A New Company Built For GrowthNOVEMBER 2012

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. Potential risksinclude: that U.S. Silver & Gold may not achieve anticipated synergies; loss of key personnel; reduction in the anticipated cashlevels; 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 assume 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.

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USA – Today

5 M oz Ag by 2015

2.6 - 2.8Moz Silver (Ag)

Established, Long-life Operating Assets

Strong Operating Cash Flow

Significant Ongoing Brownfield Expansion

Dominant Land Position in the Prolific Silver Valley

Favourable Environment for Accretive Acquisitions

Proven Management & Board

20,000- 25,000oz Gold (Au)

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Darren BlasuttiPresident and CEO, Director

• 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

Robert TaylorCOO

• Over 35 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

Warren VargaCFO

• Over 17 years of progressive financial leadership experience and brings extensive senior management expertise • Most recently Senior Director, Corporate Development at Barrick Gold Corporation and former CFO of RX Gold & Silver Inc.• Member of the Canadian Institute of Chartered Accountants and the Chartered Financial Analyst Institute

Steve LongSVP, Operations

• Over 33 years experience in mine engineering and management• Senior manager for underground mining operations for Newmont Mining Corporation, Barrick Gold, Echo Bay and

Homestake Mining

Jim AtkinsonVP, Exploration

• Licensed Professional Geologist, over 40 years of experience in exploration geology• Completed more than a dozen exploration programs across North America

Daren DellVP, Technical Services

• 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

Management Team Overview

4

Board of Directors Overview

Gordon PridhamChairman

• Over 30 years of experience as a global finance executive• Serves on the public company boards of Newalta Corporation and Titanium Corporation, where he is Chairman of the Board

Hugh AgroDirector

• 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 Deustche Bank

John BrockDirector

• Geologist with 40 years experience as an executive for 20 public junior exploration companies. CEO of Pacific Ridge Exploration• Participated in 12 major mineral deposit discoveries in north and western Canada, Nevada, Mexico, and Ecuador

Alex DavidsonDirector

• Retired in 2009 as EVP Exploration and Corporate Development at Barrick Gold • 2005 AO Dufresue 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

Louis DionneDirector

• Former Senior Vice President Underground Operations at Barrick Gold • Currently a director of Detour Gold Corporation and Aurizon Mining Ltd.

Alan EdwardsDirector

• Board of directors for AuRico Gold Inc., Entrée Gold Inc., Copper One Inc., Oracle Mining Corp. and AQM Copper Inc. (Chairman)• Senior management positions with Frontera Copper, Apex Silver Mines, Kinross, Cyprus Amax and Phelps Dodge

Tom RyleyDirector

• 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

Lorie WaisbergDirector

• Former Senior Partner at Goodmans LLP and EVP, Finance and Administration of Co-Steel Inc.• Accredited with Institute of Corporate Directors and sits on Boards of Tembec and Chemtrade Logistics Inc

Darren BlasuttiDirector

• President and CEO

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Asset Overview

Asset Overview

7Geographic Concentration Of Assets

Galena Mine Complex – 100%• High grade Cu-Ag and Pb-Ag

• Produced over 240 M oz Ag historically

• Over 23 M oz Ag in “Proven and Probable”Reserves and 12 M oz Ag in “Measured and Indicated” Resources*

• Galena area operating

• Coeur area being re-started

• Lead Zone being assessed for bulk mining potential

• Excess hoisting and milling capacity

• Experienced work force

Drumlummon Mine – 100%• High grade Au and Ag

• Produced over 1 M oz Au and 12 M oz Ag

• Extensive mining infrastructure

• Recently acquired adjacent Belmont mine

• Plan to process ore at Galena Complex in 2013* 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.

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Galena Mine Complex

8

Galena and Coeur Areas

• Galena Q3 YTD 2012 production of 1.62 M oz Ag @ $20/ounce from 25 production stopes, includes almost a month of lost time due to shaft and mill re-habilitation

• Coeur re-development started February 2012 with small production startinglate 2012

- $5 million budgeted in 2012- Ramping up over the course of 2013, expecting 300,000-500,000 in 2014 - Current M&I resource is 3.3 million oz Ag* with drilling underwaytargeting 6.0 million oz Ag by 2014.

