TSX GPR | NYSE American GPL g r e a t p a n t h e r. c o m

A GROW I N G

D I VE RS IF IE D GO L D

A N D S I LVE R

P RO D U C E R

I N TH E A M E RI C AS

November 5, 2020

Q3 FINANCIAL RESULTS WEBCAST

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Speakers

Rob Henderson Neil Hepworth Jim Zadra Meghan BrownPresident and CEO Chief Operating Officer Chief Financial Officer VP Investor Relations

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COVID-19 Update

Health and safety of our people and communities is a core value

• To date, Great Panther has seen limited impact on operational productivity as a result of COVID-19, and is continuing to review and strengthen COVID-19 protocols

• All confirmed cases of are in isolation and being monitored by Company health professionals

• Proactive measures:

• Travel restrictions and flexible, remote working plans

• Supervision, monitoring and rapid response plans in place

• Mandatory medical screening and testing

• Limited external visitors and extensive cleaning procedures

• Operational contingencies:

• Stockpiling of ore at Tucano

• Procedures in event of partial or complete shutdown

• Strengthening supply chains

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Gold and Silver Production in the Americas

TOPIAPrimary Silver Producer

GUANAJUATO MINE COMPLEXSilver-Gold Producer

TUCANOGold Producer

CORICANCHAPrimary Gold-Silver Development Project

2020 Guidance146,000 - 158,000

Au eq oz

Producing mineDevelopment projectExploration project

ARGOSY

PLOMO

EL HORCÓN

SANTA ROSA

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Q3 2020 HighlightsA record quarter

• Delivered a number of financial records, including net income of $18.6M, mine operating earnings before non-cash items of $42.1M, adjusted EBITDA of $34.9M, and cash flow from operations of $19.7M1

• Q3 2020 produced 39,788 oz gold eq (up 3% from Q2 2020) at AISC of $1,123/oz gold sold

• YTD at end of Q3 produced 113,054 oz gold eq at AISC of $1,331/oz gold sold

• On track to meet 2020 consolidated guidance of 146,000-158,000 oz gold eq oz at AISC of $1,150-$1,250/oz gold sold1

• Strengthened the balance sheet in Q3, with $67M cash and $25M working capital at Sept 30

Mine Ag oz Ag eq oz Au oz Au eq oz

Tucano - - 31,803 31,803

Topia 213,320 383,897 308 4,266

GMC 161,927 334,675 1,919 3,719

Total 375,247 718,572 34,030 39,788

Q3 2020 production

1. Mine operating earnings before non-cash items, adjusted EBITDA and AISC per gold oz sold are Non-GAAP Measures. Refer to the Cautionary Note on Non-GAAP Measures of this presentation.

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Sustainability

Inaugural 2019 Sustainability Report

• Highlights our progress, initiatives and commitments in the areas of health, safety,

environmental, social, and governance management

• Available for download at: https://www.greatpanther.com/_resources/sustainability/GPR-SR-Eng-10September20-Full-Report.pdf

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Tucano

• In Q3, achieved 10% increase in plant throughput and 20% reduction in AISC relative to Q3 2019

• Produced 31,803 oz gold in Q3, with plant recoveries at 92.1%

• Q3 AISC of $1,061/oz gold sold, a 20% improvement over Q3 2019

• YTD at end of Q3, produced 93,400 oz gold at AISC of $1,209/oz gold sold

• On track to meet 2020 guidance of 120,000 to 130,000 oz gold at AISC of $1,150-$1,250/oz gold sold

2019 Q1 2020 Q2 2020 Q3 2020

Tonnes milled 3,074,014 811,197 822,638 823,353

Head grade (Au g/t) 1.37 1.09 1.48 1.31

Plant recovery 91.8% 91.7% 90.2% 92.1%

Gold production (oz) 123,866 26,176 35,421 31,803

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Tucano – Reserve Replacement

Tucano Exploration Presentation 2019

OBJECTIVE: Convert Resources to Reserves to replace 2020 depletion

• A focused drilling program at TAP AB1 – AB3 now complete; objective was to convert Inferred resources to Measured/Indicated

• Target resources were just below the $1,350/oz reserve pit shell to justify the deepening of these pits given the stronger gold price

