W W W . G R E A T P A N T H E R . C O MW W W . B E A D E L L R E S O U R C E S . C O M . A U

Great Panther Silver Friendly Acquisition of Beadell Resources

SEPTEMBER 2018

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This presentation contains forward-looking statements within the meaning of the United States Private SecuritiesLitigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws (together,"forward-looking statements"). Such forward-looking statements include, but are not limited to, statements with respectto completion of the Scheme, the processing capabilities resulting from upgrades to the Tucano plant; the anticipatedproduction profile of the combined company (both before and after the Coricancha project commences production);the effect of the transaction on the public float and shareholder base of Great Panther, the combined company’sproved and possible reserves and balance sheet; the reduction of the combined company’s operating risks; and thepotential re-rating of the combined company.

These forward-looking statements involve known and unknown risks, uncertainties and other factors which may causethe actual results, performance or achievements expressed or implied by such forward-looking statements to bematerially different. Assumptions upon which forward looking statements relating to the Scheme have been madeinclude that Beadell and Great Panther will be able to satisfy the conditions in the Agreement, that due diligenceinvestigations of each party will not identify any materially adverse facts or circumstances, that the required approvalswill be obtained from the shareholders of Beadell and Great Panther, and that all required third party, regulatory andgovernment approvals will be obtained.

Such factors include, among others, risks and uncertainties relating to potential political and social risks involving theBeadell and Great Panther’s operations in a foreign jurisdiction, the potential for unexpected costs and expenses,fluctuations in metal prices, fluctuations in currency exchange rates, physical risks inherent in mining operations,operating or technical difficulties in mineral exploration, changes in project parameters as plans continue to be refined,and other risks and uncertainties, including those described in respect of: Great Panther, in its annual information formfor the year ended December 31, 2017 and material change reports filed with the Canadian Securities Administratorsavailable at www.sedar.com and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commissionand available at www.sec.gov.

There is no assurance that such forward-looking statements will prove accurate and results may vary materially fromsuch forward-looking statements. Great Panther and Beadell believe the assumptions underlying all suchforward-looking statements are reasonable based on information currently available, however, they may prove to beincorrect. Readers are cautioned not to place undue reliance on forward-looking statements. Great Panther andBeadell have no intention to update forward-looking statements except as required by law.

Forward-Looking Statements

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Note on Preliminary Economic Assessment & Inferred ResourcesThe mine plan evaluated in the PEA is preliminary in nature and additional technical studies will need to be completedin order to fully assess its viability. There is no certainty that a production decision will be made to reactivate theCoricancha mine. In addition, we may determine to proceed with a production decision without completion ofcustomary feasibility studies demonstrating the economic viability of reactivation of Coricancha. A mine productiondecision that is made without a feasibility study carries additional potential risks which include, but are not limited to, (i)increased uncertainty as to projected initial and sustaining capital costs and operating costs, rates of production andaverage grades, and (ii) the inclusion of Inferred Mineral Resources, as defined by NI 43-101 and CIM DefinitionStandards (see Cautionary Note to United States Investors below) that are considered too speculative geologically tohave the economic considerations applied to them that would enable them to be converted to a Mineral Reserve, asdefined by NI 43-101 and CIM Definition Standards (see Cautionary Note to United States Investors below). Mine designand mining schedules, metallurgical flow sheets and process plant designs may require additional detailed work andeconomic analysis and internal studies to ensure satisfactory operational conditions and decisions regarding futuretargeted production. In addition, the results of the Bulk Sample Program may impact on the projected capital andoperating costs, with the result that the projected NPV, IRR and cash flows may be adversely impacted.Readers are cautioned not to assume that any part or all of Mineral Resources used in this PEA will ever be convertedinto reserves. Inferred Mineral Resources, in particular, have a great amount of uncertainty as to their existence and/oreconomic and legal feasibility and readers are cautioned not to assume that they will ever be upgraded to a highercategory. Under Canadian standards, estimates of Inferred Mineral Resources may form part of preliminary economicassessment, but may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Mineral Resourcesthat are not Mineral Reserves, do not, by definition, have demonstrated economic viability.Note to United States InvestorsGreat Panther prepares its disclosure in accordance with the requirements of securities laws in effect in Canada and Beadell prepares its disclosure in accordance with the requirements of securities laws in Australia, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources and mineral reserves in this presentation in respect of Great Panther are defined in accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves and in respect of Beadell are defined in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Securities and Exchange Commission (the ‘‘SEC’’) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. This presentation uses certain terms, such as, ‘‘measured mineral resources’’, ‘‘indicated mineral resources’’ and ‘‘inferred mineral resources’’, that the SEC does not recognize (these terms may be used in this presentation and are included in the public filings of Great Panther which have been filed with securities commissions or similar authorities in Canada).

