Corporate PresentationFebruary 21, 2017

This presentation contains forward-looking statements within the meaning of the UnitedStates Private Securities Litigation Reform Act of 1995 and forward-looking information withinthe meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Suchforward-looking statements may include but are not limited to the Company's plans forproduction at its Guanajuato and Topia Mines in Mexico, exploring its other properties inMexico, the overall economic potential of its properties, the availability of adequate financingand involve known and unknown risks, uncertainties and other factors which may cause theactual results, performance or achievements expressed or implied by such forward-lookingstatements to be materially different. Such factors include, among others, risks anduncertainties relating to potential political risks involving the Company's operations in aforeign jurisdiction, uncertainty of production and cost estimates and the potential forunexpected costs and expenses, physical risks inherent in mining operations, currencyfluctuations, fluctuations in the price of silver, gold and base metals, completion of economicevaluations, changes in project parameters as plans continue to be refined, the inability orfailure 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 endedDecember 31, 2015 and Material Change Reports filed with the Canadian SecuritiesAdministrators available at www.sedar.com, and reports on Form 40-F and Form 6-K filed withthe Securities and Exchange Commission and available at www.sec.gov.

Statements concerning mineral reserve and resource estimates may also be deemed toconstitute forward-looking statements to the extent that they involve estimates of themineralization that will be encountered if the property is developed. Any statements thatexpress 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, orstating that certain actions, events or results “may”, “could”, “would”, “might” or “will” betaken, occur or be achieved, or the negative of any of these terms and similar expressions) arenot statements of historical fact and may be forward-looking statements.

Robert Brown, P. Eng. is the Qualified Person under NI 43-101 for the projects discussed in thispresentation.

2

DISCLAIMER

3

The terms "Measured resource", "Indicated resource" and "Inferred resource" used in thisdocument are Canadian mining terms as defined in National Instrument 43-101 Standards ofDisclosure for Mineral Projects (“NI 43-101”) and CIM Standards on Mineral Resources andMineral Reserves. Mineral resources that are not mineral reserves have not beendemonstrated to be economically and legally extractable. Mineral resource estimates do notaccount for mineability, selectivity, mining loss and dilution. It should not be assumed that allor any part of a resource will ever be converted to a reserve. The mineral resource estimatespresented herein include Inferred mineral resources that are normally considered toospeculative geologically to have economic considerations applied to them that would enablethem to be categorized as mineral reserves. There is also no certainty that these Inferredresources will be converted to Measured and Indicated resource categories through furtherdrilling, or into mineral reserves once economic considerations are applied.

We advise U.S. Investors that while the terms "Measured resource", "Indicated resource" and"Inferred resource" are recognized and required to be reported by Canadian regulations, theU.S. Securities and Exchange Commission ("SEC") does not recognize these terms and doesnot normally permit such terms to be used in reports and registration statements filed withthe SEC. As such, information contained in this document concerning descriptions ofmineralization and resources under Canadian standards may not be comparable to similarinformation made public by U.S. companies subject to the reporting and disclosurerequirements of the SEC. Inferred resources have a great amount of uncertainty as to theirexistence and a great uncertainty as to their economic and legal feasibility. It cannot beassumed that all or any part of a Measured, Indicated or Inferred resource will ever beupgraded to a higher category. U.S. investors are cautioned not to assume that any part or allof an Inferred mineral resource exists, or is economically or legally mineable. U.S. investors arealso cautioned not to assume that any part or all of the mineral deposits in the Measuredresource or Indicated resource categories will ever be converted into reserves.