• Resource/Reserve estimates being updated for release by year end

TAP AB1

TAP AB3

Urucum UG

Urucum E

Torres

TAP C

Neo

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Tucano – Urucum North Underground Potential

• Previous owner completed a pre-feasibility study for an underground mine at Urucum North; Reserves were estimated using US$1,120/oz

• Resource confirmation/expansion drilling now underway

• Company to evaluate underground potential with revised metal prices and cost estimates

• Preliminary concept of developing the underground mining in three stages

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Tucano – Regional Exploration Potential

• Largely unexplored Proterozoic greenstone belt with significant package of reactive chemical sediments (BIFs, carbonates etc.) wedged between dominantly mafic volcanic and clastic sediments, intruded by multiple granite phases

• Initial regional surveys by BHP and AGA pre-2000. Limited exploration carried out, since 2000.

• An integrated interpretation of available data has delineated corridors with high gold exploration potential. Regional stream and soil sampling program will be initiated in Q4

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Topia (Ag-Au-Zn-Pb)

2019 Q1 2020 Q2 2020 Q3 2020

Ore processed (tonnes) 79,257 19,359 7,781 20,292

Ag/Au grades (g/t) 392/0.94 357/0.82 352/0.87 353/0.85

Pb/Zn grades (%) 2.65/3.44 2.22/3.45 2.28/3.09 2.41/3.03

Ag/Au recoveries (%) 93.9/55.9 92.3/55.2 92.5/54.0 92.5/55.5

Pb/Zn recoveries (%) 93.2/94.3 93.5/94.7 91.8/92.8 93.2/91.9

Ag production (oz) 938,581 205,184 81,427 213,320

Ag eq production1 (Ag eq oz) 1,785,483 376,303 146,128 383,897

AISC2 ($/payable Ag oz) $15.35 $17.73 $22.32 $15.85

1. For 2020, Ag eq oz are calculated using a 90:1 Ag:Au ratio and ratios of 1:0.0577 and 1:0.0680 for the price/ounce of silver to lead and zinc price/pound, respectively, and applied to the relevant metal content of the concentrates produced, expected to be produced, or sold from operations. The ratios are reflective of average metal prices for 2020. Comparatively, Ag eq oz for 2019 were calculated using a 80:1 Ag:Au ratio and ratios of 1:0.0636 and 1:0.0818 for the price/ounce of silver to lead and zinc price/pound, respectively, and applied to the relevant metal content of the concentrates produced, expected to be produced, or sold from operations. The ratios are reflective of average metal prices for 2019.

2. AISC per payable Ag oz is a Non-GAAP Measure. Refer to the Cautionary Note on Non-GAAP Measures of this presentation.

• Full quarter of steady, stable production

• Produced 383,897 oz silver eq in Q3, with silver recoveries at 92.5%

• Q3 AISC of $15.85/payable oz silver, a 29% improvement over Q2 20202

• YTD at end of Q3, produced 906,328 oz silver eq at AISC2 of $17.76/oz payable oz silver

• On track to meet 2020 guidance of 1.2M-1.3M Ag eq oz at AISC of $21-$22/ payable Ag oz

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1. Includes mill feed from San Ignacio.2. For 2020, Ag eq oz are calculated using a 90:1 Ag:Au ratio and ratios of 1:0.0577 and 1:0.0680 for the price/ounce of silver to lead and zinc

price/pound, respectively, and applied to the relevant metal content of the concentrates produced, expected to be produced, or sold from operations. The ratios are reflective of average metal prices for 2020. Comparatively, Ag eq oz for 2019 were calculated using a 80:1 Ag:Au ratio and ratios of 1:0.0636 and 1:0.0818 for the price/ounce of silver to lead and zinc price/pound, respectively, and applied to the relevant metal content of the concentrates produced, expected to be produced, or sold from operations. The ratios are reflective of average metal prices for 2019.

