- The presentation provides an overview of the company's operations and growth plans. It is focused on precious metals production in Mexico and Peru. - Production is expected to increase to 4-4.2 million silver equivalent ounces in 2016, up from 4.2 million ounces in 2015. Cash costs are forecast to be $5-7 per ounce. - The company's main operations are the Guanajuato and Topia mines in Mexico. It is also advancing the Coricancha project in Peru under an option agreement.

1. Corporate Presentation
April 13, 2016

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 and Peru, 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, 2015 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. 3
The terms "Measured resource", "Indicated resource" and "Inferred resource" used in this
document are Canadian mining terms as defined in National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI 43-101”) and CIM Standards on Mineral Resources and
Mineral Reserves. Mineral resources that are not mineral reserves have not been
demonstrated to be economically and legally extractable. Mineral resource estimates do not
account for mineability, selectivity, mining loss and dilution. It should not be assumed that all
or any part of a resource will ever be converted to a reserve. The mineral resource estimates
presented herein include Inferred mineral resources that are normally considered too
speculative geologically to have economic considerations applied to them that would enable
them to be categorized as mineral reserves. There is also no certainty that these Inferred
resources will be converted to Measured and Indicated resource categories through further
drilling, or into mineral reserves once economic considerations are applied.
We advise U.S. Investors that while the terms "Measured resource", "Indicated resource" and
"Inferred resource" are recognized and required to be reported by Canadian regulations, the
U.S. Securities and Exchange Commission ("SEC") does not recognize these terms and does
not normally permit such terms to be used in reports and registration statements filed with
the SEC. As such, information contained in this document concerning descriptions of
mineralization and resources under Canadian standards may not be comparable to similar
information made public by U.S. companies subject to the reporting and disclosure
requirements of the SEC. Inferred resources have a great amount of uncertainty as to their
existence and a great uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of a Measured, Indicated or Inferred resource will ever be
upgraded to a higher category. U.S. investors are cautioned not to assume that any part or all
of an Inferred mineral resource exists, or is economically or legally mineable. U.S. investors are
also cautioned not to assume that any part or all of the mineral deposits in the Measured
resource or Indicated resource categories will ever be converted into reserves.
CAUTIONARY NOTE
TO U.S. INVESTORS

4. 4
BUILDING A FOUNDATION FOR GROWTH
1. As at December 31, 2015
SILVER-GOLD
Focused on precious metals (>90%) with
some diversity provided by base metals
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;
C$17.9M cash, C$33.3M working capital1
DISCIPLINED
Production increasing at existing mines
New advanced stage project

5. DECREASE IN COSTS
5
3.8 – 3.9
Guidance
Cost per ounce has improved due to increased grades, better grade control and
stronger USD
$12.23
$8.71
$6.63 $6.50
$8.14
$-
$5.00
$10.00
$15.00
$20.00
$25.00
Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Total cash cost per Ag oz (USD)
Average realized silver price (USD)
$21.46
$14.47
$12.54
$13.08 $15.10
$-
$5.00
$10.00
$15.00
$20.00
$25.00
Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
All-in sustaining cost per Ag oz (USD)
Average realized silver price (USD)

6. RECENT FINANCIAL PERFORMANCE
6
3.8 – 3.9
Guidance
Maintained strong balance sheet, no debt
Increased revenue and gross profit in 2015 despite declining metal prices,
achieved through increased production and significant reduction in cash cost
$15.78
$16.99
$15.47
$13.98 $13.57
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$-
$5,000
$10,000
$15,000
$20,000
$25,000
Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Revenue (CAD in thousands)
Average realized silver price (USD)
$15.78
$16.99
$15.47
$13.98
$13.57
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
Gross profit before non-cash items (CAD in thousands)
Average realized silver price (USD)

7. AISC AMONGST OUR PEERS
The group has lowered AISC through the year
Average
Ag Spot
Price
$-
$5.00
$10.00
$15.00
$20.00
$25.00
SanJose
Caylloma
Consolidated
Guanacevi
Bolanitos
ElCubo
Consolidated
LaEncantada
LaParilla
DelToro
SanMartin
LaGuitarra
SantaElena
Consolidated
Platosa
Cosala
Galena
Consolidated
Consolidated
GMC
Topia
Consolidated
Fortuna Endeavour First Majestic Excellon Americas Silver Avino
Silver
Great
Panther
FY 2015 AISC
7

