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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 Companys 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 Companys 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 Companys 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 and Material Change Reports filed with the Canadian Securities Administrators and available at 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.


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.



Primary Silver Producer 74% Ag, 20% Au, 6% Pb-Zn



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

2011 Net Income of $11.5 million

Strong organic growth Aggressively seeking acquisitions


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

PRODUCTION Guanajuato Mine Complex Topia Mine DEVELOPMENT San Ignacio Project EXPLORATION Santa Rosa Project

#1 Silver producer in the world Stable politics & economy



Making new discoveries in one of Mexicos most historic mining districts with past production of >1 billion oz Ag over 400 years Expanding, developing and exploring the Guanajuato Mine Complex Building resources on a new discovery at the San Ignacio Project Exploring for new silver-gold mineralization at the Santa Rosa Project


Historic underground mine with two operating shafts & three ramps Currently mining & developing to the SE of the Cata Shaft and at Guanajuatito in NW Starting to explore in Valenciana area with deep drilling Building resources to increase mine life and production Improved recoveries and increased throughput at newly-refurbished plant


2012 Guidance Metal Production Ag Production Q1 2012 Metal Production Ag Production 2011 Cash Cost/Ag Oz Plant (2011) 1.65 1.82 M Ag Eq Oz 1.11 1.23 M Ag Oz 396,192 Ag Eq Oz 239,305 Ag Oz $8.15, net of by-product credits 560tpd (up 17% YOY); 1,200tpd capacity

Q1 2012 Recoveries Ag/Au 90.1% / 91.2% Q1 2012 Average Grades Global NI 43-101 Resources 9 213g/t Ag 2.03g/t Au 8.2 million Ag Eq Oz



Guanajuato State; trucking distance to Cata Plant 100%, No Royalties 617,455t @ 113g/t Ag & 1.01g/t Au Currently being drilled 6.9 million Ag Eq Oz Inferred

Ownership Past Production New Discovery Global NI 43-101 Resources

Permitting process underway for new portal & ramp 10


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



49% of Topia resource

Property covers >6,500 hectares High grade, narrow vein underground mining
44% of production

Mining 16 different veins & trucking to central plant Commencing mining at La Prieta and expanding production at Argentina and San Gregorio

Commencing production

Extending strike length of known veins with additional drilling Acquiring additional claims in district



2012 Guidance Metal Production Ag Production Q1 2012 Metal Production Ag Production 2011 Cash Cost/Ag Oz Plant (2011) 0.85 0.93 M Ag Eq Oz 0.61 0.67 M Ag Oz 161,475 Ag Eq Oz 120,221 Ag Oz $16.06, net of by-product credits 200tpd Capacity of ~300tpd

Q1 2012 Recoveries Ag/Au 92.4% / 63.5% Pb/Zn 95.3% / 91.8% Q1 2012 Average Grades Global NI 43-101 Resources 13 326g/t Ag, 0.45g/t Au 1.71% Pb, 2.73% Zn 19.3 million Ag Eq Oz Next Update: Q3, 2012


2011 Actual 2012 Guidance Low Case 230,000 1,720,000 10,000 1,130 1,500 2,500,000 2012 Guidance High Case 250,000 1,900,000 11,000 1,270 1,630 2,750,000

Tonnes milled Silver Ounces Gold Ounces Lead Tonnes Zinc Tonnes Silver Equivalent Ounces Cash Cost per Ounce (USD) Net of by product credits

216,181 1,495,372 8,016 941 1,314 2,200,013 $ 10.84

$ 10.50

$ 9.50


2010 Guanajuato Topia San Ignacio Santa Rosa Total 16,695 metres 8,815 metres 1,762 metres 27,272 metres 2011 26,546 metres 4,526 metres 17,313 metres 48,385 metres 2012 29,500 metres 6,200 metres 9,600 metres 2,000 metres 47,300 metres

Almost 50,000 metres of drilling in each 2011 & 2012 Discovery cost <US$0.50 per Ag Eq Oz Continually increasing resource base & extending mine life at both operations 15

