new intermediate gold & silver producer · •co-founder of gpr in 2004; president & ceo...

NEW INTERMEDIATE GOLD & SILVER PRODUCER

Corporate PresentationMarch 2020

NYSE American GPL | TSX GPR

greatpanther.com

NYSE American GPL | TSX GPR 2

Cautionary Statements

Forward Looking StatementsThis presentation contains forward-looking statements within the meaning of the United States Private SecuritiesLitigation 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 theCompany's plans for production at it Tucano Gold Mine in Brazil, Guanajuato Mine Complex (“GMC”) and TopiaMine in Mexico, the Coricancha Mine (“Coricancha”) in Peru and exploring its other properties in Mexico, the overalleconomic potential of its properties, timing and cost to the Company of reactivating the Coricancha, anticipatedprocessing and production rates that may be achieved at the Coricancha upon reactivation, the ultimate cost ofreclaiming legacy tailings facilities, results of exploration and potential changes to the Coricancha resource base, theavailability of adequate financing, and involve known and unknown risks, uncertainties and other factors which maycause the actual results, performance or achievements expressed or implied by such forward-looking statements tobe materially different. Such factors include, among others, risks and uncertainties relating to potential political risksinvolving the Company's operations in a foreign jurisdiction, technical and operational difficulties that may beencountered with reactivation of the Coricancha, uncertainty of production and cost estimates and the potential forunexpected costs and expenses, uncertainty in mineral resource estimation, physical risks inherent in mining andreclamation operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion ofeconomic evaluations, changes in project parameters as plans continue to be refined, permitting risks, the inabilityor failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those describedin the Company's Annual Information Form for the year ended December 31, 2018 and Material Change Reportsfiled 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-lookingstatements to the extent that they involve estimates of the mineralization that will be encountered if the property isdeveloped. 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 orphrases 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 similarexpressions) are not statements of historical fact and may be forward-looking statements.

The technical information contained in this presentation as it relates to the Topia Mine, GMC, and Coricancha, hasbeen reviewed and approved by Robert F. Brown, P. Eng., and by Fernando A. Cornejo, P. Eng., Vice-PresidentProjects & Technical Services and Marcelo Batelochi, Director Exploration Brazil for the Tucano Gold Mine, allQualified Persons (“QP”s) for the purpose of National Instrument 43-101.

Note on Preliminary Economic Assessment & Inferred ResourcesThe mine plan evaluated in the PEA is preliminary in nature and additional technical studies will need to becompleted in order to fully assess its viability. There is no certainty that a production decision will be made toreactivate Coricancha. In addition, we may determine to proceed with a production decision without completion ofcustomary feasibility studies demonstrating the economic viability of reactivation of Coricancha. A mine productiondecision that is made without a feasibility study carries additional potential risks which include, but are not limitedto, (i) increased uncertainty as to projected initial and sustaining capital costs and operating costs, rates ofproduction and average grades, and (ii) the inclusion of Inferred Mineral Resources, as defined by NI 43-101 and CIMDefinition Standards (see Cautionary Note to United States Investors below) that are considered too speculativegeologically to have the economic considerations applied to them that would enable them to be converted to aMineral Reserve, as defined by NI 43-101 and CIM Definition Standards (see Cautionary Note to United StatesInvestors below). Mine design and mining schedules, metallurgical flow sheets and process plant designs mayrequire additional detailed work and economic analysis and internal studies to ensure satisfactory operationalconditions and decisions regarding future targeted production. In addition, the results of the Bulk Sample Programmay impact on the projected capital and operating costs, with the result that the projected NPV, IRR and cash flowsmay be adversely impacted.

Readers are cautioned not to assume that any part or all of Mineral Resources used in this PEA will ever beconverted into reserves. Inferred Mineral Resources, in particular, have a great amount of uncertainty as to theirexistence and/or economic and legal feasibility and readers are cautioned not to assume that they will ever beupgraded to a higher category. Under Canadian standards, estimates of Inferred Mineral Resources may form partof preliminary economic assessment, but may not form the basis of feasibility or pre-feasibility studies, except inrare cases. Mineral Resources that are not Mineral Reserves, do not, by definition, have demonstrated economicviability.

