MANAGEMENT’S DISCUSSION AND ANALYSIS
The following discussion is a review of the financial performance and position of Claude Resources
Inc. (“Claude” or the “Company”) as at June 30, 2010 compared to December 31, 2009 and the
results of operations for the three and six months ended June 30, 2010 compared with the
corresponding periods of 2009. This discussion is the responsibility of Management and the
information within this Management’s Discussion and Analysis is current to August 11, 2010. The
Board of Directors approved the disclosure presented herein. The discussion should be read in
conjunction with the Company’s 2009 annual Management’s Discussion and Analysis and 2009 annual
audited consolidated financial statements and notes thereto. All amounts are expressed in Canadian
dollars, except where otherwise indicated.
NOTE TO INVESTORS
For ease of reference, the following factors for converting metric measurements into imperial equivalents are
Claude Resources Inc. is a gold producer with shares listed on both the Toronto Stock Exchange (TSX-CRJ)
and the NYSE Amex (NYSE Amex-CGR). The Company is also engaged in the exploration and development
of gold mineral reserves and mineral resources. The Company’s entire asset base is located in Canada. Its main
revenue generating asset is the 100 percent owned Seabee gold operation, located in northern Saskatchewan.
Claude also owns 100 percent of the 10,000 acre Madsen Property in the prolific Red Lake gold camp of
northwestern Ontario and has a 65 percent working interest in the Amisk Gold Property in northeastern
MISSION AND VISION
The Company’s mission is to create significant shareholder value through gold exploration and mining. Its vision
is to be valued by all stakeholders for its ability to discover, develop and produce gold in a safe, environmentally
responsible and profitable manner.
GOALS AND KEY PERFORMANCE DRIVERS - MEASURING THE COMPANY’S R