Corporate Presentation August 3, 2016
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 and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, 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, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining 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, 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, 2015 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. 2
CAUTIONARY NOTE TO U.S. INVESTORS The terms "Measured resource", "Indicated resource" and "Inferred resource" used in this document are Canadian mining terms as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ( NI 43-101 ) and CIM Standards on Mineral Resources and Mineral Reserves. Mineral resources that are not mineral reserves have not been demonstrated to be economically and legally extractable. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. It should not be assumed that all or any part of a resource will ever be converted to a reserve. The mineral resource estimates presented herein include Inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these Inferred resources will be converted to Measured and Indicated resource categories through further drilling, or into mineral reserves once economic considerations are applied. We advise U.S. Investors that while the terms "Measured resource", "Indicated resource" and "Inferred resource" are recognized and required to be reported by Canadian regulations, the U.S. Securities and Exchange Commission ("SEC") does not recognize these terms and does not normally permit such terms to be used in reports and registration statements filed with the SEC. As such, information contained in this document concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC. Inferred resources have a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a Measured, Indicated or Inferred resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that any part or all of an Inferred mineral resource exists, or is economically or legally mineable. U.S. investors are also cautioned not to assume that any part or all of the mineral deposits in the Measured resource or Indicated resource categories will ever be converted into reserves. 3
BUILDING A FOUNDATION FOR GROWTH SILVER-GOLD PRODUCER STRENGTH DISCIPLINED GROWTH 90% precious metals Unhedged - No Royalties - No Streams Two 100% owned mining operations in Mexico; potential for production in Peru Strong balance sheet; no debt; C$28.8M cash, C$49.4M working capital 1 Significantly lowered cost/oz through higher grades and operational efficiencies Organic growth potential and seeking acquisitions 1. As at June 30, 2016 4
EXPERIENCED MANAGEMENT TEAM Robert Archer President & CEO Ali Soltani Chief Operating Officer Jim Zadra Chief Financial Officer Robert Brown VP Exploration P. Geo. and Co-founder of Great Panther Silver; Over 35 years experience including Newmont, Placer Dome, Rio Algom, Noranda; 20 years in senior executive roles with junior companies Master of Mining Engineering Degree with over 30 years experience; 20 years with Newmont Former VP Global Technical Services; Yanacocha Operations Manager (Newmont Peru) CPA, MBA with over 15 years experience in senior financial roles with a focus on M&A, capital markets and financial and reporting governance; Past senior positions with Deloitte, Canaccord Capital, Sophos P.Eng., with 40 years experience in precious metal exploration; LAC Minerals and senior management and boards with multiple junior exploration companies 5
