Great Panther Silver

1. W W W . G R E A T P A N T H E R . C O M
W W W . B E A D E L L R E S O U R C E S . C O M . A U
Great Panther Silver Friendly
Acquisition of Beadell Resources
NOVEMBER 2018

2. 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 Canadian securities laws (together,
"forward-looking statements"). Such forward-looking statements include, but are not limited to, statements with respect
to completion of the Scheme, the processing capabilities resulting from upgrades to the Tucano plant; the anticipated
production profile of the combined company (both before and after the Coricancha project commences production);
the effect of the transaction on the public float and shareholder base of Great Panther, the combined company’s
proved and possible reserves and balance sheet; the reduction of the combined company’s operating risks; and the
potential re-rating of the combined company.
These forward-looking statements 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. Assumptions upon which forward looking statements relating to the Scheme have been made
include that Beadell and Great Panther will be able to satisfy the conditions in the Agreement, that due diligence
investigations of each party will not identify any materially adverse facts or circumstances, that the required approvals
will be obtained from the shareholders of Beadell and Great Panther, and that all required third party, regulatory and
government approvals will be obtained.
Such factors include, among others, risks and uncertainties relating to potential political and social risks involving the
Beadell and Great Panther’s operations in a foreign jurisdiction, the potential for unexpected costs and expenses,
fluctuations in metal prices, fluctuations in currency exchange rates, physical risks inherent in mining operations,
operating or technical difficulties in mineral exploration, changes in project parameters as plans continue to be refined,
and other risks and uncertainties, including those described in respect of: Great Panther, in its 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. Great Panther and Beadell believe the assumptions underlying all such
forward-looking statements are reasonable based on information currently available, however, they may prove to be
incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. Great Panther and
Beadell have no intention to update forward-looking statements except as required by law.
Forward-Looking Statements

3. 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 Cautionary 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
Great Panther prepares its disclosure in accordance with the requirements of securities laws in effect in Canada and Beadell
prepares its disclosure in accordance with the requirements of securities laws in Australia, which differ from the requirements of U.S.
securities laws. Terms relating to mineral resources and mineral reserves in this presentation in respect of Great Panther are defined
in accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects under the guidelines set out in the
Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves and in respect of
Beadell are defined in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves. The Securities and Exchange Commission (the ‘‘SEC’’) permits mining companies, in their filings with the SEC, to disclose
only those mineral deposits that a company can economically and legally extract or produce. This presentation uses certain terms,
such as, ‘‘measured mineral resources’’, ‘‘indicated mineral resources’’ and ‘‘inferred mineral resources’’, that the SEC does not
recognize (these terms may be used in this presentation and are included in the public filings of Great Panther which have been
filed with securities commissions or similar authorities in Canada).
Cautionary Statements

4. 4
Pro Forma Transaction Highlights
Emerging
Intermediate
Gold Producer
 Strong gold production platform with forecast gold production of 151,000 ounces in 2018 (1)
 Forecast silver production of 2.0 million ounces in 2018
 Increased size has the potential to result in ETF buying and improved liquidity
Large Resource
& Reserve Base
 P&P: ~1.5 million gold ounces
 M&I: ~2.5 million gold ounces, ~18 million silver ounces
 Inferred: ~1.4 million gold ounces, ~17 million silver ounces
Strong Balance
Sheet
 Enhanced balance sheet to accelerate completion of Tucano optimization, restart
Coricancha and deliver on exceptional low risk/high value resource expansion opportunities
at Tucano
Diversified
Portfolio &
Operational
Excellence
 Diversified operations with two primary precious metals underground mines in Mexico and an
open pit gold mine in Brazil
 Strong management team with extensive operating experience in Latin America
Robust Growth
Profile
 Near-term production growth from Coricancha with a restart decision expected in early 2019
 Near-term reserve growth with infill drilling at Tucano
 Medium-term resource growth with drilling of multiple in mine-lease discoveries at Tucano
 Long-term exploration optionality with Tucano’s 2,500 km2 highly prospective land package
Attractive
Re-Rating
Potential
 Platform for value re-rating due to increased production profile, organic growth opportunities,
size and liquidity
 Management focused on increasing value per share through delivery on operations and
organic growth
1. See Great Panther’s news release dated August 1, 2018.

