This corporate presentation outlines Great Panther Silver's plans and recent performance. It discusses their two producing mines in Mexico, the Guanajuato Mine and Topia Mine, which together produced nearly 4 million silver equivalent ounces in 2016 at a total cash cost of $3.65 per ounce. Great Panther plans to increase production to 4-4.1 million ounces in 2017 while lowering costs. The presentation also highlights their acquisition of the Coricancha Mine Complex in Peru, which could provide an additional 3 million silver equivalent ounces per year. Great Panther has a strong balance sheet with $56.7 million in cash and no debt to fund continued growth from their pipeline of projects.

1. Corporate Presentation
March 1, 2017

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.
2
DISCLAIMER

3. 33
BUILDING A FOUNDATION FOR GROWTH
1. US Dollars; As at December 31, 2016
SILVER-GOLD
>90% precious metals
Unhedged - No Royalties - No Streams
PRODUCER
Two 100% owned mining operations in
Mexico; potential for production in Peru
GROWTH
Significantly lowered cost/oz through
higher grades and operational efficiencies
STRENGTH
Strong balance sheet; no debt;
$56.7M cash, $66.6M working capital1
DISCIPLINED
Organic growth potential and seeking
acquisitions

4. 4
MAINTAINING LOW COSTS
4
3.8 – 3.9
Guidance
Cost per ounce has improved due to stronger USD and higher by-product credits
$8.14
$4.20
$1.72
$3.30
$5.83
$-
$5.00
$10.00
$15.00
$20.00
$25.00
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Total cash cost per Ag oz Average realized silver price
$15.10
$10.49
$7.19
$11.97
$10.48
$-
$5.00
$10.00
$15.00
$20.00
$25.00
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
All-in sustaining cost per Ag oz Average realized silver price

5. 5
$13.57 $16.19
$17.82
$19.65
$14.99
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Mine operating earnings before non-cash items
Average realized silver price
RECENT FINANCIAL PERFORMANCE
3.8 – 3.9
Guidance
Maintained strong balance sheet, no debt
Solid revenue and gross profit achieved through increased production and
significant reduction in cash cost
$13.57 $16.19
$17.82 $19.65
$14.99
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$-
$5,000
$10,000
$15,000
$20,000
$25,000
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Revenue
Average realized silver price

6. 6
FINANCIAL SUMMARY
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 FY 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016
Revenue $ 61,881 $ 12,515 $ 15,631 $ 19,596 $ 14,139
Mine operating earnings before non-
cash items1 $ 27,728 $ 4,476 $ 7,230 $ 10,087 $ 5,935
Net income (loss) $ (4,118) $ (1,498) $ 2,130 $ (1,332) $ (3,418)
Adjusted EBITDA1 $ 16,519 $ 1,376 $ 4,738 $ 7,545 $ 2,860
Earnings (loss) per share – basic $ (0.03) $ (0.01) $ 0.01 $ (0.01) $ (0.02)
Earnings (loss) per share – diluted $ (0.03) $ (0.01) $ 0.01 $ (0.01) $ (0.02)
Total cash cost per Ag oz1 $ 3.65 $ 5.83 $ 3.30 $ 1.72 $ 4.20
All-in sustaining cost per Ag oz1 $ 10.99 $ 16.44 $ 11.97 $ 7.19 $ 9.25
Average realized silver price2 $ 17.15 $ 14.99 $ 19.65 $ 17.82 $ 16.19

7. 7
MEXICO & PERU
Top silver producing countries in Latin America
Favourable political & mining jurisdictions

8. 8
One of Mexico’s most historic mining
districts with past production of more
than one billion Ag oz over 400 years
Expanding 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 1,050 t/day
Excellent infrastructure means that
other projects in the district have
potential to be satellite operations
GUANAJUATO DISTRICT (Ag-Au)

9. 9
GUANAJUATO MINE (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
* For details on Mineral Resource Estimates, refer to slide 31.

10. 10
GUANAJUATO MINE COMPLEX (Ag-Au)
1
Accounts for 77% of total production1
FY 2016
Metal Production (Ag eq oz1,2)
Silver Production (Ag oz1)
2,987,073
1,473,229
Recoveries Ag/Au 87.9% / 86.4%
Average Grades
163g/t Ag
2.43g/t Au
Ore processed (tonnes) 320,903
Cash Cost/Ag oz2,3,4
All-in Sustaining Cost/Ag oz2,3,4
$0.85
$5.20
1. Includes all mill feed from San Ignacio.
2. Silver equivalent ounces for 2016 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 December 31, 2016.

