Annual General MeetingMay 27, 2013

Forward Looking Statement

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Certain 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. Potential risks include: that U.S. Silver & Gold may not achieve anticipated synergies; loss of key personnel; reduction in the anticipated cash levels; and, not achieving production goals stated. 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.

AGENDA2012 Financial and Operating Results

Delivering on Caladay’s Potential

Roadmap to Success

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2012 Highlights

Merger integration

Cost structure improvements

Brownfield exploration and development plans

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Delivered

2012 Financial Highlights

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$94.9MRecord Revenue

Production of 2.31 million Ag oz and 5,700 Au oz

Net loss for the year of $17.8M or $0.29 per share with the inclusion of one‐time expenses 

Adjusted net income for the year of $4.7M or $0.08 per share

Silver cash costs of $18.33/oz 

Realized silver prices of $31.30, down from $35.65

Non‐cash impairment charges to Drumlummon mineral properties and goodwill totaling $14.4M

Cash as at December 31, 2012 of $18.9M

2012 Operating Highlights

Ag Productionoz in MM Au production of 5,700 oz

Pb production of 5.2 MM lbs

Cu production of 1.0 MM lbs, up 9.4%

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08 09 10 11 12

2.3

2012 Exploration Highlights

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135,000feet of drilling

106%increase over 2011

Exploration continues to cost effectively add reserves and resources at modest expenditure levels

Successful drill program with discovery of new high-grade mineralization area in the Caladay Zone

Dedicated team focused on advancing the Caladay Zone

Continue to explore identified brownfield targets with aggressive drilling program in 2013

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1 Basket of comparable silver and gold junior producers include: Alexco Resources (AXR), Excellon (EXN), Golden Minerals (AUMN), Great Panther Silver (GPR), Jaguar Mining (JAG), Lachlan Star (LSA), Lake Shore Gold (LSG), Patagonia Gold (PAT), Revett Minerals (RVM), Richmont Mines (RIC), San Gold (SGRCF), and Scorpio Mining (SPM).

USA Relative Performance vs Silver Price and Basket of Producers1

Aug 14, 2012 to May 24, 2013

Silver Price Junior ProducersUSA

‐65.0%

‐45.0%

‐25.0%

‐5.0%

15.0%

35.0%

55.0%

Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13

Delivering on Caladay’s Potential

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Galena Complex – Underground Drill Targets

350-370 Veins

Caladay Silver-Lead

GalenaTargets

The Caladay Lead Zone in 3D

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Caladay Zone Existing Resources

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Caladay Zone - 4900 Level Plan

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Drilling Update – Caladay Zone Cross Section

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Caladay Zone Exploration Results

Drill results are available on our websitewww.us‐silver.com

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2013 Caladay Zone Exploration Targets

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Caladay Mine Development

Galena site personnel are actively working toward the accelerated development of Caladay and Silver Halo

• All development is coming off of the 4900 level• Silver Halo is their first priority

• Fits in with the focus on Ag-Cu ore• Highest grade potential• Drilling is currently underway to confirm and expand newly defined

resource• First production anticipated around mid-year

• Caladay Zone will immediately follow• Site is waiting to see designs turned out by PEA• Drifting from 4900 decline will allow access to the 49-390 block• Initial production expected in late Q3

• Mining in either of these zones will draw workers away from production areas currently in the plan• The economic incentive to produce is still to be evaluated• No estimate of 2013 production from Caladay is being circulated

Roadmap to Success

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Roadmap to Success

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Execute on operational improvements

Fast track the Caladay Zone

Protect the balance sheet

Assess exploration, processing and capital synergies with geographically-focused assets

Seek accretive acquisition opportunities

5.0Moz Agby end of 2015

2013 Silver Guidance

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2.6-3.0Moz Ag

$16-$18Ag Cash Costs/oz

Change in previous guidance from 2.7-3.0M oz Ag at cash costs of $17-19 to account for discontinuation of Drumlummon Mine operations

Galena Complex P+P reserve base of ~23 million oz Ag, supporting a minimum 8-9 year mine life

2013 Milestones

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Near-term Catalysts

Q1 2013 Q2 2013 Q3 2013 Q4 2013 

Filed Reserve & ResourceUpdate, Including First Resource Estimate for Caladay

Preliminary Economic Assessment on “Fill TheMill” and test mining at Caladaybegins

Mining of Ag-Cu ore at 4900 Level with 100 tons per day target

Develop from Ag-Cu ore over to high grade Ag-Pbstopes for 2014 production

Invest in U.S. Silver & Gold

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Producing 2.6-3.0 million Ag oz

100% owned, royalty free

Fully permitted

Caladay Zone near existing infrastructure

Excess hoisting and milling capacity

Increasing production and reducing costs

Experienced management team

Catalysts in place for improved valuation

Executing on

low risk brownfield

expansion

Contact Us

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Darren BlasuttiPresident and CEO

416‐848‐9503

www.us‐silver.com