5. 5
Transaction Summary
Transaction
Summary
 Great Panther and Beadell have entered into a Scheme Implementation Deed pursuant to
which both companies will be combined through the acquisition by Great Panther of all the
Beadell shares outstanding
 Great Panther and Beadell shareholders will own 62% and 38% of the combined company,
respectively
Consideration
 Each Beadell ordinary share to be exchanged for 0.0619 shares of Great Panther
 Implies a value of A$0.086 per Beadell share based on the closing price of Great Panther on
the NYSE American on September 21, 2018
 Offer represents an equity value for Beadell of approximately A$144M (US$105M(1))
 Consideration represents a 51% premium to Beadell’s closing price on September 21, 2018 and
a 69% premium to Beadell’s 20-day VWAP
 The combined company’s shares will continue to trade on both the TSX and the NYSE American
Key Conditions
 Beadell shareholder approval subject to 75% of the total number of votes cast, as well as 50%
of the number of Beadell shareholders present and voting
 Great Panther majority shareholder approval subject to a simple majority of votes
 Australian court approvals and approval by the TSX
Management
Team
 Current Great Panther management team will lead the combined company
 James Bannantine, President and CEO of Great Panther, brings operating experience in Brazil
and is fluent in Portuguese
 Dr. Nicole Adshead-Bell, CEO and Managing Director of Beadell, will join the Board of Directors
Anticipated
Timeline
 Shareholder votes expected to be held in late December 2018 or early January 2019
 Transaction expected to close in January 2019
1. The Beadell news release dated September 24, 2018, incorrectly referenced an implied equity value of US$135M.

6. 6
Pro Forma Capitalization
1. Translated using September 21 Bank of Canada exchange rates of 0.774 USD:CAD and 0.728 USD:AUD
2. As reported at June 30, 2018
Great Panther Beadell Pro Forma
Basic Shares
Out st anding
169 1,674 273
Market Cap (Local) C$206 A$95 C$333
Market Cap (US$)(1) US$160 US$69 US$258
Cash and Short -Term
Invest ment s(2)
US$60 US$15 US$74
Debt (2) US$0 US$85 US$85
Ent erprise Value US$100 US$140 US$269

7. 7
Immediate 51% premium to Beadell’s closing share
price on September 21, 2018 and 69% premium to
its 20-day VWAP
Exposure to substantial value creation from
successful execution of the Tucano turn-around
that will be enhanced by Great Panther’s strong
balance sheet and management’s experience
with similar assets in Brazil; most notably CEO
James Bannantine’s experience operating mines
in Brazil and his fluency in Portuguese
Benefits to Shareholders: 1+1=3

Beadell shareholders to maintain meaningful
exposure to Tucano via 38% pro forma ownership
Combined company’s substantial cash balance
will allow acceleration of Tucano plant upgrade
and other optimization initiatives
Provides near-term production optionality with
addition of Coricancha

Increased production profile and market
capitalization to enhance capital markets profile
and trading liquidity of the combined company
Diversifies Great Panther’s asset base to include
Brazil as a new core jurisdiction

Accretive on key metrics including NAV, cash flow,
production, and resources before anticipated
synergies including reduction in G&A
Enhanced organic growth with Beadell’s multiple
in mine lease discoveries and 2,500 km2 highly
prospective exploration land package
Ongoing participation in combined company with
strong re-rating potential

Broadened shareholder base, TSX and NYSE listings
will enhance trading liquidity
Ongoing participation in combined company with
strong re-rating potential

Diversifies Beadell’s geographic footprint into
Mexico and Peru

Stronger balance sheet allows for increased
exploration spend to increase Tucano mine life
and NPV

8. 8
Topia
GMC
Coricancha
Tucano Tartaruga
El Horcón
Santa Rosa
Emerging Intermediate Gold Producer
El Horcón
• Gold, silver, zinc and lead exploration project
north of Guanajuato State
• Inferred Resources: 18 koz Au; 0.4 Moz Ag
Tartaruga
• Located 120 km northeast of the Tucano Mine
covering 357 km2 of the Tartarugalzinho
greenstone Belt
• Inferred Resources: 337 koz Au
Coricancha Mine
• Closed acquisition of the Coricancha Mine in
June 2017
• Currently conducting engineering and
environmental studies in order to determine
the viability of restarting operations
• M&I Resources: 140 koz Au; 4.8 Moz Ag
Guanajuato Mine Complex (GMC)
• Gold and silver producing underground
mines located in Guanajuato, Mexico
• Consistent production since acquisition in
2005
• 2018 Guidance(1):
• M&I Resources(1):
20 koz Au; 1.4 Moz Ag
107 koz Au; 6.2 Moz Ag
Santa Rosa
• Silver and gold exploration project located
northeast of Guanajuato
Topia Mine
• Underground mine located in Durango
State, Mexico that produces silver, gold,
lead, and zinc
• Plant capacity is approximately 275 tonnes
per day
• 2018 Guidance:
• M&I Resources:
1,000 oz Au; 0.6 Moz Ag
15 koz Au; 6.9 Moz Ag
Tucano Mine
• Gold mine located in Amapá State in
northern Brazil
• Covers approximately 2,500 km2 of mostly
contiguous exploration licences and a
mining concession with district scale
exploration potential
• Forecast completion of Tucano plant
upgrade with processing capacity
~3.5Mt/year enabling greater ore type
processing flexibility at Tucano
• 2018 Guidance:
• M&I Resources(2):
130 koz Au
2.24 Moz Au
Producing Mine Development Project
1. Includes San Ignacio
2. M&I Resources are inclusive of reserves
Exploration Asset

