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Great panthersilverjan2013presentation
PROFITABLE PRIMARY SILVER PRODUCER



                                 Primary Silver Producer
           SILVER               63% Ag, 31% Au, 6% Pb-Zn


                            Two 100% owned mines in Mexico
         PRODUCER            Unhedged Ag & Au; No Royalties


                                9 months ended Sep 2012
        PROFITABLE              Net Income of $6.8 million


                            Good organic growth opportunities
          GROWTH             Aggressively seeking acquisitions

2
VISION


    To build a profitable mid-tier primary
    silver producer
    +5 million Ag Eq Oz annual production


    +40 million Ag Eq Oz resource


    Strong organic growth supplemented
    by strategic acquisitions

    Socially and environmentally
    responsible


3
SILVER vs. GOLD


                      Silver price has been tracking gold throughout
                      this cycle, both driven by investment demand


                      Silver market is much smaller & therefore
                      more volatile


                      Overall percentage gains in silver have been
                      greater than in gold


                      As we enter the next phase of this long-term
                      bull market, the anticipated gains in silver
                      should continue to outpace those in gold


                      Silver producers should outperform the metal
                      itself due to leverage

4
GREAT PANTHER – LEVERAGED TO SILVER


                           Silver price has more influence on GPR’s share
                           price than other factors - one of the best
                           correlations in the sector


                           Improving company fundamentals (earnings,
                           production, resources & reserves) amplifies
                           silver leverage


                           With greater liquidity, equity markets are
                           better vehicles to gain silver exposure than
                           futures market


                           GPR has ~30% gold as a by-product so can
                           benefit when gold-silver ratio increases – form
                           of hedge against lower silver prices

5
GREAT PANTHER – LEVERAGED TO SILVER


         40%




         20%




          0%                                                                         GPR
                                                                                     Silver


         -20%




         -40%
           01-Jan-12      01-Apr-12       01-Jul-12      01-Oct-12       01-Jan-13



      Although the overall trends are similar, GPR’s share price amplifies changes in the
      silver price

      Currently, GPR’s share price looks to be poised for a substantial increase as soon
      as the price of silver rises
6
SILVER TRADING PATTERNS




    Repeatable trading pattern – period of consolidation (trading is range-bound with slight up-
    trend) followed by a parabolic move upward, then a sharp correction

    Start of parabolic move is roughly two thirds of the previous one; parabolic move upwards
    tends to start in September-October and peak in March-April, on a two- or three-year cycle;
    Each cycle is more pronounced than the one before & volatility has increased with each cycle
7
MEXICO




      #1 Silver producer in the world
      Stable politics & economy

8
GUANAJUATO Ag-Au DISTRICT


                                Making new discoveries in one of
                                Mexico’s most historic mining
                                districts with past production of
                                >1 billion oz Ag over 400 years

                                Expanding, developing and
                                exploring the Guanajuato Mine
                                Complex

                                Underground development
                                pending at the San Ignacio Project

                                Exploring for new silver-gold
                                mineralization at the El Horcon
                                and Santa Rosa Projects

9
GUANAJUATO Ag-Au MINE


     Historic underground mine with two operating shafts & three ramps

     Currently mining & developing to the SE of the Cata Shaft and at Guanajuatito in NW
     Initiated exploration in Valenciana area with deep drilling
     Building resources to increase mine life and production
     Improved recoveries and increased throughput at newly-refurbished plant




10
GUANAJUATO Ag-Au MINE



       Accounts for 68% of total production

  FY 2012
  Metal Production                                  1,625,305 Ag Eq Oz
  Ag Production                                     1,004,331 Ag Oz
  FY 2012 Recoveries
  Ag/Au                                             90.2% / 91.5%
  FY 2012 Average                                   199g/t Ag
  Grades                                            2.02g/t Au
  Q3 2012                                           $6.84, net of
  Cash Cost/Ag Oz1                                  by-product credits
  FY 2012
  Ore processed                                     174,022 tonnes
 1.   “Cash cost per silver ounce” is a non-IFRS measure. It is calculated by taking the cost of sales, plus
      smelting and refining costs, minus by-product revenue, divided by silver payable ounces.



