CORPORATE PRESENTATION March 2019

Transcription

1 CORPORATE PRESENTATION March 2019

2 Forward-looking Statements This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws (together, "forward-looking statements"). Such forward-looking statements include, but are not limited to, statements with respect to completion of the Scheme, the processing capabilities resulting from upgrades to the Tucano plant; the anticipated production profile of the combined company (both before and after the Coricancha project commences production); the effect of the transaction on the public float and shareholder base of Great Panther, the combined company s proved and possible reserves and balance sheet; the reduction of the combined company s operating risks; and the potential re-rating of the combined company. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Assumptions upon which forward looking statements relating to the Scheme have been made include that Beadell and Great Panther will be able to satisfy the conditions in the Agreement, that due diligence investigations of each party will not identify any materially adverse facts or circumstances, that the required approvals will be obtained from the shareholders of Beadell and Great Panther, and that all required third party, regulatory and government approvals will be obtained. Such factors include, among others, risks and uncertainties relating to potential political and social risks involving the Beadell and Great Panther s operations in a foreign jurisdiction, the potential for unexpected costs and expenses, fluctuations in metal prices, fluctuations in currency exchange rates, physical risks inherent in mining operations, operating or technical difficulties in mineral exploration, changes in project parameters as plans continue to be refined, and other risks and uncertainties, including those described in respect of: Great Panther, in its annual information form for the year ended December 31, 2017 and material change reports filed with the Canadian Securities Administrators available at and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission and available at There is no assurance that such forward-looking statements will prove accurate and results may vary materially from such forward-looking statements. Great Panther and Beadell believe the assumptions underlying all such forward-looking statements are reasonable based on information currently available, however, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forwardlooking statements. Great Panther and Beadell have no intention to update forward-looking statements except as required by law. 2

3 Cautionary Statements Note on Preliminary Economic Assessment & Inferred Resources The mine plan evaluated in the PEA is preliminary in nature and additional technical studies will need to be completed in order to fully assess its viability. There is no certainty that a production decision will be made to reactivate the Coricancha mine. In addition, we may determine to proceed with a production decision without completion of customary feasibility studies demonstrating the economic viability of reactivation of Coricancha. A mine production decision that is made without a feasibility study carries additional potential risks which include, but are not limited to, (i) increased uncertainty as to projected initial and sustaining capital costs and operating costs, rates of production and average grades, and (ii) the inclusion of Inferred Mineral Resources, as defined by NI and CIM Definition Standards (see Cautionary Note to United States Investors below) that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be converted to a Mineral Reserve, as defined by NI and CIM Definition Standards (see Cautionary Note to United States Investors below). Mine design and mining schedules, metallurgical flow sheets and process plant designs may require additional detailed work and economic analysis and internal studies to ensure satisfactory operational conditions and decisions regarding future targeted production. In addition, the results of the Bulk Sample Program may impact on the projected capital and operating costs, with the result that the projected NPV, IRR and cash flows may be adversely impacted. Readers are cautioned not to assume that any part or all of Mineral Resources used in this PEA will ever be converted into reserves. Inferred Mineral Resources, in particular, have a great amount of uncertainty as to their existence and/or economic and legal feasibility and readers are cautioned not to assume that they will ever be upgraded to a higher category. Under Canadian standards, estimates of Inferred Mineral Resources may form part of preliminary economic assessment, but may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Mineral Resources that are not Mineral Reserves, do not, by definition, have demonstrated economicviability. Note to United States Investors Great Panther prepares its disclosure in accordance with the requirements of securities laws in effect in Canada and Beadell prepares its disclosure in accordance with the requirements of securities laws in Australia, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources and mineral reserves in this presentation in respect of Great Panther are defined in accordance with National Instrument Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves and in respect of Beadell are defined in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Securities and Exchange Commission (the SEC ) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. This presentation uses certain terms, such as, measured mineral resources, indicated mineral resources and inferred mineral resources, that the SEC does not recognize (these terms may be used in this presentation and are included in the public filings of Great Panther which have been filed with securities commissions or similar authorities in Canada). 3

