Q3 2013 Conference CallNovember 13, 2013

TSX:USAOTCQX:USGIF

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 County 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

Roadmap to Success

5.0M oz Ag by end of 2015

• 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 with assets in Silver Valley.

• Seek accretive acquisition opportunities.

3

To expand silver production profitably through the development of our own projects and consolidation of complementary projects

Strategic Objective

U.S. Silver & Gold

4Committed to increasing shareholder value4

Q3 2013 Achievements

• Operating profit of $0.7 million at Galena Mine excluding severance costs related to Small Mine Plan.

• Cash costs reduced 13% year-over-year to $17.67 per ounce, all-in sustaining costs reduced by 30% to $23 per ounce.

• Commenced production of silver/copper areas adjacent to Caladay Zone with production on track to deliver 100 tons per day by year-end.

• Restructured debt from short term to long term, and completed $5.78 million private placement.

• Sold non-core mining claims for approximately $2.85 million.

• October production of approximately 175,000 ounces at average grade over 15 ounces per ton.

5 5

Q3 Key Statistics - Galena Mine Complex

2013 focus on most profitable ounces

• Reduction in tons milled as expected following 30% reduction in staffing.

• 18% increase in silver grade mined for the quarter.

• Silver and copper recoveries consistent year-over-year.

• Significant reduction in cash costs due to implementation of Small Mine Plan.

• Q4 plan on track.

Q3-2013 Q3-2012Tons milled 40,746 56,488Silver head grade (oz./ton) 11.84 10.03Lead head grade (%) 4.47 5.05Copper head grade (%) 0.40 0.32Silver recoveries (%) 96.4 96.1Lead recoveries (%) 92.5 91.6Copper recoveries (%) 96.0 96.1Silver produced (oz.) 464,850 544,104Lead produced (lbs.) 705,665 1,429,449Copper produced (lbs.) 244,653 259,445Silver sold (oz.) 505,613 602,401Lead sold (lbs.) 684,737 1,415,361Copper sold (lbs.) 265,962 263,242Realized silver price ($/oz.) $21.40 $27.68Realized lead price ($/lb.) $0.96 $0.92Realized copper price ($/lb.) $3.24 $3.24Silver cash costs ($/oz.) $17.67 $20.29

U.S. Silver & Gold

6Committed to increasing shareholder value

• Operating stopes reduced from over 25 to approximately 15.

• Silver equivalent cut-off grade increased 30% to above 15 oz/ton.

• Staffing at Galena Complex reduced from 388 to 255.

• Coeur Shaft put on care and maintenance.

• Levels 2800, 3000, 3200, 4300 and 5500 put on care and maintenance.

• Capital expenditures limited to mine development directly in support of SMP.

• Exploration focused on increasing confidence of high-grade resources adjacent to current mine infrastructure and Caladay Zone.

6

Small Mine Plan Update

7Reducing tons, increasing grade7

Production Highlights

Silver equivalent calculated using $22.00/oz silver, $0.90/lb lead and $3.25/lb copper

$33.19/oz$32.77/oz

$31.96/oz$31.11/oz

$30.33/oz

$28.80/oz

$25.20/oz

$23.01/oz

$21.11/oz

$19.71/oz

$21.84/oz$22.56/oz

$21.92/oz

0

5,000

10,000

15,000

20,000

25,000

8

10

12

14

16

18

20

Oct‐12 Jan‐13 Apr‐13 Jul‐13 Oct‐13

Ore m

illed

, ton

s

Grade

, oz/ton Ag

 equ

ivalen

tGalena Production

Tonnage Grade Silver Price

Executing On Cost Savings And Operational Improvements

8

*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 8

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

Cash Cost * All In Sustaining Cash Cost **

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Q3 2013

Q4 2013 (Expected)

Q3 2013 Financial Highlights

Galena Mine operating profit of $0.7 million

• Realized silver price down 23% to $21.40 per ounce vs. $27.68 per ounce in Q3, 2012.

• SMP and fiscal constraint delivering positive results:

• Q3 cash costs down 13% year-over-year and 5% year-to-date.

• Q3 all-in sustaining costs down approximately 30% year-over-year.

• Capital and exploration spending down $18 million year-over-year and $14 million from 2013 budget.

• G&A costs reduced by $2 million year-over-year.

• Galena operating profit of $0.7 million excluding costs related to SMP.

• Cash and cash equivalents of $5.8M as at September 30, 2013 and net working capital of $11.3 million.

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Is the SMP Delivering Results?

2013 Exploration Update

10

Galena Complex

Continue to grow resource base

• Exploration budget reduced to $0.7 million for second half of 2013.

• Going forward, focus will be on implementing SMP and increasing grade mined to be profitable at current silver prices.

• Exploration work is focused on:• Expanding the Caladay Zone• Block modelling and evaluating existing drill results• Developing high-grade silver resources close to

existing infrastructure.

• Production from silver/copper areas adjacent to Caladay Zone helping understanding of geology and providing new drill stations.

Galena Complex - Long Section

Caladay resources represent potential for bulk mining zone

ExistingResource

ExistingResource

11

Caladay Zone – 4900 Level: Milkshake Vein

Close proximity to existing mine infrastructure

0 250

Feet

N

CaladayZone

(Silver - Lead)

Silver - CopperTargets

November 2013Lower Grade Area

191 feet

10.9’ width

20.2 opt Ag

Scale

12

2013 Silver Guidance

• Third quarter production in line with expectations• Production within budget.• Cash costs slightly higher due to severance payments and

labour requirement for low-grade stope closure.

• Guidance on track: • Galena Complex expected to deliver 850,000 – 1,000,000

during second half of 2013.• Q4 expected to be the lowest cost quarter of the year.• Approximately 175,000 ounces produced in October is a

great start.

• Profitable silver production can be increased quickly if silver price recovers to the $28-30 / ounce range:

• At Galena, 10-15 stopes closed properly for future production.

• Coeur Mine resources are prepared for re-start.• Caladay Zone expansion plans can be accelerated further.

13Focused on mining profitable ounces

2.1-2.2Moz Ag

$15.50-$17.50Ag Cash Costs/oz

U.S. Silver & Gold

14Fiscal restraint, balance sheet preservation14

Q4, 2013 and Beyond

• Continued focus on fiscal restraint and mining increased cut-off grades.

• Continued emphasis on balance sheet preservation.

• Continued exploration, development and increased production from Caladay Zone.

• Focus development capital to remove the bottleneck between 4900 and 5500 levels and access known high grade veins already in reserves.

15Highest leverage to silver price15

How Much Production Does $1,000 Buy?*

* As of November 13, 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.

Invest in U.S. Silver & Gold

Highest silver production leverage per $1,000 invested in silver industry.

Focused on improving share price16

• Producing 2.1 – 2.2 million Ag oz.

• 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.

Contact

Darren Blasutti, President & CEOdblasutti@us-silver.com416-848-9503

Nicole Richard, Investor Relationsnrichard@us-silver.com416-848-9503

www.us-silver.com