Exhibit 99.1



Claude Resources Inc.

200, 219 Robin Crescent

Saskatoon, SK

S7L 6M8



Annual
Information Form

For the year ended December 31, 2014

Dated as of March 26, 2015



Claude Resources Inc. – 2014 Annual Information Form1







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

Annual Information Form – March 26, 2015

Table of Contents

|                                                               |                                       |                                          |    | 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                                  |    | 17  
|                                                               | 3.2                                   | Risk Factors                             |    | 18  
|                                                               | 3.3                                   | Mineral Properties                       |    | 27  
|                                                               |                                       |                                          |    |     
|Item 4:                                                        | Dividends                             |                                          |   
|                                                               | 4.1                                   | Dividends                                |    | 53  
|                                                               |                                       |                                          |    |     
|Item 5:                                                        | Description of Capital Structure      |                                          |   
|                                                               | 5.1                                   | General Description of Capital Structure |    | 53  
|                                                               |                                       |                                          |    |     
|Item 6:                                                        | Market for Securities                 |                                          |   
|                                                               | 6.1                                   | Trading Price and Volume                 |    | 53  
|                                                               |                                       |                                          |    |     
|Item 7:                                                        | Directors and Executive Officers      |                                          |   
|                                                               | 7.1                                   | Name, Occupation and Security Holdings   |    | 54  
|                                                               | 7.2                                   | Cease Trade Orders or Bankruptcies       |    | 55  
|                                                               |                                       |                                          |    |     
|Item 8:                                                        | Transfer Agent and Registrar          |                                          |   
|                                                               | 8.1                                   | Transfer Agent and Registrar             |    | 56  
|                                                               |                                       |                                          |    |     
|Item 9:                                                        | Material Contracts                    |                                          |   
|                                                               | 9.1                                   | Material Contracts                       |    | 56  
|                                                               |                                       |                                          |    |     
|Item 10:                                                       | Legal Proceedings                     |                                          |   
|                                                               | 10.1                                  | Legal Proceedings                        |    | 56  
|                                                               |                                       |                                          |    |     
|Item 11:                                                       | Interests of Experts                  |                                          |   
|                                                               | 11.1                                  | Interests of Experts                     |    | 56  
|                                                               |                                       |                                          |    |     
|Item 12:                                                       | Audit Committee                       |                                          |   
|                                                               | 12.1                                  | Audit Committee Charter                  |    | 57  
|                                                               | 12.2                                  | Composition of the Audit Committee       |    | 57  
|                                                               | 12.3                                  | Relevant Education and Experience        |    | 57  
|                                                               | 12.4                                  | Pre-Approval Policies and Procedures     |    | 58  
|                                                               | 12.5                                  | External Audit Service Fees              |    | 58  
|                                                               |                                       |                                          |    |     
|Item 13:                                                       | Additional Information                |                                          | 58
|                                                               |                                       |                                          |   
|APPENDIX A        Charter of the Audit Committee               |                                       |                                         





Claude Resources Inc. – 2014 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 26, 2015 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. – 2014 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,
President and Chief Executive Officer, a Qualified Person within the meaning of NI 43-101. In
2014, Mineral Reserves and Mineral Resources were estimated by Claude personnel. The Mineral Resource evaluation work was completed
by a team of geologists and engineers under the supervision of Brian Skanderbeg, P.Geo., President and Chief Executive Officer.
Mineral Reserves were conducted under the direction of Qualified Person Gordon Reed, P.Eng., Seabee Gold Operation General Manager.



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. – 2014 Annual Information Form4







GLOSSARY OF TERMS



Aboriginal– means First Nation,
Métis, or Inuit.



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



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



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



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



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



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



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



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



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



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



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



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



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



Chalcopyrite – a sulphide
mineral of copper and iron.



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



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



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



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



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



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



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



Claude Resources Inc. – 2014 Annual Information Form5







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



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



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



Dore – the final saleable
product from a gold mine.



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



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



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



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



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



Facies – the character and
composition of sedimentary deposits.



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



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



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



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



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



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



Fracture – a break or crack
in rock.



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



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



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



Claude Resources Inc. – 2014 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 of gold per tonne 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. – 2014 Annual Information Form7







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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Claude Resources Inc. – 2014 Annual Information Form8







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



Pulp – a mixture of ground
ore and water.



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



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



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



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



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



Ramp - an inclined underground opening.



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



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



Showing – surface occurrence
of mineral.



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



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



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



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



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



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



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



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



Tonne – a metric ton or 2,204
pounds.



Tourmaline – a complex, crystalized
silicate containing boron.



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



Claude Resources Inc. – 2014 Annual Information Form9







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.



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. – 2014 Annual Information Form10







Item 1 Corporate Structure



1.1 Name, Address and Incorporation



Claude Resources Inc. (“Claude”
or the “Company”) amalgamated effective January 1, 2015, with its then subsidiary St. Eugene Mining Corporation Limited
(“SEM”). 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, 219 Robin Crescent, Saskatoon, Saskatchewan, S7L 6M8, Telephone: (306) 668-7505, Facsimile:
(306) 668-7500, email:clauderesources@clauderesources.com, website:www.clauderesources.com.



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



Claude has two wholly-owned subsidiary
corporations: 4158849 Canada Ltd. and Madsen Gold Corporation, both Canada federal corporations. 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:



2014: On January
31, 2014, the Company announced the retirement of the Company’s long-time President and Chief Executive Officer, Neil McMillan,
effective March 31, 2014.



On March 4, 2014, Claude announced the
closing of its previously announced agreement whereby Pure Gold Mining Inc. (“Pure Gold”) (TSX.V: PGM), formerly Laurentian
Goldfields Ltd. (“Laurentian”) (TSX.V: LGF), acquired Claude’s 100 percent interest in the Madsen Gold Project
in Red Lake, Ontario Canada. Claude received CDN $6.25 million cash upon closing of the transaction and received an additional
CDN $2.5 million cash six months following the close of the transaction. In addition, Claude received approximately 9.8 million
shares of Laurentian, which represented approximately 10.1 percent ownership in Laurentian.



In addition,
the Company engaged a strategic and financial advisor to undertake a strategic review of Claude’s business plan and
capital structure and to explore alternatives with the objective to maximize value for all shareholders. The strategic review was
completed in Q1 2015.



On March 20, 2014, the
Company announced the closing of a Net Smelter Royalty (“NSR”)  Return agreement (the “NSR
Royalty Agreement”) with Orion Mine Finance Fund. Pursuant to this transaction, proceeds of USD $12 million were
received by the Company in exchange for a three percent NSR on production from the Seabee Gold Operation. The NSR agreement
provides Claude with the option, which expires on December 31, 2016, to repurchase half or 1.5 percent of the 3 percent NSR
for U.S. $12 million. Proceeds from the transaction were used to further development at the Seabee Gold Operation and for
general working capital purposes primarily related to the Seabee Gold Operation.



On March 27, 2014, Claude’s Board
of Directors announced the appointment of Mike Sylvestre, as interim President and Chief Executive Officer, effective April 1,
2014 following the retirement of Neil McMillan on March 31, 2014.



On March 28, 2014, the Company announced
that it had completed a private placement (the "Private Placement") of common shares in the capital of Claude ("Common
Shares"). The Private Placement consisted of the issuance of 4,545,454 Common Shares at a price of CDN $0.22 per Common Share,
being the market price of the Common Shares within the meaning of the Toronto Stock Exchange Company Manual, to Crown Capital Partners
Inc. (“CCP”). The Common Shares were issued to CCP as payment for a waiver being granted by CCP in connection with
a Credit Agreement dated as of April 5, 2013 as a result of a covenant breach at December 31, 2013, as well as the modification
of certain covenants. Concurrently with satisfaction of this one-time payment, the 5.75 million common share purchase warrants
pursuant to the original agreement were cancelled.



Claude Resources Inc. – 2014 Annual Information Form11







On March 31, 2014, the Company released
an updated NI 43-101 compliant Mineral Reserve and Mineral Resource estimate for the Seabee property. Effective November 15, 2013,
Proven and Probable Reserves at the Seabee Gold Operation were 2,308,800 tonnes, grading 5.70 grams per tonne or 422,900 ounces
of gold. The Company’s Mineral Resource at its Seabee Gold Operation included Measured and Indicated Mineral Resources of
175,200 ounces and Inferred Mineral Resources totaling 582,900 ounces.



On April 21, 2014, Claude provided an update
of its 2013 underground drilling program at the Seabee Gold Operation. The underground drilling program drilled approximately 50,000
metres in an on-going effort to expand and better define the Seabee Gold Operation’s current resource.



Highlights include(cut grade over true widths):



Seabee Mine:



| | · | Hole: U13-061: 13.16 g/t over 4.7 metres;
| | - | -----------------------------------------

| | · | Hole: U13-066: 8.27 g/t over 7.8 metres;
| | - | ----------------------------------------

| | · | Hole: U13-075: 12.23 g/t over 10.7 metres;
| | - | ------------------------------------------

| | · | Hole: U13-076: 22.62 g/t over 6.1 metres;
| | - | -----------------------------------------

| | · | Hole: U13-077: 23.58 g/t over 4.8 metres;
| | - | -----------------------------------------

| | · | Hole: U13-087: 31.32 g/t over 2.5 metres;
| | - | -----------------------------------------

| | · | Hole: U13-089: 49.02 g/t over 2.0 metres; and
| | - | ---------------------------------------------

| | · | Hole: U13-321: 31.54 g/t over 5.2 metres.
| | - | -----------------------------------------



Santoy Mining Complex (Santoy 8 Mine and Santoy Gap Deposit):



| | · | Hole: SUG-13-905A: 13.28 g/t over 3.5 metres;
| | - | ---------------------------------------------

| | · | Hole: SUG-13-301: 17.32 g/t over 4.0 metres;
| | - | --------------------------------------------

| | · | Hole: SUG-13-320: 9.64 g/t over 4.4 metres;
| | - | -------------------------------------------

| | · | Hole: SUG-13-335: 10.34 g/t over 6.5 metres;
| | - | --------------------------------------------

| | · | Hole: SUG-13-347: 13.90 g/t over 5.7 metres; and
| | - | ------------------------------------------------

| | · | Hole: SUG-13-355: 6.09 g/t over 8.5 metres.
| | - | -------------------------------------------



On June 17, 2014, the Company announced
that initial production from the Santoy Gap deposit was ahead of schedule. For the month of May, development ore from three levels
in the eastern block of the Santoy Gap deposit produced on average 125 tonnes per day at a grade of approximately 7.1 grams per
tonne. Production at Santoy Gap began only two and a half years after its discovery and represents a significant milestone in the
life of mine plan at the Seabee Gold Operation.



