Great Panther Silver provides a corporate presentation summarizing its business. It is a profitable silver producer with operations in Mexico and Peru. A Preliminary Economic Assessment for its Coricancha Mine in Peru estimates potential average annual production of 3 million silver-equivalent ounces with robust economics. Great Panther has a strong balance sheet with no debt and $59.8 million in cash to fund growth through organic expansion and acquisitions in the Americas.

1. W W W . G R E A T P A N T H E R . C O M
Corporate Presentation
SEPTEMBER 6, 2018

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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 the findings of the PEA for the Coricancha, Great Panther's estimation of Mineral Resources, the timing or ability to
restart operations for Coricancha, the timing or ability to conduct further exploration, the timing and amount of
estimated future production, costs of future production, future initial and sustaining capital expenditures, the completion
of remediation activities, the timing and cost of the development of new deposits, the success of exploration activities,
the success of converting existing Mineral Resources into an expanded mine plan, and involve known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or
implied by such forward-looking statements to be materially different. Such factors include, among others, risks and
uncertainties relating to potential political and social risks involving the Company's operations in a foreign jurisdiction,
the potential for unexpected costs and expenses, fluctuations in metal prices, fluctuations in currency exchange rates,
inability to modify legacy tailings closure plans as intended, failure to receive tailings closure funding from mine’s
previous owner, physical risks inherent in mining operations, operating or technical difficulties in mineral exploration,
including the inability to conduct further drillings or to use conventional flotation and bio-oxidation methods, the lack of
demonstrated reserves at Coricancha, changes in project parameters as plans continue to be refined, and other risks
and uncertainties, including those described in the Company's Annual Information Form for the year ended December
31, 2017 and Material Change Reports filed with the Canadian Securities Administrators available at www.sedar.com
and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission and available at
www.sec.gov. There is no assurance that such forward-looking statements will prove accurate and results may vary
materially from such forward-looking statements. Readers are cautioned not to place undue reliance on forward-
looking statements. The Company has no intention to update forward-looking statements except as required by law.
Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking
statements to the extent that they involve estimates of the mineralization that will be encountered if the property is
developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such
as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”,
“potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements
of historical fact and may be forward-looking statements.
Robert Brown, P. Eng., is the Qualified Person under NI 43-101 for the projects discussed in this presentation.
Samuel Mah, P.Eng., is the Qualified Person under NI 43-101 who reviewed and approved the results and figures
discussed in this presentation. Ronald Turner, P.Geo., Daniel Saint Don, P.Eng., and Jeffrey L. Woods, SME, MMSA, are the
independent Qualified Persons for the PEA, and are co-authors of the technical report.
Disclaimer

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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
The Mineral Resource Estimates and the references to Mineral Reserves and Inferred Mineral Resources contained to in
this press release have been prepared in accordance with the requirements of the securities laws in effect in Canada,
which differ from the requirements of United States securities laws and use terms that are not recognized by the United
States Securities and Exchange Commission (“SEC”). Canadian reporting requirements for disclosure of mineral
properties are governed by NI 43-101. The definitions used in NI 43-101 are incorporated by reference from the CIM
Definition Standards adopted by CIM Council on May 10, 2014 (the “CIM Definition Standards”). U.S. reporting
requirements are governed by the SEC Industry Guide 7 (“Industry Guide 7”) under the United States Securities Act of
1933, as amended. While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and
“inferred mineral resource” are defined in and required to be disclosed by NI 43-101, these terms are not defined terms
under Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the
SEC. United States readers are cautioned not to assume that any part or all of mineral deposits in these categories will
ever be converted into reserves.
Cautionary Statements