9. 9
1. 2015 to 2017 AuEq and AgEq calculated using historical realized prices as disclosed in GPR’s annual MD&A. 2018 AuEq and AgEq calculated using a gold price of
$1,310/oz, silver price of US$16.95/oz, zinc price of US$1.43/lb and lead price of US$1.10/lb.
Pro Forma Production Profile
Pro Forma Production Profile (koz AuEq) (1)
Potential for further growth if positive restart decision made at Coricancha
122
146
130 130
22
22
23 21
32
28
26 26
5
4
7 7
182
200
185 184
$1,037 $923
$1,208
$1,048
2015 2016 2017 2018F
GPR Pb+Zn Produc tion (AuEq) GPR Silver Produc tion (AuEq) GPR Gold Production
BDR Gold Produc tion AISC (US$/ oz AuEq)

10. 10
Diversified, Americas-Focus Portfolio
Geographic Exposure by Net Asset Value(2)
Current Pro Forma
Commodity Exposure by 2P Reserves & M+I Resources(1)
Current Pro Forma
Gold Silver Base Metals
Mexico Peru Brazil
1. AuEq calculated using a gold price of $1,335/oz Au, silver price of US$19.15/oz, lead price of $1.15/lb, zinc price of $1.50/lb, and copper price of $3.00/lb
2. Based on median of available broker estimates
Pro Forma Mineral Reserves & Resources (Moz AuEq)(1)
58%
4%
38%
38%
37%
25%
85%
9%
6%
94%
6%
0.69
1.47
2.24
1.47
2.93
2P M&I
Beadell Great Panther Silver

11. 11
Tucano Snapshot
Mine Type Open Pit
Avg. Ore Tonnes Mined (Mt/Yr) ~4.8
Avg. Waste Tonnes Mined
(Mt/Yr)
~27.2
Processing Type Conventional CIL
Avg. Ore Tonnes Processed/Yr ~3.5
Recovery - Current ~88%
Recovery - 2019 On ~93%
Current LOM Sulphide Ore (%) ~73%
Tailings Type Conventional TSF
Resources & Reserves* Au oz (000) Au Grade (g/t)
Tucano Total Reserves 1,473 1.83
Open Pit 1,051 1.77
Underground 345 3.61
M&I Resources Inc. Reserves 2,240 1.71
Open Pit 1,671 1.65
Underground 470 3.71
Inferred Resources 1,150 2.19
Open Pit 164 1.32
Underground 986 2.45
*Totals include stockpiles
Tucano – 100% Owned, Amapá, Brazil
Brazil is one of the world’s great mining jurisdictions

12. 12
Fully Optimized Mine Starting in 2019
• Material movement bottleneck removed
with new Brazilian mining contractor
(U&M) delivering to plan
• Plant upgrade to remove sulphide ore
bottleneck on schedule:
• Focus on mining grade vs ore type
• Recoveries projected to increase ~5%
from ~88% to ~93%
• Ball mill complete
• Additional CIL tank: late Oct-18
• Pre-leach thickener: early Nov-18
• Oxygen plant: early Nov-18
• Drawing 8MW grid power, going to 12MW

13. 13
Tucano Gold Production Profile
Forecast step change in gold production and AISC for LOM
Tucano Production Profile (koz Au)
50
80
122
146
130 130
163
$1,006 $866
$1,180 $1,050
2015 2016 2017 2018F 2019F
Au Produc tion Forec ast (koz) Au Produc tion (koz) AISC (US$/ oz Au)

14. 14
Tucano Mine Corridor
7 km long mineralized mine sequence
Exceptional gold grades intersected down-plunge from lodes that contribute to ore reserve
Tap AB2:
F02019
13m @
164.00g/t
Tap AB1: F01866
7m @ 15.59g/t
24m @ 58.71g/t
Tap AB3:
F02080:
29m @
4.27g/t
Urso: FD01466: 1m @
2.02g/t
Urucum North: FD1346:
4m @ 17.50g/t
9m @ 16.2g/t
Tap AB1: F02202
26m @ 1.86g/t
64m @ 4.29g/t
6m @ 1.14g/t
(Only grades >1.5g/t Au shown)

