2017 06-16 great-panther_silver_limited_corporate_presentation

W W W . G R E A T P A N T H E R . C O M
Corporate Presentation
JUNE 16, 2017

TSX: GPR | NYSE MKT: 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 and Topia Mines in Mexico, exploring its
other properties in Mexico, the overall economic potential of its properties, the availability of adequate
financing and involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements expressed or implied by such forward-looking statements to be
materially different. Such factors include, among others, risks and uncertainties relating to potential political
risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and cost estimates
and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency
fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations,
changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate
financing on a timely basis, and other risks and uncertainties, including those described in the Company's
Annual Information Form for the year ended December 31, 2016 and Material Change Reports filed with the
Canadian Securities Administrators available at www.sedar.com, and reports on Form 40-F and Form 6-K filed
with the Securities and Exchange Commission and available at www.sec.gov.
Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-
looking statements to the extent that they involve estimates of the mineralization that will be encountered if
the property is developed. Any statements that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”,
“assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain
actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the
negative of any of these terms and similar expressions) are not statements of historical fact and may be
forward-looking statements.
Robert Brown, P. Eng. is the Qualified Person under NI 43-101 for the projects discussed in this presentation.
Disclaimer

1. Includes cash and short-term deposits
2. US Dollars; As at March 31, 2017
Silver-Gold
>90% precious metals
Unhedged - No Royalties - No Streams
Producer
Two 100% owned mining operations in
Mexico; potential for production in Peru
Strength
Strong balance sheet - No debt
$53.2M cash1,2
, $69.3M working capital2
Disciplined Significantly lowered cost/oz
Growth
Organic growth potential within operating
districts, and seeking acquisitions
Building a Foundation for Growth

3.8 – 3.9
Guidance
Maintaining Low Costs
$4.20
$1.72
$3.30
$5.83
$3.54
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
Total cash cost per Ag oz
Average realized silver price
$9.25
$7.19
$11.97
$16.44
$19.55
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
All-in sustaining cost per Ag oz
Cost per ounce has improved due to stronger USD and higher by-product credits
AISC is higher mainly due to capital projects; Will start to decline in Q2

3.8 – 3.9
Guidance
Recent Financial Performance
Revenue largely reflects metal prices; Gross profit also impacted by
significant reduction in cash cost
Maintained strong balance sheet; No debt
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$0
$5,000
$10,000
$15,000
$20,000
$25,000
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
Revenue
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
Mine operating earnings before non-cash items

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-IFRS Measures section of this 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 except amounts
per share and per ounce Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016
Revenue $ 12,371 $ 12,515 $ 15,631 $ 19,596 $ 14,139
Mine operating earnings before non-
cash before non-cash items1 $ 5,445 $ 4,476 $ 7,230 $ 10,087 $ 5,935
Net income (loss) $ 3,040 $ (1,498) $ 2,130 $ (1,332) $ (3,418)
Adjusted EBITDA1 $ 2,134 $ 1,376 $ 4,738 $ 7,545 $ 2,860
Earnings (loss) per share – basic $ 0.02 $ (0.01) $ 0.01 $ (0.01) $ (0.02)
Earnings (loss) per share – diluted $ 0.02 $ (0.01) $ 0.01 $ (0.01) $ (0.02)
Total cash cost per Ag oz1 $ 3.54 $ 5.83 $ 3.30 $ 1.72 $ 4.20
All-in sustaining cost per Ag oz1 $ 19.55 $ 16.44 $ 11.97 $ 7.19 $ 9.25
Average realized silver price2 $ 19.33 $ 14.99 $ 19.65 $ 17.82 $ 16.19
Financial Summary

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
Expanded production
at Guanajuato Mine
Complex (GMC),
developing new mines
and exploring the
district
Commercial
production at San
Ignacio commenced
June 2014, lifting GMC
throughput to
950-1,050 tpd
Excellent infrastructure.
Other projects in the
district have potential
to be satellite
operations
Guanajuato District (Ag-Au)

Historic underground mine with two operating shafts & three 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 30

Q1 2017
Metal Production (Ag eq oz1,2
) 727,372
Silver Production (Ag oz1
) 364,995
Recoveries Ag/Au (%) 88.8 / 85.0
Average Grades Ag/Au (g/t) 155 / 2.30
Ore processed (tonnes) 82,456
Cash Cost/Ag oz 3,4
$ 2.48
All-in Sustaining Cost/Ag oz 3,4
$ 7.59
1. Includes all 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 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.
4. As at March 31, 2017.
Guanajuato Mine Complex (Ag-Au)1
Accounted for 77% of total production
in 2016¹

