Claude Resources Inc.



Annual
Information Form



March 30, 2012



Claude Resources Inc. – 2011 Annual Information Form1







Table of Contents



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

Annual Information Form – March 30, 2012



|                                                               |                                              | Page
|-------------------------------------------------------------- | -------------------------------------------- | ----
|                                                               |                                             
|Statement Regarding Forward-Looking Information                | 3                                           
|                                                               |                                             
|Technical Information                                          | 4                                           
|                                                               |                                             
|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          | 11  
|                                                               | 1.2 Subsidiary Corporations                  | 11  
|                                                               |                                              |     
|Item 2: General Development of the Business                    |                                             
|                                                               | 2.1 Recent History                           | 11  
|                                                               |                                              |     
|Item 3: Description of the Company’s Business                  |                                             
|                                                               | 3.1 General                                  | 16  
|                                                               | 3.2 Risk Factors                             | 16  
|                                                               | 3.3 Mineral Properties                       | 22  
|                                                               |                                              |     
|Item 4: Dividends                                              |                                             
|                                                               | 4.1 Dividends                                | 54  
|                                                               |                                              |     
|Item 5: Description of Capital Structure                       |                                             
|                                                               | 5.1 General Description of Capital Structure | 54  
|                                                               |                                              |     
|Item 6: Market for Securities                                  |                                             
|                                                               | 6.1 Trading Price and Volume                 | 55  
|                                                               |                                              |     
|Item 7: Directors and Executive Officers                       |                                             
|                                                               | 7.1 Name, Occupation and Security Holdings   | 56  
|                                                               |                                              |     
|Item 8: Transfer Agent and Registrar                           |                                             
|                                                               | 8.1 Transfer Agent and Registrar             | 58  
|                                                               |                                              |     
|Item 9: Material Contracts                                     |                                             
|                                                               | 9.1 Material Contracts                       | 58  
|                                                               |                                              |     
|Item 10: Interests of Experts                                  | 58                                          
|                                                               | 10.1  Interests of Experts                   | 58  
|                                                               |                                              |     
|Item 11: Audit Committee                                       |                                             
|                                                               | 11.1  Audit Committee Charter                | 58  
|                                                               | 11.2  Composition of the Audit Committee     | 58  
|                                                               | 11.3  Relevant Education and Experience      | 59  
|                                                               | 11.4  Pre-Approval Policies and Procedures   | 59  
|                                                               | 11.5  External Audit Service Fees            | 60  
|                                                               |                                              |     
|Item 12: Additional Information                                | 60                                          
|                                                               |                                             
|APPENDIX A Charter of the Audit Committee                      | 61                                          



Claude Resources Inc. – 2011 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 30, 2012 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.



Claude Resources Inc. – 2011 Annual Information Form3







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.



Other information
has been prepared and included in this annual information form following review and verification byBrian Skanderbeg, P.GEO,
VP Exploration or Peter Longo, P.ENG, Manager, Capital Projects both Qualified Persons within
the meaning of NI 43-101.



The technical
reports described herein have been filed on SEDAR and can be reviewed atwww.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. – 2011 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 Energy and Resources.



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. – 2011 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 ten 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. – 2011 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. – 2011 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.



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.



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.



Claude Resources Inc. – 2011 Annual Information Form8







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.



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.



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



Claude Resources Inc. – 2011 Annual Information Form9







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. – 2011 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:



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:



Table 1: 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. The Santoy Gap deposit is located
400 metres from underground infrastructure and is immediately on strike and adjacent to the Santoy 8 Mine. Exploration drilling
continued throughout the year with highlights of full year drilling provided below:



Claude Resources Inc. – 2011 Annual Information Form11







Table 2: Highlights from 2011 Santoy Gap drilling

|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 Gold Mine achieved commercial production at the Seabee Operation in northern Saskatchewan, Canada, effective
January 1, 2011. The Santoy 8 Mine 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 8 Mine 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 8 Mine 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.



On April 12, 2011, the Company launched
Phase II underground drilling at its 100 percent owned Madsen exploration property in northwestern Ontario. The Madsen Gold 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 43-101compliant resource:



Claude Resources Inc. – 2011 Annual Information Form12







Table 3: Consolidated Mineral Resource
Statement* for the Madsen Mine, Ontario  (at January 20, 2010).

|Resource Class |  | Zone         |  |       |  | Tonnes    |  | Grade (g/tonne) |  | Grade (oz/ton) |  | Contained Gold (oz)
|-------------- |  | ------------ |  | ----- |  | --------- |  | --------------- |  | -------------- |  | -------------------
|Indicated      |  | Austin       |  |       |  | 1,677,000 |  | 7.92            |  | 0.23           |  | 427,000            
|               |  | South Austin |  |       |  | 850,000   |  | 9.32            |  | 0.27           |  | 254,000            
|               |  | McVeigh      |  |       |  | 374,000   |  | 9.59            |  | 0.28           |  | 115,000            
|               |  | 8 Zone       |  |       |  | 335,000   |  | 12.21           |  | 0.36           |  | 132,000            
|               |  |              |  | Total |  | 3,236,000 |  | 8.93            |  | 0.26           |  | 928,000            
|Inferred       |  | Austin       |  |       |  | 108,000   |  | 6.30            |  | 0.18           |  | 22,000             
|               |  | South Austin |  |       |  | 259,000   |  | 8.45            |  | 0.25           |  | 70,000             
|               |  | McVeigh      |  |       |  | 104,000   |  | 6.11            |  | 0.18           |  | 20,000             
|               |  | 8 Zone       |  |       |  | 317,000   |  | 18.14           |  | 0.53           |  | 185,000            
|               |  |              |  | Total |  | 788,000   |  | 11.74           |  | 0.34           |  | 297,000            

| | * | 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 include
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 currently below the 17th level.



