Corporate Presentation

Corporate Presentation NOVEMBER 17 2017 W W W. G R E A T P A N T H E R. C O M

Disclaimer 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 the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include but are not limited to the Company's plans for production at its Guanajuato Mine Complex ( GMC ) and Topia Mine in Mexico, the Coricancha Mine ( Coricancha ) in Peru and exploring its other properties in Mexico, the overall economic potential of its properties, the timing and results of the Coricancha preliminary feasibility study ( PFS ), timing and cost to the Company of reactivating the Coricancha, anticipated processing and production rates that may be achieved at the Coricancha upon reactivation, the ultimate cost of reclaiming legacy tailings facilities, results of exploration and potential changes to the Coricancha resource base, the availability of adequate financing, and 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. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, technical and operational difficulties that may be encountered with reactivation of the Coricancha, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, uncertainty in mineral resource estimation, physical risks inherent in mining and reclamation operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, permitting risks, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Annual Information Form for the year ended December 31, 2016 and Material Change Reports filed with the Canadian Securities Administrators available at www.sedar.com and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as expects, anticipates, plans, projects, estimates, assumes, intends, strategy, goals, objectives, potential or variations thereof, or stating that certain actions, events or results may, could, would, might or will be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Robert Brown, P. Eng. is the Qualified Person under NI 43-101 for the projects discussed in this presentation. TSX: GPR NYSE AMERICAN: GPL 2

Building a Foundation for Growth Silver-Gold Producer Strength >90% precious metals Unhedged - No Royalties - No Streams Two 100% owned mining operations in Mexico; potential to restart one project in Peru Strong balance sheet - No debt $55.5M cash 1,2, $63.6M working capital 2 Disciplined Low cost producer Growth Organic growth potential within operating districts and pursuing acquisitions 1. Includes cash and short-term deposits 2. US Dollars; As at September 30, 2017 TSX: GPR NYSE AMERICAN: GPL 3

Costs Profile $25.00 $25.00 $20.00 $15.00 $20.00 $15.00 $11.97 $16.44 $19.55 $14.93 3.8 3.9 Guidance $13.75 $10.00 $10.00 $5.00 $3.30 $5.83 $3.54 $5.67 $5.82 $5.00 $0.00 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 $0.00 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Total cash cost per Ag oz (USD) All-in sustaining cost per Ag oz (USD) Average realized silver price (USD) Average realized silver price (USD) Cash cost per ounce increased in Q2 due to stronger MXN and increased production in Topia AISC peaked in Q1 due to capital projects; Decline started in Q2 TSX: GPR NYSE AMERICAN: GPL 4

Mexico & Peru Top two silver producing countries in the world Favourable political & mining jurisdictions TSX: GPR NYSE AMERICAN: GPL 5

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 Expanded production at Guanajuato Mine Complex (GMC), developing new mines and exploring the district Commercial production at San Ignacio commenced June 2014, lifting GMC throughput to 950-1,050 tpd Excellent infrastructure. Other projects in the district have potential to be satellite operations TSX: GPR NYSE AMERICAN: GPL 6

Guanajuato Mine Complex (Ag-Au) 1 Q3 2017 Metal Production (Ag eq oz 2 ) 724,630 Silver Production (Ag oz) 341,626 Recoveries Ag/Au (%) 89.8 / 88.1 Average Grades Ag/Au (g/t) 155 / 2.54 Ore processed (tonnes) 80,535 Cash Cost/Ag oz 3,4 3.75 All-in Sustaining Cost/Ag oz 3,4 7.90 Accounted for 65% of total production in Q3 2017 ¹ 1. 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-ifrs performance measures. Refer to the Non-IFRS 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. 4. As at September 30, 2017 TSX: GPR NYSE AMERICAN: GPL 7

San Ignacio Mine (Ag-Au) Ramp access from surface Ore trucked 22 km to Cata Plant in Guanajuato Accounted for 55% of the total ore processed at the GMC in Q3 2017 Significant potential for resource expansion over 4km strike length Currently producing at between 500-600 tpd TSX: GPR NYSE AMERICAN: GPL 8

San Ignacio Mine (Ag-Au) Current mine workings New drilling Exploration drilling has recently confirmed strike continuity of mineralization, highlighted by 19.24 metres averaging 6.36g/t gold and 261g/t silver TSX: GPR NYSE AMERICAN: GPL 9

