UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 40-F

(Check One)

| |  ̈ | Registration statement pursuant to Section 12
of the Securities Exchange Act of 1934
| | - | ------------------------------------------------------------------------------------

or

| | þ | Annual report pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934
| | - | ---------------------------------------------------------------------------------------



|For the fiscal year ended: | December 31, 2014 | Commission File Number: | 1-31956
|-------------------------- | ----------------- | ----------------------- | -------



CLAUDE RESOURCES INC.

(Exact name of Registrant as specified in its
charter)



|Canada                                                           | 1040                                                                  | Not Applicable                                       
|---------------------------------------------------------------- | --------------------------------------------------------------------- | -----------------------------------------------------
|(Province or other jurisdiction ofincorporation or organization) | (Primary Standard IndustrialClassification Code Number, ifapplicable) | (I.R.S. Employer IdentificationNumber, if applicable)



200 - 219 Robin Crescent

Saskatoon, Saskatchewan

S7L 6M8  Canada

(306) 668-7505

(Address and telephone number of Registrant’s
principal executive offices)



CT Corporation System

111 Eighth Avenue, 13th Floor

New York, NY 10011

(212) 894-8700

(Name, address (including zip code) and telephone
number (including area code) of agent for service in the United States)



Securities registered or to be registered pursuant to Section 12(b)
of the Act:



|                    |  | Name of each exchange           
|------------------- |  | --------------------------------
|Title of each class |  | on which registered             
|Common Shares       |  | Toronto Stock Exchange and OTCQB



Securities registered or to be registered pursuant to Section 12(g)
of the Act: Not applicable



Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act: Not applicable



For annual reports, indicate by check mark the
information filed with this Form:





þ
Annual information form           þ Audited annual financial statements



Indicate the number of outstanding shares of each
of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 188,155,978
common shares



Indicate by check mark whether the Registrant:
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or
for such shorter period that the Registrant was required to file such reports); and (2) has been subject to such filing requirements
for the past 90 days.



Yes þ                No
 ̈



Indicate by check mark whether the Registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant
was required to submit and post such files).



Yes  ̈                No
 ̈











PRINCIPAL DOCUMENTS



The following documents have been filed as part of this Annual Report
on Form 40-F



| | 1. | Annual Information Form dated March 26, 2015 attached as Exhibit 99.1 hereto.
| | -- | -----------------------------------------------------------------------------



| | 2. | Audited Consolidated Financial Statements of the Registrant as of December 31, 2014 and 2013 and for the years then ended and
the related notes, the auditor’s report on the consolidated financial statements and Management’s Report on Internal
Control over Financial Reporting attached as Exhibit 99.2 hereto.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | Management’s Discussion and Analysis of the Registrant for the year ended December 31, 2014 dated March 26, 2015 attached
as Exhibit 99.3 hereto.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------



DISCLOSURE CONTROLS AND PROCEDURES



Claude Resources Inc. (the “Registrant”)
maintains disclosure controls and procedures designed to ensure that information required to be disclosed in the Registrant’s
filings under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized
and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the “SEC”).  The
Registrant’s Chief Executive Officer and Chief Financial Officer, after having evaluated the effectiveness of the Registrant’s
disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period
covered by this annual report have concluded that, as of such date, the design and operation of the Registrant’s disclosure
controls and procedures were effective.  However, as recommended by the SEC in its adopting release, the Registrant will
continue to periodically evaluate its disclosure controls and procedures and will make modifications from time to time as deemed
necessary to ensure that information is recorded, processed, summarized and reported within the time periods specified in the SEC’s
rules and forms.

The Registrant’s management, including
the Chief Executive Officer and Chief Financial Officer, does not expect that its disclosure controls and procedures or internal
controls and procedures will prevent all error and all fraud. A control system, no matter how well conceived and operated, can
provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control
system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their
costs. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all
control issues and instances of fraud, if any, within the Registrant have been detected. These inherent limitations include the
realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally,
controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override
of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future
events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions;
over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures
may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may
occur and not be detected.











MANAGEMENT’S ANNUAL REPORT ON INTERNAL
CONTROL OVER FINANCIAL REPORTING



The Registrant’s management is responsible
for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f)
and 15d-15(f) under the Exchange Act.



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



Under the supervision and with the participation
of the Registrant’s Chief Executive Officer and Chief Financial Officer, management conducted an evaluation of the effectiveness
of the Registrant’s internal control over financial reporting, as of the end of the period covered by this annual report,
based on the framework set forth in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission.Based on its evaluation under this framework, management concluded that the Registrant’s
internal control over financial reporting was effective as of December 31, 2014.