Later in the second quarter, 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 intends to use 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, 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:



| | · | 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);
| | - | --------------------------------------------------------------



Claude Resources Inc. – 2011 Annual Information Form13







| | · | 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).
| | - | ---------------------------------------------------------------



Throughout 2011 the Company announced drill
results from another discovery named the “Neptune” target. Neptune is a grass roots target discovered in 2010 and is
located six kilometres north of the Seabee Minesite and Central Milling Facility within the 14,400 hectare Seabee Property. The
2011 winter drill program confirmed the gold bearing structure over a strike length of 1,200 metres to a depth in excess of 250
metres, and when combined with drilling completed in 2010, is another project with strong potential to grow the resource base at
the Seabee Gold Operation. Highlights from the 2011 winter drill program included assay results of up to 84.66 grams of gold per
tonne across 3.20 metres.



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.
Under the terms of the transaction, each shareholder of SEM will receive 0.0789 of a Claude share for each SEM share held, as well
as 0.25 common shares of a newly formed, wholly-owned subsidiary of SEM. SEM's interest in the Tartan Lake Gold Project and approximately
$800,000 in cash will be transferred to the new subsidiary ("Spinco"). In addition, Claude will reduce its existing net
smelter return royalty on the Tartan Lake Gold Project from a sliding sale to 2 percent. The net smelter return royalty can be
repurchased at any time by Spinco for $1 million for each 1 percent. On February 2, 2012, the Company announced the successful
closing of this transaction.



On March 14, 2012, the Company reported
an updated NI 43-101 gold reserve and resource from its 100 percent owned Seabee Gold Operation. Highlights included the following:



| | · | Mineral reserves increased, net of mining depletion, to 355,600 ounces at 5.37 grams per tonne
from 352,600 ounces at 5.58 grams per tonne. Mineral reserves increased 18 percent at the Seabee Gold Mine, while reserves decreased
19 percent at the Santoy 8 Gold Mine.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Measured and indicated resources increased to 70,700 ounces at 5.35 grams per tonne from 49,600
ounces at 5.70 grams per tonne, representing a 43 percent increase from 2010.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Inferred mineral resources increased to 873,400 ounces at 6.48 grams per tonne from 260,100 ounces
at 6.23 grams per tonne in 2010, representing a 236 percent increase in contained ounces year over year.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



A detailed description of the Seabee Gold
Operation’s December 31, 2011 Mineral Reserve and Mineral Resource statement is disclosed in “3.3 Mineral Properties”
under “Seabee Area Reserves and Resources”.



2010:  In April 2010, the Santoy
8 Gold Project 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 8 Gold Project 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.
| | - | -----------------------------------------------------------------------



Claude Resources Inc. – 2011 Annual Information Form14







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:



| | · | 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.



2009:In December 2009, following
twenty months of compilation of historic data, SRK Consulting (Canada) Inc. (“SRK”) finalized a NI 43-101 mineral resource
evaluation for the Madsen Gold Mine. The evaluation outlined Indicated Resources of 928,000 ounces of gold at 8.93 grams per tonne
and Inferred Resources of 297,000 ounces of gold at 11.74 grams per tonne. The NI 43-101 Technical Report was filed on January
20, 2010.



At the Madsen Property in Red Lake, Ontario,
results from Phase I deep drilling of the 8 Zone Trend demonstrated down plunge continuity to 450 feet (1) 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 25.77 grams of gold per tonne over 7.90 metres and 127.12 grams
of gold per tonne over 0.75 metres. Step out drilling to the east and west confirmed the development of favourable 8 Zone structure
and stratigraphy.



(1)
Historically, Madsen results have been reported in ounces per ton and feet (imperial).



During the fourth quarter the bulk sample
program at Porky West was completed with 33,068 tonnes of ore at a grade of 3.34 grams of gold per tonne being processed. Based
on its low grade nature the Company will re-evaluate the economics of the Porky West deposit.



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



During the second quarter of 2009, Claude
completed its offer to purchase a portion of the outstanding 12 percent senior secured debentures of the Company. A total of $8.3
million of the debentures were purchased representing approximately 46 percent.



Claude Resources Inc. – 2011 Annual Information Form15







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 973,522 ounces of gold to December 31, 2011. In 2011, gold production was 44,755 ounces compared to 47,269 ounces
in 2010.



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 23,450 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 largely 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 2011 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.