Ramp access from
surface
Ore trucked 22 km to
Cata Plant in
Guanajuato
Accounted for 57% of
the total ore
processed at the GMC
in Q1 2017
Significant potential
for resource expansion
over 4km strike length
Currently producing at
approximately 600 tpd
San Ignacio Mine (Ag-Au)

Property covers most of
district – more than
6,500 hectares
High grade, narrow vein
underground mining
with central plant
Operating 9 separate
mines provides flexibility
Ability to expand
production at profitable
mines; Can temporarily
close others as needed
Lead and zinc
concentrates sold to
metal trader in Mexico
Plant was temporarily
shut down Dec/’16 -
Mar/’17 for
maintenance & new
tailings facility
construction
Topia Mine (Ag-Pb-Zn-Au)

Mining continued throughout the shut
down with ore being stockpiled for later
processing
Completed the commissioning phase
of the refurbished processing plant
Now operating at planned capacity
Topia Mine (Ag-Pb-Zn-Au)

Production and cash cost guidance Q1 2017 Actual 2017 Guidance
Total silver equivalent ounces1
730,186 4,000,000 – 4,100,000
Total payable silver ounces 344,995 1,950,000 – 2,000,000
Cash Cost per silver payable ounce (US)2
$ 3.54 $ 5.00 – $ 6.00
AISC (US)2
$ 19.55 $ 14.00 – $ 16.00
1. 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.
2. “Cash cost” and “AISC” are non-IFRS measures. Refer to the “Non-IFRS measures” section of the Company’s MD&A for complete definitions and
reconciliations to the company’s financial statements.
2017 Outlook

Early Stage
Exploration
Santa Rosa
Advanced Stage
Exploration
El Horcon
Development
Advanced 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 and El Horcon into production

Pipeline to Production
Coricancha represents a near-term (~18 mo.) production opportunity
that will provide a foundation for future growth in Peru
Acquisition expected to close in Q2 2017, with exploration &
development program to begin immediately thereafter1
Production history at Coricancha indicates potential for approx. 3 million
Ag eq oz per year at full capacity
Significant historical reserve & resource base, to be updated in Q3 2017,
followed by prefeasibility study (“PFS”)
Drilling at El Horcon in 2017 to better define resource & consider
production decision
1. Closing is subject to customary closing conditions.

Underground mine placed
on care & maintenance in
August 2013
90 km east of Lima in
prolific mining district
Operating history dating
back to 1906
Fully permitted &
operational 600 tpd
processing plant and gold
bio-leaching facility
80% precious metals, 20%
base metals by value
GPR to update Mineral
Resource Estimate in Q3
2017 & conduct PFS
Coricancha Mine Complex1
(Au-Ag-Pb-Zn-Cu)
1. Acquisition is subject to closing

1. Effective date December 31, 2012; Based upon $22.00/oz silver, $1,300/oz gold,
6,300/tonne copper, $2,250/tonne lead and zinc. M&I Resources are inclusive of Reserves
Historical
Reserves &
Resources¹
Proven
& Probable
Reserves
Measured
& Indicated
Resources
Inferred
Resources
Tonnes 640,000 890,000 4,880,000
Au (g/t) 4.35 5.04 4.91
Ag (g/t) 149 175 225
Pb (%) 1.77 1.97 1.57
Zn (%) 2.60 3.11 2.98
Cu (%) 0.32 0.42 0.48
Silver Equivalent
Ounces (Ag Eq oz)
13,500,000 21,960,000 124,600,000
Coricancha Mine Complex (CMC)

Coricancha Acquisition Agreement
Share Purchase Agreement whereby Great Panther Silver Peru, will
acquire Nyrstar Coricancha, the owner of a 100% interest in the CMC
GPSP to pay US$100,000 cash on closing (Q2 2017)
Nyrstar may be paid 15% of annual free cash flow, up to US$10 million,
after GPSP has recouped its investment
Nyrstar will cover cost of reclamation of certain tailings facilities, up to
US$20 million, and associated fines up to US$4 million
Nyrstar will cover US$9.7 million closure bond for three years

Shares issued1 167,718,083
Fully diluted1 185,330,635
Institutional ownership ~21%
Market capitalization C $268M / US $193
90-day daily average trading
volume
~1.9M shares
52-week trading range:
TSX
NYSE MKT
C $1.51 - $2.95
US $1.16 - $2.26
Cash position1 US $53.2M (no debt)
Net working capital1 US $69.3 M
1. As at March 31, 2017
Capital Structure
Updated on June 16, 2017
Analyst Coverage: Euro Pacific Capital Inc.; Rodman & Renshaw; Hallgarten &
Company; Noble Financial