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 9 separate mines provides flexibility Ability to expand production at profitable mines; can temporarily close others as needed Plant upgraded & new tailings facility construction in early 2017 Lead and zinc concentrates sold to metal trader in Mexico TSX: GPR NYSE AMERICAN: GPL 10

Topia Mine (Ag-Pb-Zn-Au) Q3 2017 Metal Production (Ag eq oz 1 ) 355,853 Silver Production (Ag oz) 191,167 Recoveries Average Grades Ag / Au (%) Pb / Zn (%) Ag / Au (g/t) Pb / Zn (%) 91.1 / 67,1 93.5 / 93.8 362 / 0.97 2.63 / 3.33 Ore processed (tonnes) 18,004 Cash Cost/Ag oz 2,3 10.01 All-in Sustaining Cost/Ag oz 2,3 10.71 Accounted for 35% of total production in Q3 2017 1. Silver equivalent ounces for 2017 are calculated using a 70:1 Ag:Au ratio, and ratios of 1:0.0559 and 1:0.0676 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-ifrs performance measures. Refer to the Non- IFRS 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. 3. As at September 30, 2017 TSX: GPR NYSE AMERICAN: GPL 11

2017 Outlook Production and cash cost guidance Nine Months Ended September 30, 2017 2017 Guidance Total silver equivalent ounces 1 2,912,959 4,000,000 4,100,000 Total payable silver ounces 3 1,421,624 1,950,000 2,000,000 Cash Cost per silver payable ounce 2,3 US$ 5.21 US$ 5.00 US$ 6.00 AISC 2,3 US$ 15.60 US$ 14.00 US$ 16.00 1. Silver equivalent ounces for 2017 guidance have been calculated using a 70:1 Au:Ag ratio, and ratios of 1:0.0559 and 1:0.0676 for the US dollar price of silver ounces to the US dollar price for lead and zinc pounds, respectively. 2. Cash cost and AISC are non-ifrs measures. Refer to the Non-IFRS measures section of the Company s MD&A for complete definitions and reconciliations to the company s financial statements. 3. As at September 30, 2017 TSX: GPR NYSE AMERICAN: GPL 12

Project Pipeline ~ 10 Years 5-10 Years 3-5 Years 1-3 Years Present Early Stage Exploration Advanced Stage Exploration Development Advanced Stage Development Production Santa Rosa El Horcón Coricancha Guanajuato Mine San Ignacio Mine Topia Mine Pipeline of projects at various stages of exploration & development provides growth opportunities Fully financed to bring the Coricancha Mine Complex and El Horcón into production TSX: GPR NYSE AMERICAN: GPL 13

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E Production AgEq (koz) Growth Strategy 8,000 7,000 6,000 Acquisitive growth 5,000 4,000 3,000 Organic growth 2,000 1,000 - Topia (actual) GMC (actual) Topia (est) GMC (est) Coricancha (est) For the first 10 years, the Company has grown organically but operations are now close to capacity The Coricancha Mine represents the first step in a new phase of growth by acquisition TSX: GPR NYSE AMERICAN: GPL 14

Pipeline to Production Coricancha represents a production opportunity that could provide a foundation for future growth in Peru Acquisition finalized in Q2 2017, with exploration & development programs commencing immediately Production history at Coricancha indicates potential for approx. 3 million Ag eq oz per year at full capacity a 75% increase for GPR Significant historical reserve & resource base, to be updated in Q4 2017, followed by prefeasibility study ( PFS ) in 2018 Looking for additional acquisition in the Americas, with a focus on Mexico and Peru TSX: GPR NYSE AMERICAN: GPL 15

Coricancha Mine Au-Ag-Pb-Zn-Cu) Underground mine placed on care & maintenance in August 2013 90 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 GPR to update Mineral Resource Estimate in Q4 2017 & conduct PFS in 2018 TSX: GPR NYSE AMERICAN: GPL 16

CMC Acquisition Agreement Great Panther Silver Peru ( GPS Peru ) acquired Nyrstar Coricancha, the owner of a 100% interest in the CMC June 30, 2017 GPS Peru to pay US$100,000 cash upon completion of certain postclosing conditions Nyrstar may be paid 15% of annual free cash flow, up to US$10 million, after GPS Peru has recouped its investment Nyrstar will cover cost of reclamation of certain tailings facilities, up to US$20 million, and associated fines up to US$4 million Nyrstar will maintain US$9.7 million closure bond for three years TSX: GPR NYSE AMERICAN: GPL 17

