Great Panther Silver Friendly Acquisition of Beadell Resources

Transcription

1 Great Panther Silver Friendly Acquisition of Beadell Resources SEPTEMBER 2018 W W W. G R E A T P A N T H E R. C O M W W W. B E A D E L L R E S O U R C E S. C O M. A U

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 forward-looking 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 economic viability. 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 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 19 December 2017 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, 2018 prepared by Mr. Matthew C. Wunder, P.Geo. Topia Mine: 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

5 Transaction Highlights Emerging Intermediate Gold Producer Significant pro forma gold and silver production, with Great Panther contributing 4 million silver-equivalent ounces of production in 2018 (1), and Beadell contributing 130,000 gold ounces in 2018 and a further 163,000 ounces in 2019 (2), with potential for further increase upon a positive restart decision for Coricancha Increase in pro forma market capitalization leading to enhanced capital markets profile and trading liquidity Extensive Resource and Reserve Base Strong Balance Sheet to Support Complementary Assets Diversified Portfolio Pro forma attributable proven and probable reserves of ~1.5 million gold ounces with Beadell contributing measured and indicated resources (exclusive of reserves) of ~0.8 million ounces of gold and inferred resources of ~1.5 million ounces of gold, supplementing Great Panther s measured and indicated resources of ~49.4 million ounces silver-equivalent and inferred resources of ~48.5 million ounces silver-equivalent Pro forma cash balance of US$74 million as at June 30, 2018 Enhanced balance sheet of combined company to accelerate completion of Tucano plant improvements and other optimization initiatives Diversified operations with the inclusion of Brazil as a new core jurisdiction, representing 38% of pro forma asset NAV (3) Combined company will have three operating mines in Mexico and Brazil along with the Coricancha project located in Peru Robust Growth Profile Near-term optionality from Coricancha with a restart decision expected in early 2019 Longer-term exploration optionality from Beadell s 2,500 km 2 highly prospective land package Attractive Re- Rating Potential Combined company well positioned for a significant value re-rating to the benefit of both Great Panther and Beadell shareholders 1. See Great Panther s news release dated August 1, See Beadell s news release dated September 20, Based on the median of available broker estimates 5

6 Transaction Summary Transaction Summary Consideration Key Conditions Management Team Anticipated Timeline Great Panther and Beadell have entered into a Scheme Implementation Deed pursuant to which both companies will be combined through the acquisition by Great Panther of all the Beadell shares outstanding Great Panther and Beadell shareholders will own 62% and 38% of the combined company, respectively Each Beadell ordinary share to be exchanged for shares of Great Panther Implies a value of A$0.086 per Beadell share based on the closing price of Great Panther on the NYSE American on September 21, 2018 Offer represents an equity value for Beadell of approximately A$144M (US$105M (1) ) Consideration represents a 51% premium to Beadell s closing price on September 21, 2018 and a 69% premium to Beadell s 20-day VWAP The combined company s shares will continue to trade on both the TSX and the NYSE American Beadell shareholder approval subject to 75% of the total number of votes cast, as well as 50% of the number of Beadell shareholders present and voting Great Panther majority shareholder approval subject to a simple majority of votes Australian court approvals and approval by the TSX Current Great Panther management team will lead the combined company James Bannantine, President and CEO of Great Panther, brings operating experience in Brazil and is fluent in Portuguese Dr. Nicole Adshead-Bell, CEO and Managing Director of Beadell, will join the Board of Directors Shareholder votes expected to be held in late December 2018 or early January 2019 Transaction expected to close in January The Beadell news release dated September 24, 2018, incorrectly referenced an implied equity value of US$135M. 6

7 Pro Forma Capitalization Great Panther Beadell Pro Forma Basic Shares Outstanding 169 1, Market Cap (Local) C$206 A$95 C$333 Market Cap (US$) (1) US$160 US$69 US$258 Cash and Short-Term Investments (2) US$60 US$15 US$74 Debt (2) US$0 US$85 US$85 Enterprise Value US$100 US$140 US$ Translated using September 21 Bank of Canada exchange rates of USD:CAD and USD:AUD 2. As reported at June 30,

