five
percent of the first million ounces of production escalating to 10 percent thereafter on net operating profits and becomes payable
once capital and exploration costs are recovered. At current and anticipated production rates, Crown royalty payments are not
expected to be required during 2013 or 2014. To date, there have been no royalty taxation payments made to the province.



History



Gold was first discovered around Laonil
Lake in 1947 by prospectors acting on behalf of Cominco Inc. (“Cominco”). Between 1947 and 1950, Cominco conducted
an extensive program of prospecting, trenching, geological mapping and diamond drilling. The latter activity involved 79 holes
totaling 4,414 metres and identified four gold-bearing structures or zones on the property.



The property remained dormant until 1974,
although in 1958 Cominco applied for and was granted 10 Quartz mining leases covering the property. In 1961, Cominco drilled 2
shallow holes of 41 metres as part of an overall review of the known property data. This review allowed Cominco to estimate the
property contained a small gold resource. Cominco resumed exploration in 1974 and drilled 16 holes totaling 458 metres to test
additional vein structures. In 1982-83, Cominco resumed work and drilled 3,776 metres in 20 holes, but they did not complete the
entire program as Cominco sold the property to BEC International Corporation who subsequently reached an agreement with Claude
which became the owner.



Claude Resources Inc. – 2012 Annual Information Form27







After its acquisition of the Seabee Property,
Claude drilled 3 holes totaling 226 metres to corroborate Cominco’s prior work and property estimates. In June 1985, Claude
optioned the property to Placer Development Limited (subsequently Placer Dome Inc., “Placer”). Placer carried out
an extensive exploration program, which included geologic mapping, trenching and stripping, geophysical, geochemical, environmental
and metallurgical studies, as well as both surface and underground drilling: 95 surface drill holes were completed and 72 underground
drill holes were drilled from an underground exploration decline on Zone 2. The decline was 305 metres long and diamond drill
stations were cut from one of two drives. At the completion of this program, Placer determined the property did not meet its criteria
for development and allowed its option on the Seabee Property to expire in June 1988 and returned the property to Claude.



After the return of the property, Claude
initiated geological compilation and analytical studies designed to correlate and substantiate the work done by Placer. The Company
engaged Cominco Engineering Services Limited (“Cominco Engineering”) to conduct bulk sampling and drilling as part
of a feasibility study. A.C.A. Howe International Limited (“A.C.A. Howe”) completed a reserve estimate for the property
in December 1988 and Cominco Engineering submitted a positive Feasibility Study in August 1989 and subsequently revised the study
in May 1990. At that time, Claude made the decision to put the deposit into production and construction of the mine began in the
summer of 1990. Mining commenced at Seabee in December 1991.



Regional and Property Geology



Northern Saskatchewan forms part of the
Churchill Province of the Canadian Shield. It has been subdivided into a series of lithostructural crystal units and the section
containing the Seabee Mine has been termed the Glennie Lake domain. This domain includes both sediment-and volcanic-derived rocks.
The mine is located within the eastern contact area of the Laonil Lake Intrusive Complex, a roughly triangular shaped gabbroic
intrusive body. All rocks are deformed and have been regionally metamorphosed at conditions of middle amphibolite facies.



The Seabee Property is underlain by the
Laonil Lake gabbro. Numerous quartz-tourmaline bearing mineralized shear structures traverse the complex forming a complicated
shear system. The vein structures dip steeply, generally strike at 70 degrees and exhibit extreme splay structures. Although the
predominant trend is around 70 degrees, sub-parallel to the Laonil Lake Shear Zone, northwesterly structures have also been encountered.
Vein mineralogy is dominantly quartz with pyrite, pyrrhotite and chalcopyrite with accessory tourmaline and carbonate. Silicification
is the most common alteration type. Gold mainly occurs in the free form as flakes and films replacing pyrite or at sulphide boundaries.
The higher grade gold values are often associated with sections rich in sulphides or at vein junctions.



Mine Details



Construction of the Seabee Mine began
in 1990. The mill was completed in late 1991 with gold production commencing in December of that year. The mine hosts permanent
facilities to support all mining operations and personnel. The Seabee Operation employs approximately 330 workers with 165 on
site at any given time, subject to seasonal adjustments. Approximately 210 persons are employed in the mill, surface maintenance,
electrical, catering, surface, diamond drilling and technical services areas. The majority of these employees are on a two week-in
and two week-out rotation. The remaining 120 people are employed in the underground operations. Camp facilities on site are capable
of accommodating 215 people and are supported by a full complement of dining and recreation facilities.



Claude received regulatory approval in
1991 to deposit mill effluent and tailings into the dewatered East Lake. The East Lake Tailings Management Facility (“TMF”)
was near capacity by the end of 2004; therefore, a new TMF was proposed.



Claude selected Triangle Lake as the preferred
site for the construction of a new TMF. Conditional regulatory approval to deposit tailings in Triangle Lake was obtained in 2004.



The proposed TMF at Triangle Lake included
two containment dams, North Dam and South Dam, at the north and south ends of the Triangle Lake basin, respectively. The North
Dam was to provide tailings containment between Triangle and Pine Lakes, while the South Dam was to divert surface runoff from
the lowlands south of the Triangle Lake and provide tailings containment. Regulatory approval was granted in August 2004 to construct
the North Dam. A preliminary design for the South Dam was completed in August 2005 and the dam itself was completed in 2006.



Claude Resources Inc. – 2012 Annual Information Form28







In 2007, the Company raised the height
of the Triangle Lake Dams to 454.0 metres elevation, recommissioned the water treatment plant and installed evaporators at its
TMF. Designs and construction to raise the Triangle Lake dams to the 460 metre elevation have been approved by Saskatchewan Environment.
Construction will be completed in stages and in 2012 construction was completed up to the 457.0 metre elevation. Review and approval
to store tailings to the new elevation is expected to be received in early 2013. Construction to the 460.0 metre elevation is
expected to be completed in 2014. Costs to reach the 460.0 metre elevation are expected to be approximately $3.0 million.



Engineering studies also proposed stacked
tailings for both the Triangle Lake and East Lake TMF which could extend TMF capacity over ten years. Stacked tailings, a process
which allows for tailings impoundment to exceed final dam elevation, has been used successfully in other mining jurisdictions
in Canada. The Company expects the stacked tailings process will also be completed in states with annual costs of up to $1.0 million.



As required by regulatory authorities,
the Company has provided letters of credit as security for reclamation related to the Seabee Operation in the amount of $1.6 million.
As security for these letters of credit, the Company has provided investment certificates in the same amount. In April 2011, the
Company submitted an updated decommissioning plan for the Seabee Operation. Initial comments were received from Saskatchewan Environment
during the first quarter of 2012 with continuing discussions occurring throughout 2012. Final agreement on the decommissioning
plan is nearing completion with the full cost of the plan being approximately $6.3 million.



The Company utilizes long-hole mining
methods to extract its ore bodies at the Seabee Operation. The long-hole mining method is employed in steeply dipping narrow orebodies.
Avoca long hole mining aims to maximize the known resource and extract the orebody from the bottom up. Ore is blasted at one end
of an open stope while dry waste rock fill is added to the other end to limit the length of the exposed wall in order to control
wall failure. Conventional longhole limits the strike length of stopes to control dilution with resulting lower recoveries left
in “rib” pillars.



The zones currently being mined are accessed
by a ramp driven to the 1,200 metre level. Mining efforts are currently being focused on the 2b and 2c zones at depth on
the 970 thru 1,100 levels, as well as the L62 zone at the 990 and 900 level. The shaft and hoisting facility, commissioned in
the fourth quarter of 1997 (with extensions commissioned in November 2003 and February 2013), provides ore and waste transport
to surface. As much as 850 tonnes per day of ore and waste are moved to the ore and waste pass system and hoisted to surface with
the ore then conveyed to the mill.  Seabee operated under a five year mine plan focusing on the 2b, 2c and L62 zones while
continuing to expand and explore for additional underground ore zones. The mill process consists of a three stage crushing circuit,
a three stage grinding circuit, followed by cyanide leaching. The leached gold is collected in a carbon-in-pulp circuit, stripped
and collected on stainless steel mesh cathodes by electrowinning. The product from electrowinning is refined into dore bars in
a bullion furnace. Power is supplied by line from Saskatchewan Power Corporation’s provincial power grid.

During
2011, exploration efforts focused on drill testing of the newly discovered L62 zone. The
L62 zone is located approximately 200 metres from existing Seabee Underground infrastructure on multiple levels. Recent
drilling was completed between September and December of 2011, with the results to be incorporated into an updated National Instrument
43-101 resource calculation anticipated in the first quarter of 2012. Highlights of recent drilling of the L62 zone results include:



| | · | 12.81 grams
                                                                                                               of gold per tonne
                                                                                                               over 6.70 metres
                                                                                                               true width (U11-649);
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | 14.83 grams
                                                                                                               of gold per tonne
                                                                                                               over 5.19 metres
                                                                                                               true width (U11-650);
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | 195.06 grams
                                                                                                               of gold per tonne
                                                                                                               over 2.29 metres
                                                                                                               true width (U11-651);
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | 22.03 grams
                                                                                                               of gold per tonne
                                                                                                               over 4.41 metres
                                                                                                               true width (U11-661);
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | 24.16 grams
                                                                                                               of gold per tonne
                                                                                                               over 5.71 metres
                                                                                                               true width (U11-663);
                                                                                                               and
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | 27.06 grams
                                                                                                               of gold per tonne
                                                                                                               over 4.83 metres
                                                                                                               true width (U11-382).
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Claude Resources Inc. – 2012 Annual Information Form29









Drilling intercepted economic grades and
widths approximately 25 metres along strike and 125 metres up-dip from previous high grade intercepts. The L62 zone is now interpreted
to have an estimated strike length of up to 100 metres and a dip length of 400 metres. Drilling immediately down plunge encountered
sporadic economic grades, with the geological structure considered open in all directions.



Since discovery during the second quarter
of 2011, the L62 zone has been the focus of an aggressive exploration program and has grown rapidly. The Company commenced underground
development towards the L62 zone in October, two months earlier than originally planned, incorporated the L62 zone into Seabee’s
production profile in the second half of 2012.



During 2012, the Company was able to
effectively upgrade a significant portion of the Inferred Resource into the Indicated category while continuing to grow the
Santoy Gap deposit. Furthermore, the infill drill program demonstrated that a high grade core exists with widths of up to 20
metres. The Santoy Gap deposit represents a great opportunity for the Company due to its proximity to permitted mine
infrastructure, low development cost, near-term production potential and impressive grade.







Figure 2: Seabee Mine Composite Longitudinal
Section



Seabee Mine Future Work Programs



Mineralization
is known to extend below the current lowest working levels at Seabee, in addition to known veins not yet mined.Claude is
planning in excess of 40,000 metres of underground drilling at Seabee to replace 2013 production. Drilling will be focused on the
extension of the L62 deposit and the 2B and 2C veins laterally and at depth from the 1,000 metre level. In addition, 2013 exploration
will focus on evaluating the down-plunge extension of the Santoy Gap and Santoy 8 Lenses, expanding recently discovered parallel
zones near Santoy and on initial drill testing of several near-Seabee targets. Infill drilling at the Santoy Gap Lens, which will
begin in the first half of 2013, will also be prioritized to convert additional ounces from the Inferred to Indicated category.



Claude Resources Inc. – 2012 Annual Information Form30







The following table details the operating
data of the Seabee Operation for the last 5 years:



|Table 8: Seabee Mine Operating Data    |  |      |         |  |               |   |         |      |  |   |         |  |  |      |        
|-------------------------------------- |  | ---- | ------- |  | ------------- | - | ------- | ---- |  | - | ------- |  |  | ---- | -------
|                                       |  | IFRS |         |  | Canadian GAAP |  
|                                       |  | 2012 |         |  | 2011          |   |         | 2010 |  |   | 2009    |  |  | 2008 |        
|                                       |  |      |         |  |               |   |         |      |  |   |         |  |  |      |        
|Ore Milled (tonnes)(1)                 |  |      | 275,200 |  |               |   | 257,200 |      |  |   | 204,000 |  |  |      | 247,600
|Grade processed (grams per tonne)      |  |      | 5.86    |  |               |   | 5.68    |      |  |   | 7.55    |  |  |      | 6.17   
|Mill Recoveries (%)                    |  |      | 95.62   |  |               |   | 95.3    |      |  |   | 95.5    |  |  |      | 95.3   
|Gold Produced (ounces)(1)              |  |      | 49,600  |  |               |   | 44,800  |      |  |   | 47,300  |  |  |      | 46,800 
|Gold Sold (ounces)(2)                  |  |      | 48,700  |  |               |   | 44,600  |      |  |   | 44,000  |  |  |      | 43,600 
|                                       |  |      |         |  |               |   |         |      |  |   |         |  |  |      |        
|Cash Cost (CDN$/ounce of gold sold)(3) |  | $    | 997     |  |               | $ | 908     |      |  | $ | 709     |  |  | $    | 699    
|Cash Cost (US$/ounce of gold sold)(3)  |  | $    | 998     |  |               | $ | 918     |      |  | $ | 689     |  |  | $    | 613    



(1)   Includes
tonnes milled and ounces produced from the Santoy 8 Project (2010) and Porky West Bulk Samples (2009, 2008).

(2)   Statistic excludes ounces
sold from the following projects not yet in commercial production: Santoy 8 Project (2010) and the Porky West Bulk Samples (2009,
2008).

(3)   The Company reports its
operating costs on a per-ounce basis based on uniform standards developed by the Gold Institute. Management uses this measure to
analyze the profitability (compared to average realized gold prices) of the Seabee Operation, before depreciation, depletion and
accretion. When evaluating this profitability measure, investors should be aware that no provision has been made for exploration
or development costs. A reconciliation of the cash costs in the above table is provided below:



Consolidated Total Cash Costs (U.S.
Dollar)

Per Gold Ounce Sold



|Table 9: Summary of Consolidated Total Cash Costs  for the Years ended December 31
|----------------------------------------------------------------------------------
|                                                                                  
|                                                                                  
|                                                                                  
|Cash operating costs                                                              
|                                                                                  
|Less:  Royalties                                                                  
|Total cash costs                                                                  
|                                                                                  
|Gold ounces sold                                                                  
|Mine operating costs (US $ millions)                                              
|(CDN $ millions)                                                                  



Readers are cautioned that the above measures
may not be comparable to other similarly titled measures of other companies should these companies not follow Gold Institute standards.



Since commencement of production in 1991,
the mill has processed over 4.6 million tonnes of ore at an average head grade of 7.4 grams of gold per tonne producing 1,023,091
ounces of gold to December 31, 2012.



Seabee Property – Santoy Region



The Santoy Lake property is an 11,400 acre
(4,566 hectares) claim group located approximately 14 kilometres east of the Company’s operating Seabee Mine and hosts the
Company’s Santoy Mine Complex (which includes the Santoy 8 and Santoy Gap deposits). Claude holds a 100 percent interest
in the property subject to a five percent NPI. An all-weather road providing access from the Seabee Mill was completed in 2006
and continues to be upgraded. During 2009, the Company completed the construction of the power line extension from the Seabee mine
to the Santoy Mine Complex. During the second quarter of 2011, the Company declared that its Santoy Mine Complex had achieved commercial
production effective January 1, 2011. During 2012, the Santoy 8 deposit within the Santoy Mine Complex produced 16,944 ounces of
gold.