4 Creating a New Growth Oriented Intermediate Precious Metals Producer EMERGING INTERMEDIATE GOLD PRODUCER Strong gold production platform with combined gold production guidance of ~200,000 AuEq* Pro-forma guidance expected in Q Increased size has the potential to result in ETF buying and improved liquidity LARGE RESOURCE & RESERVE BASE P&P: ~1.3 million gold ounces M&I: ~2.05 million gold ounces, ~18 million silver ounces Inferred: ~1.4 million gold ounces, ~15 million silver ounces STRONG BALANCE SHEET Enhanced balance sheet to accelerate completion of Tucano optimization, restart Coricancha and deliver on exceptional low risk/high value resource expansion opportunities at Tucano DIVERSIFIED PORTFOLIO & OPERATIONAL EXCELLENCE Diversified operations with two primary precious metals underground mines in Mexico and an open pit gold mine in Brazil Strong management team with extensive operating experience in Latin America ROBUST GROWTH PROFILE Near-term production growth from Coricancha with a restart decision expected in early 2019 Near-term reserve growth with infill drilling at Tucano Medium-term resource growth with drilling of multiple in mine-lease discoveries at Tucano Long-term exploration optionality with Tucano s 2,500 km 2 highly prospective land package ATTRACTIVE RE-RATING POTENTIAL Platform for value re-rating due to increased production profile, organic growth opportunities, size and liquidity Management focused on increasing value per share through delivery on operations and organic growth *Combined Gold equivalent ounce production guidance for Great Panther based on the January 17, 2019 press release and associated metal conversion assumptions, and Beadell's January 29, 2019 press release with production guidance for Tucano. 4

5 Emerging Intermediate Gold Producer Guanajuato Mine Complex (GMC) Coricancha Mine Gold and silver producing underground mines located in Guanajuato, Mexico Consistent production since acquisition in 2005 M&I Resources (1) : 107 koz Au; 6.2 Moz Ag El Horcón Topia Santa Rosa GMC Closed acquisition of the Coricancha Mine in June 2017 Currently conducting engineering and environmental studies in order to determine the viability of restarting operations M&I Resources: 140 koz Au; 4.8 Moz Ag Tucano Mine Gold mine located in Amapá State in northern Brazil Covers approximately 2,500 km 2 of mostly contiguous exploration licences and a mining concession with district scale exploration potential Forecast completion of Tucano plant upgrade with processing capacity ~3.5Mt/year enabling greater ore type processing flexibility at Tucano Coricancha Tucano Tartaruga Tartaruga Located 120 km northeast of the Tucano Mine covering 357 km 2 of the Tartarugalzinho greenstone Belt Historical Resources: 337 koz Au M&I Resources (2) : 2.05 Moz Au El Horcón Topia Mine Producing Mine Gold, silver, zinc and lead exploration project north of Guanajuato State Underground mine located in Durango State, Mexico that produces silver, gold, lead, and zinc Plant capacity is approximately 275 tonnes per day Development Project Exploration Asset Inferred Resources: 18 koz Au; 0.4 Moz Ag M&I Resources: 21 koz Au; 7.1 Moz Ag Santa Rosa Silver and gold exploration project located northeast of Guanajuato 1. Includes San Ignacio 2. M&I Resources are inclusive of reserves 5

6 Pro Forma Production Profile Pro Forma Production Profile (koz AuEq) (1) BDR Gold Production GPR Gold Production GPR Silver Production(AuEq) GPR Pb+Zn Production(AuEq) $1,037 $923 AISC (US$/oz AuEq) $1,208 $1,084 ~200,000 AuEq in 2019 (2) $1,500 $1, MEXICO $500 $- -$ TUCANO $1,000 -$1, to 2017 AuEq calculated using historical ratios as disclosed in GPR s annual MD&A AuEq calculated using an 80:1 Ag:Au ratio, and ratios of 1: and 1: for the price/ounce of silver to price/pound of lead and zinc, respectively. 2. Combined Gold equivalent ounce production guidance for Great Panther based on the January 17, 2019 press release and associated metal conversion assumptions, and Beadell's January 29, 2019 press release with production guidance for Tucano $2,000 6