8 Benefits to Shareholders Exposure to substantial value creation from successful execution of the Tucano turn-around which will be enhanced by Great Panther s strong balance sheet and management s experience with similar assets in Brazil; most notably CEO James Bannantine s experience operating mines in Brazil and his fluency in Portuguese Increased production profile and market capitalization to enhance capital markets profile and trading liquidity of the combined company Diversifies Great Panther s asset base to include Brazil as a new core jurisdiction Accretive on key metrics including NAV, cash flow, production, and resources before anticipated synergies including reduction in G&A Enhanced optionality via Beadell s 2,500 km 2 highly prospective exploration land package Ongoing participation in combined company with strong re-rating potential Immediate 51% premium to Beadell s closing share price on September 21, 2018 and 69% premium to its 20-day VWAP Stronger balance sheet allows for increased exploration spend which will result in mine life extension and bring-forward of NPV Beadell shareholders to maintain meaningful exposure to Tucano via 38% pro forma ownership Combined company s substantial cash balance provides means to accelerate Tucano plant upgrade and other optimization initiatives Diversifies Beadell s geographic footprint into Mexico and Peru Provides near-term growth optionality with the addition of Coricancha Broadened shareholder base and TSX and NYSE American listing will enhance trading liquidity Ongoing participation in combined company with strong re-rating potential 8

9 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 Guidance (1) : M&I Resources (1) : 20 koz Au; 1.4 Moz Ag 107 koz Au; 6.2 Moz Ag Topia Santa Rosa El Horcón 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 2018 Guidance: M&I Resources (2) : 130 koz Au 2.24 Moz Au Coricancha Tucano Tartaruga Tartaruga Located 120 km northeast of the Tucano Mine covering 357 km 2 of the Tartarugalzinho greenstone Belt Inferred Resources: 337 koz Au El Horcón Gold, silver, zinc and lead exploration project north of Guanajuato State Inferred Resources: 18 koz Au; 0.4 Moz Ag Topia Mine Underground mine located in Durango State, Mexico that produces silver, gold, lead, and zinc Plant capacity is approximately 275 tonnes per day Santa Rosa Silver and gold exploration project located northeast of Guanajuato 2018 Guidance: M&I Resources: 1,000 oz Au; 0.6 Moz Ag 15 koz Au; 6.9 Moz Ag Producing Mine Development Project 1. Includes San Ignacio 2. M&I Resources are inclusive of reserves 9

10 Pro Forma Production Profile Pro Forma Production Profile (koz Au) 168 Excludes ~2.2 Moz of GPR Silver Production A 2016A 2017A 2018E 2019E GPR (Producing) Beadell (Producing) Potential for further growth if positive restart decision made at Coricancha 10

11 Diversified, Americas-Focus Portfolio Pro Forma Mineral Reserves & Resources (Moz AuEq) (1) Commodity Exposure by 2P Reserves & M+I Resources (1) Beadell Great Panther Silver Current Gold Silver Base Metals Pro Forma 25% 9% 6% 38% % 85% Geographic Exposure by Net Asset Value (2) Current Pro Forma Mexico Peru Brazil % 38% 58% 2P M&I 94% 4% 1. AuEq calculated using a gold price of $1,335/oz Au, silver price of US$19.15/oz, lead price of $1.15/lb, zinc price of $1.50/lb, and copper price of $3.00/lb 2. Based on median of available broker estimates 11

12 Tucano Overview Mine Type Open Pit Avg. Ore Tonnes Mined (Mt/Yr) ~4.8 Avg. Waste Tonnes Mined (Mt/Yr) Processing Type ~27.2 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 TSF Resources & Reserves* Au oz (000) Au Grade (g/t) Tucano Total Reserves 1, Open Pit 1, Underground M&I Resources Inc. Reserves 2, Open Pit 1, Underground Inferred Resources 1, Open Pit Underground *Totals include stockpiles 12

13 Plant Upgrade Ball Mill Complete Mine plan previously constrained to maximum 30% sulphide feed Plant upgrade provides sulphide blend flexibility up to 80% Gold recoveries projected to increase ~5% from ~88% to ~93% Will result in greater ore type processing flexibility allowing a greater focus on mining for grade rather than ore type Plant Upgrade Status: Ball Mill: complete Additional CIL tank: late Oct-18 Pre-leach thickener: early Nov-18 Oxygen plant: early Nov-18 13