15. 15
Near-Mine Exploration Targets
1. 1 km gap from Tap C3 North to Urucum South
2. Urso Prospect – 700 m potential strike length
3. All Neo Lodes – yet to be drilled systematically (potential Neo-
type mineralisation intersected at 700 m vertical)
4. Torres & Torres South lodes
5. Very high grades at depth in Urucum North require follow-up
6. Potential gold mineralisation in the schist
New resource opportunities within 5 km of plant
TAP AB3 NORTH LODE
F02432
11 m @ 5.97 g/t
100,000 mN
99,500 mN
99,000 mN
98,500 mN
98,000 mN
401,000mE
401,500mE
402,000mE
402,500mE
403,000mE
94,000 mN
95,000 mN
93,500 mN
94,500 mN
97,500 mN
97,000 mN
96,500 mN
96,000 mN
95,500 mN
0 500 m
Gold Lode
Carbonate
Banded Iron Formation
Granite
Schist
LEGEND
Alluvium
Amphobolite
Pegmatite
Laterite
New gold Lode since 2015
1
2
3
4
65
Plant
FD01466
13 m @
2.02 g/t Au
GCRC2161
14m @
4.32g/t Au
GCPF29598
3m @
52.15g/t Au
F1622
17m @
3.51g/t
Au
F02509
12m @
22.5g/t Au
12
3
Tap AB Deposits Urucum DepositsTap C Deposits
Neo Lodes
(off plane of long section)
Gap from Tap C3N to
Urucum South
(mostly untested)
Urso
Prospect
4
Torres Lodes – further south
Reserve Block (>0.6g/t Au cut-off in Reserve Pit & > 1.6 g/t Au cut-off below)
Topo Sept 2018
Reserve Pit June 2017 ($1,150)
Resource Pit June 2017 ($1,500)
Resource MI Blocks (>0.5g/t Au cut-off)
Resource Inf Blocks (>0.5g/t Au cut-off above $1,500 pit shell & > 1.6 g/t
Au cut-off below)
Legend

16. 16
Regional Exploration Targets
Regional program
focused within 20
km of plant
>10 gold-in-soil
anomalies
identified
Additional untested
structural targets
Data organization
and data mining
underway
Systematic
exploration to
commence at the
end of 2018
Aeromagnetics overlain by soils
Tucano Mine
Corridor
Janaina
Sentinela
Tap East
Dragao
Mutum
T4
Joseph J9
Joseph J5
T3
Bicicleta
Saraminda
Tap D4
Timbo
10 km

17. 17
Guanajuato District Snapshot (Ag-Au)
Mine Type Underground
Mining Method Cut and Fill
9 mos 2018 Tonnes Mined 229,070
Processing Type Conventional Flotation
Products Silver and Gold Concentrate
2017 Ore Tonnes Processed 319,963
2017 Recoveries (Ag / Au %) 89.2% / 86.9%
9 mos 2018 Ore Tonnes Processed 230,236
9 mos 2018 Recoveries (Ag / Au %) ~88.1% / 87.8%
Tailings Type Conventional TSF
Resources
Ag oz
(000)
Au oz
(000)
Ag Grade
(g/t)
Au Grade
(g/t)
M&I Resources 6,163 107.1 158 2.74
San Ignacio 4,534 96.7 141 3.01
Guanajuato 1,629 10.4 236 1.50
Inferred Resources 3,488 73.3 121 2.55
San Ignacio 2,395 44.9 130 2.44
Guanajuato 695 10.4 136 2.04
El Horcón 398 17.9 76 3.44
GMC – 100% Owned, Guanajuato, Mexico
Historically one of Mexico’s most prolific mining
districts with past production of more than one billion
Ag oz over 400 years

18. 18
GMC Production Profile
GMC Production Profile (koz AuEq)(1) GMC Production Profile (koz AgEq)(1)
1. 2015 to 2017 AuEq and AgEq calculated using historical realized prices as disclosed in GPR’s annual MD&A. 2018 AuEq and AgEq calculated using a gold price of
$1,310/oz and silver price of US$16.95/oz.
21.1 21.6 21.5 20.0
23.3
19.9 18.4
18.1
44.4
41.6
39.9
38.1
$956 $861
$1,052
2015 2016 2017 2018F
Ag Production (koz AuEq) Au Produc tion (koz)
AISC (US$/ oz AuEq)
1,708
1,473 1,387 1,400
1,552
1,598 1,622 1,546
3,260
3,071 3,009 2,946
$13.02 $11.66
$13.94
2015 2016 2017 2018F
Au Production (koz AgEq) Ag Production (koz)
AISC (US$/ oz AgEq)

