May 19, 2015
PRIMARY SILVER PRODUCER SILVER PRODUCER STRENGTH DISCIPLINED UPSIDE Primary Silver Producer 60% Ag, 34% Au, 6% Pb-Zn Two 100% owned mines in Mexico Unhedged Ag & Au Strong balance sheet; no debt $18.7 M cash, $36.9M working capital* Focused on cost controls and operational efficiencies Production increase at San Ignacio Option to acquire Au-Ag-Pb-Zn-Cu Mine 2 * As of March 31, 2015
MEXICO 3 Top silver producing country in the world
GUANAJUATO Ag-Au DISTRICT One of Mexico s most historic mining districts with past production of >1 billion Ag oz over 400 years Expanding, developing and exploring the Guanajuato Mine Complex Commercial production and resource expansion underway at San Ignacio First resource estimate complete for El Horcon; moving ahead with permits for Phase II exploration and exploitation 4
GUANAJUATO Ag-Au MINE Cata Mine Guanajuatito Mine Valenciana Mine 5 Rayas Mine
GUANAJUATO Ag-Au MINE Historic underground mine with two operating shafts & three ramps Currently mining & developing to the SE of the Cata Shaft and at Guanajuatito in NW Deep drilling successful in intersecting high grade Ag-Au mineralization Strong recoveries and increased throughput at newly-refurbished plant 6
GUANAJUATO Ag-Au MINE Accounts for 72% of total production 1 Metal Production (Ag eq oz 1,2 ) Silver Production (Ag oz 1 ) Q1 2015 713,371 417,770 Recoveries Ag/Au 89.7% / 89.9% Average Grades 177g/t Ag 1.92g/t Au Cash Cost/Ag oz 2,3 All-in Sustaining Cost/Ag oz 2,3 $ 7.16 $ 13.44 Ore processed (tonnes) 82,026 1. Includes all mill feed from San Ignacio. 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. 3. The Company has included the non-ifrs performance measures cost per tonne milled, cash cost per silver payable ounce, all-in cost per silver payable ounce ( AIC ), all-in sustaining cost per silver payable ounce ( AISC ), gross profit 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 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. 7
SAN IGNACIO Ag-Au MINE Current resource covers only 650 metre strike length out of 4 km potential Step-out drilling has shown excellent silver-gold mineralization Mineralization starts at surface - easy access by ramp Ore being trucked 22km to Cata Plant for processing 8
SAN IGNACIO Ag-Au MINE San Ignacio accounted for 30% of the overall metal production from the Guanajuato Mine Complex in Q1 2015. Recent drilling immediately south of resource block intersected 1,133g/t Ag and 6.86g/t Au over a true width of 5.26m. This area will be the primary focus for mining in 2015. Q1 2015 Metal Production (Ag eq oz 1 ) 217,429 Ore processed (tonnes) 25,609 1. 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. 9
SAN IGNACIO Ag-Au MINE Updated Resource1 Indicated - 180,300 tonnes @ 159g/t Ag (924,100 Ag oz) & 3.49g/t Au (20,220 Au oz), for 2,351,000 Ag eq oz (31% increase) Previous resource block 1. 10 New resource area Mineral Resource Estimate for San Ignacio used a December 15, 2014 effective date, with metal price outlook of US$17.00/oz silver and US$1,200/oz gold. Silver to gold ratio is 70.6:1. Inferred 787,800 tonnes @160g/t Ag (4,060,000 Ag oz) & 3.26g/t Au (82,680 Au oz), for 9,897,000 Ag eq oz (162% increase)
TOPIA Ag-Pb-Zn-Au MINE Property covers >6,500 hectares High grade, narrow vein underground mining 9 separate mines; trucking ore to central plant for processing Expanding production at profitable mines, temporarily closing others Extending strike length of known veins with additional drilling Accumulating additional claims in district 11
TOPIA Ag-Pb-Zn-Au MINE Accounts for 28% of total production Metal Production (Ag eq oz¹) Ag Production (Ag oz) Recoveries Average Grades Ag/Au Pb/Zn Q1 2015 274,515 179,341 90.8% / 63.5% 94.5% / 93.8% 357g/t Ag, 0.44g/t Au 1.71% Pb, 2.73% Zn Cash Cost/Ag oz 2 $ 13.31 All-in Sustaining Cost/Ag oz 2 $ 17.53 Ore processed (tonnes) 17,225 12 1. 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. 2. The Company has included the non-ifrs performance measures cost per tonne milled, cash cost per silver payable ounce, all-in cost per silver payable ounce ( AIC ), all-in sustaining cost per silver payable ounce ( AISC ), gross profit 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 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.