7 Tucano Snapshot MINE TYPE Open Pit Avg. Ore Tonnes Mined (Mt/Yr) ~4.8 Avg. Waste Tonnes Mined (Mt/Yr) ~27.2 PROCESSING TYPE Conventional CIL Avg. Ore Tonnes Processed/Yr ~3.5 TUCANO 100% OWNED, AMAPÁ, BRAZIL Brazil is one of the world s great mining jurisdictions Recovery - Current ~88% Recovery On ~93% Current LOM Sulphide Ore (%) ~73% Tailings Type Conventional Downstream TSF RESOURCES & RESERVES* Au oz (000) Au Grade (g/t) Tucano Total Reserves 1, Open Pit Underground M&I Resources Inc. Reserves 2, Open Pit 1, Underground Inferred Resources 1, Open Pit Underground *Totals include stockpiles 7

8 Fully Optimized Mine Starting in 2019 Material movement bottleneck removed with new Brazilian mining contractor (U&M) delivering to plan January ~28% above plan February (to the 21st) ~24% above plan Plant upgrade (ball mill, pre-leach thickener, leach tank, oxygen plant) complete: Focus on mining grade vs ore type Recoveries projected to increase ~5% from ~88% to ~93% Additional oxygen required for high pyrrhotite, higher grade ore installation in March 2019 Drawing 9MW grid power, going to 12MW 8 8

9 Tucano Gold Production Profile Tucano Production Profile (koz Au) Tucano Gold Production AISC (US$/oz Au) $1,006 $866 $1,180 $1,073 AISC: $1,000 - $1, $1,500 $1, $ $ $500 -$1, $1, F 2019F Tucano production and AISC form Beadell's January 29, 2019 press release guidance. Subject to revision by Great Panther. -$2,000 9

10 Tucano Mine Corridor 7 km long mineralized mine sequence Exceptional gold grades intersected down-plunge from lodes that contribute to ore reserve (Only grades >1.5g/t Au shown) Torres? Urso: FD01466: 2.02g/t Tap AB1: F g/t 58.71g/t Tap AB2: F g/t Tap AB3: F02080: 4.27g/t Tap AB1: F g/t 4.29g/t 1.14g/t Urucum North: FD1346: 17.50g/t 16.2g/t 10

11 Near-Mine Exploration Targets New resource opportunities within 5 km of plant 1 TAP AB DEPOSITS 2 3 Neo Lodes (off plane of long section) Torres Lodes further south TAP C DEPOSITS Urso Prospect 1. Torres & Torres South lodes, high priority All Neo Lodes, yet to be drilled systematically (potential Neo-type mineralization intersected at 700 m vertical), high priority Urso Prospect 700 m potential strike length 4. 1 km gap from Tap C3 North to Urucum South 5. Very high grades at depth in Urucum North require follow-up 6. Potential gold mineralisation in the schist 4 LEGEND Gap from Tap C3N to Urucum South (mostly untested) URUCUM DEPOSITS Reserve Block (>0.6g/t Au cut-off in Reserve Pit & > 1.6 g/t Au cut-off below) Topo Sept 2018 Resource MI Blocks (>0.5g/t Au cut-off) Reserve Pit June 2017 ($1,150) Resource Inf Blocks (>0.5g/t Au cut-off above $1,500 pit shell & > 1.6 g/t Resource Pit June 2017 ($1,500) Au cut-off below) 401,000 me 100,000 mn 99,500 mn 99,000 mn 98,500 mn 98,000 mn 97,500 mn 97,000 mn 96,500 mn 96,000 mn 95,500 mn 95,000 mn 94,500 mn Plant 94,000 mn 93,500 mn Gold Lode Alluvium Laterite Pegmatite Granite Schist Carbonate 401,500 me F g/t Au LEGEND New gold Lode since 2015 Banded Iron Formation Amphobolite 4 FD g/t Au GCRC g/t Au 402,000 me GCPF g/t Au ,500 me 5 403,000 me TAP AB3 NORTH LODE F g/t F g/t Au m 11

12 Regional Exploration Targets Regional targets within 20 km of plant: >10 gold-in-soil anomalies identified Additional untested structural targets Tucano Mine Corridor Saraminda Bicicleta T3 10 km Data organization complete Tap D4 Joseph J5 Joseph J9 Data mining ongoing Timbo T4 New 2D and 3D data management systems implemented Mutum Dragao Tap East Systematic exploration to commence 2019 AEROMAGNETICS OVERLAIN BY SOILS Janaina Sentinela 12