CAUTIONARY NOTETO U.S. INVESTORS

44

BUILDING A FOUNDATION FOR GROWTH

1. US Dollars; As at September 30, 2016

SILVER-GOLD>90% precious metals

Unhedged - No Royalties - No Streams

PRODUCERTwo 100% owned mining operations in

Mexico; potential for production in Peru

GROWTH

Significantly lowered cost/oz through higher grades and operational efficiencies

STRENGTHStrong balance sheet; no debt;

$52.9M cash, $68.2M working capital1

DISCIPLINED

Organic growth potential and seeking acquisitions

5

MAINTAINING LOW COSTS

5

3.8 – 3.9 Guidance

Cost per ounce has improved due to stronger USD and higher by-product credits

$6.50

$8.14

$4.20

$1.72

$3.30

$-

$5.00

$10.00

$15.00

$20.00

$25.00

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Total cash cost per Ag oz Average realized silver price

$13.08

$15.10

$10.49 $7.19

$11.97

$-

$5.00

$10.00

$15.00

$20.00

$25.00

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

All-in sustaining cost per Ag oz Average realized silver price

6

RECENT FINANCIAL PERFORMANCE

3.8 – 3.9 Guidance

Maintained strong balance sheet, no debt

Solid revenue and gross profit achieved through increased production and significant reduction in cash cost

$13.98

$13.57

$16.19 $17.82

$19.65

$-

$5.00

$10.00

$15.00

$20.00

$25.00

$-

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Mine operating earnings before non-cash items

Average realized silver price

$13.98 $13.57

$16.19 $17.82

$19.65

$-

$5.00

$10.00

$15.00

$20.00

$25.00

$-

$5,000

$10,000

$15,000

$20,000

$25,000

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Revenue

Average realized silver price

7

FINANCIAL SUMMARY

1. The Company has included the non-IFRS performance measures cost per tonne milled, cash cost, AISC, mine operating earnings before non-cash items, cost of sales beforenon-cash items and adjusted EBITDA throughout this document. Refer to the Non-IFRS Measures section of this MD&A for an explanation of these measures andreconciliation to the Company’s reported financial results in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarlytitled measures used by others.

2. Average realized silver price is prior to smelting and refining charges.

in US$000s except amounts per share and per ounce Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

Revenue $ 15,631 $ 19,596 $ 14,139 $ 13,142 $ 12,863

Mine operating earnings before non-cash before non-cash items1 $ 7,230 $ 10,087 $ 5,935 $ 3,760 $ 4,416

Net income (loss) $ 2,130 $ (1,332) $ (3,418) $ (3,725) $ (2,564)

Adjusted EBITDA1 $ 4,738 $ 7,545 $ 2,860 $ (428) $ 1,595

Earnings (loss) per share – basic $ 0.01 $ (0.01) $ (0.02) $ (0.03) $ (0.02)

Earnings (loss) per share – diluted $ 0.01 $ (0.01) $ (0.02) $ (0.03) $ (0.02)

Total cash cost per Ag oz1 $ 3.30 $ 1.72 $ 4.20 $ 8.14 $ 6.50

All-in sustaining cost per Ag oz1 $ 11.97 $ 7.19 $ 10.49 $ 15.10 $ 13.08

Average realized silver price2 $ 19.65 $ 17.82 $ 16.19 $ 13.57 $ 13.98

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MEXICO & PERU

Top silver producing countries in Latin America

Favourable political & mining jurisdictions

9

One of Mexico’s most historic mining districts with past production of more than one billion Ag oz over 400 years

Expanding production at Guanajuato Mine Complex (GMC), developing new mines and exploring the district

Commercial production at San Ignacio commenced June 2014, lifting GMC throughput to 1,050 t/day

Excellent infrastructure means that other projects in the district have potential to be satellite operations

GUANAJUATO DISTRICT (Ag-Au)

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GUANAJUATO MINE (Ag-Au)

Historic underground mine with two operating shafts & three ramps

Currently mining & developing to 600m depth on several zones over 4km strike length

Higher cut-off grades & improvements in grade control have lowered costs

Ag-Au concentrate shipped to smelters in Japan & Germany

* For details on Mineral Resource Estimates, refer to slide 32

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GUANAJUATO MINE COMPLEX (Ag-Au)1

