new intermediate gold & silver producer...reclaiming legacy tailings facilities, results of...

NEW INTERMEDIATE GOLD & SILVER PRODUCER

Fiscal Year 2019 Financial ResultsMarch 31, 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, 2019 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

Please refer to slides 22-24 for further Cautionary Statements on Forward Looking Statements and Cautionary Note to United States Investors


Speakers

Jeffrey Mason Neil Hepworth Jim Zadra David WiensInterim President & CEO

Chair of the BoardChief Operating Officer Chief Financial Officer VP, Corporate Finance &

Treasury


COVID-19

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

• COVID-19 procedures in place at all operations and offices

• Proactive measures:

• Travel restrictions

• Supervision, monitoring and response plans in place

• Health screening

• Limited external visitors

• Continuous assessment

• Operations in Mexico and Brazil not currently impacted

• Operational Contingencies:

• Stockpiling of ore

• Procedures in event of outbreak/shutdown

• US$37 million cash as at year-end


2019 HighlightsA Transformational Year for Great Panther

• Transformational acquisition of Tucano in 2019; production up 182%

• Updated MRMR for Tucano and GMC; provides confidence for mine planning

• Produced 147,000 Au-eq oz at AISC of $1,383/oz (excl corp G&A); Q4 UCS incident impact

Tucano Gold Mine

• Produced 124,000 Au ounces in 2019; maintained ~92% gold recoveries

• $6.6M, 55,000m exploration program in 2020, focused on near mine resources

• 2020 Guidance of 120K-130Koz with AISC of $1,150-$1,250 (UCS production deferred to 2021)

Mexican Silver Operations

• Record metal production from Topia in 2019; transition to Phase III tailings ongoing

• GMC production sourced primarily from San Ignacio

• 25,000m exploration program in 2020, focused on enabling Guanajuato Mine re-start

• 2020 GMC Guidance of 1.2M-1.4Moz Ag Eq with AISC of $13.00-$14.00/oz Ag; Topia Guidance in Q2

Operational & Financial Highlights

• Significant increase in cash Mine Operating Earnings; adjusted EBITDA of $7.9M

• Ended year with $37M in cash; reduced overall debt by ~$37M during 2019

• Raised $14M of non-dilutive capital post year end Au-eq figures based on an 80:1 Ag:Au ratio

2019 Production

Brazil

Mexico147,000Au-eq

Cash and Debt

Cash &deposits

Debt

$43M

$37M

72%

28%


Tucano Gold Mine

• Acquired March 5, 2019

• Operational transition to sulphide treatment completed in April 2019

• 34,200 ounces of gold produced in Q4

• 123,900 ounces of gold for full calendar year 2019

• Production and costs since GPR ownership:

• Production: 105,600 oz

• Cash Cost: $1,118/oz sold

• AISC: $1,406/oz sold

• Improving productivities 2019 Q1 Q2 Q3 Q4 2019 Total

Tonnes Milled 747,200 718,682 747,498 860,634 3,074,014

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

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

Gold ounces 23,469 29,899 36,317 34,181 123,866


80%

82%

84%

86%

88%

90%

92%

94%

96%

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

Feb

-20

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

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

Feb

-20

Improving Mining & Plant Performance

Increased Material Movement 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

U&M activated


Topia Mine (Ag-Au-Zn-Pb)

FY 2019 FY 2018

Ore processed Tonnes 79,257 73,605

Average GradesAg / Au (g/t) 392 / 0.94 344 / 0.79

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

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

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

Silver Production Ag oz 938,581 761,107

Silver Equivalent Production1 Ag eq oz 1,785,483 1,548,343

Cash Cost / payable Ag oz2 Oz $12.09 $6.90

AISC / payable Ag oz2 Oz $15.35 $8.50

1. Ag eq oz are calculated using a 80:1 Ag:Au ratio and ratios of 1:0.0636 and 1:0.0818 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.