13 Guanajuato District Snapshot (Ag-Au) MINE TYPE Underground Mining Method Cut and Fill 2018 AgEq Oz Production 2,622,623 PROCESSING TYPE Conventional Flotation Products Silver and Gold Concentrate GMC 100% OWNED GUANAJUATO, MEXICO Historically one of Mexico s most prolific mining districts with past production of more than one billion Ag oz over 400 years 2018 Ore Tonnes Processed 230, Recoveries (Ag / Au %) ~87.9% / 87.1% Tailings Type RESOURCES Ag oz (000) Au oz (000) Ag Grade (g/t) Conventional TSF Au Grade (g/t) M&I Resources 6, San Ignacio 4, Guanajuato 1, Inferred Resources 3, San Ignacio 2, Guanajuato El Horcón Silver equivalent ounces for 2018were calculated using an 80:1 Au:Ag ratio. 13

14 GMC Production Profile GMC Production Profile (koz AuEq) (1) GMC Production Profile (koz AgEq) (1) Au Production (koz) Au Production (koz AgEq) Ag Production (koz AuEq) Ag Production (koz) 70 AISC (US$/oz AuEq) AISC (US$/oz AgEq) 60 $956 $861 $1,052 $1,216 $1,500 $1,000 $13.02 $11.66 $13.94 $ $500 $- -$500 3,260 1,552 3,071 3,009 1,598 1,622 2,622 1, $1,000 -$1,500 1,708 1,473 1,387 1, $2, to 2017 AuEq calculated using historical ratios as disclosed in GPR s annual MD&A AuEq calculated using an 80:1 Ag:Au ratio, and ratios of 1: and 1: for the price/ounce of silver to price/pound of lead and zinc, respectively. 14

15 Topia Snapshot (Ag-Au-Pb-Zn) MINE TYPE Mining Method Underground Cut and Fill TOPIA 100% OWNED, DURANGO, MEXICO Operating 10 separate mines provides flexibility 2018 AgEq Oz Production 1,548,336 PROCESSING TYPE Products Conventional Flotation Zinc and Lead Concentrates 2018 Ore Tonnes Processed 73, Recoveries (Ag / Au %) 93.4% / 58.1% 2018 Recoveries (Pb / Zn %) 93.1% / 94.2% Tailings Type RESOURCES & RESERVES Ag oz (000) Au oz (000) Conventional TSF Ag Grade (g/t) Au Grade (g/t) M&I Resources 7, Inferred Resources 5, RESOURCES & RESERVES Zn Mlbs Pb Mlbs Zn Grade (%) Pb Grade (%) M&I Resources Inferred Resources Silver equivalent ounces for 2018 were calculated using an 80:1 Ag:Au ratio, and ratios of 1: and 1: for the price/ounce of silver to price/pound of lead and zinc, respectively. 15

16 Topia Production Profile Topia Production Profile (koz AuEq) (1) Topia Production Profile (koz AgEq) (1) Ag Production (koz AuEq) Base Metals Production (koz AuEq) Au Production AISC (US$/oz AuEq) $1,283 $1,200 $1, $ Ag Production Base Metals Production (koz AgEq) Au Production (koz AgEq) AISC (US$/oz AgEq) $17.01 $16.24 $ ,169 1, , $ to 2017 AuEq calculated using historical ratios as disclosed in GPR s annual MD&A AuEq calculated using an 80:1 Ag:Au ratio, and ratios of 1: and 1: for the price/ounce of silver to price/pound of lead and zinc, respectively and 2017 AISC include costs associated with plant and tailings processing upgrades 16