Accounted for 79% of total production in Q4 2016

Q4 2016

Metal Production (Ag eq oz2)Silver Production (Ag oz1)

702,351347,415

Recoveries Ag/Au 88.7% / 85.9%

Average Grades 149g/t Ag

2.25g/t Au

Ore processed (tonnes) 81,518

Cash Cost/Ag oz2,3,4

All-in Sustaining Cost/Ag oz2,3,4

$0.15$5.58

1. Includes all mill feed from San Ignacio.2. Silver equivalent ounces for 2016 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 ofthese measures and reconciliation to the Company’s reported financial results in accordance with IFRS. As theseare not standardized measures, they may not be directly comparable to similarly titled measures used by others.

4. As at September 30, 2016.

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SAN IGNACIO MINE (Ag-Au)

Significant potential for resource expansion over 4km strike length

Accounted for 59% of the overall tonnes mined from the GMC in Q4 2016

Currently producing at approximately 700 tpd

Ramp access from surface. Ore trucked 22km to Cata Plant in Guanajuato

13

TOPIA MINE (Ag-Pb-Zn-Au)

Property covers most of district – more than 6,500 hectares

Operating 9 separate mines provides flexibility

High grade, narrow vein underground mining with central plant

Expanding production at profitable mines; Can temporarily close others as needed

Lead and zinc concentrates sold to metal trader in Mexico

Plant temporarily shut down due to maintenance & new TSF construction

14

TOPIA MINE (Ag-Pb-Zn-Au)

Q4 2016

Metal Production (Ag eq oz¹)Ag Production (Ag oz)

181,421113,156

Recoveries Ag/AuPb/Zn

88.8% / 59.4% 94.6% / 96.0%

Average Grades 349g/t Ag, 0.63g/t Au2.03% Pb, 2.97% Zn

Ore processed (tonnes) 11,351

Cash Cost/Ag oz2,3

All-in Sustaining Cost/Ag oz2,3

$13.25$19.52

1. Silver equivalent ounces for 2016 are calculated using a 70:1 Ag:Au ratio, and ratios of 1:0.0504 and 1:0.0504 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.

3. As at September 30, 2016.

Accounted for 21% of total production in Q4 2016

15

2017 OUTLOOK

Production and cash cost guidance 2017 Guidance FY 2016 Actual

Total silver equivalent ounces 1,2 4,000,000 – 4,100,000 3,884,960

Cash Cost per silver payable ounce (USD) 3 $5.00 – $6.00 TBA

AISC (USD)3 $14.00 – $16.00 TBA

1. 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 silverounces to the US dollar price for lead and zinc pounds, respectively. 2. Silver equivalent ounces for 2016 guidance have been calculated using a 70:1 Au:Ag ratio, and ratios of 1:0.0504 and 1:0.0504 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 definitions and reconciliations to the company’s financial statements.

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PROJECT PIPELINE

3.8 – 3.9 Guidance

GUANAJUATO/SAN IGNACIO

TOPIA

CORICANCHA

EL HORCON

SANTA ROSA

EARLY STAGEEXPLORATION

DEVELOPMENT PRODUCTIONADVANCED STAGE

EXPLORATION

Fully financed to bring Coricancha and El Horcon into production

Pipeline of projects at various stages of exploration & development provides growth opportunities

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Coricancha represents a near-term (12-18 mo.) production opportunity that will provide a foundation for future growth in Peru

Production history at Coricancha indicates potential for approx. 3 million Ag eq oz per year at full capacity

Acquisition expected to close in Q1 2017, with exploration & development program to begin immediately thereafter

Significant historical reserve & resource base, to be updated in Q2 2017, followed by PEA

PIPELINE TO PRODUCTION

Drilling at El Horcon in 2017 to better define resource & consider production decision

17

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CORICANCHA Au-Ag-Pb-Zn-Cu MINE COMPLEX (CMC)

Underground mine placed on care & maintenance in August 2013

Operating history dating back to 1906

90km east of Lima in prolific mining district

Fully permitted & operational 600 tpd processing plant and gold bio-leaching facility

