2. Cautionary Statements
Cautionary Note Regarding Forward-Looking Information
Certain information contained in this presentation constitutes forward-looking statements. All statements, other than statements of historical facts, are forward
looking statements, including information concerning the Company's plans for its mineral property in Arizona. Forward-looking statements are often, but not
always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar
expressions.
The forward-looking statements are based on a number of assumptions which, while considered reasonable by the Company, are subject to risks and uncertainties.
In addition to the assumptions herein, these assumptions include the assumptions described in the Company's management's discussion and analysis for its year
ended December 31, 2011 ("MD&A"). The Company cautions readers that forward-looking statements involve and are subject to known and unknown risks,
uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such
forward-looking statements and forward-looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and
factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic
evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production
costs; future prices of silver and other minerals; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration,
development or mining activities, including the failure of plant, equipment or processes to operate as anticipated; delays in completion of exploration, development
or construction activities; changes in government legislation and regulation; the ability to maintain and renew existing licenses and permits or obtain required
licenses and permits in a timely manner; the ability to obtain financing on acceptable terms in a timely manner; contests over title to properties; employee relations
and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the
factors discussed in the section entitled "Risks and Uncertainties" in the MD&A.
Although the Company has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions,
events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and
other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise
indicated, forward-looking statements contained herein are as of the date hereof and the Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.
About Reserves and Resources
This presentation uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are
cautioned that: (a) mineral resources are not economic mineral reserves; (b) the economic viability of resources that are not mineral reserves has not been
demonstrated; and (c) it should not be assumed that further work on the stated resources will lead to mineral reserves that can be mined economically. In addition,
inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of
feasibility or pre-feasibility studies or economic studies except for certain preliminary economic assessments. Readers should also refer to the Company's Annual
Information Form for the year ended December 31, 2011 and other continuous disclosure documents available at www.sedar.com, which is subject to the
qualifications and notes set forth therein.
All Dollars are United States Dollars. All project metrics are shown on a 100%-ownership basis. All tonnes are metric tonnes.
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3. About Hermosa
Stable, low risk jurisdiction
80 km SE from Tucson, AZ
Located in Santa Cruz County, Arizona - 154 acres of patented claims
Arizona
- approx. 6,000 acres of unpatented claims
Large project:
315M oz Ag Resource
15.5M oz Ag Expected Production/yr
Robust economics(1) N
Tucson
After-tax NPV (5%) of $658M
After-tax IRR of 32% I10
Santa Rita
Near existing infrastructure
Mtns
Power, water, highways, labour 82
I19
1. Based on $28.75/oz Ag, $1,575/oz Au and $3.50/lb Cu 0 30 km
Focused on developing the Patagonia
largest silver mine Nogales
Hermosa
in the USA
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4. 2012 Hermosa Project PEA
Economic Highlights
After-tax NPV (5%) – Base Case
$900
Project Economics Base Case1 Spot Case 2
$800
After-tax NPV (0%) $1.027B $1.586B
After-tax NPV (5%) $658M $1.048B $700
After-tax NPV (7.5%) $528M $860M $600
After-tax IRR 31.9% 43.4% $500
Project Payback 1.7 years 1.4 years $400
Silver Price ($/oz) $28.75 $34.60 $300
Gold Price ($/oz) $1,525 $1,773
$200
Copper Price ($/lb) $3.50 $3.73
$100
$-
-10% 0% +10%
1. Base case is based on 60/40 pricing which is the weighted average of 60% of
the three-year historical prices and 40% of two-year forward market prices.