3. AISC per payable Ag oz is a Non-GAAP Measure. Refer to the Cautionary Note on Non-GAAP Measures of this presentation.

Guanajuato Mine Complex (Ag-Au)

• Full quarter of steady, stable production

• Produced 334,675 oz silver eq, with silver recoveries at 85.5%, at AISC3 of $18.83/payable oz silver

• On track to meet 2020 guidance of 1.2M-1.3M Ag eq oz

• YTD at end of Q3, produced 862,505 oz silver eq at AISC3 of $18.21/payable oz silver

• Completed 5,953m of in-fill drill program in Q3 2020 with four rigs

• Planned increase in production from Guanajuato mine in H2 2020, based on successful development of the Los Pozos zone

2019 Q1 2020 Q2 2020 Q3 2020

Ore processed (tonnes) 187,610 49,607 16,755 45,101

Ag/Au grades (g/t) 116/2.26 125/1.85 133/1.80 131/1.59

Ag/Au recoveries (%) 84.7/85.2 85.4/84.1 85.4/84.7 85.5/83.4

Ag production (oz) 590,781 169.734 61,031 161,927

Ag eq production1,2 (Ag eq oz) 1,517,853 393,126 134,703 334,675

AISC3 ($/payable Ag oz) $13.21 $14.21 $27.36 $18.83

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1. Cash costs per gold oz sold, AISC per gold oz sold, excluding corporate G&A expenditures, mine operating earnings before non-cash items, cash flow from operating activities, and adjusted EBITDA are Non-GAAP Measures. Referto the Cautionary Note on Non-GAAP Measures of this presentation.

in US$000s unless otherwise stated Q3 2020 Q3 2019 % change

INCOME STATEMENT

Revenue 77,019 71,002 8%

Mine operating earnings before non-cash items1 42,071 19,208 119%

G&A 3,456 2,876 20%

EE&D 4,044 2,901 39%

EARNINGS

Net income (loss) 18,635 (9,171) 303%

Earnings (loss) per share – basic and diluted 0.05 (0.03) 267%

CASH FLOW

Adjusted EBITDA1 34,934 12,909 171%

Cash flow from operating activities1 26,239 11,958 119%

BALANCE SHEET

Cash and cash equivalents 66,648 27,275 144%

Net working capital 24,996 12,752 96%

Borrowings 45,924 42,693 8%

Shareholders’ equity 92,188 167,941 -45%

PRODUCTION METRICS

Gold equivalent production (oz) 39,788 47,374 -16%

Cash costs per gold oz sold1 712 1,014 -30%

AISC, excluding corporate G&A expenditures ($/oz gold sold)1 1,023 1,310 -22%

Financial Summary

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Question & Answer Session

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greatpanther.com

Closing Remarks

A G R O W I N G D I V E R S I F I E D G O L D A N D S I LV E R P R O D U C E R I N T H E A M E R I C A S

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Meghan Brown, MBAVP, INVESTOR RELATIONS

T 778 899 0518 | M 236 558 4485mbrown@greatpanther.com

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Forward-Looking StatementsForward-Looking Statements

This presentation contains forward-looking statements within the meaning of the United StatesPrivate Securities Litigation Reform Act of 1995 and forward-looking information within themeaning of applicable Canadian securities laws (together, "forward-looking statements").When used in this presentation, any statements that express or involve discussions with respectto predictions, expectations, beliefs, plans, projections, objectives, assumptions or future eventsor performance (often, but not always, using words or phrases such as “expects”, “anticipates”,“plans”, “projects”, “estimates”, “targets”, “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 ofany of these terms and similar expressions) are not statements of historical fact and may beforward-looking statements. Such forward-looking statements may include but are not limitedto: the Great Panther Mining Limited’s (“Great Panther”, the “Company”, “we” or “our”)expectations for 2020 production and cost guidance at Tucano in Brazil, the GMC and Topia inMexico; including all-in full year consolidated production guidance of 146,000-158,000 goldequivalent ounces (“Au eq oz”) at AISC of $1,150-$1,250/oz Au sold as well as its individualmines and the Company’s ability to meet such guidance; expectations that the Company’soperations will not be impacted materially as a result of COVID-19; expectations regardingTucano’s near-mine and regional exploration programs and ability to discover new MineralResources, results of such programs into an updated Mineral Resource and Reserve upgrade thecategory of Mineral Resources and/or convert Mineral Resources to Mineral Reserves, includingthe potential to replace 2020 depletion and related plans to incorporate the statement by theend of 2020 and the related objectives and assumptions of such program; expectations andtiming regarding the potential for an underground mine at Tucano and possible plans toevaluate the underground potential with revised metal prices and cost estimates followingcompletion of an underground targeted drill program; expectations of significant explorationpotential of Tucano; expectations for increase in production from Guanajuato Mine in thesecond half of 2020 based on successful development of the Los Pozo zone; capital andexploration expenditures, plans, timing, progress, and expectations for the development of theCompany’s mines and projects.