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



Claude Resources Inc. – 2011 Annual Information Form16







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, 2011, the market price
per ounce for gold ranged from a low of U.S. $1,319 to a high of U.S. $1,895 with an average price of U.S. $1,572.



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.



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, 2011, the CDN$/US$ exchange rate ranged from
a low of $0.9558 to a high of $1.0257 with an average of $0.9893.



Claude Resources Inc. – 2011 Annual Information Form17







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 $18.0 million is the minimum annual expenditure
required to fulfill the Company’s intended exploration and dewatering programs in 2012.



At current gold prices and forecast production,
Management believes operating cash flows may not be sufficient to fund the continued exploration at the Seabee, Madsen and Amisk
Properties and satisfy the debenture maturing in May 2013. The Company expects that operating cash flows combined with a debt or
equity financing, should market conditions warrant, will provide sufficient funding for 2013.



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



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
Gold Mine and other potential sources such as Santoy Gap. If the Company does not receive regulatory approval for new or
expanded tailings facilities, gold production could be constrained.



Claude Resources Inc. – 2011 Annual Information Form18







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. – 2011 Annual Information Form19







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.



Potential Shareholder Dilution Could
Impact Share Price and New Equity Issues



As of December 31, 2011, there were stock
options outstanding to purchase 5,484,250 common shares and share purchase warrants outstanding to purchase 2,716,200 common shares.
The common shares issuable under these options and warrants, if fully exercised, would constitute approximately 5.0 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
Energy and Resources 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.



Claude Resources Inc. – 2011 Annual Information Form20







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 Amex
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 and an attestation
report by the Company’s independent auditors addressing the effectiveness of the Company’s internal control over financial
reporting.



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.



Claude Resources Inc. – 2011 Annual Information Form21







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 Maybe 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.



Issuance of Flow-Through Securities
and the Potential Liabilities Associated with the Failure to Incur Defined Exploration Expenditures within a Certain Time Frame



Flow-through securities are securities
of the Company which meet certain criteria and qualify for flow-through tax treatment for the purposes of the Income Tax Act
(Canada)(“ITA”). Qualification as a “flow-through share” enables the Company to renounce certain
eligible resource expenditures incurred by the Company for the benefit of any investor who is a Canadian taxpayer. Once issued,
the shares are common shares of the Company and are not differentiated from shares which were not flow-through shares.



Under the ITA, companies are permitted
to issue flow-through shares pursuant to a written agreement under which the issuer agrees to incur certain eligible Canadian exploration
expenses within the time frame specified in the agreement (generally, 12 to 24 months) and to flow-through or “renounce”
the related tax deduction to the investor. The proceeds from the issuance of flow-through shares must be expended on “qualifying
expenditures,” which are related to mineral exploration in Canada.



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 Seabee, a producing gold mine, 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 Mine (including the Santoy 8,
Santoy Gap, 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 8 Mines are producing gold.



CLAUDE ASSET LOCATIONS



Except for the Seabee and Santoy 8 Operations,
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 and the Madsen and Amisk Gold Properties will receive the majority of the Company’s
exploration budget and focus for the foreseeable future.



Claude Resources Inc. – 2011 Annual Information Form22







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 973,522 ounces of gold including 44,755 ounces produced in 2011.



SEABEE PROPERTY







SEABEE AREA



Property Description and Access



The Seabee Operation has produced gold
from four 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). The current land position comprises an area in excess of 14,400 hectares.



Claude Resources Inc. – 2011 Annual Information Form23











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 360 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



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.



Claude Resources Inc. – 2011 Annual Information Form24







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.
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 Royalty Agreements.
At December 31, 2011, the cumulative carry forward amounts remained in a deficiency position under each of the 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, 2011, the cumulative carry forward amounts
remained in a deficiency position under each of the agreements. No payments are anticipated over the next calendar year.



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.



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.



Claude Resources Inc. – 2011 Annual Information Form25







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 360 workers with 160 on site at any
given time, subject to seasonal adjustments. Approximately 195 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 165 people are employed in the underground operations. Camp facilities on site are capable of
accommodating 190 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.



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. Engineering studies by Golder Associates were submitted to Saskatchewan Environment in 2008 where it was proposed to raise
the Triangle Lake Dams to the 460 metre level. In July 2010, the Company received approval to construct and raise the height of
the dams. Construction to 457.0 metre elevation is expected to be completed in 2012 with approval to store tailings to the new
elevation expected to be received subsequently. Construction to 460.0 elevation is expected to be completed in 2014. Costs to reach
the 460.0 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 to have minimal cost.



Claude Resources Inc. – 2011 Annual Information Form26







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. At this time the Company is unable to determine the full financial impact.



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 3.4 by 4.5 metre ramp to the 1,100 metre level. Mining efforts are currently being focused on the 2b and 2c zones at depth
on the 970 thru 1,100 levels. The shaft and hoisting facility, commissioned in the fourth quarter of 1997 (with an extension commissioned
in November 2003), 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 will operate under a three year
mine plan which will focus on the 2b and 2c zones at depth, facilitated by a shaft extension beginning in 2011. 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).
| | - | --------------------------------------------------------------------



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, and looks forward to incorporating the
L62 zone into Seabee’s production profile in the second half of 2012.