Claude Resources Inc. – 2012 Annual Information Form31







Geology



Mineralization in the zones is hosted in
siliceous shear zones with sulfide-chlorite-quartz veins and in silicified granitoid sills. It has been confirmed that the Santoy
8 shear zone is at least 380 metres long and up to 350 metres wide. The zone is open at depth. Mineralized sections of this zone
range in thickness from 1.5 to 15 metres. The Santoy 8 and 8 East zone deposits are hosted in a four kilometre long, northwest
trending and northeast dipping sheared and mineralized corridor in mafic volcaniclastic rocks and granitoid sills. The 8 and 8
East zones start about 2.5 kilometres south of Santoy 7, and extend for at least 1,000 metres further south. Gold mineralization
occurs in gold-sulfide-chlorite-quartz veins in the shear zones, near or in the granodiorite and granite sills. During 2011, drilling
defined the Santoy Gap deposit approximately 400 to 1,000 metres north of the Santoy 8 deposit. The deposit is about 650 metres
along strike and extends to depths in excess of 500 metres. In 2012, infill and exploration drilling continued to confirm and expand
the Santoy Gap system.



History



In 1998, work crews conducted basic prospecting
and mapping and discovered several new veins. In the first quarter of 2002, these targets were drill-tested with encouraging results.
The Santoy area became the subject of an ongoing exploration program with two significant deposits (Santoy 7 and Santoy 8 and 8
East) outlined in 2004 and 2005.



The 2004 and 2005 drilling programs concentrated
on Santoy 6, 7 and 8 zones. Seven gold zones had been discovered on the Santoy property during the Company’s previous prospecting
programs, with the 7 and 8 zones looking the most promising.



In 2004, there were 5 holes drilled in
Santoy 6 (598 metres), 48 holes in Santoy 7 (6,164 metres) and 21 holes (2,797 metres) drilled in Santoy 8.



The 2005 program in the Santoy area was
devoted to the Santoy 8 and 8 East zones. Sixty-eight diamond drill holes totaling approximately 15,296 metres were drilled. This
drilling was carried out to test the north-northwest plunge and dip extensions of the mineralized shear structures outlined in
previous drill campaigns.



Permit applications for an all-weather
access road and bulk sampling were submitted to the Provincial Government in 2005. Permitting was granted to bulk sample the Santoy
7 zone in the third quarter of 2005, with physical work starting in February of 2006.



During 2007, concurrent with the processing
of Santoy 7 bulk sample tonnes in the first half, infill drilling continued on Santoy 7 and Santoy 8 to provide more accurate information
for proposed mine plans. The Santoy area, as a whole, contains a number of high grade gold showings, some of which were drill-tested
in previous years. Bulk sampling of the Santoy 7 deposit was initiated during the first quarter of 2007 and continued through to
October when commercial production was attained. During 2008 and 2009 mining continued on three levels at a production rate of
approximately 150 tonnes per day. During the first quarter of 2010, mining operations at Santoy 7 ceased due to depletion of existing
reserves.



At Santoy 8, Claude carried out a drill
program of 147 diamond drill holes totaling 31,670 metres in Santoy 8 (23,430 metres in 103 holes) and Santoy 8E (8,240 metres
in 44 holes). The program provided 25-metre infill data to a depth of 250 metres on the deposits as well as testing strike and
plunge extensions. Gold mineralization at Santoy 8 has been extended to a strike length of 600 metres, a width of 350 metres and
remains open along strike and down plunge to the north.



The core from this program was logged and
split at the Company's core logging facility at the Seabee Mine. Assaying has been done by TSL Laboratories of Saskatoon with random
checks of pulps and rejects performed by an independent accredited lab. All core intervals have been fire assayed with a gravimetric
finish, with samples that assayed greater than 10 grams per tonne checked by a total metallics assay.



Claude Resources Inc. – 2012 Annual Information Form32







During 2008, Claude updated its NI 43-101
compliant Mineral Resource estimate at Santoy 8 and conducted an economic study to evaluate the portion of mineral resources it
planned to mine in the first three years of the Santoy 8 Project.



The Santoy power line project, which ties
the Santoy Mine Complex to the provincial power grid, was completed during 2009. Portal construction and surface infrastructure
for the planned development of the Santoy Mine Complex to access the Santoy 8 deposit were also initiated in late 2009. The Company
completed the environmental studies and received the permits required for commercial mining of the Santoy 8 and 8E deposits in
2010.



During 2010, Claude continued underground
development and advanced the Santoy Mine Complex Project towards the commercial production decision made during the second quarter
of 2011.



Exploration during 2010 continued with
a drill program targeting the Santoy Gap deposit as well as infill and extension drilling in proximity to Santoy 8. The program
was designed to test the Santoy shear system between the Santoy 7 and 8 deposits as well as the down plunge continuity of the Santoy
8 and 8E deposits. Historic drill testing of the shear system has focused on relatively shallow drill holes with 200 metre spacings.
Results from the 2010 program successfully outlined continuity at depth for both the Santoy 8 and 8E deposits and provided encouraging
results from the Santoy Gap deposit. The target at the Santoy Gap deposit is located 300 to 900 metres north of underground infrastructure,
immediately on strike and adjacent to the Santoy 8 deposit within the Santoy Mine Complex.



During 2011,
drilling targetting the Santoy Gap deposit included 33,000 metres of drilling in 82 holes.Drilling has intercepted multiple
high-grade intervals, significantly expanding the strike length and width of the mineralized system and has expanded the Santoy
Gap and Santoy 8 system to in excess of 1.8 kilometres long. Highlights of full year drilling provided
below:



|Table 10: Highlights from 2011 Santoy Gap drilling
|--------------------------------------------------
|Hole ID                                           
|                                                  
|JOY-11-565*                                       
|JOY-11-588                                        
|                                                  
|JOY-11-589                                        
|JOY-11-594                                        
|                                                  
|JOY-11-600                                        
|JOY-11-606                                        
|                                                  
|JOY-11-611                                        
|                                                  
|JOY-11-535                                        
|JOY-11-549                                        
|JOY-11-551                                        
|JOY-11-554                                        
|JOY-11-555                                        
|                                                  
|JOY-11-556                                        
|                                                  
|JOY-11-580                                        



Note:* Partial result, certain assays within
zone are pending. Composites calculated at 3.0 g/t cut-off and may include internal dilution. True width is interpreted to range
from 70 to 95% drilled width.



Claude Resources Inc. – 2012 Annual Information Form33







As at December 31, 2012, these drilling
results at the Santoy Gap deposit were incorporated into a National Instrument 43-101 compliant Inferred Mineral Resource. As at
December 31, 2012, the Measured and Indicated Mineral Resources at the Santoy Gap deposit are 994,000 tonnes at 8.80 grams of gold
per tonne (281,200 ounces) and Inferred Mineral Resources are 1,875,000 tonnes at 5.92 grams of gold per tonne (356,900 ounces).



As at December 31, 2012, the Mineral Reserves
at Santoy 8 are 628,100 tonnes at 4.45 grams of gold per tonne (89,900 ounces), Measured and Indicated Mineral Resources are 59,300
tonnes at 3.28 grams of gold per tonne (6,200 ounces) and Inferred Mineral Resources are 518,700 tonnes at 5.91 grams of gold per
tonne (98,600 ounces).



During 2012, the Company’s exploration
program focused on aggressively exploring the Santoy Gap deposit and its relationship to the Santoy 8 deposit body to depths up
to 750 metres. Infill and exploration drilling continued to confirm and expand the Santoy Gap system. A total of 71 holes and 35,000
metres were completed in and around the Santoy Gap Lens and along the Santoy Regional Shear Zone during 2012. The Santoy Gap system
remains open down plunge to the north, along strike to the south and at depth. These recent intercepts at depth may link with the
existing Santoy 8 resource 300 metres to the south.



Highlights from 2012 Santoy Gap drilling
include:



|Table 11: Highlights from 2012 Santoy Gap drilling
|--------------------------------------------------
|Hole ID                                           
|JOY-12-622                                        
|                                                  
|JOY-12-624                                        
|JOY-12-630                                        
|JOY-12-636                                        
|JOY-12-638                                        
|JOY-12-643                                        
|JOY-12-648                                        
|                                                  
|JOY-12-657                                        
|JOY-12-661                                        
|JOY-12-664                                        
|JOY-12-665                                        
|JOY-12-666                                        
|JOY-12-667                                        
|JOY-12-670                                        
|JOY-12-674                                        
|                                                  
|JOY-12-677                                        
|JOY-12-678                                        
|JOY-12-679                                        
|JOY-12-682                                        
|                                                  
|JOY-12-686                                        
|JOY-12-688                                        
|JOY-12-689                                        
|                                                  
|                                                  



Note:Composites were calculated using a 3.0
g/t Au cut-off grade and may include internal dilution. True widths are interpreted to be 75 to 95 percent of drilled width. Assay
results are uncut. True widths are interpreted to be 75 to 95 percent of drilled width. Assay results are uncut.



Claude Resources Inc. – 2012 Annual Information Form34











Figure 3: Santoy Region Composite Longitudinal
Section of the Santoy Mine Complex



In addition to extending the mineralized
system, the program discovered a sub-parallel lens to the Santoy Gap deposit, approximately 150 metres to the east. These latest
drill intercepts continue to affirm the high prospectivity of the Santoy Regional Shear Zone, hosting multiple deposits over a
three kilometre strike length.



Santoy Region Future Work Programs



2013 exploration will focus on evaluating
the down-plunge extension of the Santoy Gap and Santoy 8 deposits, expanding recently discovered parallel zones near Santoy and
on initial drill testing of several near-Seabee targets. Infill drilling at Santoy Gap deposit, which will begin in the first half
of 2013, will also be prioritized to convert additional ounces from the Inferred to Indicated category.



Based on the Santoy Gap deposit’s
Inferred Resource, positive exploration results and proximity to the existing Santoy 8 infrastructure, the Company has initiated
an 850 metre long exploration drift to allow for infill drilling and upgrading of the Inferred Resource.



Claude Resources Inc. – 2012 Annual Information Form35











Figure 3: Map of the Santoy Region



Seabee Property – Currie Rose



Claude's 11,000 acre (4,500 hectare), 100
percent owned Currie Rose property adjoins the Seabee property with most of the ground under disposition lying to the west, north
and east.



Geology



The geology of the Currie Rose property
is similar to that observed in the previously described Seabee Mine, as the Laonil Lake Intrusive Complex underlies much of the
property. Outside the core of the property, the Laonil Lake Intrusive Complex is flanked by a volcanic-sedimentary rock sequence.
Limited drilling in these rock types has returned anomalous gold values. As reported above, gold-bearing shears traverse this sequence.
See “History” below for further detail.



History



The Currie Rose property was originally
staked by prospector David Partridge in 1980 to cover gold occurrences discovered by his father, Eric Partridge, during the mid
1960s and early 1970s. They were optioned in 1980 and purchased outright in 1983 by Currie Rose Resources. Currie Rose Resources
conducted exploration on the property from 1980 to 1984 before optioning the property to Placer. Placer was the exploration operator
from 1984 to 1990. Approximately $2.6 million was spent on various exploration activities on the property during this period.



Placer’s option on the property expired
in 1991 with Currie Rose Resources regaining a 100 percent interest. No exploration work was conducted until 1994 when Claude entered
into an option agreement and carried out a prospecting program. This program identified at least nine gold bearing structures that
warranted drill testing. In 1995, Claude conducted a drill program of 3,458 metres in 27 holes to test the structures identified
during the prior year. In 1996, Claude drilled a total of 2,566 metres in 23 holes to define the 10 zone which was adjacent to
the western boundary of the Seabee Property claims.



Claude Resources Inc. – 2012 Annual Information Form36







In 1997, Claude drilled a total of 1,395
metres in six holes, including one that straddled the Seabee Property’s western boundary. The holes encountered veins that
were interpreted as extensions of the Seabee’s 10 and 2c structures. Work programs in 1999 involved 60 holes totaling 7,346
metres of diamond drilling. This program targeted showings discovered by prospecting in the two preceding years and focused on
an area of the Currie Rose property to the south and west of the mine trend. It produced some remarkable intersections on a structure
(R and S Vein intersection) that appears to have a limited strike length. Additional structures returned encouraging intersections
that required follow-up drilling.



The work program in 2000 included the winter
drilling of 23 surface holes totaling 5,397 metres. As a follow-up to the preceding year’s program, most of the holes were
collared to the west of the Mineral Lease 5520 in the Bird Lake area, exploring for mineralized structures parallel to the 2 Vein.
Other targets in the Porky Lake and Pine Lake areas were also tested. Drilling was successful in confirming the existence of strong
shear structures with encouraging gold values.



In 2001, Claude explored six more remote
target areas with a program that involved 42 holes that totaled 5,037 metres of diamond drilling. Testing splays and parallel structures,
this drilling encountered anomalous gold values within variably sheared host rocks. Target areas included Scoop, Porky, Herb, Pine,
East and West Bird Lakes.



In 2002, Claude focused its attention on
a laterally extensive geochemical soil anomaly on the west shore of Porky Lake and on a series of quartz-bearing shear structures
north and east of the No. 5 ramp access. Porky Lake lies three kilometres north of the Seabee Mine. The Porky Main and West zones
are located in or close to the hinge area of the regional Porky Lake anticline. Mineralization is hosted by shear zones near the
contact between mafic metavolcanic rocks and underlying feldspathic arenite. Both lithologies are extensively altered and quartz
flooded. Eighteen holes totaling 3,355 metres targeted the former and 31 holes totaling 6,743 metres targeted the latter. The Porky
Lake drilling resulted in the discovery of the Porky West zone, a ‘calc-silicate’ second order shear structure that
returned gold grades in the 3-15 grams per tonne range over widths from one to three metres. Additional drilling east of the No.
5 mine access produced isolated high gold values over narrow widths.



Drilling in 2003 on the Porky West zone
had as its goal, the delineation of this mineralized structure to depth and along strike. The program consisted of 28 holes totaling
5,775 metres on 50-metre centres on the main zone. An additional 13 holes totaling 2,913 metres tested the structure’s potential
along strike to the west. This drilling resulted in the discovery of an arenite-hosted high-grade lens named the west zone. Follow-up
induced polarization geophysical surveys suggest the Porky Lake mineralized system is more pervasive than previously thought with
greater continuity of the associated sulfide phases.



Drilling in 2004 in the Porky Main zone
consisted of 22 in-fill holes totaling 3,047 metres. The holes were collared on a grid of approximately 25 by 25 metres. Based
on these and previously drilled holes, a resource estimation has identified 160,000 tonnes grading 7.50 grams per tonne in the
Indicated Mineral Resource category with an additional 70,000 tonnes grading 10.43 grams per tonne in the Inferred Mineral Resource
category. This resource estimation was done using the sectional method, with a 3.0 grams per tonne cut-off grade and a 42.5 grams
per tonne cutting factor.



The Porky West zone is located approximately
1.5 kilometres northwest of the Porky Main zone, in the northwest limb of the Porky Lake anticline. Mineralization in this structure
is similar to that in the Main zone, but is mainly hosted in the feldspathic arenite. Thirty-one delineation holes totaling 5,027
metres were drilled in 2004 on the West zone on a grid of approximately 25 by 25 metres. The zone is open along strike further
to the northwest as indicated by surface exploration that has returned high-grade grab samples.