• Record metal production achieved in 2019

• 15% increase in production compared to 2018

• Updated NI 43-101 expected in mid-2020

• Tailings deposition transitioning from Phase II to Phase III


FY 2019 FY 2018

Ore processed Tonnes 187,610 300,624

Average Grades Ag/Au (g/t) 116 / 2.26 129 / 2.27

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

Silver Production Ag oz 590,781 1,096,757

Silver Equivalent Production2 Ag eq oz 1,517,853 2,622,623

Cash Cost / payable Ag oz3 Oz $6.74 $10.23

AISC / payable Ag oz3 Oz $13.21 $14.14

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)1

• Nearly all production sourced from San Ignacio in 2019; guidance for 2020 assumes over 80% of ore mined from San Ignacio

• Guanajuato Mine focus of 2020 exploration drilling, continuing with four drill rigs; San Ignacio surface/underground program

• Updated NI 43-101 completed in March 2020

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

• Reduction in unit costs benefit from higher gold by-product revenue and cut in overheads


1. The Company has included the non-GAAP performance measures cash cost, 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 this 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, they may not bedirectly comparable to similarly titled measures used by others.

in US$000s unless otherwise stated FY 2019 FY 2018

INCOME STATEMENT

Revenue $ 198,653 $ 59,434

Production costs $ 156,779 $ 47,414

Mine operating earnings before non-cash items1 $ 41,874 $ 12,020

G&A $ 17,557 $ 6,389

EE&D $ 24,026 $ 11,708

EARNINGS

Net income (loss) $ (91,022) $ (10,063)

Earnings (loss) per share – basic and diluted $ (0.33) $ (0.06)

CASH FLOW

Adjusted EBITDA1 $ 7,919 $ (5,054)

Operating cash flows before changes in non-cash working capital1 $ (1,486) $ (6,722)

BALANCE SHEET

Cash and cash equivalents, and short-term deposits $ 36,970 $ 50,581

Net working capital $ 12,815 $ 63,271Borrowings $ 42,693 $ Nil

Shareholders’ equity $ 100,499 $ 72,656

PRODUCTION METRICS

Gold equivalent production (oz) 146,853 52,137

Total cash cost per Au oz sold1 $ 1,071 $ 664

AISC, excluding corporate G&A per payable Au oz1 $ 1,383 $ 943

Financial Summary


MRMR Update

MRMR Update - Highlights

• P&P open pit & stockpiles of 358,000 Au oz

• Incremental open pit M&I of 512,000 Au oz

• Underground P&P of 288,000 Au oz, M&I of 448,000 Au oz, and Inferred of 810,000 Au oz

• Increase in average P&P gold grade to 2.2 g/t Au

• MRMR effective September 30, 2019

Mineral Resource Estimate - Highlights

• Guanajuato M&I +66% to 3.8M Ag eq oz, Inferred of 2.4M Ag eq oz

• San Ignacio M&I of 5.0M Ag eq oz, Inferred of 5.9M Ag eq oz

• Guanajuato MRE effective October 31, 2019

• San Ignacio MRE effective July 31, 2019

Next Steps & Opportunities

• Guanajuato: 14,400 metres planned for 2020

• San Ignacio: 8,500 metres planned for 2020

• Goal to re-start Guanajuato in late 2020

Next Steps & Opportunities

• Near-mine exploration: target replacement of 2020 ounces mined, potential program expansion

• Conversion of existing M&I

• Underground opportunity

• Regional exploration

Tucano Guanajuato Mine Complex


Tucano Exploration Targets

1. Torres & Torres South lodes

2. Neo Lodes form parallel structure in immediate hangingwall of TAPAB. The deeper and lateral extent of these lodes are yet to be drilled systematically

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 (~$5M) in 2020 (replace this year, enable UG)

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

6South North

NLong Section3 4


Tucano Underground

• AMC Completed a Pre-Feasibility Study in 2016 for an Underground Mine at Urucum North:

• Competent rock

• $10M up front capex

• $44M total capex including sustaining

• 2-year development to production

• 2020 Plans:

