corporate presentation panther silver ltd...corporate presentation may 3, 2017 tsx: gpr | nyse mkt:...

W W W . G R E A T P A N T H E R . C O M

Corporate PresentationMAY 3, 2017

TSX: GPR | NYSE MKT: GPL 2

This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include but are not limited to the Company's plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Annual Information Form for the year ended December 31, 2016 and Material Change Reports filed with the Canadian Securities Administrators available at www.sedar.com, and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov.

Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Robert Brown, P. Eng. is the Qualified Person under NI 43-101 for the projects discussed in this presentation.

Disclaimer


1. Includes cash and short-term deposits2. US Dollars; As at March 31, 2017

Silver-Gold>90% precious metals Unhedged - No Royalties - No Streams

ProducerTwo 100% owned mining operations in Mexico; potential for production in Peru

StrengthStrong balance sheet - No debt $53.2M cash1,2, $69.3M working capital2

Disciplined Significantly lowered cost/oz

GrowthOrganic growth potential within operating districts, and seeking acquisitions

Building a Foundation for Growth


3.8 – 3.9 Guidance

Maintaining Low Costs

Cost per ounce has improved due to stronger USD and higher by-product credits

AISC is higher mainly due to capital projects; Will start to decline in Q2

$4.20

$1.72 $3.30

$5.83

$3.54

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Total cash cost per Ag oz

Average realized silver price

$9.25

$7.19

$11.97

$16.44

$19.55

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

All-in sustaining cost per Ag oz



3.8 – 3.9 Guidance

Recent Financial Performance

Revenue largely reflects metal prices; Gross profit also impacted by significant reduction in cash cost

Maintained strong balance sheet; No debt

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$0

$5,000

$10,000

$15,000

$20,000

$25,000

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Revenue


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Mine operating earnings before non-cash items



1. The Company has included the non-IFRS performance measures cost per tonne milled, cash cost, AISC, mine operating earnings before non-cash items, costof 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 ofthese measures and reconciliation to the Company’s reported financial results in accordance with IFRS. As these are not standardized measures, they maynot 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 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016

Revenue $ 12,371 $ 12,515 $ 15,631 $ 19,596 $ 14,139

Mine operating earnings before non-

cash before non-cash items1 $ 5,445 $ 4,476 $ 7,230 $ 10,087 $ 5,935

Net income (loss) $ 3,040 $ (1,498) $ 2,130 $ (1,332) $ (3,418)

Adjusted EBITDA1 $ 2,134 $ 1,376 $ 4,738 $ 7,545 $ 2,860

Earnings (loss) per share – basic $ 0.02 $ (0.01) $ 0.01 $ (0.01) $ (0.02)

Earnings (loss) per share – diluted $ 0.02 $ (0.01) $ 0.01 $ (0.01) $ (0.02)

Total cash cost per Ag oz1 $ 3.54 $ 5.83 $ 3.30 $ 1.72 $ 4.20

All-in sustaining cost per Ag oz1 $ 19.55 $ 16.44 $ 11.97 $ 7.19 $ 9.25

Average realized silver price2 $ 19.33 $ 14.99 $ 19.65 $ 17.82 $ 16.19

Financial Summary


Mexico & Peru

Top two silver producing countries in the world

Favourable political & mining jurisdictions


Historically one of Mexico’s most prolific

mining districts with past production of

more than one billion Ag oz over 400 years

Expanded production at Guanajuato Mine

Complex (GMC), developing new mines

and exploring the district

Commercial production at San

Ignacio commenced June 2014, lifting GMC

throughput to950-1,050 tpd

Excellent infrastructure.

Other projects in the district have potential

to be satellite operations

Guanajuato District (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

Guanajuato Mine (Ag-Au)

* For details on Mineral Resource Estimates, refer to slide 30


Q1 2017

Metal Production (Ag eq oz1,2) 727,372

Silver Production (Ag oz1) 364,995

Recoveries Ag/Au (%) 88.8 / 85.0

Average Grades Ag/Au (g/t) 155 / 2.30

Ore processed (tonnes) 82,456

Cash Cost/Ag oz 3,4 $ 2.48

All-in Sustaining Cost/Ag oz 3,4 $ 7.59

1. Includes all 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-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 reportedfinancial results in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titledmeasures used by others.