Cautionary Statements

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Beadell Competency StatementThe information in this presentation that relates to mineral resources and ore reserves of Beadell Resources Limited is based on information reviewed and approved by Ms. Aoife McGrath, a Competent Person (as defined in the JORC Code) who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and of the Australian Institute of Geoscientists (AIG).Ms. McGrath is a full -time employee of Beadell Resources Limited. She has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. Ms. McGrath consents to the inclusion in this presentation of the matters based on her information in the form and context in which it appears.Please see Beadell’s Interim Ore Reserve and Mineral Resource Update released to ASX on 19 December 2017 for a full JORC disclosure regarding the Tucano Project.

Great Panther Competency StatementThe information in this presentation that relates to resource estimates for Great Panther’s projects is based on information compiled from the following technical reports filed by Great Panther under Canadian securities laws:

Guanajuato Mine Complex: Technical report entitled “NI 43-101 Mineral Resource Update Technical Report on the Guanajuato Mine Complex, Guanajuato Mine and San Ignacio Mine, Guanajuato State, Mexico”, dated February 28, 2018 prepared by Mr. Matthew C. Wunder, P.Geo.Topia Mine: Technical report entitled “NI 43-101 Report on the Topia Mine Mineral Resource Estimates as of November 30, 2014” dated July 6, 2015 prepared by Mr. Robert F. Brown, P.Eng.Coricancha: Technical report entitled “Resource Update Technical Report on the Coricancha Mine Complex, Huarochirí Province, Lima Region, Perú”, dated February 2, 2018 submitted by Golder Associates Inc. as Report Assembler of the work prepared by or under the supervision of the following “Qualified Persons” named as authors: Ronald Turner, MAusIMM CP(Geo); Daniel Saint Don, P.Eng.; and Jeffrey Woods, P.E.

The information in this presentation derived from Great Panther’s technical reports has been reviewed and approved by Mr. Rob ert Brown, P.Eng. Mr. Brown, P.Eng is a Professional Engineer registered with the Association of Professional Engineers and Geoscientists of British Columbia. Mr. Brown, P.Eng has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Brown, P.Eng consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Mr. Brown, P.Eng was the VP Exploration of Great Panther until December 31, 2016 and is a consultant to Great Panther.Great Panther's disclosure of mineral resource information is governed by Canadian National Instrument 43 -101 under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM ("CIM Standards"). Great Panther’s mineral resources are classified according to the CIM Definition Standards in the manner of the JORC Code and NI 43-101 disclosure corresponds to that required by the JORC Code. Disclosure by Great Panther in its most recently filed NI 43-101 technical reports complies with the CIM Guidelines, which are closely related to the JORC Code in their key definitions. The Great Panther mineral resources can therefore be quoted as ‘qualifying foreign estimates’ according to ASX Listing rules. The most recent disclosure of Great Panther’s mineral resources can be found on SEDAR at www.sedar.com. The most recent disclosure by Great Panther is in the Great Panther Annual Information Form dated March 23, 2018.The qualifying foreign estimates have not been reported in accordance with the JORC Code. A competent person has not done suf ficient work to classify the foreign estimates as mineral resources or ore reserves in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration word that the foreign estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code.

Qualified PersonsThe technical information contained in this presentation as it relates to Beadell has been reviewed and approved by Aoife McG rath, who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and a member of the Australian Institute of Geoscientists (AIG), and is a Qualified Person under the meaning of NI 43-101.

The technical information contained in this presentation as it relates to Great Panther has been reviewed and approved by Rob ert F. Brown, P. Eng., the Qualified Person for Great Panther’s projects under the meaning of NI 43-101.

Competent Persons & NI 43-101

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Transaction Highlights

Emerging Intermediate

Gold Producer

Significant pro forma gold and silver production, with Great Panther contributing 4 million silver-equivalent ounces of production in 2018(1), and Beadell contributing 130,000 gold ounces in 2018 and a further 163,000 ounces in 2019(2), with potential for further increase upon a positive restart decision for Coricancha

Increase in pro forma market capitalization leading to enhanced capital markets profile and trading liquidity

Extensive Resource and Reserve Base

Pro forma attributable proven and probable reserves of ~1.5 million gold ounces with Beadell contributing measured and indicated resources (exclusive of reserves) of ~0.8 million ounces of gold and inferred resources of ~1.5 million ounces of gold, supplementing Great Panther’s measured and indicated resources of ~49.4 million ounces silver-equivalent and inferred resources of ~48.5 million ounces silver-equivalent

Strong Balance Sheet to Support Complementary

Assets

Pro forma cash balance of US$74 million as at June 30, 2018 Enhanced balance sheet of combined company to accelerate completion of Tucano plant

improvements and other optimization initiatives

Diversified Portfolio

Diversified operations with the inclusion of Brazil as a new core jurisdiction, representing 38% of pro forma asset NAV(3)

Combined company will have three operating mines in Mexico and Brazil along with the Coricancha project located in Peru

Robust Growth Profile

Near-term optionality from Coricancha with a restart decision expected in early 2019 Longer-term exploration optionality from Beadell’s 2,500 km2 highly prospective land package