Capital Structure Shares issued 1 168,359,155 Fully diluted 1 186,567,585 Institutional ownership ~18% Market capitalization C $247M / US $194 90-day daily average trading volume ~1M shares 52-week trading range: Cash position 1 Net working capital 1 TSX NYSE American C $1.44 - $2.95 US $1.11 - $2.28 US $55.5M (no debt) US $63.6M 1. As at September 30, 2017 Updated on November 17, 2017 Analyst Coverage: Euro Pacific Capital Inc; H.C. Wainwright & Co; Hallgarten Company; Noble Financial & ROTH Capital Partners TSX: GPR NYSE AMERICAN: GPL 18

Two Year Stock Performance NYSE American: GPL Mining sector has seen strong volatility in the last 18 months Sell-off earlier in the year was largely driven by GDXJ rebalancing TSX: GPR NYSE AMERICAN: GPL 19

12 Month Peer Comparison 120% 100% 80% 60% 40% 20% Change Americas Silver 60% Excellon 11% Silver 1% Great Panther -16% Avino -34% Fortuna -35% Endeavour -46% Impact -53% 0% -20% -40% -60% -80% Much of the junior mining sector has been dragged down by GDXJ rebalancing and general market sentiment TSX: GPR NYSE AMERICAN: GPL 20

Leveraged To Silver 600% 500% 400% 300% 200% 100% 0% -100% 2009 2010 2011 2012 2013 2014 2015 2016 2017 Great Panther Silver TSX: GPR NYSE AMERICAN: GPL 21

Why Great Panther Silver? Low cost producer with strong leverage to silver price Strong balance sheet, no debt seeking acquisitions Successfully grown production while reducing unit costs Expanding into Peru - potential to increase production by 75% Excellent liquidity on NYSE American and TSX TSX: GPR NYSE AMERICAN: GPL 22

APPENDIX

Directors & Senior Management Team Board of Directors R.W. (Bob) Garnett, CPA, CA, ICD.D, Chair James Bannantine PE, MBA Robert Archer, P. Geo. Ken Major, P. Eng. John Jennings, MBA, CFA W. James Mullin, B.Sc. Elise Rees FCPA, FCA, ICD.D Chief Operating Officer Ali Soltani President & CEO James Bannantine PE, MBA Chief Financial Officer Jim Zadra CPA, CA, MBA V.P. Corp. Development Samuel Mah P. Eng. V.P. Exploration Matthew Wunder P. Geo. V.P. Operations, Mexico Brian Peer BA.Sc TSX: GPR NYSE AMERICAN: GPL 24

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 Higher cut-off grades & improvements in grade control have lowered costs Ag-Au concentrate shipped to smelters in Japan & Germany * For details on Mineral Resource Estimates, refer to slide 33 TSX: GPR NYSE AMERICAN: GPL 25

Social Principles We are committed to: Ensuring our employees and contractors return home safely every day Fair and equitable employment conditions for our employees Enhancing and benefiting the communities in which we live and operate Minimizing and restoring any impact on our environment Awarded distinction as a Socially Responsible Company by CEMEFI, Centro Mexicano para la Filantropía, for a seventh consecutive year in 2017 Strong ethics and we abide by all rules and regulations that apply to our business TSX: GPR NYSE AMERICAN: GPL 26

