Corporate Presentation June 2013

Low Risk, Low Capital, High GrowthJUNE 2013

TSX:USAOTCQX:USGIF

Forward Looking Statement – Safe HarbourCertain information in this presentation may contain forward-looking statements. This information is based on current expectations that are subject to significant risks, assumptions and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. All statements, other than statements of historical fact, included in the presentation, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of U.S. Silver & Gold, are forward-looking statements. Words such as “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “intend”, “believe” and other similar expressions are forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather reflect our current views with respect to future events and are subject to risks, uncertainties, assumptions and other factors, and actual results and future events could differ materially from those anticipated in such statements. There can be no assurance that such forward-looking statements will prove to be accurate. U.S. Silver & Gold assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the U.S. Silver & Gold. Additional information identifying risks and uncertainties is contained in filings by U.S. Silver & Gold with the Canadian securities regulators, which filings are available at www.sedar.com.

An additional Cautionary Note to Investors – In the event that we use certain terms in this presentation, such as “resource”, “measured resource”, “indicated resource” and “inferred resource”. U.S. investors are cautioned that, while such terms are recognized and required by Canadian Securities Laws, the United States Securities and Exchange Commission does not recognize them. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination has been made. U.S.investors should not assume that all or any part of measured or indicated resources will ever be converted into reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Accordingly, information concerning descriptions of mineralization in this presentation may not be comparable to information made public by companies that are subject to the SEC’s Industry Guide 7.

Mr. Jim Atkinson, Vice President, Exploration and a Qualified Person under Canadian Securities Administrators guidelines has approved the applicable contents of this presentation.

For further information on the Galena Complex, please refer to the technical report entitled “Technical Report, Galena Complex, Shoshone Idaho” dated March 22, 2013 and available on the U.S. Silver & Gold Inc. SEDAR profile at www.sedar.com.

Some of the potential quantities and grades disclosed are conceptual in nature, there has been insufficient exploration to define a mineral resource on all of the mineralization at the Galena Complex and it is uncertain if further exploration will result in certain targets being delineated as a mineral resource.

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U.S. Silver & Gold Highlights

2012 Production: 2.6M oz Ag and 20,432 oz Au

Established, Long-life Operating Asset

Strong Operating Cash Flow

Significant Ongoing Brownfield Expansion

Dominant Land Position in the Prolific Silver Valley

Favourable Environment for Accretive Acquisitions

Proven Management & Board

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2013 Forecast

2.6 - 3.0Moz Ag

$16 - $18Ag Cash Costs/oz

Darren BlasuttiPresident and CEO, Director

• Former SVP Corporate Development and Investor Relations for Barrick Gold, reported to President and CEO• Led Barrick's strategic development for over 13 years executing over 25 gold mining transactions including Sutton Resources,

Homestake Mining, Placer Dome, consolidation of the Cortez property from Rio Tinto • Responsible for creation of Barrick Energy to hedge Barrick’s exposure to energy prices

Bob TaylorCOO

• Over 40 years of experience in operations, management, engineering, and exploration for underground and open-pit mines • Most recently VP and President North American Operations for Kinross Gold where he was responsible for all operations

and exploration• Former VP, Mine Operations at Stillwater Mining in Montana

Warren VargaCFO

• Over 17 years of progressive financial leadership experience and brings extensive senior management expertise • Most recently CFO of RX Gold & Silver Inc. and former Senior Director, Corporate Development at Barrick Gold Corporation • Member of the Canadian Institute of Chartered Accountants and the Chartered Financial Analyst Institute

Steve LongSVP, Operations

• Over 35 years experience in mine engineering and management• Senior manager for underground mining operations for Newmont Mining Corporation, Barrick Gold, Echo Bay and

Homestake Mining

Jim AtkinsonVP, Exploration

• Licensed Professional Geologist, over 40 years of experience in exploration geology• Completed more than a dozen exploration programs across North America

Daren DellVP, Technical Services

• Over 20 years experience and brings extensive knowledge gained from evaluating mining assets around the globe• Formerly Director, Corporate Development and Director, Technical Evaluations at Barrick Gold. Prior to joining Barrick Gold,

Mr. Dell was at Placer Dome for 15 years

Peter McRae VP, General Counsel

• Most recently VP Corporate Counsel of RX Gold & Silver Inc. and in private practice at Weil, Gotshal & Manges LLP, a major international law firm based in NY with extensive experience on general corporate, securities law, and governance matters

Management Team: Experienced + Proven

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Board of Directors

Gordon PridhamChairman

• Over 30 years of experience as a global finance executive• Serves on the public company boards of Newalta Corporation and Titanium Corporation, where he is Chairman of the Board

Hugh AgroDirector

• Retired in 2009 as EVP Strategic Development at Kinross Gold, where he oversaw corporate development and exploration • Held senior positions with Placer Dome Canada and Deutsche Bank

Darren BlasuttiDirector • President and CEO

Alex DavidsonDirector

• Retired in 2009 as EVP Exploration and Corporate Development at Barrick Gold • 2005 AO Dufresue Award to recognize exceptional achievement and distinguished contribution to mining exploration in Canada• In 2003 was named Prospector of the Year by PDAC for discovery of Alto Chicama in Peru

Louis DionneDirector

• Former Senior Vice President Underground Operations at Barrick Gold • Currently a director of Detour Gold Corporation and Aurizon Mining Ltd.

