Great Panther Silver - updated corporate presentation for June 1, 2018

1. W W W . G R E A T P A N T H E R . C O M
Corporate Presentation
JUNE 1, 2018

2. TSX: GPR | NYSE AMERICAN: GPL 2
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 Mine
Complex (“GMC”) and Topia Mine in Mexico, the Coricancha Mine (“Coricancha”) in Peru and exploring its other properties in
Mexico, the overall economic potential of its properties, the timing or ability to restart operations for Coricancha, the timing or ability
to conduct further exploration, the timing and amount of estimated future production, costs of future production, future initial and
sustaining capital expenditures, the completion of remediation activities, the timing and cost of the development of new deposits,
the success of exploration activities, the success of converting existing Mineral Resources into an expanded mine plan, 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 and social risks involving the Company's operations in a foreign jurisdiction, the potential
for unexpected costs and expenses, fluctuations in metal prices, fluctuations in currency exchange rates, inability to modify legacy
tailings closure plans as intended, failure to receive tailings closure funding from mine’s previous owner, physical risks inherent in
mining operations, operating or technical difficulties in mineral exploration, including the inability to conduct further drillings or to use
conventional flotation and bio-oxidation methods, the lack of demonstrated reserves at Coricancha, changes in project
parameters as plans continue to be refined, and other risks and uncertainties, including those described in the Company's Annual
Information Form for the year ended December 31, 2017 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. There is no assurance that such Forward-looking Statements will prove accurate and
results may vary materially from such Forward-looking Statements. Readers are cautioned not to place undue reliance on Forward-
looking Statements. The Company has no intention to update Forward-looking Statements except as required by law.
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. Aspects relating to
mining and metallurgy are overseen by Ali Soltani, former Chief Operating Officer for Great Panther Silver Limited (“Great Panther
Silver”), who’s currently acting on a Senior Technical Advisor capacity until September 30, 2018.
Samuel Mah, P.Eng., is the Qualified Person under NI 43-101 who reviewed and approved the results and figures discussed in this
presentation regarding the Coricancha Preliminary Economic Assessment. Ronald Turner, P.Geo., Daniel Saint Don, P.Eng., and
Jeffrey L. Woods, SME, MMSA, are the independent Qualified Persons for the PEA, and are co-authors of the technical report.
Disclaimer

3. TSX: GPR | NYSE AMERICAN: GPL 3
Note on Preliminary Economic Assessment & Inferred Resources
The mine plan evaluated in the PEA is preliminary in nature and additional technical studies will need to be completed in order to
fully assess its viability. There is no certainty that a production decision will be made to reactivate the Coricancha mine. In addition,
we may determine to proceed with a production decision without completion of customary feasibility studies demonstrating the
economic viability of reactivation of Coricancha. A mine production decision that is made without a feasibility study carries
additional potential risks which include, but are not limited to, (i) increased uncertainty as to projected initial and sustaining capital
costs and operating costs, rates of production and average grades, and (ii) the inclusion of Inferred Mineral Resources, as defined
by NI 43-101 and CIM Definition Standards (see Cautionary Note to United States Investors below) that are considered too
speculative geologically to have the economic considerations applied to them that would enable them to be converted to a
Mineral Reserve, as defined by NI 43-101 and CIM Definition Standards (see Note to United States Investors below). Mine design and
mining schedules, metallurgical flow sheets and process plant designs may require additional detailed work and economic analysis
and internal studies to ensure satisfactory operational conditions and decisions regarding future targeted production. In addition,
the results of the Bulk Sample Program may impact on the projected capital and operating costs, with the result that the projected
NPV, IRR and cash flows may be adversely impacted.
Readers are cautioned not to assume that any part or all of Mineral Resources used in this PEA will ever be converted into Reserves.
Inferred Mineral Resources, in particular, have a great amount of uncertainty as to their existence and/or economic and legal
feasibility and readers are cautioned not to assume that they will ever be upgraded to a higher category. Under Canadian
standards, estimates of Inferred Mineral Resources may form part of preliminary economic assessment, but may not form the basis of
feasibility or pre-feasibility studies, except in rare cases. Mineral Resources that are not Mineral Reserves, do not, by definition, have
demonstrated economic viability.
Note to United States Investors
The Mineral Resource Estimates and the references to Mineral Reserves and Inferred Mineral Resources contained to in this
presentation have been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from
the requirements of United States securities laws and use terms that are not recognized by the United States Securities and
Exchange Commission (“SEC”). Canadian reporting requirements for disclosure of mineral properties are governed by NI 43-101.
The definitions used in NI 43-101 are incorporated by reference from the CIM Definition Standards adopted by CIM Council on May
10, 2014 (the “CIM Definition Standards”). U.S. reporting requirements are governed by the SEC Industry Guide 7 (“Industry Guide 7”)
under the United States Securities Act of 1933, as amended. While the terms “mineral resource”, “measured mineral resource”,
“indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101, these terms
are not defined terms under Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed
with the SEC. United States readers are cautioned not to assume that any part or all of mineral deposits in these categories will ever
be converted into reserves.
Cautionary Statements

