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Corporate Presentation
June 21, 2016
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
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
BUILDING A FOUNDATION FOR GROWTH
1. As at March 31, 2016
SILVER-GOLD
90% precious metal
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;
C$17M cash, C$35.5M working capital1
DISCIPLINED
Production increasing at existing mines
New advanced stage project
5
EXPERIENCED MANAGEMENT TEAM
Robert Archer
President & CEO
P. Geo. and Co-founder of Great Panther Silver;
Over 35 years experience including Newmont, Placer
Dome, Rio Algom, Noranda; 20 years in senior
executive roles with junior companies
Ali Soltani
Chief Operating Officer
Master of Mining Engineering Degree with over 30
years experience; 20 years with Newmont – Former
VP Global Technical Services; Yanacocha Operations
Manager (Newmont Peru)
P.Eng., with 40 years experience in precious metal
exploration; LAC Minerals and senior management
and boards with multiple junior exploration
companies
Jim Zadra
Chief Financial Officer
CPA, MBA with over 15 years experience in senior
financial roles with a focus on M&A, capital markets
and financial and reporting governance; Past senior
positions with Deloitte, Canaccord Capital, Sophos
Robert Brown
VP Exploration
MAINTAINING LOW COSTS
6
3.8 – 3.9
Guidance
Cost per ounce has improved due to increased grades, better grade control and
stronger USD
$8.71
$6.63 $6.50
$8.14
$4.20
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Total cash cost per Ag oz (USD)
Average realized silver price (USD)
$14.47
$12.54
$13.08
$15.10
$9.25
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
All-in sustaining cost per Ag oz (USD)
Average realized silver price (USD)
RECENT FINANCIAL PERFORMANCE
7
3.8 – 3.9
Guidance
Maintained strong balance sheet, no debt
Solid revenue and gross profit in 2015 despite declining metal prices, achieved
through increased production and significant reduction in cash cost
$16.99
$15.47
$13.98 $13.57
$16.19
$-
$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
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Revenue (CAD in thousands)
Average realized silver price (USD)
$16.99
$15.47
$13.98 $13.57
$16.19
$-
$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
$9,000
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Gross profit before non-cash items (CAD in thousands)
Average realized silver price (USD)
AISC AMONGST OUR PEERS
GPR’s operations are outperforming many of our peers on AISC
Average
Ag Spot
Price
8
$-
$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
Avino
GMC
Topia
Consolidated
Fortuna Endeavour First Majestic Excellon Americas Silver Avino
Silver
Great
Panther
FY 2015 AISC
9
MEXICO & PERU
Top silver producing countries in Latin America
Favourable political & mining jurisdictions
10
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)
11
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
12
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
Cash Cost/Ag oz2,3,4
All-in Sustaining Cost/Ag oz2,3,4
US$0.61
US$2.72
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.
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, 2016
13
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 700 tpd by year end
Ramp access from surface. Ore trucked 22km
to Cata Plant in Guanajuato
14
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
15
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
Increased M&I Resources by 41%,
Inferred Resources by 29%
16
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%
95.0% / 95.1%
Average Grades 373g/t Ag, 0.55g/t Au
1.97% Pb, 2.96% Zn
Cash Cost/Ag oz2,3
All-in Sustaining Cost/Ag oz2,3
US$12.32
US$13.34
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 and
1:0.054 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 March 31, 2016.
Accounts for 25% of total production
ANNUAL PRODUCTION GROWTH
17
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
2,200,013
2,378,603
2,840,846
3,187,832
4,159,121
Guidance
4,000,000 -
4,200,000
18
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.
PROJECT PIPELINE
19
3.8 – 3.9
Guidance
GUANAJUATO/
SAN IGNACIO
TOPIA
CORICANCHA
EL HORCON
SANTA ROSA
EARLY STAGE
EXPLORATION
DEVELOPMENT PRODUCTION
ADVANCED STAGE
EXPLORATION
Project expenditures in 2015 funded out of cash flow
Pipeline of projects at various stages of exploration & development provides
growth opportunities
New advanced stage project presents opportunity for a new
mine within 1-2 years
Production history at Coricancha indicates potential for approx.