RESOURCES Ag Eq Oz Resources
40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 2006 2007 2008 2009 2010 2011 2012

NI 43-101 compliant resources started at zero and have increased with every drill program, even after subtracting what has been mined 16

Measured & Indicated
Guanajuato Topia Tonnes 508,400 171,000 Ag (g/t) Au (g/t) Pb (%) 199 864 2.41 1.56 7.53 Zn (%) 4.37 Total M&I Ag (oz) 3,250,000 4,738,000 7,988,000 Au (oz) 39,460 8,550 48,010 Ag Eq Oz 5,649,000 7,436,000 13,085,000

Guanajuato Topia San Ignacio

Tonnes 223,200 285,000 826,000

Ag (g/t) Au (g/t) Pb (%) 221 868 121 2.10 1.5 2.28 6.5 -

Zn (%) 3.7 Total Inf.

Ag (oz) 1,588,000 7,953,000 3,205,000 12,746,000

Au (oz) 15,060 13,560 60,700 89,320

Ag Eq Oz 2,503,000 11,909,000 6,894,000 21,306,000

Total (Global Resource)




NOTE: Compliant NI 43-101 Resource estimates were calculated using CIM standards. Guanajuato resources, January 2012 - US$17.67 oz Ag; US$1150 oz Au | Topia, March 2011 - US$21.00 oz Ag; US$1,200 oz Au; US$1.00 lb Pb & Zn | San Ignacio, March 2012 - US$17.67 oz Ag; US$1150 oz Au.



$70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $2006 2007 2008 2009 2010 2011 $45,000,000 $40,000,000 $35,000,000 $30,000,000 Net Smelter Revenue Earnings from Mining Operations

2011 earnings from mining operations are 64% higher than in 2010

Cash and cash equivalents of $40.3 million at March31, 2012

$25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $2006 2007 2008 2009 2010 2011




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

Gross margin percentage has been steadily increasing over the past five years


Great Panther Silver is committed to achieving the highest standards in Corporate Social Responsibility for its operations at every stage of project development. Practice environmental excellence Provide a safe working environment Promote open dialogue with stakeholders and maximize community relations Maximize social and economic benefits 20
Awarded distinction as a Socially Responsible Company by CEMEFI, Mexico, for a second consecutive year in March, 2012.

Shares Issued Fully Diluted Insider / Institutional Ownership Market Capitalization 90-day daily average trading volume 52-week trading range Cash position at March 31, 2012 TSX NYSE MKT 137,590,919 141,998,669 ~2.5% / ~30% CA $286 million 1 million shares* CA $1.81 - $3.92 US $1.78 - $4.09 CA $40.3 million (no LTD)

Analyst Coverage: Salman Partners, Dundee Capital Markets, Stonecap Securities Inc., Global Hunter Securities LLC, Euro Pacific Capital Inc. Included in: S&P/TSX Index, Russell Global Index and Market Vectors TM Junior Gold Miners Index


All figures as of May 4, 2012. *Includes TSX, AMEX, Alpha, Pure, Chi-x, Omega, and Frankfurt trading.


Board of Directors R.W. (Bob) Garnett, CA, Chairman; Robert Archer, P.Geo.; Ken Major, P.Eng.; John Kopcheff, B.Sc. Geol.

Martin Carsky, CA Executive VP & CFO Rhonda Bennetto VP Corporate Communications David Asher, MBA VP Technology Services

Robert Archer, P. Geo. President & CEO Co-founder Robert Brown, P.Eng. VP Exploration Ing. Francisco Ramos VP Bus. Development Co-founder

Charles Brown, B.Sc. COO

Jim Zadra, CA VP Finance

Eduardo Ortiz-Briones VP Corporate Relations


Great Panther is a profitable primary silver producer with two wholly owned producing mines, and development and exploration projects in Mexico Strong leverage to silver price as we potentially approach a major up-leg Excellent liquidity on TSX and NYSE MKT Strong cash position & no long term debt Significant organic growth funded out of cash flow Pursuing acquisition opportunities to add third property in Latin America Coverage by 5 analysts with 12-month targets up to 90% higher than current price