17 Coricancha Growth Potential Acquired in June 2017 for ~US$0.1 million on closing Additional payment of 15% of free cash flow for 5 years after which the CMC is cumulative free cash-flow positive from closing - to a maximum of US$10 million Includes permitted and operational processing plant and gold bio-leaching facility with 600t/day capacity Completed PEA in May 2018 US$8.8 million initial capex Average annual silver-equivalent production of 3.0 Moz Mine plan utilizes only 28% of the resource Head grade: 768g/t Au, Net Smelter Return US$295/t 81% after-tax IRR, $16.6 million after-tax NPV (7.5% discount rate) Significant leverage to metal price changes Began 8 month, 6,000 tonne bulk sample in May 2018 remains on schedule Two trial stopes to test cut & fill and split blasting mine mine method Dilution control key to success Aim to confirm mining rates, grades, recoveries, concentrate specifics Expect production restart decision in Q Opportunities for economic enhancement due to experience with split blasting and narrow vein, high grade underground mining Organic growth opportunities within current veins Potential upside from additional exploration opportunities 17

18 Coricancha Snapshot (Au-Ag-Pb-Zn-Cu) MINE TYPE Mining Method Tonnes Mined (LOM) PROCESSING TYPE Underground Cut and Fill 608 kt (550 tpd) Base Metal Sulfide Flotation CORICANCHA 100% OWNED, LIMA, PERU Permitted & operational existing processing plant and gold bio-leaching facility Products Ore Tonnes Processed (LOM) LOM Avg. Recoveries (%) Tailings Type RESOURCES Lead, Zinc, and Copper Concentrates 608 kt Au 80% Ag 92% Pb 77% Zn 83% Cu 78% Au oz (000) Ag oz (000) Au Grade (g/t) Conventional TSF Ag Grade (g/t) M&I Resources , Inferred Resources , RESOURCES Tonnes (000) Pb Grade (%) Zn Grade (%) Cu Grade (%) M&I Resources Inferred Resources

19 Coricancha Infrastructure View to Mine Camp High Grade Newly Exposed Vein Disseminated Mineralization Ore Pass & Crusher Flotation Cells Flotation Cells 19

20 Transition to Intermediate Producer Enterprise Value to 2019E Production (koz Au) (1),(2) $2,000M Pretium $1,800M $1,600M Enterprise Value (US$M) $1,400M $1,200M $1,000M $800M $600M $400M $200M $0M Sierra Metals Endeavour Silver Wesdome Atlantic Gold Great Panther McEwen Equinox Gold Premier Gold Beadell Alio TMAC Pro Forma Great Panther Argonaut Guyana SSR Mining E Gold Production (koz Au) Torex Leagold 1. Peer EV sourced from S&P Capital IQ (as of January 2, 2019) 2. Peer 2019E Production sourced from Bloomberg consensus estimates 3. Pre-announcement EV (September 21, 2018) 20

21 Strong Re-Rating Potential P/NAV (1),(2) (x) 1.2x 1.0x 0.8x Intermediate Producer Average: 0.68x P/NAV 0.6x 0.4x 0.2x 0.0x Beadell Great Panther 1. Market data as of January 2, 2019 Guyana Leagold Argonaut Pretium Sierra Metals McEwen Torex TMAC Endeavour Silver SSR Mining 2. As per S&P Capital IQ consensus estimates 3. Pre-Announcement (September 21, 2018) 21

22 Experienced Leadership Team MANAGEMENT TEAM NAME POSITION BACKGROUND BOARD OF DIRECTORS NAME POSITION BACKGROUND James Bannantine Jim Zadra Brian Peer Mariana Fregonese President & CEO CFO VP Operations, Mexico VP Social Responsibility Appointed President & CEO in August 2017 Over 20 years experience in senior management level roles in both private and public companies CFO since 2012 Over 15 years of experience in senior corporate finance roles with significant experience in financial reporting, taxation, strategic planning, capital markets, and M&A Previous roles at Deloitte and Canaccord Appointed VP of Operations, Mexico in August 2017 Over 30 years of mining experience; prior roles with Alamos, Coeur and Barrick Joined Great Panther Silver in 2007 Focused on building strategic partnerships and fostering relationships with various stakeholders R.W. (Bob) Garnett James Bannantine Jeffrey R. Mason Robert Archer John Jennings Chair President & CEO Director Director Currently serves as the Commissioner for the Financial Institutions Commission of BC and on the board of MediValet Previously on the board of South Coast British Columbia Transportation Authority Appointed President & CEO in August 2017 Over 20 years experience in senior management level roles in both private and public companies Over 25 years of public company experience in mineral exploration, development, construction and operations in precious and base metals and other minerals Co-founder of Great Panther Silver, served as President & CEO from Over 35 years of experience in mining Director 25 years of investment banking experience Chris Richards Luis Pablo Diaz VP Finance VP Operations, Brazil Joined Great Panther in 2018 Over 20 years of experience in financial management, accounting, taxation and reporting Former Country Manager Beadell Brasil Brazilian national, mining engineer with over 19 years of international experience in multiple facets of open pit and underground mining, from mine planning to production to contract mining. W.J. (James) Mullin Elise Rees Director Director Over 30 years of industry experience working for Newmont Mining Corporation Director of Enmax Corporation, EasyPark, and Westland Insurance Previously worked as a Partner for Ernst and Young for 18 years, with a focus on M&A and corporate reorganization Aoife McGrath VP Geology & Exploration Former Head of Geology & Exploration, Beadell Over 20 years international exploration experience, former VP Exploration Alamos Dr. Nicole Adshead-Bell Director Former CEO of Beadell Over 24 years of capital markets and natural resource sector experience 22