2.5 million Ag eq oz per year at full capacity
Coricancha provides a near-term production opportunity which
we can use as a foundation for future growth in Peru
Significant historical reserve & resource base with exploration
potential
PIPELINE TO PRODUCTION
20
21
CORICANCHA Au-Ag-Pb-Zn-Cu MINE 1
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
1 Option agreement terminated on May 11, however, Great Panther continues evaluation
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
CAPITAL STRUCTURE
Shares issued 144,762,784
Fully diluted 155,029,251
Institutional ownership ~10%
Market capitalization CA $285M
90-day daily average trading volume ~1.9M shares
52-week trading range
TSX
NYSE MKT
CA $0.40 - $2.82
US $0.30 - $2.25
Cash position1 CA $17.0 M (no debt)
Net working capital1 CA $35.5 M
Updated on June 21, 2016
1. As at March 31, 2016.
Analyst Coverage: Euro Pacific Capital Inc., Rodman & Renshaw, Hallgarten & Company, Eurobank EFG
STOCK PERFORMANCE
24
GPR Price Change
7 Day: -2.35%
21 Day: 16.85%
30 Day: 2.80%
90 Day: 63.78%
180 Day: 225.00%
200 Day: 220.00% Source: Infosuite
As at 06/21/16
Institutional Holdings 10%
-50.00%
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
7 Day: 21 Day: 30 Day: 90 Day: 180 Day: 200 Day:
25
Great Panther Silver
LEVERAGED TO SILVER
-200%
-100%
0%
100%
200%
300%
400%
500%
2008 2009 2010 2011 2012 2013 2014 2015 2016
GPR %
AG %
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
Excellent liquidity on NYSE MKT and TSX
27
APPENDIX
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
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
CHANGE
Great Panther 278.85%
Impact 228.21%
Excellon 103.70%
Avino 102.16%
Endeavour 85.32%
Fortuna 66.00%
Americas Silver 50.00%
Silver 6.49%
Sierra Metals -15.13%
12 MONTH PEER COMPARISON
30
-120%
-80%
-40%
0%
40%
80%
120%
160%
200%
240%
280%
320%
360%
400%
440%
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
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 000s except amounts
per share and per ounce Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015
Revenue $ 18,454 $ 17,152 $ 16,788 $ 19,183 $ 20,250
Mine operating earnings before non-cash
before non-cash items1 $ 7,746 $ 4,907 $ 5,763 $ 6,713 $ 6,652
Net income (loss) $ (4,461) $ (4,860) $ (3,348) $ (4,722) $ 3,588
Adjusted EBITDA1 $ 3,733 $ (557) $ 2,155 $ 4,205 $ 3,688
Earnings (loss) per share – basic $ (0.03) $ (0.03) $ (0.02) $ (0.03) $ 0.03
Earnings (loss) per share – diluted $ (0.03) $ (0.03) $ (0.02) $ (0.03) $ 0.03
Total cash cost per Ag oz (USD)1 $ 4.20 $ 8.14 $ 6.50 $ 6.63 $ 8.71
All-in sustaining cost per Ag oz (USD)1 $ 9.25 $ 15.10 $ 13.08 $ 12.54 $ 14.47
Average realized silver price (USD)2 $ 16.19 $ 13.57 $ 13.98 $ 15.47 $ 16.99
33
DRILLING SUMMARY
2016 Drilling focused on increasing resources and
exploring new zones
2012 2013 2014 2015 2016
Guanajuato 29,254 m 26,237 m 13,270 m 13,025 m 9,670 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 6,015 m
Coricancha - - - 2,323 m 3,551 m
Santa Rosa 1,653 m - - - 1000 m
El Horcon - 2,156 m - - 1,500 m
Total 48,276 m 31,699 m 19,000 m 20,005 m 24,236 m
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
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
Corporate Presentation
June 21, 2016

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Great panther silver limited corporate presentation june 21 2016_qr

  • 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 March 31, 2016 SILVER-GOLD 90% precious metal 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; C$17M cash, C$35.5M working capital1 DISCIPLINED Production increasing at existing mines New advanced stage project