One Year Stock Performance
TSX: GPR
NYSE MKT: GPL

12 Month Peer Comparison
-50%
50%
150%
Change
Sierra Metals 134%
Excellon 24%
Silver -6%
Americas Silver -9%
Endeavour -17%
Fortuna -22%
Great Panther -25%
Impact -26%
Avino -35%

Leveraged To Silver
-100%
100%
300%
500%
700%
900%
2009 2010 2011 2012 2013 2014 2015 2016 2017
Great Panther Silver

Low cost producer with strong leverage to silver price
Strong balance sheet, no debt – seeking acquisitions
Successfully grown production while reducing unit costs
Expanding into Peru with potential to increase production by 75%
Excellent liquidity on NYSE MKT and TSX
Why Great Panther Silver?

Board of Directors
R.W. (Bob) Garnett, CPA, CA, ICD.D, Chair
Robert Archer, P. Geo.
Ken Major, P. Eng.
John Jennings, MBA, CFA
W. James Mullin, B.Sc.
Elise Rees FCPA, FCA, ICD.D
Directors & Senior Management Team
Chief Operating
Officer
Ali Soltani
President & CEO
Co-founder
Robert Archer
P. Geo
Chief Financial
Officer
Jim Zadra
CPA, CA, MBA
V.P. Corp. Development
Samuel Mah
P. Eng.
V.P. Exploration
Matthew Wunder
P. Geo.

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

Consolidated
Operations Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016
Silver ounces 366,435 460,571 510,491 536,726 539,472
Gold ounces 5,178 5,206 5,423 6,010 5,599
Lead tonnes - 213 248 290 282
Zinc tonnes - 315 324 433 424
Tonnes Milled 82,656 92,869 95,282 99,905 88,683
Silver equivalent
ounces1,2 730,186 883,772 953,632 1,037,728 1,009,828
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

2013 2014 2015 2016 2017
Guanajuato 26,237 m 13,270 m 13,025 m 9,670 m 10,975 m
Topia 2,162 m 1,903 m - - 2,500 m
San Ignacio 1,144 m 3,827 m 4,657 m 6,015 m 21,025 m
Coricancha - - 2,323 m 3,551 m 7,800 m
Santa Rosa - - - - 1,000 m
El Horcon 2,156 m - - - 1,500 m
Total 31,699 m 19,000 m 20,005 m 19,236 m 44,800 m
2017 drilling focused on increasing resources and exploring new zones
Drilling Summary

NOTE: Mineral Resource Estimates use an effective date of August 31, 2016; and all used a metal price outlook of US$18.00/oz silver and 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 same metal pricing. | San Ignacio,
December 2015 - US$15.00/oz Ag; US$1100/oz Au. | Silver equivalent calculations for El Horcon include lead content but not zinc, as the zinc would not be recovered
in the Guanajuato plant. Robert Brown, P. Eng. is the Qualified Person under NI 43-101 for Guanajuato, Topia, San Ignacio and El Horcon.
Measured Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz
San Ignacio 408,327 116 2.88 1,525,584 37,760 4,191,435
Guanajuato 114,695 364 1.53 - - 974,318 5,647 1,372,961
Topia 180,400 606 1.44 4.26 4.52 3,515,000 8,300 6,000,200
Total Measured 6,014,902 51,707 11,564,596
Indicated
San Ignacio 133,398 106 2.79 - - 453,762 10,987 1,229,462
Guanajuato 36,480 216 1.04 - - 253,876 1,393 352,218
Topia 165,800 644 1.17 4.75 3.82 3,433,000 6,200 5,570,000
Total Indicated 4,140,638 18,580 7,151,680
Total Measured & Indicated 10,155,540 70,287 18,716,274
Inferred
San Ignacio 645,318 121 2.76 - - 2,519,826 44,551 5,665,137
Guanajuato 147,327 129 2.30 - - 612,220 10,095 1,324,867
Topia 357,400 592 1.31 3.44 3.96 6,807,500 15,060 11,050,000
El Horcon 162,140 76 3.64 2.97 4.11 398,094 17,942 2,092,913
Total Inferred 10,337,640 87,648 20,132,917
Mineral Resources

W W W . G R E A T P A N T H E R . C O M
Spiros Cacos
Director, Investor Relations
+1.604.638.8955
1.888.355.1766
scacos@greatpanther.com

2017 06-16 great-panther_silver_limited_corporate_presentation

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