8. 8
MEXICO & PERU
Top silver producing countries in Latin America
Favourable political & mining jurisdictions

9. 9
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 & currently
producing at 550 tonnes per day
Other projects in the district have
potential to be satellite operations
GUANAJUATO DISTRICT (Ag-Au)

10. 10
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 34

11. 11
GUANAJUATO MINE COMPLEX (Ag-Au)
Accounts for 75% of total production 1
Q1 2016
Metal Production (Ag eq oz1,2)
Silver Production (Ag oz1)
755,555
375,273
Recoveries Ag/Au 88.5% /89.0%
Average Grades
179g/t Ag
2.58g/t Au
Ore processed (tonnes) 73,649
1. Includes all mill feed from San Ignacio.
2. Silver equivalent ounces for 2016 are calculated using a 70:1 Ag:Au ratio.

12. 12
SAN IGNACIO MINE (Ag-Au)
Q1 2016
Metal Production (Ag eq oz1) 391,441
Ore processed (tonnes) 38,843
1. Silver equivalent ounces for 2016 are calculated using a 70:1 Ag:Au ratio.
Significant potential for resource expansion
over 4km strike length
Accounted for 52% of the overall metal
production from the GMC in Q1 2016
Currently producing at 550 tpd, expanding to
approximately 800 tpd
Ramp access from surface. Ore trucked 22km
to Cata Plant in Guanajuato

13. 13
SAN IGNACIO MINE (Ag-Au)
1. Mineral Resource Estimate for San Ignacio used a December 31, 2015 effective date, with metal price outlook of
US$15.00/oz silver and US$1,100/oz gold. Silver to gold ratio is 70.6:1.
Measured and Indicated:
360,400 tonnes @ 145g/t
Ag (1,682,000 Ag oz) &
3.20g/t Au (37,100 Au oz),
for 4,301,200 Ag eq oz
New resource area
Previous resource
block
Inferred Resources:
771,000 tonnes @138g/t
Ag (3,428,500 Ag oz) &
2.76g/t Au (68,500 Au oz),
for 8,266,200 Ag eq oz
Updated Resource1

14. 14
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,
temporarily closing others
Lead and zinc concentrates sold to metal
trader in Mexico
Increased M&I Resources by 41%, Inferred
Resources by 29%

15. 15
TOPIA MINE (Ag-Pb-Zn-Au)
Q1 2016
Metal Production (Ag eq oz¹)
Ag Production (Ag oz)
254,273
164,199
Recoveries Ag/Au
Pb/Zn
91.0% / 62.9%
94.5% / 95.1%
Average Grades 373g/t Ag, 0.55g/t Au
1.97% Pb, 2.96% Zn
Ore processed (tonnes) 15,034
1. Silver equivalent ounces for 2016 are calculated using a 70:1 Ag:Au ratio, and ratios of 1:0.0504 for
the price/ounce of silver to lead and zinc price/pound respectively.
Accounts for 25% of total production

16. ANNUAL PRODUCTION GROWTH
16
3.8 – 3.9
Guidance
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
2011 2012 2013 2014 2015 2016E
Silver Equivelant Ounces
2,200,013
2,378,603
2,840,846
3,187,832
4,159,121
Guidance
4,000,000 -
4,200,000

17. 17
2016 OUTLOOK
Production and cash cost guidance 2016 Guidance FY 2015 Actual
Total silver equivalent ounces 1 4,000,000 – 4,200,000 4,159,121
Cash Cost per silver payable ounce
(USD) 2 $5.00 – $7.00 $7.50
AISC (USD)2, $13.00 – $15.00 $13.64
1. Silver equivalent ounces for 2016 guidance have been calculated using a 70:1 Au:Ag ratio, and a ratio of 1:0.0504 for the US dollar price of silver ounces to the US
dollar price for lead and zinc pounds respectively. These ratios will be applied consistently for the reporting of silver equivalent ounce production for 2016.
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.