23 Capitalization GREAT PANTHER MINING LIMITED Basic Shares Outstanding 273 Market Cap (US$) 1 $246 Cash and Short-Term Investments $51 Debt $75 Enterprise Value $270 Figures in millions 1. Share price as on NYSE American on Mar 6,

24 Creating a New Growth Oriented Intermediate Precious Metals Producer EMERGING INTERMEDIATE GOLD PRODUCER Strong gold production platform with combined gold production guidance of ~200,000 AuEq* Pro-forma guidance expected in Q Increased size has the potential to result in ETF buying and improved liquidity LARGE RESOURCE & RESERVE BASE P&P: ~1.3 million gold ounces M&I: ~2.05 million gold ounces, ~18 million silver ounces Inferred: ~1.4 million gold ounces, ~15 million silver ounces STRONG BALANCE SHEET Enhanced balance sheet to accelerate completion of Tucano optimization, restart Coricancha and deliver on exceptional low risk/high value resource expansion opportunities at Tucano DIVERSIFIED PORTFOLIO & OPERATIONAL EXCELLENCE Diversified operations with two primary precious metals underground mines in Mexico and an open pit gold mine in Brazil Strong management team with extensive operating experience in Latin America ROBUST GROWTH PROFILE Near-term production growth from Coricancha with a restart decision expected in early 2019 Near-term reserve growth with infill drilling at Tucano Medium-term resource growth with drilling of multiple in mine-lease discoveries at Tucano Long-term exploration optionality with Tucano s 2,500 km 2 highly prospective land package ATTRACTIVE RE-RATING POTENTIAL Platform for value re-rating due to increased production profile, organic growth opportunities, size and liquidity Management focused on increasing value per share through delivery on operations and organic growth *Combined Gold equivalent ounce production guidance for Great Panther based on the January 17, 2019 press release and associated metal conversion assumptions, and Beadell's January 29, 2019 press release with production guidance for Tucano. 24