Attractive Re-Rating Potential

Combined company well positioned for a significant value re-rating to the benefit of both Great Panther and Beadell shareholders

1. See Great Panther’s news release dated August 1, 2018.2. See Beadell’s news release dated September 20, 2018.3. Based on the median of available broker estimates

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Transaction Summary

Transaction Summary

Great Panther and Beadell have entered into a Scheme Implementation Deed pursuant to which both companies will be combined through the acquisition by Great Panther of all the Beadell shares outstanding

Great Panther and Beadell shareholders will own 62% and 38% of the combined company, respectively

Consideration

Each Beadell ordinary share to be exchanged for 0.0619 shares of Great Panther

Implies a value of A$0.086 per Beadell share based on the closing price of Great Panther on the NYSE American on September 21, 2018

Offer represents an equity value for Beadell of approximately A$144M (US$105M(1))

Consideration represents a 51% premium to Beadell’s closing price on September 21, 2018 and a 69% premium to Beadell’s 20-day VWAP

The combined company’s shares will continue to trade on both the TSX and the NYSE American

Key Conditions

Beadell shareholder approval subject to 75% of the total number of votes cast, as well as 50% of the number of Beadell shareholders present and voting

Great Panther majority shareholder approval subject to a simple majority of votes

Australian court approvals and approval by the TSX

Management Team

Current Great Panther management team will lead the combined company

James Bannantine, President and CEO of Great Panther, brings operating experience in Brazil and is fluent in Portuguese

Dr. Nicole Adshead-Bell, CEO and Managing Director of Beadell, will join the Board of Directors

Anticipated Timeline

Shareholder votes expected to be held in late December 2018 or early January 2019

Transaction expected to close in January 2019

1. The Beadell news release dated September 24, 2018, incorrectly referenced an implied equity value of US$135M.

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Pro Forma Capitalization

1. Translated using September 21 Bank of Canada exchange rates of 0.774 USD:CAD and 0.728 USD:AUD

2. As reported at June 30, 2018

Great Panther Beadell Pro Forma

Basic Shares Outstanding

169 1,674 273

Market Cap (Local) C$206 A$95 C$333

Market Cap (US$)(1) US$160 US$69 US$258

Cash and Short-Term Investments(2) US$60 US$15 US$74

Debt(2) US$0 US$85 US$85

Enterprise Value US$100 US$140 US$269

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Immediate 51% premium to Beadell’s closing share price on September 21, 2018 and 69% premium to its 20-day VWAP

Exposure to substantial value creation from successful execution of the Tucano turn-around which will be enhanced by Great Panther’s strong balance sheet and management’s experience with similar assets in Brazil; most notably CEO James Bannantine’s experience operating mines in Brazil and his fluency in Portuguese

Benefits to Shareholders

Beadell shareholders to maintain meaningful exposure to Tucano via 38% pro forma ownershipCombined company’s substantial cash balance provides means to accelerate Tucano plant upgrade and other optimization initiatives

Provides near-term growth optionality with the addition of Coricancha

Increased production profile and market capitalization to enhance capital markets profile and trading liquidity of the combined companyDiversifies Great Panther’s asset base to include Brazil as a new core jurisdictionAccretive on key metrics including NAV, cash flow, production, and resources before anticipated synergies including reduction in G&AEnhanced optionality via Beadell’s 2,500 km2

highly prospective exploration land packageOngoing participation in combined company with strong re-rating potential

Broadened shareholder base and TSX and NYSE American listing will enhance trading liquidityOngoing participation in combined company with strong re-rating potential

Diversifies Beadell’s geographic footprint into Mexico and Peru

Stronger balance sheet allows for increased exploration spend which will result in mine life extension and bring-forward of NPV

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Topia

GMC

Coricancha

Tucano Tartaruga

El HorcónSanta Rosa

Emerging Intermediate Gold Producer

El Horcón

• Gold, silver, zinc and lead exploration project north of Guanajuato State

• Inferred Resources: 18 koz Au; 0.4 Moz Ag

Tartaruga

• Located 120 km northeast of the Tucano Mine covering 357 km2 of the Tartarugalzinhogreenstone Belt

• Inferred Resources: 337 koz Au

Coricancha Mine

• Closed acquisition of the Coricancha Mine in June 2017

• Currently conducting engineering and environmental studies in order to determine the viability of restarting operations

• M&I Resources: 140 koz Au; 4.8 Moz Ag

Guanajuato Mine Complex (GMC)

• Gold and silver producing underground mines located in Guanajuato, Mexico

• Consistent production since acquisition in 2005

• 2018 Guidance(1):• M&I Resources(1):

20 koz Au; 1.4 Moz Ag107 koz Au; 6.2 Moz Ag

Santa Rosa

• Silver and gold exploration project located northeast of Guanajuato

Topia Mine

• Underground mine located in Durango State, Mexico that produces silver, gold,lead, and zinc