At December 31, 2013, the Chief Executive Officer
and Chief Financial Officer concluded that ICFR was not effective as a result of the material weakness in ICFR discussed below.



Management noted that as at December 31, 2013:



Income taxes – there was a lack of review
and monitoring controls of the income tax function relating to complex, non-routine transactions and provisions.  This control
deficiency resulted in the Company recording adjustments to deferred income tax assets, deferred income tax liabilities and deferred
income tax expense.  This control deficiency relating to complex, non-routine transactions and provisions creates a reasonable
possibility that material misstatements of the consolidated financial statements including disclosures will not be prevented or
detected on a timely basis as a result.



The Company has taken the following remedial
actions related to the above noted material weakness:



In response to the material weakness identified
above, Management believes it has made significant improvements in the procedures and controls it utilizes to determine the review
and monitoring controls of the income tax function relating to complex, non-routine transactions and provisions.  As part
of the preparation of the December 31, 2014 annual financial statements and notes thereto, the Company enhanced processes and controls
whereby the income tax function relating to complex, non-routine transactions and provisions are communicated to the Company’s
finance department and external advisors for assessment in a timely manner and are subject to increased review.











Attestation
Report of the Registered Public Accounting Firm



This annual report does not include an attestation
report of the Registrant’s registered public accounting firm regarding internal control over financial reporting as the Registrant
qualifies as an “emerging growth company” under section 3(a) of the Exchange Act (as amended by the Jumpstart Our Business
Startups Act, enacted on April 5, 2012), and is therefore exempt from the attestation requirement.



CHANGES IN INTERNAL CONTROL OVER FINANCIAL
REPORTING



Other than the response
to the material weakness reported at December 31, 2013, there have been no significant changes made in our internal controls over
financial reporting during the year ended December 31, 2014 that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.



NOTICES PURSUANT TO REGULATION
BTR



The Registrant was not required by Rule 104
of Regulation BTR to send any notice to any of its directors or executive officers during the year ended December 31, 2014.



AUDIT COMMITTEE FINANCIAL EXPERT



The Registrant’s board of
directors has determined that it has at least one audit committee financial expert (as such term is defined in the rules
and regulations of the SEC) serving on its audit committee. Ronald J. Hicks CPA, CA has been determined to be such audit
committee financial expert (as such term is defined in Form 40-F) and is independent. (as such term is defined by the NYSE
MKT corporate governance standards).



The SEC has indicated that the designation
of Ronald J. Hicks, CPA, CA as an audit committee financial expert does not make him an “expert” for any purpose,
impose on him any duties, obligations or liability that are greater than the duties, obligations or liability imposed on
members of the audit committee and board of directors who do not carry this designation, or affect the duties, obligations or
liability of any other members of the audit committee or the board of directors.



CODE OF ETHICS



The Registrant has adopted codes of ethics that
apply to all directors, officers and employees of the Registrant. No amendment was made to the Code of Ethics during the Registrant’s
most recently completed financial year and no waiver from a provision of the Code of Ethics was granted by the Registrant during
the Registrant’s most recently completed financial year. Copies of the codes of ethics are available on the Registrant’s
Internet website at www.clauderesources.com or, upon request, without charge, by contacting the Registrant at (306) 668-7505. Unless
specifically referred to herein, the information on the Registrant’s website shall not be deemed to be incorporated by reference
in this annual report.











PRINCIPAL ACCOUNTANT FEES AND SERVICES



The following table sets out the fees billed
in Canadian dollars to the Registrant by KPMG LLP and its affiliates for professional services rendered in each of the years ended
December 31, 2014 and 2013. During these years, KPMG LLP was the Registrant’s only external auditor.



|                   |  | 2014 |         |  | 2013 |  
|------------------ |  | ---- | ------- |  | ---- | -
|Audit Fees(1)      |  | $    | 175,375 |  |      | $
|Audit-Related Fees |  |      | -       |  |      |  
|Tax Fees           |  |      | -       |  |      |  
|All Other Fees     |  |      | -       |  |      |  
|Total              |  | $    | 175,375 |  |      | $



| | (1) | Audit fees are comprised of KPMG LLP services in respect of the audit of the December 31, 2014 consolidated financial statements.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



Audit Committee’s Pre-Approval Policies and Procedures



The Registrant’s audit committee pre-approves
all audit services and permitted non-audit services provided to the Registrant by KPMG LLP.  The audit committee has
delegated to the chair of the audit committee, who is independent, the authority to act on behalf of the audit committee with respect
to the pre-approval of audit and permitted non-audit services provided by its external auditors where the aggregate fees are estimated
to be less than or equal to $40,000.  Any approvals by the chair are reported to the full audit committee at its next
meeting.  Services where the aggregate fees are estimated to be greater than $40,000 require full audit committee approval.  None
of the services described in footnote 1 under “Principal Accountant Fees and Services” above were approved by the audit
committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.