A 6.8 kilometre all-weather road has been
constructed between the Porky West zone and the Seabee mill.



In addition to the delineation drills in
the Main and West zones, 25 exploratory holes totaling 5,710 metres were drilled on the eastern limb of the Porky Lake anticline,
also targeting the contact between the mafic metavolcanic rocks and feldspathic arenite. This phase of the drill program identified
a wide mineralized corridor (10 to 20 metres) that routinely returned assays of 1 to 2 grams per tonne. Within this corridor and
associated with carbonate and chloritic alteration, drilling returned multiple high-grade sulfide-quartz vein intercepts, up to
31.87 grams per tonne over 6.3 metres.



Claude Resources Inc. – 2012 Annual Information Form37







The core from this program was logged and
split at the Company's core logging facility at the Seabee mill. Assaying has been done by TSL Laboratories of Saskatoon which
include random checks of pulps and rejects. All core intervals have been fire assayed with a gravimetric finish, with samples that
assayed greater than 10 grams per tonne checked by a total metallics assay.



Claude continued to aggressively explore
the Porky Lake area for gold deposits in 2005. Permission to conduct bulk sampling of the Porky West zone was granted in early
June. Physical work began at the site with the collaring of the portal and driving about 125 metres of a 3.5 metre high by 4.0
metre wide decline ramp down to the 65 metre level. A 7,657 tonne bulk sample grading 3.69 grams per tonne was extracted in 2006
above the previously defined Mineral Resource.



There was limited exploration done in 2007.In 2008, Claude obtained an additional 35,000 tonne bulk sampling permit.  In June 2008, dewatering of the decline and underground
development was initiated.  Once preparations were completed, a decline was driven down to access the 75-11 and 65-11 sills
during the initial phase of the expanded bulk sampling program.  During 2008, 5,781 tonnes at a grade of 3.59 grams per tonne
were processed from Porky West.



During 2009 the Company undertook a small
diamond drill exploration program and completed the bulk sample program. The bulk sample program extracted and processed 33,068
tonnes of ore at 3.34 grams of gold per tonne – development reached the 115 metre level. The surface diamond drilling program
extended the Porky West ore shoots down plunge.



During 2010, exploration focused on the
preliminary evaluation of the Neptune target. The Neptune target is approximately six kilometres north
of the Seabee Minesite. Exploration in this area was focused on the Pigeon Lake region utilizing geological, geochemical and geophysical
surveys and historical drill data. The gold-in-soil anomaly exists along three sub-parallel trends spanning a width of at least
200 metres. Peak soil values of 111 parts per billion (“ppb”) were obtained from minus 80 mesh soil samples obtained
over and adjacent to outcropping mineralization. Prospector channel and grab samples from outcropping quartz vein-hosted mineralization
returned values of up to 18.23 grams per tonne(please see Claude news release “Claude Resources Inc. Drills 13.6
Grams of Gold per Tonne Over 3.0 Metres at Neptune Target” dated March 23, 2011).



Claude Resources Inc. – 2012 Annual Information Form38











Figure 4: Neptune target showing significant
gold intercepts and soil anomaly



Initial drilling revealed high gold grades
associated with sheeted quartz veins within several prospective zones of alteration and veining hosted within both arenite and
basalt-derived, biotite-chlorite schist. Exploration efforts in 2011 included the completion of a 28 hole, 9,550 metre drill program
designed to test the 1.8 kilometre strike length of the soil anomaly to vertical depths of up to 250 metres. This drill program
outlined a gold-bearing structure over a strike length of 1,200 metres to depths in excess of 250 metres and intersected high-grade
gold within multiple structures with assay results of up to 84.66 grams of gold per tonne across 3.20 metres.



In 2012, the Company drilled a further
5,670 metres in 15 drill holes confirming the sporadic nature of the gold-bearing system.



Seabee Property Future Work Programs



Based on the 2012 and 2011 results from
Neptune, Claude will continue to analyze the potential for these targets.



Seabee Area Reserves
and Resources



Claude originally commissioned Cominco
Engineering to provide a feasibility study on the Seabee Mine in 1989. A positive feasibility study was prepared and presented
to the Company in August 1989, and a revised study was presented in May 1990. The reserve estimates for the property were reviewed
by A.C.A. Howe. From 1988-2006, A.C.A. Howe visited the mine annually and received all technical, developmental and production
reports concerning the mine. Using this information, A.C.A. Howe then reviewed the reserve estimates developed by the Company’s
own mining staff. From 2007 to 2010 the Mineral Reserves and Mineral Resources estimates were conducted under the direction of
the Company’s Qualified Persons. In 2011, the Company engaged SRK to conduct an independent audit of the 2011 year end reserves
and resources. In 2012, the Mineral Reserves and Mineral Resources estimates were conducted under the direction of the Company’s
Qualified Persons.



Claude Resources Inc. – 2012 Annual Information Form39











The methodology for estimating Mineral
Reserves and Mineral Resources is an interpolation and extrapolation between sill sampling and diamond drill holes. Resource blocks
are measured from planned stope dimensions, excluding any pillars. High-grade gold assays are cut to 50 grams per tonne at the
Seabee and Santoy 8 mines prior to grade estimates. The Company uses a 70 grams per tonne top cut for its newly discovered L62
deposit. This cutting factor has been established from statistics and is supported by experience during the life of the mine.



Proven Mineral Reserves are sampled in
two dimensions by a sill and a raise, or are sampled by horizontal sill mining and projected to no more than one mine level to
diamond drill holes on the same structure. Probable Mineral Reserves include blocks that have either been sampled by sill mining
and projected beyond diamond drilling to a maximum one mine level, or have been sampled by closely spaced diamond drill holes of
usually 25 to 35 metres laterally and up to 50 metres down dip on structures with a previous production history, or have been mapped
and sampled at surface.



The major portion of the Proven and Probable
Mineral Reserves occur within the well-defined shoots currently being mined. The following mining and economic factors are well-established
and have been applied to those Mineral Resources thereby resulting in their conversion to Mineral Reserves.



A block cut-off grade averaging 4.5
grams per tonne for the Seabee Mine and 3.0 grams per tonne for Santoy 8, Santoy Gap, Porky West and Porky Main is applied
to reserves. This cut-off is the application of dilution, mining losses and mill recovery. It may be beneficial on occasion
to mine and haul lower grade ore to access reserves.



The walls and back of shrinkage stopes
at the mine are supported by rock bolts to minimize external dilution. Dilution can range from 10 to 40 percent, but typically
a dilution factor of 20 to 25 percent is applied.



Remotely-operated scooptrams are used to
retrieve the residual in-stope ore that is trapped between the drawpoints, keeping stope recovery at an approximate average of
85 percent. Based upon regular test work at the mine, a Specific Gravity of 2.8 is utilized in tonnage estimates on the less sulphide-rich
zones; the 2d structure has a measured density of 2.9.



All samples were assayed by the Company’s
non-accredited assay lab at the Seabee Mine site. Duplicate check assays were conducted at site as well as at TSL Laboratories
in Saskatoon. As well, an extensive quality assurance/quality control program including the insertion of blanks, duplicates and
standards. Results of the spot checks were consistent with those reported. Sampling interval was established by minimum or maximum
sampling lengths and geological and/or structural criteria. Minimum sampling length was 0.3 metres while the maximum was 1.5 metres.
200 gram samples were pulverized until greater than 80 percent passes through a 200 mesh screen. 30 gram pulp samples were then
analyzed for gold by fire assay with gravimetric finish (0.01 grams per tonne detection limit).



The Mineral Reserve and Mineral
Resource estimates for Claude’s mineral properties as of December 31, 2012 were prepared under the supervision of Brian
Skanderbeg, P.GEO, Senior Vice President & Chief Operating Officer and Peter Longo, P.ENG, Vice President, Operations,
both Qualified Persons within the meaning of NI 43-101.



Table 12: Seabee Gold Operation
Mineral Reserves and Mineral Resources

|Proven and Probable Reserves            
|----------------------------------------
|                                        
|Projects                                
|Seabee                                  
|Santoy 8                                
|Totals                                  
|Measured and Indicated Mineral Resources
|Projects                                
|Seabee                                  
|Santoy 8                                
|Santoy Gap                              
|Porky Main                              
|Porky West                              
|Totals                                  



Claude Resources Inc. – 2012 Annual Information Form40







|Inferred Mineral Resources
|--------------------------
|Projects                  
|                          
|Seabee                    
|Santoy 8                  
|Santoy Gap                
|Porky Main                
|Porky West                
|Totals                    



For the above table of reserves, the following
mining and economic factors have been applied:



| | (a) | Mineral Reserves and Mineral Resources are reported at a cut-off grade of 4.5 grams
                                                              per                                                               tonne for
                                                              the                                                                                                           Seabee Mine
                                                              and                                                               3.0
                                                              grams                                                                                                             per tonne
                                                              for the Santoy 8 Mine, Santoy Gap, Porky Main and                                                                 Porky
                                                              West. This is based on                                                               a gold
                                                              price of CDN $1,500 per ounce;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | A dilution factor averaging approximately 15 percent is applied;
| | --- | ----------------------------------------------------------------

| | (c) | Historic stope recovery averages 85 percent;
| | --- | --------------------------------------------

| | (d) | A specific gravity of 2.8 to 2.9 is utilized in tonnage estimates;
| | --- | ------------------------------------------------------------------

| | (e) | Mineral Resources do not have a demonstrated economic viability.
| | --- | ----------------------------------------------------------------

| | (f) | Totals may not represent the sum of the parts due to rounding.
| | --- | --------------------------------------------------------------



Amisk Property



The Amisk Property, totaling 40,400 hectares,
is a gold exploration property located in the province of Saskatchewan 20 kilometres southwest of Flin Flon, Manitoba. Access to
the property is via air, water or winter ice road from Flin Flon. The property consists of 85 mineral dispositions in the Amisk
area. Some of the mineral dispositions have immaterial Net Profits Interest royalties.



The property is at the advanced-exploration
stage and is currently without economic ore reserves. Therefore, the current operations on the property consist of an exploratory
search for mineable deposits of ore.



AMISK LOCATION







Claude Resources Inc. – 2012 Annual Information Form41







How Acquired



Husky and a predecessor company of Cameco
entered into an agreement effective November 1, 1987 whereby a joint venture (the "Amisk Joint Venture") was established
to prospect for and locate minerals within the Amisk property. Each of Husky and Cameco had a 50 percent participating interest
in the Amisk Joint Venture.



In October of 1995, Claude entered into
an option agreement (the "Amisk Lake Option Agreement") with Husky and Cameco, whereby it could earn and acquire a 35
percent participating interest in the Amisk Joint Venture by spending an aggregate of $2.5 million on the property by October,
1999. Claude had spent approximately $3.4 million on this property and had earned a 35 percent participating interest under the
Amisk Lake Option Agreement.



Late in 2009 the Company reevaluated the
potential of the Amisk Gold Project and acquired the interests held by Cameco and Husky in early 2010. Subsequently, the Company
then finalized a sale agreement with SEM to sell to SEM a 35 percent interest in the property. During the fourth quarter of 2011,
the Company announced its intent to acquire all of the shares of SEM. On February 2, 2012, the Company announced the successful
closing of this transaction. As a result, Claude now owns 100 percent of the Amisk Gold Project. During 2012, the Company staked
an additional 16,033 hectares on the western portion of the Amisk Gold Project.







Figure 5: Amisk Gold Project



Regional and Property Geology



The Amisk Gold Property area lies within
the Laurel Lake Rhyolite Complex within the Flin Flon-Snow Lake Greenstone Belt. The known mineralization on the property is confined
to the complex where deformation has influenced its present distribution and orientation.



Claude Resources Inc. – 2012 Annual Information Form42







Precious metal mineralization is part of
a synergistic hydrothermal event. The observed vein mineralogy consists of pyrite and quartz, along with copper, lead, zinc, and
antimony sulphides, small quantities of bismuth and antimony tellurides with quartz and carbonate minerals. Sericite-muscovite
alteration occurs in the wallrock, forming an envelope about the sulphide dominant mineralization. Quartz veins on the property
have been observed to be deformed, boudinaged and folded, which is consistent with the overall deformation style.



Previous Exploration History



Free gold was discovered in quartz veins
on the northwest shore of Amisk Lake in 1913. Since then, many claims have been staked at different times covering various parts
of the area. Exploration activity in the area remained somewhat sporadic and geophysically-oriented for base metals until Saskatchewan
Mining Development Corporation (a predecessor of Cameco) began assembling a land package through staking and options in the late
1970s. Cameco continued with geophysical and geochemical programs which resulted in the discovery of gold on the Laurel Lake property
and on a number of other significant gold showings in the area prior to the programs being suspended in 1989.



In the first three years of its option,
Claude completed four phases of diamond drilling totaling 18,000 metres in 57 holes as well as geological mapping during the summers
of 1997 through 1999. In 2000, Claude conducted mapping and prospecting of those claims to fulfill assessment obligations. This
field program resulted in the discovery of a gold-bearing shear system on Lookout Island that required follow-up.



In 2001, work programs on the Amisk property
focused on meeting assessment requirements as part of the option agreement obligations. In 2002, field crews mapped and resampled
the margins of the Laurel Lake rhyolite dome. The work confirmed the existence of elevated gold values as discontinuous stockwork
fractures proximal to the rhyolite’s margins. The program also included further stripping/sampling of the Lookout Island
gold-bearing shear system and two silicified/pyritized corridors south of the Laurel Lake zone on Hyslin Bay.



There had been no field work done on the
Amisk Property from 2003 to 2009.



During 2010, a 5,600 metre, 21 hole drill
program on the Amisk Gold Project was completed. The program tested the extensions of the Amisk Gold Deposit as well as validated
historic drill data in the core of the deposit. All of the 11 holes from the winter drill program intersected mineralization and
successfully confirmed near-surface, potentially bulk-mineable gold and silver mineralization. A significant number of the holes
ended in mineralization.



Based on the positive results from the
second quarter drill program, a summer program that included the sampling of greater than 22,000 metres of historic core, was undertaken.
Subsequent sampling of this drill core during 2010 confirmed grade continuity expanded the mineralized system and yielded 244 composite
intervals greater than a 20 gram metre produced from the 278 historic drill holes. Highlights include up to 241 metres at 2.16
grams of gold per tonne and 18.9 grams of silver per tonne.



The results combined with geological compilation
and modeling outline an extensive, bulk-mineable gold system. The system remains open along strike to the northeast, southwest,
southeast and down-dip.



Based on the success of the 2010 winter
drill program and the summer historic core sampling, the Joint Venture approved and completed a 3,300 metre drill program that
expanded the strike and dip extensions of the Amisk Gold Deposit.



Combined with results from the summer historic
core sampling program, 2010 drilling has expanded the mineralized system to a strike length of 500 metres, width of 400 metres
and depths of 400 metres.



On February 17, 2011, Claude released a
NI 43-101 compliant resource calculation which included results of all drilling to date, inclusive of historic core. The independent
Mineral Resource statement was completed by SRK and is outlined in Table 4. A NI 43-101 Technical Report in support of the Mineral
Resource statement was filed on SEDAR on April 4, 2011. Claude held a 65 percent interest in the Amisk Lake Gold Project at December
31, 2011, which increased to a 100 percent interest on February 1, 2012 (see "2.1 Recent History under "General Development
of the Business").