Change in Silver Price
2. Spot case is based on spot prices.
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5. Large and Growing Silver Resource Base
325
Hermosa Silver Resource (Moz) 2012 total resource base*
235.6M
315M
Measured & Indicated Resource
Inferred Resource
oz
275
225
~6x 75% of
total 2012 measured & indicated resource
551%
175
125
from 2010
36.2M
75
84.9M 79.0M
2012 total resource base
487%
25 53.6M
-25 2007 2010 2012*
from 2007
* Does not include Sulfide zone of 4M oz Ag (3.8M tonnes of 30.84 g/t Ag)
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6. Total resource project comparison
800
Total global silver resource (Moz)
700 Hermosa is one of the 10 largest
undeveloped primary silver deposits*
600
500
400
300
200
100
0
Cordero
Escobal
Malku Khota
Navidad
Santa Ana
Candelaria
San Agustin
Pitarrilla
GC Project
Sunrise Lake
Corani
Hermosa
Diablillos
Parrena
Veta Colorada
Hackett River
Juanicipio
Maverick Springs
Berenguela
Challacollo
San Juan Silver
Joaquin
Silvertip
* Includes only projects with recent 43-101 compliant resource estimates
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7. Upper Silver Zone
Discovered Upper Silver Zone in early 2012
Open to the north, east and south for further expansion
Total resource of 155 million ounces at average grade of 27.5 g/t
Lies above and adjacent to the Manto Oxide Zone, located in the overlying volcanic rocks
Previously considered as overburden
Silver-only zone amenable to standard cyanidation and Merrill Crowe recovery
Completed pilot plant test returning silver recoveries of up to 52%
Optimized the grind size of the material and developed a silver grade/recovery curve for
incorporating into future mine modeling activities
Metallurgical testwork continues to optimize silver recoveries
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11. Resource Block Model
Section E1075500
North-South view looking West
N
Grades are in opt
(In Feet)
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12. New Simplified Process Flow Sheet
UPPER SILVER MANTO OXIDE
ZONE
Simplified process using proven technology
ZONE
Legend
Crushing Average recoveries in PEA:
Solids Flow Stream
Silver (manto) – 82% Solution Flow Stream
Gold (manto) – 90%
Upper Silver Manto Oxide
Stockpile Stockpile Silver (upper silver) – 40%
Gold (upper silver) – 90%
Calcining
Copper Sulfide Precipitate
Grinding Cyanide Recovery
Cyanide Leaching Merrill Crowe Silver Recovery Refinery Ag/Au Doré
Leach Tails to Tailings Storage Facility or
Cyanide Destruct Potential Zn Flotation and/or Magnetic Separation
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13. Initial Pilot Plant Tests Completed
Test work completed by Hazen
• Completed in August 2012
• Processed approx. six tonnes of
ore (Manto and Upper Silver Zone)
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14. 2012 Hermosa Project PEA
Expected average annual silver production
(first five years)
15M oz
Production Metrics
2.5x increase
Mining Rate 14,920 tpd
Annual Ag Production (first 5 yrs) 15.5 M oz Ag
6M oz
Average Ag Cash Costs1 (first 5 years) $8.29 per oz
Mine life 16 years
2010 PEA 2012 PEA
1.Net of by-product credits based on gold price of $1,525/oz Au, and copper price of $3.50/lb Cu
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15. Production comparison – Developing Projects
Estimated average annual silver production (Moz)
20
18
First five
years
16 average
14
12
10 LOM
Average
8
6
4
2
-
Escobal Navidad Hermosa Malku Khota Juanicipio Cordero Corani Pitarilla La Preciosa Rock Creek Saucito Fuwan Santa Ana San Luis
Guatemala Argentina USA Mexico Mexico Peru Mexico Mexico USA Mexico China Peru Peru
Bolivia
1. Hermosa based on first five years Source: Company Disclosure & Technical Reports, Hermosa 2012 PEA
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16. 2012 Hermosa Project PEA
Capital Costs
Initial CAPEX1 Mining
equipment
Mine pre-
Mining Equipment $29M
development
Mine Pre-development $31M
Process Plant & Tailings $269M Contingency
Other
General Site & Ancillary Facilities $43M
Gas & Power Supply $43M Owner's
costs
EPCM $51M
Owner’s Costs $38M EPCM
Other $27M Process plant
Gas and & tailings
Sub-total $531M power supply
Contingency $96M
TOTAL CAPEX $627M General site
& ancillary
facilities
1. Metrics on a 100%-basis
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17. Site view – PEA pit outline
LOOKING SOUTHEAST
PROPOSED OPEN PIT
Tailings Facilities and Strip Ratio 2.8:1
Storage Area Plant Site
Road Access
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18. Significantly Undervalued
Market Capitalization per ounce (C$ per ounce)(1)
18
16
14
12
10
8 Average $6.71
6
4
<$1 per oz
2
0
(2)
WS SSO OKR USA HL CDM THO FVI MAG EDR AXR GPR
Wildcat represents a significant value proposition
1. Includes ounces across all categories (reserves, measured and indicated and inferred ounces) divided into market capitalization. Market cap valued as at September 28, 2012. Resource as reported by each
Company in most recently completed reserve and resource statements
2. In US Dollars
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19. Future Exploration Potential
Wildcat Silver Corp. Completed airborne electromagnetic
Hermosa Project
High Potential Exploration Targets
survey of the entire claim block
Surface sampling and geophysics has
identified eleven new high potential
targets on unpatented claims
High Potential Provides targets for continued
Exploration exploration outside the currently
Targets
defined resource.