11
SAN IGNACIO Ag-Au PROJECT


     Current resource covers only 650 metre strike length out of 4 km potential

     Step-out drilling continues to show excellent silver-gold mineralization

     Mineralization starts 50-100 metres below surface so easy access by ramp

     Development ore will be trucked to Cata Plant immediately – no need to stockpile

     Ability to monetize the project right away will help pay for its development




12
SAN IGNACIO Ag-Au PROJECT


                                                   Location     Guanajuato State
                                                   Location     Guanajuato State
                                                   Ownership    100%; No Royalties
                                                   Ownership
                                                   Past         100%; No@ 113g/t Ag
                                                                617,455t Royalties
                                                   Production
                                                   Past         & 1.01g/t Au
                                                                617,455t @ 113g/t Ag
                                                   Production
                                                   New          & 1.01g/t Au
                                                                More than 29,700
                                                   Discovery
                                                   New          metres drilled since
                                                                More than 29,700
                                                   Discovery    2010 drilled since
                                                                metres
                                                   Inferred     2010
                                                                6.9 million Ag Eq Oz in
                                                   Resources
                                                   Inferred     826,000 tonnes @ in
                                                                6.9 million Ag Eq Oz
                                                   Resources    121g/t Ag & 2.28g/t Au
                                                                826,000 tonnes @
                                                   Phase V      121g/t Ag & 2.28g/t Au
                                                                Approximately 7,000
                                                   Drilling     metres planned in 2014


     Permitting for new portal and ramp is anticipated to be completed in Q1 2013

13
EL HORCON Ag-Au PROJECT


                           Property covers >7,900 hectares within
                           Guanajuato Trend

                           Past producing (16th-18th century)
                           underground mine

                           Multiple veins in old workings accessed
                           by cross-cut

                           Mapping & sampling underway; drilling
                           by Q1 2013

                           Initial mineral resource delineation
                           targeted for H2 2013

                           Trucking distance to GPR’s Cata
                           Processing Plant in Guanajuato

14
TOPIA Ag-Pb-Zn-Au MINE


     49% of Topia
     resource                      Property covers >6,500 hectares

                                   High grade, narrow vein underground
                                   mining

                    44% of Topia   Mining 16 different veins & trucking to
                    production     central plant

                                   Expanding production at Argentina, San
                                   Gregorio and El Rosario

                                   Extending strike length of known veins
                                   with additional drilling

                                   Acquiring additional claims in district


15
TOPIA Ag-Pb-Zn-Au MINE


       Accounts for 32% of total production

  FY 2012
  Metal Production                                  753,298 Ag Eq Oz
  Ag Production                                     555,710 Ag Oz
  FY 2012 Recoveries
  Ag/Au              89.4% / 57.9%
  Pb/Zn              92.3% / 90.6%
  FY 2012 Average                                   345g/t Ag, 0.55g/t Au
  Grades                                            1.86% Pb, 2.91% Zn
  Q3 2012                                           $22.23, net of
  Cash Cost/Ag Oz1                                  by-product credits
  FY 2012
  Ore processed                                     56,098 tonnes
 1.   “Cash cost per silver ounce” is a non-IFRS measure. It is calculated by taking the cost of sales, plus
      smelting and refining costs, minus by-product revenue, minus any custom milling (Topia), divided
      by silver payable ounces.

16
DRILLING

                     2010           2011       2012      Planned for 2013
     Guanajuato    16,695 m       26,546 m    29,254 m      24,000 m
     Topia           8,815 m       4,526 m    8,059 m        1,500 m
     San Ignacio     1,762 m      17,313 m    9,310 m           -
     Santa Rosa        -              -       1,653 m           -
     El Horcon         -              -          -           3,000 m
     Total         27,272 m       48,385 m    48,276 m      28,500 m


     Significant drill programs each year



     Track record of making new discoveries


17
RESOURCES


                  35,000,000


                  30,000,000


                  25,000,000


                  20,000,000
       Ag Eq Oz




                                                                            Inferred
                                                                            Indicated
                  15,000,000
                                                                            Measured