OFF-BALANCE SHEET ARRANGEMENTS



Please see the section entitled “Financial
and Other Instruments” in the Registrant’s Management’s Discussion and Analysis for the year ended December 31,
2014 included as Exhibit 99.3 to this annual report on Form 40-F and Note 22 entitled “Financial Instruments” in the
Registrant’s audited consolidated financial statements for the year ended December 31, 2014 included as Exhibit 99.2 to this
annual report on Form 40-F.



TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS



Please see the section entitled “Contractual
Obligations” in the Registrant’s Management’s Discussion and Analysis for the year ended December 31, 2014 included
as Exhibit 99.3 to this annual report on Form 40-F.











FORWARD-LOOKING INFORMATION



A number of statements in the documents incorporated
by reference in this Form 40-F constitute “forward-looking statements” within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Please refer to the section entitled “Statement Regarding Forward-Looking Information”
in the Annual Information Form dated March 26, 2015, incorporated by reference herein, attached as Exhibit 99.1 hereto and forming
an integral part of this document, for a discussion of risks, uncertainties and assumptions that could cause actual results to
vary from those forward-looking statements.



IDENTIFICATION OF THE AUDIT COMMITTEE



The Registrant has a separately-designated standing
audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act.  The members of the Registrant’s
audit committee are Ronald J. Hicks, CPA, CA, , J. Robert Kowalishin and Brian Booth.



MINE SAFETY DISCLOSURE



The Registrant is not currently required to
disclose the information required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.



UNDERTAKING AND CONSENT TO SERVICE OF PROCESS



| | A. | Undertaking
| | -- | -----------



The Registrant undertakes to make available,
in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly, when requested
to do so by the SEC staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation
to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.



| | B. | Consent to Service of Process
| | -- | -----------------------------



The Registrant has previously filed with the
SEC a consent to service of process on Form F-X with respect to the class of securities in relation to which the obligation to
file this annual report arises.











SIGNATURES



Pursuant to the requirements of the Exchange
Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report
to be signed on its behalf by the undersigned, thereto duly authorized.



|                      | CLAUDE RESOURCES INC.
|--------------------- | ---------------------
|                      |                      
|Date:  March 26, 2015 | By:                  
|                      |                      
|                      |                      











EXHIBIT INDEX



|Exhibit No.: | Description:                                                                                                                                                                                                                                                                        
|------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|             |                                                                                                                                                                                                                                                                                     
|99.1         | Annual Information Form dated March 26, 2015.                                                                                                                                                                                                                                       
|             |                                                                                                                                                                                                                                                                                     
|99.2         | Audited Consolidated Financial Statements of the Registrant as of December 31, 2014 and 2013 and for the years then ended and the related notes, the auditor’s report on the consolidated financial statements and Management’s Report on Internal Control over Financial Reporting.
|             |                                                                                                                                                                                                                                                                                     
|99.3         | Management’s Discussion and Analysis of the Registrant for the year ended December 31, 2014 dated March 26, 2015.                                                                                                                                                                   
|             |                                                                                                                                                                                                                                                                                     
|99.4         | Consent of KPMG LLP, the Registrant’s independent registered public accounting firm.                                                                                                                                                                                                
|             |                                                                                                                                                                                                                                                                                     
|99.5         | Certification of Chief Executive Officer required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.                                                                                                                                                         
|             |                                                                                                                                                                                                                                                                                     
|99.6         | Certification of Chief Financial Officer required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.                                                                                                                                                         
|             |                                                                                                                                                                                                                                                                                     
|99.7         | Certification of Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.                                                                                                                                                                           
|             |                                                                                                                                                                                                                                                                                     
|99.8         | Certification of Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.                                                                                                                                                                           
|             |                                                                                                                                                                                                                                                                                     
|99.9         | Consent of SRK Consulting (Canada) Inc., independent technical expert.