  • 5. 5 EXPERIENCED MANAGEMENT TEAM Robert Archer President & CEO P. Geo. and Co-founder of Great Panther Silver; Over 35 years experience including Newmont, Placer Dome, Rio Algom, Noranda; 20 years in senior executive roles with junior companies Ali Soltani Chief Operating Officer Master of Mining Engineering Degree with over 30 years experience; 20 years with Newmont – Former VP Global Technical Services; Yanacocha Operations Manager (Newmont Peru) P.Eng., with 40 years experience in precious metal exploration; LAC Minerals and senior management and boards with multiple junior exploration companies Jim Zadra Chief Financial Officer CPA, MBA with over 15 years experience in senior financial roles with a focus on M&A, capital markets and financial and reporting governance; Past senior positions with Deloitte, Canaccord Capital, Sophos Robert Brown VP Exploration
  • 6. MAINTAINING LOW COSTS 6 3.8 – 3.9 Guidance Cost per ounce has improved due to increased grades, better grade control and stronger USD $8.71 $6.63 $6.50 $8.14 $4.20 $- $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Total cash cost per Ag oz (USD) Average realized silver price (USD) $14.47 $12.54 $13.08 $15.10 $9.25 $- $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 All-in sustaining cost per Ag oz (USD) Average realized silver price (USD)
  • 7. RECENT FINANCIAL PERFORMANCE 7 3.8 – 3.9 Guidance Maintained strong balance sheet, no debt Solid revenue and gross profit in 2015 despite declining metal prices, achieved through increased production and significant reduction in cash cost $16.99 $15.47 $13.98 $13.57 $16.19 $- $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 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Revenue (CAD in thousands) Average realized silver price (USD) $16.99 $15.47 $13.98 $13.57 $16.19 $- $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 $9,000 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Gross profit before non-cash items (CAD in thousands) Average realized silver price (USD)
  • 8. AISC AMONGST OUR PEERS GPR’s operations are outperforming many of our peers on AISC Average Ag Spot Price 8 $- $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 Avino GMC Topia Consolidated Fortuna Endeavour First Majestic Excellon Americas Silver Avino Silver Great Panther FY 2015 AISC
  • 9. 9 MEXICO & PERU Top silver producing countries in Latin America Favourable political & mining jurisdictions
  • 10. 10 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)
  • 11. 11 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
  • 12. 12 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 Cash Cost/Ag oz2,3,4 All-in Sustaining Cost/Ag oz2,3,4 US$0.61 US$2.72 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. 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, 2016
  • 13. 13 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 700 tpd by year end Ramp access from surface. Ore trucked 22km to Cata Plant in Guanajuato
  • 14. 14 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
  • 15. 15 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 Increased M&I Resources by 41%, Inferred Resources by 29%
  • 16. 16 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% 95.0% / 95.1% Average Grades 373g/t Ag, 0.55g/t Au 1.97% Pb, 2.96% Zn Cash Cost/Ag oz2,3 All-in Sustaining Cost/Ag oz2,3 US$12.32 US$13.34 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 and 1:0.054 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 March 31, 2016. Accounts for 25% of total production
  • 17. ANNUAL PRODUCTION GROWTH 17 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 2,200,013 2,378,603 2,840,846 3,187,832 4,159,121 Guidance 4,000,000 - 4,200,000
  • 18. 18 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.