MAINTAINING LOW COSTS $20.00 $20.00 $18.00 $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $6.63 $6.50 $8.14 $4.20 $1.72 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $12.54 $13.08 $15.10 3.8 3.9 Guidance $9.25 $7.19 $- Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 $- Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 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) Cost per ounce has improved due to increased grades, better grade control and stronger USD 6
RECENT FINANCIAL PERFORMANCE $30,000 $25,000 $20,000 $15,000 $10,000 $15.47 $13.98 $13.57 $16.19 $17.82 $20.00 $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $15.47 $13.98 $13.57 $17.82 $16.19 3.8 3.9 Guidance $20.00 $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $5,000 $4.00 $2.00 $2,000 $4.00 $2.00 $- Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 $- $- Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 $- Revenue (CAD in thousands) Average realized silver price (USD) Mine operating earnings before non-cash items (CAD in thousands) Average realized silver price (USD) Solid revenue and gross profit despite declining metal prices, achieved through increased production and significant reduction in cash cost Maintained strong balance sheet, no debt 7
AISC AMONGST OUR PEERS $25.00 FY 2015. AISC $20.00 $15.00 $10.00 Average Ag Spot Price $5.00 $- San Jose Caylloma Consolidated Guanacevi Bolanitos El Cubo Consolidated La Encantada La Parilla Del Toro San Martin La Guitarra Santa Elena Consolidated Platosa Cosala Galena Consolidated Avino GMC Topia Consolidated Fortuna Endeavour First Majestic Excellon Americas Silver Avino Silver Great Panther GPR s operations are outperforming many of our peers on AISC 8
MEXICO Top silver producing country in the world 9
GUANAJUATO DISTRICT (Ag-Au) One of Mexico s most historic mining districts with past production of more than one billion Ag oz over 400 years Expanding production at Guanajuato Mine Complex (GMC), developing new mines and exploring the district Commercial production at San Ignacio commenced June 2014 & currently producing at 550 tonnes per day Other projects in the district have potential to be satellite operations 10
GUANAJUATO MINE (Ag-Au) Historic underground mine with two operating shafts & three 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 30 11
GUANAJUATO MINE COMPLEX (Ag-Au) Accounts for 75% of total production 1 Metal Production (Ag eq oz 1,2 ) Silver Production (Ag oz 1 ) Q2 2016 774,160 366,943 Recoveries Ag/Au 85.3% / 85.2% Average Grades Cash Cost/Ag oz 2,3,4 All-in Sustaining Cost/Ag oz 2,3,4 159g/t Ag 2.52g/t Au (US$1.19) US$2.22 Ore processed (tonnes) 84,134 1. Includes all mill feed from San Ignacio. 2. Silver equivalent ounces for 2016 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 June 30, 2016 12
SAN IGNACIO MINE (Ag-Au) Ramp access from surface. Ore trucked 22km to Cata Plant in Guanajuato Accounted for 62% of the overall metal production from the GMC in Q2 2016 Significant potential for resource expansion over 4km strike length Currently producing at 550 tpd, expanding to approximately 700 tpd by year end Q2 2016 Metal Production (Ag eq oz 1 ) 467,354 Ore processed (tonnes) 51,974 1. Silver equivalent ounces for 2016 are calculated using a 70:1 Ag:Au ratio. 13
SAN IGNACIO MINE (Ag-Au) Updated Resource 1 Measured and Indicated: 360,400 tonnes @ 145g/t Ag (1,682,000 Ag oz) & 3.20g/t Au (37,100 Au oz), for 4,301,200 Ag eq oz Previous resource block New resource area Inferred Resources: 771,000 tonnes @138g/t Ag (3,428,500 Ag oz) & 2.76g/t Au (68,500 Au oz), for 8,266,200 Ag eq oz 1. Mineral Resource Estimate for San Ignacio used a December 31, 2015 effective date, with metal price outlook of US$15.00/oz silver and US$1,100/oz gold. Silver to gold ratio is 70.6:1. 14
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 Expanding production at profitable mines; Can temporarily close others as needed Lead and zinc concentrates sold to metal trader in Mexico Increased M&I Resources by 41%, Inferred Resources by 29% 15
