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This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation ReformAct 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 Companys 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 Companys 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 Companys Annual Report on Form 20-F for the year
ended December 31, 2011 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov
and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
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
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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 economicconsiderations 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 highercategory. 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
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SILVER Primary Silver Producer74% Ag, 20% Au, 6% Pb-Zn
PRODUCER Two 100% owned mines in MexicoUnhedged Ag & Au; No Royalties
PROFITABLE 2011 Net Income of $11.5 million
GROWTHStrong organic growth
Aggressively seeking acquisitions
PROFITABLE PRIMARY SILVER PRODUCER
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VISION
To build a profitable mid-tier primarysilver producer
+5 million Ag Eq Oz annual production
Strong organic growth supplemented
by strategic acquisitions
+40 million Ag Eq Oz resource
Socially and environmentally
responsible
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MEXICO
Stable politics & economy
#1 Silver producer in the world
PRODUCTION
Guanajuato Mine Complex
Topia Mine
DEVELOPMENT
San Ignacio Project
EXPLORATION
Santa Rosa Project
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Making new discoveries in one ofMexicos most historic miningdistricts with past production of>1 billion oz Ag over 400 years
Expanding, developing andexploring the Guanajuato MineComplex
Building resources on a newdiscovery at the San IgnacioProject
Exploring for new silver-goldmineralization at the Santa RosaProject
GUANAJUATO Ag-Au DISTRICT
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GUANAJUATO Ag-Au MINE
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Historic underground mine with two operating shafts & three ramps
Currently mining & developing to the SE of the Cata Shaft and at Guanajuatito in NW
Starting to explore in Valenciana area with deep drilling
Building resources to increase mine life and production
Improved recoveries and increased throughput at newly-refurbished plant
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GUANAJUATO Ag-Au MINE
2012 Guidance
Metal ProductionAg Production
1.65 1.82 M Ag Eq Oz1.11 1.23 M Ag Oz
Q1 2012
Metal Production
Ag Production
396,192 Ag Eq Oz
239,305 Ag Oz
2011Cash Cost/Ag Oz
$8.15, net ofby-product credits
Plant (2011) 560tpd (up 17% YOY);
1,200tpd capacity
Q1 2012 Recoveries
Ag/Au 90.1% / 91.2%
Q1 2012 Average
Grades
213g/t Ag
2.03g/t Au
Global NI 43-101
Resources
8.2 million Ag Eq Oz
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SAN IGNACIO Ag-Au PROJECT
Location Guanajuato State;
trucking distance
to Cata Plant
Ownership 100%, No Royalties
PastProduction
617,455t @ 113g/tAg & 1.01g/t Au
New
Discovery
Currently being
drilled
Global NI
43-101Resources
6.9 million Ag Eq Oz
Inferred
Permitting process underway for
new portal & ramp
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SAN IGNACIO Ag-Au PROJECT
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Current resource covers only 650 metre strike length out of 4 km potential
Step-out drilling continues to show excellent silver-gold mineralization
Mineralization starts 50-100 metres below surface so easy access by ramp
Development ore will be trucked to Cata Plant immediately no need to stockpile
Ability to monetize the project right away will help pay for its development
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TOPIA Ag-Au-Pb-Zn MINE
49% of Topiaresource
44% ofproduction
Commencing
production
Property covers >6,500 hectares
Mining 16 different veins & trucking tocentral plant
High grade, narrow vein underground
mining
Commencing mining at La Prieta and
expanding production at Argentina and
San Gregorio
Extending strike length of known veins
with additional drilling
Acquiring additional claims in district
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TOPIA Ag-Pb-Zn-Au MINE
2012 Guidance
Metal ProductionAg Production
0.85 0.93 M Ag Eq Oz0.61 0.67 M Ag Oz
Q1 2012
Metal Production
Ag Production
161,475 Ag Eq Oz
120,221 Ag Oz
2011Cash Cost/Ag Oz
$16.06, net ofby-product credits
Plant (2011) 200tpd
Capacity of ~300tpd
Q1 2012 Recoveries
Ag/AuPb/Zn 92.4% / 63.5%95.3% / 91.8%
Q1 2012 Average
Grades
326g/t Ag, 0.45g/t Au
1.71% Pb, 2.73% Zn
Global NI 43-101
Resources