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1. See May 31, 2018 press release and Technical Report filed on SEDAR on July 13, 2018
2. Includes cash and short-term deposits
3. As at June 30, 2018
Profitable
4M Ag eq oz production and $1.3M in Net
Income in 2017
Near-term
Growth
Coricancha PEA: Potential for 3M Ag eq oz per
year with robust economics
1
Financial
Strength
No debt, US$60M cash
2, 3
Acquisition
Focused
Pursuing growth opportunities in the Americas
Leverage to
Silver
Significant leverage to silver price
Building a Foundation for Growth

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Profitable Silver Producer
3%
❖ Produced ~4 million silver equivalent ounces in 2017
❖ 90% of revenues from silver & gold1
❖ Increased revenues 3% from 2016
❖ Net income of US$1.3M in 2017
90%
1
1 Based on FY 2017 results

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Mexico
❖ World’s top silver-producing
country in 20171
❖ Favorable mining jurisdiction
❖ Great Panther Silver’s mining
operations:
o Guanajuato Mine Complex
▪ Guanajuato Mine
▪ San Ignacio Mine
o Topia Mine
1According to the US Geological Survey – Mineral Commodity Summaries 2018

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1. Includes mill feed from San Ignacio.
2. Silver equivalent ounces for 2017 are calculated using a 70:1 Ag:Au ratio.
3. Cash cost per silver payable ounce and all-in sustaining cost per silver payable ounce (“AISC”) are non-GAAP performance measures. Refer to the “Non-
GAAP Measures” section of the Company’s MD&A for an explanation of these measures and reconciliation to the Company’s reported financial results in
accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others.
Guanajuato Mine Complex (Ag-Au)1
• Accounted for 73% of total production in FY 2017¹
1H 2018 FY 2017
Metal Production2
Ag eq oz 1,339,341 2,892,068
Silver Production Ag oz 581,516 1,386,964
Recoveries Ag/Au (%) 88.3 / 88.1 89.2 / 86.9
Average Grades Ag/Au (g/t) 131 / 2.45 151 / 2.41
Ore processed Tonnes 155,933 319,963
Cash Cost3
/Ag oz US$6.92 US$4.32
All-in Sustaining Cost3
/Ag oz US$11.36 US$9.17

8. TSX: GPR | NYSE AMERICAN: GPL 8
1. Silver equivalent ounces for 2017 are calculated using a 70:1 Ag:Au ratio, and ratios of 1:0.0559 and 1:0.0676 for the price/ounce of silver to lead and zinc
respectively.
2. Cash cost per silver payable ounce and all-in sustaining cost per silver payable ounce (“AISC”) are non-GAAP performance measures. Refer to the “Non-
GAAP Measures” section of the Company’s MD&A for an explanation of these measures and reconciliation to the Company’s reported financial results in
accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others.
Topia Mine (Ag-Pb-Zn-Au)
1H 2018 FY 2017*
Metal Production1
Ag eq oz 694,764 1,086,663
Silver Production Ag oz 389,356 595,721
Recoveries
Ag / Au (%) 93.3 / 60.0 91.7 / 65.3
Pb / Zn (%) 94.5 / 93.5 93.1 / 94.2
Average Grades
Ag / Au (g/t) 360 / 0.71 376 / 0.89
Pb / Zn (%) 2.67 / 3.14 2.58 / 3.47
Ore processed tonnes 36,105 53,745
Cash Cost2
/Ag oz US$6.07 US$9.53
All-in Sustaining Cost2
/Ag oz US$7.48 US$14.98
* Reflects plant upgrades & dry tails handling facility completed in Q1:17
• Accounted for 27% of total production in FY 2017

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

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Underground mine placed
on care & maintenance in
August 2013
90 km east of Lima in
prolific mining district
Operating history dating
back to 1906
Permitted & operational
existing processing plant
and gold bio-leaching
facility
80% precious metals, 20%
base metals by value
Bulk Sample Program
underway
Coricancha Mine (Au-Ag-Pb-Zn-Cu)