Alan EdwardsDirector

• Board of directors for AuRico Gold Inc., Entrée Gold Inc., Copper One Inc., Oracle Mining Corp. and AQM Copper Inc. (Chairman)• Senior management positions with Frontera Copper, Apex Silver Mines, Kinross, Cyprus Amax and Phelps Dodge

Tom RyleyDirector

• Board of directors for Newalta Corporation, Tribute Resources and Benefuel Inc., where he is Chairman of the Board• Former Executive Vice President of Suncor Energy, where he worked for 25 years in a variety of roles

Lorie WaisbergDirector

• Former Senior Partner at Goodmans LLP and EVP, Finance and Administration of Co-Steel Inc.• Accredited with Institute of Corporate Directors and sits on Boards of Tembec and Chemtrade Logistics Inc 5

Asset Overview

6

Galena Complex – 100% owned• High grade Ag-Cu and Ag-Pb• Produced over 240 M oz Ag historically• Over 23 M oz Ag in “Proven and

Probable” Reserves, 13 M oz Ag in “Measured and Indicated” and 18 M ozAg in “Inferred” Resources*

• Caladay Zone being assessed for high grade conventional mining and bulk mining potential

• Excess hoisting and milling capacity

Galena Complex located in mining friendly Idaho• Ranked 6th in the US by The Fraser

Institute in 2012/2013**• Supportive local communities• Established mining state• Experienced knowledgeable workforce

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Drumlummon Mine – 100%• Transitioning to care & maintenance • High grade Au and Ag• Produced over 1 M oz Au and 12 M oz Ag• Extensive mining infrastructure

* Descriptions of our mineral deposits are not comparable to similar information reported by U.S. companies which are subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. See www.us-silver.com for NI 43-101 Technical Report.

** See www.fraserinstitute.org for details.

Galena Complex

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Galena and Coeur Areas• Galena 2012 production of 2.25M oz Ag @ ~$20/ounce; 2013 production estimates of

2.6-3.0M oz Ag @ $16-$18/ounce

• Production growth being realized with adoption of new shift schedule implemented in mid-Q1 2013

• Production increase of 10% and cash cost reductions of 10-15% targeted for 2013

• Coeur re-development postponed to focus efforts on Caladay potential

• Current M&I resource is 3.3M oz Ag with an additional 1.9M oz in Inferred• Option value of resource is preserved; mine ready for a relatively quick re-start

when circumstances support a production decision

• Two separate mills with combined capacity of 1,500 tons/day, currently operating at less than 60% of capacity

• Mill recovery rates of 96% for silver-copper and 92% for silver-lead ores

• Continued exploration success and mine life extension at Silver Halo and 350-370 vein system

• Discovery of 350-370 vein system, Silver Halo and Caladay Zone expected toallow for ramp-up to 1,500 tons per day of ore production over next 3-4 yearswith modest capital outlays starting in Q3, 2013.

Large Reserve and Resource Base

2ndlargestPrimary silver producer in the U.S.

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Galena Complex – Long Section

Opportunities for Significant Brownfield Expansion

Galena Complex – Caladay Zone

9Supports Lower Cost Mining Techniques9

New High Grade

Discovery

* Some of the potential quantities and grades disclosed in this presentation areconceptual in nature. At the current stage of exploration, there is insufficientdrilling to determine the extent of continuity of the mineralization required todefine a mineral resource for all mineralization at the Galena Mine Complex andDrumlummon Mine. It is uncertain if further exploration will result in certainexploration targets being delineated as a mineral resource

The Caladay Zone is a semi-continuous mineralized zone extending from Galena into the Caladay Mine at depth

• Currently 2,800-3,000 vertical feet with estimated strike length of 1,200-3,600 feet and apparent widths of 200-400 feet

Global tonnage target of 60-70 million tons and potential silver resource of 150-200 million ounces based on over 1100 historic drill holes and new drilling

Mining will commence in high-grade, silver-copper zones targeting 100 tons per day in Q3 2013

• Development will begin in wider, higher-grade silver lead stopesin late 2013

A preliminary plan will be communicated in 2013• Phase 1 - “Fill the Mill” from high grade areas close to

infrastructure based on current resource• Phase 2 - Major expansion to be considered when supported by

market conditions and resource expansion through exploration success

Caladay Zone (Illustrative View)

