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  • A New Company Built For GrowthJANUARY 2013TSX:USAOTCQX:USGIF
  • Forward Looking Statement – Safe HarbourCertain information in this presentation may contain forward-looking statements. This information is based on currentexpectations that are subject to significant risks, assumptions and uncertainties that are difficult to predict. Potential risksinclude: that U.S. Silver & Gold may not achieve anticipated synergies; loss of key personnel; reduction in the anticipated cashlevels; 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, withoutlimitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives ofU.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 notguarantees of future results and conditions but rather reflect our current views with respect to future events and are subject torisks, uncertainties, assumptions and other factors, and actual results and future events could differ materially from thoseanticipated in such statements. There can be no assurance that such forward-looking statements will prove to be accurate.U.S. Silver & Gold assume no obligation to update the forward-looking statements, or to update the reasons why actual resultscould differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to theU.S. Silver & Gold. Additional information identifying risks and uncertainties is contained in filings by U.S. Silver & Gold withthe 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 arerecognized and required by Canadian Securities Laws, the United States Securities and Exchange Commission does notrecognize them. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has beenmade that the mineralization could be economically and legally produced or extracted at the time the reserve determinationhas been made. U.S. investors should not assume that all or any part of measured or indicated resources will ever beconverted into reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence and as towhether they can be mined legally or economically. Accordingly, information concerning descriptions of mineralization in thispresentation 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 hasapproved the applicable contents of this presentation.Please see SEDAR or www.us-silver.com for the 43-101 compliant Technical Report and Resource Estimate on theDrumlummon Mine Project dated April 9, 2012 and the Galena Project dated March 19, 2012. 2
  • USA – 2012 Established, Long-life Operating Asset2.6 - 2.8Moz Silver (Ag) Strong Operating Cash Flow Significant Ongoing Brownfield Expansion20,000- 25,000 Dominant Land Position in the Prolific Silver Valleyoz Gold (Au) Favourable Environment for Accretive Acquisitions Proven Management & Board 5 M oz Ag by end of 2015 3
  • Management Team Overview • Former SVP Corporate Development and Investor Relations for Barrick Gold, reported to President and CEODarren Blasutti • Led Barricks strategic development for over 13 years executing over 25 gold mining transactions including Sutton Resources,President and CEO, Homestake Mining, Placer Dome, consolidation of the Cortez property from Rio TintoDirector • Responsible for creation of Barrick Energy to hedge Barrick’s exposure to energy prices • Over 40 years of experience in operations, management, engineering, and exploration for underground and open-pit minesRobert Taylor • Most recently VP and President North American Operations for Kinross Gold where he was responsible for all operationsCOO and exploration • Former VP, Mine Operations at Stillwater Mining in Montana • Over 17 years of progressive financial leadership experience and brings extensive senior management expertiseWarren Varga • Most recently Senior Director, Corporate Development at Barrick Gold Corporation and former CFO of RX Gold & Silver Inc.CFO • Member of the Canadian Institute of Chartered Accountants and the Chartered Financial Analyst Institute • Over 35 years experience in mine engineering and managementSteve Long • Senior manager for underground mining operations for Newmont Mining Corporation, Barrick Gold, Echo Bay andSVP, Operations Homestake MiningJim Atkinson • Licensed Professional Geologist, over 40 years of experience in exploration geologyVP, Exploration • Completed more than a dozen exploration programs across North AmericaDaren Dell • Over 20 years experience and brings extensive knowledge gained from evaluating mining assets around the globeVP, Technical • Formerly Director, Corporate Development and Director, Technical Evaluations at Barrick Gold. Prior to joining Barrick Gold,Services Mr. Dell was at Placer Dome for 15 years 4