4. TSX: GPR | NYSE AMERICAN: GPL 4
1. See May 31, 2018 press release
2. Includes cash and short-term deposits
3. As at March 31, 2018
Profitable
4M Ag eq oz production and $1.3M in Net
Income in 2017
Near-term
Growth
Coricancha PEA: Potential for 3M Ag eq oz per
year with robust economics
1
Financial
Strength
No debt, US$60.9M cash
2, 3
Acquisition
Focused
Pursuing growth opportunities in the Americas
Leverage to
Silver
Significant leverage to silver price
Building a Foundation for Growth

5. TSX: GPR | NYSE AMERICAN: GPL 5
Profitable Silver Producer
3%
 Produced ~4 million silver equivalent ounces in 2017
 90% of revenues from silver & gold1
 Increased revenues 3% from 2016
 Net income of US$1.3M in 2017
90%
1
1 Based on FY 2017 results

6. TSX: GPR | NYSE AMERICAN: GPL 6
Mexico
 World’s top silver-producing
country in 20171
 Favorable mining jurisdiction
 Great Panther Silver’s mining
operations:
o Guanajuato Mine Complex
 Guanajuato Mine
 San Ignacio Mine
o Topia Mine
1According to the US Geological Survey – Mineral Commodity Summaries 2018

7. TSX: GPR | NYSE AMERICAN: GPL 7
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-GAAP performance measures. Refer to the “Non-
GAAP 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.
Guanajuato Mine Complex (Ag-Au)1
• Accounted for 73% of total production in FY 2017¹
Q1 2018 FY 2017
Metal Production2
Ag eq oz 695,909 2,892,068
Silver Production Ag oz 304,863 1,386,964
Recoveries Ag/Au (%) 88.8 / 88.0 89.2 / 86.9
Average Grades Ag/Au (g/t) 135 / 2.50 151 / 2.41
Ore processed Tonnes 78,919 319,963
Cash Cost3
/Ag oz US $4.28 US $4.32
All-in Sustaining Cost3
/Ag oz US $9.01 US $9.17

8. TSX: GPR | NYSE AMERICAN: GPL 8
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-GAAP performance measures. Refer to the “Non-
GAAP 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.
Topia Mine (Ag-Pb-Zn-Au)
Q1 2018 FY 2017*
Metal Production1
Ag eq oz 336,027 1,086,663
Silver Production Ag oz 186,201 595,721
Recoveries
Ag / Au (%) 92.7 / 57.1 91.7 / 65.3
Pb / Zn (%) 94.3 / 92.9 93.1 / 94.2
Average Grades
Ag / Au (g/t) 348 / 0.74 376 / 0.89
Pb / Zn (%) 2.56 / 3.19 2.58 / 3.47
Ore processed tonnes 17,950 53,745
Cash Cost2
/Ag oz US $7.48 US $9.53
All-in Sustaining Cost2
/Ag oz US $8.27 US $14.98
* Reflects plant upgrades & dry tails handling facility completed in Q1:17
• Accounted for 27% of total production in FY 2017

9. TSX: GPR | NYSE AMERICAN: GPL 9
Peru
 World’s second highest silver-
producing country in 20171
 Acquired Coricancha Mine in 2017
 Preliminary Economic Assessment
results announced May 31, 2018
 Provides a base from which to grow
within Latin America
1According to the US Geological Survey – Mineral Commodity Summaries 2018

10. TSX: GPR | NYSE AMERICAN: GPL 10
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
Bulk Sample Program to
begin in early Q3-2018
Coricancha Mine (Au-Ag-Pb-Zn-Cu)

