TSX GPR | NYSE American GPL CORPORATE PRESENTATION greatpanther. com July 2020
Cautionary Statements Forward Looking Statements Note on Preliminary Economic Assessment & Inferred Resources This presentation contains forward-looking statements within the meaning of the United States The mine plan evaluated in the PEA is preliminary in nature and additional technical studies will Private Securities Litigation Reform Act of 1995 and forward-looking information within the need to be completed in order to fully assess its viability. There is no certainty that a production meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward- decision will be made to reactivate Coricancha. In addition, we may determine to proceed with looking statements may include but are not limited to the Company's plans for production at a production decision without completion of customary feasibility studies demonstrating the Tucano in Brazil, Guanajuato Mine Complex (“GMC”) and Topia in Mexico, Coricancha in Peru economic viability of reactivation of Coricancha. A mine production decision that is made and exploring its other, the overall economic potential of its properties, timing and cost to the without a feasibility study carries additional potential risks which include, but are not limited to, Company of reactivating the Coricancha, anticipated processing and production rates that may (i) increased uncertainty as to projected initial and sustaining capital costs and operating costs, be achieved at the Coricancha upon reactivation, the ultimate cost of reclaiming legacy tailings rates of production and average grades, and (ii) the inclusion of Inferred Mineral Resources, as facilities, results of exploration and potential changes to the Coricancha resource base, the defined by NI 43-101 and CIM Definition Standards (see Cautionary Note to United States availability of adequate financing, and involve known and unknown risks, uncertainties and Investors below) that are considered too speculative geologically to have the economic other factors which may cause the actual results, performance or achievements expressed or considerations applied to them that would enable them to be converted to a Mineral Reserve, implied by such forward-looking statements to be materially different. Such factors include, as defined by NI 43-101 and CIM Definition Standards (see Cautionary Note to United States among others, risks and uncertainties relating to potential political risks involving the Investors below). Mine design and mining schedules, metallurgical flow sheets and process Company's operations in a foreign jurisdiction, technical and operational difficulties that may be plant designs may require additional detailed work and economic analysis and internal studies encountered with reactivation of the Coricancha, uncertainty of production and cost estimates to ensure satisfactory operational conditions and decisions regarding future targeted and the potential for unexpected costs and expenses, uncertainty in mineral resource production. In addition, the results of the Bulk Sample Program may impact on the projected estimation, physical risks inherent in mining and reclamation operations, currency fluctuations, capital and operating costs, with the result that the projected NPV, IRR and cash flows may be fluctuations in the price of silver, gold and base metals, completion of economic evaluations, adversely impacted. changes in project parameters as plans continue to be refined, permitting risks, the inability or Readers are cautioned not to assume that any part or all of Mineral Resources used in this PEA failure to obtain adequate financing on a timely basis, and other risks and uncertainties, will ever be converted into reserves. Inferred Mineral Resources, in particular, have a great including those described in the Company's Annual Information Form for the year ended amount of uncertainty as to their existence and/or economic and legal feasibility and readers December 31, 2018 and Material Change Reports filed with the Canadian Securities are cautioned not to assume that they will ever be upgraded to a higher category. Under Administrators available at www.sedar.com and reports on Form 40-F and Form 6-K filed with Canadian standards, estimates of Inferred Mineral Resources may form part of preliminary the Securities and Exchange Commission and available at www.sec.gov. economic assessment, but may not form the basis of feasibility or pre-feasibility studies, except Statements concerning mineral reserve and resource estimates may also be deemed to in rare cases. Mineral Resources that are not Mineral Reserves, do not, by definition, have constitute forward-looking statements to the extent that they involve estimates of the demonstrated economic viability. mineralization that will be encountered if the property is developed. Any statements that Note to United States Investors express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, Great Panther prepares its disclosure in accordance with the requirements of securities laws in using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, effect in Canada which differ from the requirements of U.S. securities laws. Terms relating to “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or mineral resources and mineral reserves in this presentation in respect of Great Panther are stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be defined in accordance with National Instrument 43-101-Standards of Disclosure for Mineral taken, occur or be achieved, or the negative of any of these terms and similar expressions) are Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy. The not statements of historical fact and may be forward-looking statements. Securities and Exchange Commission (the ‘‘SEC’’) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally The technical information contained in this presentation has been reviewed and approved by extract or produce. This presentation uses certain terms, such as, ‘‘measured mineral Robert F. Brown, P. Eng., for Topia, GMC, and Coricancha, and by Fernando A. Cornejo, P. Eng., resources’’, ‘‘indicated mineral resources’’ and ‘‘inferred mineral resources’’, that the SEC does Vice President Operations, Brazil, and Nick Winer, Vice President Exploration, for Tucano. All are not recognize (these terms may be used in this presentation and are included in the public Qualified Persons (QPs) for the purpose of National Instrument 43-101. filings of Great Panther which have been filed with securities commissions or similar authorities in Canada TSX GPR | NYSE American GPL 2
COVID-19 Update Health and safety of our people and communities is a core value • All confirmed cases of COVID-19 are in isolation and being monitored by Company health professionals with regular reports to health authorities • 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 • Tucano donated 1,000 quick COVID-19 test kits, surgical masks and other materials to the communities of Pedra Branca and Serra de Navio • Operational contingencies: • Stockpiling of ore • Procedures in event of outbreak/shutdown • Strengthening supply chains TSX GPR | NYSE American GPL 3
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 as a result of the Tucano acquisition • Revenue of $48.1M and delivered cash flow from operations of $11.8M • Ended Q1 with $39M cash and no net debt on a proforma basis reflecting May 2020 financing Tucano gold mine • Produced 26,176 oz gold, a 12% increase over Q1 2019 • Announced inaugural Mineral Reserve and Mineral Resource Estimates • 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 • Mexican operations resumed at end of May TSX GPR | NYSE American GPL 4
Investment Highlights A growing gold and Diversified portfolio of Actively exploring large Pursuing acquisition silver producer focused assets in Brazil, Mexico land packages in highly opportunities to on the Americas and Peru prospective districts complement existing portfolio Strong management Focus on continuous Attractive re-rating and board of directors improvement in operations potential TSX GPR | NYSE American GPL 5
Gold and Silver Production in the Americas ARGOSY 2020 Guidance 146,000 - 158,000 Au eq oz TOPIA Primary Silver Producer PLOMO SANTA ROSA TUCANO EL HORCÓN Gold Producer GUANAJUATO MINE COMPLEX Silver-Gold Producer CORICANCHA Primary Gold-Silver Development Project Producing mine Development project Exploration project TSX GPR | NYSE American GPL 6
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