80% precious metals, 20% base metals by value

GPR to update Mineral Resource Estimate in Q2 2017 & continue drilling & mine development

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CORICANCHA HISTORICAL RESERVES & RESOURCES

1. Effective date December 31, 2012; Based upon $22.00/oz silver, $1,300/ozgold, $6,300/tonne copper, $2,250/tonne lead and zinc. M&I Resources are inclusive of Reserves

Historical Reserve & Resource Estimate1

Proven & Probable Reserves:640,000 tonnes @ 4.35g/t Au, 149g/t Ag, 1.77% Pb, 2.60% Zn, 0.32% Cu (13,500,000 Ag eq oz)

Measured & Indicated Resources:890,000 tonnes @ 5.04g/t Au, 175g/t Ag, 1.97% Pb, 3.11% Zn, 0.42% Cu (21,960,000 Ag eq oz)

Inferred Resources:4,880,000 tonnes @ 4.91g/t Au, 225g/t Ag, 1.57% Pb, 2.98% Zn, 0.48% Cu(124,600,000 Ag eq oz)

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Share Purchase Agreement whereby Great Panther Silver Peru, will acquire Nyrstar Coricancha, the owner of a 100% interest in the CMC

Nyrstar may be paid 15% of annual free cash flow, up to US$10 million, after GPSP has recouped its investment

GPSP to pay US$100,000 cash on closing (Q1 2017)

Nyrstar will cover cost of reclamation of certain tailings facilities, up to US$20 million, and associated fines up to US$4 million

CORICANCHA ACQUISITION AGREEMENT

Nyrstar will cover US$9.7 million closure bond for 3 years

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21

CAPITAL STRUCTURE

Shares issued1 166,435,918

Fully diluted1 186,210,684

Institutional ownership ~24%

Market capitalization CA $478M / US $363M

90-day daily average trading volume ~3M shares

52-week trading range: TSXNYSE MKT

CA $0.64 - $2.82US $0.43 - $2.25

Cash position1 US $52.9M (no debt)

Net working capital1 US $68.2 M

Updated on February 17, 20161. As at September 30, 2016

Analyst Coverage: Euro Pacific Capital Inc., Rodman & Renshaw, Hallgarten & Company, Noble Financial

22

ONE YEAR STOCK PERFORMANCE

23

12 MONTH PEER COMPARISON

CHANGEExcellon 397.30%

Impact 230.61%

Great Panther 229.89%

Americas Silver 198.72%

Endeavour 178.48%

Sierra Metals 166.06%

Avino 94.03%

Fortuna 85.30%

Silver 20.68%

-50%

50%

150%

250%

350%

450%

550%

24

Great Panther Silver

LEVERAGED TO SILVER

-100%

100%

300%

500%

700%

900%

1100%

2009 2010 2011 2012 2013 2014 2015 2016 2017

25

WHY GREAT PANTHER SILVER?

Low cost producer with strong leverage to silver price

Strong balance sheet, no debt – seeking acquisitions

Successfully grown production while reducing unit costs

Expanding into Peru with potential to increase production by 75%

Excellent liquidity on NYSE MKT and TSX

26

APPENDIX

27

DIRECTORS & SENIOR MANAGEMENT TEAM

Board of DirectorsR.W. (Bob) Garnett, CPA, CA, ICD.D, Chairman; Robert Archer, P. Geo.; Ken Major, P. Eng.;

John Jennings, MBA, CFA; W. James Mullin B.Sc.; Jeffrey R. Mason, CA, ICD.D

Robert Archer, P. Geo.President & CEO

Co-founder

Jim Zadra, CPA, CA, MBAChief Financial Officer

Ali SoltaniChief Operating Officer

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SOCIAL PRINCIPLES

We are committed to fair and equitable employment conditions for our employees

We are committed to ensuring our employees and contractors return home safely every day