Claude Resources Inc. – 2011 Annual Information Form27













Figure 2: Seabee Mine Composite Longitudinal
Section (L62 Discovery)



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 2012 production. Drilling will be focused on the
expansion of the L62 deposit and the 2B and 2C veins laterally and at depth from the 1,000 metre level.



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



|Seabee Mine Operating Data             |  |      |         |  |               |  |         |      |  |  |         |  |  |      |        
|-------------------------------------- |  | ---- | ------- |  | ------------- |  | ------- | ---- |  |  | ------- |  |  | ---- | -------
|                                       |  | IFRS |         |  | Canadian GAAP | 
|                                       |  | 2011 |         |  | 2010          |  |         | 2009 |  |  | 2008    |  |  | 2007 |        
|                                       |  |      |         |  |               |  |         |      |  |  |         |  |  |      |        
|Ore Milled (tonnes)(1)                 |  |      | 257,200 |  |               |  | 204,000 |      |  |  | 247,600 |  |  |      | 228,400
|Grade processed (grams per tonne)      |  |      | 5.68    |  |               |  | 7.55    |      |  |  | 6.17    |  |  |      | 6.46   
|Mill Recoveries (%)                    |  |      | 95.3    |  |               |  | 95.5    |      |  |  | 95.3    |  |  |      | 95.8   
|Gold Produced (ounces)(1)              |  |      | 44,800  |  |               |  | 47,300  |      |  |  | 46,800  |  |  |      | 45,500 
|Gold Sold (ounces)(2)                  |  |      | 44,600  |  |               |  | 44,000  |      |  |  | 43,600  |  |  |      | 44,100 
|Cash Cost (CDN$/ounce of gold sold)(3) |  |      | $908    |  |               |  | $709    |      |  |  | $699    |  |  |      | $729   
|Cash Cost (US$/ounce of gold sold)(3)  |  |      | $918    |  |               |  | $689    |      |  |  | $613    |  |  |      | $683   



(1) Statistics exclude ounces
sold from the following projects not yet in commercial production: Santoy 8 Project (2010), the Porky West Bulk Samples (2009,
2008) and Santoy 7 (2007).



Claude Resources Inc. – 2011 Annual Information Form28







(2) Includes ounces produced
and tonnes milled from the Santoy 8 Project (2010), Porky West Bulk Samples (2009, 2008) and Santoy 7 (2007).



(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



|Years Ended December 31              |  |      |        |  |               | 
|------------------------------------ |  | ---- | ------ |  | ------------- | 
|                                     |  | IFRS |        |  | Canadian GAAP | 
|                                     |  | 2011 |        |  | 2010          | 
|                                     |  |      |        |  |               | 
|Cash operating costs                 |  |      | $918   |  |               | 
|                                     |  |      |        |  |               | 
|Less:  Royalties                     |  |      | -      |  |               | 
|Total cash costs                     |  |      | $918   |  |               | 
|                                     |  |      |        |  |               | 
|Gold ounces sold                     |  |      | 44,600 |  |               | 
|Mine operating costs (US $ millions) |  |      | $41.0  |  |               | 
|(CDN $ millions)                     |  |      | $40.5  |  |               | 



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 4.3 million tonnes of ore at an average head grade of 7.5 grams of gold per tonne producing 973,522
ounces of gold to December 31, 2011.



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. 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 8 Project. During the second quarter of 2011, the Company declared that its Santoy 8 Gold Mine
had achieved commercial production effective January 1, 2011.



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 Santoy 8. The deposit is about 650 metres along strike
and extends to depths in excess of 500 metres.



Claude Resources Inc. – 2011 Annual Information Form29







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.



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 8 power line project, which
ties the property to the provincial power grid, was completed during 2009. Portal construction and surface infrastructure for the
planned development of 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 8 Project towards the commercial production decision made during the second quarter of 2011.



Claude Resources Inc. – 2011 Annual Information Form30







Exploration during 2010 continued with
a drill program targeting the Santoy Gap 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. The Santoy Gap target is located 300 to 900 metres north of underground infrastructure, immediately
on strike and adjacent to the Santoy 8 Mine.



During 2011,
drilling at the Santoy Gap target 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:



Highlights from 2011 Santoy Gap drilling

|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.



As at December 31, 2011, these drilling
results at the Santoy Gap were incorporated into a National Instrument 43-101 compliant Inferred Mineral Resource calculation and
are as follows: 2,231,000 tonnes at 6.63 grams of gold per tonne (495,000 ounces).



As at December 31, 2011, the Mineral Reserves
at Santoy 8 are 997,100 tonnes at 4.08 grams of gold per tonne (130,600 ounces), Measured and Indicated Mineral Resources are 12,600
tonnes at 5.04 grams of gold per tonne (2,000 ounces) and Inferred Mineral Resources are 850,000 tonnes at 5.46 grams of gold per
tonne (149,300ounces).



Claude views the Santoy 8 and Santoy Gap
projects as key drivers in the expansion of the Seabee gold operation and in lowering unit operating costs over the next several
years.