  • 19. PROJECT PIPELINE 19 3.8 – 3.9 Guidance GUANAJUATO/ SAN IGNACIO TOPIA CORICANCHA EL HORCON SANTA ROSA EARLY STAGE EXPLORATION DEVELOPMENT PRODUCTION ADVANCED STAGE EXPLORATION 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 Production history at Coricancha indicates potential for approx. 2.5 million Ag eq oz per year at full capacity Coricancha provides a near-term production opportunity which we can use as a foundation for future growth in Peru Significant historical reserve & resource base with exploration potential PIPELINE TO PRODUCTION 20
  • 21. 21 CORICANCHA Au-Ag-Pb-Zn-Cu MINE 1 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 1 Option agreement terminated on May 11, however, Great Panther continues evaluation
  • 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. 23 CAPITAL STRUCTURE Shares issued 144,762,784 Fully diluted 155,029,251 Institutional ownership ~10% Market capitalization CA $285M 90-day daily average trading volume ~1.9M shares 52-week trading range TSX NYSE MKT CA $0.40 - $2.82 US $0.30 - $2.25 Cash position1 CA $17.0 M (no debt) Net working capital1 CA $35.5 M Updated on June 21, 2016 1. As at March 31, 2016. Analyst Coverage: Euro Pacific Capital Inc., Rodman & Renshaw, Hallgarten & Company, Eurobank EFG
  • 24. STOCK PERFORMANCE 24 GPR Price Change 7 Day: -2.35% 21 Day: 16.85% 30 Day: 2.80% 90 Day: 63.78% 180 Day: 225.00% 200 Day: 220.00% Source: Infosuite As at 06/21/16 Institutional Holdings 10% -50.00% 0.00% 50.00% 100.00% 150.00% 200.00% 250.00% 7 Day: 21 Day: 30 Day: 90 Day: 180 Day: 200 Day:
  • 25. 25 Great Panther Silver LEVERAGED TO SILVER -200% -100% 0% 100% 200% 300% 400% 500% 2008 2009 2010 2011 2012 2013 2014 2015 2016 GPR % AG %
  • 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 Excellent liquidity on NYSE MKT and TSX
  • 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 Great Panther 278.85% Impact 228.21% Excellon 103.70% Avino 102.16% Endeavour 85.32% Fortuna 66.00% Americas Silver 50.00% Silver 6.49% Sierra Metals -15.13% 12 MONTH PEER COMPARISON 30 -120% -80% -40% 0% 40% 80% 120% 160% 200% 240% 280% 320% 360% 400% 440%
  • 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. 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 000s except amounts per share and per ounce Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015 Revenue $ 18,454 $ 17,152 $ 16,788 $ 19,183 $ 20,250 Mine operating earnings before non-cash before non-cash items1 $ 7,746 $ 4,907 $ 5,763 $ 6,713 $ 6,652 Net income (loss) $ (4,461) $ (4,860) $ (3,348) $ (4,722) $ 3,588 Adjusted EBITDA1 $ 3,733 $ (557) $ 2,155 $ 4,205 $ 3,688 Earnings (loss) per share – basic $ (0.03) $ (0.03) $ (0.02) $ (0.03) $ 0.03 Earnings (loss) per share – diluted $ (0.03) $ (0.03) $ (0.02) $ (0.03) $ 0.03 Total cash cost per Ag oz (USD)1 $ 4.20 $ 8.14 $ 6.50 $ 6.63 $ 8.71 All-in sustaining cost per Ag oz (USD)1 $ 9.25 $ 15.10 $ 13.08 $ 12.54 $ 14.47 Average realized silver price (USD)2 $ 16.19 $ 13.57 $ 13.98 $ 15.47 $ 16.99
  • 33. 33 DRILLING SUMMARY 2016 Drilling focused on increasing resources and exploring new zones 2012 2013 2014 2015 2016 Guanajuato 29,254 m 26,237 m 13,270 m 13,025 m 9,670 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 6,015 m Coricancha - - - 2,323 m 3,551 m Santa Rosa 1,653 m - - - 1000 m El Horcon - 2,156 m - - 1,500 m Total 48,276 m 31,699 m 19,000 m 20,005 m 24,236 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