• Drill in Q4 to refine understanding (between zone 1 and 2, and below to depth)

• Consider feasibility study to commence end of year and exploration decline which can be potentially converted to production access

• Geotech drilling to establish location of underground infrastructure. Examine economics of increasing throughput through construction of two declines


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

• Over 2,000km2 under various stages of licensing

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

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

Multiple Regional Targets

• 28,000 metres (RAB / RC) drilling (~$1.6M) in 2020

• >10 gold-in-soil anomalies identified

• Additional untested structural targets

• Data organization complete

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


Coricancha Project

• Bulk Sample Program (BSP) completed in mid 2019

• Key parameters consistent with 2018 PEA

• Mining method at similar mining widths

• Metallurgical recoveries

• Processing campaign of ~25,000 tonnes through Q2 2020

• Mill has continued to operate well during BSP and subsequent ore processing

• Continuing with engineering and refinement, evaluation of conditions for a re-start

CORICANCHA | 100% OWNED, LIMA, PERU

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


2020 Guidance

Production and cash cost guidanceFY 2019

ActualFY 2020

Guidance

Tucano Gold production koz 106 120 – 130

Cash Cost US$/oz Au sold $1,118 $900 – $1,000

AISC US$/oz Au sold $1,406 $1,150 – $1,250

GMC Gold Eq production koz 19 14 – 16

Silver Eq production Moz 1.5 1.2 – 1.4

Cash Cost US$/oz Ag sold $6.74 $9.00 – $10.00

AISC US$/oz Ag sold $13.21 $13.00 – $14.00

Topia Gold Eq production koz 22 N/A

Silver Eq production Moz 1.8 N/A

Cash Cost US$/oz Ag sold $12.09 N/A

AISC US$/oz Ag sold $15.35 N/A

Gold eq oz for FY2019 were calculated using a 1:80 Au:Ag ratio, and ratios of 1:0.000795 and 1:0.00102258 for the price/ounce of gold to price/pound of lead and zinc, respectively, and applied to the relevant metal content of theconcentrates produced, expected to be produced, or sold from operations. Gold eq oz for FY2020 Guidance used a 1:90 Au:Ag ratio.

Cash cost per gold ounce sold, AISC per gold ounce sold excluding corporate G&A expenditures and AISC per gold ounce sold are non-GAAP measures. Refer to the Non-GAAP 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 may not be directly comparable to similarly titled measures used by others.


Question & Answer Session

TSX: GPR | NYSE American: GPL

greatpanther.com

Closing Remarks

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MRMR Update - Tucano

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 uses an effective date of July 31, 2019 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.

• El Horcón use an effective date of August 31, 2016; and all used a metal price outlook of US$18.00/oz Ag, US$1,300/oz Au and US$0.80/lbPb. Robert F. Brown, P.Eng was the Qualified Persons for the mineral resource update under NI 43-101. Silver equivalent calculations for El Horcón include lead content but not zinc, as the zinc would not be recovered in the Guanajuato plant.

• 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. 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 by year-end for Topia.