These forward-looking statements and information reflect the Company's current views withrespect to future events and are necessarily based upon a number of assumptions that, whileconsidered reasonable by the Company, are inherently subject to significant operational,business, economic and regulatory uncertainties and contingencies. These assumptions include:the assumptions underlying the Company’s production and cost guidance as set forth hereinand in the MD&A under the heading Guidance and Outlook continuing to be accurate;continued operations at all three of the Company’s mines for the balance of 2020 withoutsignificant interruption due to COVID-19 or any other reason; continued operations at Tucano inaccordance with the Company’s mine plan, including the expectations regarding the ongoinggeotechnical control of Urucum Central South (“UCS”) where mining re-started in the last weekof October; the accuracy of the Company’s Mineral Reserve and Mineral Resource estimatesand the assumptions upon which they are based; ore grades and recoveries, prices for silver,gold, and base metals remaining as estimated; currency exchange rates remaining as estimated;capital, decommissioning and reclamation as estimated; prices for energy inputs, labour,

materials, supplies and services (including transportation) as estimated; all necessary permits,licenses and regulatory approvals for the Company’s operations are received in a timelymanner; the Company’s ability to comply with environmental, health and safety laws; the abilityto obtain adequate financing for planned activities and to complete further explorationprograms; and operations not being disrupted by issues such as workforce shortages,mechanical failures, labour disturbances, illegal occupations or mining, seismic events, andadverse weather conditions.

These forward-looking statements involve known and unknown risks, uncertainties and otherfactors that may cause the actual results, performance or achievements expressed or implied bysuch forward-looking statements to be materially different. Such factors include, among others,risks and uncertainties relating to: the impact of COVID-19 on the Company’s ability to operateas anticipated, including the potential for an increase in infection amongst its employees andcontractors; the potential for interruptions to its operations whether voluntary or involuntary;employee/contractor shortages; interruption of supplies and the provision of services from thirdparties; restrictions that governments impose to address the COVID-19 outbreak; disruptions intransportation services that could impact the Company’s ability to deliver gold doré and metalconcentrates to refineries; restrictions that the Company and its contractors and subcontractorsimpose to ensure the safety of employees and others; and restrictions on operations imposedby governmental authorities; the Company’s ability to appropriately capitalize and finance itsoperations; the Company may be unable to meet its production forecasts or to generate theanticipated cash flows from operations for the remainder of 2020 and as a result the Companymay be unable to meet its scheduled debt payments when due or to meet financial covenantsto which the Company is subject; the inherent risk that estimates of Mineral Reserves andResources may not be accurate and accordingly that mine production and recovery will not beas estimated or predicted; gold, silver and base metal prices may decline or may be less thanforecasted or may experience unpredictable fluctuations; there is no assurance that theCompany will be able to continue mining and be able to access the UCS Mineral Reserves whichmay adversely impact the Company’s production plans and future revenue; fluctuations incurrency exchange rates may increase costs of operations; operational and physical risksinherent in mining operations (including pit wall collapses, tailings storage facility failures,environmental accidents and hazards, industrial accidents, equipment breakdown, unusual orunexpected geological or structural formations, cave-ins, flooding and severe weather) mayresult in unforeseen costs, shut downs, delays in production and exposure to liability; plannedexploration activities may not result in conversion of existing Mineral Resources into MineralReserves or discovery of new Mineral Resources or replace 2020 depletion; management’sestimates in connection with the assessment of provisions for loss and contingent liabilitiesrelating to legal proceedings may differ materially from the ultimate loss or damages incurredby the Company; management’s estimates regarding the carrying value of its mineral propertiesmay be subject to change in future financial periods, which may result in further write-downsand consequential impairment loss potential political and social risks involving Great Panther’soperations in a foreign jurisdiction; the potential for unexpected and excessive costs andexpenses and the possibility of project delays; employee and contractors relations;

