Annual General MeetingMay 20, 2014

Forward Looking Statement

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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 suchforward-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.

AGENDA2013 Financial and Operating Results

2014 - The Road Ahead

Remaining Profitable at Low Silver Prices

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2013 Highlights

Extremely difficult precious metals market – silver dropped from >$30 per ounce to <$20 per ounce

Small Mine Plan implemented

All-in cash costs reduced by 40% since management change

Debt restructured, non-core assets sold and equity raised

Strong focus on cost control at corporate and mine site

4

2013

Accomplishments

2013 Financial Highlights

5

$64.2MRevenue

Production and cost guidance delivered

Production of 2.16 million silver ounces

Silver cash costs of $18.33/oz

Average realized silver price of $24.10, down from $31.30 in 2012

Net loss for the year of $15.6M or $0.25 per share with the inclusion of small mine plan expenses, care & maintenance costs and non-cash impairment charge

Non-cash impairment charges to Drumlummon mineral properties totaling $1.4M

Cash as at December 31, 2013 of $7.2M

2013 Operating Highlights-Production/Cash Costs

2.42

2.272.31

2.122.16

2.20

10.00

12.50

15.00

17.50

20.00

1.50

1.75

2.00

2.25

2.50

2009A 2010A 2011A 2012A 2013A 2014E

Cash cost/oz. A

g ($)

Ag Oz. Produ

ced (M

M)

Silver Productionoz. in MM 

Galena Complex - Small Mine Plan

$33.19/oz

$19.61/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

mill

ed, t

ons

Gra

de, o

z/to

n A

gEq

Galena Production

Tonnage Grade Silver Price

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

Reducing Tons, Increasing Grade

2013 Exploration Highlights

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60,666feet of drilling

Re-examination of over 3,100 DD holes to identify targets

Drilling continues to cost effectively explore resources at modest expenditure levels close to infrastructure

Successful drill program with delineation of new resources to enhance the current mining plan

Digital input of past logs ongoing

Block modeling of veins commenced

New Resource/Reserve update at end of 2014

Continue to explore identified brownfield targets with drilling program in 2014

2014 – The Road Ahead

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2014 – The Road Ahead

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Focus on near-term, free cash flow generation

Deliver on cost reduction and near-term profitability

Growth through expansion of existing asset base

Growth through aggressive consolidation in the gold and silver space

Focus on mining-friendly jurisdictions in the Americas

Maintain stakeholder involvement

Our Mission

Free cash flow generation and profitable growth

2014 Silver Guidance

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2.0-2.4Moz Ag

$14.50-$15.50Ag Cash Costs/oz

$18.00-$19.00All-in Sustaining Costs/oz

Continued focus on company-wide cost reductions

Transitioning to wider higher silver equivalent grade silver/lead stopes.

Revenue mix will have increased lead by-product credits exiting 2014

New production base is sustainable multi-year at low silver prices

Maintaining Caladay, Coeur and closed stopes at Galena for higher metal prices

Focus on Cost Reduction and Profitability

$10

$15

$20

$25

$30

$35

Cash Cost* All-in Sustaining Cash Cost**

US$

/oz

Ag

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Q3 2013

Q4 2013

2014 (Expected)

Trending in the Right Direction

*Calculated per silver industry standards**Silver industry cash cost plus all development, capital expenditures, exploration spending and mine G&A

Junior Silver Producer Multiples*

 $‐

 $2.00

 $4.00

 $6.00

 $8.00

 $10.00

 $12.00

 $14.00

 $16.00

GPR EXN EDR SVL AXR ASM USA AUN SPM

$/Oz silver

Enterprise Value/Resources

*As of April 30, 2014 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

How Much Production Does $1000 Buy?*

Highest Leverage to the Silver Price

*As of April 30, 2014 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.

0

10

20

30

40

50

60

70

USA AUN SPM EXN EDR ASM GPR AXR SVL

Silver Oz P

rodu

ction

Per $1000 Invested

Leverage to Silver Price

Invest in U.S. Silver & Gold

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Producing 2.0 – 2.4 million silver oz

Executing on cost reductions and higher grade production

Transitioning to wider, higher-grade silver equivalent silver/lead stopes to further reduce costs

100% owned, royalty free

Fully permitted

Excess hoisting and milling capacity

Experienced management team

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

Focused on Improving Share Price

Contact Us

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Darren BlasuttiPresident and CEO416‐848‐9503

Nicole RichardInvestor Relations416‐848‐9503

www.us‐silver.com