Great Panther Silver's Corporate Presentation

W W W . G R E A T P A N T H E R . C O M
Corporate Presentation
SEPTEMBER 19, 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 Mine Complex (“GMC”) and Topia Mine in Mexico, the Coricancha
Mine Complex (“CMC”) in Peru and exploring its other properties in Mexico, the overall economic potential of its
properties, the timing and results of the Coricancha preliminary feasibility study (“PFS”), timing and cost to the Company
of reactivating the CMC, anticipated processing and production rates that may be achieved at the CMC upon
reactivation, the ultimate cost of reclaiming legacy tailings facilities, results of exploration and potential changes to the
CMC resource base, 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, technical and operational difficulties
that may be encountered with reactivation of the CMC, uncertainty of production and cost estimates and the
potential for unexpected costs and expenses, uncertainty in mineral resource estimation, physical risks inherent in mining
and reclamation operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion
of economic evaluations, changes in project parameters as plans continue to be refined, permitting risks, the inability or
failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including 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 June 30, 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
$57.1M cash1,2
, $63M working capital2
Disciplined Low cost producer
Growth
Organic growth potential within operating
districts, and seeking acquisitions
Building a Foundation for Growth

3.8 – 3.9
Guidance
Maintaining Low Costs
$1.72
$3.30
$5.83
$3.54
$5.67
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017
Total cash cost per Ag oz
Average realized silver price
$7.19
$11.97
$16.44
$19.55
$14.93
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017
All-in sustaining cost per Ag oz
Cash cost per ounce increased in Q2 due to stronger MXN and increased
production in Topia
AISC peaked in Q1 due to capital projects; Decline started in Q2

3.8 – 3.9
Guidance
Recent Financial Performance
Revenue largely reflects metal sales and prices; Gross profit remained
unchanged from previous quarter due to increase in cash cost
Strengthened balance sheet; No long-term debt
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$0
$5,000
$10,000
$15,000
$20,000
$25,000
Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 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
Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017
Mine operating earnings before non-cash items

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)

Q2 2017
Metal Production (Ag eq oz1,2
) 715,423
Silver Production (Ag oz1
) 348,130
Recoveries Ag/Au (%) 89.5 / 87.2
Average Grades Ag/Au (g/t) 150 / 2.32
Ore processed (tonnes) 80,535
Cash Cost/Ag oz 3,4
$ 5.44
All-in Sustaining Cost/Ag oz 3,4
$ 10.89
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 June 30, 2017
Guanajuato Mine Complex (Ag-Au)1
Accounted for 65% of total production
in Q2 2017¹

Ramp access from
surface
Ore trucked 22 km to
Cata Plant in
Guanajuato
Accounted for 55% of
the total ore
processed at the GMC
in Q2 2017
Significant potential
for resource expansion
over 4km strike length
Currently producing at
between 500 - 600 tpd
San Ignacio Mine (Ag-Au)

San Ignacio Mine (Ag-Au)
Exploration drilling has recently
confirmed strike continuity of
mineralization, highlighted by
19.24 metres averaging
6.36g/t gold and 261g/t silver
Current
mine
workings
New
drilling

Property covers most of
district – more than
6,500 hectares
High grade, narrow vein
underground mining
with central plant
Operating 8 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 to
Mar’17 for upgrades &
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
but higher grades1
1. There is a risk that production will be affected if the Company is unable to obtain a permit for the new Phase II Tailings Storage Facility (“TSF”) on a timely basis or
at all. The deposition of dry tailings on the Phase I TSF cannot continue indefinitely and the Company cannot provide complete assurance that a disruption to
production can be avoided. In the event there is a significant change to the Company's production guidance expectations, the Company will provide a timely
update to the market.

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. As at June 30, 2017.
Accounted for 35% of total production
in Q2 2017
Q2 2017
Metal Production (Ag eq oz1
) 386,867
Silver Production (Ag oz) 221,099
Recoveries
Ag / Au (%)
Pb / Zn (%)
92.0 / 68.6
91.8 / 95.0
Average Grades
Ag / Au (g/t)
Pb / Zn (%)
414 / 0.74
2.45 / 3.73
Ore processed (tonnes) 18,041
Cash Cost/Ag oz2
$ 6.15
All-in Sustaining Cost/Ag oz2
$ 10.78

Production and cash cost guidance 1H 2017 Actual 2017 Guidance
Total silver equivalent ounces1
1,832,476 4,000,000 – 4,100,000
Total payable silver ounces 869,406 1,950,000 – 2,000,000
Cash Cost per silver payable ounce (US)2
$ 4.83 $ 5.00 – $ 6.00
AISC (US)2
$ 16.79 $ 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 the Coricancha Mine Complex and El Horcon into
production