  • Board of Directors OverviewGordon Pridham • Over 30 years of experience as a global finance executiveChairman • Serves on the public company boards of Newalta Corporation and Titanium Corporation, where he is Chairman of the BoardHugh Agro • Retired in 2009 as EVP Strategic Development at Kinross Gold, where he oversaw corporate development and explorationDirector • Held senior positions with Placer Dome Canada and Deustche BankJohn Brock • Geologist with 40 years experience as an executive for 20 public junior exploration companies. CEO of Pacific Ridge ExplorationDirector • Participated in 12 major mineral deposit discoveries in north and western Canada, Nevada, Mexico, and Ecuador • Retired in 2009 as EVP Exploration and Corporate Development at Barrick GoldAlex Davidson • 2005 AO Dufresue Award to recognize exceptional achievement and distinguished contribution to mining exploration in CanadaDirector • In 2003 was named Prospector of the Year by PDAC for discovery of Alto Chicama in PeruLouis Dionne • Former Senior Vice President Underground Operations at Barrick GoldDirector • Currently a director of Detour Gold Corporation and Aurizon Mining Ltd.Alan Edwards • Board of directors for AuRico Gold Inc., Entrée Gold Inc., Copper One Inc., Oracle Mining Corp. and AQM Copper Inc. (Chairman)Director • Senior management positions with Frontera Copper, Apex Silver Mines, Kinross, Cyprus Amax and Phelps DodgeTom Ryley • Board of directors for Newalta Corporation, Tribute Resources and Benefuel Inc., where he is Chairman of the BoardDirector • Former Executive Vice President of Suncor Energy, where he worked for 25 years in a variety of rolesLorie Waisberg • Former Senior Partner at Goodmans LLP and EVP, Finance and Administration of Co-Steel Inc.Director • Accredited with Institute of Corporate Directors and sits on Boards of Tembec and Chemtrade Logistics IncDarren Blasutti • President and CEODirector 5
  • Asset Overview
  • Asset OverviewGalena Mine Complex – 100%• High grade Cu-Ag and Pb-Ag• Produced over 240 M oz Ag historically• Over 23 M oz Ag in “Proven and Probable”Reserves and 12 M oz Ag in “Measured andIndicated” Resources*• Galena area operating• Coeur area now operating• Caladay Silver-Lead Zone being assessed forbulk mining potential• Excess hoisting and milling capacity• Experienced work forceDrumlummon Mine – 100%• High grade Au and Ag• Produced over 1 M oz Au and 12 M oz Ag• Extensive mining infrastructure• Recently acquired adjacent Belmont mine• Plan to process ore at Galena Complex in 2013* Descriptions of our mineral deposits are not comparable to similar information reported by U.S. companies which aresubject to the reporting and disclosure requirements under the United States federal securities laws and the rules andregulations thereunder. Geographic Concentration Of Assets 7 7
  • Galena Mine Complex Galena and Coeur Areas2ndlargest • Galena Q3 YTD 2012 production of 1.62 M oz Ag @ $20/ounce from 25 production stopes • A month of lost time in 2012 due to shaft and mill re-habilitation • Q4 expected to be best production quarter of 2012 • Coeur re-development started February 2012 with small production in late 2012 • $5 million budgeted in 2012Primary silver • Ramping up over the course of 2013, expecting 300,000 silver ounces in 2014, 500,000 silver ounces in 2015producer in • Current M&I resource is 3.3 million oz Ag* • Drilling underway targeting 6.0 million oz by end of 2014the U.S. • Two separate mills with total 1,500 tons/day capacity, currently operating at 50%-60% • Consistent mill recovery rates of 96% for silver-copper and 92% for silver-lead ores • Continued exploration success and mine life extension at Silver Vein and 350-370 Vein • Veins extending at depth • 2 newly discovered veins in 2012 • Focused on increasing resources near existing infrastructure • Expecting an increase in silver reserves and significant increases in silver resources at year-end 2012. * See www.us-silver.com for NI 43-101 Technical Report Large Reserve and Resource Base 8 8
