Great Panther Silver Corporate...

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

Corporate PresentationNOVEMBER 17 2017

TSX: GPR | NYSE AMERICAN: GPL 2

This 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 its Guanajuato Mine Complex (“GMC”) and Topia Mine in Mexico, the CoricanchaMine (“Coricancha”) in Peru and exploring its other properties in Mexico, the overall economic potential of itsproperties, the timing and results of the Coricancha preliminary feasibility study (“PFS”), timing and cost to the Companyof reactivating the Coricancha, anticipated processing and production rates that may be achieved at the Coricanchaupon reactivation, the ultimate cost of reclaiming legacy tailings facilities, results of exploration and potential changesto the Coricancha resource base, 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 impliedby such forward-looking statements to be materially different. Such factors include, among others, risks anduncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, technicaland operational difficulties that may be encountered with reactivation of the Coricancha, uncertainty of productionand cost estimates and the potential for unexpected costs and expenses, uncertainty in mineral resource estimation,physical risks inherent in mining and reclamation operations, currency fluctuations, fluctuations in the price of silver, goldand base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined,permitting risks, 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 andMaterial Change Reports filed with the Canadian Securities Administrators available at www.sedar.com and reports onForm 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 or phrases suchas “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 statementsof 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 September 30, 2017

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

ProducerTwo 100% owned mining operations in Mexico; potential to restart one project in Peru

StrengthStrong balance sheet - No debt $55.5M cash1,2, $63.6M working capital2

Disciplined Low cost producer

GrowthOrganic growth potential within operating districts and pursuing acquisitions

Building a Foundation for Growth


3.8 – 3.9 Guidance

Costs Profile

$3.30

$5.83

$3.54

$5.67 $5.82

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017

Total cash cost per Ag oz (USD)

Average realized silver price (USD)

$11.97

$16.44

$19.55

$14.93 $13.75

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017

All-in sustaining cost per Ag oz (USD)

Average realized silver price (USD)

Cash cost per ounce increased in Q2 due to stronger MXN and increased production in Topia

AISC peaked in Q1 due to capital projects; Decline started in Q2


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)


Q3 2017

Metal Production (Ag eq oz2) 724,630

Silver Production (Ag oz) 341,626

Recoveries Ag/Au (%) 89.8 / 88.1

Average Grades Ag/Au (g/t) 155 / 2.54

Ore processed (tonnes) 80,535

Cash Cost/Ag oz 3,4 3.75

All-in Sustaining Cost/Ag oz 3,4 7.90

1. Includes 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 September 30, 2017

Guanajuato Mine Complex (Ag-Au)1

Accounted for 65% of total production in Q3 2017¹


Ramp access from surface

Ore trucked 22 km to Cata Plant in Guanajuato

Accounted for 55% of the total ore

processed at the GMC in Q3 2017

Significant potential for resource expansion over 4km strike length

Currently producing at between 500 - 600 tpd

San Ignacio Mine (Ag-Au)


San Ignacio Mine (Ag-Au)

Exploration drilling has recently

confirmed strike continuity of

mineralization, highlighted by

19.24 metres averaging

6.36g/t gold and 261g/t silver

Current mine workings

New drilling


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 upgraded & new tailings facility construction in

early 2017

Topia Mine (Ag-Pb-Zn-Au)


1. Silver equivalent ounces for 2017 are calculated using a 70:1 Ag:Au ratio, and ratios of 1:0.0559 and 1:0.0676 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 inaccordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others.


Topia Mine (Ag-Pb-Zn-Au)

Accounted for 35% of total production in Q3 2017

Q3 2017

Metal Production (Ag eq oz1) 355,853

Silver Production (Ag oz) 191,167

RecoveriesAg / Au (%)Pb / Zn (%)

91.1 / 67,1 93.5 / 93.8

Average GradesAg / Au (g/t)Pb / Zn (%)

362 / 0.972.63 / 3.33

Ore processed (tonnes) 18,004

Cash Cost/Ag oz2,3 10.01

All-in Sustaining Cost/Ag oz2,3 10.71


Production and cash cost guidanceNine Months Ended September 30, 2017 2017 Guidance

Total silver equivalent ounces1 2,912,959 4,000,000 – 4,100,000

Total payable silver ounces3 1,421,624 1,950,000 – 2,000,000

Cash Cost per silver payable ounce2,3 US$ 5.21 US$ 5.00 – US$ 6.00

AISC2,3 US$ 15.60 US$ 14.00 – US$ 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 Horcón

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 the Coricancha Mine Complex and El Horcón into production


Growth Strategy

For the first 10 years, the Company has grown organically but operations are now close to capacity

The Coricancha Mine represents the first step in a new phase of growth by acquisition

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

E

20

18

E

20

19

E

20

20

E

Pro

du

ctio

n A

gEq

(ko

z)

Topia (actual) GMC (actual) Topia (est) GMC (est) Coricancha (est)