14 Tucano Mine Corridor 7 km long mineralized mine sequence Exceptional gold grades intersected down-plunge from lodes that contribute to ore reserve 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 14

15 401,000 me 401,500 me 402,000 me 402,500 me 403,000 me Near-Mine Exploration Targets New resource opportunities within 5 km of plant Tap AB Deposits 2 Tap C Deposits 1 Urucum Deposits 100,000 mn 99,500 mn 99,000 mn Neo Lodes (off plane of long section) 4 Torres Lodes further south Urso Prospect Gap from Tap C3N to Urucum South (mostly untested) F g/t Au 98,500 mn 98,000 mn 97,500 mn 97,000 mn 96,500 mn 96,000 mn 1 FD g/t Au 1. 1 km gap from Tap C3 North to Urucum South 2. Urso Prospect 700 m potential strike length 3. All Neo Lodes yet to be drilled systematically (potential Neotype mineralisation intersected at 700 m vertical) 4. Torres & Torres South lodes 5. Very high grades at depth in Urucum North require follow-up 6. Potential gold mineralisation in the schist 95,500 mn 95,000 mn 94,500 mn Plant 94,000 mn GCRC g/t Au 93,500 mn GCPF g/t Au Gold Lode Alluvium Laterite Granite Schist LEGEND New gold Lode since 2015 Pegmatite Banded Iron Formation Amphobolite Carbonate TAP AB3 NORTH LODE F g/t F g/t Au m 15

16 Regional Exploration Targets Regional program focused within 20 km of plant Aeromagnetics overlain by soils 10 km >10 gold-in-soil anomalies identified Saraminda Bicicleta T3 Additional untested structural targets Tap D4 Joseph J5 Joseph J9 Data organization and data mining underway Timbo T4 Mutum Dragao Systematic exploration to commence at the end of 2018 Tucano Mine Corridor Janaina Tap East Sentinela 16

17 Guanajuato District (Ag-Au) Historically one of Mexico s most prolific mining districts with past production of more than one billion Ag oz over 400 years Steadily grew production at GMC to current level of capacity Commercial production at San Ignacio commenced June 2014 Excellent infrastructure. Other projects in the district have potential to be satellite operations 17

18 Guanajuato Mine Complex (Ag-Au) (1) Accounted for 73% of total production in FY 2017 (1) 1H 2018 FY 2017 Metal Production (2) Ag eq oz 1,339,341 2,892,068 Silver Production Ag oz 581,516 1,386,964 Recoveries Ag/Au (%) 88.3 / / 86.9 Average Grades Ag/Au (g/t) 131 / / 2.41 Ore processed Tonnes 155, ,963 Cash Cost (3) /Ag oz US$6.92 US$4.32 All-in Sustaining Cost (3) /Ag oz US$11.36 US$ Includes mill feed from San Ignacio. 2. Silver equivalent ounces for 2017 are calculated using a 70:1 Ag:Au ratio. 3. Cash cost per silver payable ounce and all-in sustaining cost per silver payable ounce ( AISC ) are non-gaap performance measures. Refer to the Non- GAAP Measures section of the Company s MD&A for an explanation of these measures and reconciliation to the Company s reported financial results in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others. 18

19 Topia Mine (Ag-Pb-Zn-Au) Property covers most of district more than 6,500 hectares High grade, narrow vein underground mining with central plant Operating 10 separate mines provides flexibility Ability to expand production at profitable mines; can temporarily close others as needed Plant upgraded & new tailings storage facility construction has commenced Lead and zinc concentrates sold to metal trader in Mexico 19

20 Topia Mine (Ag-Pb-Zn-Au) Accounted for 27% of total production in FY H 2018 FY 2017* Metal Production (1) Ag eq oz 694,764 1,086,663 Silver Production Ag oz 389, ,721 Recoveries Average Grades Ag / Au (%) 93.3 / / 65.3 Pb / Zn (%) 94.5 / / 94.2 Ag / Au (g/t) 360 / / 0.89 Pb / Zn (%) 2.67 / / 3.47 Ore processed tonnes 36,105 53,745 Cash Cost (2) /Ag oz US$6.07 US$9.53 All-in Sustaining Cost (2) /Ag oz US$7.48 US$14.98 * Reflects plant upgrades & dry tails handling facility completed in Q1:17 1. Silver equivalent ounces for 2017 are calculated using a 70:1 Ag:Au ratio, and ratios of 1: and 1: for the price/ounce of silver to lead and zinc respectively. 2. Cash cost per silver payable ounce and all-in sustaining cost per silver payable ounce ( AISC ) are non-gaap performance measures. Refer to the Non- GAAP Measures section of the Company s MD&A for an explanation of these measures and reconciliation to the Company s reported financial results in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others. 20