Approx. Pit
Outline
N
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20. Scorecard & Milestones
Completed expanded drill program
Conducted airborne EM survey , identified new drill targets on full claim block
Increased total resource significantly, upgraded inferred resource
Completed pilot plant
Completed PEA demonstrating expanded productive capacity
Optimize silver and by-product recoveries for additional project value Underway
Complete pre-feasibility study Mid-2013
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22. Capital Structure
August 10, 2012
Issued and outstanding 132.6M
Options 7.3M
Fully diluted 139.9M
Share price (recent) C$1.28
Market cap ~C$170M
Mgmnt/insider ownership ~30%
Cash (June 30, 2012) ~C$6M
Debt 0
Trades on TSX WS
TSX:WS 22
23. Board of Directors
Experienced Board in creating shareholder value
Founder of the Augusta group of companies which include Augusta Resource Corporation (Executive Chairman),
Wildcat Silver Corporation (Chairman and CEO), Riva Gold Corp (Chairman and CEO) and Plata Latina Minerals
Corporation (Director). He was also the founder and Chairman of Ventana Gold Corp which was acquired for
Richard W. Warke
$1.5 billion. Richard has more than 25 years of experience in corporate finance and marketing in the global
Chairman & CEO resource industry, and has been involved in raising over $1 billion dollars in equity for resource
companies. Although his endeavours have primarily involved mineral resource operations, he has also been
involved with oil and gas, forestry, technology and manufacturing operations.
More than 25 years executive, finance, development and operations experience in the mining industry;
Gil Clausen currently President, CEO and Director of Augusta Resource Corporation, Director of Jaguar Mining Inc. and
Vice Chairman Chairman of Plata Latina Minerals Corporation. Gil is a P.Eng. and holds B.Sc. and M.Sc. degrees in Mining
Engineering from Queen’s University and is a graduate of the Queen’s executive business program.
R. Stuart Angus Independent business advisor, past partner and head of global mining group at Fasken Martineau. Chairman of
Director Nevsun Resources Ltd., Director of SouthGobi and previously Director of Ventana Gold.
John R. Brodie Formerly a partner at KPMG LLP, elected a fellow for distinguished service to the profession by the
Director Institute of Chartered Accountants of British Columbia. Director of Western Coal and Silver Standard.
Donald B. Clark 35 years experience in the finance industry; sits on the Board for two other natural resource companies including
Director Augusta Resource Corporation and previously Ventana Gold.
Professional geologist with more than 25 years experience in mineral exploration and research;
Robert P. Wares
Executive VP, COO and Founding Director of Osisko.
Director
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24. Management
Experienced management with solid track record of success
Founder of the Augusta group of companies which include Augusta Resource Corporation (Executive Chairman),
Wildcat Silver Corporation (Chairman and CEO), Riva Gold Corp (Chairman and CEO) and Plata Latina Minerals
Corporation (Director). He was also the founder and Chairman of Ventana Gold Corp which was acquired for $1.5
Richard W. Warke
billion. Richard has more than 25 years of experience in corporate finance and marketing in the global resource
Chairman & CEO
industry, and has been involved in raising over $1 billion dollars in equity for resource companies. Although his
endeavours have primarily involved mineral resource operations, he has also been involved with oil and gas,
forestry, technology and manufacturing operations.
Donald R. Taylor Professional geologist with more than 25 years successful experience in the exploration and mining
President & COO of base and precious metals.
Paul J. Ireland Extensive financial experience in mining and forestry; Chartered Accountant; was previously also CFO of
Chief Financial Officer Ventana Gold Corp.