EL HORCON Ag-Au PROJECT >7,900 hectares within Guanajuato Trend; trucking distance to GPR s processing plant in Guanajuato Past producing (16 th -18 th century) underground mine; multiple veins in old workings Mineralization near surface; 7km strike extent Surface drill program completed in 2013 (2,156 metres in 24 holes) Inferred Resource Estimate 1 of 2.08 million Ag eq oz (149,200 tonnes @ 3.51g/t Au, 78g/t Ag, 2.82% Pb) 1. Mineral Resource Estimate for El Horcon used a July 31, 2014 effective date, with metal price outlook of US$17.00/oz silver, US$1,200/oz gold, and US$0.95 lead. Silver to gold ratio is 70.6:1. Permitting process underway for Phase II exploration and exploitation 13
CORICANCHA Au-Ag-Pb-Zn-Cu MINE, PERU STRATEGIC OPPORTUNITY The option of Coricancha marks the start of a commitment to Peru and launches a new chapter in GPR s growth Coricancha provides a near-term production opportunity which we can use as a foundation for future growth in Peru We have 2 years under the option then would control the time frame as to when to commence production Potential for approx. 2.5 million Ag eq oz per year production Significant JORC-compliant resource with exploration potential 14
CORICANCHA Au-Ag-Pb-Zn-Cu MINE Underground mine owned by Nyrstar; Placed on Care & Maintenance in August 2013 90km east of Lima in prolific mining district Operating history dating back to 1906 Fully permitted, with a 600 tpd operational processing plant Production potential by 2017/18 80% precious metals, 20% base metals 15
CORICANCHA RESOURCE BASE Historical Resources* (JORC-Compliant) 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) 16 * 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
CORICANCHA OPTION AGREEMENT TWO-YEAR OPTION FOR 100% INTEREST Cash: On signing 1 st Anniversary Work commitments: Year 1 Year 2 Cash on closing of SPA (after exercise of option) Total Consideration (USD) $1.5 M $1.5 M $2 M $3 M $5 M $8 M Cash $5 M Work Great Panther will conduct surface & underground drilling & sampling, mine development and plant tests Nyrstar retains ownership, costs of Care & Maintenance, and all liabilities, for 2-year option period 17
OPERATIONAL SUMMARY Consolidated Operations Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 Tonnes Milled 99,252 92,574 89,030 80,964 72,631 Silver ounces 597,111 550,010 565,966 420,001 370,668 Gold ounces 4,703 4,822 4,200 3,773 3,666 Lead tonnes 279 285 259 302 308 Zinc tonnes 441 406 443 395 431 Silver equivalent ounces 1,2 987,887 911,048 890,641 718,794 667,349 1. 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. 2. Silver equivalent ounces for 2014 were calculated at consistent prices of US$18.50 per oz, US$1,110 per oz (60:1 ratio), US$0.90 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates produced. 18
ANNUAL PRODUCTION GROWTH 4.0 COMPOUND ANNUAL GROWTH RATE OF 10% Metal Production (Ag eq oz, in millions) 3.5 3.0 2.5 2.0 1.5 1.0 0.5 2.2 2.4 2.8 3.2 3.5 3.6 Guidance 0.0 2011 2012 2013 2014 2015 19
FINANCIAL SUMMARY 20 in 000s except amounts per share and per ounce Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 Revenue $ 20,250 $ 14,244 $ 12,801 $ 14,465 $ 12,880 Gross profit (loss) before non-cash items 1 $ 6,652 $ 2,159 $ 2,918 $ 2,427 $ 3,271 Net income (loss) $ 3,588 $ (26,948) $ (970) $ (4,492) $ (603) Adjusted EBITDA 1 $ 3,688 $ (1,211) $ 1,267 $ 213 $ (546) Earnings (loss) per share basic $ 0.03 $ (0.19) $ (0.01) $ (0.03) $ (0.00) Earnings (loss) per share diluted $ 0.03 $ (0.19) $ (0.01) $ (0.03) $ (0.00) Total cash cost per Ag oz (USD) 1 $ 8.71 $ 12.23 $ 11.02 $ 15.03 $ 13.49 All-in sustaining cost per Ag oz (USD) 1 $ 14.47 $ 21.46 $ 19.95 $ 24.40 $ 24.18 All-in cost per Ag oz (USD) 1 $ 14.65 $ 21.48 $ 19.59 $ 24.93 $ 27.58 Average realized silver price (USD) 2 $ 16.99 $ 15.78 $ 18.85 $ 19.81 $ 20.22 1. Gross profit (loss) before non-cash items, adjusted EBITDA, cash cost per silver payable ounce, all-in sustaining cost per silver payable ounce and all-in cost per silver payable ounce are non-ifrs performance measures. Refer to the Non-IFRS Measures section of the Company s MD&A for a complete definition. 2. Average realized silver price is prior to smelting and refining charges.