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Forward-Looking Statementsrelationships with, and claims by, local communities; the Company’s ability to obtain allnecessary permits, licenses and regulatory approvals in a timely manner and the ability tomaintain those permits, licenses and regulatory approvals and the conditions requiredthereunder; changes in laws, regulations and government practices in the jurisdictions in whichthe Company operates; legal restrictions related to mining; the inability to operate the TopiaPhase II Tailing Storage Facility as planned; diminishing quantities or grades of mineralization asproperties are mined; operating or technical difficulties in mineral exploration and changes inproject parameters as plans continue to be refined; acts of foreign governments; political risk;labour or social unrest; illegal mining; uncertainties related to title to the Company’s mineralproperties and the surface rights thereon; unanticipated operational difficulties due to adverseweather conditions, failure of plant or mine equipment and unanticipated events related tohealth, safety, and environmental matters; failure of counterparties to perform their contractualobligations; uncertainty of revenues, cash flows and profitability, the potential to achieve anyparticular level of recovery, the costs of such recovery, the rates of production and costs ofproduction, where production decisions are not based on any feasibility studies of MineralReserves demonstrating economic and technical viability; cash flows may vary and theCompany’s business may not generate sufficient cash flow from operations to enable it tosatisfy its debt and other obligations; an unfavourable decision by the Ministerio de Energía yMinas de Perú with respect to the proposed modification to the Coricancha closure plan;reclamation costs exceed the amounts estimated; litigation risk; deterioration of generaleconomic conditions, including increased volatility and global financial conditions; and theCompany’s ability to operate as anticipated and other risks and uncertainties, including thosedescribed in respect of Great Panther in its Annual Information Form (“AIF”) for the year endedDecember 31, 2019 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 SEC and available at www.sec.gov.

This list is not exhaustive of the factors that may affect any of the Company’s forward-lookingstatements or information. Forward-looking statements or information are statements aboutthe future and are inherently uncertain, and actual achievements of the Company or otherfuture events or conditions may differ materially from those reflected in the forward-lookingstatements or information. The Company’s forward-looking statements and information arebased on the assumptions, beliefs, expectations, and opinions of management as of the date ofthis presentation. The Company will update forward-looking statements and information if andwhen, and to the extent required by applicable securities laws. Readers should not place unduereliance on forward-looking statements. The forward-looking statements contained herein areexpressly qualified by this cautionary statement.

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Cautionary StatementsNon-GAAP Measures and Presentation of Financial Information

This presentation of the Company refers to various non-Generally Accepted Accounting Principles (“non-GAAP”) measures, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, mine operating earnings before non- cash items, cost per tonne milled, cash cost per gold ounce sold, cash cost per payable silver ounce, all-in sustaining cost (“AISC”) per gold ounce sold, AISC per payable silver ounce and AISC per gold ounce sold excluding corporate G&A expenditures. Readers should refer to the “Non-GAAP Measures” section of the Company’s Management’s Discussion and Analysis (“MD&A”) for the three- and nine month periods ended September 30, 2020, available at www.sedar.com for explanations of these measures and reconciliations to the Company’s reported financial results. As these non-GAAP measures do not have standardized meanings under IFRS, they may not be directly comparable to similarly titled measures used by others. Non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards (“IFRS”).

Unless specified otherwise, all references to dollar amounts or $ are to United States dollars.

Technical Information

The scientific and technical information contained in this presentation has been reviewed andapproved by Neil Hepworth, M.Sc., C. Eng., the Company’s Chief Operating Officer, Robert F.Brown, P. Eng., for Topia, GMC, and Coricancha, and by Nicolas Winer, FAusIMM, Vice President,Exploration and Fernando A. Cornejo, P. Eng., Vice President Operations for Brazil. All areQualified Persons (QPs) for the purpose of National Instrument 43-101.