The Company also announced that mining
crews had exposed the eastern portion of the ore body on the 24, 26, 28 and 30 levels. The 28 and 30 levels were the first to be
developed and are expected to begin initial long-hole production ahead of schedule during the third quarter. To support optimization
of the mine design, the Company announced that it was conducting an infill drill program of approximately 27,000 metres. In addition
to ongoing development work and the infill drill program, the Company completed the 290 metre ventilation raise at the Santoy Gap
deposit. The completion of the ventilation raise marked a critical milestone in driving increased underground productivity to advance
the ore body towards safe and sustainable production.



On June 25, 2014, Claude’s Board
of Directors announced the retirement of its Chair, Ted Nieman, Q.C. and Ray McKay. Both retirements were effective June 30, 2014.
Mike Sylvestre, interim President and CEO, became Chair of the Board. In addition, director Brian Booth was selected by the Board
to act as the lead independent director. Furthermore, the Board reduced both its number of directors as well as its committee structure.
At that time, the Board had five directors and two committees, being the Audit and Safety, Health and Environment committees. These
measures were part of the Company’s commitment to a cash optimization plan and further contributed to ongoing cost reductions.



Claude Resources Inc. – 2014 Annual Information Form12







On September 10, 2014, Claude announced
that the underground drill program at the Santoy Gap was continuing to achieve excellent results, including an intersection of
26.77 grams of gold per tonne over 8.7 metres true width.



2014 Underground Drilling Update



The underground drilling program was designed
to define and expand the current Mineral Reserves and Mineral Resources at the Santoy Gap. Results show high grade and excellent
widths that are hosted within three distinct vein systems, namely the Santoy Gap 9A, 9B and 9C. Select highlight holes that have
intercepted multiple vein systems are presented in the tables below. All results are reported as cut grade and true width.





Highlight Holes Intercepting Multiple Vein Systems Within
the Santoy Gap Deposit:





|           |  | VEIN SYSTEM   
|---------- |  | --------------
|           |  | 9A            
|HOLE #     |  | GRADE g/t(cut)
|SUG-14-027 |  | 33.56         
|SUG-14-028 |  | 15.35         
|SUG-14-029 |  | 50.00         
|SUG-14-034 |  | 13.29         
|SUG-14-038 |  | 9.87          
|SUG-14-044 |  | 8.03          
|SUG-14-048 |  | 6.06          



Highlights of Santoy Gap Year to Date 2014 Underground Drilling
Results:



|           |  | ZONE INTERSECTION |  |        |  |        |  | TRUE             
|---------- |  | ----------------- |  | ------ |  | ------ |  | -----------------
|HOLE #     |  | NAME (Target)     |  | FROM   |  | TO     |  | GRADE g/t (uncut)
|SUG-14-003 |  | 9A                |  | 171.00 |  | 177.00 |  | 19.31            
|SUG-14-004 |  | 9B                |  | 173.50 |  | 181.40 |  | 15.55            
|SUG-14-026 |  | 9C                |  | 139.00 |  | 147.20 |  | 11.95            
|SUG-14-026 |  | 9A                |  | 156.00 |  | 160.50 |  | 25.01            
|SUG-14-027 |  | 9A                |  | 157.50 |  | 163.50 |  | 45.49            
|SUG-14-028 |  | 9A                |  | 151.50 |  | 161.20 |  | 16.44            
|SUG-14-029 |  | 9C                |  | 119.50 |  | 125.40 |  | 27.51            
|SUG-14-029 |  | 9B                |  | 127.30 |  | 140.00 |  | 14.75            
|SUG-14-029 |  | 9A                |  | 145.50 |  | 147.80 |  | 91.58            
|SUG-14-031 |  | 9B                |  | 117.00 |  | 123.00 |  | 16.31            
|SUG-14-034 |  | 9B                |  | 118.30 |  | 129.50 |  | 36.96            
|SUG-14-038 |  | 9A                |  | 132.40 |  | 141.80 |  | 14.97            
|SUG-14-044 |  | 9C                |  | 128.80 |  | 139.10 |  | 11.33            
|SUG-14-045 |  | 9C                |  | 141.30 |  | 152.10 |  | 8.91             
|SUG-14-047 |  | 9C                |  | 159.30 |  | 172.50 |  | 11.06            
|SUG-14-048 |  | 9C                |  | 154.00 |  | 168.30 |  | 30.16            
|SUG-14-056 |  | 9C                |  | 150.40 |  | 168.00 |  | 7.35             
|SUG-14-308 |  | 9A                |  | 131.20 |  | 139.50 |  | 37.04            





Claude Resources Inc. – 2014 Annual Information Form13









Note: Composites are calculated at a
3.5 g/t cut-off and a 50.0 g/t top-cut and may include internal dilution.



Santoy Gap Update



In addition to an update on the Company
underground drill program at the Santoy Gap, Claude announced that long-hole production at the Santoy Gap deposit had been initiated
ahead of schedule. Long-hole production was originally expected to begin in the fourth quarter of 2014. From May through July,
the Santoy Gap produced approximately 13,000 tonnes at 7.1 grams of gold per tonne. Thus far, the average grade has been 8% higher
than the Santoy Gap Mineral Reserve grade of 6.4 grams of gold per tonne. Year to date, the Santoy Gap has had a positive impact
on production from the Santoy Mine Complex with overall grades improving to 5.65 grams of gold per tonne in the second quarter
versus the 3.66 grams of gold per tonne during the first quarter of this year.



Production ramp up at the Santoy Gap was
well ahead of schedule and became the main contributor of tonnes and ounces mined from the Santoy Mine Complex during the remainder
of 2014. Production tonnage from Santoy Gap averaged 300 to 400 tonnes per day during the fourth quarter, which is well above the
budgeted throughput of 200 tonnes per day. The increase in tonnage and grade from Santoy Gap is expected to drive unit cost improvements
going forward.



During the third quarter, the Company engaged
an engineering firm to update sections of the Santoy Gap mine plan, focusing on mine design, ventilation and future power requirements.
Once completed, the Company will move forward with development to achieve a full production rate of 500 to 700 tonnes per day.
Capital expenditures required to achieve the future production ramp up are expected to be minimal and the Company expects to fund
its organic growth through internal cash flows.



On November 13, 2014, Claude’s Board
of Directors announced the appointment of Mr. Brian Skanderbeg as President and Chief Executive Officer (“CEO”) of
the Company effective November 17, 2014. Brian joined Claude in 2007 and was appointed Senior Vice President and Chief Operating
Officer in 2012. He brings over 10 years of extensive gold mining and exploration experience. He previously worked for Goldcorp,
Inco Ltd. and Helio Resources and holds a B.Sc. from the University of Manitoba and a M.Sc. from Rhodes University, South Africa.



On December 18, 2014, the Company announced
that its Board of Directors named Brian Booth, current Lead Director, as Chair of the Board effective January 1, 2015. The Company’s
then Chair, Mike Sylvestre, stepped down as Chair effective December 31, 2014. Mr. Sylvestre remained on the Board as a director
until February 19, 2015, resigning to pursue a new role within the mining sector.



On January 8, 2015, the Company announced
that the Seabee Gold Operation achieved record annual gold production of 62,984 ounces for 2014, an increase of 44 percent year
over year. In 2014, the Seabee Gold Operation milled 279,597 tonnes at a grade of 7.32 grams per tonne with an average mill recovery
of 95.7 percent. The 44 percent increase in gold production was driven by a 43 percent increase in grade as mill throughput remained
consistent. Gold sales increased 40 percent in 2014 to approximately 62,700 ounces at an average gold price of approximately CDN $1,395
per ounce.



The Company also announced its 2015 outlook
for the Seabee Gold Operation where production is planned to be between 60,000 and 65,000 ounces of gold. Production will be sourced
primarily from the Santoy Gap and L62 deposits. The majority of tonnes and ounces in the 2015 business plan are expected to come
from the Santoy Gap deposit as it ramps up to 500 tonnes per day.



Claude Resources Inc. – 2014 Annual Information Form14







On January 29, 2015, the Company’s
Board of Directors announced that Mr. Patrick Downey had joined the Board, effective January 30, 2015. “Mr. Downey is a
veteran mining executive with an extensive track record in operations and development.



In March  2015, the Company
released an updated NI 43-101 compliant Mineral Reserve and Mineral Resource estimate for the Seabee property. Effective
November 30, 2014, Proven and Probable Reserves at the Seabee Gold Operation were 1,323,100 tonnes, grading 7.03 grams per
tonne or 299,000 ounces of gold. The Company’s Mineral Resource at its Seabee Gold Operation included Measured and
Indicated Mineral Resources of 125,200 ounces and Inferred Mineral Resources totaling 847,300 ounces.



2013: On January 17, 2013, the Company
announced that it had expanded its current debt facilities with its existing bank and, in addition, had come to an agreement, subject
to due diligence, with CCP for a five year, $25 million long-term debt facility (the “CCP Debt Facility”). The new
capital structure was finalized to advance the Company over the long term without diluting existing shareholders through major
equity financings. The debt facilities were utilized to retire the $9.8 million debenture due in May 2013, for expansion capital
at the Seabee Gold Operation and for working capital purposes. Further, 1,693,200 warrants listed pursuant
to the debenture offering expired unexercised.



The CCP Debt Facility closed on April 5,
2013, carries an interest rate of 10 percent of the outstanding principal and is compounded and payable monthly. Principal
payments, which began in May 2014, are payable monthly with a balloon payment, due at maturity, of $10.9 million. The CCP Debt
Facility included 5.75 million warrants at a strike price of $0.70 which were subsequently cancelled.



On February 4, 2013, the Company announced
that it had completed the shaft extension project at the Seabee Mine. The project extended the shaft from 550 metres to 980 metres
depth. As expected, the resultant reduction of trucking distance, approximately 430 vertical metres, and ore handling resulted
in lower diesel consumption, reduced maintenance costs and improved ventilation at the Seabee Mine.



