great panther silver corporate presentation · corporate presentation january 25, 2018. tsx: gpr |...

W W W . G R E A T P A N T H E R . C O M

Corporate PresentationJANUARY 25, 2018

TSX: GPR | NYSE AMERICAN: GPL 2

This presentation contains forward-looking statements within the meaning of the United States Private SecuritiesLitigation 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 theCompany's plans for production at its Guanajuato Mine Complex (“GMC”) and Topia Mine in Mexico, the CoricanchaMine (“Coricancha”) in Peru and exploring its other properties in Mexico, the overall economic potential of itsproperties, the timing and results of the Coricancha technical reports, timing and cost to the Company of reactivatingthe Coricancha, anticipated processing and production rates that may be achieved at the Coricancha uponreactivation, the ultimate cost of reclaiming legacy tailings facilities, results of exploration and potential changes to theCoricancha resource base, the availability of adequate financing, and involve known and unknown risks, uncertaintiesand other factors which may cause the actual results, performance or achievements expressed or implied by suchforward-looking statements to be materially different. Such factors include, among others, risks and uncertaintiesrelating to potential political risks involving the Company's operations in a foreign jurisdiction, technical and operationaldifficulties that may be encountered with reactivation of the Coricancha, uncertainty of production and cost estimatesand the potential for unexpected costs and expenses, uncertainty in mineral resource estimation, physical risks inherentin 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 thosedescribed in the Company's Annual Information Form for the year ended December 31, 2016 and Material ChangeReports filed with the Canadian Securities Administrators available at www.sedar.com and reports on Form 40-F andForm 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-lookingstatements to the extent that they involve estimates of the mineralization that will be encountered if the property isdeveloped. 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 suchas “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 statementsof historical fact and may be forward-looking statements.

Matthew Wunder, P. Geo. is the Qualified Person under NI 43-101 for the projects discussed in this presentation.

Disclaimer


1. Includes cash and short-term deposits2. US Dollars; As at September 30, 2017

Silver-Gold>90% precious metals Unhedged - No Royalties - No Streams

ProducerTwo 100% owned mining operations in Mexico; potential to restart one project in Peru

StrengthStrong balance sheet - No debt $55.5M cash

1,2, $63.6M working capital

2

DisciplinedEffectively reduced cost through downturn and grew production

GrowthOrganic growth potential within operating districts and pursuing acquisitions

Building a Foundation for Growth


Mexico & Peru

Top two silver producing countries in the world

Favourable political & mining jurisdictions


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

Guanajuato District (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 500 - 600 tpd

San Ignacio Mine (Ag-Au)


FY 2017

Metal Production (Ag eq oz2) 2,892,068

Silver Production (Ag oz) 1,386,964

Recoveries Ag/Au (%) 89.2 / 86.9

Average Grades Ag/Au (g/t) 151 / 2.41

Ore processed (tonnes) 319,964

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 reportedfinancial results in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titledmeasures used by others.

4. As at September 30, 2017

Guanajuato Mine Complex (Ag-Au)1

9 mos 2017

Cash Cost/Ag oz 3,4 US $3.89

All-in Sustaining Cost/Ag oz 3,4 US $8.78

Accounted for 73% of total production in 2017¹


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 temporarilyclose others as needed

Lead and zinc concentrates sold to

metal trader in Mexico

Plant upgraded & construction of new

tailings storage facility has commenced

Topia Mine (Ag-Pb-Zn-Au)


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-IFRSMeasures” section of the Company’s MD&A for an explanation of these measures and reconciliation to the Company’s reported financial results inaccordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others.

Topia Mine (Ag-Pb-Zn-Au)

Accounted for 27% of total production in 2017

FY 2017

Metal Production (Ag eq oz1) 1,087,000

Silver Production (Ag oz) 596,000

RecoveriesAg / Au (%)Pb / Zn (%)

91.7 / 65.3 93.1 / 94.2

Average GradesAg / Au (g/t)Pb / Zn (%)

376 / 0.892.58 / 3.47

Ore processed (tonnes) 53,700

9 mos 2017

Cash Cost/Ag oz2,3 US $9.13

All-in Sustaining Cost/Ag oz2,3 *US $16.58

* Reflects plant upgrades & dry tails handling facility completed in Q1:17


9 mos2017

FY 2017 Actual

FY 2018 Guidance

Total silver equivalent ounces1 2,913,000 3,979,000 4,000,000 – 4,100,000

Cash cost per silver payable ounce1,2,3 US$ 5.21 TBA US$ 5.00 – US$ 6.50

AISC1,2,3 US$ 15.60 TBA US$ 12.50 – US$ 14.50

1. Silver equivalent ounces for 2018 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 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.