18. Downturn in mining industry has presented significant acquisition
opportunities at discounted prices
Rather than buying outright, taking an option approach to
acquisitions is non-dilutive and preserves cash
More than 100 projects and 30 public companies evaluated over
the last 5 years
Opportunity to de-risk projects before making final commitment
A CONTRARIAN APPROACH TO GROWTH
Cash payments and exploration & development expenditures are
spread out over the option period
18

19. PROJECT PIPELINE
19
3.8 – 3.9
Guidance
GUANAJUATO/
SAN IGNACIO
TOPIA
CORICANCHA
(option)
EL HORCON
SANTA ROSA
EARLY STAGE
EXPLORATION
DEVELOPMENT PRODUCTION
ADVANCED STAGE
EXPLORATION
Option payments and project expenditures in 2015 funded out of cash flow
Pipeline of projects at various stages of exploration & development provides
growth opportunities

20. New advanced stage project presents opportunity for a new
mine within 1-2 years
We have until 2017 under option agreement to de-risk and
advance the project & assess economic potential
Coricancha provides a near-term production opportunity which
we can use as a foundation for future growth in Peru
Production history at Coricancha indicates potential for approx.
2.5 million Ag eq oz per year at full capacity
PIPELINE TO PRODUCTION
Significant historical reserve & resource base with exploration
potential on advanced project
20

21. 21
CORICANCHA Au-Ag-Pb-Zn-Cu MINE
Underground mine owned by Nyrstar. Placed on Care
& Maintenance in August 2013
Operating history dating back to 1906
90km east of Lima in prolific mining district
Fully permitted, with a 600 tpd operational processing
plant
80% precious metals, 20% base metals
GPR drilling in 2015/16 to update Mineral Resource
Estimate

22. 22
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)

23. CORICANCHA OPTION AGREEMENT
23
TWO-YEAR OPTION FOR 100% INTEREST Consideration (USD)
Cash: On signing (paid)
1st Anniversary (May 2016)
$1.5 M
$1.5 M
Work commitments: Year 1
Year 2
$2 M
$3 M
Cash on closing of SPA (after exercise of option) $5 M
Total1
$8 M Cash
$5 M Work
Nyrstar retains ownership, costs of Care & Maintenance, and all
liabilities, for 2-year option period
Great Panther will conduct surface & underground drilling &
sampling, mine development and plant tests
1. Additional $4 million contingent payment upon Nyrstar meeting certain conditions

24. 24
CAPITAL STRUCTURE
Shares issued 142,729,403
Fully diluted 153,672,040
Institutional ownership ~13.7%
Market capitalization CA $210M
90-day daily average trading volume ~750,000 shares
52-week trading range
TSX
NYSE MKT
CA $0.40 - $1.475
US $0.30 - $1.15
Cash position1 CA $17.9 M (no debt)
Net working capital1 CA $33.3 M
Updated on April 12, 2016
1. As at December 31, 2015
Analyst Coverage: Euro Pacific Capital Inc., Rodman & Renshaw, Hallgarten & Company, Eurobank EFG

25. 25
Great Panther Silver
LEVERAGED TO SILVER
-200%
-100%
0%
100%
200%
300%
400%
500%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

26. 26
WHY GREAT PANTHER SILVER?
Low cost producer with strong leverage to silver price
Strong balance sheet, no debt
Successfully grown production while reducing unit costs
Significant growth potential in new advanced stage project
Good liquidity on NYSE MKT and TSX

27. 27
APPENDIX

28. 28
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
Robert Brown, P. Eng.
VP Exploration & QP

29. 29
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 2015

30. CHANGE
Impact 130.95%
Great Panther 86.08%
Americas Silver 52.50%
Excellon 37.50%
Endeavour 29.79%
Fortuna 13.33%
Sierra Metals 7.50%
Silver -3.35%
Aurcana -12.50%
Avino -15.98%
12 MONTH PEER COMPARISON
30
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
160%

31. 31
OPERATIONAL SUMMARY
Consolidated Operations Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015
Tonnes Milled 88.683 94,874 93,730 87,476 99,252
Silver ounces 539,472 553,189 586,918 648,810 597,111
Gold ounces 5,599 5,637 6,079 5,322 4,703
Lead tonnes 282 278 341 300 279
Zinc tonnes 424 425 493 491 441
Silver equivalent ounces12 1,009,828 1,002,584 1,080,296 1,088,355 987,887
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.
2. Silver equivalent ounces for 2015 are calculated using a 65:1 Ag:Au ratio, and ratios of 1:0.050 and 1:0.056 for the price/ounce of silver to lead and zinc price/pound,
respectively.