4. As at March 31, 2017.

Guanajuato Mine Complex (Ag-Au)1

Accounted for 77% of total production in 2016¹


Ramp access from surface

Ore trucked 22 km to Cata Plant in Guanajuato

Accounted for 57% of the total ore

processed at the GMC in Q1 2017

Significant potential for resource expansion over 4km strike length

Currently producing at approximately 600 tpd

San Ignacio Mine (Ag-Au)


Property covers most of district – more than

6,500 hectares

High grade, narrow vein underground mining

with central plant

Operating 9 separate mines provides flexibility

Ability to expand production at profitable mines; Can temporarilyclose others as needed

Lead and zinc concentrates sold to

metal trader in Mexico

Plant was temporarily shut down Dec/’16 -

Mar/’17 for maintenance & new

tailings facility construction

Topia Mine (Ag-Pb-Zn-Au)


Upgraded plant and new tailings handling facility currently undergoing commissioning

Mining continued throughout the shut down with ore being stockpiled for later processing

Topia Mine (Ag-Pb-Zn-Au)


Production and cash cost guidance Q1 2017 Actual 2017 Guidance

Total silver equivalent ounces1 730,186 4,000,000 – 4,100,000

Total payable silver ounces 344,995 1,950,000 – 2,000,000

Cash Cost per silver payable ounce (US)2 $ 3.54 $ 5.00 – $ 6.00

AISC (US)2 $ 19.55 $ 14.00 – $ 16.00

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. “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.

2017 Outlook


Early Stage Exploration

Santa Rosa

Advanced Stage Exploration

El Horcon

DevelopmentAdvanced Stage

Development

Coricancha

Production

Guanajuato Mine

San Ignacio Mine

Topia Mine

Project Pipeline

~ 10 Years 5-10 Years 3-5 Years 1-3 Years Present

Pipeline of projects at various stages of exploration & development provides growth opportunities

Fully financed to bring Coricancha and El Horcon into production


Pipeline to Production

Coricancha represents a near-term (~18 mo.) production opportunity that will provide a foundation for future growth in Peru

Acquisition expected to close in Q2 2017, with exploration & development program to begin immediately thereafter1

Production history at Coricancha indicates potential for approx. 3 million Ag eq oz per year at full capacity

Significant historical reserve & resource base, to be updated in Q3 2017, followed by prefeasibility study (“PFS”)

Drilling at El Horcon in 2017 to better define resource & consider production decision

1. Closing is subject to customary closing conditions.


Underground mine placed on care & maintenance in

August 2013

90 km east of Lima in prolific mining district

Operating history dating back to 1906

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 Q3

2017 & conduct PFS

Coricancha Mine Complex1(Au-Ag-Pb-Zn-Cu)

1. Acquisition is subject to closing


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

Reserves &

Resources¹

Proven

& Probable

Reserves

Measured

& Indicated

Resources

Inferred

Resources

Tonnes 640,000 890,000 4,880,000

Au (g/t) 4.35 5.04 4.91

Ag (g/t) 149 175 225

Pb (%) 1.77 1.97 1.57

Zn (%) 2.60 3.11 2.98

Cu (%) 0.32 0.42 0.48

Silver Equivalent

Ounces (Ag Eq oz)13,500,000 21,960,000 124,600,000

Coricancha Mine Complex (CMC)


Coricancha Acquisition Agreement

Share Purchase Agreement whereby Great Panther Silver Peru, will acquire Nyrstar Coricancha, the owner of a 100% interest in the CMC

GPSP to pay US$100,000 cash on closing (Q2 2017)

Nyrstar may be paid 15% of annual free cash flow, up to US$10 million, after GPSP has recouped its investment

Nyrstar will cover cost of reclamation of certain tailings facilities, up to US$20 million, and associated fines up to US$4 million

Nyrstar will cover US$9.7 million closure bond for three years


Shares issued1 167,718,083

Fully diluted1 185,330,635

Institutional ownership ~30%

Market capitalization CA $276M / US $203

90-day daily average trading volume

~2.2M shares

52-week trading range: TSX

NYSE MKTCA $1.51 - $2.95US $1.14 - $2.28

Cash position1 US $53.2M (no debt)

Net working capital1 US $69.3 M

1. As at March 31, 2017

Capital Structure

Updated on May 3, 2017

Analyst Coverage: Euro Pacific Capital Inc.; Rodman & Renshaw; Hallgarten & Company; Noble Financial


One Year Stock Performance

TSX: GPR

NYSE MKT: GPL


12 Month Peer Comparison

-50%

50%

150%

Change

Sierra Metals 137%

Excellon 14%

Avino 7%

Silver -4%

Americas Silver -10%

Impact -10%

Endeavour -11%

Fortuna -24%

Great Panther -25%


Leveraged To Silver

-100%

100%

300%

500%

700%

900%

2009 2010 2011 2012 2013 2014 2015 2016 2017

Great Panther Silver


Low cost producer with strong leverage to silver price

Strong balance sheet, no debt – seeking acquisitions

Successfully grown production while reducing unit costs

Expanding into Peru with potential to increase production by 75%

Excellent liquidity on NYSE MKT and TSX

Why Great Panther Silver?