11. 11
SAN IGNACIO MINE (Ag-Au)
Significant potential for resource
expansion over 4km strike length
Accounted for 58% of the overall total
ore processed at the GMC in 2016
Currently producing at approximately
700 tpd
Ramp access from surface. Ore trucked
22km to Cata Plant in Guanajuato

12. 12
TOPIA MINE (Ag-Pb-Zn-Au)
Property covers most of district – more
than 6,500 hectares
Operating 9 separate mines provides
flexibility
High grade, narrow vein underground
mining with central plant
Expanding production at profitable mines;
Can temporarily close others as needed
Lead and zinc concentrates sold to metal
trader in Mexico
Plant temporarily shut down due to
maintenance & new TSF construction

13. 13
TOPIA MINE (Ag-Pb-Zn-Au)
FY 2016
Metal Production (Ag eq oz¹)
Ag Production (Ag oz)
897,886
574,031
Recoveries Ag/Au
Pb/Zn
90.4% / 60.6%
94.4% / 95.1%
Average Grades 354g/t Ag, 0.56g/t Au
1.96% Pb, 2.82% Zn
Ore processed (tonnes) 55,836
Cash Cost/Ag oz2,3
All-in Sustaining Cost/Ag oz2,3
$11.43
$15.31
1. Silver equivalent ounces for 2016 are calculated using a 70:1 Ag:Au ratio, and ratios of 1:0.0504 and
1:0.0504 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-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.
3. As at December 31, 2016.
Accounted for 23% of total production

14. 14
2017 OUTLOOK
Production and cash cost guidance 2017 Guidance FY 2016 Actual
Total silver equivalent ounces 1,2 4,000,000 – 4,100,000 3,884,960
Cash Cost per silver payable ounce
(USD) 3 $5.00 – $6.00 $3.65
AISC (USD)3 $14.00 – $16.00 $10.99
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. Silver equivalent ounces for 2016 guidance have been calculated using a 70:1 Au:Ag ratio, and ratios of 1:0.0504 and 1:0.0504 for the US dollar price of silver
ounces to the US dollar price for lead and zinc pounds, respectively.
3. “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.

15. 15
PROJECT PIPELINE
3.8 – 3.9
Guidance
GUANAJUATO/
SAN IGNACIO
TOPIA
CORICANCHA
EL HORCON
SANTA ROSA
EARLY STAGE
EXPLORATION
DEVELOPMENT PRODUCTION
ADVANCED STAGE
EXPLORATION
Fully financed to bring Coricancha and El Horcon into production
Pipeline of projects at various stages of exploration & development provides
growth opportunities

16. 16
Coricancha represents a near-term (~18 mo.) production
opportunity that will provide a foundation for future growth in Peru
Production history at Coricancha indicates potential for approx.
3 million Ag eq oz per year at full capacity
Acquisition expected to close in Q2 2017, with exploration &
development program to begin immediately thereafter1
Significant historical reserve & resource base,
to be updated in Q2 2017, followed by an economic study
PIPELINE TO PRODUCTION
Drilling at El Horcon in 2017 to better define resource & consider
production decision
16
1. Closing is subject to customary closing conditions.

17. 17
CORICANCHA Au-Ag-Pb-Zn-Cu MINE COMPLEX (CMC)
Underground mine placed on care & maintenance in
August 2013
Operating history dating back to 1906
90km east of Lima in prolific mining district
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 Q2 2017
& continue drilling & mine development

18. 18
CORICANCHA HISTORICAL RESERVES & RESOURCES
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 Reserve & Resource Estimate1
Proven & Probable Reserves:
640,000 tonnes @ 4.35g/t Au, 149g/t Ag,
1.77% Pb, 2.60% Zn, 0.32% Cu
(13,500,000 Ag eq oz)
Measured & Indicated Resources:
890,000 tonnes @ 5.04g/t Au, 175g/t Ag,
1.97% Pb, 3.11% Zn, 0.42% Cu
(21,960,000 Ag eq oz)
Inferred Resources:
4,880,000 tonnes @ 4.91g/t Au, 225g/t Ag,
1.57% Pb, 2.98% Zn, 0.48% Cu
(124,600,000 Ag eq oz)

