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Topia Mine

Durango State, Mexico

Silver-Lead-Zinc-Gold

Highlights
  • 100% ownership
  • Property covers >6,500 hectares
  • High grade, narrow vein underground mining
  • Mining 11 different veins & trucking to central plant for processing
  • Extending strike length of known veins with additional drilling
Visit Topia Mine

El Horcon Project

Jalisco State, Mexico

Silver- Gold

Highlights
  • 100% ownership
  • Property covers >7,900 hectares within Guanajuato Trend
  • Surface drilling program completed in Q2 2013 (2,156 metres in 24 holes)
  • Initiating permitting process for Phase II exploration and development
  • Trucking distance to Guanajuato's Processing Plant
Visit El Horcon Mine

Santa Rosa Project

Guanajuato State, Mexico

Highlights
  • 100% ownership, NSR of 1.3% royalties on four out of five concessions
  • Trucking distance to Great Panther’s plant in Guanajuato
  • Property covers >1,500 hectares

Guanajuato Mine

Guanajuato State, Mexico

Silver-Gold

Highlights
  • Our flagship operation in Guanajuato State
  • 100% ownership
  • Building resources to increase mine life and production
  • Deep drilling successful in intersecting high-grade Ag-Au mineralization
  • Strong recoveries and increased throughput at newly-refurbished plant
Visit Guanajuato Mine

San Ignacio Mine

Guanajuato State, Mexico

Silver-Gold

Highlights
  • 100% ownership
  • 6.9 million Ag Eq Oz inferred resource to date
  • Trucking distance to Guanajuato's Processing Plant
  • Road construction finalized and ramp development continuing
  • Commercial production began in June 2014
Visit San Ignacio Mine

GUANAJUATO MINE COMPLEX

The Guanajuato Mine Complex is Great Panther Silver's flagship operation. The property consists of 28 claims, totaling 1,107 hectares. The concessions are 100%-owned by Great Panther's Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V. The main claim block covers 4.2 km of the prolific Veta Madre vein structure in the City of Guanajuato in central Mexico.
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For the first quarter of 2014, the Guanajuato operation processed 55,280 tonnes, up 5% compared to the same period in 2013. Ore grades were 128 grams/tonne ("g/t") Ag and 2.19g/t Au. Metal production included 199,059 Ag oz and 3,498 Au oz, or 408,942 Ag eq oz, which represented an increase of 2% over the same period in 2013.

Metal production at Guanajuato originated mainly from the gold-rich Santa Margarita mine followed by Cata and Los Pozos. Pre-production mill feed from San Ignacio development ore contributed somewhat to overall production.

For the quarter, plant metallurgical performance recorded a slight decline from both the first and fourth quarters of 2013 with metal recoveries of 87.3% for silver and 90.1% for gold, primarily due to processing lower grade ore.

SAN IGNACIO MINE

A satellite operation to the main Guanajuato Mine Complex. The San Ignacio mine started commercial production in June 2014. The mine is currently operating at a run rate of approximately 700 tonnes per.

TOPIA MINE

Topia is a high-grade silver-lead-zinc Mine in the Sierra Madre Mountains of Durango State, where silver has been mined intermittently since the 1500's. Great Panther owns 100% of the concessions that comprise 6500 hectares and are accessible by road and air. Topia includes 11 small mining operations all feeding a central plant.
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For the first quarter of 2014, ore processed at Topia increased 2% to a record 17,351 tonnes compared to the same period in 2013. Ore grades were 344g/t Ag, 0.56g/t Au, 1.90% lead ("Pb") and 2.70% zinc ("Zn"). Metal production included 171,609 Ag oz, 168 Au oz, 308 Pb tonnes and 431 Zn tonnes. Total metal production was a record 258,407 Ag eq oz which is 24% higher than the same period in 2013. The increase was primarily a function of improved grades over the first quarter of 2013. Silver grades alone improved 15%.

Plant metallurgical performance was 89.4% for silver, 53.8% for gold, 93.4% for lead and 91.9% for zinc. Various process optimization measures have been implemented at the processing plant and others are underway. Crushing capacity increased 48% as a result of the new cone crusher installed late last year.

OUTLOOK 2017

For 2017, the Company expects a production level of 4.0 to 4.1 million Ag eq oz (at a 70:1 ratio) from its Mexico operations. An updated NI 43-101 resource estimate for the GMC will be released later this month, however, due to necessary cut-off dates, recent high grade drill results will not be included in this estimate. Commissioning of the new tailings storage facility at Topia and resumption of milling is expected in the first quarter, with the gradual processing of ore stockpiled during the shutdown to be conducted through the balance of the year.

Completion of the recently announced acquisition of the Coricancha Mine in Peru is anticipated to take place before the end of the first quarter. Initial activities will include evaluations of current mine and processing infrastructure, underground drilling, and initiation of a Preliminary Economic Assessment. Depending on the outcome of the latter, development in support of operations is expected to commence in early- to mid-2018. A resource update is also scheduled for the second quarter 2017.

For the reported periods of 2016, the Company delivered reductions in cash cost and All-In Sustaining Costs ("AISC") of 60% and 31% respectively. For 2017, the Company expects cash cost to increase due to increases in site costs and increased expenditures on definition drilling aimed at reducing grade variability and improving mine planning. AISC is also expected to increase due to the increase in cash cost and greater investment in drilling, development and capital projects. In particular, AISC will reflect the non-recurring capital expenditures in the new tailings facility at Topia which will primarily be incurred in the first quarter of 2017. Based on current plans and projections, the Company's cash cost and AISC guidance for 2017 is US$5.00 – 6.00 and US$14.00 – 16.00, respectively.

The technical information contained in this news release has been reviewed and approved by Robert F. Brown, P. Eng., who is the Qualified Person (QP) for the Guanajuato Mine Complex and the Topia Mine under the meaning of NI 43-101. Aspects relating to mining and metallurgy are overseen by Ali Soltani, Chief Operating Officer for Great Panther.

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