great panther silver limited - corporatepresentation may 17, 2012

7/30/2019 Great Panther Silver Limited - CorporatePresentation May 17, 2012

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This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation ReformAct 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 Companys 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 Companys 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 Companys Annual Report on Form 20-F for the year

ended December 31, 2011 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov

and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

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.

DISCLAIMER

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http://www.sec.gov/http://www.sedar.com/http://www.sedar.com/http://www.sec.gov/


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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 economicconsiderations 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 highercategory. 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.

CAUTIONARY NOTE TO U.S. INVESTORS

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SILVER Primary Silver Producer74% Ag, 20% Au, 6% Pb-Zn

PRODUCER Two 100% owned mines in MexicoUnhedged Ag & Au; No Royalties

PROFITABLE 2011 Net Income of $11.5 million

GROWTHStrong organic growth

Aggressively seeking acquisitions

PROFITABLE PRIMARY SILVER PRODUCER

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VISION

To build a profitable mid-tier primarysilver producer

+5 million Ag Eq Oz annual production

Strong organic growth supplemented

by strategic acquisitions

+40 million Ag Eq Oz resource

Socially and environmentally

responsible

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MEXICO

Stable politics & economy

#1 Silver producer in the world

PRODUCTION

Guanajuato Mine Complex

Topia Mine

DEVELOPMENT

San Ignacio Project

EXPLORATION

Santa Rosa Project

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Making new discoveries in one ofMexicos most historic miningdistricts with past production of>1 billion oz Ag over 400 years

Expanding, developing andexploring the Guanajuato MineComplex

Building resources on a newdiscovery at the San IgnacioProject

Exploring for new silver-goldmineralization at the Santa RosaProject

GUANAJUATO Ag-Au DISTRICT

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GUANAJUATO Ag-Au MINE

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Historic underground mine with two operating shafts & three ramps

Currently mining & developing to the SE of the Cata Shaft and at Guanajuatito in NW

Starting to explore in Valenciana area with deep drilling

Building resources to increase mine life and production

Improved recoveries and increased throughput at newly-refurbished plant


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GUANAJUATO Ag-Au MINE

2012 Guidance

Metal ProductionAg Production

1.65 1.82 M Ag Eq Oz1.11 1.23 M Ag Oz

Q1 2012

Metal Production

Ag Production

396,192 Ag Eq Oz

239,305 Ag Oz

2011Cash Cost/Ag Oz

$8.15, net ofby-product credits

Plant (2011) 560tpd (up 17% YOY);

1,200tpd capacity

Q1 2012 Recoveries

Ag/Au 90.1% / 91.2%

Q1 2012 Average

Grades

213g/t Ag

2.03g/t Au

Global NI 43-101

Resources

8.2 million Ag Eq Oz

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SAN IGNACIO Ag-Au PROJECT

Location Guanajuato State;

trucking distance

to Cata Plant

Ownership 100%, No Royalties

PastProduction

617,455t @ 113g/tAg & 1.01g/t Au

New

Discovery

Currently being

drilled

Global NI

43-101Resources


Inferred

Permitting process underway for

new portal & ramp

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SAN IGNACIO Ag-Au PROJECT

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Current resource covers only 650 metre strike length out of 4 km potential

Step-out drilling continues to show excellent silver-gold mineralization

Mineralization starts 50-100 metres below surface so easy access by ramp

Development ore will be trucked to Cata Plant immediately no need to stockpile

Ability to monetize the project right away will help pay for its development


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TOPIA Ag-Au-Pb-Zn MINE

49% of Topiaresource

44% ofproduction

Commencing

production

Property covers >6,500 hectares

Mining 16 different veins & trucking tocentral plant

High grade, narrow vein underground

mining

Commencing mining at La Prieta and

expanding production at Argentina and

San Gregorio

Extending strike length of known veins

with additional drilling

Acquiring additional claims in district

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TOPIA Ag-Pb-Zn-Au MINE

2012 Guidance

Metal ProductionAg Production

0.85 0.93 M Ag Eq Oz0.61 0.67 M Ag Oz

Q1 2012

Metal Production

Ag Production

161,475 Ag Eq Oz

120,221 Ag Oz

2011Cash Cost/Ag Oz

$16.06, net ofby-product credits

Plant (2011) 200tpd

Capacity of ~300tpd

Q1 2012 Recoveries

Ag/AuPb/Zn 92.4% / 63.5%95.3% / 91.8%

Q1 2012 Average

Grades

326g/t Ag, 0.45g/t Au

1.71% Pb, 2.73% Zn

Global NI 43-101

Resources


Next Update: Q3, 201213


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2012 PRODUCTION & CASH COST GUIDANCE