                  10,000,000


                   5,000,000


                          0
                           2006   2007   2008   2009   2010   2011   2012




     Resources have increased substantially from zero when operations began


18
RESOURCES


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

     Guanajuato           275,800          398         2.21          -             -         2,340,000    19,570       3,530,000
     Topia                 60,400          801         1.65        6.73          5.20        1,560,000     3,200       2,230,000
                                                                          Total Measured     3,900,000    22,770       5,760,000
     Indicated             Tonnes        Ag (g/t)    Au (g/t)     Pb (%)        Zn (%)        Ag (oz)     Au (oz)      Ag Eq Oz
     Guanajuato           232,600          122         2.66          -             -         910,000      19,890       2,119,000
     Topia                 95,400          809         1.35        6.33          3.70        2,480,000     4,100       3,370,000
                                                                           Total Indicated   3,390,000    23,990       5,489,000
                                                        Total Measured + Indicated           7,290,000    46,760      11,249,000

     Inferred              Tonnes        Ag (g/t)    Au (g/t)     Pb (%)        Zn (%)        Ag (oz)     Au (oz)      Ag Eq Oz
     Guanajuato           223,200          221         2.10          -             -         1,587,000    15,060       2,503,000
     Topia                273,000          837         0.80        5.70          3.90        6,580,000     7,170       9,540,000
     San Ignacio          826,000          121         2.28          -             -         3,205,000    60,700       6,894,000
                                                                          Total Inferred 11,372,000       82,930      18,937,000

     NOTE: Compliant NI 43-101 Resource estimates were calculated using CIM standards. Guanajuato resources, June 2012 -
     US$17.67 oz Ag; US$1150 oz Au | Topia, June 2012- US$28.00 oz Ag; US$1,680 oz Au; US$0.85 lb Pb ; US$0.85 lb Zn | San Ignacio,
     June 2012 - US$17.67 oz Ag; US$1150 oz Au.

19
TRACK RECORD – REVENUES & WORKING CAPITAL

$70,000,000

$60,000,000

$50,000,000

$40,000,000

$30,000,000                                                                           Steady growth in revenue and
$20,000,000                                                                                     earnings
$10,000,000

        $-
                  2006       2007   2008      2009       2010         2011

              Net Smelter Revenue   Earnings from Mining Operations          $60,000,000

                                                                             $50,000,000

                                                                             $40,000,000

                                                                             $30,000,000
       Working capital $45.9 million
                                                                             $20,000,000
         at September 30, 2012
                                                                             $10,000,000

                                                                                     $-
                                                                                           2006   2007   2008    2009       2010   2011

                                                                                                          Working Capital


20
GROSS MARGIN


                 70%
                 60%
                 50%
                 40%
                 30%
                 20%
                 10%
                   0%
                                     2008                     2009                  2010   2011
                                                          Topia            Guanajuato

                                             Strong margins at both operations

     Note: Gross margin before amortization, depletion and other non-cash charges

21
Q1 – Q3 2012 FINANCIAL SUMMARY


          (in 000s except ounces, amounts per share and per ounce)                                                         Q3 2012                   Q2 2012                   Q1 2012
          Revenue                                                                                                         $ 15,286                  $ 14,439                  $ 13,625

          Gross profit (Earnings from mining operations)                                                                  $ 5,791                   $ 3,771                   $ 6,325

          Net income                                                                                                      $ 1,758                   $       354               $ 4,683

          Adjusted EBITDA¹                                                                                                $ 4,961                   $ 3,691                   $ 4,441

          Earnings per share – basic                                                                                      $     0.01                $      0.00                $     0.03

          Earnings per share – diluted                                                                                    $     0.01                $      0.00                $     0.03

          Silver ounces produced                                                                                           371,857                    374,723                   359,526

          Silver equivalent ounces produced²                                                                               592,586                   555,721                    557,667

          Silver payable ounces                                                                                            314,146                    395,405                   316,641

          Total cash cost per silver ounce³                                                                               $ 13.16                   $ 11.42                    $     9.05

          Average revenue per silver ounce sold (USD)4                                                                    $ 31.92                   $ 28.06                   $ 32.65


     1.    “Adjusted EBITDA” is a non-IFRS measure. Refer to the “Non-IFRS Measures” section of the Company’s MD&A for a complete definition and reconciliation to the Company’s
           financial statements.
     2.    Silver equivalent ounces in 2012 were established using prices of US$28 per oz, US$1,680 per oz, US$0.85 per lb, and US$0.85 per lb for silver, gold, lead & zinc, respectively, and
           applied to the recovered metal content of the concentrates that were produced by the two operations.
     3.    “Cash cost per silver ounce” is a non-IFRS measure. It is calculated by taking the cost of sales, plus smelting and refining costs, minus by-product revenue, minus any custom
           milling (Topia), divided by silver payable ounces.
     4.    Average revenue per silver ounce sold is prior to treatment, refining and smelting charges.