Notes to Reserves & Resources Tables


Cautionary Statement on Forward Looking StatementsCertain of the statements and information in this document constitute “forward-looking statements” within themeaning of the United States "Private Securities Litigation Reform Act" of 1995 and “forward-looking information”within Canadian securities laws (collectively, “forward-looking statements”). All statements, other than statements ofhistorical fact, addressing activities, events or developments that the Company expects or anticipates will or may occurin the future are forward-looking statements. Forward-looking statements are often, but not always, identified by thewords “anticipates”, “believes”, “expects”, “may”, “likely”, “plans”, “intends”, “expects”, “may”, “forecast”, “project”,“budgets”, “potential”, and “outlook”, or similar words, or statements that certain events or conditions “may”, “might”,“could”, “can”, “would”, or “will” occur. Forward-looking statements reflect the Company’s current expectations andassumptions, and are subject to a number of known and unknown risks, uncertainties and other factors, which maycause the Company’s actual results, performance or achievements to be materially different from any anticipatedfuture results, performance or achievements expressed or implied by the forward-looking statements. In particular,this MD&A includes forward-looking statements, principally under the section titled Guidance and Outlook, but alsoelsewhere in this document relating to estimates, forecasts, and statements as to management’s expectations, opinionsand assumptions with respect to the future production of gold, silver lead and zinc; profit, operating costs and cashflows; grade improvements; sales volume and selling prices of products; capital and exploration expenditures, plans,timing, progress, and expectations for the development of the Company’s mines and projects; the timing of productionand the cash and total costs of production; sensitivity of earnings to changes in commodity prices and exchange rates;the impact of foreign currency exchange rates; expenditures to increase or determine reserves and resources;sufficiency of available capital resources; title to claims; expansion and acquisition plans; and the future plans andexpectations for the Company’s properties and operations. Examples of specific information in this MD&A and/orincorporated by reference to the annual audited consolidated financial statements for the year ended December 31,2019 that may constitute forward-looking statements are:

Regarding Tucano:• Expectations regarding the results of the geotechnical review of UCS and the Company’s plans for continued mining

at UCS;• Expectations regarding the production profile for Tucano and its ability to meet the production guidance for 2020;• Expectations regarding Tucano’s exploration potential;• Expectations regarding Tucano’s near-mine and regional exploration programs and ability to discover new

resources, and/or convert resources to reserves;• Expectations of significant exploration potential, including regional, and multiple in-mine and near-mine

opportunities with the potential to extend the mine life;• Expectations regarding the potential for an underground mine and possible plans to complete a feasibility study;• Expectations regarding cost reductions that may be achieved in 2020;

Regarding the GMC:• Expectations that the Company will maintain operations while it continues to compile and submit technical

information to the Comisión Nacional del Agua (“CONAGUA”), and while the Company awaits CONAGUA’s review ofsuch information;

• Expectations that the current tailings footprint at the GMC can be maintained and can support operations at theGMC for 1.5 years from January 1, 2020;

• Expectations that permits associated with the use and expansion of the TSF at the GMC will be granted in duecourse and on favourable terms, with no suspension of the GMC operations;

• Expectations that additional economic resources are identified at the GMC; and• Expectations that the Company will receive any additional water use and discharge permits required to maintain

operations at the GMC.

Regarding Topia:• Expectations regarding the receipt of a permit for the Topia Phase III tailings facility and the Company’s ability to

find alternatives to store tailings until Phase III is permitted (or recommencement of tailings deposition at Phase II)and to continue operations at Topia;

• Expectations that the Company will be able to achieve compliance with the voluntary environmental audit programauthorized by the Procuraduría Federal de Protección al Ambiente (“PROFEPA”) by January 2021, and that uponcompletion of the compliance program, further reviews will not lead to future suspensions of operations.

Regarding Coricancha:• The expectation that pending proposals for modification of an approved closure plan will conclude with the

approval of the Ministry of Energy and Mines (“MEM”), which may also resolve any related fines or penalties;• Expectations regarding the availability of funds to restart production and the ability to restart a commercially viable

mine;• Expectations regarding the costs to restart Coricancha;• Expectations that Coricancha can be restarted and operated on the operating assumptions confirmed by the BSP;• Expectations regarding recoveries from Nyrstar in relation to its Coricancha indemnification obligations;

Opportunities relating to optimization of mining, future exploration and the expansion of the mine life indicatedunder the PEA; and

• Expectations regarding the reclamation process.