2011 Actual 2012 Guidance

Low Case

2012 Guidance

High Case

Tonnes milled 216,181 230,000 250,000

Silver Ounces 1,495,372 1,720,000 1,900,000

Gold Ounces 8,016 10,000 11,000

Lead Tonnes 941 1,130 1,270

Zinc Tonnes 1,314 1,500 1,630

Silver Equivalent Ounces 2,200,013 2,500,000 2,750,000

Cash Cost per Ounce (USD)

Net of by product credits $ 10.84 $ 10.50 $ 9.50

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EXPLORATION

Almost 50,000 metres of drilling in each2011 & 2012

Discovery cost


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RESOURCES

NI 43-101 compliant resources started at zero and have increased with every

drill program, even after subtracting what has been mined

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0

5,000,000

10,000,000

15,000,00020,000,000

25,000,000

30,000,000

35,000,000

40,000,000

2006 2007 2008 2009 2010 2011 2012

Ag Eq Oz Resources


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RESOURCES

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

Guanajuato 508,400 199 2.41 - - 3,250,000 39,460 5,649,000

Topia 171,000 864 1.56 7.53 4.37 4,738,000 8,550 7,436,000

Total M&I 7,988,000 48,010 13,085,000

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

Guanajuato 223,200 221 2.10 - - 1,588,000 15,060 2,503,000

Topia 285,000 868 1.5 6.5 3.7 7,953,000 13,560 11,909,000

San Ignacio 826,000 121 2.28 - - 3,205,000 60,700 6,894,000

Total Inf. 12,746,000 89,320 21,306,000

Total (Global Resource) 20,733,000 137,330 34,391,000

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NOTE: Compliant NI 43-101 Resource estimates were calculated using CIM standards. Guanajuato resources,

January 2012 - US$17.67 oz Ag; US$1150 oz Au | Topia, March 2011 - US$21.00 oz Ag; US$1,200 oz Au; US$1.00

lb Pb & Zn | San Ignacio, March 2012 - US$17.67 oz Ag; US$1150 oz Au.


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TRACK RECORD REVENUES & CASH

2011 earnings from mining

operations are 64% higher

than in 2010

Cash and cash equivalents of$40.3 million at

March31, 2012

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$-

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

2006 2007 2008 2009 2010 2011

Net Smelter Revenue Earnings from Mining Operations

$-

$5,000,000

$10,000,000

$15,000,000

$20,000,000$25,000,000

$30,000,000

$35,000,000

$40,000,000

$45,000,000

2006 2007 2008 2009 2010 2011

Cash


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GROSS MARGIN

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Gross margin percentage has been steadily increasing over the past five years

0%

10%

20%30%

40%

50%

60%

70%

2008 2009 2010 2011

Topia Guanajuato


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CORPORATE SOCIAL RESPONSIBILITY

Awarded distinction as a

Socially Responsible Company by CEMEFI, Mexico,

for a second consecutive year in March, 2012.

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Great Panther Silver is committed toachieving the highest standards inCorporate Social Responsibility for itsoperations at every stage of projectdevelopment.

Practice environmental excellence

Promote open dialogue with

stakeholders and maximize

community relations

Provide a safe working environment

Maximize social and economic benefits


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CORPORATE STRUCTURE

All figures as of May 4, 2012.

*Includes TSX, AMEX, Alpha, Pure, Chi-x, Omega, and Frankfurt trading.

Shares Issued 137,590,919

Fully Diluted 141,998,669

Insider / Institutional Ownership ~2.5% / ~30%

Market Capitalization CA $286 million

90-day daily average trading volume 1 million shares*

52-week trading range TSX

NYSE MKT

CA $1.81 - $3.92

US $1.78 - $4.09

Cash position at March 31, 2012 CA $40.3 million (no LTD)

Analyst Coverage:

Salman Partners, Dundee Capital Markets, Stonecap Securities Inc., Global HunterSecurities LLC, Euro Pacific Capital Inc.

Included in:

S&P/TSX Index, Russell Global Index and Market Vectors TM Junior Gold Miners Index

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VALUE PROPOSITION

Great Panther is a profitable primary silver producer with two wholly ownedproducing mines, and development and exploration projects in Mexico

Strong leverage to silver price as we potentially approach a major up-leg

Excellent liquidity on TSX and NYSE MKT

Strong cash position & no long term debt Significant organic growth

funded out of cash flow

Pursuing acquisition opportunities to add third property in Latin America

Coverage by 5 analysts with 12-month targets up to 90% higher than current price

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great panther silver limited - corporatepresentation may 17, 2012

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