Santoy Region Future Work Programs



Based on the encouraging results from Santoy
Gap, the Company has approved the 2012 Seabee exploration program to include 70,000 metres from surface, focusing largely on the
Santoy Gap. The three to four rig program will focus on aggressively exploring the Santoy Gap target and its relationship to the
Santoy 8 ore body to depths in excess of 750 metres.



Claude Resources Inc. – 2011 Annual Information Form31











Figure 3: Santoy Region Composite Longitudinal
Section



Seabee Property



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.



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.



Claude Resources Inc. – 2011 Annual Information Form32







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.



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 Resources Inc. – 2011 Annual Information Form33







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).







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



Claude Resources Inc. – 2011 Annual Information Form34







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
confirmed the 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.



Seabee Property Future Work Programs



Based on the encouraging results from Neptune,
Claude anticipates further drilling in the first and second quarters of 2012.



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 present the Mineral Reserves and Mineral Resources estimates have been 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.



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 4.57 grams
per tonne for the Seabee Mine and 3.0 grams per tonne for Santoy 8, Santoy Gap and Porky West 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. If this lower grade material averages greater than 2.13 grams per tonne at Seabee and 1.61 grams per tonne
at Santoy 8, it is stockpiled for blending with higher grade mill feed.



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.



Claude Resources Inc. – 2011 Annual Information Form35







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, 2011 were prepared under the supervision of Brian
Skanderbeg, P.GEO, VP Exploration and Peter Longo, P.ENG, Manager, Capital Projects both Qualified Persons within the meaning
of NI 43-101.





Seabee Gold Operation Mineral Reserves
and Mineral Resources at December 31, 2011







|Proven and Probable Mineral Reserves
|------------------------------------
|                                    
|Projects                            
|Seabee                              
|Santoy 8                            
|Totals                              



|Measured and Indicated Mineral Resources
|----------------------------------------
|Projects                                
|                                        
|Seabee                                  
|Santoy 8                                
|Porky Main                              
|Porky West                              
|Totals                                  



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







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



| | (a) | A block cut-off grade averaging 4.57 grams per tonne for the Seabee Mine and 3.0 grams per tonne
for Santoy 8 and Porky West is applied to Mineral Reserves. This is based on a gold price of CDN $1,400 per ounce;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | A dilution factor of 25 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.
| | --- | --------------------------------------------------------------



Claude Resources Inc. – 2011 Annual Information Form36







For U.S. investors, 2011 Mineral Reserves
and Mineral Resources have been presented below using a CDN $1,309 per ounce gold value. This represents the three year historic
average.







|         |  | Proven and Probable Mineral Reserves |          
|-------- |  | ------------------------------------ | ---------
|         |  | December 31, 2011                    |          
|Projects |  | Tonnes                               |          
|Seabee   |  |                                      | 1,017,200
|Santoy 8 |  |                                      | 997,100  
|Totals   |  |                                      | 2,014,200



|           |  | Measured and Indicated Mineral Resources |        
|---------- |  | ---------------------------------------- | -------
|Projects   |  | December 31, 2011                        |        
|           |  | Tonnes                                   |        
|Seabee     |  |                                          | 174,600
|Santoy 8   |  |                                          | 12,600 
|Porky Main |  |                                          | 160,000
|Porky West |  |                                          | 111,000
|Totals     |  |                                          | 458,100



|           |  | Inferred Mineral Resources |          
|---------- |  | -------------------------- | ---------
|Projects   |  | December 31, 2011          |          
|           |  | Tonnes                     |          
|Santoy Gap |  |                            | 2,321,000
|Seabee     |  |                            | 813,900  
|Santoy 8   |  |                            | 850,000  
|Porky Main |  |                            | 70,000   
|Porky West |  |                            | 138,300  
|Totals     |  |                            | 4,193,200



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



| | (a) | A block cut-off grade averaging 4.89 grams per tonne for the Seabee Mine and 3.09 grams per tonne
for Santoy 8 and Porky West is applied to Mineral Reserves;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | A dilution factor of 25 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 23,450 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.



Claude Resources Inc. – 2011 Annual Information Form37







AMISK LOCATION







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.



Claude Resources Inc. – 2011 Annual Information Form38











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.



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.



Claude Resources Inc. – 2011 Annual Information Form39







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.



Recent Exploration Results



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. – 2011 Annual Information Form40







|Table 4: 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. – 2011 Annual Information Form41







Table 5: 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        |  |          |  |          | 







Claude Resources Inc. – 2011 Annual Information Form42







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").



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 program. The remaining 6 holes are presented in Table 5 above. 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.



Claude Resources Inc. – 2011 Annual Information Form43







Amisk Property Future Work Programs



The 2011 Amisk drill program confirmed
mineralization within the current resource model and to depths of 700 metres. In addition to focusing on growth of the gold and
silver resource base, the presence of significant grades of zinc and lead in the hangingwall will be evaluated during 2012.



Looking forward at Amisk, exploration will
focus on expansion of the open pit resource as well as preliminary economic studies and an evaluation of the underground potential.