CORPORATE STRUCTURE Shares issued* 139,573,707 Fully diluted* 148,879,796 Institutional ownership ~15% Market capitalization 90-day daily average trading volume 52-week trading range TSX NYSE MKT CA $92.1 M ~383,000 shares CA $0.63 - $1.60 US $0.52 - $1.49 Cash position* Net working capital* CA $18.7 M (no debt) CA $36.9 M Analyst Coverage: Euro Pacific Capital Inc., H.C. Wainwright &Co., Salman Partners Inc. Included in Market Vectors TM Junior Gold Miners Index 21 Updated on May 6, 2015 * As of March 31, 2015
LEVERAGED TO SILVER 1200% 1000% 800% 600% 400% GPR % AG % 200% 0% 22-200% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Great Panther Silver
2015 OBJECTIVES OBJECTIVES Produce 3.5 to 3.6 million Ag eq oz at a cash cost of $11.50 - $12.50/Ag oz (net of by-product credits) Further reduce operating costs & overheads and improve grade control & operating efficiencies Continue production ramp up and development on higher Ag/Au grades in the San Ignacio south extension Complete permitting of El Horcon Pursue and analyze acquisition targets PROGRESS Ongoing Ongoing Ongoing Permitting for Phase II exploration and exploitation underway Optioned Coricancha Mine in Peru; Finalizing the acquisition of Cangold 23
2015 OUTLOOK Production and cash cost guidance 2015 Guidance FY 2014 Actual Total silver equivalent ounces 1 3,500,000 3,600,000 3,187,832 Cash cost per silver payable ounce (USD) 2 $ 11.50 $ 12.50/oz $ 12.78 AISC (USD) 2 $ 18.50 19.85/oz $ 22.07 1. Silver equivalent ounces for 2015 guidance have been calculated using a 65:1 Au:Ag ratio, and ratios of 1:0.05 and 1:0.056 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 2015. 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. 24
VALUE ADVANTAGE Great Panther is a primary silver producer 100% unhedged with strong leverage to silver price Good liquidity on NYSE MKT and TSX Strong working capital & no debt Potential for production growth through satellite projects Significant resource and production potential in Peru 25
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, "forwardlooking 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, 2014 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. 26
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. 27
28 APPENDIX
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, CA, MBA Chief Financial Officer Mary Ellen Thorburn, CFA VP Finance Robert Brown, P. Eng. VP Exploration 29
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 30
12 MONTHS PEER COMPARISON 80% 60% 40% 20% 0% -20% -40% -60% Change Fortuna 3.94% Silver -8.43% Great Panther -35.71% Excellon -60.77% Endeavour -39.12% Revett -29.89% Scorpio -7.14% Impact -59.48% Aurcana -60.14% -80% -100% 31
DRILLING SUMMARY 2011 2012 2013 2014 E 2015 Guanajuato 26,546 m 29,254 m 26,237 m 13,270 m 14,000 m Topia 4,526 m 8,059 m 2,162 m 1,903 m - San Ignacio 17,313 m 9,310 m 1,144 m 3,827 m 5,000 m Santa Rosa - 1,653 m - - - El Horcon - - 2,156 m - - Total 48,385 m 48,276 m 31,699 m 19,000 m 19,000 m 2015 focus on quality vs quantity ounces Striking balance between cash flow and exploration funding 32 Track record of making new discoveries
RESOURCES Measured Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz Guanajuato 184,500 309 3.24 - - 1,832,500 19,780 3,190,300 Topia 71,000 911 1.70 6.91 5.42 2,080,000 3,900 3,190,000 Total Measured 3,912,500 23,680 6,380,300 Indicated Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz Guanajuato 36,000 335 2.20 - - 387,900 2,540 567,500 Topia 127,000 807 1.72 5.75 4.48 3,290,000 7,000 5,000,000 San Ignacio 180,300 159 3.49 - - 924,100 20,220 2,351,000 Total Indicated 4,602,000 29,760 7,918,500 Total Measured + Indicated 8,514,500 53,440 14,298,800 Inferred Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz Guanajuato 163,600 101 3.37 - - 532,600 17,710 1,782,200 Topia 209,500 863 1.68 5.37 4.54 5,810,000 11,300 8,560,000 San Ignacio 787,800 160 3.26 - - 4,060,000 82,680 9,897,000 El Horcon 149,200 78 3.51 2.82-375,300 16,830 2,081,200 Total Inferred 10,777,900 128,520 22,320,400 NOTE: Compliant NI 43-101 Resource estimates were calculated using CIM standards. Guanajuato, July 2014 - US$17.00/oz Ag; US$1200/oz Au. Topia, November 2013 - US$21.00/oz Ag; US$1,260/oz Au; US$0.95/lb Pb; US$0.95/lb Zn. Ag Eq Oz total includes ounces derived from Pb and Zn. San Ignacio, December 2014 - US$17.00/oz Ag; US$1200/oz Au. El Horcon, July 2014 - US$17.00/oz Ag; US$1,200/oz Au; US$0.95/lb Pb. Ag Eq Oz total includes ounces derived from Pb. Robert Brown, P. Eng. is the Qualified Person under NI 43-101 for Guanajuato, Topia, San Ignacio and El Horcon. 33
Spiros Cacos, MA Director, Investor Relations D: +1 604 638 8955 TF: 1 888 355 1766 scacos@greatpanther.com SOCIAL SCENE Gr8_Panther GreatPantherSilver Gr8_Panther Great Panther Silver Great Panther Silver Limited 34
May 19, 2015 www.greatpanther.com info@greatpanther.com