11. TSX: GPR | NYSE AMERICAN: GPL 11
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 Estimates
1. Cut-offs are based on an estimated $140 Net Smelter Return (NSR)/tonne
2. 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, $3.00/lb Cu
3. Block model grades converted to United States Dollars (US$) value using plant recoveries of 92.1% Ag, 80.2% Au, 77.3% Pb, 82.6% Zn, 52.7% Cu
4. 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/m³
5. Totals may not agree due to rounding.
6. Grades in metric units
7. All currencies US dollars
8. Ag equivalent ounces (eq oz) is calculated from gpt data
9. 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))
10. See Great Panther Silver’s news release dated December 20, 2017 for further details

12. TSX: GPR | NYSE AMERICAN: GPL 12
Coricancha PEA Highlights1
Potential for Average Annual Production of 3M Silver-Equivalent Ounces
• Head Grade: 768 g/t silver-equivalent
• Net Smelter Return: $295/t
Robust Economics
• 81% after-tax IRR; $16.6M after-tax NPV (7.5% discount rate)
• LOM Cash Cost of $9.41 and AISC of $12.16 per payable AgEq oz
• Significant leverage to metal price changes
Low Capital Costs
• $8.8M Initial Capital Cost
• Can be funded from existing cash reserves
Opportunities for Enhancement
• Several areas to enhance economics and increase mine life
• Potential to optimize mine plan
Next Steps
• Conduct a Bulk Sample Program
• Confirmation of key mine inputs
1 See May 31, 2018 press release for further details

13. TSX: GPR | NYSE AMERICAN: GPL 13
Coricancha Next Steps
Bulk Sample Program:
• 6,000 tonne bulk sample from
Constancia Vein
• Two trial stopes to test cut-and-fill
and resue mining methods
• Aiming to confirm:
 Mining rate
 Grades
 Recoveries
 Concentrate product specifics
• Program to begin in Q3-2018
• Duration: Approx. 8 months

14. TSX: GPR | NYSE AMERICAN: GPL 14
Strong Balance Sheet
$60.9M
Cash and cash equivalents, and short-term deposits $60.9M
Net working capital $67.1M
Debt Nil
As at March 31, 2018

15. TSX: GPR | NYSE AMERICAN: GPL 15
Acquisition Focused
 Team in place with >100 years of
combined mining and M&A experience
 Focused on growth in the Americas
 Key Criteria:
o Silver and precious metals dominant
o Advanced stage or production
o Mining friendly jurisdiction
o Potential to significantly increase Great
Panther Silver’s production and resources
o Accretive on key per share financial metrics
Head Office
Topia
GMC
Coricancha

16. TSX: GPR | NYSE AMERICAN: GPL 16
Growth Strategy
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017E
2018E
2019E
2020E
ProductionAgEq(koz)
Topia (actual) GMC (actual) Topia (est) GMC (est) Coricancha (est)
Acquisition, Optimization and
Growth of Mexican Mines
Coricancha
growth potential
 Significant organic growth in Mexico over the past 10 years (+4M Ag eq oz/yr)
 Coricancha PEA confirms potential of 3M Ag eq oz/yr
 M&A focused on additional growth within the Americas
M&A

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Leveraged To Silver

18. TSX: GPR | NYSE AMERICAN: GPL 18
Directors & Senior Management Team
President & CEO
James Bannantine*
PE, MBA
Chief Financial Officer
Jim Zadra
CPA, CA, MBA
V.P. Operations, Mexico
Brian Peer*
BA Sc
V.P. Corp. Development
Samuel Mah
P. Eng
V.P. Social Responsibility
Mariana Fregonese*
Board of Directors
R.W. (Bob) Garnett, CPA, CA, ICD.D, Chair
James Bannantine PE, MBA
Robert Archer, P. Geo
John Jennings, MBA, CFA
W. James Mullin, B. Sc
Elise Rees FCPA, FCA, ICD.D
Jeffrey Mason – Board Advisor
*Have lived and worked in Latin America, fluent in Spanish

19. TSX: GPR | NYSE AMERICAN: GPL 19
Shares issued1 168,654,000
Fully diluted1 177,637,500
Institutional ownership ~21%
Market capitalization C$277M / US$209M
90-day daily average trading volume ~1M shares
52-week trading range:
TSX
NYSE American
C$1.86 - $1.39
US$1.46 - $1.06
Cash position1 US$60.9M
Net working capital1 US$67.1M
Debt Nil
1. As at March 31, 2018
Capital Structure
Updated on June 1, 2018
Analyst Coverage
 Euro Pacific Capital Inc.
 H.C. Wainwright & Co.
 Noble Financial
 ROTH Capital Partners