In March 2013, the Company released an
updated NI 43-101 compliant Mineral Reserve and Mineral Resource estimate for the Seabee property. Effective December 31, 2012,
Proven and Probable Reserves for the Seabee Gold Operation were 1,575,200 tonnes, grading 6.14 grams per tonne or 311,100 ounces
of gold. The Company’s Mineral Resources at its Seabee Gold Operation included Measured and Indicated Mineral Resources of
344,200 ounces of gold and Inferred Mineral Resources totaling 603,400 ounces. Results obtained from drilling completed during
2012 from the Santoy Gap deposit were incorporated into and had a material impact on the update.



On May 22, 2013, the Company released results
from a 2013 first quarter drill program at Santoy 8 and Santoy Gap. This drilling extended the Santoy Gap mineralized system down
plunge to 650 metres depth and has extended Santoy 8’s system 400 metres below the base of the existing Inferred Mineral
Resource. These step-out drill intercepts significantly expanded the footprint of the Santoy Mine Complex and are of a materially
higher grade than the current reserve and resource base. Highlights from these 2013 drill results are summarized below:



|Highlights from 2013 Santoy Mine Complex Drilling
|-------------------------------------------------
|Hole ID                                          
|JOY-13-690                                       
|                                                 
|JOY-13-692                                       
|                                                 



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



Effective November 1, 2013, the Company
voluntarily delisted its common shares from the NYSE MKT. This decision was based on the general tone of the resource sector and
the Company’s continued pursuit to rationalize expenditures. The delisting of the shares did not affect the listing of the
shares on the TSX and U.S. shareholders have the opportunity to trade shares of the Company on the TSX as well as over the OTC
Markets Groups’ OTCQB Marketplace under the symbol “CLGRF”.



Claude Resources Inc. – 2014 Annual Information Form15







Subsequently, onNovember 7, 2013, based on the third quarter completion of a detailed mine design for the Santoy Gap deposit (and incorporating
the results of the first quarter drill results discussed above), the Company updated its NI 43-101 compliant Mineral Reserve and
Mineral Resource statement for its Seabee Gold Operation, effective December 31, 2012. Highlights of the update included an increase
to the Seabee Gold Operation Mineral Reserves by 78 percent to 554,100 ounces of gold. This increase included the initial Mineral
Reserve of 243,000 ounces of gold at 6.24 grams per tonne at the Santoy Gap deposit.The updated technical report supporting
the Mineral Reserve and Mineral Resource estimate dated December 31, 2012 was filed on SEDAR at www.sedar.com on December
23, 2013.



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



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



In April 2012, Mr. Brian Booth was appointed
to the Company’s Board of Directors. Mr. Booth’s geological background and experience as a business leader has provided
new insight to the Management team and Board.



At the end of August 2012, the Company
provided an exploration update from its 2012 drill program targeting the Santoy Gap deposit. Drill results extended the mineralized
system up-dip, along strike to the north and at depth as well as confirming continuity within the existing inferred resource. Drill
hole JOY-12-677 returned the widest intercept, 14.58 grams of gold per tonne over 29.74 metres, confirming a high grade core that
hosts multiple vein sets over combined widths of between 20 and 30 metres. The system remains open in most directions and underground
development from the existing Santoy 8 infrastructure was then initiated.



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



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



Claude Resources Inc. – 2014 Annual Information Form16







|Highlights from 2012 Santoy Gap drilling
|----------------------------------------
|Hole ID                                 
|JOY-12-686                              
|JOY-12-688                              
|JOY-12-689                              
|                                        
|                                        





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



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





|Santoy Gap, Mineral Resource Statement *
|----------------------------------------
|                                        
|                                        
|Indicated Mineral Resources             
|                                        
|Inferred Mineral Resources              
|                                        





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



The Santoy Gap resource was defined to
be in excess of 690 metres below surface and over a strike length of 800 metres. The deposit is located between 200 and 1,000 metres
north of the existing Santoy 8 resource and remains open down plunge to the north and at depth.



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.



The Company’s mineral property portfolio
includes the Seabee Property, which includes two producing gold mines and various exploration properties located at Laonil Lake,
Saskatchewan, approximately 125 kilometres northeast of La Ronge, Saskatchewan. This property has been in operation since December
1991, producing 1,129,924 ounces of gold to December 31, 2014. In 2014, gold production was 62,984 compared to 43,850 ounces in
2013.



The Company also owns 100 percent of the
Amisk Gold Property, located in the province of Saskatchewan, 20 kilometres southwest of Flin Flon, Manitoba, which covers an area
of 40,400 hectares.



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



Claude Resources Inc. – 2014 Annual Information Form17







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



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



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



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



An investment in the common shares
of the Company must be considered speculative due to the nature of the Company’s business and the present stage
of exploration and development of its mineral deposit properties. The risks described below may not be the only ones
facing Claude. Additional risks not currently known to Claude, or that Claude currently deems immaterial, may also impair
the operations of the Company. In addition to the other information contained in the Company’s 2014 annual report,
the following risk factors should be considered in evaluating the Company.



Persistent Low Gold Prices Could Cause
Mine Operations to be Suspended or Shutdown and Negatively Affect the Company’s Profitability, Cash Flow and Ability to Operate
as a Going Concern



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, 2014, the market price
per ounce for gold ranged from a low of U.S. $1,142 to a high of U.S. $1,385 with an average price of U.S. $1,266.



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 begin development of its properties,
or commence or, if commenced, continue commercial production.



Claude Resources Inc. – 2014 Annual Information Form18







Uncertainty of Production Estimates
can Negatively Impact Earnings and Cash Flow



The Company’s gold production may
fall below estimated levels as a result of mining accidents such as cave-ins, rock falls, rock bursts or as a result of other operational
difficulties. In addition, production may be unexpectedly reduced if, during the course of mining, mineral grades are lower than
expected, the physical or metallurgical characteristics of the minerals are less amenable than expected to mining or treatment,
or dilution increases. Accordingly, there can be no assurance that the Company will achieve current or future production estimates.



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



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



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, 2014, the CDN$/US$ exchange rate ranged from
a low of $1.0639 to a high of $1.1656 with an average of $1.1046.



Current Global Financial Condition



Market events and conditions, including
the disruptions in the international credit markets and other financial systems, the deterioration of global economic conditions
in 2008 and 2009 and, more recently, in Europe, along with political instability in the Middle East and budget deficits and debt
levels in the United States, have caused significant volatility to commodity prices. These conditions have also caused a loss of
confidence in the broader United States, European and global credit and financial markets and resulting in the collapse of, and
government intervention in, major banks, financial institutions and insurers and creating a climate of greater volatility, less
liquidity, widening credit spreads, less price transparency, increased credit losses and tighter credit conditions. Notwithstanding
various actions by governments, concerns about the general condition of the capital markets, financial instruments, banks, investment
banks, insurers and other financial institutions caused the broader credit markets to further deteriorate and stock markets to
decline substantially. These events are illustrative of the effect that events beyond Claude’s control may have on commodity
prices, demand for metals, including gold and silver, and general financial market liquidity, all of which may affect the Company’s
business.



Claude Resources Inc. – 2014 Annual Information Form19







Claude is also exposed to liquidity and
various counterparty risks including, but not limited to: (i) financial institutions that hold Claude’s cash and cash equivalents;
(ii) companies that have payables to Claude, including bullion brokers; (iii) Claude’s insurance providers; (iv) Claude’s
lenders; (v) Claude’s other banking counterparties; and (vi) companies that have received deposits from Claude for the future
delivery of equipment and or other operational inputs. Claude is also exposed to liquidity risks in meeting its capital expenditure
requirements in instances where cash positions are unable to be maintained or appropriate financing is unavailable. These factors
may impact the ability of Claude to obtain loans and other credit facilities in the future and, if obtained, on terms favourable
to Claude. Furthermore, repercussions from the 2008-2009 economic crisis continue to be felt, as reflected in increased levels
of volatility and market turmoil. As a result of this uncertainty, Claude’s planned growth could either be adversely or positively
impacted and the trading price of Claude’s securities could either be adversely or positively affected.



Limitations under Credit Facilities



The Company’s secured credit facilities
may limit, among other things, the Company’s ability to permit the creation of certain liens, make investments or dispose
of the Company’s material assets. In addition, these credit facilities may limit the Company’s ability to incur additional
indebtedness and requires the Company to maintain specified financial ratios and meet financial condition covenants. Events beyond
the Company’s control, including changes in general economic and business conditions, may affect the Company’s ability
to satisfy these covenants, which could result in a default under one or both of the credit facilities. If an event of default
under the credit facility occurs, the lenders could elect to declare all principal amounts outstanding thereunder at such time,
together with accrued interest, to be immediately due. In such an event, the Company may not have sufficient funds to repay amounts
owing under the facility.



Use of Derivatives



Claude currently hedges a portion of future
gold sales to manage price exposure to fluctuations in that base metal. Claude also hedges its propane fuel price exposure and
to manage adverse price movements impacting costs specific to fuel prices.



Claude uses certain derivative products
to manage the risks associated with gold price volatility and with changes in other commodity input prices (including energy prices).
The use of derivative instruments involves certain inherent risks including: (i) credit risk - the risk that the creditworthiness
of a counterparty may adversely affect its ability to perform its payment and other obligations under its agreement with Claude
or adversely affect the financial and other terms the counterparty is able to offer Claude; (ii) market liquidity risk –
the risk that Claude has entered into a derivative position that cannot be closed out quickly, by either liquidating such derivative
instrument or by establishing an offsetting position; and (iii) unrealized mark-to-market risk – the risk that, in respect
of certain derivative products, an adverse change in market prices for commodities or currencies will result in Claude incurring
an unrealized mark-to-market loss in respect of such derivative products.



There is no assurance that a hedging program
designed to reduce the price risk associated with fluctuations in base metals, propane fuel prices will be successful. Although
hedging may protect Claude from an adverse price change, it may also prevent Claude from benefiting fully from a positive price
change.



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 and materially impact the Company’s business and financial condition.



Claude Resources Inc. – 2014 Annual Information Form20







At current gold prices and forecast production,
Management believes operating cash flows and the Company’s line of credit will be sufficient to fund the Q1 2015 winter road
resupply and 2015 operations.