Claude Resources Inc. – 2012 Annual Information Form43







Table 13: Consolidated Mineral Resource
Statement* Amisk Gold Project, Saskatchewan (100 percent)

|               |  | Quantity       |        |  | Grade (g/tonne) |  |      | Contained Ounces (000’s) | 
|-------------- |  | -------------- | ------ |  | --------------- |  | ---- | ------------------------ | 
|Resource Class |  | (000’s tonnes) |        |  | Au              |  |      | Ag                       | 
|Indicated      |  |                | 30,150 |  |                 |  | 0.85 |                          | 
|Inferred       |  |                | 28,653 |  |                 |  | 0.64 |                          | 



| | * | Reported at a cut-off of 0.40 grams of gold equivalent (Au Eq) per tonne using a price of U.S.
$1,100 per ounce of gold and U.S. $16 per ounce of silver inside a conceptual pit shell optimized using metallurgical and process
recovery of eight-seven percent, overall ore mining and processing costs of U.S.$15 per tonne and overall pit slope of fifty degrees.
All figures are rounded to reflect the relative accuracy of the estimates. Mineral Resources are not Mineral Reserves and do not
have demonstrated economic viability.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







Figure 6: Surface Projection of the
Amisk Gold Deposit



During 2011, a 20 hole, 6,480 metre drill
program was completed on the Amisk Gold Project. This program focused specifically on testing the limits of the mineralized footprint
north of the current pit outline, targeting depth extension below the pit bottom and infill drilling to evaluate potential upgrade
of categories in the resource estimate completed by SRK. Twenty drill holes successfully confirmed continuity of gold mineralization
within the northern and eastern portion of the deposit as well as demonstrated the potential for expansion to the east and southeast.



Claude Resources Inc. – 2012 Annual Information Form44







Table 14: 2011 Summer and Fall Drill
Results from the Amisk Gold Project



|Hole      |  | Easting |  | Northing |  | Az/Dip  |  | From (m) |  | Length (m) |  | Au (g/t) |  | Ag (g/t) | 
|--------- |  | ------- |  | -------- |  | ------- |  | -------- |  | ---------- |  | -------- |  | -------- | 
|AL-11-300 |  | 676827  |  | 6066224  |  | 80/-45  |  | 50.00    |  | 9.00       |  | 1.50     |  | 9.2      | 
|and       |  |         |  |          |  |         |  | 188.00   |  | 56.50      |  | 0.58     |  | 3.5      | 
|AL-11-301 |  | 676875  |  | 6066233  |  | 80/-45  |  | 150.00   |  | 21.00      |  | 1.15     |  | 6.7      | 
|and       |  |         |  |          |  |         |  | 205.00   |  | 24.61      |  | 1.88     |  | 12.4     | 
|AL-11-302 |  | 676910  |  | 6066380  |  | 80/-45  |  | 96.00    |  | 8.51       |  | 1.14     |  | 4.5      | 
|AL-11-303 |  | 676910  |  | 6066380  |  | 283/-45 |  | 18.00    |  | 26.00      |  | 1.02     |  | 4.3      | 
|AL-11-304 |  | 676910  |  | 6066380  |  | 0/-90   |  | 93.41    |  | 37.59      |  | 0.55     |  | 2.8      | 
|AL-11-305 |  | 676900  |  | 6066330  |  | 80/-45  |  | 175.47   |  | 8.03       |  | 1.16     |  | 6.2      | 
|AL-11-306 |  | 676885  |  | 6066283  |  | 80/-45  |  | 40.25    |  | 89.75      |  | 0.51     |  | 2.5      | 
|AL-11-307 |  | 676921  |  | 6066430  |  | 80/-45  |  | NSI      |  |            |  |          |  |          | 
|AL-11-308 |  | 676921  |  | 6066430  |  | 285/-45 |  | NSI      |  |            |  |          |  |          | 
|AL-11-309 |  | 676900  |  | 6066480  |  | 283/-45 |  | 18.92    |  | 1.00       |  | 5.31     |  | 13.1     | 
|AL-11-310 |  | 676900  |  | 6066480  |  | 0/-90   |  | NSI      |  |            |  |          |  |          | 
|AL-11-311 |  | 676900  |  | 6066480  |  | 283/-60 |  | NSI      |  |            |  |          |  |          | 
|AL-11-312 |  | 676877  |  | 6066141  |  | 70/-45  |  | 69.50    |  | 26.50      |  | 0.44     |  | 1.5      | 
|and       |  |         |  |          |  |         |  | 108.00   |  | 24.00      |  | 0.51     |  | 0.9      | 
|and       |  |         |  |          |  |         |  | 191.15   |  | 28.85      |  | 0.67     |  | 2.8      | 
|AL-11-313 |  | 676838  |  | 6066035  |  | 105/-45 |  | 37.85    |  | 16.15      |  | 1.02     |  | 7.4      | 
|and       |  |         |  |          |  |         |  | 125.00   |  | 22.00      |  | 0.54     |  | 7.6      | 
|and       |  |         |  |          |  |         |  | 185.00   |  | 19.50      |  | 0.65     |  | 2.3      | 
|and       |  |         |  |          |  |         |  | 239.47   |  | 36.53      |  | 0.61     |  | 2.9      | 
|AL-11-314 |  | 676835  |  | 6066052  |  | 90/-45  |  | 141.00   |  | 23.00      |  | 0.76     |  | 2.8      | 
|AL-11-315 |  | 676999  |  | 6066416  |  | 184/-62 |  | 87.94    |  | 12.22      |  | 1.32     |  | 6.7      | 
|Incl      |  |         |  |          |  |         |  | 95.08    |  | 1.92       |  | 5.42     |  | 30.8     | 
|AL-11-316 |  | 676868  |  | 6066443  |  | 177/-58 |  | 92.00    |  | 37.00      |  | 0.49     |  | 2.2      | 
|AL-11-317 |  | 676769  |  | 6066515  |  | 178/-58 |  | 256.00   |  | 16.50      |  | 1.37     |  | 5.7      | 
|incl      |  |         |  |          |  |         |  | 257.00   |  | 3.00       |  | 5.28     |  | 22.4     | 
|AL-11-318 |  | 676444  |  | 6066436  |  | 166/-66 |  | 69.00    |  | 1.81       |  | 0.17     |  | 11.5     | 
|and       |  |         |  |          |  |         |  | 311.00   |  | 12.00      |  | 6.24     |  | 23.5     | 
|incl      |  |         |  |          |  |         |  | 313.85   |  | 1.15       |  | 62.00    |  | 224      | 
|and       |  |         |  |          |  |         |  | 643.5    |  | 71.74      |  | 0.6      |  | 4        | 
|incl      |  |         |  |          |  |         |  | 699.5    |  | 14.00      |  | 1.64     |  | 11.8     | 
|and       |  |         |  |          |  |         |  | 728.00   |  | 37.00      |  | 0.61     |  | 2.2      | 
|incl      |  |         |  |          |  |         |  | 763.00   |  | 2.00       |  | 5.71     |  | 22.0     | 
|and       |  |         |  |          |  |         |  | 809.39   |  | 10.61      |  | 1.65     |  | 2.6      | 
|incl      |  |         |  |          |  |         |  | 809.39   |  | 2.21       |  | 6.06     |  | 8.5      | 
|AL-11-319 |  | 676744  |  | 6065948  |  | 97/-47  |  | 53.00    |  | 32.00      |  | 0.98     |  | 7.1      | 
|incl      |  |         |  |          |  |         |  | 68.00    |  | 1.00       |  | 8.95     |  | 39.7     | 
|and       |  |         |  |          |  |         |  | 159.5    |  | 29.00      |  | 0.59     |  | 5.6      | 
|and       |  |         |  |          |  |         |  | 206.5    |  | 21.00      |  | 1.28     |  | 8.5      | 
|incl      |  |         |  |          |  |         |  | 223.00   |  | 1.50       |  | 11.3     |  | 45.3     | 
|and       |  |         |  |          |  |         |  | 339.00   |  | 18.95      |  | 1.95     |  | 14.9     | 
|incl      |  |         |  |          |  |         |  | 348.00   |  | 3.01       |  | 7.38     |  | 57.7     | 
|AL-11-320 |  | 676709  |  | 6065787  |  | 105/-47 |  |          |  | NSI        |  |          |  |          | 



Note: Intervals noted are intercepted width not true width,
have been calculated using a 0.3 g/tonne cut-off and are uncut. True width is variable between 60 and 100 percent of drilled width.
They may include internal dilution intervals of up to 10 metres. No significant Intercept ("NSI").



Claude Resources Inc. – 2012 Annual Information Form45







Mineralization intercepted in the drilling
is consistent with the current resource model and is associated with a sequence of quartz porphyritic, rhyolitic lapilli tuffs
and basaltic tuffs hosting disseminations and stringers of pyrite, sphalerite, galena, tetrahedrite and chalcopyrite.



A total of 20 holes comprising 6,480 metres
were drilled during the fall 2011 program. The program tested from surface to in excess of 700 metres depth and was designed to
expand the limits of the Amisk Gold deposit as well as infill within the northern and eastern portion of the deposit.



Highlights of the drilling include: 6.24
grams of gold per tonne and 23.5 grams of silver per tonne over 12.00 metres and 3.39 percent zinc and 0.91 percent lead over 1.81
metres in hole AL-11-318, and 1.95 grams of gold per tonne and 14.9 grams of silver per tonne over 18.95 metres in AL-11-319. Mineralization
intercepted in the drilling is consistent with the current resource model and is associated with a sequence of quartz porphyritic,
rhyolitic lapilli tuffs and basaltic tuffs and argillite hosting disseminations, stringers and semi-massive intervals of pyrite,
sphalerite, galena, tetrahedrite, pyrrotite and chalcopyrite.



Drill hole AL-11-319 confirmed continuity
of gold mineralization within the southeastern portion of the deposit as well as demonstrated the potential for expansion to the
east and southeast. Four holes were completed evaluating the continuity of the system to depths in excess of 700 metres. Hole AL-11-318
intercepted significant mineralization at depth with intercepts of up to 71.74 metres at 0.60 grams of Au per tonne as well as
a 1.81 metre interval of 3.39 percent zinc and 0.91 percent lead in the hangingwall, 250 metres west of the deposit.



Recent Exploration Results



During 2012, work on the external PEA at
Amisk continued, including a technical site visit and an evaluation of the potential production rate. Detailed (as well as reconnaissance)
exploration of the deposit also continued. On the Company’s newly acquired claims and western block of the Amisk Gold Project,
reconnaissance work occurred with the goal of identifying similarities to Amisk’s historical geology and for potential drill
targets. The newly acquired claims host potential for Amisk-style Au-Ag mineralization as well as conventional base-metal deposits
typical of the Flin Flon Belt.



Claude Resources Inc. – 2012 Annual Information Form46







Amisk Property Future Work Programs



The 2012 regional exploration campaign
at Amisk investigated a number of high-priority targets, some of which warrant further testing in 2013. Consultants will be used
to re-interpret historical geophysical data in order to rank and prioritize regional drill targets. Regional potential remains
high and exploration maturity low. Field work and extensive compilation in 2012 have resulted in the emergence of an extensive
list of exploration targets that are currently being prioritized for assessment in 2013. No drilling is planned for 2013 on the
newly acquired claims; however, the Company expects to continue with target development, ranking and ground-base reconnaissance
in the area.



Looking forward at the Amisk Gold Project,
the Company will focus on the advancement of the PEA.



MADSEN PROPERTIES



The Madsen Properties comprise six contiguous
claim blocks totaling approximately 10,000 acres (4,000 hectares) located in the Red Lake Mining District of northwestern Ontario.
The properties are the Buffalo, Starratt-Olsen, Aiken-Russett, Redaurum, Hagar Option, and Madsen.



The above properties are collectively referred
to as the “Madsen Properties”. Included on the southwestern part of the Madsen Properties is the Madsen gold mine and
mill. Claude acquired the properties through its acquisition of Madsen Gold Corp. in 1998.



Claude and Goldcorp Inc. (“Goldcorp”)
signed an option agreement (the “Option Agreement”)(1) on the Madsen Properties dated December 15, 2000.
The option allowed Goldcorp to earn a 55 percent working interest in the Madsen Properties by spending $8.2 million on exploration
and delivering a bankable feasibility study prior to the fifth anniversary of the Option Agreement. The Option Agreement was amended
effective January 1, 2002 whereby Goldcorp then had until December 15, 2006 to earn the 55 percent working interest in the Madsen
Properties under the same terms and conditions as described above.



(1) The
Option Agreement was initially signed by Placer Dome (Canada) Ltd. However, during 2006, Goldcorp Inc. acquired the Option Agreement
from Placer via Barrick Gold Corporation.



With Goldcorp unable to meet the terms
of the Option Agreement, Claude regained control of the exploration project effective September 1, 2006. The Company immediately
began to prepare for dewatering of the shaft to facilitate underground drilling – with the initial focus on drilling extensions
of the historic high grade 8 Zone plus other zones. Preparation also began for a surface drill program that will pursue historic
targets including those developed by Goldcorp.



The Company considers the Madsen Properties
to be an advanced exploration stage project. Although the Madsen Mine is a former gold producer, the Company has not, to date,
conducted enough exploration or prepared a feasibility study to determine if the Madsen Properties contain any economic ore reserves.
Therefore, the current operations on the properties consist of an exploratory search for mineable deposits of ore.



Location and Access



The Madsen Properties are located in the
Red Lake Mining District of northwestern Ontario approximately ten kilometres southwest of the town of Red Lake. Access to the
property is via Ontario Highway 618 to a number of both paved and gravel roads. An all-weather road from Highway 618 leads directly
to the headframe of the Madsen Mine.



Claude Resources Inc. – 2012 Annual Information Form47











How Acquired



Claude acquired the Madsen Mine and the
other properties comprising the Madsen Properties through the takeover of Madsen Gold Corp., then a publicly traded company, in
1998. The Company’s ownership of each property is listed in the table below:



|Property       |  | Claude’s Ownership Percentage                                                                                                                                                           
|-------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|               |  |                                                                                                                                                                                         
|Madsen Mine    |  | 100%                                                                                                                                                                                    
|               |  |                                                                                                                                                                                         
|Starratt-Olsen |  | 100%                                                                                                                                                                                    
|               |  |                                                                                                                                                                                         
|Aiken-Russett  |  | 100%                                                                                                                                                                                    
|               |  | The property is subject to a two percent Net Smelter Return Royalty, to a maximum of $2.0 million, held by previous property holders United Reef Limited and Canhorn Mining Corporation.
|               |  |                                                                                                                                                                                         
|Hagar Option   |  | 100%                                                                                                                                                                                    
|               |  |                                                                                                                                                                                         
|Redaurum       |  | 25%                                                                                                                                                                                     
|               |  | The property is subject to a 0.4 percent NSR Royalty in favour of Redaurum Limited.                                                                                                     
|               |  |                                                                                                                                                                                         
|Buffalo        |  | 100%.                                                                                                                                                                                   



Regional and Property Geology



The Red Lake District is situated at the
western end of the Archean Uchi Subprovince which comprises a series of metasedimentary and metavolcanic rocks essentially surrounded
by granitic and gneissose rocks. Several volcanic cycles have been distinguished in the area, evolving from ultramafic, through
mafic and intermediate phases to a felsic cycle with abundant clastic and chemical metasediments. The rocks trend northeast and
are affected by regional and local scale folding accompanied by restricted zones of intense shearing.