Note to United States InvestorsGreat Panther prepares its disclosure in accordance with the requirements of securities laws in effect in Canadawhich differ from the requirements of U.S. securities laws. Terms relating to mineral resources and mineral reservesin this presentation in respect of Great Panther are defined in accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining,Metallurgy. The Securities and Exchange Commission (the ‘‘SEC’’) permits mining companies, in their filings with theSEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Thispresentation uses certain terms, such as, ‘‘measured mineral resources’’, ‘‘indicated mineral resources’’ and‘‘inferred mineral resources’’, that the SEC does not recognize (these terms may be used in this presentation and areincluded in the public filings of Great Panther which have been filed with securities commissions or similarauthorities in Canada


Investment Thesis – 5 Pillars

Strong Diverse Operating Platform

Near Term Growth

Financial Strength

Exploration & Development Upside

Strong Management & Board


Strong Diverse Operating Platform – Geographies and Metals

Topia MinePRIMARY SILVER PRODUCER

Guanajuato Mine Complex (GMC) SILVER-GOLD PRODUCER

Tucano Mine (acquired March 5, 2019)GOLD PRODUCER

Coricancha MinePRIMARY GOLD-SILVER PROJECT Past producer, on care and maintenance

1

2019 Production147,000 Au eq oz


41%

46% 14%

83%

12%

5%

Near-Term Growth

Note: 2018 Au eq oz calculated using an 80:1 Ag:Au ratio, and ratios of 1:0.06364 and 1:0.0818 for the price/ounce of silver to price/pound of lead and zinc, respectively.

▪Au

▪Ag

▪Base Metals

Revenue by Metal 2018 2019

Mexico40 - 50

2

52

41

106

2018 2019 2020

Brazil

Mexico

147

2020 Growth

K A

u e

q o

z


Near-Term Growth2En

terp

rise

Val

ue

(US$

mill

ion

s)

2019 Gold Production (k Au eq oz)


Financial Strength3

$10

$27

$10

$11

$-

$5

$10

$15

$20

$25

$30

June 2019 September 2019 Recent Non-dilutiveFinancings

Cash and cash equivalents IXM (Dec 2019) Samsung (Feb 2020)

Feb 3, 2020

Dec 30, 2019

US$

mill

ion

s

• June 30, 2019: $9.9M cash balance

• Liquidity enhancements

• $27M cash balance (Sep 30, 2019)

• $10M IXM prepayment

• $11M Samsung prepayment

• $25M ATM unutilized

• Favorable USD/BRL: $120M position

• Gold floor price of $1,500/oz (45koz)

Improved Financial Position


Exploration & Development Upside4

25,000 metres – $4M (2020)• Define new mineralized zones• Develop high-grade resources at GTO

55,000 metres – $7M (2020)• 50/50 Near-Mine/Regional split • Regional upside 2,350km2

Potential Restart: ~40K Au eq oz/yr• Potential 4th mine • Fully permitted with positive PEA


Strengthened Leadership Team

NAME POSITION BACKGROUND

Jeffrey R. MasonCPA, CA, ICD.D

Interim President & CEO

• Became Chair in 2019, Director/Advisor since 2014. 30 years precious-base metals experience, discovery-production, M&A, Corp Finance, including 20 yrs with ABX & HDI

• C-suite/Director experience with 24 TSX, NYSE, and NASDAQ companies

Neil HepworthM.Sc. Engineering (Mining)

COO• Over 30 years experience in underground and open pit mining

• Operational experience in Latin America, Africa, and Europe

Jim ZadraCPA, CA, MBA

CFO

• Over 15 years of experience in senior corporate finance roles: financial reporting, taxation, strategic planning, capital markets, and M&A

• Previous roles at Deloitte and Canaccord, 8 years with Great Panther

Brian PeerB.A.Sc

VP Operations, Mexico • Over 30 years of mining experience; prior roles with Alamos, Coeur and Barrick

Mariana FregoneseB.Sc.

VP Social Responsibility• Over 13 years of mining experience; Focused on building strategic partnerships and

fostering relationships with various stakeholders. Over 10 years with Great Panther

Fernando Cornejo M.A.Sc, P. Eng.