Financial Summary in US$000s unless otherwise stated Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Revenue $ 18,260 $ 15,731 $ 12,371 $ 12,515 $ 15,631 Mine operating earnings before noncash items 1 $ 6,168 $ 5,418 $ 5,445 $ 4,476 $ 7,230 Net income (loss) $ (666) $ 833 $ 3,040 $ (1,498) $ 2,130 Adjusted EBITDA 1 $ 1,482 $ 1,489 $ 2,134 $ 1,376 $ 4,738 Earnings (loss) per share basic $ 0.00 $ 0.00 $ 0.02 $ (0.01) $ 0.01 Earnings (loss) per share diluted $ 0.00 $ 0.00 $ 0.02 $ (0.01) $ 0.01 Total cash cost per Ag oz 1 $ 5.82 $ 5.67 $ 3.54 $ 5.83 $ 3.30 All-in sustaining cost per Ag oz 1 $ 13.75 $ 11.47 $ 19.55 $ 16.44 $ 11.97 Average realized silver price 2 $ 16.99 $ 16.01 $ 19.33 $ 14.99 $ 19.65 1. The Company has included the non-ifrs performance measures cost per tonne milled, cash cost, AISC, mine operating earnings before non-cash items, cost of sales before non-cash items and adjusted EBITDA throughout this document. Refer to the Non-IFRS Measures section of this 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. 2. Average realized silver price is prior to smelting and refining charges. TSX: GPR NYSE AMERICAN: GPL 27

Operational Summary Consolidated Operations Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Silver ounces 532,803 569,229 366,435 460,571 510,491 Gold ounces 5,848 5,543 5,178 5,206 5,423 Lead tonnes 442 405-213 248 Zinc tonnes 562 638-315 324 Tonnes Milled 94,080 98,576 82,656 92,869 95,282 Silver equivalent ounces 1,2 1,080,483 1,102,290 730,186 883,772 953,632 1. Silver equivalent ounces for 2017 were calculated using a 70:1 Ag:Au ratio, and a ratio of 1:0.0559 and 1:0.0676 for the price/ounce of silver to price/pound of lead and zinc respectively. 2. Silver equivalent ounces for 2016 were calculated using a 70:1 Ag:Au ratio, and a ratio of 1:0.0504 for the price/ounce of silver to lead and zinc price/pound respectively. TSX: GPR NYSE AMERICAN: GPL 28

Drilling Summary 2013 2014 2015 2016 2017 Guanajuato 26,237 m 13,270 m 13,025 m 9,670 m 10,975 m Topia 2,162 m 1,903 m - - 2,500 m San Ignacio 1,144 m 3,827 m 4,657 m 6,015 m 21,025 m Coricancha - - 2,323 m 3,551 m 7,800 m Santa Rosa - - - - 1,000 m El Horcón 2,156 m - - - 1,500 m Total 31,699 m 19,000 m 20,005 m 19,236 m 44,800 m 2017 drilling focused on increasing resources and exploring new zones TSX: GPR NYSE AMERICAN: GPL 29

Mineral Resources Measured Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz San Ignacio 408,327 116 2.88 1,525,584 37,760 4,191,435 Guanajuato 114,695 364 1.53 - - 974,318 5,647 1,372,961 Topia 180,400 606 1.44 4.26 4.52 3,515,800 8,332 6,000,200 Total Measured 6,014,702 51,738 11,564,596 Indicated San Ignacio 133,398 106 2.79 - - 453,762 10,987 1,229,462 Guanajuato 36,480 216 1.04 - - 253,876 1,393 352,218 Topia 165,800 644 1.17 4.75 3.82 3,437,712 6,243 5,570,000 Total Indicated 4,145,349 18,622 7,151,680 Total Measured & Indicated 10,155,540 70,287 18,716,274 Inferred San Ignacio 645,318 121 2.76 - - 2,519,826 44,551 5,665,137 Guanajuato 147,327 129 2.30 - - 612,220 10,095 1,324,867 Topia 357,400 592 1.31 3.44 3.96 6,806,791 15,060 11,050,000 El Horcón 162,140 76 3.64 2.97 4.11 398,094 17,942 2,092,913 Total Inferred 10,336,640 87,648 20,132,917 NOTE: Mineral Resource Estimates use an effective date of August 31, 2016; and all used a metal price outlook of US$18.00/oz silver and US$1,300/oz gold.. Topia, November 2014 - 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. San Ignacio, December 2015 - US$15.00/oz Ag; US$1100/oz Au. Silver equivalent calculations for El Horcon include lead content but not zinc, as the zinc would not be recovered in the Guanajuato plant. Robert Brown, P. Eng. is the Qualified Person under NI 43-101 for Guanajuato, Topia, San Ignacio and El Horcon. TSX: GPR NYSE AMERICAN: GPL 30

W W W. G R E A T P A N T H E R. C O M Spiros Cacos Director, Investor Relations +1 604 638 8955 1 888 355 1766 scacos@greatpanther.com