TOPIA MINE (Ag-Pb-Zn-Au) Accounts for 25% of total production Metal Production (Ag eq oz¹) Ag Production (Ag oz) Recoveries Average Grades Ag/Au Pb/Zn Cash Cost/Ag oz 2,3 All-in Sustaining Cost/Ag oz 2,3 Q2 2016 263,568 169,783 91.3% / 64.0% 95.2% / 95.7% 367g/t Ag, 0.59g/t Au 1.93% Pb, 2.87% Zn US$10.35 US$11.49 Ore processed (tonnes) 15,771 1. Silver equivalent ounces for 2016 are calculated using a 70:1 Ag:Au ratio, and ratios of 1:0.0504 and 1:0.054 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 June 30, 2016. 16
ANNUAL PRODUCTION GROWTH 4,500,000 4,000,000 3,500,000 3,187,832 4,159,121 Guidance 4,000,000-4,200,000 3.8 3.9 Guidance 3,000,000 2,840,846 2,500,000 2,000,000 2,200,013 2,378,603 1,500,000 1,000,000 500,000 0 2011 2012 2013 2014 2015 2016E 17
2016 OUTLOOK Production and Cash Cost Guidance FY 2015 Actual 2016 Original Guidance 2016 Revised Guidance Total silver equivalent ounces 1 4,159,121 4,000,000 4,200,000 No Change Cash Cost per silver payable ounce (USD) 2 $7.50 $5.00 $7.00 $4.00 $6.00 AISC (USD) 2, 13.64 $13.00 $15.00 $12.00 $14.00 1. Silver equivalent ounces for 2016 guidance have been calculated using a 70:1 Au:Ag ratio, and ratios of 1:0.0504 for the US dollar price of silver ounces to the US dollar price for lead and zinc pounds, respectively. These ratios will be applied consistently for the reporting of silver equivalent ounce production for 2016. 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. 18
CAPITAL STRUCTURE Shares issued 166,325,601 Fully diluted 186,379,150 Institutional ownership ~22% Market capitalization CA $326M 90-day daily average trading volume 52-week trading range: TSX NYSE MKT Cash position 1 Gross proceeds from July 6, 2016 financing Net working capital 1 ~2.3M shares CA $0.40 - $2.82 US $0.33 - $2.25 CA $28.8M (no debt) US $29.9M CA $49.4 M Analyst Coverage: Euro Pacific Capital Inc., Rodman & Renshaw, Hallgarten & Company, Eurobank EFG Updated on August 2, 2016 1. As at June 30, 2016. 19
STOCK PERFORMANCE GPR Price Change Institutional Holdings ~22% 7 Day: 7.95% 21 Day: -3.55% 30 Day: -12.44% 90 Day: -28.57% 180 Day: 163.89% 200 Day: 175.36% 200.00% 150.00% 100.00% 50.00% 0.00% -50.00% 7 Day: 21 Day: 30 Day: 90 Day: 180 Day: 200 Day: Source: Infosuite As at 07/12/16 20
LEVERAGED TO SILVER 500% 400% 300% 200% 100% 0% -100% -200% 2008 2009 2010 2011 2012 2013 2014 2015 2016 Great Panther Silver 21
WHY GREAT PANTHER SILVER? Low cost producer with strong leverage to silver price Strong balance sheet, no debt Successfully grown production while reducing unit costs Demonstrated ability to acquire and develop assets Excellent liquidity on NYSE MKT and TSX 22
APPENDIX 23
DIRECTORS & SENIOR MANAGEMENT TEAM Board of Directors R.W. (Bob) Garnett, CPA, CA, ICD.D, Chairman; Robert Archer, P. Geo.; Ken Major, P. Eng.; John Jennings, MBA, CFA; W. James Mullin B.Sc.; Jeffrey R. Mason, CA, ICD.D Ali Soltani Chief Operating Officer Robert Archer, P. Geo. President & CEO Co-founder Jim Zadra, CPA, CA, MBA Chief Financial Officer Robert Brown, P. Eng. VP Exploration & QP 24
SOCIAL PRINCIPLES We are committed to ensuring our employees and contractors return home safely every day We are committed to fair and equitable employment conditions for our employees We are committed to enhancing and benefiting the communities in which we live and operate We are committed to minimizing and restoring any impact on our environment We are committed to strong ethics and we abide by all rules and regulations that apply to our business Awarded distinction as a Socially Responsible Company by CEMEFI, Centro Mexicano para la Filantropía, for a fifth consecutive year in 2015 25