21 Coricancha Mine (Au-Ag-Pb-Zn-Cu) Underground mine placed on care & maintenance in August km east of Lima in prolific mining district Operating history dating back to 1906 Permitted & operational existing processing plant and gold bio-leaching facility 80% precious metals, 20% base metals by value Bulk Sample Program underway 21

22 Coricancha PEA Highlights Potential for Average Annual Production of 3M Silver-Equivalent Ounces Head Grade: 768 g/t silver-equivalent Net Smelter Return: $295/t Robust Economics 81% after-tax IRR $16.6 M after-tax NPV (7.5% discount rate) Significant leverage to metal price changes Low Capital Costs $8.8 M Initial Capital Cost Can be funded from existing cash reserves Opportunities for Enhancement Several areas to enhance economics and increase mine life Potential to optimize mine plan All figures in US dollars 22

23 Bulk Sample Program 6,000 tonne bulk sample from Constancia Vein Designed to test key mine inputs and assumptions Two trial stopes to test cut-and-fill and resue mining methods Aiming to confirm: Mining rate Grades Recoveries Concentrate product specifics Double Drum Motor Program Duration: ~8 months Expected Completion: Q Slusher Blades 23

24 Enterprise Value (US$M) Transition to Intermediate Producer Enterprise Value to 2019E Production (koz Au) (1),(2) $2,000M $1,800M Pretium $1,600M $1,400M $1,200M $1,000M Torex $800M $600M $400M $200M $0M Sierra Metals Wesdome Endeavour Silver Great Panther Equinox Gold Atlantic Gold Premier Gold McEwen TMAC Guyana Pro Forma Great Panther Argonaut Beadell Alio SSR Mining E Gold Production (koz Au) Leagold 1. Peer EV sourced from S&P Capital IQ 2. Peer 2019E Production sourced from Bloomberg consensus estimates 24

25 Great Panther Beadell Leagold Argonaut Guyana TMAC Pretium Torex McEwen SSR Mining Endeavour Silver Sierra Metals Strong Re-Rating Potential P/NAV (1),(2) (x) 1.0x 0.9x 0.8x 0.7x 0.6x Intermediate Producer Average: 0.62x P/NAV 0.5x 0.4x 0.3x 0.2x 0.1x 0.0x 1. Market data as of September 21, As per S&P Capital IQ consensus estimates 25

26 Experienced Leadership Team Management Team Name Position Background Board of Directors Name Position Background James Bannantine Jim Zadra Brian Peer Samuel Mah Mariana Fregonese President and CEO CFO VP Operations, Mexico VP Technical Services VP Social Responsibility Appointed President & CEO in August 2017 More than 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 in April 2017 as VP Corporate Development 20 years experience in the mining industry and was most recently employed at Silver Wheaton 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 W.J. (James) Mullin Elise Rees Chair President and CEO Director Director Director 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 More than 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 and CEO from Over 35 years of experience in mining 25 years of investment banking experience Over 30 years of industry experience working for Newmont Mining Corporation Currently sits on the Boards 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 Dr. Nicole Adshead- Bell Director Currently CEO of Beadell, will join Great Panther as a Director Over 20 years of capital markets and natural resource sector experience 26

