U.S. Silver & Gold Corporate Presentation - December 3, 2013

1. Low Risk, Low Capital, High Growth
December 2013
TSX:USA
OTCQX:USGIF

2. Forward Looking Statement – Safe Harbour
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. 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.
2

3. U.S. Silver & Gold Highlights
•
Established, Long-life Operating Complex
•
Significant Ongoing Brownfield
Expansion
2.1 – 2.2 Moz
•
Dominant Land Position in the Prolific
Silver Valley
Silver Cash Costs:
•
Favourable Environment for Accretive
Acquisitions
•
Proven Management & Board
2013 Forecasts
Silver Production:
$15.50-17.50/oz
Committed to Increasing Shareholder Value
3

4. Management Team: Proven Experience
Darren Blasutti
President and CEO,
Director
Bob Taylor
COO
Warren Varga
CFO
Jim Atkinson
VP, Exploration
Daren Dell
VP, Technical
Services
• 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
• 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
• Over 18 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
• Licensed Professional Geologist, over 40 years of experience in exploration geology
• Completed more than a dozen exploration programs across North America at Billiton, Newmont and Noront Resources
• 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
4

5. Board of Directors
Gordon Pridham
Chairman
Hugh Agro
Director
Alex Davidson
Director
Alan Edwards
Director
Tom Ryley
Director
Lorie Waisberg
Director
Darren Blasutti
Director
• Over 30 years of experience as a global finance executive
• Serves on the public company boards of Newalta Corporation, Roxgold and Titanium Corporation, where he is Chairman of the
Board
• 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
• Retired in 2009 as EVP Exploration and Corporate Development at Barrick Gold
• 2005 AO Dufresne 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
• Chairman of AuRico Gold Inc. and AQM Copper Inc., other boards include Entrée Gold Inc., Copper One Inc. and Oracle Mining
Corp.
• Senior management positions with Frontera Copper, Apex Silver Mines, Kinross, Cyprus Amax and Phelps Dodge
• 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
• Former Senior Partner at Goodmans LLP and former EVP, Finance and Administration of Co-Steel Inc.
• Accredited with Institute of Corporate Directors and sits on Boards of Tembec and Chemtrade Logistics Inc
• President and CEO
5

6. Asset Overview
Galena Complex – 100% owned
•
•
•
•
•
•
•
High grade silver-copper and silverlead
Produced over 240 M oz silver
historically
Proven & Probable* - 23M oz silver
Measured &Indicated – 13M oz silver
Inferred** – 18M oz silver total
New Caladay Zone being assessed
for high grade conventional mining
and bulk mining potential
Hoisting and milling capacity
available
Galena Complex located in
mining friendly Idaho
•
•
•
Established mining state
Ranked 6th in the US by The Fraser
Institute in 2012/2013***
Experienced knowledgeable
workforce
* 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.
** As of December 31, 2012 14m oz Ag and March 19, 2013 4m oz Ag inferred for a total of 18m oz Ag inferred
*** See www.fraserinstitute.org for details.
N
Lucky
Friday
Mine
Osburn
Kellogg
Crescent
Mine
Sunshine
Mine
Coeur
Shaft
Galena
Main Shaft
Mullan
Silverton
Caladay
Shaft
Canada
Wallace
Galena
Mine
Complex
MT
WA
Galena
#3 Shaft
OR
0
IDAHO
5000
0
WY
NV
UT
metres
6
Located in an Excellent Mining Jurisdiction
6

7. Galena Complex
•
•
2nd
Largest
Q3 YTD silver production of 1.67M oz at $18/oz
cash costs
Q4, 2013 expected silver production: 475,000500,000 oz at $15/oz cash cost and $20/oz all-in
sustaining costs
•
Small Mine Plan implemented in early Q3, 2013
showing positive results
Plan reduced workforce by 30%, tons by
40% and increased cut-off grade by 33% to
15 oz/ton silver equivalent
•
Operating profit of $0.7 million at $21.40
realized silver price in Q3, 2013
•
Silver cash cost reduced 13% year-overyear, all in sustaining costs reduced by
30% year-over-year
•
Primary Silver Producer in
the U.S.
•
Capital, exploration and G&A spending
reduced by $20 million year-over-year
Continue to Grow Resource Base
7

8. Galena Complex – Small Mine Plan
Galena Production
20
25,000
20,000
$33.19/oz
$32.77/oz
$31.96/oz
$31.11/oz
16
$30.33/oz
15,000
$28.80/oz
14
$25.20/oz
10,000
$23.01/oz
12
$21.84/oz
$21.11/oz
$22.56/oz
$21.92/oz
5,000
$19.71/oz
10
Ore milled, tons
Grade, oz/ton Ag equivalent
18
0
8
Oct‐12
Jan‐13
Apr‐13
Tonnage
Grade
Jul‐13
Oct‐13
Silver Price
Silver equivalent calculated using $22.00/oz silver, $0.90/lb lead and $3.25/lb copper
Reducing Tons, Increasing Grade
8
8