19.3 million Ag Eq Oz
Next Update: Q3, 201213
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2012 PRODUCTION & CASH COST GUIDANCE
2011 Actual 2012 Guidance
Low Case
2012 Guidance
High Case
Tonnes milled 216,181 230,000 250,000
Silver Ounces 1,495,372 1,720,000 1,900,000
Gold Ounces 8,016 10,000 11,000
Lead Tonnes 941 1,130 1,270
Zinc Tonnes 1,314 1,500 1,630
Silver Equivalent Ounces 2,200,013 2,500,000 2,750,000
Cash Cost per Ounce (USD)
Net of by product credits $ 10.84 $ 10.50 $ 9.50
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EXPLORATION
Almost 50,000 metres of drilling in each2011 & 2012
Discovery cost
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RESOURCES
NI 43-101 compliant resources started at zero and have increased with every
drill program, even after subtracting what has been mined
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0
5,000,000
10,000,000
15,000,00020,000,000
25,000,000
30,000,000
35,000,000
40,000,000
2006 2007 2008 2009 2010 2011 2012
Ag Eq Oz Resources
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RESOURCES
Measured & Indicated Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz
Guanajuato 508,400 199 2.41 - - 3,250,000 39,460 5,649,000
Topia 171,000 864 1.56 7.53 4.37 4,738,000 8,550 7,436,000
Total M&I 7,988,000 48,010 13,085,000
InferredTonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz
Guanajuato 223,200 221 2.10 - - 1,588,000 15,060 2,503,000
Topia 285,000 868 1.5 6.5 3.7 7,953,000 13,560 11,909,000
San Ignacio 826,000 121 2.28 - - 3,205,000 60,700 6,894,000
Total Inf. 12,746,000 89,320 21,306,000
Total (Global Resource) 20,733,000 137,330 34,391,000
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NOTE: Compliant NI 43-101 Resource estimates were calculated using CIM standards. Guanajuato resources,
January 2012 - US$17.67 oz Ag; US$1150 oz Au | Topia, March 2011 - US$21.00 oz Ag; US$1,200 oz Au; US$1.00
lb Pb & Zn | San Ignacio, March 2012 - US$17.67 oz Ag; US$1150 oz Au.
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TRACK RECORD REVENUES & CASH
2011 earnings from mining
operations are 64% higher
than in 2010
Cash and cash equivalents of$40.3 million at
March31, 2012
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$-
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
2006 2007 2008 2009 2010 2011
Net Smelter Revenue Earnings from Mining Operations
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000$25,000,000
$30,000,000
$35,000,000
$40,000,000
$45,000,000
2006 2007 2008 2009 2010 2011
Cash
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GROSS MARGIN
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Gross margin percentage has been steadily increasing over the past five years
0%
10%
20%30%
40%
50%
60%
70%
2008 2009 2010 2011
Topia Guanajuato
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CORPORATE SOCIAL RESPONSIBILITY
Awarded distinction as a
Socially Responsible Company by CEMEFI, Mexico,
for a second consecutive year in March, 2012.
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Great Panther Silver is committed toachieving the highest standards inCorporate Social Responsibility for itsoperations at every stage of projectdevelopment.
Practice environmental excellence
Promote open dialogue with
stakeholders and maximize
community relations
Provide a safe working environment
Maximize social and economic benefits
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CORPORATE STRUCTURE
All figures as of May 4, 2012.
*Includes TSX, AMEX, Alpha, Pure, Chi-x, Omega, and Frankfurt trading.
Shares Issued 137,590,919
Fully Diluted 141,998,669
Insider / Institutional Ownership ~2.5% / ~30%
Market Capitalization CA $286 million
90-day daily average trading volume 1 million shares*
52-week trading range TSX
NYSE MKT
CA $1.81 - $3.92
US $1.78 - $4.09
Cash position at March 31, 2012 CA $40.3 million (no LTD)
Analyst Coverage:
Salman Partners, Dundee Capital Markets, Stonecap Securities Inc., Global HunterSecurities LLC, Euro Pacific Capital Inc.
Included in:
S&P/TSX Index, Russell Global Index and Market Vectors TM Junior Gold Miners Index
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VALUE PROPOSITION
Great Panther is a profitable primary silver producer with two wholly ownedproducing mines, and development and exploration projects in Mexico
Strong leverage to silver price as we potentially approach a major up-leg
Excellent liquidity on TSX and NYSE MKT
Strong cash position & no long term debt Significant organic growth
funded out of cash flow
Pursuing acquisition opportunities to add third property in Latin America
Coverage by 5 analysts with 12-month targets up to 90% higher than current price
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