2. Forward Looking Statement
2
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.
5. 2012 Financial Highlights
5
$94.9M
Record 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
6. 2012 Operating Highlights
Ag Production
oz 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%
6
08 09 10 11 12
2.3
7. 2012 Exploration Highlights
7
135,000
feet 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
8. 8
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
17. 17
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
19. Roadmap to Success
19
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 Ag
by end of 2015
20. 2013 Silver Guidance
20
2.6-3.0M
oz Ag
$16-$18
Ag 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
21. 2013 Milestones
21
Near-term
Catalysts
Q1 2013 Q2 2013 Q3 2013 Q4 2013
Filed Reserve
& Resource
Update,
Including First
Resource
Estimate for
Caladay
Preliminary
Economic
Assessment
on “Fill The
Mill” and test
mining at
Caladay
begins
Mining of Ag-
Cu ore at
4900 Level
with 100 tons
per day target
Develop from
Ag-Cu ore
over to high
grade Ag-Pb
stopes for
2014
production
22. Invest in U.S. Silver & Gold
22
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