19. 19
Topia Production Profile
Topia Production Profile (koz AuEq)(1) Topia Production Profile (koz AgEq)(1)
1. 2015 to 2017 AuEq and AgEq calculated using historical realized prices as disclosed in GPR’s annual MD&A. 2018 AuEq and AgEq calculated using a gold price of
$1,310/oz, silver price of US$16.95/oz, zinc price of US$1.43/lb and lead price of US$1.10/lb.
2. 2016 and 2017 AISC include costs associated with plant and tailings processing upgrades
9.2
7.8 7.9 7.8
5.1
4.2
6.6 6.7
0.6
0.6
1.0 1.0
14.9
12.6
15.5 15.5
$1,033
$1,200 $1,283
2015 2016 2017 2018F
Au Produc tion
Base Metals Produc tion (koz AuEq)
Ag Production (koz AuEq)
AISC (US$/ oz AuEq)
678
574 596 600
374
314
498 520
45
45
75 771,097
933
1,169 1,197
$14.06
$16.24 $17.01
2015 2016 2017 2018F
Au Produc tion (koz AgEq)
Base Metals Produc tion (koz AgEq)
Ag Production (koz)
AISC (US$/ oz AgEq)(2)
(2)

20. 20
Topia Snapshot (Ag-Au-Pb-Zn)
Mine Type Underground
Mining Method Cut and Fill
9 mos 2018 Ore Tonnes Mined 55,515
Processing Type Conventional Flotation
Products Zinc and Lead Concentrates
2017 Ore Tonnes Processed 53,745
2017 Recoveries (Ag / Au %) 91.7% / 65.3%
2017 Recoveries (Pb / Zn %) 93.1% / 94.2%
9 mos 2018 Ore Tonnes Processed 54,722
9 mos 2018 Recoveries (Ag / Au %) 93.5% / 59.9%
9 mos 2018 Recoveries (Pb / Zn %) 94.6% / 93.8%
Tailings Type Conventional TSF
Resources & Reserves
Ag oz
(000)
Au oz
(000)
Ag
Grade
(g/t)
Au
Grade
(g/t)
M&I Resources 6,950 14.6 624 1.31
Inferred Resources 6,807 15.1 592 1.31
Resources & Reserves
Zn
Mlbs
Pb
Mlbs
Pb
Grade
(%)
Zn
Grade
(%)
M&I Resources 31.9 34.3 4.5 4.2
Inferred Resources 31.2 27.1 3.4 4.0
Topia – 100% Owned, Durango, Mexico
Operating 10 separate mines provides flexibility

21. 21
Coricancha Snapshot (Au-Ag-Pb-Zn-Cu)
Mine Type Underground
Mining Method Cut and Fill
Tonnes Mined (LOM) 608 kt (550 tpd)
Processing Type Base Metal Sulfide Flotation
Products Lead, Zinc, and Copper Concentrates
Ore Tonnes Processed (LOM) 608 kt
LOM Avg. Recoveries (%)
Au 80%
Ag 92%
Pb 77%
Zn 83%
Cu 78%
Tailings Type Conventional TSF
Resources
Au oz
(000)
Ag oz
(000)
Au Grade
(g/t)
Ag Grade
(g/t)
M&I Resources 140.4 4,840 5.8 200
Inferred Resources 151.6 6,338 5.0 209
Resources
Tonnes
(000)
Pb
Grade
(%)
Zn Grade
(%)
Cu Grade
(%)
M&I Resources 752.8 2.07 3.26 0.53
Inferred Resources 943.2 1.45 3.25 0.64
Coricancha – 100% Owned, Lima, Peru
Permitted & operational existing processing plant and gold
bio-leaching facility

22. 22
Acquired in December 2016 for ~US$0.1 million on closing
• Additional payment of 15% of free cash flow for 5 years after which the CMC is cumulative
free cash-flow positive from closing - to a maximum of US$10 million
• Includes permitted and operational processing plant and gold bio-leaching facility with
600t/day capacity
Completed PEA in May 2018
• US$8.8 million initial capex
• Average annual silver-equivalent production of 3.0 Moz
• Mine plan utilizes only 28% of the resource
• Head grade: 768g/t Au, Net Smelter Return US$295/t
• 81% after-tax IRR, $16.6 million after-tax NPV (7.5% discount rate)
• Significant leverage to metal price changes
Began 8 month, 6,000 tonne bulk sample in May 2018 – remains on schedule
• Two trial stopes to test cut & fill and split blasting mine mine method
• Dilution control key to success
• Aim to confirm mining rates, grades, recoveries, concentrate specifics
Expect production restart decision in Q1 2019
• Opportunities for economic enhancement due to experience with split blasting and
narrow vein, high grade underground mining
• Organic growth opportunities within current veins
• Potential upside from additional exploration opportunities
Coricancha – Accretive Acquisition

23. 23
Coricancha Infrastructure
View to Mine Camp High Grade Newly Exposed Vein Disseminated Mineralization
Ore Pass & Crusher Flotation Cells Flotation Cells