Fluctuations in External Factors Affecting
Costs



The Company’s production costs are
dependent on a number of factors, including refining charges, and the cost of inputs used in mining operations, including, but
not limited to, equipment, labour (including contractors), petroleum, chemical reagents, tires and power. All of these factors
are beyond the Company’s control. If the Company’s total production costs per ounce of gold rise above the market price
of gold and remain so for any sustained period, the Company may experience losses and may curtail or suspend some or all of its
exploration, development and mining activities.





Claude Resources Inc. – 2014 Annual Information Form21







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 as well as local municipal laws. Mineral exploration and mining may be affected in varying
degrees by government regulations relating to the mining industry. Any changes in regulations or shifts in political conditions
are beyond the control of the Company and may adversely affect its business.



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



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



Exploration, development and mining activities
at the Company’s Saskatchewan 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 2020. The Company
is currently in the process of planning tailings capacity expansion beyond 2020. This will support the extension of Seabee’s
mine life and provide additional tailings capacity to process ore from the Santoy Mine Complex. If the Company does not receive
regulatory approval for new or expanded tailings facilities, gold production could be constrained.



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.



Claude Resources Inc. – 2014 Annual Information Form22







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 Property. 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.



As filed with the Government of Saskatchewan’s
Ministry of Environment, the Company estimated in its Mine Closure Plan the closure costs at the cessation of mining at its Seabee
Mine at $6.3 million. Actual costs of completing the reclamation of the mine site may be higher than those estimated. The Company
has issued letters of credit in favour of the Ministry of Environment in the amount of $2.1 million in support of its obligations.
The letters of credit are secured by investment certificates. The Company has received approval to incrementally fund its remaining
closure cost obligations over the next four years as follows: 2015 - $0.5 million; 2016 - $1.0 million; 2017 - $1.0 million; and,
2018 - $1.5 million.



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. Until Mineral Reserves or Mineral Resources are actually
mined and processed, Mineral Reserve and Mineral Resource grades must be considered as estimates only.



Potential Shareholder Dilution Could
Impact Share Price and New Equity Issues



As of December 31, 2014, there were stock
options outstanding to purchase 8,497,937 common shares. The common shares issuable under these options, if fully exercised, would
constitute approximately 4.3 percent of the Company’s resulting share capital. The exercise of such options 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.



Claude Resources Inc. – 2014 Annual Information Form23







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.



Impairment of Assets may Impact Operational
Performance



In accordance with IFRS, the Company capitalizes
certain expenditures relating to its mineral projects. From time to time the carrying amounts of mining properties and plant and
equipment are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.
If there are indicators of impairment, an exercise is undertaken to determine whether the carrying values are in excess of their
recoverable amount. Such review is undertaken on an asset by asset basis, except where such assets do not generate cash flows independent
of other assets, and then the review is undertaken at the cash generating unit level.



Events that could, in some circumstances,
lead to an impairment include, but are not limited to, changes to gold price or cost assumptions, changes to Mineral Reserve or
Mineral Resource grades or the Company’s market capitalization being less than the carrying amounts of its mining properties
and plant and equipment.



The assessment requires the use of estimates
and assumptions such as, but not limited to, long-term gold prices, foreign exchange rates, discount rates, future capital requirements,
Mineral Reserve and Mineral Resource estimates, operating performance as well as the definition of cash generating units. It is
possible that the actual fair value could be significantly different from those assumptions, and changes in the assumptions will
affect the recoverable amount. In the absence of any mitigating valuation factors, the Company’s failure to achieve its valuation
assumptions or a decline in the fair value of its cash generating units or other assets may, over time, result in impairment charges.



Claude Resources Inc. – 2014 Annual Information Form24







If the Company determines that an asset
is impaired, the Company will charge against earnings any difference between the carrying amount of the assets and the estimated
fair value less cost to sell those assets. Any such charges could have a material adverse effect on the Company’s results
of operations.



Extreme and Persistent Weather Conditions
could Cause Operating and Exploration Difficulties



The
Company’s mining and exploration properties are all located in Saskatchewan. 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 cost 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 Seabee and Amisk properties, the Company has examined property search
abstracts from the Saskatchewan Ministry of the Economy as well as made inquiries and reviewed lease files from the Ministry. It
has also received confirmation of title from Saskatchewan Environment.



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



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



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



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.



Information Systems Security Threats



Although the Company has not
experienced any material losses to date relating to cyber attacks or other information security breaches, there can be no
assurance that Claude will not incur such losses in the future. The Company’s risk and exposure to these matters cannot
be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cyber security and the
continued development and enhancement of controls, processes and practices designed to protect systems, computers, software,
data and networks from attack, damage or unauthorized access is a priority. As cyber threats continue to evolve, the Company
may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and
remediate any security vulnerabilities.



Claude Resources Inc. – 2014 Annual Information Form25







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 SEC 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.



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



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



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



All industries, including the mining industry,
are subject to legal claims, with and without merit. Defense 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 proceeding will not have a material adverse effect on the Company’s financial position or results of
operations.



Claude Resources Inc. – 2014 Annual Information Form26







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. Any decision made by any of
these directors and officers involving Claude will be made in accordance with their duties and obligations to deal fairly and in
good faith with a view to the best interests of Claude and its shareholders. In addition, the Company will resolve any actual conflicts
of interest if and when the same arise in accordance with the Company’s Code of Ethics Policy.



3.3 Mineral Properties



The Company’s
mineral property portfolio includes the Seabee Mine and Santoy Mine Complex (both producing gold mines), and a portfolio of exploration
properties located in the Province of Saskatchewan. The Company has assembled the majority of its property portfolio in and around
the Seabee and Santoy Mines (including the Santoy Gap deposit, Neptune and Porky Lake exploration projects) and Amisk Gold Property
in Saskatchewan. At the Seabee Operation, 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 theSeabee Mine andSantoy Mine Complex are producing gold.



CLAUDE ASSET LOCATIONS



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



Seabee Mine



The Seabee Mine is located at Laonil Lake,
Saskatchewan, approximately 125 kilometres northeast of the town of La Ronge. Claude commenced commercial production at the mine
in December, 1991. Since start-up, the mine has produced 1,129,924 ounces of gold including 62,984 ounces produced in 2014.



SEABEE PROPERTY











Claude Resources Inc. – 2014 Annual Information Form27









SEABEE AREA



Property Description and Access



The Seabee Gold Operation has
produced gold from  six mineral leases (“ML”). It  is currently producing from ML5519, ML5520,  ML5543
and ML5551. 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) and Santoy Gap (ML 5551) during 2013. Late in 2012, the Company staked an additional
3,350 hectares, taking its current land position to in excess of 17,200 hectares.







Figure 1: Seabee Property showing significant
gold deposits and occurrences



The Seabee Gold 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.



Claude Resources Inc. – 2014 Annual Information Form28







The Seabee Operation directly supports
a workforce of approximately 280 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



Seabee Operation NSR



During the first quarter of 2014, the Company
announced the closing of an NSR Royalty Agreement with Orion Mine Finance Fund on all future gold sales at the Seabee Gold Operation.
Pursuant to this transaction, proceeds of US $12 million were received by the Company in exchange for a three percent NSR. The
NSR Royalty Agreement provides the Company with the option, which expires on December 31, 2016, to repurchase half or 1.5 percent
of the 3 percent NSR for US $12 million. The NSR payments are paid quarterly in cash or in physical gold at the average price of
gold in each calendar month.



Red Mile Royalty Agreements



From 2004 through
2007 the Company sold production royalties pursuant to four Royalty Agreements, for proceeds of $7.1 million, $14.0 million, $35.0
million and $25.6 million, respectively. Proceeds from the sale of each of the royalties were deposited in exchange for a promissory
note; these promissory notes have been classified as restricted for accounting purposes. It is expected thatinterest and
principal from the restricted promissory notes 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.
During the year ended December 31, 2014, the Company’s 100 percent owned subsidiary exercised its call right to purchase
the equity of the holder of the royalty pursuant to the 2004 Red Mile Royalty Agreement. Furthermore, subsequent to December 31,
2014, the same subsidiary exercised its call right to purchase the equity of the holder pursuant to the 2005 Red Mile Royalty Agreement.
In each case, the restricted promissory note pursuant to the respective agreements was sufficient to satisfy the call price. At
March 26, 2015, only the 2006 and 2007 Royalty Agreements remain.



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:





|Summary
    of NPI’s Pursuant to Red Mile Royalty Agreements
|------------------------------------------------------------
|                                                            
|Net Profit Interest                                         
|                                                            
|Applicable years                                            
|Percent                                                     
|Price of gold thresholds                                    





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, 2014, the cumulative carry forward amounts
remained in a deficiency position under each of the agreements. Using current production, price and cost forecasts within the Company’s
current Life of Mine Plan, no payments are anticipated over the remaining life of these NPIs.



Santoy Project Net Profits Interest



Subject to the Agreement for Assignment
of Mineral Dispositions dated the 21st day of March, 1984 between Saskatchewan Mining Development Corporation ("Cameco")
and Claude Resources Inc., there was a five percent NPI on the Company's Santoy property.   During 2014, the Company
entered into an agreement and completed the purchase of the Santoy Project NPI for $0.3 million.



Claude Resources Inc. – 2014 Annual Information Form29







Saskatchewan Government Production Royalties



Royalties are payable to the province of
Saskatchewan under the terms of the Mineral Disposition Regulations, 1986. The royalty is calculated on five percent
of the first million ounces of production escalating to 10 percent thereafter on net operating profits and becomes payable once
capital and exploration costs are recovered. At current and anticipated production rates, Crown royalty payments are not expected
to be required during 2015 or 2016. To date, there have been no royalty taxation payments made to the province.



History



Gold was first discovered around Laonil
Lake in 1947 by prospectors acting on behalf of Cominco Inc. (“Cominco”). Between 1947 and 1950, Cominco conducted
an extensive program of prospecting, trenching, geological mapping and diamond drilling. The latter 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.



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.



Claude Resources Inc. – 2014 Annual Information Form30







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 280 workers with 160 on site at any
given time, subject to seasonal adjustments. Approximately 190 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 90 people are employed in the underground operations. Camp facilities on site are capable of accommodating
approximately 200 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. Designs and construction to raise the Triangle Lake dams to the 460.0 metre elevation have been approved by Saskatchewan Environment.
Construction will be completed in stages and in 2012 construction was completed up to the 457.0 metre elevation. Review and approval
to store tailings up to the new elevation was received in April 2013. During 2014, construction was completed up to the 458.4 metre
level. Staged upgrades to the tailings facilities will continue up to the 460.0 metre elevation. Costs to reach the 460.0 metre
elevation are expected to be approximately $1.0 to $2.0 million.



