UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington,
D.C. 20549

FORM 40-F/A
(Amendment No. 1)

(Check One)

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

or

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



|For the fiscal year ended: | December 31, 2011 | Commission File Number: | 1-31956
|-------------------------- | ----------------- | ----------------------- | -------



CLAUDE RESOURCES INC.

(Exact name of Registrant as specified in
its charter)

|Canada
        (Province
        or other jurisdiction of incorporation or organization) | 1040
        (Primary Standard Industrial Classification
        Code Number, if applicable) | Not Applicable
        (I.R.S. Employer Identification Number,
        if applicable)
|---------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------



224
4th Avenue South, Suite 200
Saskatoon, Saskatchewan
S7K 5M5  Canada
(306) 668-7505(Address and telephone number of Registrant’s principal executive offices)

CT Corporation System
111 Eighth Avenue, 13th Floor
New York, NY 10011
(212) 894-8700(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

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

|                    |  | Name of each exchange
|------------------- |  | ---------------------
|Title of each class |  | on which registered  
|Common Shares       |  | NYSE Amex            



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



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



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



| | þ | Annual information form | þ | Audited annual financial statements
| | - | ----------------------- | - | -----------------------------------



Indicate the number of outstanding shares
of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 164,630,231
common shares

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



Yes   þ                No    ̈



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



Yes    ̈               No    ̈











EXPLANATORY NOTICE TO READER



On April 2, 2012, Claude Resources
Inc. (the “Registrant”) filed its annual report on Form 40-F for the fiscal year ended December 31, 2011 (the
“Annual Report”). The Registrant is filing this Amendment No. 1 to the Annual Report to revise the first sentence
of Note 2 (Basis of Preparation: Statement of Compliance) to the Registrant’s audited consolidated financial
statements for the fiscal year ended December 31, 2011, originally filed as Exhibit 99.2 to the Annual Report, to reflect
that such financial statements were prepared in accordance with International Financial Reporting Standards as issued by the
International Accounting Standards Board. The phrase “as issued by the International Accounting Standards Board”
was inadvertently omitted. Additionally, Exhibit 99.2 hereto contains the report of KPMG LLP (“KPMG”), the
Registrant’s independent registered public accounting firm, on the Registrant’s audited consolidated financial
statements and the notes thereto for the fiscal years ended December 31, 2011 and 2010, which was inadvertently omitted from
the Annual Report.



Other than as expressly set forth above,
this amendment does not, and does not purport to, update or restate the information in any Item of the Annual Report or reflect
any events that have occurred after the Annual Report was filed. The filing of this amendment shall not be deemed an admission
that the Annual Report, when filed, included any untrue statement of material fact or omitted to state a material fact necessary
to make a statement not misleading.



UNDERTAKING AND CONSENT TO SERVICE OF
PROCESS



A.           Undertaking



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



B.          Consent
to Service of Process



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











SIGNATURES



Pursuant to the requirements of the Exchange
Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this amendment
no. 1 to the annual report to be signed on its behalf by the undersigned, thereto duly authorized.



|                   | CLAUDE RESOURCES INC.
|------------------ | ---------------------
|                   |                      
|Date:  May 4, 2012 | By:                  
|                   |                      
|                   |                      











EXHIBIT INDEX



|Exhibit No.: |  | Description:                                                                                                                                       
|------------ |  | ---------------------------------------------------------------------------------------------------------------------------------------------------
|             |  |                                                                                                                                                    
|99.1*        |  | Annual Information Form dated March 30, 2012.                                                                                                      
|             |  |                                                                                                                                                    
|99.2**       |  | Audited consolidated financial statements and notes thereto for the fiscal years ended December 31, 2010 and 2011 and the auditor’s report thereon.
|             |  |                                                                                                                                                    
|99.3*        |  | Management’s Discussion and Analysis of the Registrant for the year ended December 31, 2011 dated March 30, 2012.                                  
|             |  |                                                                                                                                                    
|99.4**       |  | Consent of KPMG LLP, the Registrant’s independent registered public accounting firm.                                                               
|             |  |                                                                                                                                                    
|99.5**       |  | Certification of Chief Executive Officer required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.                        
|             |  |                                                                                                                                                    
|99.6**       |  | Certification of Chief Financial Officer required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.                        
|             |  |                                                                                                                                                    
|99.7**       |  | Certification of Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.                                          
|             |  |                                                                                                                                                    
|99.8**       |  | Certification of Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.                                          
|             |  |                                                                                                                                                    
|99.9*        |  | Consent of SRK Consulting (Canada) Inc., independent technical expert.                                                                             
|             |  |                                                                                                                                                    
|99.10*       |  | Report of KPMG LLP, the Registrant’s independent registered public accounting firm, with respect to internal control over financial reporting.     



| | * | Previously filed
| | - | ----------------

| | ** | Filed herewith
| | -- | --------------