VP Projects & Technical Services

• 20 years of mining experience working in Mexico, Peru and Brazil with Jacobs Engineering, SGS Minerals, Rio Tinto Iron Ore and BHP Billiton

David WiensCFA

VP Corporate Finance & Treasury

• Over 14 years experience in corporate finance and investment banking; previously with SSR Mining

Lucie Gagnon VP, People & Culture• Over 15 years of human resources experience focused in the finance and mining

industry

5


Board of Directors with Depth of ExperienceNAME POSITION BACKGROUND

Jeffrey R. MasonCPA, CA, ICD.D

Chair

• Became Chair in 2019, Director/Advisor since 2014. 30 years precious-base metals experience, discovery-production, M&A, Corp Finance, including 20 yrs with ABX & HDI.

• C-suite/Director experience with 24 TSX, NYSE, and NASDAQ companies.

Robert ArcherP. Geo

Director • Co-Founder of GPR in 2004; President & CEO 2004-17. Over 15 years of exploration

experience with majors including Newmont, Rio Algom, Placer Dome and Noranda, followed by 23 years of C-Suite executive roles.

John JenningsMBA, CFA

Director

• Director since 2012. Over 30 years of board governance experience.

• 40-year career in precious metals processing, sell-side mining research analyst, investment banking, and Director & C-Suite executive search

R.W. (Bob) GarnettCPA, CA, ICD.D

Director • Previously Chair, and Director since 2011. Over 50 years of board governance

experience; Chair of $10bn financial institution and Vice-Chair of $12bn transportation authority. TSX, NASDAQ and NYSE board experience with seven companies.

W.J. (Jim) MullinP. Eng. (Retired)

Director • Director since 2013. Formerly Senior Vice President of North American Operations for

Newmont Mining Corporation. Over 30 years experience with the operation of large open pits, U/G mines and processing plants.

Elise Rees,FCPA, FCA, ICD.D

Director

• Director since 2017. Over 30 years of board governance experience.

• 35-year career with Ernst & Young; retired Managing Partner of Transaction Advisory for BC; specialist in tax and M&A.

Kevin RossB.Sc., Min Eng., MBA

Director

• Director since 2019. Mining Engineer with over 40 years experience in open pit and U/G operations and brownfield processing plant expansions.

• COO of Orca Gold, with 20 years of C-Suite operations experience.

5


Tucano Gold Mine

MINE TYPE Open Pit

Avg. Ore Tonnes Mined (Mt/Yr) ~3.15

Avg. Waste Tonnes Mined (Mt/Yr) ~22.3

2019 Production (Au oz) 123,867

PROCESSING TYPE Conventional CIL

Avg. Ore Tonnes Processed(Mt/Yr) ~3.5

Recovery – CIL ~92%

Current LOM Sulphide Ore (%) ~80%

Tailings Type Low Height Downstream TSF

• 2019 Production: 124,000 Au oz

• Operating open-pit gold mine

• Large land package on Guyana greenstone belt

• ~US$30 million in plant upgrades in 2018-2019

• Improved mining productivities and gold recoveries

TUCANO | 100% OWNED, AMAPÁ, BRAZIL

Tucano

Tucano


ComminutionLeachingPregnant SolutionGold

Recent Improvements: $30M

▪ Ball mill – Sep 18

▪ Pre-leach thickener – Oct 18

▪ 7th CIL tank – Oct 18

▪ Oxygen plant (gas) – Nov 18

▪ Liquid Oxygen – Apr 19

Tucano Flow Sheet: 92% Recovery Achieved


Improving Mining & Plant Performance

Increased Material Movement

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Feb

-19

Mar

-19

Ap

r-1

9

May

-19

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

80%

82%

84%

86%

88%

90%

92%

94%

96%

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Feb

-19

Mar

-19

Ap

r-1

9

May

-19

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Increased Gold Recovery

• Switched contractor: MACA (Australian) to U&M (Brazilian)

• Increased equipment availability and utilization

UCS incident

GPR acquisition GPR acquisition

• Successful transition to processing of sulphide material

• Comprehensive plant upgrade completed

Lowergrade feed

U&M activated


Focus on Continuous Improvement in 2020

Mining Productivities Increased equipment availability and utilization

Gold Recoveries Mill upgrades completed and optimized

Leadership Training In-country summit, 2020 Goals/Objectives formalized

U&M Mine Contractor Fleet optimized to mine plan

Consumables Contracts Improved costs for cyanide, diesel, steel balls, grates

Power Grid Increasing to 11MW, decreasing cost per KW and carbon footprint

Primary Crusher New primary crusher with improved performance (June 2020)

