Corporate Presentation JANUARY 25, 2018 W W W . G R E A T P A N T H - PowerPoint PPT Presentation

Corporate Presentation JANUARY 25, 2018 W W W . G R E A T P A N T H E R . C O M

Disclaimer This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation 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 the Company's plans for production at its Guanajuato Mine Complex (“GMC”) and Topia Mine in Mexico, the Coricancha Mine (“Coricancha”) in Peru and exploring its other properties in Mexico, the overall economic potential of its properties, the timing and results of the Coricancha technical reports, timing and cost to the Company of reactivating the Coricancha, anticipated processing and production rates that may be achieved at the Coricancha upon reactivation, the ultimate cost of reclaiming legacy tailings facilities, results of exploration and potential changes to the Coricancha resource base, 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 Company's operations in a foreign jurisdiction, technical and operational difficulties that may be encountered with reactivation of the Coricancha, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, uncertainty in mineral resource estimation, physical risks inherent in mining and reclamation 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, permitting risks, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Annual Information Form for the year ended December 31, 2016 and Material Change Reports filed 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-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. Matthew Wunder, P. Geo. is the Qualified Person under NI 43-101 for the projects discussed in this presentation. TSX: GPR | NYSE AMERICAN: GPL 2

Building a Foundation for Growth >90% precious metals Silver-Gold Unhedged - No Royalties - No Streams Two 100% owned mining operations in Mexico; Producer potential to restart one project in Peru Strong balance sheet - No debt Strength 1,2 , $63.6M working capital 2 $55.5M cash Effectively reduced cost through downturn Disciplined and grew production Organic growth potential within operating Growth districts and pursuing acquisitions 1. Includes cash and short-term deposits 2. US Dollars; As at September 30, 2017 TSX: GPR | NYSE AMERICAN: GPL 3

Mexico & Peru Top two silver producing countries in the world Favourable political & mining jurisdictions TSX: GPR | NYSE AMERICAN: GPL 4

Guanajuato District (Ag-Au) Historically one of Steadily grew Mexico’s most prolific production at GMC to mining districts with current level of past production of capacity more than one billion Ag oz over 400 years Commercial Excellent infrastructure. production at San Other projects in the Ignacio commenced district have potential June 2014 to be satellite operations TSX: GPR | NYSE AMERICAN: GPL 5

San Ignacio Mine (Ag-Au) Ramp access from Ore trucked 22 km to surface Cata Plant in Guanajuato Accounted for 62% Significant potential of the total ore for resource expansion processed at the over 4 km strike length GMC in 2017 Currently producing at between 500 - 600 tpd TSX: GPR | NYSE AMERICAN: GPL 6

Guanajuato Mine Complex (Ag-Au) 1 FY 2017 Metal Production (Ag eq oz 2 ) 2,892,068 Silver Production (Ag oz) 1,386,964 Recoveries Ag/Au (%) 89.2 / 86.9 Average Grades Ag/Au (g/t) 151 / 2.41 Ore processed (tonnes) 319,964 9 mos 2017 Cash Cost/Ag oz 3,4 US $3.89 Accounted for 73% of total production in 2017 ¹ All-in Sustaining Cost/Ag oz 3,4 US $8.78 1. Includes mill feed from San Ignacio. 2. Silver equivalent ounces for 2017 are calculated using a 70:1 Ag:Au ratio. 3. Cash cost per silver payable ounce and all-in sustaining cost per silver payable ounce (“AISC”) are non-IFRS performance measures. Refer to the “Non -IFRS 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, they may not be directly comparable to similarly titled measures used by others. 4. As at September 30, 2017 TSX: GPR | NYSE AMERICAN: GPL 7

Topia Mine (Ag-Pb-Zn-Au) Property covers most of High grade, narrow vein district – more than underground mining 6,500 hectares with central plant Operating 10 separate Ability to expand mines provides flexibility production at profitable mines; can temporarily close others as needed Plant upgraded & Lead and zinc construction of new concentrates sold to tailings storage facility metal trader in Mexico has commenced TSX: GPR | NYSE AMERICAN: GPL 8

Topia Mine (Ag-Pb-Zn-Au) FY 2017 Metal Production (Ag eq oz 1 ) 1,087,000 Silver Production (Ag oz) 596,000 Ag / Au (%) 91.7 / 65.3 Recoveries Pb / Zn (%) 93.1 / 94.2 Ag / Au (g/t) 376 / 0.89 Average Grades Pb / Zn (%) 2.58 / 3.47 Ore processed (tonnes) 53,700 9 mos 2017 Cash Cost/Ag oz 2,3 US $9.13 All-in Sustaining Cost/Ag oz 2,3 *US $16.58 * Reflects plant upgrades & dry tails handling facility completed in Q1:17 Accounted for 27% of total production in 2017 1. Silver equivalent ounces for 2017 are calculated using a 70:1 Ag:Au ratio, and ratios of 1:0.0559 and 1:0.0676 for the price/ounce of silver to lead and zinc respectively. 2. Cash cost per silver payable ounce and all-in sustaining cost per silver payable ounce (“AISC”) are non-IFRS performance measures. Refer to the “Non -IFRS 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, they may not be directly comparable to similarly titled measures used by others. TSX: GPR | NYSE AMERICAN: GPL 9

2018 Outlook Steady outlook for Mexican operating mines Focus on advancing Coricancha Project in Peru to set platform for growth in 2019 and 2020 9 mos FY 2017 FY 2018 2017 Actual Guidance Total silver equivalent ounces 1 2,913,000 3,979,000 4,000,000 – 4,100,000 Cash cost per silver payable US$ 5.21 TBA US$ 5.00 – US$ 6.50 ounce 1,2,3 AISC 1,2,3 US$ 15.60 TBA US$ 12.50 – US$ 14.50 1. Silver equivalent ounces for 2018 guidance have been calculated using a 70:1 Au:Ag ratio, and ratios of 1:0.0559 and 1:0.0676 for the US dollar price of silver ounces to the US dollar price for lead and zinc pounds, respectively. 2. Silver equivalent ounces for 2017 guidance have been calculated using a 70:1 Au:Ag ratio, and ratios of 1:0.0559 and 1:0.0676 for the US dollar price of silver ounces to the US dollar price for lead and zinc pounds, respectively. 3. “Cash cost” and “AISC” are non - IFRS measures. Refer to the “Non - IFRS measures” section of the Company’s MD&A for complete defin itions and reconciliations to the company’s financial statements. TSX: GPR | NYSE AMERICAN: GPL 10

Project Pipeline ~ 10 Years 5-10 Years 3-5 Years 1-3 Years Present Early Stage Advanced Stage Advanced Stage Production Development Exploration Development Exploration Guanajuato Mine Santa Rosa El Horcón Coricancha San Ignacio Mine Topia Mine Pipeline of projects at various stages of exploration & development provides growth opportunities Fully financed to bring Coricancha into production; and good potential to finance from cash-flow from Mexican operations TSX: GPR | NYSE AMERICAN: GPL 11