22
Q1 – Q4 2012 OPERATIONAL SUMMARY



     Consolidated Operations                                                               Q4 2012                   Q3 2012                   Q2 2012                Q1 2012
     Tonnes Milled                                                                          67,659                    58,307                    52,956                 51,198

     Production
     • Silver ounces                                                                        453,934                   371,857                   374,723                359,526
     • Gold ounces                                                                            2,826                     3,015                     2,354                  2,729
     • Lead tonnes                                                                              289                       226                       245                    202
     • Zinc tonnes                                                                              446                       369                       351                    312

     Silver equivalent ounces1                                                              672,690                   592,586                   555,721                557,667
     Silver payable ounces                                                                    -                       314,146                   395,405                316,641

        1.   Silver equivalent ounces in 2012 were established using prices of US$28 per oz, US$1,680 per oz, US$0.85 per lb, and US$0.85 per lb for silver, gold, lead & zinc,
             respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations.




23
2013 OBJECTIVES



       Increase cash flow from mine operations by cutting costs and
                       improving operating efficiency


     Aggressively drive the development of San Ignacio with the view to
     production in 2014, to augment existing production at Guanajuato


              Commence the exploration drilling at El Horcon



                  Review other acquisition opportunities



24
CORPORATE STRUCTURE


     Shares Issued                                                                       137,860,052
     Fully Diluted                                                                       144,164,202
     Insider / Institutional Ownership                                                   ~2% / ~22%
     Market Capitalization                                                               CA $220.6 million
     90-day daily average trading volume                                                 ~883,400 shares
     52-week trading range                                      TSX                      CA $1.48 - $2.91
                                                                NYSE MKT                 US $1.38 - $2.94
     Cash position at Sept 30, 2012                                                      CA $26.8 million (no LTD)
     Working Capital at Sept 30, 2012                                                    CA $45.9 million

      Analyst Coverage: Salman Partners, Dundee Capital Markets, Stonecap Securities Inc., Global Hunter Securities LLC,
      Euro Pacific Capital Inc.


      Included in: Russell Global Index and Market Vectors TM Junior Gold Miners Index

     All figures as of January 11, 2012


25
SOCIAL PRINCIPLES


 We are committed to achieving high standards in CSR for our operations at every stage
 of project development. Our approach is defined by five pillars:


 Our People


 Workplace Health and Safety


 Community Engagement and Sustainability


 Environment


 Corporate Governance and Ethics              Awarded distinction as a “Socially Responsible Company” by
                                              CEMEFI, Mexico, for a second consecutive year in March, 2012.

26
TAILINGS DAM REFORESTATION




      Almost 100 people were there to help plant the trees, reaching a new record of 1,070
                                                      .
      planted. The new reforested area is now approximately 2,400 square metres.

27
DIRECTORS & SENIOR MANAGEMENT TEAM


                                        Board of Directors
                           R.W. (Bob) Garnett, CA, ICD.D, Chairman;
               Robert Archer, P. Geo.; Ken Major, P. Eng.; John Jennings, MBA, CFA


                                     Robert Archer, P. Geo.
     Martin Carsky, CA, ICD.D                                         Jim Zadra, CA, MBA
                                     Chief Executive Officer
            President                                                Chief Financial Officer
                                         & Co-founder


      Charles Brown, B. Sc.          Robert Brown, P. Eng.           Ing. Francisco Ramos
         SVP Corporate                  VP Exploration             VP Business Development
         Development                                                     & Co-founder


                     David Asher, MBA              Rhonda Bennetto, B. Sc.
                   VP Technology Services              VP Corporate
                                                      Communications



28
VALUE ADVANTAGE



      Great Panther is a profitable primary silver producer

                 Strong leverage to silver price

            Excellent liquidity on NYSE MKT and TSX

          Strong working capital & no long term debt

      Analyzing acquisition opportunities in Latin America


29
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 and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, 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, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks
inherent in mining 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, 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 Report on Form 20-F for the year
ended December 31, 2011 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov
and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

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.