Diesel Backup Reduced downtime

Staged Tailings Storage Incremental capacity (92% Q1 2020)

Improvement in Plant Availability Ongoing continuous improvements


Highly Prospective Land Package

• Large, highly prospective land package:

• Greenstone belt on Guyana Shield

• Host to some of the world’s largest gold deposits

• Near-term resource growth opportunities with multiple in-mine and longer-term exploration optionality


Near-Mine Exploration Targets

1. Torres & Torres South lodes

2. Neo Lodes yet to be drilled systematically (similar mineralization intersected at 700 m vertical)

3. Urso Prospect – 700 m potential strike length

4. 1 km gap from Tap C3 North to Urucum South

5. Very high grades at depth in Urucum North require follow-up; 2016 PFS

6. Urucum East – shallow dipping zone requiring in-fill drilling

• New resource opportunities within 5 km of plant• Minimum 28,000 metres drilling planned for 2020

43TAP AB DEPOSITS URUCUM DEPOSITSTAP C DEPOSITS

4

3

2

1

5

Plant

FD01466 13 m @

2.02 g/t Au

GCRC2161 14m @

4.32g/t Au

GCPF295983m @

52.15g/t Au

F162217m @ 3.51g/t

Au

F0250912m @

22.5g/t Au

2Neo Lodes

(off plane of long section)

Gap from Tap C3N to Urucum South

(largely untested)

UrsoProspect

1Torres Lodes – further south

Reserve Block (>0.6g/t Au cut-off in Reserve Pit & > 1.6 g/t Au cut-off below) Topo Sept 2018

Reserve Pit June 2017 ($1,150)

Resource Pit June 2017 ($1,500)Resource MI Blocks (>0.5g/t Au cut-off)

Resource Inf Blocks (>0.5g/t Au cut-off above $1,500 pit shell & > 1.6 g/t Au cut-off below)

LEGEND

Underground potential at Urucum NorthIn-fill and stepoutdrilling planned

5

6Long Section

South North

N


Tucano Regional Exploration Targets

AEROMAGNETICS OVERLAIN BY SOILS

Tucano Mine Corridor

Janaina

Sentinela

Tap East

Dragao

Mutum

T4

Joseph J9

Joseph J5

T3

BicicletaSaraminda

Tap D4

Timbo

10 km

Large land package

• Approx. 2,350km2 under various stages of licensing

• Current reserves and resources contained within 7km2 in Mine corridor (<1% of total area)

• Many additional targets within trucking distance to plant (~20km)

Multiple regional targets

• 27,000 metres drilling planned for 2020

• >10 gold-in-soil anomalies identified

• Additional untested structural targets

• Data organization complete

• 2020 Exploration in 2020 to focus on strategic targets within 20km radius of Tucano Mine, coupled with systematic evaluation of outlying areas


• AMC Completed a Pre-Feasibility Study in 2016 for an Underground Mine at UrucumNorth

• Reserves estimated using US$1,120/oz

• Company to evaluate underground potential with revised metal prices and cost estimates

• Follow up drilling part of near mine exploration

• Preliminary concept of developing the underground mining in 3 Stages

Urucum North Underground Potential


Guanajuato Mine Complex (Ag-Au)

MINE TYPE Underground

Mining Method Cut and Fill

2019 Ag eq oz Production 1,517,853

PROCESSING TYPE Conventional Flotation

Products Silver and Gold Concentrate

2019 Ore Tonnes Processed 187,610

2019 Recoveries (Ag / Au %) ~84.7% / 85.2%

Tailings Type Conventional and dry-stack

GMC | 100% OWNED | GUANAJUATO, MEXICO

Historically one of Mexico’s most prolific mining districts

Silver equivalent ounces for 2019 were calculated using an 80:1 Ag:Au ratio.

