A New Growth Oriented Intermediate Precious Metals Producer

Q1 2020 Financial Results Webcast

May 8, 2020

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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

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Speakers

Rob Henderson Neil Hepworth Jim Zadra Meghan BrownPresident and CEO Chief Operating Officer Chief Financial Officer VP Investor Relations

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Health and Safety Update

Health and safety of our people and communities in a core value

• Two isolated cases of COVID-19 at Tucano – both in isolation and being monitored by the local health authority

• Proactive measures:

• Travel restrictions and flexible, remote working plans

• Supervision, monitoring and rapid response plans in place

• Medical screening at plant gate and identification of high-risk employees

• Limited external visitors and extensive cleaning procedures

• Sites operating at minimum staff levels

• Tucano donated 1000 quick COVID-19 test kits, surgical masks and other materials to the communities of Pedra Branca and Serra de Navio

• Operations in Mexico suspended until May 30; Brazil not currently impacted

• Operational contingencies:

• Stockpiling of ore

• Procedures in event of outbreak/shutdown

• US$39 million cash as at March 31, 2020

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Q1 2020 Highlights

A solid start to 2020

• Delivered significant growth in revenue, mine operating earnings and operating cash flow

• Produced 34,725 Au eq oz, a 134% increase over Q1 2019 following Tucano acquisition

• Revenue of $48.1M delivered cash flow from operations of $11.8M

• Ended Q1 with $39M cash and near zero net debt

Tucano Gold Mine

• Produced 26,176 oz gold, a 12% increase over Q1 2019

• Announced inaugural Mineral Reserve and Mineral Resource Estimate

• Achieved a 47% increase in material movement

• Launched $6.6M, 55,000m exploration program focused on near mine resources

• 2020 guidance of 120,000-130,000 oz gold at AISC of $1,150-$1,250/oz

Mexican Silver Operations

• Produced 769,429 silver equivalent oz

• 25,000m exploration program underway at GMC

• 2020 GMC guidance of 1.2M-1.4M silver eq oz at AISC of $13.00-$14.00/oz; Topia guidance in Q2

• Subsequent to quarter end, temporarily suspended Mexican operations due to COVID-19

Au-eq figures based on a 90:1 Ag:Au ratio

34,725Au-eq

$43M

$37M

72%

28%

75%

25%

Q1 2020 Production

Brazil

Mexico

$39M

$43M

Cash and Debt

Cash

Debt

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Tucano Gold Mine

• Achieved 47% increase in material movement, 9% increase in plant throughput, and 4% increase in metallurgical recoveries relative to Q1 2019

• Produced 26,176 oz gold in a seasonally low quarter, 12% higher than Q1 2019

• Cash costs of $1,032/oz gold sold

• AISC of $1,739/oz gold sold, impacted by higher stripping activities that will benefit production and cost metrics through remainder of 2020

• Launched 55,000m, $6.6M exploration drill program

• On track for 2020 guidance of 120K-130K oz gold at AISC of $1,150-$1,250/oz

Q1 2019 Q2 2019 Q3 2019 Q4 2019 2019 Total Q1 2020

Tonnes milled 747,200 718,682 747,498 860,634 3,074,014 811,197

Head grade (Au g/t) 1.11 1.41 1.62 1.33 1.37 1.09

Plant recovery 88.0% 91.9% 93.2% 92.8% 91.8% 91.7%

Gold production (oz) 23,469 29,899 36,317 34,181 123,866 26,176

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Tucano – Reserve Replacement

Tucano Exploration Presentation 2019

OBJECTIVE: Convert 150,000 oz of Resources to Reserves

• A focused drilling program at TAP AB1 – AB3

• Areas of Inferred resources to be drilled to Indicated status

• Target resources are below the current $1,350/oz reserve pit shell and above $1,500/oz pit shell

TAP AB1

TAP AB3

Urucum UG

Urucum E

Torres

TAP C

Neo

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Tucano – Regional Exploration Potential

• Largely unexplored Proterozoic greenstone belt with significant package of reactive chemical sediments (BIFs, carbonates etc.) wedged between dominantly mafic volcanic and clastic sediments, intruded by multiple granite phases

• Initial regional surveys by BHP and AGA pre-2000

• Since 1999, only very limited exploration carried out, primarily by Beadell.