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



2
CAUTIONARY NOTE TO U.S. INVESTORS



The terms "Measured resource", "Indicated resource" and "Inferred resource" used in this document are Canadian mining terms as
defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and CIM Standards on Mineral
Resources and Mineral Reserves. Mineral resources that are not mineral reserves have not been demonstrated to be economically
and legally extractable. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. It should not
be assumed that all or any part of a resource will ever be converted to a reserve. The mineral resource estimates presented herein
include Inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied
to them that would enable them to be categorized as mineral reserves. There is also no certainty that these Inferred resources will be
converted to Measured and Indicated resource categories through further drilling, 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, the U.S. Securities and Exchange Commission ("SEC") does not recognize these terms
and does not normally permit such terms to be used in reports and registration statements filed with the SEC. As such, information
contained in this document concerning descriptions of mineralization and resources under Canadian standards may not be
comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.
Inferred resources have a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of a Measured, Indicated or Inferred resource will ever be upgraded to a higher
category. U.S. investors are cautioned not to assume that any part or all of an Inferred mineral resource exists, or is economically or
legally mineable. U.S. investors are also cautioned not to assume that any part or all of the mineral deposits in the Measured resource
or Indicated resource categories will ever be converted into reserves.




3
January 24, 2013




www.greatpanther.com │ info@greatpanther.com

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Great panthersilverjan2013presentation