• Two separate mills with total 1,500 tons/day capacity, currently operating at 60%

• Consistent mill recovery rates of 96% for silver-copper and 92% for silver-lead ores

• Continued exploration success and mine life extension at Silver Vein and 350-370 Vein

- Veins extending at depth- 2 newly discovered veins in 2012- Focused on increasing resources near existing infrastructure

• Expect to increase silver reserves and resources in 2012; extending mine life* See www.us-silver.com for NI 43-101 Technical Report

Large Reserve and Resource Base

2ndlargestPrimary silver producer in the U.S.

8

Galena Mine Complex Long Section

9

Western Coeur Mine

DeepCoeur Mine

DeepSilverVein

Lead Zone

CDA“GAP”

ArgentineVein

Controlled by US Silver & Gold

Galena Mine Complex

10Reducing cash costs in 2013 and beyond

Lead Zone• Semi-continuous mineralized zone extending from Galena into Caladay Mine at depth

- Currently 2,800 vertical feet with estimated strike length of 1,200-3,600 feet and apparent widths of 200-400 feet

• Mineralization comprises broad areas of Ag and Pb mineralization often associated with high grade veins containing both higher and lower grade areas

- Global grades of 3-4 oz/ton Ag and 3 - 5% Pb- Higher grades are 30-40 % with continuous widths of 15-30 feet

ranging from 5-10 oz/ton Ag and 5-11% Pb

• Global tonnage target of 60-70 million tons and potential silver resource of 150-200 million ounces

• Re-habilitation completed and drilling commenced in the 3rd

quarter

• A preliminary plan will be communicated first half of Q1, 2013

• Area is expected to support lower cost bulk mining methods

• Update expected by year-end on economic potential of mineralized area

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AdditionalBrownfieldProduction

Galena Complex Lead Zone (Looking North)

11

1600

2400

4000

3200

5500

4900

CaladayGalena#3 Shaft

EEWW

Higher grade areas(block modelled)

Lead Zone

Downdip projection of lead zone (2013 Target)

25000

feet

Drumlummon Mine

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• Q3 YTD 2012 production of 16,600 oz Au and 280,000 oz Ag

•Q3 YTD 2012 mill recoveries averaged 91% for Au and 84% for Ag

•2012 Plan estimates 110,000 tons of ore at 0.25 oz/t Au and 4 oz/t Ag

•Labour and cost reductions being rolled out in Q4, 2012

•Plan in place to process Drumlummon ore in Idaho starting in early 2013 to achieve expected processing synergies

•All current required permits in place under small miners exemption. In process of renewing appropriate water discharge permit.

•Continued resource expansion and mine life extension success at Drumlummon and the recently acquired Belmont mine

•2012 exploration success at the Frankie Vein, Sampson area of the Drumlummon Vein, the New Years Vein and high grade silver veins in the Neenan area near Bald Butte moly project

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Drumlummon Mine – Claims and Property Boundaries

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Near Term Operating Goals

14Unlocking value of existing operating assets

5.0Moz Ag by 2015

Focus 2013 and LOM plan on high-grade profitable ounces versus arbitrary ounce targets

Increase 2013 productivity at the Galena Complex by moving to a 24/7 shift schedule

Enact labour cost reductions at the Drumlummon site and begin processing high gold and silver ore at Galena Complex in early 2013

Deliver Coeur area re-development ramp-up

Prepare preliminary analysis of the Lead Zone for future bulk mining development

Assess the Belmont property for mid to late 2013 development

USA -Tomorrow

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Cash (US M)* $ 16.8

Working Capital (US M)* $ 30.1

Current Debt (US M)* $ 7.9

Q3 YTD 2012 Production oz (Ag) 1,903,600

Q3 YTD 2012 Cash costs per oz (Ag)* $ 18.61

Q3 YTD 2012 Production oz (Au)* 16,600

Q3 YTD 2012 Average Recoveries (Ag)* 94.0%

Q3 YTD 2012 Average Recoveries (Au)* 92.0%

Adjusted Q3 Net Income (US M) $3.7

Adjusted Q3 YTD Net Income (US M) $5.3

Key Operating Metrics

15Corporate office synergies of $3 million/annum achieved in 2013 budget

* As at September 30 , 2012

Share Price Performance & Capital Structure

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Symbol: USA-TShares Basic: 59.9 MOptions : 5.4 MWarrants: 2.0 MFully Diluted: 67.3 M

Recent Price*: $2.00Market Cap (CDN): $119.5 M

*As of November 20, 2012

Strategic Objectives

Strategic Objectives

18Grow earnings and cash flow per share

Execute on brownfield expansions

Assess exploration, processing and capital synergies with geographically focused assets

Assess accretive per share acquisition opportunities in North America

Secure line of credit to support future growth initiatives

1

2

3

4

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Roadmap For

Success

Exceed 5.0 M oz Ag by end of 2015:

EV / M&I Resources* EV / 2013E EBITDA*

Junior Silver Producer Multiples

Increase visibility within investment community

* As at November 10, 2012 based on Cormark Securities EstimatesMarket 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.