Growth Strategy
For the first 10 years, the Company has grown organically but operations are now
close to capacity
The Coricancha Mine Complex represents the first step in a new phase of growth
by acquisition
-
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)
Organic growth
Acquisitive
growth

Pipeline to Production
Coricancha represents a near-term (~18 mo.) production opportunity
that will provide a foundation for future growth in Peru
Acquisition finalized in Q2 2017, with exploration & development
programs commencing immediately
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

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 Complex (Au-Ag-Pb-Zn-Cu)

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
Great Panther Silver Peru (“GPS Peru”) acquired Nyrstar Coricancha, the
owner of a 100% interest in the CMC – June 30, 2017
GPS Peru to pay US$100,000 cash upon completion of certain closing
conditions
Nyrstar may be paid 15% of annual free cash flow, up to US$10 million,
after GPS Peru 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 167,885,535
Fully diluted1 185,298,602
Institutional ownership ~17%
Market capitalization C $267M / US $217
90-day daily average trading
volume
~1.1M shares
52-week trading range:
TSX
NYSE MKT
C $1.48 - $2.95
US $1.11 - $2.28
Cash position1 US $57.1M (no debt)
Net working capital1 US $63.0M
1. As at June 30, 2017
Capital Structure
Updated on September 19, 2017
Analyst Coverage: Euro Pacific Capital Inc; H.C. Wainwright & Co; Hallgarten
Company; Noble Financial & ROTH Capital Partners

Two Year Stock Performance
NYSE MKT: GPL
Mining sector has seen strong volatility in the last 18 months
Sell-off earlier in the year was largely driven by GDXJ rebalancing

12 Month Peer Comparison
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Change
Sierra Metals 46%
Americas Silver 19%
Excellon 7%
Great Panther -9%
Silver -10%
Avino -30%
Fortuna -41%
Endeavour -56%
Impact -64%
Much of the junior mining sector has been dragged down by GDXJ
rebalancing and general market sentiment

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
James Bannantine PE, MBA
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
James Bannantine
PE, MBA
Chief Financial Officer
Jim Zadra
CPA, CA, MBA
V.P. Corp. Development
Samuel Mah
P. Eng.
V.P. Exploration
Matthew Wunder
P. Geo.
V.P. Operations, Mexico
Brian Peer
BA.Sc

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 33

Awarded distinction as a “Socially
Responsible Company” by CEMEFI,
Centro Mexicano para la Filantropía, for
a seventh consecutive year in 2017
Social Principles
We are committed to:
Ensuring our employees and contractors return
home safely every day
Fair and equitable employment conditions for
our employees
Enhancing and benefiting the communities in
which we live and operate
Minimizing and restoring any impact on our
environment
Strong ethics and we abide by all rules and
regulations that apply to our business

1. The Company has included the non-IFRS performance measures cost per tonne milled, cash cost, AISC, mine operating earnings before non-cash items, 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 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016
Revenue $ 15,731 $ 12,371 $ 12,515 $ 15,631 $ 19,596
Mine operating earnings before non-
cash items1 $ 5,418 $ 5,445 $ 4,476 $ 7,230 $ 10,087
Net income (loss) $ 833 $ 3,040 $ (1,498) $ 2,130 $ (1,332)
Adjusted EBITDA1 $ 1,489 $ 2,134 $ 1,376 $ 4,738 $ 7,545
Earnings (loss) per share – basic $ 0.00 $ 0.02 $ (0.01) $ 0.01 $ (0.01)
Earnings (loss) per share – diluted $ 0.00 $ 0.02 $ (0.01) $ 0.01 $ (0.01)
Total cash cost per Ag oz1 $ 5.67 $ 3.54 $ 5.83 $ 3.30 $ 1.72
All-in sustaining cost per Ag oz1 $ 11.47 $ 19.55 $ 16.44 $ 11.97 $ 7.19
Average realized silver price2 $ 16.01 $ 19.33 $ 14.99 $ 19.65 $ 17.82
Financial Summary

Consolidated
Operations Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016
Silver ounces 569,229 366,435 460,571 510,491 536,726
Gold ounces 5,543 5,178 5,206 5,423 6,010
Lead tonnes 405 - 213 248 290
Zinc tonnes 638 - 315 324 433
Tonnes Milled 98,576 82,656 92,869 95,282 99,905
Silver equivalent
ounces1,2 1,102,290 730,186 883,772 953,632 1,037,728
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

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