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.

2018 Outlook

Steady outlook for Mexican operating mines

Focus on advancing Coricancha Project in Peru to set platform for growth in 2019 and 2020


Early Stage Exploration

Santa Rosa

Advanced Stage Exploration

El Horcón

DevelopmentAdvanced Stage

Development

Coricancha

Production

Guanajuato Mine

San Ignacio Mine

Topia Mine

Project Pipeline

~ 10 Years 5-10 Years 3-5 Years 1-3 Years Present

Pipeline of projects at various stages of exploration & development provides growth opportunities

Fully financed to bring Coricancha into production; and good potential to finance from cash-flow from Mexican operations


Growth Strategy

Significant organic growth in Mexico over the last 10 years

Coricancha represents the first step in a “land and expand” opportunity in Peru

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Topia (actual) GMC (actual) Topia (est) GMC (est) Coricancha (est)

Acquisition, Optimization and Growth of Mexican Mines

Coricancha growth potential


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

Ongoing technical studies in 2018

Coricancha Mine (Au-Ag-Pb-Zn-Cu)


Coricancha – Near Term Growth Opportunity

Undertook drill program and other evaluations under option agreement in 2015/2016

Completed acquisition in June 2017 from Nyrstar

Released an updated NI 43-101 Mineral Resource Estimate in December 2017

Production potential of 3,000,000 Ag eq oz per year based on production history

Ongoing technical studies and evaluations – targeting release of technical evaluation in Q2 2018

Would represent 75% growth over current Company production levels


Updated 2017

NI 43-101 Mineral

Resource Estimate*

Measured

Resources

Indicated

Resources

Total M&I

Resources

Inferred

Resources

Tonnes 404,205 348,554 752,759 943,160

Au (g/t) 5.94 5.59 5.78 5.02

Ag (g/t) 210 189 200 209

Pb (%) 2.16 1.95 2.06 1.45

Zn (%) 3.43 3.05 3.26 3.25

Cu (%) 0.54 0.52 0.53 0.64

Silver Equivalent

Ounces (Ag Eq oz)13,490,000 10,710,000 24,200,000 28,360,000

Coricancha Mineral Resource Estimate

Notes for Mineral Resource Estimates1. Cut-offs are based on an estimated $140 Net Smelter Return (NSR)/tonne2. 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, $3.00/lb Cu3. Block model grades converted to United States Dollar (US$) value using plant recoveries of 92.1% Ag, 80.2% Au, 77.3% Pb, 82.6% Zn, 52.7% Cu4. 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/m³5. Totals may not agree due to rounding.6. Grades in metric units7. All currencies US dollars8. Ag equivalent ounces (eq oz) million (M) is calculated from gpt data9. AgEq g/t = Ag g/t + (Pb grade x ((Pb price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x

10000 g per %)) +(Zn grade x ((Zn price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Cu grade x ((Cu price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Au grade x (Au price per oz/Ag price per oz))

* See Great Panther Silver news release December 20, 2017


Shares issued1 168,359,155

Fully diluted1 186,567,585

Institutional ownership ~18%

Market capitalization C $281M / US $227

90-day daily average trading volume ~1M shares

52-week trading range: TSX

NYSE AmericanC $2.95 - $1.39

US $2.28 - $1.06

Cash position1 US $55.5M (no debt)

Net working capital1 US $63.6M

1. As at September 30, 2017

Capital Structure

Updated on January 24, 2018

Analyst Coverage: Euro Pacific Capital Inc; H.C. Wainwright & Co; HallgartenCompany; Noble Financial & ROTH Capital Partners


Two Year Stock Performance

NYSE American: GPL

Mining sector had seen strong volatility in 2017

Sell-off in early 2017 was largely driven by GDXJ rebalancing

End of bear market

Momentum trading Fluctuating silver price

GDXJ rebalancing

Consolidation


12 Month Peer Comparison

-80%

-60%

-40%

-20%

0%

20%

40%

60%

Much of the junior mining sector was dragged down by GDXJ rebalancing and general market sentiment

Change

Americas Silver 31%

Silver 1%

GDXJ -5%

Excellon -6%

Avino -8%

Fortuna -22%

Great Panther -31%

Endeavour -41%


Leveraged To Silver

-100%

0%

100%

200%

300%

400%

500%

2009 2010 2011 2012 2013 2014 2015 2016 2017

Great Panther Silver


Profitable producer with strong leverage to silver price

Strong balance sheet, no debt – Seeking acquisitions

Unhedged – No Royalties – No Streams

Advancing Coricancha - Potential to significantly

increase production

Excellent liquidity on NYSE American and TSX

Why Great Panther Silver?