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Attractively Positioned Among Peers

Re-Rating Potential

$0

$300

$600

$900

$1,200

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0

En

terp

rise

Va

lue

(US$

MM

)

2012 Production Guidance (MM oz Ag Eq.)

Mid-Tier Silver Producers

EDR

SVM

FVI

U.S. Silver & Gold

Companies Included: FVI – Fortuna Silver Mines Inc.; SVM – Silvercorp Metals Corp.; EDR – Endeavour Silver Corp.1Enterprise Value is calculated on a fully-diluted ITM basis2Silver equivalent based on Cormark research 2012 metal prices of US$1,800/oz Au, US$32.50/oz Ag, US$0.90/lb Pb, US$0.89/lb Zn and US$3.71/lb Cu3U.S. Silver & Gold production guidance is sum of RX Gold Q1 results annualized and latest U.S. Silver production guidance

U.S. Silver & Gold is attractively positioned among st its mid-tier silver producer peers and could experience a significant re-rating

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Why USA?

We’re built for growth

2nd largest primary silver producer in the U.S.

Strong operating and market fundamentals

Executing on brownfield expansion opportunities

Disciplined strategy for targeted acquisitions

Large land package with significant organic upside

Experienced management team

Catalysts in place for improved valuation

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Contact

Darren BlasuttiPresident and CEOdblasutti@us-silver.com416-848-9503

www.us-silver.com

Appendix

GALENA COMPLEX LONG SECTION

No.

3 S

haft

Gal

ena

Sha

ft

Cal

aday

Sha

ft

Coe

ur S

haft

2400

Sea Level

3700

5500

Cal

laha

n S

haft

4900

28003000

3400

1200

Silver

Vein

5200

460043004000

LEGEND

Ag - Pb Veins

Ag - Cu Veins

Major Production Areas

0 2500

feet

1

DRUMLUMMON VEIN LONG SECTION (Looking Northwest)

2

SouthDrumlummon

Zone

1600 Level

1400

1200

1000 Level

800

400 Level

1.5+1.00 - 1.490.50 - 0.990.20 - 0.49No significant intersection

Grade x Thickness (oz.ft)

Decline

0 1000

feet

Nine-HourWorkings

#1 Shaft#2 Shaft

A/B Block

A

B

C

D

JubileeSampsonPixley 1Pixley 4

Ore Shoots

ABCD

Existing workingsOre shootsDrilling stationMined stopesD Block

OPEN

OPEN

surface

Drilled (assays pending)

Jubilee DeepTarget Area

Pixley DeepTarget Area#1 South Deep

Target Area

FRANKIE SECTION

6000’

5900’

5800’

5700’

5600’

5500’

5400’

5300’

5200’

5100’

5000’

400 LEVEL (5430’)

600 LEVEL (5230’)

Veins

Drill holes

Elevations

Frankie Structural ZonePeriodic Veining and Pod

Shaped Ore Zonation

200 Feet Wide

250

feet

0

3

Mai

n Fr

anki

e Ve

in

NORTH STAR VEIN LONG SECTION (Looking North)

4

BELMONT LONG SECTION

200 Level

300 Level

400 Level

600 Level

750 Level

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Zone 1

19,000T @

0.81 oz/ton Au

2.66 oz/ton Ag Zone 2

32,300T @

0.42 oz/ton Au

1.45 oz/ton Ag

250

feet

0

*

**

*

Phase 1 proposed drilling

Phase 2 proposed drilling

Possible Ore

Existing Workings

Historical Mineralization

Mined Out

*

5

(1) Note that these are historical estimates that are not NI43-101 compliant.A qualified person has not done sufficient work to classify this historical estimate as current mineral resources or mineral reserves.

(1)