32. 32
FINANCIAL SUMMARY
1. Gross profit (loss) before non-cash items, adjusted EBITDA, cash cost per silver payable ounce, all-in sustaining cost per silver payable ounce and all-in cost per silver
payable ounce are non-IFRS performance measures. Refer to the Non-IFRS Measures section of the Company’s MD&A for a complete definition.
2. Average realized silver price is prior to smelting and refining charges.
in 000s except amounts
per share and per ounce FY 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2015 FY 2014
Revenue $ 73,374 $ 17,152 $ 16,788 $ 19,183 $ 20,250 $ 54,390
Gross profit (loss) before non-cash
items1 $ 24,036 $ 4,907 $ 5,763 $ 6,713 $ 6,652 $ 10,775
Net income (loss) $ (9,341) $ (4,860) $ (3,348) $ (4,722) $ 3,588 $ (33,013)
Adjusted EBITDA1 $ 9,317 $ (557) $ 2,155 $ 4,205 $ 3,688 $ 255
Earnings (loss) per share – basic $ (0.07) $ (0.03) $ (0.02) $ (0.03) $ 0.03 $ (0.24)
Earnings (loss) per share – diluted $ (0.07) $ (0.03) $ (0.02) $ (0.03) $ 0.03 $ (0.24)
Total cash cost per Ag oz (USD)1 $ 7.50 $ 8.14 $ 6.50 $ 6.63 $ 8.71 $ 12.78
All-in sustaining cost per Ag oz (USD)1 $ 13.76 $ 15.10 $ 13.08 $ 12.54 $ 14.47 $ 22.08
Average realized silver price (USD)2 $ 15.11 $ 13.57 $ 13.98 $ 15.47 $ 16.99 $ 18.85

33. 33
DRILLING SUMMARY
2015 - Added drilling on new projects and increased
underground drilling at GMC
2011 2012 2013 2014 2015
Guanajuato 26,546 m 29,254 m 26,237 m 13,270 m 13,025 m
Topia 4,526 m 8,059 m 2,162 m 1,903 m -
San Ignacio 17,313 m 9,310 m 1,144 m 3,827 m 4,657 m
Guadalupe de
los Reyes
- - - - 5,514 m
Coricancha - - - - 2,323 m
Santa Rosa - 1,653 m - - -
El Horcon - - 2,156 m - -
Total 48,385 m 48,276 m 31,699 m 19,000 m 25,519 m

34. 34
RESOURCES
NOTE: Mineral Resource Estimates for Guanajuato and El Horcon use an effective date of July 31, 2015 while San Ignacio uses an effective date of December 31, 2015; and all
used a metal price outlook of US$15.00/oz silver and US$1,100/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 249,800 151 3.39 1,210,100 27,200 3,130,400
Guanajuato 90,400 285 1.81 - - 829,000 5,300 1,200,600
Topia 180,400 606 1.44 4.26 4.52 3,515,000 8,300 6,000,200
Total Measured 5,554,100 40,800 10,331,200
Indicated Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz
San Ignacio 110,500 133 2.79 - - 471,900 9,900 1,170,800
Guanajuato 59,400 245 1.04 - - 467,700 2,000 607,400
Topia 165,800 644 1.17 4.75 3.82 3,433,000 6,200 5,570,000
Total Indicated 4,372,600 18,100 7,348,200
Total Measured + Indicated 9,926,700 58,900 17,679,400
Inferred Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz
San Ignacio 771,000 138 2.76 - - 3,428,500 68,500 8,266,200
Guanajuato 135,600 151 2.30 - - 656,400 10,000 1,363,300
Topia 357,400 592 1.31 3.44 3.96 6,807,500 15,060 11,050,000
El Horcon 128,700 82 3.64 2.97 4.11 339,400 15,000 1,906,000
Total Inferred 11,231,800 108,560 22,585,500

35. 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

36. Corporate Presentation
April 13, 2016