25 APPENDIX

26 Competent Persons & NI Beadell Competency Statement The information in this presentation that relates to mineral resources and ore reserves of Beadell Resources Limited is based on information reviewed and approved by Ms. Aoife McGrath, a Competent Person (as defined in the JORC Code) who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and of the Australian Institute of Geoscientists (AIG). Ms. McGrath is a full-time employee of Beadell Resources Limited. She has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. Ms. McGrath consents to the inclusion in this presentation of the matters based on her information in the form and context in which it appears. Please see Beadell s Interim Ore Reserve and Mineral Resource Update released to ASX on 4 December 2018 for a full JORC disclosure regarding the Tucano Project. Great Panther Competency Statement The information in this presentation that relates to resource estimates for Great Panther s projects is based on information compiled from the following technical reports filed by Great Panther under Canadian securities laws: Guanajuato Mine Complex: Technical report entitled NI Mineral Resource Update Technical Report on the Guanajuato Mine Complex, Guanajuato Mine and San Ignacio Mine, Guanajuato State, Mexico, dated February 28, 2018prepared by Mr. Matthew C. Wunder, P.Geo. Topia Mine: 2018 Technical Report to be filed on SEDAR within 45 days of January 29, 2019 press release. The technical report entitled NI Report on the Topia Mine Mineral Resource Estimates as of November 30, 2014 dated July 6, 2015 prepared by Mr. Robert F. Brown, P.Eng. Coricancha: Technical report entitled Resource Update Technical Report on the Coricancha Mine Complex, Huarochirí Province, Lima Region, Perú, dated February 2, 2018 submitted by Golder Associates Inc. as Report Assembler of the work prepared by or under the supervision of the following Qualified Persons named as authors: Ronald Turner, MAusIMM CP(Geo); Daniel Saint Don, P.Eng.; and Jeffrey Woods, P.E. The information in this presentation derived from Great Panther s technical reports has been reviewed and approved by Mr. Robert Brown, P.Eng. Mr. Brown, P.Eng is a Professional Engineer registered with the Association of Professional Engineers and Geoscientists of British Columbia. Mr. Brown, P.Eng has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Brown, P.Eng consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Mr. Brown, P.Eng was the VP Exploration of Great Panther until December 31, 2016 and is a consultant to Great Panther. Great Panther's disclosure of mineral resource information is governed by Canadian National Instrument under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM ("CIM Standards"). Great Panther s mineral resources are classified according to the CIM Definition Standards in the manner of the JORC Code and NI disclosure corresponds to that required by the JORC Code. Disclosure by Great Panther in its most recently filed NI technical reports complies with the CIM Guidelines, which are closely related to the JORC Code in their key definitions. The Great Panther mineral resources can therefore be quoted as qualifying foreign estimates according to ASX Listing rules. The most recent disclosure of Great Panther s mineral resources can be found on SEDAR at The most recent disclosure by Great Panther is in the Great Panther Annual Information Form dated March 23, The qualifying foreign estimates have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimates as mineral resources or ore reserves in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration word that the foreign estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code. Qualified Persons The technical information contained in this presentation as it relates to Beadell has been reviewed and approved by Aoife McGrath, who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and a member of the Australian Institute of Geoscientists (AIG), and is a Qualified Person under the meaning of NI The technical information contained in this presentation as it relates to Great Panther has been reviewed and approved by Robert F. Brown, P. Eng., the Qualified Person for Great Panther s projects under the meaning of NI

27 Tucano Reserves & Resources Tucano Detail Oxide Open Pit Tonnes (000) Proven & Probable Measured & Indicated Inferred Au Grade (g/t) Au oz (000) Cut-off (g/t) Tonnes (000) Au Grade (g/t) Au oz (000) Tonnes (000) Au Grade (g/t) Au oz (000) Cut-off (g/t) Urucum Open Pit Oxide Urucum East Open Pit Oxide Tap AB Open Pit Oxide 3, , Tap C Open Pit Oxide Duck Head Open Pit Oxide Total Oxide Open Pit 3, , Primary Open Pit Urucum Open Pit Primary 9, , Urucum East Open Pit Primary Tap AB Open Pit Primary 2, , , Tap C Open Pit Primary , , Duck Head Surface Primary Total Primary Open Pit 12, , ,099 3, Oxide & Primary Open Pit Urucum Open Pit Total 10, , Urucum East Open Pit Total Tap AB Open Pit Total 5, , , Tap C Open Pit Total 1, , , Duck Head Open Pit Total Total Oxide & Primary Open Pit 16, , ,498 3, Stockpiles Open Pit Stockpile 1, , Spent Ore Stockpile ROM Expansion Stockpile Marginal Ore Stockpiles 1, Total Stockpiles 2, , Total Tucano Open Pit & Stockpiles 19, , ,575 3, Underground Tap AB Underground Primary* 1, , Urucum Underground Primary 2, , , Total Underground Primary 2, , , Total Open Pit & Underground 21, ,261 36, ,046 16, ,156 As at June 2018; Mineral Resources are inclusive of Mineral Reserves * The Tap AB UG Resource includes 4.68g/t of Inferred Oxide in the Inferred primary category 27