27 Transaction Highlights Emerging Intermediate Gold Producer Significant pro forma gold and silver production, with Great Panther contributing 4 million silver-equivalent ounces of production in 2018 (1), and Beadell contributing 130,000 gold ounces in 2018 and a further 163,000 ounces in 2019 (2), with potential for further increase upon a positive restart decision for Coricancha Increase in pro forma market capitalization leading to enhanced capital markets profile and trading liquidity Extensive Resource and Reserve Base Strong Balance Sheet to Support Complementary Assets Diversified Portfolio Pro forma attributable proven and probable reserves of ~1.5 million gold ounces with Beadell contributing measured and indicated resources (exclusive of reserves) of ~0.8 million ounces of gold and inferred resources of ~1.5 million ounces of gold, supplementing Great Panther s measured and indicated resources of ~49.4 million ounces silver-equivalent and inferred resources of ~48.5 million ounces silver-equivalent Pro forma cash balance of US$74 million as at June 30, 2018 Enhanced balance sheet of combined company to accelerate completion of Tucano plant improvements and other optimization initiatives Diversified operations with the inclusion of Brazil as a new core jurisdiction, representing 38% of pro forma asset NAV (3) Combined company will have three operating mines in Mexico and Brazil along with the Coricancha project located in Peru Robust Growth Profile Near-term optionality from Coricancha with a restart decision expected in early 2019 Longer-term exploration optionality from Beadell s 2,500 km 2 highly prospective land package Attractive Re- Rating Potential Combined company well positioned for a significant value re-rating to the benefit of both Great Panther and Beadell shareholders 1. See Great Panther s news release dated August 1, See Beadell s news release dated September 20, Based on the median of available broker estimates 27

28 APPENDIX

29 Guanajuato Mine (Ag-Au) Historic underground mine with two operating shafts & two ramps Currently mining & developing to 600m depth on several zones over 4km strike length Produces precious metal-rich concentrate for transportation to leading global smelters 29

30 San Ignacio Mine (Ag-Au) Ramp access from surface Ore trucked 22 km to Cata Plant in Guanajuato Accounted for 62% of the total ore processed at the GMC in 2017 Significant potential for resource expansion over 4 km strike length Currently producing at between tpd 30

31 Beadell 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 4, , Tap C Open Pit Oxide Duck Head Open Pit Oxide Total Oxide Open Pit 5, , , 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, , ,154 2, Oxide & Primary Open Pit Urucum Open Pit Total 10, , Urucum East Open Pit Total Tap AB Open Pit Total 6, , , Tap C Open Pit Total 1, , , Duck Head Open Pit Total Total Oxide & Primary Open Pit 18, ,051 31, ,671 3, Stockpiles Open Pit Stockpile 1, , Spent Ore Stockpile 1, , ROM Expansion Stockpile Marginal Ore Stockpiles 1, Total Stockpiles 3, , Total Tucano Open Pit & Stockpiles 22, ,128 36, ,770 3, Underground Tap AB Underground Primary* 1, , Urucum Underground Primary - PFS 2, , , Urucum Underground Primary - Non PFS 3, Total Underground Primary 2, , , Total Open Pit & Underground 25, ,473 40, ,240 16, , Tartaruga 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) Tartaruga 6, Total Tartargua 6, As at June 30, 2017; Mineral Resources are inclusive of Mineral Reserves * The June 2017 Tap AB UG Resource includes 4.68g/t of Inferred Oxide in the Inferred fresh category 31

32 Great Panther 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 180, ,515,800 8,332 6,000,200 Coricancha 404, ,731,628 77,244 13,490,000 Total Measured 11,148, ,568 30,603,436 Indicated San Ignacio 196, ,805 16,991 2,078,368 Guanajuato 43, ,530 2, ,190 Topia 165, ,437,712 6,243 5,570,000 Coricancha 348, ,120,168 62,636 10,710,000 Total Indicated 6,820,215 87,958 18,786,558 Total Measured & Indicated 17,968, ,526 49,389,994 Inferred San Ignacio 573, ,395,220 44,911 5,565,972 Guanajuato 158, ,917 10,432 1,431,334 Topia 357, ,806,791 15,060 11,050,000 Coricancha 943, ,335, ,200 28,360,000 El Horcón 162, ,094 17,942 2,092,913 Total Inferred 16,630, ,545 48,500,219 See following slide for Notes to the Mineral Resources 32

33 Notes to Great Panther 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 November 30, US$1,200/oz Au, US$17.00/oz Ag, US$0.90/lb Pb, and US$0.95/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, Matthew Wunder, P. Geo., was the Qualified Person for the mineral resource update under NI 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 33

34 W W W. G R E A T P A N T H E R. C O M W W W. B E A D E L L R E S O U R C E S. C O M. A U Alex Heath Director, Investor Relations aheath@greatpanther.com Graham Donahue Head of Corp. Development info@beadellresources.com.au