APPENDIX


Board of DirectorsR.W. (Bob) Garnett, CPA, CA, ICD.D, Chair

Robert Archer, P. Geo.Ken Major, P. Eng.

John Jennings, MBA, CFAW. James Mullin, B.Sc.

Jeffrey R. Mason, CA, ICD.DElise Rees FCPA, FCA, ICD.D

Chief Operating Officer

Ali Soltani

President & CEO Co-founder

Robert ArcherP. Geo.

Chief Financial Officer

Jim ZadraCPA, CA, MBA

VP Corporate Development

Samuel MahP.Eng.

Directors & Senior Management Team


Awarded distinction as a “Socially

Responsible Company” by CEMEFI,

Centro Mexicano para la Filantropía, for

a seventh consecutive year in 2017

Social Principles

We are committed to:

Ensuring our employees and contractors return home safely every day

Fair and equitable employment conditions for our employees

Enhancing and benefiting the communities in which we live and operate

Minimizing and restoring any impact on our environment

Strong ethics and we abide by all rules and regulations that apply to our business


Consolidated

Operations Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016

Silver ounces 366,435 460,571 510,491 536,726 539,472

Gold ounces 5,178 5,206 5,423 6,010 5,599

Lead tonnes - 213 248 290 282

Zinc tonnes - 315 324 433 424

Tonnes Milled 82,656 92,869 95,282 99,905 88,683

Silver equivalent ounces1,2 730,186 883,772 953,632 1,037,728 1,009,828

1. Silver equivalent ounces for 2017 were calculated using a 70:1 Ag:Au ratio, and a ratio of 1:0.0559 and 1:0.0676 for the price/ounce of silver to price/pound of lead and zinc respectively

2. Silver equivalent ounces for 2016 were 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

Operational Summary


2013 2014 2015 2016 2017

Guanajuato 26,237 m 13,270 m 13,025 m 9,670 m 10,975 m

Topia 2,162 m 1,903 m - - 2,500 m

San Ignacio 1,144 m 3,827 m 4,657 m 6,015 m 21,025 m

Coricancha - - 2,323 m 3,551 m 7,800 m

Santa Rosa - - - - 1,000 m

El Horcon 2,156 m - - - 1,500 m

Total 31,699 m 19,000 m 20,005 m 19,236 m 44,800 m

2017 drilling focused on increasing resources and exploring new zones

Drilling Summary


NOTE: Mineral Resource Estimates use an effective date of August 31, 2016; and all used a metal price outlook of US$18.00/oz silver and US$1,300/oz gold..| Topia,November 2014 - US$1,200/oz Au, US$17.00/oz Ag, US$0.90/lb Pb, and US$0.95/lb Zn. Silver equivalent calculations used the same metal pricing. | San Ignacio,December 2015 - US$15.00/oz Ag; US$1100/oz Au. | Silver equivalent calculations for El Horcon include lead content but not zinc, as the zinc would not be recoveredin the Guanajuato plant. Robert Brown, P. Eng. is the Qualified Person under NI 43-101 for Guanajuato, Topia, San Ignacio and El Horcon.

Measured Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz

San Ignacio 408,327 116 2.88 1,525,584 37,760 4,191,435

Guanajuato 114,695 364 1.53 - - 974,318 5,647 1,372,961

Topia 180,400 606 1.44 4.26 4.52 3,515,000 8,300 6,000,200

Total Measured 6,014,902 51,707 11,564,596

Indicated

San Ignacio 133,398 106 2.79 - - 453,762 10,987 1,229,462

Guanajuato 36,480 216 1.04 - - 253,876 1,393 352,218

Topia 165,800 644 1.17 4.75 3.82 3,433,000 6,200 5,570,000

Total Indicated 4,140,638 18,580 7,151,680

Total Measured & Indicated 10,155,540 70,287 18,716,274

Inferred

San Ignacio 645,318 121 2.76 - - 2,519,826 44,551 5,665,137

Guanajuato 147,327 129 2.30 - - 612,220 10,095 1,324,867

Topia 357,400 592 1.31 3.44 3.96 6,807,500 15,060 11,050,000

El Horcon 162,140 76 3.64 2.97 4.11 398,094 17,942 2,092,913

Total Inferred 10,337,640 87,648 20,132,917

Mineral Resources

W W W . G R E A T P A N T H E R . C O M

Spiros CacosDirector, Investor Relations

+1.604.638.89551.888.355.1766

[email protected]

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