• ~1.5 M Ag eq oz/yr (19K Au eq oz)

• Operating silver-gold mine production, long lived assets

• Exploration in 2019-2020 to increase production from Guanajuato

• Central mill processing facility fed by two mines:

Mines Exploration drilling metres

• San Ignacio 8,500

• Guanajuato 14,400

• San Ignacio discovered in 2010, in production 2014


Topia Mine (Ag-Au-Pb-Zn)



2019 Ag eq oz Production 1,785,483

PROCESSING TYPE Conventional Flotation

Products Zinc and Lead Concentrates

2019 Ore Tonnes Processed 79,257

2019 Recoveries (Ag / Au %) 93.9% / 55.9%

Tailings Type Dry stack TSF

TOPIA | 100% OWNED, DURANGO, MEXICO

Silver equivalent ounces for 2019 calculated using 80:1 Ag:Au ratio, and ratios of 1:0.0636 and 1:0.0818 forthe price/ounce of silver to price/pound of lead and zinc, respectively.

• ~1.8 M Ag eq oz/yr (22.5K Au eq oz)

• Silver-gold-lead-zinc mine production

• Multi-mine district-scale property


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

CORICANCHA | 100% OWNED, LIMA, PERU

Permitted & operational existing processing plant and gold bio-leaching facility



Avg. Annual Production1 3.1 M Ag eq oz

PROCESSING TYPE Base Metal Sulfide Flotation

Products Lead, Zinc, and Copper Concentrates

Ore Tonnes Processed (LOM) 1 608 kt

LOM Avg. Recoveries (%) 1

Au 80%

Ag 92%

Pb 77%

Zn 83%

Cu 78%

Tailings Type Dry stack TSF

1Source: Coricancha PEA, Golder Associates – July 13, 2018 Effective Date

• 3.1 M Ag eq oz or ~40,000 Au eq oz annual production potential, per 2018 PEA

• 90 km east of Lima, Peru

• Bulk Sample Program completed in June 2019, results support key assumptions of 2018 PEA


Capitalization

Figures in USD, except shares Millions

Basic shares outstanding 311

Market cap $175

Cash (Sep 30, 2019) $27

Debt (Sep 30, 2019) $33

Enterprise value $180

Enterprise Value

Analyst CoverageAs at Feb 13, 2020


85%

15%

NYSE-A TSX

Top Shareholders & Liquidity

42%

58%

Institutional Retail

Top 10 Shareholders* % Interest

1 Van Eck Associates Corporation 6.0%

2 Mason Hill Advisors 4.6%

3 Franklin Advisers 3.9%

4 Donald Smith & Co. 2.4%

5 Ruffer LLP 2.0%

6 Mirae Asset Global Investments 1.9%

7 BlackRock Investment Management 1.7%

8 Morgan Stanley & Co. 1.4%

9 AMG Fondsverwaltungs AG 0.9%

10 Renaissance Technologies LLC 0.9%

Avg. Daily Vol.

1,300,000

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2016 2017 2018 2019*

Average Daily Volume

NYSE-A TSX Avg. Daily Vol.

*as at Dec 31, 2019

TSX: GPR | NYSE American: GPL

greatpanther.com

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Tucano Reserves & Resources

Location

Proven & Probable Measured & Indicated Inferred

Tonnes ('000's) Grade Au (g/t) Ounces (‘000) Tonnes ('000's) Grade Au (g/t) Ounces (‘000) Tonnes ('000's) Grade Au (g/t)Ounces (‘000)

OPEN PITS OXIDE AND PRIMARY FRESH

Urucum 3,190 2.03 208 4,364 2.08 291 7 3.94 1

Urucum East 113 1.95 7 143 2.09 10 0 0 0

Tap AB 1,070 2.11 73 1,607 2.33 120 0 0 0

Duckhead 137 3.29 14 183 2.87 17 12 2.79 1

Total Open Pits 4,509 2.09 302 6,296 2.16 438 18 3.21 2

STOCKPILES

Open Pit 1,887 0.71 43 1,887 0.71 43 0 0 0

Spent Ore 37 0.70 1 37 0.7 1 0 0 0

ROM Expansion 522 0.70 12 522 0.7 12 0 0 0

Marginal Ore 0 1.00 2 1,340 0.42 18 0 0 0

Total Stockpiles 2,446 0.71 56 3,786 0.61 74 0 0 0

Total Open Pits & Stockpiles 3,658 1.07 126 10,083 1.58 512 18 3.21 2

UNDERGROUND

Tap AB 0 0 0 357 4.63 53 5,767 2.13 395

Urucum - North 2164 4.13 288 3,042 4.04 395 4,664 2.12 318

Urucum - Central 0 0 0 0 0 0 852 2.61 71

Urucum East 0 0 0 0 0 0 100 2.11 7

Duckhead 0 0 0 0 0 0 263 2.32 20

Total Undergrounds 2164 4.13 288 3,399 4.1 448 11,646 2.16 810

Grand Total Tucano 9119 2.2 646 13,482 2.22 960 11,664 2.16 812


Mexico/Peru – Resources

MEASURED Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Cu (%) Ag (oz) Au (oz) Ag eq oz