24. 24
$0M
$200M
$400M
$600M
$800M
$1,000M
$1,200M
$1,400M
$1,600M
$1,800M
$2,000M
0 100 200 300 400 500 600
EnterpriseValue(US$M)
2019E Gold Production (koz Au)
Great Panther
McEwen
TMAC
Argonaut
Guyana
SSR Mining
Torex
Leagold
Pretium
Atlantic Gold
Premier Gold
Beadell
Equinox Gold
Pro Forma Great Panther
Alio
Wesdome
Torex
Endeavour
Silver
Sierra Metals
Transition to Intermediate Producer
Enterprise Value to 2019E Production (koz Au)(1),(2)
1. Peer EV sourced from S&P Capital IQ
2. Peer 2019E Production sourced from Bloomberg consensus estimates

25. 25
Strong Re-Rating Potential
P/NAV(1),(2) (x)
1. Market data as of September 21, 2018
2. As per S&P Capital IQ consensus estimates
0.0x
0.1x
0.2x
0.3x
0.4x
0.5x
0.6x
0.7x
0.8x
0.9x
1.0x
GreatPanther
Beadell
Leagold
Argonaut
Guyana
TMAC
Pretium
Torex
McEwen
SSRMining
EndeavourSilver
SierraMetals
Intermediate Produc er Average: 0.62x P/ NAV

26. 26
Experienced Leadership Team
Name Position Background
James
Bannantine
President
and CEO
 Appointed President & CEO in August 2017
 More than 20 years experience in senior
management level roles in both private
and public companies
Jim Zadra
CFO
 CFO since 2012
 Over 15 years of experience in senior
corporate finance roles with significant
experience in financial reporting, taxation,
strategic planning, capital markets, and
M&A
 Previous roles at Deloitte and Canaccord
Brian Peer
VP
Operations,
Mexico
 Appointed VP of Operations, Mexico in
August 2017
 Over 30 years of mining experience; prior
roles with Alamos, Coeur and Barrick
Samuel
Mah
VP Technical
Services
 Joined Great Panther in April 2017 as VP
Corporate Development
 20 years experience in the mining industry
and was most recently employed at Silver
Wheaton
Mariana
Fregonese
VP Social
Responsibility
 Joined Great Panther Silver in 2007
 Focused on building strategic partnerships
and fostering relationships with various
stakeholders
Chris
Richards
VP Finance
 Joined Great Panther in 2018
 Over 20 years of experience in financial
management, accounting, taxation and
reporting
Name Position Background
R.W. (Bob)
Garnett
Chair
 Currently serves as the Commissioner for
the Financial Institutions Commission of BC
and on the board of MediValet
 Previously on the board of South Coast
British Columbia Transportation Authority
James
Bannantine
President
and CEO
 Appointed President & CEO in August 2017
 More than 20 years experience in senior
management level roles in both private
and public companies
Jeffrey R.
Mason
Director
 Over 25 years of public company
experience in mineral exploration,
development, construction and
operations in precious and base metals
and other minerals
Robert
Archer
Director
 Co-founder of Great Panther Silver, served
as President and CEO from 2004-2017
 Over 35 years of experience in mining
John
Jennings
Director
 25 years of investment banking
experience
W.J.
(James)
Mullin
Director
 Over 30 years of industry experience
working for Newmont Mining Corporation
Elise Rees Director
 Currently sits on the Boards of Enmax
Corporation, EasyPark, and Westland
Insurance
 Previously worked as a Partner for Ernst
and Young for 18 years, with a focus on
M&A and corporate reorganization
Dr. Nicole
Adshead-
Bell
Director
 Currently CEO of Beadell, will join Great
Panther as a Director
 Over 20 years of capital markets and
natural resource sector experience
Board of DirectorsManagement Team

27. 27
Proposed combination to increase value per share opportunities
for both Great Panther and Beadell shareholders
» Great Panther – asset diversification, 3rd largest gold mine in Brazil,
platform for emerging mid-tier gold producer status
» Beadell – asset diversification, superb operating team, Brazilian
operating experience, balance sheet to deliver on Tucano
optimization and resource growth initiatives
Reduction in corporate G&A per gold-equivalent ounce
Numerous high value, low risk organic growth opportunities with
potential to drive further production increases
Value Proposition
1
3
2

28. APPENDIX

29. 29
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)

30. 30
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)