Regarding general corporate matters:• Guidance provided in the Guidance and Outlook section of this MD&A, such as production, cash cost, AISC, capital

expenditures and other expenditures for 2020 in respect of the individual mines;• Expectations that along with its cash flows generated from mining activities, and its current cash and other net

working capital, including cash raised from equity and debt financing and the ATM Facility, that it will have sufficientcapital resources in the next twelve months to fund capital investments and projects and to repay indebtedness;

• Expectations that the Company’s operations will not be impacted by government or industry measures to controlthe spread of COVID-19;

• Estimates made by management in the preparation of the Company’s financial statements relating to theassessments of provisions for loss and contingent liabilities relating to legal proceedings and the estimation of thecarrying value of the Company’s mineral properties;

• Expectations in respect of permitting and development activities; and• Expectations that metallurgical, environmental, permitting, legal, title, taxation, socio-economic, political, marketing

or other issues will not materially affect the Company’s estimates or mineral reserves and mineral resources or itsfuture mining plans;


Cautionary Statement on Forward Looking Statements

These forward-looking statements and information reflect the Company's current views with respect to futureevents and are necessarily based upon a number of assumptions that, while considered reasonable by the Company,are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies.These assumptions include: the accuracy of the Company’s mineral reserve and mineral resource estimates and theassumptions upon which they are based; ore grades and recoveries; prices for silver, gold, and base metalsremaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamationestimates; prices for energy inputs, labour, materials, supplies and services (including transportation); all necessarypermits, licenses and regulatory approvals for the Company’s operations are received in a timely manner, includingthe permit for the Phase III Topia tailings storage facility; the Topia Phase II tailings storage facility can be remediatedas planned; the Company’s ability to comply with environmental, health and safety laws; management’s estimates inconnection with the assessment of provisions for loss and contingent liabilities relating to legal proceedings maydiffer materially from the ultimate loss or damages incurred by the Company; the Company’s inability to meet itsproduction forecasts or to generate the anticipated cash flows from operations in 2020 could result in theCompany’s inability to meet its scheduled debt payments when due; management’s estimates regarding the carryingvalue of the its mineral properties may be subject to change in future financial periods, which may result in furtherwrite-downs and consequential impairment loss; the accuracy of the information included or implied in the variouspublished technical reports; the geological, operational and price assumptions on which these technical reports arebased; conditions in the financial markets; the ability to attract and retain skilled staff; the ability to procureequipment and operating supplies and that there are no material unanticipated variations in the cost of energy orsupplies; the ability to secure contracts for the sale of the Company’s products (metals concentrates and gold dore);the execution and outcome of current or future exploration activities; the ability to obtain adequate financing forplanned activities and to complete further exploration programs; the possibility of project delays and cost overruns,or unanticipated excessive operating cost and expenses, the Company’s ability to maintain adequate internal controlover financial reporting, and disclosure controls and procedures; the ability of contractors to perform theircontractual obligations; and operations not being disrupted by issues such as mechanical failures, labourdisturbances, illegal occupations or mining, seismic events, and adverse weather conditions.

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may causethe actual results, performance or achievements expressed or implied by such forward-looking statements to bematerially different. Such factors include, among others, risks and uncertainties relating to: the inherent risk thatestimates of mineral reserves and resources may not be accurate and accordingly that mine production will not be asestimated or predicted; gold, silver and base metal prices may decline or may be less than forecasted; fluctuations incurrency exchange rates (including the U.S. dollar to Brazilian real exchange rate) may increase costs of operations;operational and physical risks inherent in mining operations (including pit wall collapses, tailings storage facilityfailures, environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpectedgeological or structural formations, cave-ins, flooding and severe weather) may result in unforeseen costs, shutdowns, delays in production and exposure to liability; planned exploration activities may not result in conversion of