20. TSX: GPR | NYSE AMERICAN: GPL 20
2018 Outlook
Steady outlook for Mexican operating mines
Focus on advancing Coricancha Project in Peru to set platform for
growth in 2019 and 2020
FY 2017
Actual
Q1 2018
Actual
FY 2018
Guidance
Total silver equivalent ounces1
3,978,731 1,031,937 4,000,000 – 4,100,000
Cash Cost per silver payable
ounce2 US$5.76 US$5.39 US$5.00 – US$6.50
AISC2
US$15.07 US$12.33 US$12.50 – US$14.50
1. Silver equivalent ounces 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. “Cash cost” and “AISC” are non-GAAP measures. Refer to the “Non-GAAP 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.

21. TSX: GPR | NYSE AMERICAN: GPL 21
~4M Ag eq oz per year
Positive PEA for Coricancha confirms potential of restart
Strong balance sheet, no debt and US$60.91, 2 M cash
Pursuing M&A opportunities in the Americas
Significant leverage to silver price movement
Why Great Panther Silver?
1. Includes cash and short-term deposits
2. As at March 31, 2018

22. APPENDIX

23. TSX: GPR | NYSE AMERICAN: GPL 23
Historic underground mine with two operating shafts & two ramps
Currently mining & developing to 600m depth on several zones over 4km
strike length
Produces precious metal-rich concentrate for transportation to leading
global smelters
Guanajuato Mine (Ag-Au)

24. TSX: GPR | NYSE AMERICAN: GPL 24
Both operations in Mexico were awarded
distinction as a “Socially Responsible
Company” by CEMEFI (Centro Mexicano
para la Filantropía) in 2018
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 are in compliance with all
rules & regulations that apply to our business

25. TSX: GPR | NYSE AMERICAN: GPL 25
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-GAAP 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.
2. Average realized silver price is prior to smelting and refining charges.
in US$000s unless otherwise stated Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017
Revenue $ 17,019 $ 17,384 $ 18,260 $ 15,731 $ 12,371
Mine operating earnings before
non-cash items1 $ 5,225 $ 4,962 $ 6,168 $ 5,418 $ 5,445
Net income (loss) $ (97) $ (1,918) $ (666) $ 833 $ 3,040
Adjusted EBITDA1 $ 415 $ 904 $ 1,482 $ 1,489 $ 2,134
Earnings (loss) per share – basic $ 0.00 $ (0.01) $ 0.00 $ 0.00 $ 0.02
Earnings (loss) per share – diluted $ 0.00 $ (0.01) $ 0.00 $ 0.00 $ 0.02
Total cash cost per Ag oz1 $ 5.39 $ 7.25 $ 5.82 $ 5.67 $ 3.54
All-in sustaining cost per Ag oz1 $ 12.33 $ 14.72 $ 13.75 $ 14.93 $ 19.55
Average realized silver price2 $ 16.36 $ 16.86 $ 16.99 $ 16.01 $ 19.33
Financial Summary

26. TSX: GPR | NYSE AMERICAN: GPL 26
Consolidated
Operations Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017
Silver ounces 491,063 514,218 532,803 569,229 366,435
Gold ounces 5,831 5,931 5,848 5,543 5,178
Lead tonnes 433 441 442 405 3
Zinc tonnes 533 551 562 638 6
Tonnes Milled 96,869 98,396 94,080 98,576 82,656
Silver equivalent
ounces1 1,031,937 1,065,773 1,080,483 1,102,290 730,185
1. Silver equivalent ounces 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.
Operational Summary

27. TSX: GPR | NYSE AMERICAN: GPL 27
NOTE: Topia uses an effective date of November 30, 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. | Silver equivalent calculations for El Horcón include lead content but not zinc, as the zinc would not be recovered in the Guanajuato plant. |
Robert F. Brown, P. Eng. is designated as the Qualified Person under NI 43-101.
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 silver and
US$1,300/oz gold| Matthew Wunder, P. Geo., was the Qualified Person for the mineral resource update under NI 43-101.
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 3.44 2.69 3.79 398,094 17,942 2,092,913
Total Inferred 10,295,022 88,345 20,140,219
Mineral Resources

28. W W W . G R E A T P A N T H E R . C O M
Alex Heath, CFA
Director, Investor Relations
+1 604 638 8956
1 888 355 1766
aheath@greatpanther.com