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. – 2011 Annual Information Form44











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. – 2011 Annual Information Form45







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



Claude Resources Inc. – 2011 Annual Information Form46







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.



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 Resources Inc. – 2011 Annual Information Form47







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.



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.



Claude Resources Inc. – 2011 Annual Information Form48







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.



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 6: 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                   |  | From   |  | Width             |  | Au (g/t)             |  | Zone      | 
|------------------------- |  | ------ |  | ----------------- |  | -------------------- |  | --------- | 
|MUG-11-10                 |  |        |  |                   |  | Anomalous            |  |           | 
|MUG-11-11                 |  |        |  |                   |  | Anomalous            |  |           | 
|MUG-11-12                 |  |        |  |                   |  | Anomalous            |  |           | 
|MUG-11-13                 |  | 199.00 |  | 2.00              |  | 15.70                |  | McVeigh   | 
|MUG-11-14                 |  | 334.00 |  | 2.00              |  | 6.27                 |  | McVeigh   | 
|MUG-11-14b                |  | 904.43 |  | 2.02              |  | 8.06                 |  | 8 Zone    | 
|MUG-11-15                 |  |        |  |                   |  | NSI                  |  |           | 
|MUG-11-16                 |  | 993.36 |  | 2.14              |  | 5.69                 |  | 8 Zone FW | 
|MUG-11-17                 |  | 211.00 |  | 0.70              |  | 53.70                |  | McVeigh   | 
|and                       |  |        |  | 2.00              |  | 5.64                 |  | McVeigh   | 
|MUG-11-19                 |  |        |  |                   |  | Assays Outstanding   |  |           | 
|MUG-08-01                 |  | 883.00 |  | 0.75              |  | 127.12               |  | 8 Zone    | 
|MUG-09-02b
        (incl) |  | 891.25 |  | 0.45              |  | 21.52                |  | 8 Zone    | 
|MUG-09-03
        (incl)  |  | 915.40 |  | 2.49
        1.25 |  | 33.39
        58.18  |  | 8 Zone    | 
|MUG-09-04
        (incl)  |  | 909.55 |  | 7.90
        0.95 |  | 25.77
        141.80 |  | 8 Zone    | 
|MUG-09-105
        (incl) |  | 943.51 |  | 3.39
        1.22 |  | 24.30
        62.09  |  | 8 Zone    | 



Claude Resources Inc. – 2011 Annual Information Form49







* 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.



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 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 7: Consolidated Mineral Resource
Statement* for the Madsen Mine, Ontario





|Resource
 Class |  | Zone         |  |       |  | Tonnes    |  | Grade
 (g/tonne) |  | Grade
        (oz/ton) |  | Contained
 Gold (oz)
|--------------- |  | ------------ |  | ----- |  | --------- |  | ---------------- |  | ---------------------- |  | --------------------
|Indicated       |  | Austin       |  |       |  | 1,677,000 |  | 7.92             |  | 0.23                   |  | 427,000             
|                |  | South Austin |  |       |  | 850,000   |  | 9.32             |  | 0.27                   |  | 254,000             
|                |  | McVeigh      |  |       |  | 374,000   |  | 9.59             |  | 0.28                   |  | 115,000             
|                |  | 8  Zone      |  |       |  | 335,000   |  | 12.21            |  | 0.36                   |  | 132,000             
|                |  |              |  | Total |  | 3,236,000 |  | 8.93             |  | 0.26                   |  | 928,000             
|Inferred        |  | Austin       |  |       |  | 108,000   |  | 6.30             |  | 0.18                   |  | 22,000              
|                |  | South Austin |  |       |  | 259,000   |  | 8.45             |  | 0.25                   |  | 70,000              
|                |  | McVeigh      |  |       |  | 104,000   |  | 6.11             |  | 0.18                   |  | 20,000              
|                |  | Zone 8       |  |       |  | 317,000   |  | 18.14            |  | 0.53                   |  | 185,000             
|                |  |              |  | Total |  | 788,000   |  | 11.74            |  | 0.34                   |  | 297,000             





| | * | 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.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Claude Resources Inc. – 2011 Annual Information Form50







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.



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. – 2011 Annual Information Form51







Recent Exploration Results



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 and
will be the target of future drilling.



Drill holes targeting 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 8: 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  
|MUG-11-14  |  |           | 2.00 |  |          |  | 6.27  |             |  |  | 1,051
|MUG-11-14b |  |           | 2.02 |  |          |  | 8.06  |             |  |  | 1,543
|MUG-11-16  |  |           | 2.14 |  |          |  | 5.39  |             |  |  | 1,595
|MUG-11-17  |  |           | 0.70 |  |          |  | 53.70 |             |  |  | 927  
|And        |  |           | 2.00 |  |          |  | 5.64  |             |  |  | 1,079



* 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. – 2011 Annual Information Form52







Madsen Properties Future Work Programs



These latest results provide encouragement
for the Company’s 2012 program and continue to demonstrate that the 8 Zone is a high grade gold system that has strong vertical
continuity and remains open at depth and along strike to the northeast. Accordingly, Claude has approved a 29,000 metre underground
and surface exploration program. The program will include two underground rigs and one surface rig, targeting to complete 40 to
50 holes. Exploration will focus on continued testing of the 8 Zone Trend as well as the McVeigh and Austin Tuff depth continuity.