Engineering studies also proposed stacked
tailings for the East Lake TMF which could extend TMF capacity by four to five years, at current production rates. Stacked tailings,
a process which allows for tailings impoundment to exceed final dam elevation, has been used successfully in other mining jurisdictions
in Canada. The Company expects the stacked tailings process will also be completed in stages with annual costs of up to $1.0 million.



As required by regulatory authorities,
the Company has provided letters of credit as security for reclamation related to the Seabee Operation in the amount of $2.1 million.
As security for these letters of credit, the Company has provided investment certificates in the same amount. In April 2011, the
Company submitted an updated decommissioning plan for the Seabee Operation. Initial comments were received from Saskatchewan Environment
during the first quarter of 2012 with continuing discussions occurring throughout 2012. In 2013, a final agreement on the decommissioning
plan was accepted with the full cost of the plan being approximately $6.3 million. The Company has received approval to incrementally
fund its remaining closure cost obligations over the next several years: 2015 - $0.5 million; 2016 - $1.0 million; 2017 - $1.0
million; and, 2018 - $1.5 million).



The Company uses a variety of mining methods
to extract ore from the gold deposits. The selection of the method is dependent upon a variety of factors including: orebody geometry,
dip, location, personnel and equipment availability, etc. The major mining methods include:



Claude Resources Inc. – 2014 Annual Information Form31







| | · | Longhole Mining: Most of the mining is completed via longhole mining.
This method is employed in steeply dipping orebodies. Strike length is limited and ore pillars, or rib pillars, are left in place
to control dilution.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Avoca long hole mining: In high value ore with appropriate access points,
avoca mining increases ore recovery as there are no pillars left for ground stability. 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.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Cut and Fill: In shallow dipping orebodies cut and fill methods are employed to maximize ore recovery.
In this method mining progresses from bottom up with individual lifts of ore (3-5 metres vertical) are extracted. Waste rock is
backfilled into the open cavity before mining of the next lift up.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Alimak mining: In narrow orezones or zones with significant capital development requirements, alimak
mining is employed to minimize development requirements. Alimak mining requires an upper and lower access point between which an
alimak raise is excavated. Production activities can be conducted from the alimak raise itself, or from a development drift excavated
off the raise.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The
zones currently being mined are accessed by a ramp driven to the 1,200 metre level. Mining efforts are currently being focused
on the 2b and 2c zones at depth on the 970 thru 1,100 levels,as well as the L62 zone between the 690 and 900 level.
The shaft and hoisting facility, commissioned in the fourth quarter of 1997 (with extensions commissioned in November 2003 and
February 2013), provides ore and waste transport to surface. As much as 850 tonnes per day of ore and waste are moved to the ore
and waste pass system and hoisted to surface with the ore then conveyed to the mill.  Seabee operated under a five year mine
plan focusing on the 2b, 2c and L62 zones while continuing to expand and explore for additional underground ore zones. The mill
process consists of a three stage crushing circuit, a three stage grinding circuit, followed by cyanide leaching. The leached gold
is collected in a carbon-in-pulp circuit, stripped and collected on stainless steel mesh cathodes by electrowinning. The product
from electrowinning is refined into dore bars in a bullion furnace. Power is supplied by line from Saskatchewan Power Corporation’s
provincial power grid.



In 2013, exploration activities included
significant semi-detailed mapping near Seabee, drilling of 4,300 metres, development, compilation and prospecting of a number of
near-mine targets. Through application of an updated structural model for both the Seabee and Santoy regions, the Company’s
exploration department generated a number of targets for evaluation during 2013. A number of these targets were advanced through
sampling, stripping and mapping with a goal of advancing towards drill readiness. Results from the 2013 program continued to support
the potential for further discovery within the Seabee footwall environment.



During 2014, exploration at the Seabee
Mine focused on low cost per ounce targets, proximal to infrastructure with the potential to materially impact near-term production,
drive resource growth and to positively impact the Company’s Mineral Reserves and Mineral Resources. Exploration
of the Seabee Region is focused on a near mine environment and is prioritizing drill targets to be tested during 2015.





Claude Resources Inc. – 2014 Annual Information Form32













Figure 2: Seabee Mine Composite Longitudinal
Section



Seabee Mine Future Work Programs



Mineralization
is known to extend below the current lowest working levels at Seabee, in addition to known veins not yet mined. During 2015,Claude
is planning in excess of 60,000 metres of underground drilling at Seabee and Santoy to replace production. Drilling will be focused
on the extension at depths of the 2B and 2C veins.



In addition,
2015’s exploration budget will focus on evaluating the most prospective targets within a one kilometre radius of the Seabee
head-frame and the CMN, Herb Lake and 2d deep targets. The CMN and Herb Lake targets were most recently prospected in 2013 at which
time the latter yielded significant high-grade grab samples along a Seabee parallel trend. The 2d deep target represents a large
panel below mined-out stopes and holds the potential for significant ounces within striking distance of existing mine workings.
An underground drill program coordinated by the Exploration department will focus on high-priority near-mine targets, which have
the potential to result in new discoveries proximal to Seabee’s mine infrastructure and thereby expanding the current
resource/reserve base.



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



|Operating Data for Seabee Gold Operation | 
|---------------------------------------- | 
|December 31                              | 
|                                         | 
|Ore Milled (tonnes)(1)                   | 
|Grade processed (grams per tonne)        | 
|Mill Recoveries (%)                      | 
|Gold Produced (ounces)(1)                | 
|Gold Sold (ounces)(2)                    | 
|                                         | 
|Cash Cost (CDN$/ounce of gold sold)(3)   | 
|Cash Cost (US$/ounce of gold sold)(3)    | 



Claude Resources Inc. – 2014 Annual Information Form33







| | (1) | 2010 results include tonnes milled and ounces produced
from the Santoy 8 Project Bulk Sample.
| | --- | ---------------------------------------------------------------------------------------------

| | (2) | Statistic excludes ounces sold from the Santoy 8 Project
which was not yet in commercial production.
| | --- | ----------------------------------------------------------------------------------------------------

| | (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



|Summary of Consolidated Total Cash Costs
|----------------------------------------
|December 31                             
|                                        
|Cash operating costs                    
|                                        
|Royalties                               
|Total cash costs                        
|                                        
|Gold ounces sold                        
|Mine operating costs (US $ millions)    
|(CDN $ millions)                        



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



The following table details the All-In
Sustaining Cost per Ounce data of the Seabee Operation for the last 5 years:



|Summary of All-In Sustaining Costs      
|----------------------------------------
|December 31                             
|                                        
|Production cost (CDN$)                  
|NSR Royalty                             
|Smelting, refining, freight             
|By-product credits                      
|General and administrative              
|Accretion                               
|Development                             
|Property, plant and equipment           
|Exploration                             
|All-In Sustaining Costs                 
|Divided by ounces sold                  
|All-in sustaining cost per ounce (CDN$) 
|                                        
|CDN$ Exchange Rate                      
|All-in sustaining cost per ounce (U.S.$)



The Company reports its
All-In Sustaining cost per-ounce based on the definition of all-in sustaining costs as set out by the World Gold Council.
The Company defines all-in sustaining costs as the sum of production costs, sustaining capital (capital required to
maintain current operations at existing levels), corporate general and administrative expenses, exploration expenses and
reclamation cost accretion related to current operations. All-in sustaining costs exclude expansion capital, reclamation cost
accretion not related to current operations, interest expense, debt repayment and income taxes. The costs included in the
calculation of all-in sustaining costs are divided by commercial gold ounces sold; U.S.$ all-in sustaining costs per ounce
sold are translated using the average Bank of Canada CDN$/U.S.$ exchange rate. 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.



Claude Resources Inc. – 2014 Annual Information Form34







Since commencement of production in 1991,
the mill has processed nearly 5.2 million tonnes of ore at an average head grade of 7.28 grams of gold per tonne producing 1,129,924
ounces of gold to December 31, 2014.



Seabee Property – Santoy Region



The Santoy Lake property is an 11,400 acre
(4,566 hectares) claim group located approximately 14 kilometres east of the Company’s operating Seabee Mine and hosts the
Company’s Santoy Mine Complex (which includes the Santoy 8 and Santoy Gap deposits). Claude holds a 100 percent interest
in the property; the five percent NPI on the property was repurchased by the Company during 2014 for $0.3 million. An all-weather
road providing access from the Seabee Mill was completed in 2006 and continues to be upgraded. During 2009, the Company completed
the construction of the power line extension from the Seabee mine to the Santoy Mine Complex. During the second quarter of 2011,
the Company declared that its Santoy Mine Complex had achieved commercial production effective January 1, 2011. During 2014 and
2013, the Santoy Mine Complex produced 20,962 ounces and 17,718 ounces of gold, respectively.



Geology



Gold mineralization at the Santoy Region
is hosted in siliceous, shear structures with sulfide-chlorite-quartz veins and in silicified granitoid sills. Gold mineralization
of the Santoy 8 ore lens occurs over a strike length of 600 metres, a depth of 500 metres and remains open along strike and down
plunge to the north. The Santoy 8E ore lens has been intercepted over a strike length of 200 metres, depth of 250 metres and remains
open along strike and down plunge to the north. The mineralized lenses dip moderately to steeply eastward and amenable to bulk
mining techniques. 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 900 metres north of the Santoy 8 deposit and underground infrastructure, immediately on strike
and adjacent to the Santoy 8 deposit within the Santoy Mine Complex.



Historical drilling completed in and around
the Santoy Gap and along the Santoy regional shear zone has extended the mineralized system, discovered a sub-parallel lens to
the Santoy Gap approximately 150 metres to the east and affirmed the high prospectivity of the Santoy Regional Shear Zone, hosting
multiple deposits over a three kilometre strike length. The Santoy Gap system remains open down plunge to the north, along strike
to the south and at depth. These intercepts at depth may link with the existing Santoy 8 resource 300 metres to the south. Drilling
at Santoy Gap has extended the mineralized system down-plunge to 650 metres depth and at Santoy 8 has extended the system 500 metres
below the base of the existing inferred resource.



In 2014 and 2013, infill and exploration
drilling continued to confirm and expand the Santoy Gap system.