Claude Resources Inc. – 2012 Annual Information Form48







The Madsen Mine, when operational, worked
a series of stacked, en echelon ore lenses consisting of gold-bearing pyritic shoots with subordinate pyrrhotite and arsenopyrite.
The mineralization is hosted within two parallel micaceous units termed the Austin and McVeigh "tuffs". These tuffs are
interpreted to be an alteration/deformation corridor within basalts, with pillowed through volcaniclastic facies. The alteration
corridor occurs at the contact of the underlying Balmer assemblage with the much younger Confederation assemblage. The host rocks
dip to the southeast. The McVeigh horizon lies approximately 90 metres to the north of the Austin tuff. The latter was the most
prolific producer in the past. Workings extended to a depth of 1,275 metres and the mineralized zone has been traced for 2,308
metres along strike.



The McVeigh tuff contains variably altered,
auriferous pyrite-bearing lenses that occur within the Flat Lake-Howey Bay deformation zone hosted by massive and pillowed basalts
overlain by a thin mafic to ultramafic sill, highly altered mafic volcanic and volcaniclastic rocks (the Austin tuff) and a quartz
feldspar porphyry that marks the base of the Confederation assemblage. The mineralization is semi-conformable to stratigraphy and
dips at a slightly steeper angle than the host formations.



High-grade gold pods were also historically
worked at depth in a zone of highly altered ultramafic rocks, in the footwall of the main mine workings. Some of this high-grade
mineralization (8 Zone) occurs in blue quartz veins near the contact of an altered basalt with an ultramafic unit. This mineralized
contact is located stratigraphically below the main sulfide replacement mineralized zones on the north side of the shaft, approximately
600 metres in the footwall.







Figure 7: Madsen Property Overview



History and Previous Work



The Madsen Property was originally owned
by Madsen Red Lake Gold Mines Ltd. ("Madsen Red Lake"). Madsen Red Lake commenced production from the mine in 1938 at
272 tonnes per day and increased production to 726 tonnes per day in 1949. From 1966 to 1974, production gradually decreased as
the last five years of Madsen Red Lake’s ownership averaged production of 363 tonnes per day at a grade of 8.38 grams per
tonne. Gold production fell from 44,497 ounces in 1971 to 29,163 ounces in 1973. Total production by Madsen Red Lake from 1938
to 1974 totaled 7.25 million tonnes at an average grade of 9.93 grams per tonne, or over 2.4 million ounces of gold.





Claude Resources Inc. – 2012 Annual Information Form49









In 1974, the mine was acquired by Bulora
Corporation Ltd. (“Bulora”). Bulora continued production until June 1976 when the mine was closed due to a lack of
new development and millfeed. The operation was petitioned into bankruptcy and was purchased from Bulora’s trustee by Madsen-Rowland
Mines Ltd. (“Madsen-Rowland”). Noranda Exploration Limited (“Noranda”) optioned the property from Madsen-Rowland.
Noranda re-estimated the now flooded mine’s reserves and conducted a limited surface drill program before allowing their
option to expire.



In 1988, Madsen Gold Corp. (“Madsen”)
acquired the Madsen Property from Madsen-Rowland. Madsen had acquired the adjacent Buffalo property in the prior year. Subsequent
to these acquisitions, Madsen acquired interests in the other Madsen properties referred to previously.



Madsen initiated a nine hole surface drill
program totaling approximately 1,200 metres to test identified lenses of gold mineralization above the 2nd level in the 2-30 area
near the 2-30 raise. A second surface drill program totaling 1,310 metres was carried out in 1990. That program discovered further
gold mineralization in the McVeigh zone that the previous operators had largely ignored.



In January 1993, Madsen engaged Watts,
Griffis and McOuat, consulting geologists and engineers ("WGM") to check the ore reserves at the Madsen Mine. A subsequent
review was carried out in December 1996 by Micon International Inc. ("Micon").



Madsen reopened the mine and carried out
limited mining operations before placing the mine on a care and maintenance basis in November 1997. Before the suspension of mining
operations, Madsen processed 46,000 tonnes of ore at an average grade of 3.63 grams per tonne. The overall mill grade was substantially
below Madsen’s expectations. Production came from stoping and development on various ore lenses, including 12,800 tonnes
grading 3.95 grams per tonne from the Austin Tuff. The Austin Tuff material was of a lower grade than predicted due to excessive
internal dilution and geological problems. Highly diluted development muck from the McVeigh tuff was included in the total production
figures that contributed to the lower overall grade. Study of development face assays demonstrated that continuous, high grade
lenses actually occurred as predicted from detailed drilling; however, the development muck passed to the mill included 50 percent
or more dilution.



Claude resumed exploration at the mine
following its acquisition of Madsen in 1998. Claude conducted surface and underground exploration drilling in order to verify extensions
of known gold zones which remained open at depth and along strike as well as to identify new sources of higher grade ore. Claude
also conducted a small exploratory drill program at the Buffalo property. The Madsen Mine was dewatered and shaft refurbishment
was completed through the 12th level. Air, water and electrical services were installed to the seventh level and mining
in the old workings was restarted in June of 1998. The mill was started in July of 1998, but low gold prices and small, marginal
grade stopes did not provide economic feedstock at 500 tonnes per day and the Madsen Mine was not brought back into commercial
production. The Madsen Mine processed 209,357 tonnes of ore at a mill feed grade of 4.15 grams per tonne from July of 1998 to September
of 1999 to produce 25,208 ounces of gold. Mining and mill operations were suspended on October 31, 1999 to enable Claude to undertake
further exploration programs in an attempt to define economically mineable reserves.



In order to provide additional mill feed,
Claude had commenced a surface exploration program on a largely untested section of the parallel McVeigh structure and based on
encouraging drill results, established a portal and ramp to access the McVeigh mineralized system in October of 1998. While Claude
was successful in discovering and developing mineralized shoots in the upper two levels of the McVeigh zone, it was not enough
to provide economic feedstock for the mill at that time.



Claude retained A.C.A. Howe in early 2000
to undertake a review of the property’s Mineral Resource estimates. Working with mine personnel, A.C.A. Howe completed a
Mineral Reserve/Resource review for the Madsen Mine. However, in the absence of additional exploration and data, the mine estimates
are not considered to be reserves and will require additional exploration work in order to determine the economic potential of
the mine.



Claude Resources Inc. – 2012 Annual Information Form50







After optioning the properties from Claude,
Goldcorp initiated an exploration program at the mine in 2001. They drilled 8 holes totaling 8,568 metres to establish the mafic-ultramafic
stratigraphy north of the Madsen Mine and to test a segment of the up-plunge projection of the high grade 8 Zone as hosted by the
mafic-ultramafic rock suite. The 2001 program encountered predictable stratigraphy, strong alteration and four zones containing
elevated gold values.



In 2002, Goldcorp’s exploration emphasis
shifted to the mafic-ultramafic complex approximately three kilometres north of the Madsen Mine. Goldcorp geologists identified
a very strong alteration zone with coincident geochemical and geophysical anomalies aligned on crosscutting structures as determined
by digital terrain modeling. Goldcorp interpreted this group of targets to the north of the Madsen Mine as lateral or stratigraphic
equivalents of the high grade 8 Zone. Seventeen drill holes totaling 10,643 metres tested the three northernmost targets at a reconnaissance
scale (250-metre centers). As reported in a March 2003 press release, Goldcorp intersected high grade gold values over narrow widths
with this drilling.



In 2003, Goldcorp drilled 49 holes totaling
29,047 metres on six targets in the Madsen area. Most of the drilling targeted a high-grade, quartz-tourmaline vein swarm known
as the “Treasure Box”. Most of the veinlets encountered had visible gold present and returned assays from one to 116
grams per tonne over widths generally less than 0.30 metres. Infill drilled on 50-metre centers, the vein swarm showed good continuity.



During the first half of 2004, Goldcorp
concentrated its efforts in the Russet North area, drilling 27 holes for a total of 5,012 metres. Key activities included infill
drilling of the “Treasure Box” and reconnaissance drilling of a similar structure 1,000 metres to the southwest called
“Anomaly 2”. Both of these targets appear associated with mafic/ultramafic contacts occurring as swarms of high-grade,
narrow quartz-tourmaline veinlets. Concurrent with this drilling, Goldcorp geologists continued to develop the Datamine 3D model
for the Madsen Property. This modelling identified 19 separate targets requiring follow-up.



During the second half of 2004, Goldcorp
drilled 14 holes totalling 5,315 metres. The primary target was the “Fork” area, approximately one kilometre southwest
of the Madsen Mine. Drilling of this target resulted in the discovery of three new mineralized zones that appear visually similar
to the 8 Zone. Intersected at shallow depths, these zones are interpreted to be the upper portions of a high-grade mineralized
system.



By year-end of 2004, Goldcorp had met its
exploration expenditure requirement of $8.2 million for the Madsen Property. Goldcorp’s remaining obligation to vest in the
Madsen Joint Venture was to deliver a bankable feasibility study by year-end 2006. As the exploration results to that date were
not sufficient to provide the support necessary for this feasibility study, Goldcorp ceased exploring on the property in 2005.
Claude regained control of the Madsen Property in September 2006.



In early 2007, a detailed drill program
was initiated at the “Treasure Box”, 2.4 kilometres north of the Madsen Mine complex. Previous drilling by Placer Dome
had outlined a moderately steep, north-dipping, quartz-tourmaline sheeted vein system that hosts significant visible gold. Of the
27 holes, 21 returned 80 intercepts grading from 2.0 to 116.0 grams per tonne, typically over 0.3 metre widths. In 2007, Claude
completed 51 holes totaling 13,300 metres, testing the system to depths in excess of 350 metres. Results included composite intervals
of 16.66 grams per tonne over 1.80 metres, 12.08 grams per tonne over 6.05 metres and 9.06 grams per tonne over 3.55 metres. The
mineralized vein system was intercepted over a strike length of 165 metres, although high-grade intercepts appear to have relatively
limited continuity.



Subsequent to the “Treasure Box”
program, drilling prioritized testing the contacts of the main ultramafic body for the up-plunge expression of high grade 8 Zone
mineralization. This zone was discovered and mined in the 1970’s on the 22nd to 27th level. It is characterized
by quartz veining and flooding associated with tremolite-talc altered mafic/ultramafic rocks and has many similarities to other
high grade deposits in the Red Lake area, notably at Goldcorp’s Red Lake Mine Complex.



In the Russett South area, a 22 hole drill
program tested 600 metres of the mafic/ultramafic contact. The program resulted in the discovery of significant gold mineralization,
29.08 grams per tonne over 2.0 metres, that is open at depth and along strike to the south. Six hundred metres south of the Russett
South area, the Company drilled 19 holes for 10,600 metres testing the Fork Zone target area. The program expanded the strike length
of mineralization to 270 metres, intercepting mineralization ranging from 2 to 13 grams per tonne over 1.0 metre to 2.0 metre widths.
The results were consistent with those reported by Goldcorp in 2003. Gold mineralization within the Fork Zone comprises sulphidized
quartz-veins variably associated with actinolite-biotite-garnet altered basalt in proximity to the ultramafic contact. Mineralization
remains open along strike in both directions and down plunge.



Claude Resources Inc. – 2012 Annual Information Form51







In 2008, 47,210 metres of surface drilling
on the Madsen Properties in the Red Lake camp focused on testing two advanced targets and four grassroots targets. Exploration
drilling continued to test the Fork Zone target. Fifty-five drill holes were completed during 2008, with the potential of the system
highlighted by drill intercepts including 17.32 grams per tonne over 10.33 metres and 31.03 grams per tonne over 2.70 metres. The
mineralized shear system has been intercepted over a strike length in excess of 450 metres and remains open along strike and at
depth.



At the Starrett
Olsen Mine the potential of the footwall environmentwas demonstrated during 2008 by the discovery of several, narrow high-grade
vein systems that returned intercepts of 185.62 grams per tonne over 0.41 metres, 26.85 grams per tonne over 0.58 metres and 21.25
grams per tonne over 1 metre. The mineralized structures hosting the intercepts are between 100 and 250 metres in the footwall
of the Starratt Olsen historic infrastructure and show strong similarities to the historic 8 Zone style mineralization.



In addition to the advanced targets, Claude
also tested four grassroots and/or conceptual targets during 2008. The Russett South, Hasaga Shoots, Polymetallic and 8 Zone up-plunge
targets were tested with 16 holes for 11,380 metres. Drilling of the Russett South, Hasaga and the Polymetallic zones failed to
produce any significant assays – further testing of these zones will be deferred. In conjunction with surface exploration
activities, rehabilitation and dewatering of the Madsen Mine shaft was initiated in July of 2007. Access to the 10th
level, as a platform for exploration drilling was achieved during the third quarter of 2008 and Phase I of the underground drill
program was initiated in December. The primary target of the underground program is the plunge and strike continuity of the 8 Zone.



During 2009, exploration drilling focused
on Phase I of the 8 Zone underground drill program. Initiated from the 10th level in December 2008, the directional-drilling
program included testing of the plunge extension of the 8 Zone as well as conceptual targets along the 8 Zone shear system. Results
from Phase I deep drilling of the 8 Zone Trend demonstrated down plunge continuity to 137 metres below the 27th level
with multiple holes returning strong visible gold associated with intensely silicified, biotite-altered basalt. Historic high grade
drill results were verified with the return of 141.80 grams per tonne over 0.95 metres (4.14 ounces per ton over 3.12 feet) and
127.12 grams per tonne over 0.75 metres (3.71 ounces per ton over 2.46 feet). Step-out drilling to the east and west confirmed
the development of favorable 8 Zone structure and stratigraphy. The system remains open down plunge and along strike to the east
and west



Table 15: Highlights from Phase I 8
Zone drill program at the Madsen Mine, Ontario



|Summary of drill results from Madsen underground drilling (2008 – 2011).
|------------------------------------------------------------------------
|Hole ID                                                                 
|MUG-11-10                                                               
|MUG-11-11                                                               
|MUG-11-12                                                               
|MUG-11-13                                                               
|MUG-11-14                                                               
|MUG-11-14b                                                              
|MUG-11-15                                                               
|MUG-11-16                                                               
|MUG-11-17                                                               
|and                                                                     
|MUG-11-19                                                               
|MUG-08-01                                                               
|MUG-09-02b
        (incl)                                               
|MUG-09-03
        (incl)                                                
|MUG-09-04
        (incl)                                                
|MUG-09-105
        (incl)                                               



* Elevation presented as metres below
surface. Composites calculated using a 3 g/t Au cut-off grade. Reported width is drilled length and interpreted to represent 75
- 85 percent of true width. NSI - No Significant Intercept. Anomalous - Assayed between 1 and 3 g/t gold. Note that hole MUG-11-14
was lost with hole MUG-11-14b wedged off and completed.



Claude Resources Inc. – 2012 Annual Information Form52







In addition to Phase I of the 8 Zone underground
drill program, surface exploration also continued to test the Apple and Fork Zone targets. The Apple target consists of an extension
of the Austin and McVeigh Tuff horizons northeast of the Madsen Shaft. The Fork Zone is located mid-way between the Starratt-Olsen
and Madsen Mines. The target comprises two sub-parallel, moderately, southeast-dipping shear systems that host southwest plunging
ore-shoots. The mineralized shear system has been intercepted over a strike length in excess of 450 metres and remains open along
strike and at depth. Assay results from the 2009 programs are being integrated with historic results, with further surface testing
initiated in 2010.