William J. Pennstrom, Jr. More than 35 years experience in the management and engineering aspects of mineral processing; holds a Bachelor
Vice President, Technical of Science degree in Metallurgical Engineering and a Masters of Arts degree in Business Management; Qualified
Services Professional (QP) in Process Metallurgy as defined under Canadian National Instrument 43-101
Charles J. Magolske 25 years experience in marketing, operations management, business management, joint ventures
Vice President, Corporate and acquisitions in both domestic and international venues; degrees in Law, Business and Engineering
Development (Professional Engineer); also VP of Corporate Development for Augusta Resource Corporation.
Gregory F. Lucero More than 20 years of management experience in both the public and private sector, as well as an extensive
Vice President, Sustainable background in the executive government working for local, state, and federal elected officials; holds a Bachelor of
Development Arts degree in Political Science from the University of Arizona.
Letitia Cornacchia Ten years experience in finance and investor relations; holds Bachelor of Commerce degree in Finance from the
Vice President, Investor University of British Columbia and is a CFA charterholder; also VP of Investor Relations and Corporate
Relations & Corporate Comm. Communications for Augusta Resource Corporation, Riva Gold Corporation and previously Ventana Gold Corp.
Purni Parikh More than 22 years experience in business administration including more than 17 years experience
Vice President, Corporate with public companies in the areas of communications, investor relations and legal administration;
Secretary also Corporate Secretary for Augusta Resource Corporation and previously Ventana Gold Corp.
TSX:WS 24
25. 2012 Resource Estimate
NI 43-101 Resource Estimate* dated August 2012
Tonnes Ag Au Mn Zn Cu Contained Silver
Zone Type
(000) (g/t) (g/t) (%) (%) (%) Ounces (000s)
Measured Mineral Resource*
Manto Oxide 36,744 66.64 0.09 7.12 1.81 0.07 78,725
Upper Silver Mixed 57,038 29.64 0.07 0.85 0.12 0.02 54,360
Total Measured 93,782 44.14 0.07 3.31 0.78 0.04 133,085
Indicated Mineral Resource*
Manto Oxide 39,713 41.52 0.06 5.69 1.66 0.06 53,008
Upper Silver Mixed 60,685 25.36 0.06 0.95 0.16 0.02 49,481
Total Indicated 100,398 31.75 0.06 2.83 0.75 0.04 102,489
Measured and Indicated Mineral Resource*
Manto Oxide 76,457 53.59 0.07 6.38 1.73 0.06 131,733
Upper Silver Mixed 117,722 27.44 0.06 0.90 0.14 0.02 103,841
Total Measured & Indicated 194,180 37.73 0.07 3.06 0.77 0.04 235,574
Inferred Mineral Resource*
Tonnes Ag Au Mn Zn Cu Contained Silver
Zone Type
(000) (g/t) (g/t) (%) (%) (%) Ounces (000s)
Manto Oxide 21,747 39.56 0.06 7.03 2.79 0.10 27,662
Upper Silver Mixed 57,764 27.65 0.06 0.85 0.17 0.02 51,346
Total Inferred 79,510 30.91 0.06 2.54 0.89 0.04 79,008
• The mineral resource is constrained within a Whittle optimized pit shell based on the following metal prices and recoveries: (Metal/Price/Recovery): Silver/$25.76 per oz/90%; Manganese/$0.60 per lb/95%;
Zinc/$0.93 per lb/80%; Copper/$3.21 per lb/90%). The mineral resource is based on processing costs of US$27.55/tonne for the Manto Zone. The Upper Silver Zone mineral resource is tabulated using a silver cut-off
grade of 8.57 g/t. Previous mineral resources did not include a resource for gold as no metallurgical test work had been completed to prove its recovery or economic viability. As a result of recent test work the
expected recovery included in the above table has been used and gold has been included in the total mineral resource.
This resource does not include the sulfide mineral resource of 4M oz Ag (3.8M tonnes of 30.84 g/t Ag)
TSX:WS 25
26. Head Office
400-837 West Hastings St
Vancouver, BC V6C 3N6
tel (604) 484-3597
Investor Relations
Letitia Cornacchia
tel (416) 860-6310
TSX:WS
lcornacchia@wildcatsilver.com