Organic growth

Acquisitive growth


Pipeline to Production

Coricancha represents a production opportunity that could provide a foundation for future growth in Peru

Acquisition finalized in Q2 2017, with exploration & development programs commencing immediately

Production history at Coricancha indicates potential for approx. 3 million Ag eq oz per year at full capacity – a 75% increase for GPR

Significant historical reserve & resource base, to be updated in Q4 2017, followed by prefeasibility study (“PFS”) in 2018

Looking for additional acquisition in the Americas, with a focus on Mexico and Peru


Underground mine placed on care & maintenance in

August 2013

90 km east of Lima in prolific mining district

Operating history dating back to 1906

Permitted & operational existing processing plant and gold bio-leaching

facility

80% precious metals, 20% base metals by value

GPR to update Mineral Resource Estimate in Q4

2017 & conduct PFS in 2018

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


CMC Acquisition Agreement

Great Panther Silver Peru (“GPS Peru”) acquired Nyrstar Coricancha, the owner of a 100% interest in the CMC – June 30, 2017

GPS Peru to pay US$100,000 cash upon completion of certain post-closing conditions

Nyrstar may be paid 15% of annual free cash flow, up to US$10 million, after GPS Peru 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 maintain US$9.7 million closure bond for three years


Shares issued1 168,359,155

Fully diluted1 186,567,585

Institutional ownership ~18%

Market capitalization C $247M / US $194

90-day daily average trading volume ~1M shares

52-week trading range: TSX

NYSE AmericanC $1.44 - $2.95

US $1.11 - $2.28

Cash position1 US $55.5M (no debt)

Net working capital1 US $63.6M


Capital Structure

Updated on November 17, 2017

Analyst Coverage: Euro Pacific Capital Inc; H.C. Wainwright & Co; HallgartenCompany; Noble Financial & ROTH Capital Partners


Two Year Stock Performance

NYSE American: GPL

Mining sector has seen strong volatility in the last 18 months

Sell-off earlier in the year was largely driven by GDXJ rebalancing


12 Month Peer Comparison

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

Much of the junior mining sector has been dragged down by GDXJ rebalancing and general market sentiment

Change

Americas Silver 60%

Excellon 11%

Silver 1%

Great Panther -16%

Avino -34%

Fortuna -35%

Endeavour -46%

Impact -53%


Leveraged To Silver

-100%

0%

100%

200%

300%

400%

500%

600%

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 - potential to increase production by 75%

Excellent liquidity on NYSE American and TSX

Why Great Panther Silver?

APPENDIX


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

James Bannantine PE, MBARobert Archer, P. Geo.

Ken Major, P. Eng.John Jennings, MBA, CFA

W. James Mullin, B.Sc.Elise Rees FCPA, FCA, ICD.D

Directors & Senior Management Team

Chief Operating OfficerAli Soltani

President & CEOJames Bannantine

PE, MBA

Chief Financial OfficerJim Zadra

CPA, CA, MBA

V.P. Corp. DevelopmentSamuel Mah

P. Eng.

V.P. ExplorationMatthew Wunder

P. Geo.

V.P. Operations, MexicoBrian Peer

BA.Sc


Historic underground mine with two operating shafts & two 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 33


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


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 unless otherwise stated Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016

Revenue $ 18,260 $ 15,731 $ 12,371 $ 12,515 $ 15,631

Mine operating earnings before non-

cash items1 $ 6,168 $ 5,418 $ 5,445 $ 4,476 $ 7,230

Net income (loss) $ (666) $ 833 $ 3,040 $ (1,498) $ 2,130

Adjusted EBITDA1 $ 1,482 $ 1,489 $ 2,134 $ 1,376 $ 4,738

Earnings (loss) per share – basic $ 0.00 $ 0.00 $ 0.02 $ (0.01) $ 0.01

Earnings (loss) per share – diluted $ 0.00 $ 0.00 $ 0.02 $ (0.01) $ 0.01

Total cash cost per Ag oz1 $ 5.82 $ 5.67 $ 3.54 $ 5.83 $ 3.30

All-in sustaining cost per Ag oz1 $ 13.75 $ 11.47 $ 19.55 $ 16.44 $ 11.97

Average realized silver price2 $ 16.99 $ 16.01 $ 19.33 $ 14.99 $ 19.65

Financial Summary


Consolidated

Operations Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016

Silver ounces 532,803 569,229 366,435 460,571 510,491

Gold ounces 5,848 5,543 5,178 5,206 5,423

Lead tonnes 442 405 - 213 248

Zinc tonnes 562 638 - 315 324

Tonnes Milled 94,080 98,576 82,656 92,869 95,282

Silver equivalent ounces1,2 1,080,483 1,102,290 730,186 883,772 953,632

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 Horcón 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 3,515,800 8,332 6,000,200

Total Measured 6,014,702 51,738 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 3,437,712 6,243 5,570,000

Total Indicated 4,145,349 18,622 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 6,806,791 15,060 11,050,000

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

Total Inferred 10,336,640 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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