Following 20 months of compilation of historic
data, SRK finalized an NI 43-101 Mineral Resource evaluation for the Madsen Mine. This Mineral Resource evaluation was based on
historical exploration and mining data, Phase I underground drilling up to September 27, 2009 and geological and resource modeling.
The Mineral Resource evaluation was undertaken on four separate zones, the Austin, the South Austin, the McVeigh and the 8 Zone.
The NI 43-101 Technical Report was filed on January 20, 2010.



|Table 16:  Consolidated Mineral Resource Statement* for the Madsen Mine, Ontario | 
|-------------------------------------------------------------------------------- | 
|Resource Class                                                                   | 
|Indicated                                                                        | 
|                                                                                 | 
|                                                                                 | 
|                                                                                 | 
|                                                                                 | 
|Inferred                                                                         | 
|                                                                                 | 
|                                                                                 | 
|                                                                                 | 
|                                                                                 | 



| | * | Mineral Resources are not Mineral Reserves and do
not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Reported
at a cut-off grade of 5.0 g/t gold based on U.S. $1,000 per troy ounce of gold and gold metallurgical recoveries of 94 percent.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



During 2010, exploration drilling focused
on testing the extension of the Austin Tuff east of the Madsen shaft, the depth continuity of the Starratt Olsen Deposit and the
depth continuity of the McVeigh Tuff.



Claude Resources Inc. – 2012 Annual Information Form53







At Austin East, an extension of the Austin
Tuff, an 18 hole program encountered weak to strong, tuff-style mineralization in multiple zones in all holes. Results of the program
proved continuity of tuff-style mineralization proximal to existing infrastructure. Assay results will be included in future resource
calculations and will be used as a guide for further drill programs.



Mining at Starratt-Olsen ceased in 1956
at a depth of approximately 2,000 feet. Historic drilling shows continuity of the system at depth. The ore shoots are interpreted
to be the strike extension of the Austin and McVeigh tuffs, three kilometres to the southwest. During the second and third quarters,
four holes were completed testing the plunge continuity of the shoots. Assays returned results consistent with historic mining
widths and grade and will be used in planning future exploration.



Initiated from the 10th level
in December of 2008, the Phase I underground program included testing of the plunge extension of the 8 Zone as well as conceptual
targets along the 8 Zone shear system. Results from Phase I deep drilling of the 8 Zone Trend demonstrated down plunge continuity
to 450 feet below the 27th level with multiple holes returning strong visible gold associated with intensely silicified,
biotite-altered basalt. See Table 6 for highlights of Phase I of the 8 Zone drill program. Step-out drilling to the east and west
confirmed the development of favourable 8 Zone structure and stratigraphy. The system remains open down plunge and along strike
to the east and west. .



The Company’s Madsen shaft de-watering
and rehabilitation program was a top priority for Management. In the first quarter of 2010, there was an unexpected fall of ground
within the Madsen shaft that delayed the mine de-watering schedule. During the third quarter, repairs to the shaft compartments
were safely completed to below the 16th level, allowing access to develop the 16th level exploration drift.
The 8 Zone Trend hosts the past-producing 8 Zone and is highly prospective for future high grade discoveries. The 16th
level provides the ideal drill platform to explore both at depth as well as the strike potential of this 8 Zone Trend.







Figure 8: Madsen Mine Cross Section



Claude Resources Inc. – 2012 Annual Information Form54







During 2011, excavation work on two 16th
level diamond drill chambers was completed with the Phase II drill program initiated in the second quarter. Phase II underground
drilling completed 14,800 metres and 9 holes, targeting the 8 Zone plunge and strike continuity as well as sub-parallel footwall
structures.



Drill holes targeting the plunge continuity
of the 8 Zone include MUG-11-12, 14 (14b) and 16 (Figure 8). Drill hole 14b and drill hole 16, the deepest hole ever completed
on the Madsen property, intercepted silicified and visible gold-bearing, basalt and returned 8.06 grams gold per tonne over 2.02
metres and 5.69 grams gold per tonne over 2.14 metres, respectively. These intercepts extend the 8 Zone system 250 metres down
plunge from previous drilling to approximately 1,600 metres below surface. The system continues to remain open down plunge.



Drill holes targeted the strike continuity
of the 8 Zone include MUG-11-10, 11, 13, 15, 17 and 19. Drill hole 13 and drill hole 17 intercepted silicified, biotite-altered
basalt and returned 15.70 grams gold per tonne over 2.00 metres and 53.70 grams gold per tonne over 0.70 metres, approximately
950 metres below surface. These intercepts are in the hanging-wall of the 8 Zone system and interpreted to correlate with and be
an extension of the McVeigh Tuff, located approximately 650 metres up-dip. The McVeigh Tuff hosts a current Indicated Resource
of 115,000 ounces at 9.59 grams gold per tonne and has seen very limited drill testing below 350 metres depth. In addition to the
McVeigh mineralization, the 8 Zone structure is developed in all holes completed along strike and is characterized by anomalous
gold associated with biotite-altered, variably silicified basaltic and ultramafic lithologies.



Table 17: Highlights from Phase II of
the Madsen Underground 8 Zone Drill Program





|Hole ID    |  | Width (m) |  | Au (g/t) |  | Elevation * |  | Zone     
|---------- |  | --------- |  | -------- |  | ----------- |  | ---------
|           |  |           |  |          |  |             |  |          
|MUG-11-13  |  | 2.00      |  | 15.70    |  | 927         |  | McVeigh  
|MUG-11-14  |  | 2.00      |  | 6.27     |  | 1,051       |  | McVeigh  
|MUG-11-14b |  | 2.02      |  | 8.06     |  | 1,543       |  | 8 Zone   
|MUG-11-16  |  | 2.14      |  | 5.39     |  | 1,595       |  | 8 Zone FW
|MUG-11-17  |  | 0.70      |  | 53.70    |  | 927         |  | McVeigh  
|And        |  | 2.00      |  | 5.64     |  | 1,079       |  | McVeigh  



* Elevation presented as metres below
surface. Composites calculated using a 3 g/t Au cut-off grade. Reported width is drilled length and interpreted to represent 75
- 85 percent of true width. Note that hole MUG-11-14 was lost with hole MUG-11-14b wedged off and completed.







Figure 9: Madsen Longitudinal Section



Claude Resources Inc. – 2012 Annual Information Form55







Recent Exploration Results



In 2012, Phase II underground and surface
drilling completed 19,100 metres and 16 holes, targeting the 8 Zone plunge and strike continuity as well as the Austin and McVeigh
Tuff plunge continuity. The 2012 program was completed in late-September and included two underground rigs active on the 16th level
and one surface rig.



In November 2012, the Company provided
a summary of 2012 exploration activities at the Company’s 100 percent-owned Madsen Project in Red Lake, Ontario. 2012 drilling
continued to expand the 8 Zone plunge at depth and demonstrated significant depth extension to the Austin and McVeigh Tuff. Highlights
from the 2012 drill results are summarized below:



·14.30
grams Au per tonne over 2.00 metres in AD-11-01	Austin Tuff



·6.52
grams Au per tonne over 2.00 metres in MUG-12-18d	8 Zone Main



·26.50
grams Au per tonne over 2.00 metres in MUG-12-20	 8 Zone Main



·9.53
grams Au per tonne over 2.00 metres in MUG-11-21	Austin Tuff



·14.55
grams Au per tonne over 2.00 metres in MUG-12-25b	8 Zone FW



·12.00
grams Au per tonne over 1.50 metres in MUG-12-26	8 Zone Main



·29.60 grams Au per tonne over 1.50 metres in MUG-12-28 8 Zone Main



·17.70
grams Au per tonne over 2.00 metres in MUG-12-29	McVeigh Tuff



·7.77
grams Au per tonne over 1.00 metres in MUG-12-30 	8 Zone FW



Madsen Properties Future Work Programs



The Company has demonstrated that Madsen
is a high grade gold project that has strong vertical continuity, remaining open at depth and along strike to the northeast. Based
on these results, the significant existing resource base and advanced infrastructure, the Company believes that the Madsen Project
warrants scoping level analysis. The analysis, to be completed in 2013, will provide key input into a decision to advance Madsen
towards a PEA, conceptually evaluating the value and development potential of the project.



Mine Details



Madsen purchased the 750 tonne per day
Dona Lake mill, including the semi-autogenous grinding and carbon-in-pulp circuits, from Placer Dome in 1994. In 1996, Madsen transported
the various modules to Red Lake and erected the mill on a new site immediately south of the Madsen headframe.



The mill consists of a single stage crushing
circuit and a two stage grinding circuit, which is then followed by cyanide leaching. The leached gold is collected in a carbon-in-pulp
circuit which is subsequently stripped using mild caustic and collected on stainless steel mesh cathodes by electrowinning. The
product from electrowinning is refined into dore bars in an induction furnace. Ontario Hydro supplies power via overhead lines
at 44KV to a step-down transformer at the Madsen Mine.



As required by regulatory authorities,
the Company has provided letters of credit as security for reclamation related to the Madsen Properties in the amount of $0.7 million.
As security for these letters of credit, the Company has provided investment certificates in the same amount. During 2012, the
Company finalized the updated decommissioning plan for the Madsen Properties and is currently discussing funding alternatives with
the Ontario Ministry of Northern Development and Mines. The Company expects the updated decommissioning plan will result in the
Company providing an additional $1.8 million in letters of credit as security.



Claude Resources Inc. – 2012 Annual Information Form56







Sampling and Analysis of Exploration Drill Holes



As a detailed description of each hole
is logged, including detailed documentation of rock quality and core recovery, any zones of potential mineralization are marked
off for sampling, together with three to five samples in both the hanging and foot walls. Samples average one to 1.5 metres in
width with 0.3 metre widths taken in places for geological interpretation purposes.



Samples are chosen based on geology. Lode
gold mineralization in the greenstone belts currently explored by Claude have shown through numerous exploration programs carried
out by the Company to have the economic concentrations of gold located within the visually identifiable quartz- sulphide bearing
dilation or shear zones within the host rocks. However, field geologists are also trained to sample any other interval in the core
that may have mineralization associated with it, such as simple increases in sulphide mineral content or quartz veining not associated
with a known zone.



Once the drill hole has been logged and
marked for assay, the core is transferred to the core splitting facility and the selected sections are sawn, bagged and sealed
using strict cleanliness guidelines. These sealed and labeled bags are then put into large tubs or sacks that are then sealed with
security tags for transport to the approved offsite laboratory.



The Quality Assurance program provides
the Company with the degree of certainty required to use the resulting data as the basis for further exploration and development.
It involves the routine placement of control samples to monitor the performance of the laboratories used by Claude, all of which
are ISO approved. Each batch of samples that goes into a laboratory’s furnace has at least one known powder from a suite
of standards purchased from recognized laboratories, resulting in a frequency of 1 in 20, or 5 percent. A “blank” sample
of a coarse-grained quartz-rich rock is inserted after every sample containing the occurrence of visible gold. During any “definition
drilling” program for the calculation of a mineral resource, then a frequency of one control sample in every 10 samples is
used, with a blank following any occurrence of visible gold. Pulp duplicates are run every tenth sample by the laboratory.



The Quality Control program reviews results
from the above control samples and makes the required decisions to either accept the data from each individual batch or to reject
the data and request a re-run of a batch. A batch is rejected if the result for the standard exceeds the tolerance of the 95 percent
confidence level stated on the certificates that accompany each standard. Regarding the coarse-grained “blanks”, a
batch is rejected if the result is more than 3 times the detection limit of the laboratory. Regarding the pulp duplicates, the
failure trigger is not as clear-cut due to the lode-gold nature of the mineralization. However, batches will start to be considered
for re-run where the duplicates are greater than ±10 percent.



Security of Samples



Drill core is monitored from the moment
it is taken out of the ground until it is split and the samples are delivered to the laboratory door. Unauthorized personnel are
not permitted access to the drill machines or the core logging and splitting facilities. Samples split for assay are double-bagged
within the splitting facility with coded security tags and the laboratory receiving the samples report any tags that are broken
or any sample bags that appear to have been tampered with.



Item 4  Dividends



4.1  Dividends



The Company has not paid dividends on its
common shares in the past and does not expect to pay dividends in the near future. The present policy of the Company is to retain
any future earnings for use in its operations and expansion of its business.



Claude Resources Inc. – 2012 Annual Information Form57







Item 5  Description of Capital Structure



5.1  General
Description of Capital Structure



As of December 31, 2012, the authorized
capital of the Company consisted of an unlimited number of common shares without par value and an unlimited number of first and
second preferred shares, each issuable in series. There were 173,745,564 common shares issued and outstanding as of December 31,
2012, the end of the Company’s most recent fiscal year. No first or second preferred shares were issued and outstanding as
of that date.



The first preferred shares are issuable
in series and rank ahead of the second preferred shares and the common shares in respect of dividend payment, dissolution or any
other distribution of assets. The other rights, privileges, restrictions and conditions attached to each series of the first preferred
shares are fixed by the Board of Directors at the time of creation of such series.



The second preferred shares are issuable
in series and rank ahead of the common shares in respect of dividend payment, dissolution or any other distribution of assets.
The other rights, privileges, restrictions and conditions attached to each series of the second preferred shares are fixed by the
Board of Directors at the time of creation of such series.



The common shares of the Company are entitled
to vote at meetings of the shareholders and, upon dissolution or any other distribution of assets, to receive such assets of the
Company as are distributable to the holders of the common shares.



In 2008, the Company closed an offering
of $18,095,000 principal amount of debentures (the "Debentures") at a price of $1,000 per Debenture. The Debentures expire
on May 23, 2013, subject to early redemption provisions, and pay interest at a rate of 12.0% per annum, with interest to be paid
monthly and the principal to be paid upon maturity. Each purchaser of Debentures also received warrants (the "Listed Warrants")
in the amount of 100 warrants per $1,000 of Debentures. Each Listed Warrant entitles the holder to acquire one common share in
the capital of the Company at an exercise price of $1.60 and expire on May 23, 2013.



On April 17, 2009, the Company made a voluntary
offer to purchase up to 58 percent of the outstanding Debentures and subsequently purchased a total of $8,257,000 of Debentures
pursuant to such offer, which represented approximately 46 percent of the outstanding Debentures. On October 7, 2010 the Company
made an offer to purchase the balance of the outstanding Debentures, in part as required by the terms of the Debentures following
the sale of the Company’s petroleum and natural gas assets and subsequently purchased a total of $82,000 of Debentures pursuant
to such offer.



As of December 31, 2012, there were Debentures
in the aggregate principal sum of $9,751,000 and 1,693,200 Listed Warrants, pursuant to the Debenture offering, issued and outstanding.



As of December 31, 2012, the Company also
had outstanding 6,948,527 share purchase options with a weighted average exercise price of $1.43.



On March 27, 2009, the Corporation established
a shareholder rights plan (the "Plan") to ensure the fair treatment of shareholders in connection with any takeover bid
for common shares of the Corporation. The Plan seeks to provide shareholders with adequate time to properly assess a take-over
bid without undue pressure. It is also intended to provide the Board with more time to fully consider an unsolicited take-over
bid and, if considered appropriate, to identify, develop and negotiate other alternatives to maximize shareholder value.