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Topia Mine (Ag-Au-Zn-Pb)

FY 2018 FY 2019 Q1 2020

Ore processed tonnes 73,605 79,257 19,359

Average grades

Ag/Au (g/t)

344/0.79 392/0.94 357/0.82

Pb/Zn (%) 2.82/3.41 2.65/3.44 2.22/3.45

RecoveriesAg/Au (%) 93.4/58.1 93.9/55.9 92.3/55.2

Pb/Zn (%) 94.3/94.1 93.2/94.3 93.5/94.7

Silver production Ag oz 761,107 938,581 205,184

Silver eq production1 Ag eq oz 1,548,343 1,785,483 376,303

Cash costs/payable Ag oz2 oz $6.90 $12.09 $15.57

AISC/payable Ag oz2 oz $8.50 $15.35 $17.73

1. Ag eq oz are calculated using a 90:1 Ag:Au ratio and ratios of 1:0.0577 and 1:0.0680 for the price/ounce of silver to lead and zinc price/pound, respectively, and applied to the relevant metal content of the concentrates produced, expected to be produced, or sold from operations.

2. Refer to the Non-GAAP Measures section of the Company’s MD&A for an explanation of these measures and reconciliation to the Company’s financial results reported in accordance with IFRS.

• Q1 2020 production impacted by lower grades

• 1,561m of exploration drilling completed in Q1 2020 to better define existing mineral resources and extend the mineral resources into new areas; four rigs on site

• Updated NI 43-101 expected in mid-2020

• Tailings deposition transitioning from Phase II to Phase III

• Operations currently on temporary suspension; ready to re-start on lifting of Mexican government restrictions by end of May

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FY 2018 FY 2019 Q1 2020

Ore processed1 tonnes 300,624 187,610 49,607

Average grades1 Ag/Au (g/t) 129/2.27 116/2.26 125/1.85

Recoveries Ag/Au (%) 87.9/87.1 84.7/85.2 85.4/84.1

Silver production Ag oz 1,096,757 590,781 169.734

Silver eq production2 Ag eq oz 2,622,623 1,517,853 393,126

Cash costs/payable Ag oz3 Oz $10.23 $6.74 $7.84

AISC/payable Ag oz3 Oz $14.14 $13.21 $14.21

1. Includes mill feed from San Ignacio.2. Ag eq oz are calculated using a 80:1 Ag:Au ratio and applied to the relevant metal content of the concentrates

produced, expected to be produced, or sold from operations.3. Refer to the Non-GAAP Measures section of the Company’s MD&A for an explanation of these measures and

reconciliation to the Company’s financial results reported in accordance with IFRS.

Guanajuato Mine Complex (Ag-Au)

• Stable production in Q1, sourced primarily from San Ignacio

• Updated NI 43-101 completed in March 2020

• Launched 8,500m 2020 exploration in-fill drill program; completed 2,288m in Q1 2020 with four rigs

• Potential increase in production from Guanajuato Mine in second H2 2020, contingent on continued exploration success

• Operations currently on temporary suspension; ready to re-start on lifting of Mexican government restrictions by end of May

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1. The Company has included the non-GAAP performance measures cash costs, 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-GAAP 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, theymay not be directly comparable to similarly titled measures used by others.

in US$000’s unless otherwise stated Q1 2020 Q1 2019 change % change

INCOME STATEMENT

Revenue 48,050 16,694 31,356 188%

Production costs 33,802 13,203 20,599 156%

Mine operating earnings before non-cash items1 14,248 3,491 10,757 308%

G&A 3,594 2,505 1,089 43%

EE&D 3,495 2,759 736 27%

EARNINGS

Net loss (40,464) (48,026) 7,562 16%

Loss per share – basic and diluted (0.13) (0.24) 0.11 46%

CASH FLOW

Adjusted EBITDA1 6,380 (1,698) 8,078 476%

Operating cash flows before changes in non-cash working capital1 894 (5,219) 6,113 117%

BALANCE SHEET

Cash and cash equivalents, and short-term deposits 38,795 41,359 (2,564) -6%

Net working capital (16,244) 1,718 (17,962) -1046%Borrowings 50,419 70,282 (19,863) -28%

Shareholders’ equity 55,185 115,924 (60,739) -52%

PRODUCTION METRICS

Gold equivalent production (oz) 34,725 14,860 19,865 134%

Total cash cost per Au oz sold1 1,045 868 177 20%

AISC, excluding corporate G&A per payable Au oz1 1,749 1,506 243 16%

Financial Summary

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Valuation Gap – Great Panther vs Intermediate Gold Producers

Source: Capital IQ

1.17x1.13x

0.96x0.93x 0.93x 0.93x

0.79x 0.77x

0.71x0.67x

0.58x

0.45x

Alacer Pretium SSRMining

Hochschild Hecla Alamos NewGold

Couer Torex Oceana GoldenStar

GreatPanther

Co

nse

nsu

s P

/NA

V

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Question & Answer Session

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Closing Remarks

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greatpanther.com

Meghan BrownVP Investor Relations

+1 236 558 4485mbrown@greatpanther.com