28 Mexico/Peru Resources MEASURED Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Cu (%) Ag (oz) Au (oz) Ag Eq Oz San Ignacio 801, ,655,447 79,724 9,283,955 Guanajuato 170, ,245,568 8,268 1,829,281 Topia 310, ,732,807 13,579 9,920,000 Coricancha 404, ,731,628 77,244 13,490,000 Total Measured 12,365, ,815 34,523,236 INDICATED San Ignacio 196, ,805 16,991 2,078,368 Guanajuato 43, ,530 2, ,190 Topia 165, ,317,563 7,123 4,850,000 Coricancha 348, ,120,168 62,636 10,710,000 Total Indicated 5,700,066 88,838 18,066,558 Total Measured & Indicated 18,065, ,653 52,589,794 INFERRED San Ignacio 573, ,395,220 44,911 5,565,972 Guanajuato 158, ,917 10,432 1,431,334 Topia 400, ,586,431 17,248 10,720,000 Coricancha 943, ,335, ,200 28,360,000 El Horcón 162, ,094 17,942 2,092,913 Total Inferred 15,409, ,733 48,070,219 See following slide for Notes to the Mineral Resources 28

29 Notes to Mexico/Peru Resources Full NI disclosure of Mineral Resource Estimates can be found in Great Panther s Annual Information Form for the year ended December 31, 2017, available on SEDAR. San Ignacio and Guanajuato Mineral Resource Estimates use an effective date of August 31, 2017; and all used a metal price outlook of US$17.00/oz silver and US$1,300/oz gold. Matthew Wunder, P. Geo., was the Qualified Person for the mineral resource update under NI Topia uses an effective date of July 31, US$1,225/oz Au, US$15.50/oz Ag, US$1.00/lb Pb, and US$1.15/lb Zn. Silver equivalent calculations used the same metal pricing. Silver equivalent calculations for El Horcón include lead content but not zinc, as the zinc would not be recovered in the Guanajuato plant. Robert F. Brown, P. Eng. is designated as the Qualified Person under NI Coricancha uses an effective date of December 20, Ronald Turner, MAusIMM CP(Geo); Daniel Saint Don, P.Eng.; and Jeffrey Woods, P.E. were the Qualified Persons. The information in this presentation that relates to resources reported by Great Panther has been prepared in accordance with NI published by the Canadian Securities Administrators. NI is different from the reporting standard ordinarily applicable to Australian publicly listed companies, the JORC Code. NI requires that mineral resource estimates be prepared in accordance with, and have the meaning ascribed by, the Canadian Institute of Mining and Petroleum (CIM) Definition Standards. NI Companion Policy identifies the Australian JORC Code as an acceptable foreign code for the estimation of mineral resources and that it is substantially similar to CIM Definition Standards as both are based on and are consistent with the International Reporting Template, published by the Committee for Mineral Reserves International Reporting Standards (CRIRSCO Template).The Great Panther resources can be quoted as qualifying foreign estimates according to the ASX Listing Rules. Notes for Coricancha Mineral Resource Estimates: 1. Cut-offs are based on an estimated $140 Net Smelter Return ( NSR ) per tonne 2. Metal prices used to calculate NSR: $1,300 per ounce (oz) Au, $17/oz Ag, $1.15 per pound (lb) Pb, $1.50/lb Zn, $3.00/lb Cu 3. Block model grades converted to United States Dollars (US$) value using plant recoveries of 92.1% Ag, 80.2% Au, 77.3% Pb, 82.6% Zn, 52.7% Cu 4. Rock Density for Constancia: 3.3 tonnes per cubic meter (t/m³), Wellington, Constancia East, Escondida, San Jose: 3.2 t/m³, Colquipallana: 2.9 t/m³ 5. Totals may not agree due to rounding 6. Grades in metric units 7. All currencies in U.S. dollars 8. Ag equivalent ounces (eq oz) is calculated from gpt data 9. AgEq g/t = Ag g/t + (Pb grade x ((Pb price per lb/ag price per oz) x lbs per Troy Ounce x g per %)) +(Zn grade x ((Zn price per lb/ag price per oz) x lbs per Troy Ounce x g per %)) + (Cu grade x ((Cu price per lb/ag price per oz) x lbs per Troy Ounce x g per %)) + (Au grade x (Au price per oz/ag price per oz)) 10. See Great Panther Silver s news release dated December 20, 2017 for further details 29

30 Alex Heath, CFA Director, Corporate Development & Investor Relations aheath@greatpanther.com TSX: GPR NYSE: GPL