• Plant capacity is approximately 275 tonnes per day

• 2018 Guidance:• M&I Resources:

1,000 oz Au; 0.6 Moz Ag15 koz Au; 6.9 Moz Ag

Tucano Mine

• Gold mine located in Amapá State in northern Brazil

• Covers approximately 2,500 km2 of mostly contiguous exploration licences and a mining concession with district scale exploration potential

• Forecast completion of Tucano plant upgrade with processing capacity ~3.5Mt/year enabling greater ore type processing flexibility at Tucano

• 2018 Guidance:• M&I Resources(2):

130 koz Au2.24 Moz Au

Producing Mine Development Project

1. Includes San Ignacio

2. M&I Resources are inclusive of reserves

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22 22 23 19 24

122146

130 130

163

144

168

152 149

198

2015A 2016A 2017A 2018E 2019E

GPR (Producing) Beadell (Producing)

Pro Forma Production ProfilePro Forma Production Profile (koz Au)

Potential for further growth if positive restart decision made at Coricancha

Excludes ~2.2 Moz of GPR Silver Production

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Diversified, Americas-Focus Portfolio

Geographic Exposure by Net Asset Value(2)

Current Pro Forma

Commodity Exposure by 2P Reserves & M+I Resources(1)

Current Pro FormaGold Silver Base Metals

Mexico Peru Brazil

1. AuEq calculated using a gold price of $1,335/oz Au, silver price of US$19.15/oz, lead price of $1.15/lb, zinc price of $1.50/lb, and copper price of $3.00/lb2. Based on median of available broker estimates

Pro Forma Mineral Reserves & Resources (Moz AuEq)(1)

58%

4%

38%

38%

37%

25%

85%

9%6%

94%

6%

0.69

1.47

2.241.47

2.93

2P M&I

Beadell Great Panther Silver

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Tucano OverviewMine Type Open Pit

Avg. Ore Tonnes Mined (Mt/Yr) ~4.8Avg. Waste Tonnes Mined (Mt/Yr) ~27.2

Processing Type Conventional CILAvg. Ore Tonnes Processed/Yr ~3.5

Recovery - Current ~88%

Recovery - 2019 On ~93%

Current LOM Sulphide Ore (%) ~73%

Tailings Type Conventional TSF

Resources & Reserves* Au oz (000) Au Grade (g/t)Tucano Total Reserves 1,473 1.83

Open Pit 1,051 1.77

Underground 345 3.61

M&I Resources Inc. Reserves 2,240 1.71

Open Pit 1,671 1.65

Underground 470 3.71

Inferred Resources 1,150 2.19

Open Pit 164 1.32

Underground 986 2.45

*Totals include stockpiles

Tucano – 100% Owned, Amapá, Brazil

Brazil is one of the world’s great mining jurisdictions

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Plant Upgrade – Ball Mill Complete

• Mine plan previously constrained to maximum 30% sulphide feed

• Plant upgrade provides sulphide blend flexibility up to 80%

• Gold recoveries projected to increase ~5% from ~88% to ~93%

• Will result in greater ore type processing flexibility allowing a greater focus on mining for grade rather than ore type

Plant Upgrade Status:• Ball Mill: complete• Additional CIL tank: late Oct-18• Pre-leach thickener: early Nov-18• Oxygen plant: early Nov-18

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Tucano Mine Corridor7 km long mineralized mine sequence

Exceptional gold grades intersected down-plunge from lodes that contribute to ore reserve

Tap AB2: F0201913m @

164.00g/t

Tap AB1: F018667m @ 15.59g/t

24m @ 58.71g/t

Tap AB3: F02080:29m @ 4.27g/t

Urso: FD01466: 1m @ 2.02g/t

Urucum North: FD1346:4m @ 17.50g/t9m @ 16.2g/t

Tap AB1: F0220226m @ 1.86g/t64m @ 4.29g/t6m @ 1.14g/t

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Near-Mine Exploration Targets

1. 1 km gap from Tap C3 North to Urucum South 2. Urso Prospect – 700 m potential strike length 3. All Neo Lodes – yet to be drilled systematically (potential Neo-

type mineralisation intersected at 700 m vertical)4. Torres & Torres South lodes5. Very high grades at depth in Urucum North require follow-up6. Potential gold mineralisation in the schist

New resource opportunities within 5 km of plant

TAP AB3 NORTH LODEF02432

11 m @ 5.97 g/t

100,000 mN

99,500 mN

99,000 mN

98,500 mN

98,000 mN

401,

000

mE

401,

500

mE

4 02,

000

mE

4 02,

500

mE

4 03,

000

mE

94,000 mN

95,000 mN

93,500 mN

94,500 mN

97,500 mN

97,000 mN

96,500 mN

96,000 mN

95,500 mN

0 500 m

Gold Lode

Carbonate

Banded Iron Formation

GraniteSchist

LEGEND

Alluvium

Amphobolite

PegmatiteLaterite

New gold Lode since 2015

1

2

3

4

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Plant

FD01466 13 m @

2.02 g/t Au

GCRC2161 14m @

4.32g/t Au

GCPF295983m @

52.15g/t AuF162217m @ 3.51g/t

Au

F0250912m @

22.5g/t Au

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Tap AB Deposits Urucum DepositsTap C Deposits