AgCu ‐ Silver HaloAgPb ‐ Lead ZoneAgPb ‐ Higher Grade Silver ResourceMineralization

Caladay Zone - 4900 Level Plan

Close Proximity to Existing Mine Infrastructure

Block Model ResultsCaladay Zone

Strategic Objectives

12Grow earnings and cash flow per share

Execute on operational improvements and brownfield expansions• Develop Caladay to fully utilize existing

processing capacity• Continue exploration success to prove out

bulk mining expansion caseSecure re-financing or line of credit to support brownfield initiatives

Assess exploration, processing and capital synergies with geographically focused assets

Assess accretive per share acquisition opportunities in North America

1

2

3

4

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Roadmap For Success

Exceed 5.0 M oz Ag by end of 2015

Share Price Performance & Capital Structure

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Symbol: USA-TRecent Price*: $0.85Market Cap (CDN): $51 MCash Balance**: $11 MDebt**: $7.9 M

Shares Basic: 60 MOptions : 5.5 MWarrants: 2.0 MFully Diluted: 67.7 M

* As of June 2013** As of March 31, 2013

Vol

ume

(TS

X &

OTC

QX)

Sha

re P

rice

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

15-08-2012 15-10-2012 15-12-2012 15-02-2013 15-04-2013

Junior Silver Producer Resource Base

14Quality Resources and Growing

Ag

oz (M

)

Reserves/Resources

*As of June 13, 2013 and based on public disclosure documents.Market data and other statistical information used in this presentation may be based on independent industry publications, government publications, reports by market research firms, or other published independent sources. Some data is also based on U.S. Silver & Gold’s good faith estimates that are derived from its review of internal data and information, as well as the sources listed above. Although U.S. Silver & Gold believes these sources are reliable, U.S. Silver & Gold has not independently verified the information and cannot guarantee its accuracy or completeness.

P&P

M&I

0

10

20

30

40

50

60

70

GPR AXR AUMN SPM USA AUN

Junior Silver Producer Multiples

15Undervalued Relative to Peers

EV

/ R

esou

rces

($/o

z A

g)

EV / Resources


0

2

4

6

8

10

GPR EXN AUN AXR USA SPM AUMN

2013 Estimated Silver Production per $1,000 Invested

Highest Leverage to Silver Prices

16Buy Assets Leveraged to the Silver Price

Pro

duct

ion

per $

1k In

vest

ed (o

z)


13.016.5

20.322.7

27.6

36.3

56.6

0.0

10.0

20.0

30.0

40.0

50.0

60.0

AUMN EXN GPR AXR SPM AUN USA

Re-Rating Potential

17Attractively Positioned Among Peers

Ent

erpr

ise

Val

ue ($

M)


2013 Production Guidance (M oz Ag Eq.)

Junior Silver Producers

USA

AUN

GPR

EXNAXR

SPM

AUMN

Companies included: AUMN – Golden Minerals Company; AUN – Aurcana Corporation; AXR – Alexco Resource Corp.; EXN – Excellon Resources Inc.; GPR – Great Panther Silver Limited; SPM – Scorpio Mining Corporation

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

0.0 1.0 2.0 3.0 4.0 5.0 6.0

2013 Milestones

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Completed -Reserve & ResourceUpdate Including First Resource Estimate for Caladay Silver-Lead Zone

Preliminary Economic Assessment on “Fill The Mill” and Caladay Silver-Lead Zone

First productionfrom high-grade Ag-Cu zone (Silver Halo)

Initial development of wider, high-grade stopes for 2014 production

Near-term Catalysts

Delivering on Caladay’s Potential

Invest in U.S. Silver & Gold

Executing on

operational

improvements and

low risk brownfield

expansion

100% owned, royalty free

Fully permitted

Near existing infrastructure

Available mill capacity

Increasing production and reducing costs

Experienced management team

Catalysts in place for improved valuation

High leverage to silver prices

Focused on Unlocking Value19

Contact

Darren BlasuttiPresident and [email protected]

www.us-silver.com

Appendix

Galena Complex Long Section

Galena Shaft

Caladay Shaft

Coeur Shaft

2400

Sea Level

3700

5500

Callahan Shaft

4900

28003000

3400

1200

SilverVein

5200

460043004000

Ag - Pb Veins Ag - Cu Veins Major Production Areas0 2500

feet

No. 3 Shaft

Galena Caladay Silver-Lead Zone (Illustrative View)

3000 Level

4000 Level

5500 Level

No. 3Shaft

GalenaShaft

0 1000

feetSilverVein

Caladay Silver-Lead Zone

CaladayShaft

Corporate Presentation June 2013

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