existing mineral resources into mineral reserves or discovery of new mineral resources; potential political and socialrisks involving Great Panther’s operations in a foreign jurisdiction; the potential for unexpected costs and expenses;employee relations; relationships with, and claims by, local communities and indigenous populations; the Company’sability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws,regulations and government practices in the jurisdictions in which the Company operates; legal restrictions relatedto mining; the inability to remediate the UCS pit at the Tucano Gold Mine and the Topia tailings storage facility asplanned; diminishing quantities or grades of mineral reserves as properties are mined operating or technicaldifficulties in mineral exploration, changes in project parameters as plans continue to be refined; acts of foreigngovernments; political risk; labour or social unrest; uncertainties related to title to the Company’s mineral propertiesand the surface rights thereon, including the Company’s ability to acquire, or economically acquire, the surface rightsto certain of the Company’s exploration and development projects; unanticipated operational difficulties due toadverse weather conditions, failure of plant or mine equipment and unanticipated events related to health, safety,and environmental matters; failure of counterparties to perform their contractual obligations; uncertainty of MineralResource estimates; deterioration of general economic conditions; the Company’s ability to operate as anticipated;and the Company’s ability to appropriately capitalize and finance its operations, and other risks and uncertainties,including those described in respect of Great Panther in its Annual Information Form (“AIF”) for the year endedDecember 31, 2019 and material change reports filed with the Canadian Securities Administrators available atwww.sedar.com and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission andavailable at www.sec.gov.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements orinformation. Forward-looking statements or information are statements about the future and are inherentlyuncertain, and actual achievements of the Company or other future events or conditions may differ materially fromthose reflected in the forward-looking statements or information.

The Company’s forward-looking statements and information are based on the assumptions, beliefs, expectations andopinions of management as of the date of this MD&A. The Company will update forward-looking statements andinformation if and when, and to the extent required by applicable securities laws. Readers should not place unduereliance on forward-looking statements. The forward-looking statements contained herein are expressly qualified bythis cautionary statement. Further information can be found in the section entitled "Description of the Business –Risk Factors" in the most recent Form 40-F/AIF on file with the SEC and Canadian provincial securities regulatoryauthorities. Readers are advised to carefully review and consider the risk factors identified in the Form 40-F/AIF fora discussion of the factors that could cause the Company’s actual results, performance and achievements to bematerially different from any anticipated future results, performance or achievements expressed or implied by theforward-looking statements. It is recommended that prospective investors consult the more complete discussion ofthe Company’s business, financial condition and prospects that is included in the Form 40-F/AIF.


Cautionary Note To United States Investors

CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED ANDINFERRED RESOURCES

As a British Columbia corporation and a “reporting issuer” under Canadian securities laws, the Company is required toprovide disclosure regarding its mineral properties in accordance with Canadian National Instrument 43-101 Standardsof Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administratorsthat establishes standards for all public disclosure an issuer makes of scientific and technical information concerningmineral projects. In accordance with NI 43-101, the Company uses the terms Mineral Reserves and Resources as theyare defined in accordance with the CIM Definition Standards on Mineral Reserves and Resources (the “CIM DefinitionStandards”) adopted by the Canadian Institute of Mining, Metallurgy and Petroleum.

The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements forissuers whose securities are registered with the United States Securities and Exchange Commission (the “SEC”) underthe U.S. Exchange Act. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”). TheSEC Modernization Rules have replaced the historical property disclosure requirements for mining registrants that wereincluded in SEC Industry Guide 7 (“Guide 7”), which have been rescinded. The Company is not required to providedisclosure on its mineral properties under the SEC Modernization Rules as the Company is presently a “foreign issuer”under the U.S. Exchange Act and entitled to file continuous disclosure reports with the SEC under the MJDS DisclosureSystem between Canada and the United States.The SEC Modernization Rules include the adoption of terms describing Mineral Reserves and Mineral Resources that aresubstantially similar to the corresponding terms under the CIM Definition Standards. As a result of the adoption of theSEC Modernization Rules, SEC will now recognize estimates of Measured Mineral Resources, Indicated MineralResources and Inferred Mineral Resources. In addition, the SEC has amended its definitions of Proven Mineral Reservesand Probable Mineral Reserves to be substantially similar to the corresponding CIM Definitions.

NYSE American GPL | TSX GPR

greatpanther.com

David Wiens, CFAVP, Corporate Finance & Treasury

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

https://www.facebook.com/GreatPantherSilver

https://www.linkedin.com/company/great-panther-silver-limited

https://twitter.com/Gr8_Panther

http://www.greatpanther.com/

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