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Coricancha PEA Highlights
Potential for Average Annual Production of 3M Silver-Equivalent Ounces
• Head Grade: 768 g/t silver-equivalent
• Net Smelter Return: $295/t
Robust Economics
• 81% after-tax IRR
• $16.6M after-tax NPV (7.5% discount rate)
• Significant leverage to metal price changes
Low Capital Costs
• $8.8M Initial Capital Cost
• Can be funded from existing cash reserves
Opportunities for Enhancement
• Several areas to enhance economics and increase mine life
• Potential to optimize mine plan
All figures in US dollars

12. TSX: GPR | NYSE AMERICAN: GPL 12
Bulk Sample Program
• 6,000 tonne bulk sample from
Constancia Vein
• Designed to test key mine inputs and
assumptions
• Two trial stopes to test cut-and-fill
and resue mining methods
• Aiming to confirm:
➢ Mining rate
➢ Grades
➢ Recoveries
➢ Concentrate product specifics
• Program Duration: ~8 months
• Expected Completion: Q1-2019
Slusher Blades
Double Drum Motor

13. TSX: GPR | NYSE AMERICAN: GPL 13
BSP September Update
Constancia Vein – 2.05m cross-cut grading 151 g/t Ag,
6.04 g/t Au, 2.94% Pb, 1.06% Zn, and 0.12% Cu.
Ball mill ready to be wet tested
Main decline has advanced 160 metres
• Decline and access has advanced 160 metres
• Successful crusher area test completed
• Refurbishment of the concentrator is well advanced
• Surface roads and underground mine rehabilitation
ongoing
• 26 metres of development completed in galleries and
preparations have begun for stope development

14. TSX: GPR | NYSE AMERICAN: GPL 14
Strong Balance Sheet
$59.8M
Cash and cash equivalents, and short-term deposits US$59.8M
Net working capital US$68.1M
Debt Nil
As at June 30, 2018
36.9
22.9
Cash and cash equivalents
Short-term deposits

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

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

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Leveraged To Silver

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

19. TSX: GPR | NYSE AMERICAN: GPL 19
Shares issued1 169,020,808
Fully diluted1 179,195,188
Institutional ownership ~21%
Market capitalization C$185M / US$141M
90-day daily average trading volume ~500K shares
52-week trading range:
TSX
NYSE American
C$1.86 - $1.02
US$1.46 - $0.78
Cash position1 US$59.8M
Net working capital1 US$68.1M
Debt Nil
1. As at June 30, 2018
Capital Structure
Updated on September 5, 2018
Analyst Coverage
❖ Euro Pacific Capital Inc.
❖ H.C. Wainwright & Co.
❖ Noble Financial
❖ ROTH Capital Partners

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2018 Outlook
Steady outlook for Mexican operating mines
Focus on advancing Coricancha Project in Peru to set platform for
growth in 2019 and 2020
Production and cash cost guidance 1H 2018 Actual FY 2018 Guidance
Total silver equivalent ounces1
2,034,105 4,000,000 – 4,100,000
Cash Cost per silver payable ounce2,3
US$6.62 US$5.00 – US$6.50
AISC2,3
US$13.69 US$12.50 – US$14.50
1. Silver equivalent ounces have been calculated using a 70:1 Ag:Au ratio, and ratios of 1:0.0559 and 1:0.0676 for the US dollar price of silver ounces
to the US dollar price for lead and zinc pounds, respectively.
2. “Cash cost” and “AISC” are non-GAAP measures. Refer to the “Non-GAAP Measures” section of the Company’s MD&A for an explanation of
these measures and reconciliation to the Company’s reported financial results in accordance with IFRS.
3. As at June 30, 2018

21. TSX: GPR | NYSE AMERICAN: GPL 21
~4M Ag eq oz per year
Positive PEA for Coricancha confirms potential of restart
Strong balance sheet, no debt and US$60M1, 2 cash
Pursuing M&A opportunities in the Americas
Significant leverage to silver price movement
Why Great Panther Silver?
1. Includes cash and short-term deposits
2. As at June 30, 2018

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