Corporate Presentation March 1, 2017
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, 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. 2
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; $56.7M cash, $66.6M working capital 1 Significantly lowered cost/oz through higher grades and operational efficiencies Organic growth potential and seeking acquisitions 1. US Dollars; As at December 31, 2016 3
MAINTAINING LOW COSTS $25.00 $25.00 $20.00 $15.00 $20.00 $15.00 $15.10 3.8 3.9 $11.97 Guidance $10.49 $10.48 $10.00 $5.00 $8.14 $4.20 $1.72 $3.30 $5.83 $10.00 $5.00 $7.19 $- Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 $- Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Total cash cost per Ag oz Average realized silver price All-in sustaining cost per Ag oz Average realized silver price Cost per ounce has improved due to stronger USD and higher by-product credits 4
RECENT FINANCIAL PERFORMANCE $25,000 $25.00 $12,000 $25.00 $20,000 $15,000 $13.57 $16.19 $17.82 $19.65 $14.99 $20.00 $15.00 $10,000 $8,000 $6,000 $13.57 $16.19 $17.82 $19.65 3.8 3.9 Guidance $14.99 $20.00 $15.00 $10,000 $10.00 $4,000 $10.00 $5,000 $5.00 $2,000 $5.00 $- Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 $- $- Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 $- Revenue Average realized silver price Mine operating earnings before non-cash items Average realized silver price Solid revenue and gross profit achieved through increased production and significant reduction in cash cost Maintained strong balance sheet, no debt 5
FINANCIAL SUMMARY in US$000s except amounts per share and per ounce FY 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Revenue $ 61,881 $ 12,515 $ 15,631 $ 19,596 $ 14,139 Mine operating earnings before noncash items 1 $ 27,728 $ 4,476 $ 7,230 $ 10,087 $ 5,935 Net income (loss) $ (4,118) $ (1,498) $ 2,130 $ (1,332) $ (3,418) Adjusted EBITDA 1 $ 16,519 $ 1,376 $ 4,738 $ 7,545 $ 2,860 Earnings (loss) per share basic $ (0.03) $ (0.01) $ 0.01 $ (0.01) $ (0.02) Earnings (loss) per share diluted $ (0.03) $ (0.01) $ 0.01 $ (0.01) $ (0.02) Total cash cost per Ag oz 1 $ 3.65 $ 5.83 $ 3.30 $ 1.72 $ 4.20 All-in sustaining cost per Ag oz 1 $ 10.99 $ 16.44 $ 11.97 $ 7.19 $ 9.25 Average realized silver price 2 $ 17.15 $ 14.99 $ 19.65 $ 17.82 $ 16.19 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. 6
MEXICO & PERU Top silver producing countries in Latin America Favourable political & mining jurisdictions 7
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, lifting GMC throughput to 1,050 t/day Excellent infrastructure means that other projects in the district have potential to be satellite operations 8
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 31. 9
GUANAJUATO MINE COMPLEX (Ag-Au) 1 Accounts for 77% of total production 1 Metal Production (Ag eq oz 1,2 ) Silver Production (Ag oz 1 ) FY 2016 2,987,073 1,473,229 Recoveries Ag/Au 87.9% / 86.4% Average Grades 163g/t Ag 2.43g/t Au Ore processed (tonnes) 320,903 Cash Cost/Ag oz 2,3,4 $0.85 All-in Sustaining Cost/Ag oz 2,3,4 $5.20 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 December 31, 2016. 10
SAN IGNACIO MINE (Ag-Au) Ramp access from surface. Ore trucked 22km to Cata Plant in Guanajuato Accounted for 58% of the overall total ore processed at the GMC in 2016 Significant potential for resource expansion over 4km strike length Currently producing at approximately 700 tpd 11
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 Plant temporarily shut down due to maintenance & new TSF construction 12
TOPIA MINE (Ag-Pb-Zn-Au) Accounted for 23% of total production Metal Production (Ag eq oz¹) Ag Production (Ag oz) Recoveries Average Grades Ag/Au Pb/Zn FY 2016 897,886 574,031 90.4% / 60.6% 94.4% / 95.1% 354g/t Ag, 0.56g/t Au 1.96% Pb, 2.82% Zn Ore processed (tonnes) 55,836 Cash Cost/Ag oz 2,3 $11.43 All-in Sustaining Cost/Ag oz 2,3 $15.31 1. Silver equivalent ounces for 2016 are calculated using a 70:1 Ag:Au ratio, and ratios of 1:0.0504 and 1:0.0504 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 December 31, 2016. 13
2017 OUTLOOK Production and cash cost guidance 2017 Guidance FY 2016 Actual Total silver equivalent ounces 1,2 4,000,000 4,100,000 3,884,960 Cash Cost per silver payable ounce (USD) 3 $5.00 $6.00 $3.65 AISC (USD) 3 $14.00 $16.00 $10.99 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. Silver equivalent ounces for 2016 guidance have been calculated using a 70:1 Au:Ag ratio, and ratios of 1:0.0504 and 1:0.0504 for the US dollar price of silver ounces to the US dollar price for lead and zinc pounds, respectively. 3. 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. 14
PROJECT PIPELINE EL HORCON GUANAJUATO/ 3.8 SAN 3.9 IGNACIO EARLY STAGE EXPLORATION ADVANCED STAGE EXPLORATION DEVELOPMENT Guidance PRODUCTION TOPIA CORICANCHA SANTA ROSA Pipeline of projects at various stages of exploration & development provides growth opportunities Fully financed to bring Coricancha and El Horcon into production 15
