This corporate presentation discusses Great Panther Silver's operations and financial performance. It provides production and cost guidance for 2017, forecasting 4-4.1 million silver equivalent ounces at a cash cost of $5-6 per ounce and all-in sustaining cost of $14-16 per ounce. Great Panther operates two mines in Mexico, Guanajuato and Topia, and discusses its project pipeline including an upcoming acquisition of the Coricancha mine in Peru with potential for 3 million silver equivalent ounces per year.

1. Corporate Presentation
January 16, 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, 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. 44
BUILDING A FOUNDATION FOR GROWTH
1. US Dollars; As at September 30, 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;
$52.9M cash, $68.2M working capital1
DISCIPLINED
Organic growth potential and seeking
acquisitions

5. 5
MAINTAINING LOW COSTS
5
3.8 – 3.9
Guidance
Cost per ounce has improved due to stronger USD and higher by-product credits
$6.50
$8.14
$4.20
$1.72
$3.30
$-
$5.00
$10.00
$15.00
$20.00
$25.00
Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Total cash cost per Ag oz Average realized silver price
$13.08
$15.10
$10.49
$7.19
$11.97
$-
$5.00
$10.00
$15.00
$20.00
$25.00
Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
All-in sustaining cost per Ag oz Average realized silver price

6. 6
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
$13.98
$13.57
$16.19
$17.82
$19.65
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Mine operating earnings before non-cash items
Average realized silver price
$13.98 $13.57
$16.19
$17.82
$19.65
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$-
$5,000
$10,000
$15,000
$20,000
$25,000
Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
Revenue
Average realized silver price

7. 7
AISC AMONGST OUR PEERS
GPR’s operations are outperforming many of our peers on AISC
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
Avino
GMC
Topia
Consolidated
Fortuna Endeavour First Majestic Excellon Americas Silver Avino
Silver
Great
Panther
.FY 2015 AISC

8. 8
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 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015
Revenue $ 15,631 $ 19,596 $ 14,139 $ 13,142 $ 12,863
Mine operating earnings before non-cash
before non-cash items1 $ 7,230 $ 10,087 $ 5,935 $ 3,760 $ 4,416
Net income (loss) $ 2,130 $ (1,332) $ (3,418) $ (3,725) $ (2,564)
Adjusted EBITDA1 $ 4,738 $ 7,545 $ 2,860 $ (428) $ 1,595
Earnings (loss) per share – basic $ 0.01 $ (0.01) $ (0.02) $ (0.03) $ (0.02)
Earnings (loss) per share – diluted $ 0.01 $ (0.01) $ (0.02) $ (0.03) $ (0.02)
Total cash cost per Ag oz1 $ 3.30 $ 1.72 $ 4.20 $ 8.14 $ 6.50
All-in sustaining cost per Ag oz1 $ 11.97 $ 7.19 $ 10.49 $ 15.10 $ 13.08
Average realized silver price2 $ 19.65 $ 17.82 $ 16.19 $ 13.57 $ 13.98

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, 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)

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 32

12. 12
GUANAJUATO MINE COMPLEX (Ag-Au)1
Accounted for 79% of total production in
Q4 2016
Q4 2016
Metal Production (Ag eq oz2)
Silver Production (Ag oz1)
702,351
347,415
Recoveries Ag/Au 88.7% / 85.9%
Average Grades
149g/t Ag
2.25g/t Au
Cash Cost/Ag oz2,3,4
All-in Sustaining Cost/Ag oz2,3,4
$0.15
$5.58
Ore processed (tonnes) 81,518
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 September 30, 2016.

13. 13
SAN IGNACIO MINE (Ag-Au)
Significant potential for resource
expansion over 4km strike length
Accounted for 59% of the overall
tonnes mined from the GMC in Q4
2016
Currently producing at approximately
700 tpd
Ramp access from surface. Ore trucked
22km to Cata Plant in Guanajuato

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;
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

15. 15
TOPIA MINE (Ag-Pb-Zn-Au)
Q4 2016
Metal Production (Ag eq oz¹)
Ag Production (Ag oz)
181,421
113,156
Recoveries Ag/Au
Pb/Zn
88.8% / 59.4%
94.6% / 96.0%
Average Grades 349g/t Ag, 0.63g/t Au
2.03% Pb, 2.97% Zn
Cash Cost/Ag oz2,3
All-in Sustaining Cost/Ag oz2,3
$13.25
$19.52
Ore processed (tonnes) 11,351
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 September 30, 2016.
Accounted for 21% of total production in
Q4 2016

16. 16
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 TBA
AISC (USD)3 $14.00 – $16.00 TBA
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.

17. 17
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

18. 18
Coricancha represents a near-term (12-18 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 Q1 2017, with exploration &
development program to begin immediately thereafter
Significant historical reserve & resource base,
to be updated in Q2 2017
PIPELINE TO PRODUCTION
Drilling at El Horcon in 2017 to better define resource & consider
production decision
18

19. 19
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

20. 20
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)

21. 21
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 (Q1 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
21

22. 22
CAPITAL STRUCTURE
Shares issued1
166,435,918
Fully diluted1
186,210,684
Institutional ownership ~22%
Market capitalization CA $378M
90-day daily average trading volume ~3M shares
52-week trading range:
TSX
NYSE MKT
CA $0.54 - $2.82
US $0.41 - $2.25
Cash position1
US $52.9M (no debt)
Net working capital1
US $68.2 M
Updated on January 13, 2016
1. As at September 30, 2016
Analyst Coverage: Euro Pacific Capital Inc., Rodman & Renshaw, Hallgarten & Company, Noble Financial

23. 23
ONE YEAR STOCK PERFORMANCE

24. 24
12 MONTH PEER COMPARISON
CHANGE
Americas Silver 6253.00%
Excellon 526.96%
Impact 460.00%
Great Panther 265.15%
Endeavour 200.57%
Fortuna 161.04%
Avino 70.37%
Sierra Metals 66.67%
Silver 21.55%
-50%
50%
150%
250%
350%
450%
550%
650%
750%
850%
950%

25. 25
Great Panther Silver
LEVERAGED TO SILVER
-100%
100%
300%
500%
700%
900%
1100%
1300%
1500%
1700%
1900%
2009 2010 2011 2012 2013 2014 2015 2016 2017

26. 26
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
Demonstrated ability to acquire and develop assets
Excellent 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

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. 30
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.

31. 31
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 9,670 m 9,025 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 10,975 m
Coricancha - - - 2,323 m 3,551 m 10,000 m
Santa Rosa 1,653 m - - - - 1,000 m
El Horcon - 2,156 m - - - 1,500 m
Total 48,276 m 31,699 m 19,000 m 20,005 m 19,236 m 35,000 m

32. 32
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

33. 33
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

34. Corporate Presentation
January 16, 2017