  • 2. PROFITABLE PRIMARY SILVER PRODUCER Primary Silver Producer SILVER 63% Ag, 31% Au, 6% Pb-Zn Two 100% owned mines in Mexico PRODUCER Unhedged Ag & Au; No Royalties 9 months ended Sep 2012 PROFITABLE Net Income of $6.8 million Good organic growth opportunities GROWTH Aggressively seeking acquisitions 2
  • 3. VISION To build a profitable mid-tier primary silver producer +5 million Ag Eq Oz annual production +40 million Ag Eq Oz resource Strong organic growth supplemented by strategic acquisitions Socially and environmentally responsible 3
  • 4. SILVER vs. GOLD Silver price has been tracking gold throughout this cycle, both driven by investment demand Silver market is much smaller & therefore more volatile Overall percentage gains in silver have been greater than in gold As we enter the next phase of this long-term bull market, the anticipated gains in silver should continue to outpace those in gold Silver producers should outperform the metal itself due to leverage 4
  • 5. GREAT PANTHER – LEVERAGED TO SILVER Silver price has more influence on GPR’s share price than other factors - one of the best correlations in the sector Improving company fundamentals (earnings, production, resources & reserves) amplifies silver leverage With greater liquidity, equity markets are better vehicles to gain silver exposure than futures market GPR has ~30% gold as a by-product so can benefit when gold-silver ratio increases – form of hedge against lower silver prices 5
  • 6. GREAT PANTHER – LEVERAGED TO SILVER 40% 20% 0% GPR Silver -20% -40% 01-Jan-12 01-Apr-12 01-Jul-12 01-Oct-12 01-Jan-13 Although the overall trends are similar, GPR’s share price amplifies changes in the silver price Currently, GPR’s share price looks to be poised for a substantial increase as soon as the price of silver rises 6
  • 7. SILVER TRADING PATTERNS Repeatable trading pattern – period of consolidation (trading is range-bound with slight up- trend) followed by a parabolic move upward, then a sharp correction Start of parabolic move is roughly two thirds of the previous one; parabolic move upwards tends to start in September-October and peak in March-April, on a two- or three-year cycle; Each cycle is more pronounced than the one before & volatility has increased with each cycle 7
  • 8. MEXICO #1 Silver producer in the world Stable politics & economy 8
  • 9. GUANAJUATO Ag-Au DISTRICT Making new discoveries in one of Mexico’s most historic mining districts with past production of >1 billion oz Ag over 400 years Expanding, developing and exploring the Guanajuato Mine Complex Underground development pending at the San Ignacio Project Exploring for new silver-gold mineralization at the El Horcon and Santa Rosa Projects 9
  • 10. GUANAJUATO Ag-Au MINE Historic underground mine with two operating shafts & three ramps Currently mining & developing to the SE of the Cata Shaft and at Guanajuatito in NW Initiated exploration in Valenciana area with deep drilling Building resources to increase mine life and production Improved recoveries and increased throughput at newly-refurbished plant 10
  • 11. GUANAJUATO Ag-Au MINE Accounts for 68% of total production FY 2012 Metal Production 1,625,305 Ag Eq Oz Ag Production 1,004,331 Ag Oz FY 2012 Recoveries Ag/Au 90.2% / 91.5% FY 2012 Average 199g/t Ag Grades 2.02g/t Au Q3 2012 $6.84, net of Cash Cost/Ag Oz1 by-product credits FY 2012 Ore processed 174,022 tonnes 1. “Cash cost per silver ounce” is a non-IFRS measure. It is calculated by taking the cost of sales, plus smelting and refining costs, minus by-product revenue, divided by silver payable ounces. 11
  • 12. SAN IGNACIO Ag-Au PROJECT Current resource covers only 650 metre strike length out of 4 km potential Step-out drilling continues to show excellent silver-gold mineralization Mineralization starts 50-100 metres below surface so easy access by ramp Development ore will be trucked to Cata Plant immediately – no need to stockpile Ability to monetize the project right away will help pay for its development 12
  • 13. SAN IGNACIO Ag-Au PROJECT Location Guanajuato State Location Guanajuato State Ownership 100%; No Royalties Ownership Past 100%; No@ 113g/t Ag 617,455t Royalties Production Past & 1.01g/t Au 617,455t @ 113g/t Ag Production New & 1.01g/t Au More than 29,700 Discovery New metres drilled since More than 29,700 Discovery 2010 drilled since metres Inferred 2010 6.9 million Ag Eq Oz in Resources Inferred 826,000 tonnes @ in 6.9 million Ag Eq Oz Resources 121g/t Ag & 2.28g/t Au 826,000 tonnes @ Phase V 121g/t Ag & 2.28g/t Au Approximately 7,000 Drilling metres planned in 2014 Permitting for new portal and ramp is anticipated to be completed in Q1 2013 13
  • 14. EL HORCON Ag-Au PROJECT Property covers >7,900 hectares within Guanajuato Trend Past producing (16th-18th century) underground mine Multiple veins in old workings accessed by cross-cut Mapping & sampling underway; drilling by Q1 2013 Initial mineral resource delineation targeted for H2 2013 Trucking distance to GPR’s Cata Processing Plant in Guanajuato 14