31. 31
Beadell Competency Statement
The information in this presentation that relates to mineral resources and ore reserves of Beadell Resources Limited is based on information reviewed and approved
by Ms. Aoife McGrath, a Competent Person (as defined in the JORC Code) who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and of
the Australian Institute of Geoscientists (AIG).
Ms. McGrath is a full-time employee of Beadell Resources Limited. She has sufficient experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. Ms. McGrath consents to the inclusion in
this presentation of the matters based on her information in the form and context in which it appears.
Please see Beadell’s Interim Ore Reserve and Mineral Resource Update released to ASX on 19 December 2017 for a full JORC disclosure regarding the Tucano
Project.
Great Panther Competency Statement
The information in this presentation that relates to resource estimates for Great Panther’s projects is based on information compiled from the following technical
reports filed by Great Panther under Canadian securities laws:
Guanajuato Mine Complex: Technical report entitled “NI 43-101 Mineral Resource Update Technical Report on the Guanajuato Mine Complex, Guanajuato Mine
and San Ignacio Mine, Guanajuato State, Mexico”, dated February 28, 2018 prepared by Mr. Matthew C. Wunder, P.Geo.
Topia Mine: Technical report entitled “NI 43-101 Report on the Topia Mine Mineral Resource Estimates as of November 30, 2014” dated July 6, 2015 prepared by Mr.
Robert F. Brown, P.Eng.
Coricancha: Technical report entitled “Resource Update Technical Report on the Coricancha Mine Complex, Huarochirí Province, Lima Region, Perú”, dated
February 2, 2018 submitted by Golder Associates Inc. as Report Assembler of the work prepared by or under the supervision of the following “Qualified Persons”
named as authors: Ronald Turner, MAusIMM CP(Geo); Daniel Saint Don, P.Eng.; and Jeffrey Woods, P.E.
The information in this presentation derived from Great Panther’s technical reports has been reviewed and approved by Mr. Robert Brown, P.Eng. Mr. Brown, P.Eng is
a Professional Engineer registered with the Association of Professional Engineers and Geoscientists of British Columbia. Mr. Brown, P.Eng has sufficient experience
which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Brown, P.Eng consents to the
inclusion in this announcement of the matters based on his information in the form and context in which it appears. Mr. Brown, P.Eng was the VP Exploration of Great
Panther until December 31, 2016 and is a consultant to Great Panther.
Great Panther's disclosure of mineral resource information is governed by Canadian National Instrument 43-101 under the guidelines set out in the Canadian Institute
of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time
to time by the CIM ("CIM Standards"). Great Panther’s mineral resources are classified according to the CIM Definition Standards in the manner of the JORC Code
and NI 43-101 disclosure corresponds to that required by the JORC Code. Disclosure by Great Panther in its most recently filed NI 43-101 technical reports complies
with the CIM Guidelines, which are closely related to the JORC Code in their key definitions. The Great Panther mineral resources can therefore be quoted as
‘qualifying foreign estimates’ according to ASX Listing rules. The most recent disclosure of Great Panther’s mineral resources can be found on SEDAR at
www.sedar.com. The most recent disclosure by Great Panther is in the Great Panther Annual Information Form dated March 23, 2018.
The qualifying foreign estimates have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the
foreign estimates as mineral resources or ore reserves in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration word
that the foreign estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code.
Qualified Persons
The technical information contained in this presentation as it relates to Beadell has been reviewed and approved by Aoife McGrath, who is a member of the
Australasian Institute of Mining and Metallurgy (AusIMM) and a member of the Australian Institute of Geoscientists (AIG), and is a Qualified Person under the
meaning of NI 43-101.
The technical information contained in this presentation as it relates to Great Panther has been reviewed and approved by Robert F. Brown, P. Eng., the Qualified
Person for Great Panther’s projects under the meaning of NI 43-101.
Competent Persons & NI 43-101