History



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



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



Claude Resources Inc. – 2014 Annual Information Form35







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



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



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



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



Claude Resources Inc. – 2014 Annual Information Form36









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







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





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



Highlights from 2012 Santoy Gap drilling
include:



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



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



Claude Resources Inc. – 2014 Annual Information Form37











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



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



The 2013 surface drill program consisted
of three step-out drill holes targeting the down-plunge extension of the Santoy Gap and Santoy 8 deposits. Of these, two drill
holes returned high grade intercepts, interpreted to represent extensions of the mineralized system. Testing intercepted the Santoy
Gap and or Santoy 8 structures. Down-plunge drilling tested the extension of Santoy 8 intercepted a vein system hosted in a thick
package of highly altered shear zone.



Drilling at Santoy Gap has extended the
mineralized system down-plunge to 650 metres depth and at Santoy 8 has extended the system 400 metres below the base of the existing
inferred resource. Theses stepout drill intercepts significantly expand the footprint of the Santoy Mine Complex and are of a materially
higher grade than the current reserve and resource base. Santoy Gap results are highlighted by drill hole JOY-13-690 that returned
330.35 grams of gold per tonne over 1.55 metres, inclusive of a bonanza grade interval of 602.00 grams of gold per tonne over 0.84
metres. This is the highest grade interval drilled to date at the Santoy Gap. Drill hole JOY-13-692 returned 18.80 grams of gold
per tonne over 13.86 metres in the final hole of the program. The intercept is located 400 metres down plunge from existing Santoy
8 inferred resources and 200 metres along strike from the Santoy Gap inferred resources. Drill hole JOY-13-692 is of particular
significance as it confirms continuity at depth between the Santoy Gap and Santoy 8 deposits.



Claude Resources Inc. – 2014 Annual Information Form38







The 2014 underground drilling program was
designed to define and expand the current Mineral Reserves and Mineral Resources at the Santoy Gap. Results show high grade and
excellent widths that are hosted within three distinct vein systems, namely the Santoy Gap 9A, 9B and 9C. Select highlight holes
that have intercepted multiple vein systems are presented in the next two tables and provide further highlights and information
specific to each intercept. All results are reported as cut grade and true width.



Highlight Holes Intercepting Multiple Vein Systems Within
the Santoy Gap Deposit:







|           |  | VEIN SYSTEM    
|---------- |  | ---------------
|           |  | 9A             
|HOLE #     |  | GRADE g/t (cut)
|SUG-14-027 |  | 33.56          
|SUG-14-028 |  | 15.35          
|SUG-14-029 |  | 50.00          
|SUG-14-034 |  | 13.29          
|SUG-14-038 |  | 9.87           
|SUG-14-044 |  | 8.03           
|SUG-14-048 |  | 6.06           



Highlights of Santoy Gap Year to Date 2014 Underground Drilling
Results:



|           |  | ZONE INTERSECTION |  |        |  |        |  |                  
|---------- |  | ----------------- |  | ------ |  | ------ |  | -----------------
|HOLE #     |  | NAME (Target)     |  | FROM   |  | TO     |  | GRADE g/t (uncut)
|SUG-14-001 |  | 9C                |  | 118.50 |  | 127.50 |  | 4.84             
|SUG-14-001 |  | 9B                |  | 129.00 |  | 132.50 |  | 20.74            
|SUG-14-001 |  | 9A                |  | 138.60 |  | 140.50 |  | 28.82            
|SUG-14-002 |  | 9A                |  | 155.40 |  | 165.00 |  | 9.37             
|SUG-14-003 |  | 9C                |  | 144.00 |  | 149.60 |  | 4.51             
|SUG-14-003 |  | 9A                |  | 171.00 |  | 177.00 |  | 19.31            
|SUG-14-004 |  | 9C                |  | 158.10 |  | 163.80 |  | 7.41             
|SUG-14-004 |  | 9B                |  | 173.50 |  | 181.40 |  | 15.55            
|SUG-14-007 |  | 9C                |  | 136.80 |  | 139.40 |  | 21.05            
|SUG-14-007 |  | 9A                |  | 165.00 |  | 173.90 |  | 5.99             
|SUG-14-008 |  | 9A                |  | 171.70 |  | 174.40 |  | 36.23            
|SUG-14-009 |  | 9C                |  | 133.80 |  | 137.10 |  | 9.03             
|SUG-14-010 |  | 9A                |  | 153.00 |  | 157.00 |  | 5.77             
|SUG-14-016 |  | 9C                |  | 153.50 |  | 157.50 |  | 10.16            
|SUG-14-017 |  | 9C                |  | 131.80 |  | 140.20 |  | 5.24             
|SUG-14-019 |  | 9B                |  | 166.50 |  | 169.50 |  | 17.93            
|SUG-14-020 |  | 9A                |  | 144.00 |  | 151.50 |  | 3.51             
|SUG-14-022 |  | 9C                |  | 120.00 |  | 121.50 |  | 21.19            
|SUG-14-025 |  | 9C                |  | 113.10 |  | 114.30 |  | 67.03            
|SUG-14-026 |  | 9C                |  | 139.00 |  | 147.20 |  | 11.95            
|SUG-14-026 |  | 9A                |  | 156.00 |  | 160.50 |  | 25.01            
|SUG-14-027 |  | 9C                |  | 129.10 |  | 142.50 |  | 4.28             
|SUG-14-027 |  | 9B                |  | 147.00 |  | 150.30 |  | 7.71             
|SUG-14-027 |  | 9A                |  | 157.50 |  | 163.50 |  | 45.49            
|SUG-14-028 |  | 9C                |  | 127.30 |  | 136.50 |  | 6.71             
|SUG-14-028 |  | 9B                |  | 144.90 |  | 149.30 |  | 4.84             
|SUG-14-028 |  | 9A                |  | 151.50 |  | 161.20 |  | 16.44            
|SUG-14-029 |  | 9C                |  | 119.50 |  | 125.40 |  | 27.51            
|SUG-14-029 |  | 9B                |  | 127.30 |  | 140.00 |  | 14.75            
|SUG-14-029 |  | 9A                |  | 145.50 |  | 147.80 |  | 91.58            
|SUG-14-030 |  | 9C                |  | 114.40 |  | 117.50 |  | 5.55             
|SUG-14-031 |  | 9B                |  | 117.00 |  | 123.00 |  | 16.31            
|SUG-14-031 |  | 9A                |  | 128.70 |  | 133.50 |  | 11.95            
|SUG-14-032 |  | 9A                |  | 131.90 |  | 135.50 |  | 5.66             
|SUG-14-033 |  | 9C                |  | 148.40 |  | 152.90 |  | 6.86             
|SUG-14-033 |  | 9B                |  | 160.00 |  | 163.30 |  | 10.58            
|SUG-14-034 |  | 9B                |  | 118.30 |  | 129.50 |  | 36.96            
|SUG-14-034 |  | 9A                |  | 130.60 |  | 133.60 |  | 13.29            
|SUG-14-035 |  | 9C                |  | 116.70 |  | 120.20 |  | 16.57            
|SUG-14-036 |  | 9C                |  | 133.20 |  | 138.50 |  | 11.13            
|SUG-14-037 |  | 9B                |  | 132.00 |  | 136.00 |  | 6.89             
|SUG-14-038 |  | 9C                |  | 112.40 |  | 114.70 |  | 28.36            
|SUG-14-038 |  | 9B                |  | 120.00 |  | 121.00 |  | 20.20            
|SUG-14-038 |  | 9A                |  | 132.40 |  | 141.80 |  | 14.97            
|SUG-14-039 |  | 9C                |  | 120.00 |  | 122.00 |  | 9.29             
|SUG-14-039 |  | 9A                |  | 146.80 |  | 149.50 |  | 9.84             
|SUG-14-041 |  | 9C                |  | 143.20 |  | 148.10 |  | 10.57            
|SUG-14-041 |  | 9B                |  | 151.40 |  | 155.40 |  | 5.59             
|SUG-14-042 |  | 9C                |  | 133.90 |  | 139.20 |  | 53.11            
|SUG-14-044 |  | 9C                |  | 128.80 |  | 139.10 |  | 11.33            
|SUG-14-044 |  | 9A                |  | 156.20 |  | 160.80 |  | 19.18            
|SUG-14-045 |  | 9C                |  | 141.30 |  | 152.10 |  | 8.91             
|SUG-14-045 |  | 9B                |  | 153.00 |  | 156.00 |  | 11.58            
|SUG-14-047 |  | 9C                |  | 159.30 |  | 172.50 |  | 11.06            
|SUG-14-048 |  | 9C                |  | 154.00 |  | 168.30 |  | 30.16            
|SUG-14-048 |  | 9B                |  | 171.30 |  | 179.20 |  | 7.04             
|SUG-14-048 |  | 9A                |  | 185.40 |  | 196.20 |  | 6.06             
|SUG-14-049 |  | 9C                |  | 160.80 |  | 165.00 |  | 13.50            
|SUG-14-049 |  | 9B                |  | 174.40 |  | 178.70 |  | 12.49            
|SUG-14-049 |  | 9A                |  | 193.50 |  | 199.00 |  | 4.93             
|SUG-14-056 |  | 9C                |  | 150.40 |  | 168.00 |  | 7.35             
|SUG-14-308 |  | 9A                |  | 131.20 |  | 139.50 |  | 37.04            
|SUG-14-310 |  | 9A                |  | 107.50 |  | 109.00 |  | 19.38            
|SUG-14-314 |  | 9A                |  | 74.20  |  | 77.80  |  | 5.37             
|SUG-14-316 |  | 9A                |  | 162.60 |  | 169.60 |  | 5.76             
|SUG-14-318 |  | 9A                |  | 137.10 |  | 144.80 |  | 6.47             
|SUG-14-328 |  | 9A                |  | 70.20  |  | 73.80  |  | 12.19            
|SUG-14-329 |  | 9A                |  | 74.60  |  | 78.00  |  | 6.38             
|SUG-14-334 |  | 9A                |  | 159.90 |  | 161.30 |  | 166.87           
|SUG-14-337 |  | 9A                |  | 72.20  |  | 73.50  |  | 48.30            



Claude Resources Inc. – 2014 Annual Information Form39









Note: Composites are calculated at a
3.5 g/t cut-off and a 50.0 g/t top-cut and may include internal dilution.