  • 15. TOPIA Ag-Pb-Zn-Au MINE 49% of Topia resource Property covers >6,500 hectares High grade, narrow vein underground mining 44% of Topia Mining 16 different veins & trucking to production central plant Expanding production at Argentina, San Gregorio and El Rosario Extending strike length of known veins with additional drilling Acquiring additional claims in district 15
  • 16. TOPIA Ag-Pb-Zn-Au MINE Accounts for 32% of total production FY 2012 Metal Production 753,298 Ag Eq Oz Ag Production 555,710 Ag Oz FY 2012 Recoveries Ag/Au 89.4% / 57.9% Pb/Zn 92.3% / 90.6% FY 2012 Average 345g/t Ag, 0.55g/t Au Grades 1.86% Pb, 2.91% Zn Q3 2012 $22.23, net of Cash Cost/Ag Oz1 by-product credits FY 2012 Ore processed 56,098 tonnes 1. “Cash cost per silver ounce” is a non-IFRS measure. It is calculated by taking the cost of sales, plus smelting and refining costs, minus by-product revenue, minus any custom milling (Topia), divided by silver payable ounces. 16
  • 17. DRILLING 2010 2011 2012 Planned for 2013 Guanajuato 16,695 m 26,546 m 29,254 m 24,000 m Topia 8,815 m 4,526 m 8,059 m 1,500 m San Ignacio 1,762 m 17,313 m 9,310 m - Santa Rosa - - 1,653 m - El Horcon - - - 3,000 m Total 27,272 m 48,385 m 48,276 m 28,500 m Significant drill programs each year Track record of making new discoveries 17
  • 18. RESOURCES 35,000,000 30,000,000 25,000,000 20,000,000 Ag Eq Oz Inferred Indicated 15,000,000 Measured 10,000,000 5,000,000 0 2006 2007 2008 2009 2010 2011 2012 Resources have increased substantially from zero when operations began 18
  • 19. RESOURCES Measured Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz Guanajuato 275,800 398 2.21 - - 2,340,000 19,570 3,530,000 Topia 60,400 801 1.65 6.73 5.20 1,560,000 3,200 2,230,000 Total Measured 3,900,000 22,770 5,760,000 Indicated Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz Guanajuato 232,600 122 2.66 - - 910,000 19,890 2,119,000 Topia 95,400 809 1.35 6.33 3.70 2,480,000 4,100 3,370,000 Total Indicated 3,390,000 23,990 5,489,000 Total Measured + Indicated 7,290,000 46,760 11,249,000 Inferred Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz Guanajuato 223,200 221 2.10 - - 1,587,000 15,060 2,503,000 Topia 273,000 837 0.80 5.70 3.90 6,580,000 7,170 9,540,000 San Ignacio 826,000 121 2.28 - - 3,205,000 60,700 6,894,000 Total Inferred 11,372,000 82,930 18,937,000 NOTE: Compliant NI 43-101 Resource estimates were calculated using CIM standards. Guanajuato resources, June 2012 - US$17.67 oz Ag; US$1150 oz Au | Topia, June 2012- US$28.00 oz Ag; US$1,680 oz Au; US$0.85 lb Pb ; US$0.85 lb Zn | San Ignacio, June 2012 - US$17.67 oz Ag; US$1150 oz Au. 19
  • 20. TRACK RECORD – REVENUES & WORKING CAPITAL $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 Steady growth in revenue and $20,000,000 earnings $10,000,000 $- 2006 2007 2008 2009 2010 2011 Net Smelter Revenue Earnings from Mining Operations $60,000,000 $50,000,000 $40,000,000 $30,000,000 Working capital $45.9 million $20,000,000 at September 30, 2012 $10,000,000 $- 2006 2007 2008 2009 2010 2011 Working Capital 20
  • 21. GROSS MARGIN 70% 60% 50% 40% 30% 20% 10% 0% 2008 2009 2010 2011 Topia Guanajuato Strong margins at both operations Note: Gross margin before amortization, depletion and other non-cash charges 21
  • 22. Q1 – Q3 2012 FINANCIAL SUMMARY (in 000s except ounces, amounts per share and per ounce) Q3 2012 Q2 2012 Q1 2012 Revenue $ 15,286 $ 14,439 $ 13,625 Gross profit (Earnings from mining operations) $ 5,791 $ 3,771 $ 6,325 Net income $ 1,758 $ 354 $ 4,683 Adjusted EBITDA¹ $ 4,961 $ 3,691 $ 4,441 Earnings per share – basic $ 0.01 $ 0.00 $ 0.03 Earnings per share – diluted $ 0.01 $ 0.00 $ 0.03 Silver ounces produced 371,857 374,723 359,526 Silver equivalent ounces produced² 592,586 555,721 557,667 Silver payable ounces 314,146 395,405 316,641 Total cash cost per silver ounce³ $ 13.16 $ 11.42 $ 9.05 Average revenue per silver ounce sold (USD)4 $ 31.92 $ 28.06 $ 32.65 1. “Adjusted EBITDA” is a non-IFRS measure. Refer to the “Non-IFRS Measures” section of the Company’s MD&A for a complete definition and reconciliation to the Company’s financial statements. 2. Silver equivalent ounces in 2012 were established using prices of US$28 per oz, US$1,680 per oz, US$0.85 per lb, and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations. 3. “Cash cost per silver ounce” is a non-IFRS measure. It is calculated by taking the cost of sales, plus smelting and refining costs, minus by-product revenue, minus any custom milling (Topia), divided by silver payable ounces. 4. Average revenue per silver ounce sold is prior to treatment, refining and smelting charges. 22