The Tucano drill program for design, implementation, and interpretation of results wereperformed by Great Panther geologists. A Quality Assurance/Quality Control (QA/QC) programconsistent with NI 43-101 and industry best practices was carried out by the Company regardingdrill core logging and sampling. The QA/QC program included the regular insertion of standards,blanks and duplicates into the sample batches, as well as further umpire sampling by anindependent certified laboratory. The majority of results were produced by the Tucanolaboratory, which carries out preparation on all samples at Tucano and has independent samplepreparation lines for grade control and resource definition. Initial assays are performed by theTucano laboratory and all samples to be included in the resource definition model areforwarded to the accredited SGS laboratory in Belo Horizonte, Brazil. Great Panther usesindustry standard QA/QC practices for all sample batches, including those to be assayed by theTucano and certified SGS laboratories. These QA/QC procedures and associated assay resultswere independently reviewed and approved by RPA as part of the NI 43-101 Tucano TechnicalReport dated December 31, 2019 and released on March 25, 2020, available on the Company’swebsite at www.greatpanther.com).

Note to United States Investors

Great Panther prepares its disclosure in accordance with the requirements of securities laws ineffect in Canada which differ from the requirements of U.S. securities laws. Terms relating tomineral resources and mineral reserves in this presentation in respect of Great Panther aredefined in accordance with National Instrument 43-101-Standards of Disclosure for MineralProjects (“NI 43-101”) under the guidelines set out in the Canadian Institute of Mining,

Metallurgy and Petroleum (“CIM Definition Standards”). The Securities and ExchangeCommission (the ‘‘SEC’’) has adopted amendments to its disclosure rules to modernize themineral property disclosure requirements for issuers whose securities are registered with theSEC under the United States Securities Exchange Act of 1934 (the “U.S. Exchange Act”). Theseamendments became effective February 25, 2019 (the “SEC Modernization Rules”). UnitedStates investors are cautioned that while the terms used in the SEC Modernization Rules are“substantially similar” to CIM Definition Standards, there are differences in the definitions underthe SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is noassurance any Mineral Resources that the Company may report as “measured mineralresources”, “indicated mineral resources” and “inferred mineral resources” under NI 43‐101would be the same had the Company prepared the resource estimates under the standardsadopted under the SEC Modernization Rules. United States investors are also cautioned thatwhile the SEC will now recognize “measured mineral resources”, “indicated mineral resources”and “inferred mineral resources”, investors should not to assume that any part or all of themineral deposits in these categories would ever be converted into a higher category of MineralResources or into Mineral Reserves. Mineralization described by these terms has a greatamount of uncertainty as to their existence, and great uncertainty as to their economic and legalfeasibility. Accordingly, investors are cautioned not to assume that any “measured mineralresources”, “indicated mineral resources”, or “inferred mineral resources” that the Companyreports are or will be economically or legally mineable.

Further, “inferred resources” have a great amount of uncertainty as to their existence and as towhether they can be mined legally or economically. Therefore, United States investors are alsocautioned not to assume that all or any part of the inferred resources exist. In accordance withCanadian securities laws, estimates of “inferred mineral resources” cannot form the basis offeasibility or other economic studies, except in limited circumstances where permitted under NI43‐101.

Note on Production Decisions Made without Identified Mineral Reserves

The Company made decisions to enter into production at Topia, Guanajuato and San Ignaciowithout having completed final feasibility studies and estimating Mineral Reserves whichdemonstrate economic and technical viability of the mines. In addition, the Company may atsome point in the future make decisions to extend mine operations at Tucano beyond the minelife of its current Mineral Reserves by mining material that is classified as Mineral Resourceswithout the completion of a feasibility study that would be required to establish whether theseMineral Resources can be converted to Mineral Reserves. As a result, there may be increaseduncertainty and risks of achieving any particular level of recovery of minerals from theCompany’s mines or the costs of such recovery. With the exception of Tucano, the Company’smines do not have established Mineral Reserves and the Company faces higher risks thatanticipated rates of production and production costs, such as those provided above, will not beachieved. These risks could have a material adverse impact on the Company’s ability to continueto generate anticipated revenues and cash flows to fund operations from and ultimately achieveor maintain profitable operations.