12 MONTH PEER COMPARISON 700% 660% 620% 580% 540% 500% 460% 420% 380% 340% 300% 260% 220% 180% 140% 100% 60% 20% -20% -60% -100% CHANGE Impact 675.00% Great Panther 350.57% Endeavour 259.68% Excellon 201.10% Fortuna 164.35% Avino 161.94% Americas Silver 154.21% Silver 38.61% Sierra Metals 28.91% 26
OPERATIONAL SUMMARY Consolidated Operations Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Tonnes Milled 99,905 88,683 94,874 93,730 87,476 Silver ounces 536,726 539,472 553,189 586,918 648,810 Gold ounces 6,010 5,599 5,637 6,079 5,322 Lead tonnes 290 282 278 341 300 Zinc tonnes 433 424 425 493 491 Silver equivalent ounces 12 1,037,728 1,009,828 1,002,584 1,080,296 1,088,355 1. Silver equivalent ounces for 2016 are 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. 2. Silver equivalent ounces for 2015 are calculated using a 65:1 Ag:Au ratio, and ratios of 1:0.050 and 1:0.056 for the price/ounce of silver to lead and zinc price/pound, respectively. 27
FINANCIAL SUMMARY in 000s except amounts per share and per ounce Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Revenue $ 25,576 $ 18,454 $ 17,152 $ 16,788 $ 19,183 Mine operating earnings before non-cash before non-cash items 1 $ 13,165 $ 7,746 $ 4,907 $ 5,763 $ 6,713 Net income (loss) $ -1,738 $ -4,461 $ (4,860) $ (3,348) $ (4,722) Adjusted EBITDA 1 $ 9,847 $ 3733 $ (557) $ 2,155 $ 4,205 Earnings (loss) per share basic $ -0.01 $ -0.03 $ (0.03) $ (0.02) $ (0.03) Earnings (loss) per share diluted $ -0.01 $ -0.03 $ (0.03) $ (0.02) $ (0.03) Total cash cost per Ag oz (USD) 1 $ 1.72 $ 4.2 $ 8.14 $ 6.50 $ 6.63 All-in sustaining cost per Ag oz (USD) 1 $ 7.19 $ 9.25 $ 15.10 $ 13.08 $ 12.54 Average realized silver price (USD) 2 $ 17.82 $ 16.19 $ 13.57 $ 13.98 $ 15.47 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. 28
DRILLING SUMMARY 2012 2013 2014 2015 2016 Guanajuato 29,254 m 26,237 m 13,270 m 13,025 m 9,670 m Topia 8,059 m 2,162 m 1,903 m - 2,500 m San Ignacio 9,310 m 1,144 m 3,827 m 4,657 m 6,015 m Coricancha - - - 2,323 m 3,551 m Santa Rosa 1,653 m - - - 1000 m El Horcon - 2,156 m - - 1,500 m Total 48,276 m 31,699 m 19,000 m 20,005 m 24,236 m 2016 Drilling focused on increasing resources and exploring new zones 29
RESOURCES Measured Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz San Ignacio 249,800 151 3.39 1,210,100 27,200 3,130,400 Guanajuato 90,400 285 1.81 - - 829,000 5,300 1,200,600 Topia 180,400 606 1.44 4.26 4.52 3,515,000 8,300 6,000,200 Total Measured 5,554,100 40,800 10,331,200 Indicated Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz San Ignacio 110,500 133 2.79 - - 471,900 9,900 1,170,800 Guanajuato 59,400 245 1.04 - - 467,700 2,000 607,400 Topia 165,800 644 1.17 4.75 3.82 3,433,000 6,200 5,570,000 Total Indicated 4,372,600 18,100 7,348,200 Total Measured + Indicated 9,926,700 58,900 17,679,400 Inferred Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz San Ignacio 771,000 138 2.76 - - 3,428,500 68,500 8,266,200 Guanajuato 135,600 151 2.30 - - 656,400 10,000 1,363,300 Topia 357,400 592 1.31 3.44 3.96 6,807,500 15,060 11,050,000 El Horcon 128,700 82 3.64 2.97 4.11 339,400 15,000 1,906,000 Total Inferred 11,231,800 108,560 22,585,500 NOTE: Mineral Resource Estimates for Guanajuato and El Horcon use an effective date of July 31, 2015 while San Ignacio uses an effective date of December 31, 2015; and all used a metal price outlook of US$15.00/oz silver and US$1,100/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. 30
Spiros Cacos Director, Investor Relations D: +1 604 638 8955 TF: 1 888 355 1766 scacos@greatpanther.com SOCIAL SCENE Gr8_Panther GreatPantherSilver Great Panther Silver Great Panther Silver Limited 31
Corporate Presentation August 3, 2016