Santoy Region Future Work Programs



At Santoy drilling will be focused on infill
drilling on the Santoy Gap deposit for conversion into reserves as well as production definition drilling. Additional drilling
will evaluate extensions at depths of the Santoy 8 deposit.



During the third quarter, the Company engaged
an engineering firm to update sections of the Santoy Gap mine plan, focusing on mine design, ventilation and future power requirements.
Once completed, the Company will move forward with development to achieve a full production rate of 500 to 700 tonnes per day.
Capital expenditures required to achieve the future production ramp up are expected to be minimal and the Company expects to fund
its organic growth through internal cash flows.



Claude Resources Inc. – 2014 Annual Information Form40











Figure 4: Map of the Santoy Region



Seabee Property – Currie Rose



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



Geology



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



Claude Resources Inc. – 2014 Annual Information Form41







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.



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.



Claude Resources Inc. – 2014 Annual Information Form42







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



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



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



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



Claude Resources Inc. – 2014 Annual Information Form43







Neptune Plan Map



Figure 5: Neptune target showing significant
gold intercepts and soil anomaly



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



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



Seabee (Currie Rose) Property Future
Work Programs



Claude will continue to analyze the potential
for these targets. However, no exploration work was undertaken in 2014 and none is expected in 2015.



Seabee Area Reserves and Resources



Claude originally
commissioned Cominco Engineering to provide a feasibility study on the Seabee Mine in 1989. A positive feasibility study was prepared
and presented to the Company in August 1989, and a revised study was presented in May 1990. The reserve estimates for the property
were reviewed by A.C.A. Howe. From 1988-2006, A.C.A. Howe visited the mine annually and received all technical, developmental and
production reports concerning the mine. Using this information, A.C.A. Howe then reviewed the reserve estimates developed by the
Company’s own mining staff. From 2007 to 2010 the Mineral Reserves and Mineral Resources estimates were conducted under the
direction of the Company’s Qualified Persons. In 2011, the Company engaged SRK to conduct an independent audit of the 2011
year end reserves and resources. In 2012, the Mineral Reserves and Mineral Resources estimates were conducted under the direction
of the Company’s Qualified Persons. In 2013, the Company engaged SRK to act as QP on the 2013 year-end Mineral Reserves;
Mineral Resources estimates were conducted under the direction of the Company’s Qualified Person, Brian Skanderbeg, P.Geo.,
Senior Vice President and Chief Operating Officer.In 2014, Mineral Reserves and Mineral Resources were estimated by Claude
personnel. The Mineral Resource evaluation work was completed by a team of geologists and engineers under the supervision of Brian
Skanderbeg, P.Geo., President and Chief Executive Officer. Mineral Reserves were conducted under the direction of Qualified Person
Gordon Reed, P.Eng., Seabee Gold Operation General Manager.



Claude Resources Inc. – 2014 Annual Information Form44







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



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



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



A block cut-off grade averaging 4.5 grams
per tonne for the Seabee Mine, 3.6 grams per tonne for Santoy 8 and Santoy Gap and 3.0 grams per tonne for Porky West and Porky
Main is applied to Mineral Reserves and Mineral Resources. This cut-off is the application of dilution, mining losses and mill
recovery. It may be beneficial on occasion to mine and haul lower grade ore to access reserves.



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



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



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



Claude Resources Inc. – 2014 Annual Information Form45









At the Seabee Gold Operation, year over year, Proven and
Probable Mineral Reserves grade increased by 23 percent to 7.03 grams per tonne while reserve ounces decreased 29 percent to
299.000 ounces. The increase in reserve grade was driven by a 35 percent increase in grade year over year at the Santoy Gap
(7.64 grams per tonne from 5,68 grams per tonne). The increase in grade and reduction in reserve ounces at Santoy Gay was
largely the result of a revision to the mining method from the pre-feasibilitv study. Based on information from the
Company’s 2014 infihl drilling program that demonstrated better vein continuity and improved pillar configuration,
Transverse mining was replaced with Long-hole mining.



Measure and Indicated Mineral Resources decreased 29 percent
to 125.200 ounces. Inferred Mineral Resources increased by 45 percent to 847,300 ounces. The near doubling of inferred ounces
year over year came from significantly expanding the Santoy 8 ore body at depth. This extension is significant in size and grade
and provides for a great opportunity to expand the life of mine at the Santoy Mine Complex.



The Mineral Reserves and Mineral Resources of the Santoy Gap
deposit continue to be important and represent an opportunity for the Company due to their proximity to permitted mine infrastructure,
low development cost and near-term production potential. Furthermore, based on its high-grade nature and size, the Santoy Gap
deposit demonstrates the potential that exists to grow production at the Seabee Gold Operation.





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



Footnotes to the Mineral Resource Statement:

| | 1. | At November 30, 2014, Mineral Reserves and Mineral Resources were estimated by Claude personnel.
The Mineral Resource evaluation work was completed by a team of geologists and engineers under the supervision of Brian Skanderbeg,
P.Geo., President and Chief Executive Officer, a full time employee of Claude. Mineral Reserves were conducted under the direction
of Qualified Person Gordon Reed, P.Eng., Seabee Gold Operation General Manager, a full time employee of Claude. Mr. Skanderbeg
and Mr. Reed have sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration
and to the activities undertaken to qualify as a Qualified Persons as defined by NI 43-101.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | At November 15, 2013, Mineral Resources were estimated by Claude personnel. SRK Consulting (Canada)
Inc. prepared the Company’s Mineral Reserves as at November 15, 2013. The Mineral Resource evaluation work was completed
by a team of geologists and engineers under the supervision of Brian Skanderbeg. Mineral Reserves were conducted under the direction
of Qualified Person Stephen Taylor, P.Eng (SRK Consulting (Canada) Inc.).
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Mineral Resources and reserves reported herein have been estimated in conformity with generally
accepted CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and are reported in accordance
with Canadian Securities Administrators’ NI 43-101.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | Mineral Reserves and Mineral Resources for the Seabee deposit are reported at a cut-off of 4.5
grams of gold per tonne. Santoy 8 and Santoy Gap Mineral Reserves and Mineral Resources are reported at a cut-off of 3.6 grams
of gold per tonne. Porky Main and Porky West Mineral Resources are reported at a cut-off grade of 3.0 grams of gold per tonne. 
Assumptions include a price of CDN $1,375 per ounce of gold using metallurgical and process recovery of 95.2 percent and overall
ore mining and processing costs derived from 2014 and 2013 realized costs.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | All figures are rounded to reflect the relative accuracy of the estimates.  Summation of individual
columns may not add-up due to rounding.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 
There is no certainty that all or any part of the Mineral Resource will be converted into Mineral Reserves.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Claude Resources Inc. – 2014 Annual Information Form46









Amisk Property



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



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



AMISK LOCATION







How Acquired



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



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



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



Claude Resources Inc. – 2014 Annual Information Form47











Figure 6: 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. – 2014 Annual Information Form48







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



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



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



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



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



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



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



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



On February 17, 2011, Claude released an
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 13. An 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").



|Consolidated Mineral Resource Statement* Amisk Gold Project, Saskatchewan (100 percent)
|---------------------------------------------------------------------------------------
|                                                                                       
|Resource Class                                                                         
|Indicated                                                                              
|Inferred                                                                               



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



Claude Resources Inc. – 2014 Annual Information Form49











Figure 7: 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.



|2011 Summer and Fall Drill Results  from the Amisk Gold Project
|---------------------------------------------------------------
|Hole                                                           
|AL-11-300                                                      
|and                                                            
|AL-11-301                                                      
|and                                                            
|AL-11-302                                                      
|AL-11-303                                                      
|AL-11-304                                                      
|AL-11-305                                                      
|AL-11-306                                                      
|AL-11-307                                                      
|AL-11-308                                                      
|AL-11-309                                                      
|AL-11-310                                                      
|AL-11-311                                                      
|AL-11-312                                                      
|and                                                            
|and                                                            
|AL-11-313                                                      
|and                                                            
|and                                                            
|and                                                            
|AL-11-314                                                      
|AL-11-315                                                      
|Incl                                                           
|AL-11-316                                                      
|AL-11-317                                                      
|incl                                                           
|AL-11-318                                                      
|and                                                            
|incl                                                           
|and                                                            
|incl                                                           
|and                                                            
|incl                                                           
|and                                                            
|incl                                                           
|AL-11-319                                                      
|incl                                                           
|and                                                            
|and                                                            
|incl                                                           
|and                                                            
|incl                                                           
|AL-11-320                                                      



Claude Resources Inc. – 2014 Annual Information Form50







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 2011 program. The program tested from surface to in excess of 700 metres depth and was designed to
expand the limits of the Amisk Gold deposit as well as infill within the northern and eastern portion of the deposit.



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



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



Claude Resources Inc. – 2014 Annual Information Form51







During 2012 and 2013, work on the external
PEA at Amisk continued, including a technical site visit and an evaluation of the potential production rate. Detailed (as well
as reconnaissance) exploration of the deposit also continued. On the Company’s newly acquired claims and western block of
the Amisk Gold Project, reconnaissance work occurred with the goal of identifying similarities to Amisk’s historical geology
and for potential drill targets. These claims host potential for Amisk-style Au-Ag mineralization as well as conventional base-metal
deposits typical of the Flin Flon Belt.



Amisk Property Future Work Programs



No drilling was completed during 2014 and
none is planned for 2015. The Company is currently considering strategic alternatives for this asset.



Sampling and Analysis of Exploration Drill Holes



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



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



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



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



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



Security of Samples



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



Claude Resources Inc. – 2014 Annual Information Form52







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, 2014, 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 188,155,978 common shares issued and outstanding as of December 31,
2014, 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.



As of December 31, 2014, the Company also
had outstanding 8,497,937 share purchase options with a weighted average exercise price of $1.07.