San Ignacio 314,863 156 3.06 - - - 1,574,848 30,984 4,053,537

Guanajuato 256,260 206 1.72 - - - 1,693,799 14,131 2,824,256

Topia 310,600 474 1.36 4.02 4.20 - 4,732,807 13,579 9,920,000

Coricancha 404,205 210 5.94 2.16 3.43 0.54 2,731,628 77,244 13,490,000

Total Measured 10,733,082 135,938 30,287,793

INDICATED

San Ignacio 71,554 173 2.87 - - - 398,172 6,613 927,201

Guanajuato 87,476 199 1.62 - - - 560,673 4,553 924,903

Topia 165,300 436 1.34 3.57 3.79 - 2,317,563 7,123 4,850,000

Coricancha 348,554 189 5.59 1.95 3.05 0.52 2,120,168 62,636 10,710,000

Total Indicated 5,396,576 80,925 17,412,104

Total Measured & Indicated 16,129,658 216,863 47,699,897

INFERRED

San Ignacio 501,870 149 2.69 - - - 2,405,484 43,398 5,877,391

Guanajuato 208,609 168 2.32 - - - 1,129,416 15,561 2,374,341

Topia 400,400 434 1.34 2.86 2.97 - 5,586,431 17,248 10,720,000

Coricancha 943,160 209 5.02 1.45 3.25 0.64 6,335,000 152,200 28,360,000

El Horcón 162,140 76 3.44 2.69 3.79 - 398,094 17,942 2,092,913

Total Inferred 15,854,425 246,349 43,547,254

See following slide for Notes to the Mineral Resources


• Full NI 43-101 disclosure of Mineral Resource Estimates can be found in Great Panther’s Annual Information Form for the year ended December 31, 2018, available on SEDAR. The Technical Reports cited in this presentation can be found on SEDAR at www.sedar.com and on the Company’s website at www.greatpanther.com/operations/resources/reports/

• Tucano uses an effective date of September 30, 2019 and gold price of US$1,250/oz. Reno Pressacco, P. Geo., Goran Andric, P. Eng., and Jason Cox, P. Eng., all of RPA, and all of whom are independent Qualified Persons as defined by National Instrument 43-101 were the Qualified Persons for the mineral update for Tucano.

• San Ignacio and Guanajuato Mineral Resource Estimates use an effective date of October 31, 2019; and all used a metal price outlook of US$15.80/oz Ag and US$1,290/oz Au. Robert F. Brown, P.Eng., and Mohammad Nourpour, P.Geo were the Qualified Persons for the mineral resource update under NI 43-101.

• Topia uses an effective date of July 31, 2018 - US$1,225/oz Au, US$15.50/oz Ag, US$1.00/lb Pb, and US$1.15/lb Zn. Silver equivalent calculations used the same metal pricing. Silver equivalent calculations for El Horcón include lead content but not zinc, as the zinc would not be recovered in the Guanajuato plant. Robert F. Brown, P. Eng. is designated as the Qualified Person under NI 43-101.

• Coricancha uses an effective date of December 20, 2017. Metal prices used to calculate NSR: $1,300 per oz Au, $17/oz Ag, $1.15 per pound (lb) Pb, $1.50/lb Zn, $3.00/lb Cu. Ronald Turner, MAusIMM CP(Geo); Daniel Saint Don, P. Eng.; and Jeffrey Woods, P.E. were the Qualified Persons.

• New mineral reserves and resources are scheduled to be issued in July for Topia.

Notes to Reserves & Resources Tables

NYSE American GPL | TSX GPR

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David Wiens, CFAVP, Corporate Finance & TreasuryDavid Wiens, CFAVP, Corporate Finance & Treasury

+1 604 638 8955 | 1 888 355 [email protected]

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new intermediate gold & silver producer · •co-founder of gpr in 2004; president & ceo...

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