Neo Lodes(off plane of long section)

Gap from Tap C3N to Urucum South

(mostly untested)

UrsoProspect

4Torres Lodes – further south

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Regional Exploration Targets

Regional program focused within 20 km of plant

>10 gold-in-soil anomalies identified

Additional untested structural targets

Data organization and data mining underway

Systematic exploration to commence at the end of 2018

Aeromagnetics overlain by soils

Tucano Mine Corridor

Janaina

Sentinela

Tap East

Dragao

Mutum

T4

Joseph J9

Joseph J5

T3

BicicletaSaraminda

Tap D4

Timbo

10 km

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Historically one of Mexico’s most prolific mining districts with past production of

more than one billion Ag oz over 400 years

Steadily grew production at GMC to

current level of capacity

Commercial production at San

Ignacio commenced June 2014

Excellent infrastructure.Other projects in the

district have potential to be satellite

operations

Guanajuato District (Ag-Au)

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1. Includes mill feed from San Ignacio.

2. Silver equivalent ounces for 2017 are calculated using a 70:1 Ag:Au ratio.

3. Cash cost per silver payable ounce and all-in sustaining cost per silver payable ounce (“AISC”) are non-GAAP performance measures. Refer to the “Non-GAAP Measures” section of the Company’s MD&A for an explanation of these measures and reconciliation to the Company’s reported financial results inaccordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others.

Guanajuato Mine Complex (Ag-Au)(1)

• Accounted for 73% of total production in FY 2017(1)

1H 2018 FY 2017

Metal Production(2) Ag eq oz 1,339,341 2,892,068

Silver Production Ag oz 581,516 1,386,964

Recoveries Ag/Au (%) 88.3 / 88.1 89.2 / 86.9

Average Grades Ag/Au (g/t) 131 / 2.45 151 / 2.41

Ore processed Tonnes 155,933 319,963

Cash Cost(3) /Ag oz US$6.92 US$4.32

All-in Sustaining Cost(3) /Ag oz US$11.36 US$9.17

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Property covers most of district – more than

6,500 hectares

High grade, narrow vein underground mining

with central plant

Operating 10 separate mines provides flexibility

Ability to expand production at profitable mines; can temporarilyclose others as needed

Lead and zinc concentrates sold to

metal trader in Mexico

Plant upgraded & new tailings storage facility

construction has commenced

Topia Mine (Ag-Pb-Zn-Au)

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1. Silver equivalent ounces for 2017 are calculated using a 70:1 Ag:Au ratio, and ratios of 1:0.0559 and 1:0.0676 for the price/ounce of silver to lead and zinc respectively.

2. Cash cost per silver payable ounce and all-in sustaining cost per silver payable ounce (“AISC”) are non-GAAP performance measures. Refer to the “Non-GAAP Measures” section of the Company’s MD&A for an explanation of these measures and reconciliation to the Company’s reported financial results inaccordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others.

Topia Mine (Ag-Pb-Zn-Au)

1H 2018 FY 2017*Metal Production(1) Ag eq oz 694,764 1,086,663

Silver Production Ag oz 389,356 595,721

RecoveriesAg / Au (%) 93.3 / 60.0 91.7 / 65.3

Pb / Zn (%) 94.5 / 93.5 93.1 / 94.2

Average GradesAg / Au (g/t) 360 / 0.71 376 / 0.89

Pb / Zn (%) 2.67 / 3.14 2.58 / 3.47

Ore processed tonnes 36,105 53,745

Cash Cost(2) /Ag oz US$6.07 US$9.53

All-in Sustaining Cost(2) /Ag oz US$7.48 US$14.98

* Reflects plant upgrades & dry tails handling facility completed in Q1:17

• Accounted for 27% of total production in FY 2017

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Underground mine placed on care & maintenance in

August 2013

90 km east of Lima in prolific mining district

Operating history dating back to 1906

Permitted & operational existing processing plant and gold bio-leaching

facility

80% precious metals, 20% base metals by value

Bulk Sample Program underway

Coricancha Mine (Au-Ag-Pb-Zn-Cu)

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Coricancha PEA Highlights

Potential for Average Annual Production of 3M Silver-Equivalent Ounces• Head Grade: 768 g/t silver-equivalent• Net Smelter Return: $295/t

Robust Economics• 81% after-tax IRR• $16.6 M after-tax NPV (7.5% discount rate)• Significant leverage to metal price changes

Low Capital Costs• $8.8 M Initial Capital Cost• Can be funded from existing cash reserves

Opportunities for Enhancement• Several areas to enhance economics and increase mine life• Potential to optimize mine plan