  • 23. Q1 – Q4 2012 OPERATIONAL SUMMARY Consolidated Operations Q4 2012 Q3 2012 Q2 2012 Q1 2012 Tonnes Milled 67,659 58,307 52,956 51,198 Production • Silver ounces 453,934 371,857 374,723 359,526 • Gold ounces 2,826 3,015 2,354 2,729 • Lead tonnes 289 226 245 202 • Zinc tonnes 446 369 351 312 Silver equivalent ounces1 672,690 592,586 555,721 557,667 Silver payable ounces - 314,146 395,405 316,641 1. Silver equivalent ounces in 2012 were established using prices of US$28 per oz, US$1,680 per oz, US$0.85 per lb, and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations. 23
  • 24. 2013 OBJECTIVES Increase cash flow from mine operations by cutting costs and improving operating efficiency Aggressively drive the development of San Ignacio with the view to production in 2014, to augment existing production at Guanajuato Commence the exploration drilling at El Horcon Review other acquisition opportunities 24
  • 25. CORPORATE STRUCTURE Shares Issued 137,860,052 Fully Diluted 144,164,202 Insider / Institutional Ownership ~2% / ~22% Market Capitalization CA $220.6 million 90-day daily average trading volume ~883,400 shares 52-week trading range TSX CA $1.48 - $2.91 NYSE MKT US $1.38 - $2.94 Cash position at Sept 30, 2012 CA $26.8 million (no LTD) Working Capital at Sept 30, 2012 CA $45.9 million Analyst Coverage: Salman Partners, Dundee Capital Markets, Stonecap Securities Inc., Global Hunter Securities LLC, Euro Pacific Capital Inc. Included in: Russell Global Index and Market Vectors TM Junior Gold Miners Index All figures as of January 11, 2012 25
  • 26. SOCIAL PRINCIPLES We are committed to achieving high standards in CSR for our operations at every stage of project development. Our approach is defined by five pillars: Our People Workplace Health and Safety Community Engagement and Sustainability Environment Corporate Governance and Ethics Awarded distinction as a “Socially Responsible Company” by CEMEFI, Mexico, for a second consecutive year in March, 2012. 26
  • 27. TAILINGS DAM REFORESTATION Almost 100 people were there to help plant the trees, reaching a new record of 1,070 . planted. The new reforested area is now approximately 2,400 square metres. 27
  • 28. DIRECTORS & SENIOR MANAGEMENT TEAM Board of Directors R.W. (Bob) Garnett, CA, ICD.D, Chairman; Robert Archer, P. Geo.; Ken Major, P. Eng.; John Jennings, MBA, CFA Robert Archer, P. Geo. Martin Carsky, CA, ICD.D Jim Zadra, CA, MBA Chief Executive Officer President Chief Financial Officer & Co-founder Charles Brown, B. Sc. Robert Brown, P. Eng. Ing. Francisco Ramos SVP Corporate VP Exploration VP Business Development Development & Co-founder David Asher, MBA Rhonda Bennetto, B. Sc. VP Technology Services VP Corporate Communications 28
  • 29. VALUE ADVANTAGE Great Panther is a profitable primary silver producer Strong leverage to silver price Excellent liquidity on NYSE MKT and TSX Strong working capital & no long term debt Analyzing acquisition opportunities in Latin America 29
  • 30. 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 and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, 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, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining 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, 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 Report on Form 20-F for the year ended December 31, 2011 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com. 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. Robert Brown, P. Eng. is the Qualified Person under NI 43-101 for the projects discussed in this presentation. 2
  • 31. CAUTIONARY NOTE TO U.S. INVESTORS The terms "Measured resource", "Indicated resource" and "Inferred resource" used in this document are Canadian mining terms as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and CIM Standards on Mineral Resources and Mineral Reserves. Mineral resources that are not mineral reserves have not been demonstrated to be economically and legally extractable. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. It should not be assumed that all or any part of a resource will ever be converted to a reserve. The mineral resource estimates presented herein include Inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these Inferred resources will be converted to Measured and Indicated resource categories through further drilling, 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, the U.S. Securities and Exchange Commission ("SEC") does not recognize these terms and does not normally permit such terms to be used in reports and registration statements filed with the SEC. As such, information contained in this document concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC. Inferred resources have a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a Measured, Indicated or Inferred resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that any part or all of an Inferred mineral resource exists, or is economically or legally mineable. U.S. investors are also cautioned not to assume that any part or all of the mineral deposits in the Measured resource or Indicated resource categories will ever be converted into reserves. 3
  • 32. January 24, 2013 www.greatpanther.com │ info@greatpanther.com