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



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



Claude Resources Inc. – 2014 Annual Information Form53







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”. 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, 2014:



Common Shares

Toronto Stock Exchange



|          |  | Canadian Dollars |       |  |     |  
|--------- |  | ---------------- | ----- |  | --- | -
|2014      |  | High             |       |  | Low |  
|December  |  | $                | 0.345 |  |     | $
|November  |  | $                | 0.320 |  |     | $
|October   |  | $                | 0.275 |  |     | $
|September |  | $                | 0.280 |  |     | $
|August    |  | $                | 0.320 |  |     | $
|July      |  | $                | 0.285 |  |     | $
|June      |  | $                | 0.230 |  |     | $
|May       |  | $                | 0.185 |  |     | $
|April     |  | $                | 0.205 |  |     | $
|March     |  | $                | 0.270 |  |     | $
|February  |  | $                | 0.220 |  |     | $
|January   |  | $                | 0.260 |  |     | $



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 26, 2015 are set forth below:



|Name and Municipality ofResidence                                 | Positions Held               | Director/OfficerSince | Principal Occupation                      
|----------------------------------------------------------------- | ---------------------------- | --------------------- | ------------------------------------------
|Brian Booth, P.Geo.(1)(3)
        West Vancouver, BC              | Director, Chair of the Board | 2012                  | President and CEO of Pembrook Mining Corp.
|Brian Skanderbeg, P.Geo.
        Saskatoon, SK                    | Director, President and CEO  | 2008                  | President and CEO of Claude               
|Ronald J.
        Hicks, CPA, CA(1)(2)
        Saskatoon, SK      | Director                     | 2006                  | Chartered Professional Accountant         
|J. Robert
        Kowalishin, P. Eng.(1)(3)
        Saskatoon, SK | Director                     | 2007                  | Business Person                           
|Rita M. Mirwald, C.M. (2)(3)
        Saskatoon, SK                | Director                     | 2011                  | Business Person                           
|Patrick Downey, B.Sc., P. Eng.
        Vancouver, BC              | Director                     | 2015                  | Business Person                           
|Rick Johnson, CPA, CA
        Saskatoon, SK                       | Chief Financial Officer      | 2004                  | Chief Financial Officer of Claude         



Note:

| | (1) | Member of the Audit Committee.
| | --- | ------------------------------

| | (2) | Member of the Human Resources & Compensation Committee (disbanded and assumed by the Board
on July 1, 2014).
| | --- | ------------------------------------------------------------------------------------------------------------

| | (3) | Member of the Safety, Health & Environmental (SHE) Committee.
| | --- | -------------------------------------------------------------



Claude Resources Inc. – 2014 Annual Information Form54







All of the directors and executive officers
of Claude have been engaged for more than five years in their present principal occupations except for: Mr. Skanderbeg who was
VP Exploration from April 2008 to September 2012 and Senior Vice President & COO from September 2012 to November 2014 (at which
time he was appointed to the role of President and CEO); and Mr. Downey who was CEO of Elgin Mining Inc., which was acquired by
Mandalay Resources in June 2014, from July 2011 to June 2014.



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.



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 764,818 of the common shares outstanding
at December 31, 2014, being less than one percent of the issued and outstanding common shares of the Company.



7.2 Cease Trade Orders or Bankruptcies



Except as set out below, no director or
executive officer of the Company:



| | (a) | is, as at the date of this Information Circular, or has been, within 10 years before the date of
this annual information form, a director, chief executive officer or chief financial officer of any company (including Claude)
that:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | was subject to a cease trade or similar order or an order that denied the relevant company access
to any exemption under securities legislation that was issued while the director or executive officer was acting in the capacity
of director, chief executive officer or chief financial officer, or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | was subject to a cease trade or similar order or an order that denied the relevant company access
to any exemption under securities legislation that was issued after the director or executive officer ceased to be a director,
chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting
in the capacity as director, chief executive officer or chief financial officer, or
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | is, as at the date of this annual information form, or has been, within 10 years before the date
of this annual information form, a director or executive officer of any company (including Claude) that, while that persons was
acting in that capacity, or within a year of the person ceasing to act in that capacity, became bankrupt, made a proposal under
any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise
with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | has, within the 10 years before the date of this annual information form, become bankrupt, made
a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement
or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director or executive
officer.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Mr. Downey was a director of Sutcliffe
Resources Inc. (now Zoloto Resources Ltd.) from April 2007 to November 2008. On May 11, 2007, Zoloto Resources Ltd. was issued
a cease trade order by the British Columbia Securities Commission ("BCSC") for failure to file financial statements and
an MD&A for the financial year ended December 31, 2006. That cease trade order was revoked on May 11, 2007. Thereafter, a management
cease trade order in respect of insiders of Zoloto Resources Ltd. was issued by the BCSC on May 14, 2008 for failure to file financial
statements and an MD&A for the financial year ended December31, 2007 and was revoked on July 8, 2008.



Claude Resources Inc. – 2014 Annual Information Form55







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 has no material contracts other
than those entered into in the ordinary course of business and the following:



| | (a) | the CCP Debt Facility set forth under "General Development of the Business – Recent
History" on page 16;
| | --- | --------------------------------------------------------------------------------------------------------



| | (b) | the NSR Royalty Agreement set forth under “General Development of the Business – Recent
History” on page 12 and “Property Royalties” on page 28;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the Red Mile Royalty Agreements set forth under “Property Royalties” on page 28.
| | --- | --------------------------------------------------------------------------------



Item 10 Legal Proceedings



10.1	Legal Proceedings



All industries, including the mining industry,
are subject to legal claims, with and without merit. 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.



Item 11 Interests of Experts



11.1	Interests of Experts



SRK Consulting
(Canada) Inc., Suite 2100 – 25 Adelaide Street East, Toronto, Ontario, M5C 3A1, has provided the Company withindependent
NI 43-101 Technical Reports for the Amisk Gold Project. The Company has no knowledge of registered or
beneficial interests held directly or indirectly by SRK or any of its designated professionals 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, 2014. 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,
President & Chief Executive Officer,a Qualified Person within the meaning of NI 43-101.
Mr. Skanderbeg beneficially owns, directly or indirectly, less than one percent of the outstanding commons shares of the Company.



Item 12 Audit Committee



12.1	Audit Committee Charter



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



Claude Resources Inc. – 2014 Annual Information Form56







12.2	Composition of the Audit Committee



Members of the Audit Committee are: Ronald
J. Hicks, CPA, CA (Chair), J. Robert Kowalishin and Brian Booth. Each member of the Audit Committee is independent and financially
literate.



12.3	Relevant Education and Experience



|Name                                              |  | Principal Occupation and Biography                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Ronald J. Hicks, CPA, CA
        (May 2006)       |  | Ronald J. Hicks is a member of the
        Chartered         Professional Accountants of Saskatchewan (“CPA Saskatchewan”), formerly the Institute of
        Chartered Accountants of Saskatchewan (“ICAS”).          He         joined         Deloitte &         Touche LLP in 1959 and
        was         admitted to         partnership in 1977 until his         retirement         in August         2000. In 2004, Mr.
        Hicks         received the         Distinguished Community         Service         Award from ICAS.
        He is         currently a Director Emeritus with Ducks         Unlimited Canada.         In 2013, Mr. Hicks was awarded with
        the               Queen Elizabeth II         Diamond Jubilee medal         for his contributions to conservation and his
        work with         Ducks         Unlimited Canada. In his career,         he has         served as director with Dickenson
        Mines Limited, Kam         Kotia Mines Limited,         Saskatchewan Government Insurance                and Prairie Malt
        Limited.  Mr. Hicks         served as Chairman of the Saskatchewan         Roughrider Football         Club
        (Saskatoon         Committee), Ducks         Unlimited (Saskatoon Committee),  ICAS Saskatchewan         Public Practice
        Review         and         Appraisal Committee                   and Admissions Committee.  Ron became a Director of
        Claude in         2006.
|J. Robert Kowalishin, P.Eng.
        (March 2007) |  | J. Robert Kowalishin retired after a 42
        year career with the Trane Company. He has held senior management positions in Canada and the United States, most recently District
        Manager of Trane's Ontario operations based in Toronto, Ontario.  Previous to that, he served as Franchise Holder in Saskatoon
        (1972-1995), and Regional Manager responsible for Canada and northeastern United States.  After retirement, he was a consultant
        and adviser to Trane's Leadership Development Program.  Mr. Kowalishin received his Bachelor of Science (Mechanical Engineering)
        from the University of Saskatchewan in 1962 and is a Life Member of the American Society of Heating, Refrigeration, and Air Conditioning
        Engineers and a Life Member of the Association of Professional Engineers and Geoscientists of Saskatchewan. Bob became a Director
        of Claude in 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Brian R. Booth, B.Sc.,P.Geo.
        (April 2012) |  | Mr. Booth currently serves as the President and Chief Executive Officer of Pembrook Mining Corp., an exploration company based in Vancouver, BC, Canada.  Mr. Booth holds a B.Sc in Geology from McGill University and is also a member of the Professional Geoscientists of Ontario. Mr. Booth began his career as a Geologist on the Casa Berardi gold discoveries in Quebec.  He opened Inco's exploration office in Val d'Or, Quebec and is credited with the discovery of the Douay West gold deposit in 1990 and was subsequently appointed to the board of Societe D’Exploration Miniere Vior Inc.  In 1994, as Inco's Manager Exploration, Eastern North America, he conducted the preliminary assessment of the Voisey's Bay Ni-Cu-Co discovery.  He later relocated to Indonesia to manage Inco's exploration office in Jakarta during which time he was involved, through a joint venture with Highlands Gold, in the discovery of the Beutong copper porphyry in Sumatra.  Mr. Booth served as the Chief Executive Officer and President of Lake Shore Gold Corp. and later as a Director.  Brian became a Director of Claude in 2012 and became Chair of the Board in 2015.                                                                                                                                                                                                                                                                                                                



12.4	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. – 2014 Annual Information Form57







12.5	External Audit Service Fees



The aggregate fees for professional services
rendered by KPMG LLP for the 2014 and 2013 fiscal years are shown in the table below:



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



Item 13 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 26, 2015. Additional financial information is provided in the Company’s consolidated financial statements and
MD&A for the year ended December 31, 2014.



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
or on the Securities and Exchange Commission website at www.sec.gov.





Claude Resources Inc. – 2014 Annual Information Form58







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



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



Claude Resources Inc. – 2014 Annual Information Form59







| | 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. – 2014 Annual Information Form60







| | 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 relevant U.S. forms, if applicable.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



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



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



| | 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
| | --- | ------------------------------------------------------------------



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



Claude Resources Inc. – 2014 Annual Information Form61







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



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



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



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



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



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



Independence of External Auditors



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



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



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



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



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



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



Claude Resources Inc. – 2014 Annual Information Form62







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



Risk Management



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



Disclosure Controls



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



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



Compliance



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



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



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



Miscellaneous



The Committee will:



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



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



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.





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