All figures in US dollars

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Bulk Sample Program

• 6,000 tonne bulk sample from Constancia Vein

• Designed to test key mine inputs and assumptions

• Two trial stopes to test cut-and-fill and resue mining methods

• Aiming to confirm: Mining rate Grades Recoveries Concentrate product specifics

• Program Duration: ~8 months

• Expected Completion: Q1-2019

Slusher Blades

Double Drum Motor

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$0M

$200M

$400M

$600M

$800M

$1,000M

$1,200M

$1,400M

$1,600M

$1,800M

$2,000M

0 100 200 300 400 500 600

Ente

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S$M

)

2019E Gold Production (koz Au)

Great Panther

McEwen

TMAC

Argonaut

Guyana

SSR Mining

Torex

Leagold

Pretium

Atlantic Gold

Premier Gold

Beadell

Equinox Gold

Pro Forma Great Panther

Alio

Wesdome

Torex

Endeavour Silver

Sierra Metals

Transition to Intermediate ProducerEnterprise Value to 2019E Production (koz Au)(1),(2)

1. Peer EV sourced from S&P Capital IQ2. Peer 2019E Production sourced from Bloomberg consensus estimates

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Strong Re-Rating PotentialP/NAV(1),(2) (x)

1. Market data as of September 21, 20182. As per S&P Capital IQ consensus estimates

0.0x

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Intermediate Producer Average: 0.62x P/NAV

26

Experienced Leadership Team

Name Position Background

JamesBannantine

Presidentand CEO

Appointed President & CEO in August 2017 More than 20 years experience in senior

management level roles in both private and public companies

Jim Zadra CFO

CFO since 2012 Over 15 years of experience in senior

corporate finance roles with significant experience in financial reporting, taxation, strategic planning, capital markets, and M&A

Previous roles at Deloitte and Canaccord

Brian Peer VPOperations,

Mexico

Appointed VP of Operations, Mexico in August 2017

Over 30 years of mining experience; prior roles with Alamos, Coeur and Barrick

Samuel Mah

VP Technical Services

Joined Great Panther in April 2017 as VP Corporate Development

20 years experience in the mining industry and was most recently employed at Silver Wheaton

Mariana Fregonese

VP Social Responsibility

Joined Great Panther Silver in 2007 Focused on building strategic partnerships

and fostering relationships with various stakeholders

Name Position Background

R.W. (Bob)Garnett Chair

Currently serves as the Commissioner for the Financial Institutions Commission of BC and on the board of MediValet

Previously on the board of South Coast British Columbia Transportation Authority

JamesBannantine

Presidentand CEO

Appointed President & CEO in August 2017 More than 20 years experience in senior

management level roles in both private and public companies

Jeffrey R. Mason Director

Over 25 years of public company experience in mineral exploration, development, construction and operations in precious and base metals and other minerals

RobertArcher Director

Co-founder of Great Panther Silver, served as President and CEO from 2004-2017

Over 35 years of experience in mining

JohnJennings Director 25 years of investment banking

experience

W.J. (James)Mullin

Director Over 30 years of industry experience working for Newmont Mining Corporation

Elise Rees Director

Currently sits on the Boards of EnmaxCorporation, EasyPark, and Westland Insurance

Previously worked as a Partner for Ernst and Young for 18 years, with a focus on M&A and corporate reorganization

Dr. Nicole Adshead-

BellDirector

Currently CEO of Beadell, will join Great Panther as a Director

Over 20 years of capital markets and natural resource sector experience

Board of DirectorsManagement Team

27

Transaction Highlights

Emerging Intermediate

Gold Producer

Significant pro forma gold and silver production, with Great Panther contributing 4 million silver-equivalent ounces of production in 2018(1), and Beadell contributing 130,000 gold ounces in 2018 and a further 163,000 ounces in 2019(2), with potential for further increase upon a positive restart decision for Coricancha

Increase in pro forma market capitalization leading to enhanced capital markets profile and trading liquidity

Extensive Resource and Reserve Base

Pro forma attributable proven and probable reserves of ~1.5 million gold ounces with Beadell contributing measured and indicated resources (exclusive of reserves) of ~0.8 million ounces of gold and inferred resources of ~1.5 million ounces of gold, supplementing Great Panther’s measured and indicated resources of ~49.4 million ounces silver-equivalent and inferred resources of ~48.5 million ounces silver-equivalent

Strong Balance Sheet to Support Complementary

Assets

Pro forma cash balance of US$74 million as at June 30, 2018 Enhanced balance sheet of combined company to accelerate completion of Tucano plant

improvements and other optimization initiatives

Diversified Portfolio

Diversified operations with the inclusion of Brazil as a new core jurisdiction, representing 38% of pro forma asset NAV(3)

Combined company will have three operating mines in Mexico and Brazil along with the Coricancha project located in Peru

Robust Growth Profile

Near-term optionality from Coricancha with a restart decision expected in early 2019 Longer-term exploration optionality from Beadell’s 2,500 km2 highly prospective land package