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 2011, the
Company submitted an updated decommissioning plan for the Madsen Properties. The Company expects the Madsen Properties decommissioning
plan to be finalized in 2012. At this time, the Company is unable to determine the financial impact.



Other Mineral Properties



The Company currently holds interests in
other exploration properties located in northern Saskatchewan. The majority of these properties are in close proximity to the Company’s
core property, the Seabee Operation. The Company considers these properties to be secondary to those described above and has planned
little or no expenditures on these properties in the foreseeable future. None of these properties contain any known economic body
of ore. As the properties remain in good standing, Management intends to retain their interest and will re-evaluate their exploration
plans for them as market conditions warrant and as funds become available.



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.



Claude Resources Inc. – 2011 Annual Information Form53







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.



Item 5 Description of Capital Structure



5.1    General Description of Capital Structure



As of December 31, 2011, 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 164,630,231 common shares issued and outstanding as of December 31,
2011, 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.



Claude Resources Inc. – 2011 Annual Information Form54







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 expires on May 23, 2013.



On April 17, 2009, the Company made a voluntary
offer to purchase up to 58% of the outstanding Debentures and subsequently purchased a total of $8,257,000 of Debentures pursuant
to such offer, which represented approximately 46% 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, 2011, there were Debentures
in the aggregate principal sum of $9,756,000 and 1,693,200 Listed Warrants, pursuant to the Debenture offering, issued and outstanding.



As of December 31, 2011, the Company also
had outstanding: (i) 5,484,250 share purchase options with a weighted average exercise price of $1.57; and (ii) share purchase
warrants to purchase 1,023,000 common shares at an exercise price of $0.90 and expiry date of November 16, 2012 issued in connection
with a private placement of 5,000,000 common shares on November 16, 2009.



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 2012, 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.



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 Amex 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, 2011:



Common Shares

Toronto Stock Exchange



|          |  | Canadian Dollars |       |  |     | 
|--------- |  | ---------------- | ----- |  | --- | 
|2011      |  | High             |       |  | Low | 
|December  |  |                  | $2.04 |  |     | 
|November  |  |                  | $2.13 |  |     | 
|October   |  |                  | $2.00 |  |     | 
|September |  |                  | $2.36 |  |     | 
|August    |  |                  | $2.04 |  |     | 
|July      |  |                  | $2.14 |  |     | 
|June      |  |                  | $2.13 |  |     | 
|May       |  |                  | $2.32 |  |     | 
|April     |  |                  | $2.73 |  |     | 
|March     |  |                  | $2.84 |  |     | 
|February  |  |                  | $2.67 |  |     | 
|January   |  |                  | $2.31 |  |     | 



Claude Resources Inc. – 2011 Annual Information Form55







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 Amex for the twelve months ending December 31,
2011:



NYSE Amex



|          |  | US Dollars |       |  |     | 
|--------- |  | ---------- | ----- |  | --- | 
|2011      |  | High       |       |  | Low | 
|          |  |            |       |  |     | 
|December  |  |            | $1.97 |  |     | 
|November  |  |            | $2.10 |  |     | 
|October   |  |            | $1.99 |  |     | 
|September |  |            | $2.37 |  |     | 
|August    |  |            | $2.09 |  |     | 
|July      |  |            | $2.23 |  |     | 
|June      |  |            | $2.20 |  |     | 
|May       |  |            | $2.44 |  |     | 
|April     |  |            | $2.85 |  |     | 
|March     |  |            | $2.91 |  |     | 
|February  |  |            | $2.69 |  |     | 
|January   |  |            | $2.35 |  |     | 



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, 2011:



|2011      |  | High |       |  | Low |  |       | Total Volume | 
|--------- |  | ---- | ----- |  | --- |  | ----- | ------------ | 
|          |  |      |       |  |     |  |       |              | 
|December  |  |      | $0.86 |  |     |  | $0.60 |              | 
|November  |  |      | $0.85 |  |     |  | $0.67 |              | 
|October   |  |      | $0.85 |  |     |  | $0.65 |              | 
|September |  |      | $1.25 |  |     |  | $0.70 |              | 
|August    |  |      | $0.86 |  |     |  | $0.68 |              | 
|July      |  |      | $0.96 |  |     |  | $0.72 |              | 
|June      |  |      | $0.85 |  |     |  | $0.74 |              | 
|May       |  |      | $1.28 |  |     |  | $0.80 |              | 
|April     |  |      | $1.40 |  |     |  | $0.90 |              | 
|March     |  |      | $1.38 |  |     |  | $0.86 |              | 
|February  |  |      | $1.35 |  |     |  | $0.77 |              | 
|January   |  |      | $0.95 |  |     |  | $0.73 |              | 



Debentures



The Company's debentures are listed and
posted for trading on the TSX under the symbol “CRJ.DB”. The debenture traded twice during the year, being March 25,
2011, at $100.00 (with volume of 25,000) and September 22, 2011, at $100.00 (with volume of 30,000).