APPENDIX


Board of DirectorsR.W. (Bob) Garnett, CPA, CA, ICD.D, Chair

James Bannantine PE, MBARobert Archer, P. Geo

Ken Major, P. EngJohn Jennings, MBA, CFA

W. James Mullin, B. ScElise Rees FCPA, FCA, ICD.D

Directors & Senior Management Team

Chief Operating OfficerAli Soltani

President & CEOJames Bannantine

PE, MBA

Chief Financial OfficerJim Zadra

CPA, CA, MBA

V.P. Corp. DevelopmentSamuel Mah

P. Eng

V.P. ExplorationMatthew Wunder

P. Geo

V.P. Operations, MexicoBrian Peer

BA Sc


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

Guanajuato Mine (Ag-Au)

* For details on Mineral Resource Estimates, refer to slide 27


Awarded distinction as a “Socially

Responsible Company” by CEMEFI,

Centro Mexicano para la Filantropía, for

a seventh consecutive year in 2017

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

Strong ethics and we abide by all rules and regulations that apply to our business


1. The Company has included the non-IFRS performance measures cost per tonne milled, cash cost, AISC, mine operating earnings before non-cash items, costof 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 ofthese measures and reconciliation to the Company’s reported financial results in accordance with IFRS. As these are not standardized measures, they maynot be directly comparable to similarly titled measures used by others.

2. Average realized silver price is prior to smelting and refining charges.

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 non-

cash items1 $ 6,168 $ 5,418 $ 5,445 $ 4,476 $ 7,230

Net income (loss) $ (666) $ 833 $ 3,040 $ (1,498) $ 2,130

Adjusted EBITDA1 $ 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 oz1 $ 5.82 $ 5.67 $ 3.54 $ 5.83 $ 3.30

All-in sustaining cost per Ag oz1 $ 13.75 $ 11.47 $ 19.55 $ 16.44 $ 11.97

Average realized silver price2 $ 16.99 $ 16.01 $ 19.33 $ 14.99 $ 19.65

Financial Summary


Consolidated

Operations Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016

Silver ounces 514,218 532,803 569,229 366,435 460,571

Gold ounces 5,931 5,848 5,543 5,178 5,206

Lead tonnes 441 442 405 - 213

Zinc tonnes 551 562 638 - 315

Tonnes Milled 98,396 94,080 98,576 82,656 92,869

Silver equivalent ounces1,2 1,065,773 1,080,483 1,102,290 730,186 883,772

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.

Operational Summary


NOTE: 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 silverand 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 samemetal pricing. | Silver equivalent calculations for El Horcón include lead content but not zinc, as the zinc would not be recovered in the Guanajuato plant. MatthewWunder, P. Geo., is the Qualified Person under NI 43-101 for Guanajuato, Topia, San Ignacio and El Horcón.

Measured Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz

San Ignacio 801,468 142 3.09 - - 3,655,447 79,724 9,283,955

Guanajuato 170,978 227 1.50 - - 1,245,568 8,268 1,829,281

Topia 180,400 606 1.44 4.26 4.52 3,515,800 8,332 6,000,200

Total Measured 8,416,815 96,324 17,113,436

Indicated

San Ignacio 196,949 139 2.68 - - 878,805 16,991 2,078,368

Guanajuato 43,929 215 1.25 - - 383,530 2,088 428,190

Topia 165,800 644 1.17 4.75 3.82 3,437,712 6,243 5,570,000

Total Indicated 4,700,047 25,322 8,076,558

Total Measured & Indicated 13,116,862 121,646 25,189,994

Inferred

San Ignacio 573,431 130 2.44 - - 2,395,220 44,911 5,565,972

Guanajuato 158,846 136 2.04 - - 694,917 10,432 1,431,334

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 10,295,022 88,345 20,140,219

Mineral Resources

W W W . G R E A T P A N T H E R . C O M

Spiros CacosDirector, Investor Relations

+1 604 638 89551 888 355 1766

[email protected]

great panther silver corporate presentation · corporate presentation january 25, 2018. tsx: gpr |...

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