  • Galena Complex – Long Section Western Coeur Mine Galena Targets Deep Caladay Coeur Mine Deep Silver-Lead Silver Zone Vein
  • Galena Mine Complex Caladay Silver-Lead Zone • Semi-continuous mineralized zone extending from Galena into Caladay Mine at depth - Currently 2,800 vertical feet with estimated strike length of 1,200-3,600 feet and apparent widths of 200-400 feet • Mineralization comprises broad areas of Ag and Pb containing bothAdditional higher and lower grade areas - Global grades of 3-4 oz/ton Ag and 3 - 5% Pb - Higher grades are 30-40 % with continuous widths of 15-30 feetBrownfield ranging from 5-10 oz/ton Ag and 5-11% Pb • High grade silver copper areas within the broader Caladay Silver- Lead Zone are currently being evaluated and drilledProduction • Global tonnage target of 60-70 million tons and potential silver resource of 150-200 million ounces based on over 800 drill holes • Area is expected to support lower cost bulk mining methods • Access to adjacent infrastructure at 4900 level will be achieved by end of Q2 2013 • Test mining in recently identified high grade areas will commence in Q3 2013 •A preliminary plan will be communicated first half of Q1, 2013 * Some of the potential quantities and grades disclosed in this presentation are conceptual in nature. At the current stage of exploration, there is insufficient drilling to determine the extent of continuity of the mineralization required to define a mineral resource for all mineralization at the Galena Mine Complex and Drumlummon Mine. It is uncertain if further exploration will result in certain exploration targets being delineated as a mineral resource. Reducing cash costs in 2013 and beyond 10 10
  • Caladay Silver - Lead Zone Silver Copper Mineralization Inferred Silver Copper Mineralization Silver Lead Mineralization Inferred Silver Lead Mineralization Silver Lead Zone
  • 4900 Level Plan of Mineralization
  • Drumlummon Mine• Q3 YTD 2012 production of 16,600 oz Au and 280,000 oz Ag• Q3 YTD 2012 mill recoveries averaged 91% for Au and 84% for Ag• 2012 Plan estimates 110,000 tons of ore at 0.25 oz/t Au and 4 oz/t Ag• Labour and cost reductions rolled out in Q4, 2012• Plan in place to process Drumlummon ore in Idaho starting in early 2013 to achieve expected processing synergies• All current required permits in place under small miners exemption. In process of renewing appropriate water discharge permit.• 2012 exploration success at the Frankie Vein, the Northstar Vein, Sampson and Pixley areas of the Drumlummon Vein and the New Years Vein• Recently acquired Belmont Mine being reviewed for development late 2013, drilling commenced in Q4, 2012 including • 3.5 feet of 0.50 oz/ton Au and 3.8 oz/ton Ag • 8.0 feet of 0.47 oz/ton Au and 0.9 oz/ton Ag • 3.0 feet of 2.67 oz/ton Au and 7.4 oz/ton AgSee November 28th press release for more details and www.us-silver.com for complete drill results. 13 13
  • Near Term Operating Goals Focus 2013 and LOM plan on high-grade profitable ounces versus arbitrary ounce targetsUSA -Tomorrow Increase 2013 productivity at the Galena Complex by5.0Moz Ag by 2015 moving to a 24/7 shift schedule Enact labour cost reductions at the Drumlummon site and begin processing high gold and silver ore at Galena Complex in early 2013 Coeur area re-started and ramping up to full production by end of 2015 Prepare preliminary analysis of the Caladay Lead- Silver Zone for future bulk mining development Assess the Belmont property for mid to late 2013 development Unlocking value of existing operating assets 14 14
  • Key Operating Metrics Cash (US M)* $ 16.8 Working Capital (US M)* $ 30.1 Current Debt (US M)* $ 7.9 Q3 YTD 2012 Production oz (Ag) 1,903,600 Q3 YTD 2012 Cash costs per oz (Ag)* $ 18.61 Q3 YTD 2012 Production oz (Au)* 16,600 Q3 YTD 2012 Average Recoveries (Ag)* 94.0% Q3 YTD 2012 Average Recoveries (Au)* 92.0% Adjusted Q3 Net Income (US M) $3.7 Adjusted Q3 YTD Net Income (US M) $5.3 * As at September 30 , 2012Corporate office synergies of $3 million/annum achieved in 2013 budget 15