9. Executing On Cost Savings And Operational
Improvements
$35.00
$30.00
Q3 2012
$25.00
Q4 2012
Q1 2013
Q2 2013
$20.00
Q3 2013
Q4 2013 (Expected)
$15.00
$10.00
Cash Cost *
All In Sustaining Cash Cost **
*Calculated per silver industry standards
**Silver industry cash cost plus all development, capital expenditures, exploration spending and mine G&A
Trending in the Right Direction 9
9

10. 2013 Silver Guidance
•
Third quarter production in line with expectations:
•
2.1-2.2M
•
oz silver
•
Guidance on track:
•
$15.50-$17.50
•
•
Silver Cash Costs/oz
•
Production within budget; 2013 guidance trending toward
high end of range.
Cash costs slightly higher in Q3, 2013 due to severance
payments and labour requirement for low-grade stope
closure.
Galena Complex expected to deliver 850,000 – 1,000,000
oz silver during second half of 2013.
Q4 expected to be the lowest cost quarter of the year.
Approximately 175,000 oz silver produced in October at
>15 oz/ton is a great start.
Profitable silver production can be increased quickly if
silver price recovers to the $28-30 / oz range:
•
•
•
Galena Mine, 10-15 stopes closed properly in Q3, 2013 for
future production.
Coeur Mine resources are prepared for re-start.
Caladay Zone expansion plans can be accelerated further.
Focused on Mining Profitable Ounces
10

11. Roadmap to Success
•
•
Strategic
Objective
To expand production
profitably through the
development of our own
projects and consolidation
of complementary
projects
Continued execution on cost savings and
operational improvements.
Further strengthen the balance sheet.
•
Fast track the high-grade areas of the
Caladay Zone into production.
•
Align exploration, processing and capital
synergies in Silver Valley.
•
Seek accretive acquisition opportunities.
5.0M oz silver by end of 2015
11

12. Share Price Performance & Capital Structure
3
1,400,000
2.5
1,200,000
CAD $
800,000
1.5
600,000
1
Volume
1,000,000
2
400,000
0.5
200,000
0
0
3%
67%
USA-T
$0.345
$24 M
$5.8 M
$11.3M
$7.9 M
Shares Basic:
Options :
Warrants:
Fully Diluted:
30%
Symbol:
Recent Price*:
Market Cap (CDN):
Cash Balance**:
Working Capital:
Long Term Debt (3 years)**:
69.7 M
5.9 M
23.3 M
93 M
* As of November, 29 2013
** As of September 30, 2013
Insiders
Institutional
Other
12

13. Junior Silver Producer Global Resource*
Measured & Indicated
Oz silver Eq
Proven & Probable
Endeavour Silver
(EDR)
U.S. Silver &
Gold
(USA)
SilverCrest
Mines
(SVL‐V)
Aurcana
(AUN‐V)
Scorpio Mining Alexco Resource Avino Silver &
(SPM)
(AXR)
Gold Mines
(ASM‐V)
Excellon
Resources
(EXN)
Great Panther
Silver
(GPR)
*As of November 15, 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.
Quality Reserves and Resources
13

14. Junior Silver Producer Multiples*
Enterprise Value/Resources
$8.00
$7.00
$6.00
$/Oz silver
$5.00
$4.00
$3.00
$2.00
$1.00
$‐
GPR
EDR
SVL‐V
EXN
AXR
ASM‐V
USA
AUN‐V
SPM
*As of November 29 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.
Undervalued Relative to Peers
14

15. How Much Production Does $1,000 Buy?*
Leverage to Silver Price
120
Silver Oz Production
100
80
60
40
20
0
USA
SPM
EXN
ASM‐V
AXR
AUN‐V
GPR
EDR
SVL‐V
Per $1000 Invested
*As of November 29 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.
Highest Leveraged to the Silver Price
15

16. Re-Rating Potential
Enterprise Value
SVL‐V
AUN‐V
GPR
AXR
ASM‐V
USA
EXN
SPM
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2013 Production Guidance (Oz Silver Eq)
*As of November 29 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.
Attractively Positioned Among Peers
16

17. Invest in U.S. Silver & Gold
• Producing 2.1 – 2.2 million silver oz.
Highest silver
production
leverage per
$1,000 invested in
silver industry
• Executing on cost reductions and higher
grade production.
• Development of Caladay Zone on-track,
current production from adjacent
silver/copper areas.
• 100% owned, royalty free.
• Fully permitted.
• Excess hoisting and milling capacity.
• Experienced management team.
• Catalysts in place for improved valuation.
Focused on Improving Share Price
17

18. Contact
Darren Blasutti, President & CEO
dblasutti@us-silver.com
416-848-9503
Nicole Richard, Investor Relations
nrichard@us-silver.com
416-848-9503
www.us-silver.com