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 30, 2012 are set forth below:



Claude Resources Inc. – 2011 Annual Information Form56







|Name and Municipality
        of Residence                           |  | Positions Held                  |  | Director/Officer
        Since |  | Principal Occupation                      
|-------------------------------------------------------------------- |  | ------------------------------- |  | ------------------------------ |  | ------------------------------------------
|Ted J. Nieman(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.                                                            |  | Director                        |  | 2006                           |  | Chartered Accountant                      
|Hicks, C.A.(1)(2)(3)                                                 |  |                                 |  |                                |  |                                           
|Saskatoon, SK                                                        |  |                                 |  |                                |  |                                           
|                                                                     |  |                                 |  |                                |  |                                           
|J. Robert                                                            |  | Director                        |  | 2007                           |  | Business Person                           
|Kowalishin, P. Eng.(1)(4)(5)                                         |  |                                 |  |                                |  |                                           
|Saskatoon, SK                                                        |  |                                 |  |                                |  |                                           
|                                                                     |  |                                 |  |                                |  |                                           
|Ray A. McKay(2)(4)(5)
        Saskatoon, SK                          |  | Director                        |  | 2007                           |  | Business Person                           
|                                                                     |  |                                 |  |                                |  |                                           
|Rita M. Mirwald(2)(3)(4)                                             |  | 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.
|                                                                     |  |                                 |  |                                |  |                                           
|Rick Johnson, C.A.
        Saskatoon, SK                             |  | Chief Financial Officer         |  | 2004                           |  | Chief Financial Officer of Claude         
|                                                                     |  |                                 |  |                                |  |                                           
|Brian Skanderbeg, P.Geo.
        Saskatoon, SK                       |  | Vice President, Exploration     |  | 2008                           |  | Vice President, Exploration of Claude     



|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 a director on January 8, 2007 and who became Chairman on March 1, 2011; Mr. Kowalishin, who was appointed
to the Board March 29, 2007; Mr. McKay, who was appointed to the Board on May 8, 2007; Ms. Mirwald, who from 1997 to 2009 was Senior
Vice President, Corporate Services of Cameco 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; and, Mr. Skanderbeg who in 2007 was Exploration
Manager with Claude.



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 March 1, 2011 Josef Spross retired
as Director and Chairman of the Board. Effective December 31, 2011, Mr. Philip Ng resigned as Senior Vice President, Mining Operations.
Effective April 1, 2012, Mr. Brian Booth was appointed to the Board of Directors.



Claude Resources Inc. – 2011 Annual Information Form57







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 915,495 of the common shares outstanding
at December 31, 2011, 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 25,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 43-101Technical 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, 2011. 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,
VP Exploration and Peter Longo, P.ENG, Manager, Capital Projects both Qualified Persons within
the meaning of NI 43-101. The two beneficially own, directly or indirectly, less than 1 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, CA (Chair), Ted J. Nieman, and J. Robert Kowalishin. Each member of the Audit Committee is independent and financially
literate.



Claude Resources Inc. – 2011 Annual Information Form58







| | 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, Ducks Unlimited Canada and is on the Governance Committee. 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, B.A., LLB
        (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 and affiliates.  Ted became a Director of Claude in 2007.                                                                                                                                                                                                                                                                      
|                                                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|J. Robert Kowalishin, P.Eng.
        (March 2007) |  | J. Robert Kowalishin retired after a 42 year career with the Trane Company, a division of Ingersoll Rand. 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.



| | 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.



Claude Resources Inc. – 2011 Annual Information Form59







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



The aggregate fees for professional services
rendered by KPMG LLP for the 2011 and 2010 fiscal years are shown in the table below:



|                      |  | 2011 |          |  | 2010 | 
|--------------------- |  | ---- | -------- |  | ---- | 
|                      |  |      |          |  |      | 
|Audit fees(1)         |  |      | $579,000 |  |      | 
|Audit related fees(2) |  |      | 138,000  |  |      | 
|Tax fees(3)           |  |      | 21,000   |  |      | 
|Total                 |  |      | $738,000 |  |      | 



| | (1) | Audit fees are comprised of KPMG LLP services in respect of the audit of the December 31, 2011
consolidated financial statements and interim reviews and securities work in connection with the Company's 2011 Prospectus and
acquisition of SEM.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (2) | Audit related fees are comprised of KPMG LLP services in respect of accounting and disclosure advisory
services and IFRS advisory services.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------

| | (3) | Tax fees are comprised of KPMG LLP services in respect of tax compliance.
| | --- | -------------------------------------------------------------------------



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 30, 2011. Additional financial information is provided in the Company’s consolidated financial statements and
MD&A for the year ended December 31, 2011.



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.comor by accessing the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.



Claude Resources Inc. – 2011 Annual Information Form60







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. – 2011 Annual Information Form61







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. – 2011 Annual Information Form62







| | 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 unauditied 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. – 2011 Annual Information Form63







| | (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.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 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. – 2011 Annual Information Form64







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.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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.
| | -- | ----------------------------------------------------------------------------------------------------------------------------



| | 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. – 2011 Annual Information Form65