Attractive Re-Rating Potential

Combined company well positioned for a significant value re-rating to the benefit of both Great Panther and Beadell shareholders

1. See Great Panther’s news release dated August 1, 2018.2. See Beadell’s news release dated September 20, 2018.3. Based on the median of available broker estimates

APPENDIX

29

Historic underground mine with two operating shafts & two ramps

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

Produces precious metal-rich concentrate for transportation to leading global smelters

Guanajuato Mine (Ag-Au)

30

Ramp access from surface

Ore trucked 22 km to Cata Plant in Guanajuato

Accounted for 62% of the total ore

processed at the GMC in 2017

Significant potential for resource expansion over 4 km strike length

Currently producing at between 500 - 600 tpd

San Ignacio Mine (Ag-Au)

31

Beadell Reserves & Resources

As at June 30, 2017; Mineral Resources are inclusive of Mineral Reserves* The June 2017 Tap AB UG Resource includes 173kt @ 4.68g/t of Inferred Oxide in the Inferred fresh category

Tucano Detail

Oxide Open Pit Tonnes (000) Au Grade (g/t) Au oz (000) Cut-off (g/t) Tonnes (000) Au Grade

(g/t) Au oz (000) Tonnes (000) Au Grade (g/t) Au oz (000) Cut-off (g/t)

Urucum Open Pit Oxide 554 1.2 21 0.7 1,021 1.13 37 70 0.97 2 0.5Urucum East Open Pit Oxide 151 1.71 8 0.7 200 1.88 12 9 1.58 0 0.5Tap AB Open Pit Oxide 4,408 1.98 280 0.6 6,759 1.94 421 796 1.11 28 0.5Tap C Open Pit Oxide 553 1.05 19 0.6 878 0.95 27 88 0.7 2 0.5Duck Head Open Pit Oxide 229 2.71 20 60 1.56 3 1

Total Oxide Open Pit 5,666 1.8 329 9,087 1.77 517 1,022 1.1 36Primary Open Pit

Urucum Open Pit Primary 9,692 1.76 547 0.8 12,903 1.63 678 393 1.57 20 0.5Urucum East Open Pit Primary 16 1.5 1 0.7 211 1.45 10 84 0.94 3 0.5Tap AB Open Pit Primary 2,462 1.86 147 0.8 6,531 1.63 342 1,053 1.34 45 0.5Tap C Open Pit Primary 615 1.39 28 0.8 2,462 1.22 97 1,044 1.35 45 0.5Duck Head Surface Primary 379 2.26 28 262 1.81 15 1

Total Primary Open Pit 12,785 1.76 723 22,486 1.6 1,154 2,837 1.41 128Oxide & Primary Open Pit

Urucum Open Pit Total 10,245 1.72 568 13,924 1.6 715 463 1.48 22 0.5Urucum East Open Pit Total 167 1.69 9 411 1.66 22 92 1 3 0.5Tap AB Open Pit Total 6,870 1.94 428 13,290 1.79 764 1,849 1.24 74 0.5Tap C Open Pit Total 1,168 1.23 46 3,340 1.15 123 1,133 1.3 47 0.5Duck Head Open Pit Total 608 2.43 48 322 1.76 18 1

Total Oxide & Primary Open Pit 18,450 1.77 1,051 31,573 1.65 1,671 3,859 1.32 164Stockpiles

Open Pit Stockpile 1,985 0.66 42 0.5 1,985 0.66 42 0.5Spent Ore Stockpile 1,311 0.61 26 0.5 1,311 0.61 26 0.5ROM Expansion Stockpile 345 0.8 9 0.5 345 0.8 9 0.5

Marginal Ore Stockpiles 1,586 0.44 22 0.3Total Stockpiles 3,642 0.66 77 5,228 0.59 99Total Tucano Open Pit & Stockpiles 22,092 1.59 1,128 36,801 1.5 1,770 3,859 1.32 164Underground

Tap AB Underground Primary* 1,047 2.28 77 3,653 3.19 375 1.2Urucum Underground Primary - PFS 2,972 3.61 345 1.6  2,894 4.22 393 5,106 2.71 445 1.6Urucum Underground Primary - Non PFS 3,733 1.38 166 1.2

Total Underground Primary 2,972 3.61 345 3,941 3.71 470 12,492 2.45 986Total Open Pit & Underground 25,064 1.83 1,473 40,742 1.71 2,240 16,351 2.19 1,150 2.19

Tartaruga

Tonnes (000) Au Grade (g/t) Au oz (000) Cut-off (g/t) Tonnes (000) Au Grade

(g/t) Au oz (000) Tonnes (000) Au Grade (g/t) Au oz (000) Cut-off (g/t)