32. 32
Beadell Reserves & Resources
As at May 11, 2018; Mineral Resources are inclusive of Mineral Reserves
* The Tap AB UG Resource includes 173kt @ 4.68g/t of Inferred Oxide in the Inferred primary category
Tucano Detail
Oxide Open Pit Tonnes (000)
Au Grade
(g/ t)
Au oz (000) Cut-off (g/ t) Tonnes (000)
Au Grade
(g/ t)
Au oz (000) Tonnes (000)
Au Grade
(g/ t)
Au oz (000) Cut-off (g/ t)
Urucum Op en Pit Oxid e 554 1.2 21 0.7 1,021 1.13 37 70 0.97 2 0.5
Urucum Ea st Op en Pit Oxid e 151 1.71 8 0.7 200 1.88 12 9 1.58 0 0.5
Ta p ABOp en Pit Oxid e 4,408 1.98 280 0.6 6,759 1.94 421 796 1.11 28 0.5
Ta p C Op en Pit Oxid e 553 1.05 19 0.6 878 0.95 27 88 0.7 2 0.5
Duck Hea d Op en Pit Oxid e 229 2.71 20 60 1.56 3 1.0
Total Oxide Open Pit 5,666 1.8 329 9,087 1.77 517 1,022 1.1 36
Primary Open Pit
Urucum Op en Pit Prima ry 9,692 1.76 547 0.8 12,903 1.63 678 393 1.57 20 0.5
Urucum Ea st Op en Pit Prima ry 16 1.5 1 0.7 211 1.45 10 84 0.94 3 0.5
Ta p ABOp en Pit Prima ry 2,462 1.86 147 0.8 6,531 1.63 342 1,053 1.34 45 0.5
Ta p C Op en Pit Prima ry 615 1.39 28 0.8 2,462 1.22 97 1,044 1.35 45 0.5
Duck Hea d Surfa ce Prima ry 379 2.26 28 262 1.81 15 1.0
Total Primary Open Pit 12,785 1.76 723 22,486 1.6 1,154 2,837 1.41 128
Oxide & Primary Open Pit
Urucum Op en Pit Tota l 10,245 1.72 568 13,924 1.6 715 463 1.48 22 0.5
Urucum Ea st Op en Pit Tota l 167 1.69 9 411 1.66 22 92 1 3 0.5
Ta p ABOp en Pit Tota l 6,870 1.94 428 13,290 1.79 764 1,849 1.24 74 0.5
Ta p C Op en Pit Tota l 1,168 1.23 46 3,340 1.15 123 1,133 1.3 47 0.5
Duck Hea d Op en Pit Tota l 608 2.43 48 322 1.76 18 1.0
Total Oxide & Primary Open Pit 18,450 1.77 1,051 31,573 1.65 1,671 3,859 1.32 164
Stockpiles
Op en Pit Stockp ile 1,985 0.66 42 0.5 1,985 0.66 42 0.5
Sp ent Ore Stockp ile 1,311 0.61 26 0.5 1,311 0.61 26 0.5
ROM Exp a nsion Stockp ile 345 0.8 9 0.5 345 0.8 9 0.5
M a rgina l Ore Stockp iles 1,586 0.44 22 0.3
Total Stockpiles 3,642 0.66 77 5,228 0.59 99
Total Tucano Open Pit & Stockpiles 22,092 1.59 1,128 36,801 1.5 1,770 3,859 1.32 164
Underground
Ta p ABUnd erground Prima ry* 1,047 2.28 77 3,653 3.19 375 1.2
Urucum Und erground Prima ry - PFS 2,378 3.64 278 1.6 2,894 4.22 393 5,106 2.71 445 1.6
Urucum Und erground Prima ry - Non 3,733 1.38 166 1.2
Total Underground Primary 2,378 3.64 278 3,941 3.71 470 12,492 2.45 986
Total Open Pit & Underground 24,470 1.79 1,406 40,742 1.71 2,240 16,351 2.19 1,150
Proven & Probable Measured & Indicated Inferred

33. 33
Measured Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Cu (%) 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
Coricancha 404,205 210 5.94 2.16 3.43 0.54 2,731,628 77,244 13,490,000
Total Measured 11,148,443 173,568 30,603,436
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
Coricancha 348,554 189 5.59 1.95 3.05 0.52 2,120,168 62,636 10,710,000
Total Indicated 6,820,215 87,958 18,786,558
Total Measured & Indicated 17,968,658 261,526 49,389,994
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
Coricancha 943,160 209 5.02 1.45 3.25 0.64 6,335,000 152,200 28,360,000
El Horcón 162,140 76 3.44 2.69 3.79 - 398,094 17,942 2,092,913
Total Inferred 16,630,022 240,545 48,500,219
Great Panther Resources
See following slide for Notes to the Mineral Resources

34. 34
Notes to Great Panther Resources
Full NI 43-101 disclosure of Mineral Resource Estimates can be found in Great Panther’s Annual Information Form for the year ended
December 31, 2017, available on SEDAR.
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.
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.
Coricancha uses an effective date of December 20, 2017. Matthew Wunder, P. Geo., was the Qualified Person for the mineral
resource update under NI 43-101.
The information in this presentation that relates to resources reported by Great Panther has been prepared in accordance with NI
43-101 published by the Canadian Securities Administrators. NI 43-101 is different from the reporting standard ordinarily applicable to
Australian publicly listed companies, the JORC Code.
NI 43-101 requires that mineral resource estimates be prepared in accordance with, and have the meaning ascribed by, the
Canadian Institute of Mining and Petroleum (CIM) Definition Standards. NI 43-101 Companion Policy identifies the Australian JORC
Code as an “acceptable foreign code” for the estimation of mineral resources and that it is substantially similar to CIM Definition
Standards as both are based on and are consistent with the International Reporting Template, published by the Committee for
Mineral Reserves International Reporting Standards (CRIRSCO Template).The Great Panther resources can be quoted as ‘qualifying
foreign estimates’ according to the ASX Listing Rules.
Notes for Coricancha Mineral Resource Estimates:
1. Cut-offs are based on an estimated $140 Net Smelter Return (“NSR”) per 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 in U.S. 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

35. W W W . G R E A T P A N T H E R . C O M
W W W . B E A D E L L R E S O U R C E S . C O M . A U
Alex Heath
Director, Investor Relations
+1 604 638 8956
1 888 355 1766
aheath@greatpanther.com
Graham Donahue
Head of Corp. Development
+1 416 945 6640
+61 8 9429 0800
info@beadellresources.com.au