  • Share Price Performance & Capital Structure $3.00 1,600,000 Volume (TSX & OTCQX) 1,400,000 $2.50 1,200,000Share Price $2.00 1,000,000 $1.50 800,000 600,000 $1.00 400,000 $0.50 200,000 $0.00 0 15-08-2012 15-09-2012 15-10-2012 15-11-2012 15-12-2012 15-01-2013 Symbol: USA-T Shares Basic: 60 M Options : 5.7 M Warrants: 2.0 M Fully Diluted: 67.7 M Recent Price*: $2.15 Market Cap (CDN): $129 M *As of Jan. 16 2013 16
  • Strategic Objectives
  • Strategic Objectives Exceed 5.0 M oz Ag by end of 2015:Roadmap For 1 Execute on brownfield expansions Secure line of credit to support future growthSuccess 2 initiatives Assess exploration, processing and capital 3 synergies with geographically focused assets Assess accretive per share acquisition 4 opportunities in North America Grow earnings and cash flow per share 18 18
  • Junior Silver Producer Multiples EV / M&I Resources* EV / 2013E EBITDA* $7.00 $12.00 $6.12 10.58x $6.00 $10.00EV / M&I Resources (US$/oz AgEq) $5.08 $5.00 $8.00 7.12x EV / 2013E EBITDA $4.00 6.23x Average: $3.22 Average: 5.63x $6.00 5.35x $2.94 $2.90 $3.00 $2.65 $2.16 $4.00 $2.00 3.03x 2.07x $2.00 1.48x $1.00 $0.37 $0.00 $0.00 FVI EDR HL USA SVM SPM RVM SPM FVI HL EDR SVM USA RVM * As at January 18, 2012 based on Cormark Securities Estimates 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. Increase visibility within investment community 19
  • Re-Rating Potential U.S. Silver & Gold is attractively positioned amongst its mid-tier silver producer peers and could experience a significant re-rating $1,200 Mid‐Tier Silver ProducersEnterprise Value (US$ MM) EDR $900 SVM $600 FVI $300 U.S. Silver & Gold $0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 2012 Production Guidance (MM oz Ag Eq.)Companies Included: FVI – Fortuna Silver Mines Inc.; SVM – Silvercorp Metals Corp.; EDR – Endeavour Silver Corp.1Enterprise Value is calculated on a fully-diluted ITM basis2Silver equivalent based on Cormark research 2012 metal prices of US$1,800/oz Au, US$32.50/oz Ag, US$0.90/lb Pb, US$0.89/lb Znand US$3.71/lb Cu3U.S. Silver & Gold production guidance is sum of RX Gold Q1 results annualized and latest U.S. Silver production guidance Attractively Positioned Among Peers 20
  • Why USA? 2nd largest primary silver producer in the U.S.We’re Strong operating and market fundamentalsbuilt for Executing on brownfield expansion opportunitiesgrowth Disciplined strategy for targeted acquisitions Large land package with significant organic upside Experienced management team Catalysts in place for improved valuation 21
  • Contact Darren Blasutti President and CEO dblasutti@us-silver.com 416-848-9503 www.us-silver.com
  • Appendix
  • GALENA COMPLEX LONG SECTION LEGEND Ag - Pb Veins 0 2500 Caladay Shaft Ag - Cu Veins feet Callahan Shaft Major Production Areas No. 3 Shaft Galena ShaftCoeur Shaft 1200 2400 2800 Sea Level 3000 3400 Silver 3700 Vein 4000 4300 4600 4900 5200 5500 1
  • Galena Caladay Silver-Lead Zone #3 Galena Caladay Shaft Shaft Shaft 0 1000 Silver Vein feet 3000 Level 4000 Level Caladay Silver- Lead Zone 5500 Level 25
  • DRUMLUMMON VEIN LONG SECTION (Looking Northwest)Nine-HourWorkings B D A/B Block 400 Level OPEN A South Decline Drumlummon C Zone 800 1000 Level OPEN 1200 Jubilee Deep Pixley Deep Target Area #1 South Deep Target Area 1400 Target Area 1600 Level #2 Shaft #1 Shaft Drilled (assays pending) Ore Shoots Grade x Thickness (oz.ft) Existing workings A Jubilee 1.5+ 0 1000 Ore shoots B Sampson 1.00 - 1.49 Drilling station C Pixley 1 0.50 - 0.99 feet Mined stopes D Pixley 4 0.20 - 0.49 D Block No significant intersection 2
  • BELMONT LONG SECTION 200 Level 0 250 feet300 Level 400 Level * * 600 Level * * 750 Level 1 Phase 1 proposed drillingZone 1 2 Phase 2 proposed drilling19,000T @ Possible Ore *0.81 oz/ton Au Existing Workings2.66 oz/ton Ag Zone 2 (1) Historical Mineralization 32,300T @ Mined Out(1) Note that these are historical estimates that are not NI43-101 compliant. 0.42 oz/ton AuA qualified person has not done sufficient work to classify this historical estimateas current mineral resources or mineral reserves. 1.45 oz/ton Ag 5