The Plan will continue to be in force
and effect until the annual meeting of shareholders in 2015, where shareholders will be asked to ratify and approve the Plan,
or until otherwise terminated pursuant to the provisions of the Plan. A copy of the Plan has been filed and is available on SEDAR
at www.sedar.com.



Claude Resources Inc. – 2012 Annual Information Form58







Item 6  Market for Securities



6.1  Trading Price
and Volume



The Company’s common shares are publicly
traded on the Toronto Stock Exchange (“TSX”) under the trading symbol “CRJ” and on the NYSE MKT under the
trading symbol “CGR”. The following table sets forth the reported high and low prices and aggregate volume of trading
of the Company’s common shares on the TSX for the twelve months ending December 31, 2012:



Common Shares

Toronto Stock Exchange



|          |  | Canadian Dollars |      |  |     |  
|--------- |  | ---------------- | ---- |  | --- | -
|2012      |  | High             |      |  | Low |  
|          |  |                  |      |  |     |  
|December  |  | $                | 0.60 |  |     | $
|November  |  | $                | 0.73 |  |     | $
|October   |  | $                | 0.84 |  |     | $
|September |  | $                | 0.92 |  |     | $
|August    |  | $                | 0.75 |  |     | $
|July      |  | $                | 0.70 |  |     | $
|June      |  | $                | 0.78 |  |     | $
|May       |  | $                | 0.90 |  |     | $
|April     |  | $                | 1.12 |  |     | $
|March     |  | $                | 1.26 |  |     | $
|February  |  | $                | 1.51 |  |     | $
|January   |  | $                | 1.59 |  |     | $



The following table sets forth the reported high and low prices
and aggregate volume of trading of the Company’s common shares on the NYSE MKT for the twelve months ending December 31,
2012:



NYSE MKT



|          |  | US Dollars |      |  |     |  
|--------- |  | ---------- | ---- |  | --- | -
|2012      |  | High       |      |  | Low |  
|          |  |            |      |  |     |  
|December  |  | $          | 0.65 |  |     | $
|November  |  | $          | 0.74 |  |     | $
|October   |  | $          | 0.86 |  |     | $
|September |  | $          | 0.94 |  |     | $
|August    |  | $          | 0.76 |  |     | $
|July      |  | $          | 0.71 |  |     | $
|June      |  | $          | 0.76 |  |     | $
|May       |  | $          | 0.92 |  |     | $
|April     |  | $          | 1.16 |  |     | $
|March     |  | $          | 1.29 |  |     | $
|February  |  | $          | 1.53 |  |     | $
|January   |  | $          | 1.57 |  |     | $



Listed Warrants



The Listed Warrants are listed and posted
for trading on the TSX under the symbol “CRJ.WT”. The following table sets forth the reported high and low prices and
aggregate volume of trading of the Listed Warrants on the TSX for the twelve months ended December 31, 2012:



Claude Resources Inc. – 2012 Annual Information Form59







|2012      |  | High |      |  | Low |   |      | Total Volume | 
|--------- |  | ---- | ---- |  | --- | - | ---- | ------------ | 
|          |  |      |      |  |     |   |      |              | 
|December  |  | $    | 0.04 |  |     | $ | 0.01 |              | 
|November  |  | $    | 0.07 |  |     | $ | 0.05 |              | 
|October   |  | $    | 0.10 |  |     | $ | 0.05 |              | 
|September |  | $    | 0.17 |  |     | $ | 0.14 |              | 
|August    |  | $    | 0.14 |  |     | $ | 0.12 |              | 
|July      |  | $    | 0.11 |  |     | $ | 0.10 |              | 
|June      |  | $    | 0.16 |  |     | $ | 0.15 |              | 
|May       |  | $    | 0.26 |  |     | $ | 0.14 |              | 
|April     |  | $    | 0.26 |  |     | $ | 0.15 |              | 
|March     |  | $    | 0.40 |  |     | $ | 0.21 |              | 
|February  |  | $    | 0.65 |  |     | $ | 0.40 |              | 
|January   |  | $    | 0.60 |  |     | $ | 0.47 |              | 



Debentures



The Company's debentures are listed and
posted for trading on the TSX under the symbol “CRJ.DB”.  The following table sets forth the reported high and
low prices and aggregate volume of trading of the Listed Debentures on the TSX for the twelve months ended December 31, 2012:



|2012      |  | High |        |  | Low |   |        | Total Volume | 
|--------- |  | ---- | ------ |  | --- | - | ------ | ------------ | 
|          |  |      |        |  |     |   |        |              | 
|December  |  | $    | 100.00 |  |     | $ | 100.00 |              | 
|November  |  | $    | 101.00 |  |     | $ | 101.00 |              | 
|October   |  | $    | 100.00 |  |     | $ | 100.00 |              | 
|September |  |      | -      |  |     |   | -      |              | 
|August    |  | $    | 103.00 |  |     | $ | 100.00 |              | 
|July      |  | $    | 106.00 |  |     | $ | 106.00 |              | 
|June      |  | $    | 105.00 |  |     | $ | 105.00 |              | 
|May       |  |      | -      |  |     |   | -      |              | 
|April     |  | $    | 110.00 |  |     | $ | 110.00 |              | 
|March     |  | $    | 119.00 |  |     | $ | 110.00 |              | 
|February  |  | $    | 110.10 |  |     | $ | 110.10 |              | 
|January   |  |      | -      |  |     |   | -      |              | 



Item 7  Directors and Executive Officers



7.1 Name, Occupation and Security Holdings



The names, municipality of residence, positions
with the Company and principal business activities outside the Company of the directors and executive officers of the Company as
at March 27, 2013 are set forth below:



Claude Resources Inc. – 2012 Annual Information Form60









|Name and Municipalityof Residence                                    |  | Positions Held                                 |  | Director/OfficerSince |  | Principal Occupation                      
|-------------------------------------------------------------------- |  | ---------------------------------------------- |  | --------------------- |  | ------------------------------------------
|Ted J. Nieman, Q.C.(1)(3)
        Saskatoon, SK                      |  | Director, Chairman of the Board                |  | 2007                  |  | Senior Vice President, Canpotex Limited   
|A. Neil McMillan
        Saskatoon, SK                               |  | Director, President and CEO                    |  | 1996                  |  | President and CEO of Claude               
|Ronald J.
        Hicks, C.A.(1)(2)(3)
        Saskatoon, SK         |  | Director                                       |  | 2006                  |  | Chartered Accountant                      
|J. Robert
        Kowalishin, P. Eng.(1)(4)(5)
        Saskatoon, SK |  | Director                                       |  | 2007                  |  | Business Person                           
|Ray A. McKay(2)(4)(5)
        Saskatoon, SK                          |  | Director                                       |  | 2007                  |  | Business Person                           
|Rita M. Mirwald(2)(3)(4)
        Saskatoon, SK                       |  | Director                                       |  | 2011                  |  | Business Person                           
|Mike Sylvestre, M.Sc.,
        P. Eng(2)(4)(5)
        Port Hope, ON |  | Director                                       |  | 2011                  |  | President and CEO of Castle Resources Ltd.
|Brian Booth, P.Geo.(1)(4)(5)
        West Vancouver, BC              |  | Director                                       |  | 2012                  |  | President and CEO of Pembrook Mining Corp.
|Rick Johnson, C.A.
        Saskatoon, SK                             |  | Chief Financial Officer                        |  | 2004                  |  | Chief Financial Officer of Claude         
|Brian Skanderbeg, P.Geo.
        Saskatoon, SK                       |  | Senior Vice President, Chief Operating Officer |  | 2008                  |  | Chief Operating Officer of Claude         
|Peter Longo, P. Eng.
        Saskatoon, SK                           |  | Vice President, Operations                     |  | 2012                  |  | Vice President,  Operations               



|Note: | (1) | Member of the Audit Committee.                               
|----- | --- | -------------------------------------------------------------
|      | (2) | Member of the Human Resources & Compensation Committee.      
|      | (3) | Member of the Nominating & Corporate Governance Committee.   
|      | (4) | Member of the Safety, Health & Environmental (SHE) Committee.
|      | (5) | Member of the Reserves Committee.                            



All of the directors and executive officers
of Claude have been engaged for more than five years in their present principal occupations, office or executive positions except
for: Mr. Nieman who became Chairman on March 1, 2011; Ms. Mirwald, who from 1997 to 2009 was Senior Vice President, Corporate
Services of Cameco Corporation and was appointed to the Board January 1, 2011; Mr. Sylvestre, who was President of Manitoba operations
of Inco Ltd. from July 2006 to July 2008, CEO of Vale Inco New Caledonia from July 2008 to October 2010, COO of Linear Gold Corp.
from October 2009 to July 2010, President of Castle Resources Ltd. ("Castle") since July, 2010, COO of Castle from July
2010 to July, 2011 and CEO of Castle from July, 2011 to present; Mr. Brian Booth who was President and CEO of Lakeshore Gold Corp.
from February 2005 to March 2008 and President and CEO of Pembrook Mining Corp. from March 2008 to present; Mr. Skanderbeg who
was Exploration Manager with Claude from March 2007 to March 2008, VP Exploration from April 2008 to September 2012 and COO from
September 2012 to present; and, Mr. Longo who was Manager, Mine Projects of Areva Resources Canada from September 2007 to October
2011, Manager, Capital Projects of Claude from November 2011 to March 2012 and Vice President, Operations from April 2012 to present.



The directors of the Company are elected
annually and hold office until the next annual general meeting of the shareholders of the Company or until their successors in
office are duly elected or appointed.



Effective April 1, 2012, Mr. Brian Booth
was appointed to the Board of Directors and Mr. Peter Longo was appointed to Vice President, Operations. Effective September 1,
2013, Mr. Brian Skanderbeg was appointed as Senior Vice President and Chief Operating Officer.



Claude Resources Inc. – 2012 Annual Information Form61







Certain of the directors serve as directors
of other public companies and if a conflict of interest arises at a meeting of the Board of Directors, any director in conflict
will declare his interest and abstain from voting on such matter.



Executive officers are recommended by the
Chief Executive Officer and approved by the Board of Directors to serve until terminated by the Board of Directors or until their
successors are appointed.



Directors and officers of the Company,
as a group, beneficially own, directly or indirectly, or exercise control or direction over 1,344,065 of the common shares outstanding
at December 31, 2012, being less than one percent of the issued and outstanding common shares of the Company.



Item 8  Transfer Agent and Registrar



| | 8.1 | Transfer Agent and Registrar
| | --- | ----------------------------



The Company’s transfer agent and
registrar is Valiant Trust Company, located at 310, 606 – 4th Street S.W., Calgary, Alberta, T2P 1T1.



Item 9  Material Contracts



| | 9.1 | Material Contracts
| | --- | ------------------



The Company,
other than the Debenture and Red Mile transactions outlined in detail under “General Development of Business” onpage
12and “Property Royalties” onpage 27,respectively,
has no material contracts other than those entered into in the ordinary course of business.



Item 10  Interests of Experts



| | 10.1 | Interests of Experts
| | ---- | --------------------



SRK Consulting
(Canada) Inc., Suite 2100 – 25 Adelaide Street East, Toronto, Ontario, M5C 3A1, has provided the Company withindependent
NI 43-101 Technical Reports for the Seabee Operation, Amisk Gold Project and Madsen Mine. The Company
has no knowledge of registered or beneficial interests held directly or indirectly by SRK in any securities or other property of
the Company.



KPMG LLP,
independent chartered accountants, have audited the Company’s consolidated financial statements for the year ended December
31, 2012. KPMG LLP is independent in accordance with the Rules of Professional Conduct of
the Institute of Chartered Accountants of Saskatchewan and have complied with the SEC’s rules on auditor independence.



Certain information
has been prepared and included in this annual information form following review and verification byBrian Skanderbeg, P.GEO,
Senior Vice President & Chief Operating Officer and Peter Longo, P.ENG, Vice President, Operations
both Qualified Persons within the meaning of NI 43-101. The two beneficially own, directly or indirectly, less than one percent
of the outstanding commons shares of the Company.



Item 11  Audit Committee



| | 11.1 | Audit Committee Charter
| | ---- | -----------------------



Attached as Appendix A is the Charter of
the Company’s Audit Committee.



| | 11.2 | Composition of the Audit Committee
| | ---- | ----------------------------------



Members of the Audit Committee are: Ronald
J. Hicks, C.A. (Chair), Ted J. Nieman, Q.C., J. Robert Kowalishin and Brian Booth. Each member of the Audit Committee is independent
and financially literate.



Claude Resources Inc. – 2012 Annual Information Form62







| | 11.3 | Relevant Education and Experience
| | ---- | ---------------------------------



|Name                                              |  | Principal Occupation and Biography                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Ronald J. Hicks, C.A.
        (May 2006)          |  | Ronald J. Hicks is a member of the Institute
        of Chartered Accountants of Saskatchewan (“ICAS”).  He joined Deloitte & Touche LLP in 1959 and was admitted
        to partnership in 1977 until his retirement in August 2000. In 2004, Mr. Hicks received the Distinguished Community Service Award
        from ICAS. He is currently a Director Emeritus with Ducks Unlimited Canada. In 2013,
        Mr. Hicks was awarded with the Queen Elizabeth II Diamond Jubilee medal for his contributions to conservation and his work with
        Ducks Unlimited Canada. In his career, he has served as director with Dickenson Mines Limited, Kam Kotia Mines Limited, Saskatchewan
        Government Insurance and Prairie Malt Limited.  Mr. Hicks served as Chairman of the Saskatchewan Roughrider Football Club
        (Saskatoon Committee), Ducks Unlimited (Saskatoon Committee), ICAS Public Practice Review and Appraisal Committee and Admissions
        Committee.  Ron became a Director of Claude in 2006.
|Ted J. Nieman, Q.C.
        (January 2007)        |  | Ted J. Nieman began his career with the
        law firm of Estey, Robertson, Muzyka, Beaumont, Barton & Bell in Saskatoon, Saskatchewan, Canada in 1973.  In 1993, Mr.
        Nieman joined Canpotex Limited (“Canpotex”), the offshore marketing company for the Saskatchewan potash producers,
        as General Counsel and Corporate Secretary.  In 1995, he was appointed Vice President and in 2001 he was appointed Senior
        Vice President.  He is a current member of the Canpotex Executive Management Group, and is a member of the board of directors
        of all Canpotex subsidiaries.  In 2012, Mr. Nieman was honored with a Queen’s Counsel (Q.C.) appointment in Saskatchewan.
        Ted became a Director of Claude in 2007 and Chairman in 2011.                                                                                                                                                                                                                                                   
|J. Robert Kowalishin, P.Eng.
        (March 2007) |  | J. Robert Kowalishin retired after
a 42 year career with the Trane Company. He has held senior management positions in Canada and the United States, most recently
District Manager of Trane's Ontario operations based in Toronto, Ontario.  Previous to that, he served as Franchise Holder
in Saskatoon (1972-1995), and Regional Manager responsible for Canada and northeastern United States.  After retirement,
he was a consultant and adviser to Trane's Leadership Development Program.  Mr. Kowalishin received his Bachelor of Science
(Mechanical Engineering) from the University of Saskatchewan in 1962 and is a Life Member of the American Society of Heating,
Refrigeration, and Air Conditioning Engineers and a Life Member of the Association of Professional Engineers and Geoscientists
of Saskatchewan. Bob became a Director of Claude in 2007.                                                                                                                                                            