We are committed to enhancing and benefiting the communities in which we live and operate

We are committed to minimizing and restoring any impact on our environment

We are committed to strong ethics and we abide by all rules and regulations that apply to our business Awarded distinction as a “Socially Responsible

Company” by CEMEFI, Centro Mexicano para la Filantropía, for a fifth consecutive year in 2015

29

OPERATIONAL SUMMARY

Consolidated Operations FY 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016

Tonnes Milled 376,739 92,869 95,282 99,905 88,683

Silver ounces 2,047,260 460,571 510,491 536,726 539,472

Gold ounces 22,238 5,206 5,423 6,010 5,599

Lead tonnes 1,034 213 248 290 282

Zinc tonnes 1,496 315 324 433 424

Silver equivalent ounces1 3,884,960 883,772 953,632 1,037,728 1,009,828

1. Silver equivalent ounces for 2016 are calculated using a 70:1 Ag:Au ratio, and a ratio of 1:0.0504 for the price/ounce of silver to lead and zinc price/pound respectively.

30

DRILLING SUMMARY

2017 drilling focused on increasing resources and exploring new zones

2012 2013 2014 2015 2016 2017

Guanajuato 29,254 m 26,237 m 13,270 m 13,025 m 9,670 m 9,025 m

Topia 8,059 m 2,162 m 1,903 m - - 2,500 m

San Ignacio 9,310 m 1,144 m 3,827 m 4,657 m 6,015 m 10,975 m

Coricancha - - - 2,323 m 3,551 m 10,000 m

Santa Rosa 1,653 m - - - - 1,000 m

El Horcon - 2,156 m - - - 1,500 m

Total 48,276 m 31,699 m 19,000 m 20,005 m 19,236 m 35,000 m

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RESOURCES

NOTE: Mineral Resource Estimates use an effective date of August 31, 2016; and all used a metal price outlook of US$18.00/oz silver and US$1,300/oz gold..| Topia, November2014 - US$1,200/oz Au, US$17.00/oz Ag, US$0.90/lb Pb, and US$0.95/lb Zn. Silver equivalent calculations used the same metal pricing. | San Ignacio, December 2015 -US$15.00/oz Ag; US$1100/oz Au. | Silver equivalent calculations for El Horcon include lead content but not zinc, as the zinc would not be recovered in the Guanajuato plant.Robert Brown, P. Eng. is the Qualified Person under NI 43-101 for Guanajuato, Topia, San Ignacio and El Horcon.

Measured Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz

San Ignacio 408,327 116 2.88 1,525,584 37,760 4,191,435

Guanajuato 114,695 364 1.53 - - 974,318 5,647 1,372,961

Topia 180,400 606 1.44 4.26 4.52 3,515,000 8,300 6,000,200

Total Measured 6,014,902 51,707 11,564,596

Indicated Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz

San Ignacio 133.398 106 2.79 - - 453,762 10,987 1,229,462

Guanajuato 36.480 216 1.04 - - 253,876 1,393 352,218

Topia 165,800 644 1.17 4.75 3.82 3,433,000 6,200 5,570,000

Total Indicated 4,140,638 18,580 7,151,680

Total Measured + Indicated 10,155,540 70,287 18,716,274

Inferred Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz

San Ignacio 645,318 121 2.76 - - 2,519,826 44,551 5,665,137

Guanajuato 147,327 129 2.30 - - 612,220 10,095 1,324,867

Topia 357,400 592 1.31 3.44 3.96 6,807,500 15,060 11,050,000

El Horcon 162,140 76 3.64 2.97 4.11 398,094 17,942 2,092,913

Total Inferred 10,337,640 87,648 20,132,917

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Spiros CacosDirector, Investor RelationsD: +1 604 638 8955TF: 1 888 355 1766

scacos@greatpanther.com

Gr8_Panther

GreatPantherSilver

Great Panther Silver

Great Panther Silver Limited

SOCIAL SCENE

Corporate PresentationFebruary 21, 2017