19. 19
Share Purchase Agreement whereby Great Panther Silver Peru, will
acquire Nyrstar Coricancha, the owner of a 100% interest in the CMC
Nyrstar may be paid 15% of annual free cash flow, up to US$10
million, after GPSP has recouped its investment
GPSP to pay US$100,000 cash on closing (Q2 2017)
Nyrstar will cover cost of reclamation of certain tailings facilities, up
to US$20 million, and associated fines up to US$4 million
CORICANCHA ACQUISITION AGREEMENT
Nyrstar will cover US$9.7 million closure bond for 3 years
19

20. 20
CAPITAL STRUCTURE
Shares issued1
166,937,734
Fully diluted1
185,330,635
Institutional ownership ~24%
Market capitalization CA $406M/ US $312M
90-day daily average trading volume ~3M shares
52-week trading range:
TSX
NYSE MKT
CA $0.87 - $2.95
US $0.68 - $2.28
Cash position1
US $56.7M (no debt)
Net working capital1
US $66.6 M
Updated on February 27, 2016
1. As at December 31, 2016
Analyst Coverage: Euro Pacific Capital Inc., Rodman & Renshaw, Hallgarten & Company, Noble Financial

21. 21
ONE YEAR STOCK PERFORMANCE
TSX: GPR
NYSE MKT: GPL

22. 22
12 MONTH PEER COMPARISON
CHANGE
Excellon 333%
Sierra Metals 202%
Impact 181%
Great Panther 156%
Americas Silver 144%
Endeavour 143%
Avino 63%
Fortuna 55%
Silver 21%
-50%
50%
150%
250%
350%
450%
550%

23. 23
Great Panther Silver
LEVERAGED TO SILVER
-100%
100%
300%
500%
700%
900%
1100%
1300%
2009 2010 2011 2012 2013 2014 2015 2016 2017

24. 24
WHY 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

25. 25
APPENDIX

26. 26
DIRECTORS & SENIOR MANAGEMENT TEAM
Board of Directors
R.W. (Bob) Garnett, CPA, CA, ICD.D, Chairman; Robert Archer, P. Geo.; Ken Major, P. Eng.;
John Jennings, MBA, CFA; W. James Mullin B.Sc.; Jeffrey R. Mason, CA, ICD.D
Robert Archer, P. Geo.
President & CEO
Co-founder
Jim Zadra, CPA, CA, MBA
Chief Financial Officer
Ali Soltani
Chief Operating Officer

27. 27
SOCIAL PRINCIPLES
We are committed to fair and equitable employment
conditions for our employees
We are committed to ensuring our employees and
contractors return home safely every day
We are committed to enhancing and benefiting
the communities in which we live and operate
We are committed to minimizing and restoring
any impact on our environment
We are committed to strong ethics and we abide by all
rules and regulations that apply to our business Awarded distinction as a “Socially Responsible
Company” by CEMEFI, Centro Mexicano para la
Filantropía, for a fifth consecutive year in 2016

28. 28
OPERATIONAL SUMMARY
Consolidated Operations FY 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016
Tonnes Milled 376,739 92,869 95,282 99,905 88,683
Silver ounces 2,047,260 460,571 510,491 536,726 539,472
Gold ounces 22,238 5,206 5,423 6,010 5,599
Lead tonnes 1,034 213 248 290 282
Zinc tonnes 1,496 315 324 433 424
Silver equivalent ounces1 3,884,960 883,772 953,632 1,037,728 1,009,828
1. Silver equivalent ounces for 2016 are 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.

29. 29
DRILLING SUMMARY
2017 drilling focused on increasing resources and exploring new zones
2012 2013 2014 2015 2016 2017
Guanajuato 29,254 m 26,237 m 13,270 m 13,025 m 7,218 m 10,975 m
Topia 8,059 m 2,162 m 1,903 m - - 2,500 m
San Ignacio 9,310 m 1,144 m 3,827 m 4,657 m 8,510 m 21,025 m
Coricancha* - - - 2,323 m 5,234 m 12,786* m
Santa Rosa 1,653 m - - - - 1,000 m
El Horcon - 2,156 m - - - 1,500 m
Plomo - - - - - 2,500 m
Total 48,276 m 31,699 m 19,000 m 20,005 m 20,962 m 52,286 m
• Coricancha drilling budget not yet approved.

30. 30
RESOURCES
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 Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz
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 Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz
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

31. 31
Spiros Cacos
Director, Investor Relations
D: +1 604 638 8955
TF: 1 888 355 1766
scacos@greatpanther.com
Gr8_Panther
GreatPantherSilver
Great Panther Silver
Great Panther Silver Limited
SOCIAL SCENE

32. Corporate Presentation
March 1, 2017