PIPELINE TO PRODUCTION Coricancha represents a near-term (~18 mo.) production opportunity that will provide a foundation for future growth in Peru Acquisition expected to close in Q2 2017, with exploration & development program to begin immediately thereafter 1 Production history at Coricancha indicates potential for approx. 3 million Ag eq oz per year at full capacity Significant historical reserve & resource base, to be updated in Q2 2017, followed by an economic study Drilling at El Horcon in 2017 to better define resource & consider production decision 1. Closing is subject to customary closing conditions. 16
CORICANCHA Au-Ag-Pb-Zn-Cu MINE COMPLEX (CMC) Underground mine placed on care & maintenance in August 2013 90km east of Lima in prolific mining district Operating history dating back to 1906 Fully permitted & operational 600 tpd processing plant and gold bio-leaching facility 80% precious metals, 20% base metals by value GPR to update Mineral Resource Estimate in Q2 2017 & continue drilling & mine development 17
CORICANCHA HISTORICAL RESERVES & RESOURCES Historical Reserve & Resource Estimate 1 Proven & Probable Reserves: 640,000 tonnes @ 4.35g/t Au, 149g/t Ag, 1.77% Pb, 2.60% Zn, 0.32% Cu (13,500,000 Ag eq oz) Measured & Indicated Resources: 890,000 tonnes @ 5.04g/t Au, 175g/t Ag, 1.97% Pb, 3.11% Zn, 0.42% Cu (21,960,000 Ag eq oz) Inferred Resources: 4,880,000 tonnes @ 4.91g/t Au, 225g/t Ag, 1.57% Pb, 2.98% Zn, 0.48% Cu (124,600,000 Ag eq oz) 1. Effective date December 31, 2012; Based upon $22.00/oz silver, $1,300/oz gold, $6,300/tonne copper, $2,250/tonne lead and zinc. M&I Resources are inclusive of Reserves 18
CORICANCHA ACQUISITION AGREEMENT Share Purchase Agreement whereby Great Panther Silver Peru, will acquire Nyrstar Coricancha, the owner of a 100% interest in the CMC GPSP to pay US$100,000 cash on closing (Q2 2017) Nyrstar may be paid 15% of annual free cash flow, up to US$10 million, after GPSP 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 cover US$9.7 million closure bond for 3 years 19
CAPITAL STRUCTURE Shares issued 1 166,937,734 Fully diluted 1 185,330,635 Institutional ownership ~24% Market capitalization CA $406M/ US $312M 90-day daily average trading volume 52-week trading range: TSX NYSE MKT Cash position 1 Net working capital 1 ~3M shares CA $0.87 - $2.95 US $0.68 - $2.28 US $56.7M (no debt) US $66.6 M Analyst Coverage: Euro Pacific Capital Inc., Rodman & Renshaw, Hallgarten & Company, Noble Financial Updated on February 27, 2016 1. As at December 31, 2016 20
ONE YEAR STOCK PERFORMANCE TSX: GPR NYSE MKT: GPL 21
12 MONTH PEER COMPARISON 550% 450% 350% 250% 150% CHANGE Excellon 333% Sierra Metals 202% Impact 181% Great Panther 156% Americas Silver 144% Endeavour 143% Avino 63% Fortuna 55% Silver 21% 50% -50% 22
LEVERAGED TO SILVER 1300% 1100% 900% 700% 500% 300% 100% -100% 2009 2010 2011 2012 2013 2014 2015 2016 2017 Great Panther Silver 23
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 with potential to increase production by 75% Excellent liquidity on NYSE MKT and TSX 24
APPENDIX 25
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 26
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 2016 27
OPERATIONAL SUMMARY Consolidated Operations FY 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Tonnes Milled 376,739 92,869 95,282 99,905 88,683 Silver ounces 2,047,260 460,571 510,491 536,726 539,472 Gold ounces 22,238 5,206 5,423 6,010 5,599 Lead tonnes 1,034 213 248 290 282 Zinc tonnes 1,496 315 324 433 424 Silver equivalent ounces 1 3,884,960 883,772 953,632 1,037,728 1,009,828 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. 28
DRILLING SUMMARY 2012 2013 2014 2015 2016 2017 Guanajuato 29,254 m 26,237 m 13,270 m 13,025 m 7,218 m 10,975 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 8,510 m 21,025 m Coricancha * - - - 2,323 m 5,234 m 12,786 * m Santa Rosa 1,653 m - - - - 1,000 m El Horcon - 2,156 m - - - 1,500 m Plomo - - - - - 2,500 m Total 48,276 m 31,699 m 19,000 m 20,005 m 20,962 m 52,286 m Coricancha drilling budget not yet approved. 2017 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 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 3,515,000 8,300 6,000,200 Total Measured 6,014,902 51,707 11,564,596 Indicated Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz 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 3,433,000 6,200 5,570,000 Total Indicated 4,140,638 18,580 7,151,680 Total Measured + Indicated 10,155,540 70,287 18,716,274 Inferred Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz 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 6,807,500 15,060 11,050,000 El Horcon 162,140 76 3.64 2.97 4.11 398,094 17,942 2,092,913 Total Inferred 10,337,640 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. 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 March 1, 2017