Tartaruga 6,451 1.63 337 0.5Total Tartargua 6,451 1.63 337

Proven & Probable Measured & Indicated Inferred

Proven & Probable Measured & Indicated Inferred

32

Measured Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Cu (%) Ag (oz) Au (oz) Ag Eq OzSan Ignacio 801,468 142 3.09 - - - 3,655,447 79,724 9,283,955Guanajuato 170,978 227 1.50 - - - 1,245,568 8,268 1,829,281Topia 180,400 606 1.44 4.26 4.52 - 3,515,800 8,332 6,000,200Coricancha 404,205 210 5.94 2.16 3.43 0.54 2,731,628 77,244 13,490,000

Total Measured 11,148,443 173,568 30,603,436Indicated

San Ignacio 196,949 139 2.68 - - - 878,805 16,991 2,078,368Guanajuato 43,929 215 1.25 - - - 383,530 2,088 428,190Topia 165,800 644 1.17 4.75 3.82 - 3,437,712 6,243 5,570,000Coricancha 348,554 189 5.59 1.95 3.05 0.52 2,120,168 62,636 10,710,000

Total Indicated 6,820,215 87,958 18,786,558Total Measured & Indicated 17,968,658 261,526 49,389,994

InferredSan Ignacio 573,431 130 2.44 - - - 2,395,220 44,911 5,565,972Guanajuato 158,846 136 2.04 - - - 694,917 10,432 1,431,334Topia 357,400 592 1.31 3.44 3.96 - 6,806,791 15,060 11,050,000Coricancha 943,160 209 5.02 1.45 3.25 0.64 6,335,000 152,200 28,360,000El Horcón 162,140 76 3.44 2.69 3.79 - 398,094 17,942 2,092,913

Total Inferred 16,630,022 240,545 48,500,219

Great Panther Resources

See following slide for Notes to the Mineral Resources

33

Notes to Great Panther ResourcesFull NI 43-101 disclosure of Mineral Resource Estimates can be found in Great Panther’s Annual Information Form for the year ended December 31, 2017, available on SEDAR.San Ignacio and Guanajuato Mineral Resource Estimates use an effective date of August 31, 2017; and all used a metal price outlook of US$17.00/oz silver and US$1,300/oz gold. Matthew Wunder, P. Geo., was the Qualified Person for the mineral resource update under NI 43-101.Topia uses an effective date of November 30, 2014 - 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. Silver equivalent calculations for El Horcón include lead content but not zinc, as the zinc would not be recovered in the Guanajuato plant. Robert F. Brown, P. Eng. is designated as the Qualified Person under NI 43-101.Coricancha uses an effective date of December 20, 2017. Matthew Wunder, P. Geo., was the Qualified Person for the mineral resource update under NI 43-101. The information in this presentation that relates to resources reported by Great Panther has been prepared in accordance with NI43-101 published by the Canadian Securities Administrators. NI 43-101 is different from the reporting standard ordinarily applicable to Australian publicly listed companies, the JORC Code.NI 43-101 requires that mineral resource estimates be prepared in accordance with, and have the meaning ascribed by, the Canadian Institute of Mining and Petroleum (CIM) Definition Standards. NI 43-101 Companion Policy identifies the Australian JORCCode as an “acceptable foreign code” for the estimation of mineral resources and that it is substantially similar to CIM Definition Standards as both are based on and are consistent with the International Reporting Template, published by the Committee for Mineral Reserves International Reporting Standards (CRIRSCO Template).The Great Panther resources can be quoted as ‘qualifying foreign estimates’ according to the ASX Listing Rules.

Notes for Coricancha Mineral Resource Estimates:1. Cut-offs are based on an estimated $140 Net Smelter Return (“NSR”) per tonne2. Metal prices used to calculate NSR: $1,300 per ounce (oz) Au, $17/oz Ag, $1.15 per pound (lb) Pb, $1.50/lb Zn,

$3.00/lb Cu3. Block model grades converted to United States Dollars (US$) value using plant recoveries of 92.1% Ag, 80.2% Au, 77.3% Pb, 82.6%

Zn, 52.7% Cu4. Rock Density for Constancia: 3.3 tonnes per cubic meter (t/m³), Wellington, Constancia East, Escondida, San Jose: 3.2 t/m³,

Colquipallana: 2.9 t/m³5. Totals may not agree due to rounding6. Grades in metric units7. All currencies in U.S. dollars8. Ag equivalent ounces (eq oz) is calculated from gpt data9. AgEq g/t = Ag g/t + (Pb grade x ((Pb price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) +(Zn grade x

((Zn price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Cu grade x ((Cu price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Au grade x (Au price per oz/Ag price per oz))

10. See Great Panther Silver’s news release dated December 20, 2017 for further details

W W W . G R E A T P A N T H E R . C O MW W W . B E A D E L L R E S O U R C E S . C O M . A U

Alex Heath

Director, Investor Relations+1 604 638 8956

1 888 355 1766aheath@greatpanther.com

Graham Donahue

Head of Corp. Development+1 416 945 6640+61 8 9429 0800

info@beadellresources.com.au