Claude Resources Inc. – 2012 Annual Information Form63







|Brian R. Booth, B.Sc.,P.Geo.
        (April 2012) |  | Mr. Booth currently serves as the President and Chief Executive Officer of Pembrook Mining Corp., an exploration company based in Vancouver, BC, Canada.  Mr. Booth holds a B.Sc in Geology from McGill University and is also a member of the Professional Geoscientists of Ontario. Mr. Booth began his career as a Geologist on the Casa Berardi gold discoveries in Quebec.  He opened Inco's exploration office in Val d'Or, Quebec and is credited with the discovery of the Douay West gold deposit in 1990 and was subsequently appointed to the board of Societe D’Exploration Miniere Vior Inc.  In 1994, as Inco's Manager Exploration, Eastern North America, he conducted the preliminary assessment of the Voisey's Bay Ni-Cu-Co discovery.  He later relocated to Indonesia to manage Inco's exploration office in Jakarta during which time he was involved, through a joint venture with Highlands Gold, in the discovery of the Beutong copper porphyry in Sumatra.  Mr. Booth served as the Chief Executive Officer and President of Lake Shore Gold Corp. and later as a Director.  Brian became a Director of Claude in 2012.
|------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.4 | Pre-Approval Policies and Procedures
| | ---- | ------------------------------------



The Committee has implemented a policy
restricting the services that may be provided by the Company’s external auditors and the fees paid to the external auditors.



| | 11.5 | External Audit Service Fees
| | ---- | ---------------------------



The aggregate fees for professional services
rendered by KPMG LLP for the 2012 and 2011 fiscal years are shown in the table below:



|              |  | 2012 |         |  | 2011 |  
|------------- |  | ---- | ------- |  | ---- | -
|              |  |      |         |  |      |  
|Audit fees(1) |  | $    | 441,000 |  |      | $
|Tax fees(2)   |  |      | 37,000  |  |      |  
|Total         |  | $    | 478,000 |  |      | $



| | (1) | Audit fees are comprised of KPMG LLP services in respect of the audit of the December 31, 2012
consolidated financial statements.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------

| | (2) | Tax fees are comprised of KPMG LLP services in respect of certain tax compliance and tax planning,
including the St. Eugene Mining transaction.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



Item 12  Additional Information



Additional information, including details
as to directors’ and officers’ remuneration, indebtedness, principal holders of Claude shares, options to purchase
Company shares and interests of insiders in material transactions, if applicable, is contained in the Management Information Circular
dated March 27, 2013. Additional financial information is provided in the Company’s consolidated financial statements and
MD&A for the year ended December 31, 2012.



Copies of the above and other
disclosure documents may also be examined and/or obtained through the internet by accessing Claude’s website at www.clauderesources.com
or by accessing the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.



Claude Resources Inc. – 2012 Annual Information Form64







APPENDIX
A



CLAUDE
RESOURCES INC.



Charter of the Audit Committee

of the Board of Directors



| | I. | Purpose
| | -- | -------



The primary purpose of the Audit Committee
is to assist the Board of Directors in fulfilling its oversight responsibility to the shareholders as they relate to:



| | · | the integrity of the Company’s financial statements and the Company’s accounting
policies, disclosure, internal controls and financial reporting practices;
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | recommending the appointment, compensation and the monitoring of the qualifications, independence
and performance of the Company’s external auditors; and
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | maintaining, through regularly scheduled meetings, a line of communication between the Board
and the Company’s financial management and external auditors.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------



| | II. | Structure and Operations
| | --- | ------------------------



Composition and Qualifications



The Committee shall be appointed by
the Board and shall serve at the pleasure of the Board and for such terms as the Board may determine. The Committee shall be comprised
of three or more Directors (as determined from time to time by the Board), each of whom shall meet the independence and experience
requirements of all applicable corporate securities laws and stock exchange listing requirements for audit committee membership.



| | 1. | Each member of the Committee will be a Director who: (a) is not otherwise employed by the Company,
and (b) has not been so employed at any time during the three years prior to the time he or she is appointed to the Committee unless
otherwise permitted by applicable U.S. and Canadian regulatory standards.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Each member of the Committee will have and maintain independence from management of the Company
in accordance with the standards of independence required above.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | Except for the undertaking of non-material specific projects unanimously approved by the Board,
no member of the Committee may receive, directly or indirectly, any consulting, advisory or other compensatory fee from the Company
other than: (a) director’s fees, which may be received in cash, stock options, deferred share units, or other in-kind consideration
ordinarily available to Directors; (b) a pension or other deferred compensation for prior service that is not contingent on future
service; and (c) other regular benefits that Directors receive in their capacity as members of the Board or its committees.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | Each member of the Committee shall be financially literate (such qualifications interpreted
by the Board in its business judgment) with at least one member designated as being a financial expert.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | Each member of the Committee shall have accounting or related financial management expertise
(such qualifications interpreted by the Board in its business judgment).
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



Claude Resources Inc. – 2012 Annual Information Form65







Organization, Procedures and Powers



| | 1. | The Board shall appoint one member of the Committee as the Chair. The Chair (or in his or her
absence, a member designated by the Chair) shall preside at all meetings of the Committee. The Chair shall be responsible for leadership
of the Committee, including scheduling meetings, preparing agendas and making regular reports to the Board.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | The Committee shall have the authority to establish its own rules and procedures, consistent
with the bylaws of the Company, for notice and conduct of its meetings should the Committee, in its discretion, deem it desirable
to do so.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | The Committee shall have the authority to engage independent counsel, independent accountants
or other outside advisers as the Committee deems necessary to carry out its duties.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | III. | Meetings
| | ---- | --------



The Committee will meet at least four
times annually and at such other times as it deems necessary to fulfill its responsibilities. A majority of the members of the
Committee shall constitute a quorum.



| | 1. | The Committee may include in its meetings: (a) members of the Company’s management, (b)
representatives of the external auditors, (c) other directors by invitation, or (d) any other personnel employed or retained by
the Company.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | The Committee may periodically meet with members of the Company’s management in separate
executive sessions to discuss any matters that the Committee believes should be addressed privately.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | A meeting of the Committee may be convened by the Chair of the Committee, a quorum of the Committee
members, or the external auditors. The Corporate Secretary shall, upon direction of any of the foregoing, arrange a meeting of
the Committee. The Committee shall report to the Board in a timely manner with respect to each of its meetings.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | IV. | Responsibilities and Duties
| | --- | ---------------------------



Financial Statements and Published
Information



| | 1. | Review with management and the external auditors any items of concern, any proposed changes
in major accounting policies, any identified risks and uncertainties, and any issues requiring management judgement, to the extent
that the foregoing may be material to financial reporting.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Consider any matter required to be communicated to the Committee by the external auditors under
applicable International Financial Reporting Standards, applicable law and listing standards, including the external auditors’
report to the Committee (and management’s response thereto) on: (a) all critical accounting policies and practices used by
the Company; (b) all material alternative accounting treatments of financial information within generally accepted accounting principles
that have been discussed with management, including the ramifications of the use of such alternative treatments and disclosures
and the treatment preferred by the external auditors; and (c) any other material written communications between the external auditors
and management.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | Require the external auditors to present and discuss with the Committee their views about the
quality, not just the acceptability, of the implementation of International Financial Reporting Standards with particular focus
on accounting estimates and judgements made by management and their selection of accounting principles.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | Discuss with management and the external auditors (a) any accounting adjustments that were noted
or proposed (i.e. immaterial or otherwise) by the external auditors but were not reflected in the financial statements and (b)
any material correcting adjustments that were identified by the external auditors in accordance with International Financial Reporting
Standards or applicable law.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Claude Resources Inc. – 2012 Annual Information Form66







| | 5. | Discuss with management and the external auditors any significant financial reporting issues
considered during the fiscal period and the method of resolution. Resolve disagreements between management and the external auditors
regarding financial reporting.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6. | Review with management and the external auditors any off-balance sheet financing mechanisms
being used by the Company, if any.
| | -- | ------------------------------------------------------------------------------------------------------------------------------



| | 7. | Review with management and the external auditors and legal counsel, if necessary, any litigation,
claim or other contingency, including tax assessments, that could have a material effect on the financial position or operating
results of the Company, and the manner in which these matters have been disclosed or reflected in the financial statements.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8. | Review any problems experienced by the external auditors in performing the audit, including
any restrictions or limitations imposed by management.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | 9. | Review the results of the external auditors’ audit work including findings and recommendations,
including the post-audit management letter, and management’s response and any resulting changes in accounting practices or
policies and the impact such changes may have on the financial statements.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10. | Review the annual report, including the audited annual financial statements, in conjunction
with the report of the external auditors, and related management discussion and analysis, make recommendations to the Board with
respect to approval thereof, before being released to the public, and obtain an explanation from management of all significant
variances between comparable reporting periods.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11. | Review with management and recommend to the Board for approval the Corporation’s Proxy
Form, Information Circular, Annual Information Form and Form 40F.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12 | Confirm with the Chief Executive Officer and the Chief Financial Officer (and considering the
external auditor’s comments, if any, thereon), that the financial statements fairly represent the Company’s financial
condition, cash flow and results for the reporting period.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13 | Review and recommend to the Board for approval all interim unaudited financial statements and
quarterly reports, related interim management discussion and analysis and media releases, before being released to the public.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14. | Review management’s internal control report and the related attestation report of the
external auditors when required by Section 404 of the Sarbanes-Oxley Act of 2002.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15. | Review and approve all related party transactions.
| | --- | --------------------------------------------------



Appointment, Retention and Evaluation
of External Auditors



| | 1. | The Company’s external auditors shall report directly to this Committee. This Committee
has the direct responsibility to compensate, oversee, and evaluate the external auditors. The Committee will recommend to the shareholders
the appointment, and where appropriate, the replacement of the external auditors. In connection with its oversight of the external
audit activities, the Committee will:
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | At least annually, obtain and review a report by the external auditors describing:
| | - | ----------------------------------------------------------------------------------



| | (a) | The external audit firm’s internal quality-control procedures; and
| | --- | ------------------------------------------------------------------



Claude Resources Inc. – 2012 Annual Information Form67







| | (b) | Any material issues raised by: (i) the most recent internal quality-control review, or peer
review, of the firm, or (ii) any inquiry or investigation by governmental or professional authorities, respecting one or more independent
audits carried out by the firm, and any steps taken to deal with any issues raised in the reviews described above.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Annually review and evaluate:
| | - | -----------------------------



| | (a) | The experience and qualifications of the senior members of the external auditor team; and
| | --- | -----------------------------------------------------------------------------------------



| | (b) | The performance and independence of the external auditors, including the lead partner of the
external audit firm.
| | --- | -----------------------------------------------------------------------------------------------------------------



| | · | Review and approve the annual audit plan prior to the annual audit being undertaken by the external
auditors, including reviewing the year-to-year co-ordination of the audit plan and the extent of its scope. Recommend the Board
approve the fees to be paid to external auditors.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Periodically meet separately with the external auditors without senior management present.
| | - | ------------------------------------------------------------------------------------------



| | · | At least annually, present the Committee’s conclusion with respect to its evaluation of
the external auditors to the Board. See “External Auditor Review Guidelines”.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



Independence of External Auditors



| | 1. | The Committee shall obtain confirmation and assurance as to the external auditors’ independence,
including ensuring that they submit on a periodic basis (not less than annually) to the Committee a formal written statement delineating
all relationships between the external auditors and the Company. The formal submission should also disclose the amount of fees
received by the external auditors for the audit services and for various types of non-audit services.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | The Committee shall actively engage in a dialogue with the external auditors with respect to
any disclosed relationships or services that may impact the objectivity and independence of the external auditors and take appropriate
action in response to the external auditors’ report to satisfy itself of their independence.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | The Committee will periodically review, and if necessary, update its policy with regard to the
pre-approval for any permitted non-audit services, including a requirement that the Committee approve all non-audit engagements
of the external auditors and shall, consistent with that policy, approve the retention of the external auditors to perform such
services and the fees for such services, if required by that policy. The Committee may, in its discretion, delegate to the Chair
of the Committee the authority to pre-approve any audit or non-audit services to be performed by the external auditors, provided
that any such approvals are presented to the Committee at its next scheduled meeting. See "Pre-Approval Policy".
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | Periodically review and, if necessary, update its guidelines for the Company’s hiring
of employees and former employees of the external auditors who were previously engaged on the Company’s account.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | Discuss with management the timing and process for implementing the rotation of the lead audit
partner, the concurring partner and any other active audit engagement team partner within the time limits and in such a manner
as necessary to prevent the external auditor from being deemed “not independent of the Company”.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Claude Resources Inc. – 2012 Annual Information Form68







Internal Controls



The Committee will review with the external
auditors and senior management:



| | · | The adequacy and effectiveness of the Company’s internal accounting and financial controls,
including computerized information system controls and security, and consider any recommendations for improvement of such controls.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Major issues as to the adequacy of the Company’s internal controls and any special audit
steps adopted in light of material control deficiencies.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Any related significant findings and recommendations of the external auditors together with
senior management’s responses thereto.
| | - | ----------------------------------------------------------------------------------------------------------------------------------



Risk Management



The Committee will meet periodically
with senior management to discuss the Company’s policies with respect to risk assessment and risk management. In doing so,
the Committee will review the Company’s major financial risk exposure and the steps management has taken to monitor and control
such exposure.



Disclosure Controls



| | 1. | Review annually the disclosure controls and procedures,
including the certification timetable and 	related process. Confirm quarterly with the Chief Executive Officer and the Chief
Financial Officer 	the effectiveness of disclosure controls and procedures, and whether there are any significant 	deficiencies
in internal controls or any fraud related to management or persons who have a 	significant role in internal controls.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Approve the appointment and removal of Disclosure Committee Members.
| | -- | --------------------------------------------------------------------



Compliance



| | 1. | Monitor compliance by the Company with all payments and remittances required to be made in accordance
with applicable law, where the failure to make such payments could render the directors of the corporation personally liable.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Review the findings of any examination by financial or corporate governance regulatory authorities.
| | -- | ---------------------------------------------------------------------------------------------------



| | 3. | Establish procedures for receipt, retention and treatment of complaints received by the Committee
regarding accounting, auditing, internal accounting controls, or other matters and the confidential, anonymous submission by employees
of concerns regarding these matters. "See Whistleblower Policy".
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Miscellaneous



The Committee will:



| | 1. | Review the appointment of the Chief Financial Officer and have the Chief Financial Officer report
to the Committee on the qualifications of new employees with a financial oversight role (i.e. having oversight of, or direct responsibility
for, preparing of financial statements and related information).
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Approve the expenses submitted for reimbursement by the Chief Executive Officer or designate
the Audit Chair to do the same.
| | -- | ----------------------------------------------------------------------------------------------------------------------------



Claude Resources Inc. – 2012 Annual Information Form69







| | V. | Annual Performance Evaluation
| | -- | -----------------------------



The Audit Committee shall perform a
review and evaluation, at least annually, of the performance of the Audit Committee and its members, including a review of adherence
of the Audit Committee to this Charter. In addition, the Audit Committee shall review and reassess, at least annually, the adequacy
of this Charter and recommend to the Board any improvements to this Charter that the Audit Committee considers necessary or appropriate.
The Audit Committee shall conduct such evaluation and reviews in such manner as it deems appropriate.





Claude Resources Inc. – 2012 Annual Information Form70