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Ni 43-101 Technical Report Summarizing the Preliminary Economic Assessment of the Coricancha Mine Complex

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Ni 43-101 Technical Report Summarizing the Preliminary Economic Assessment of the Coricancha Mine Complex NI 43-101 TECHNICAL REPORT SUMMARIZING THE PRELIMINARY ECONOMIC ASSESSMENT OF THE CORICANCHA MINE COMPLEX Submitted to: Great Panther Silver Limited 1330 – 200 Granville Street Vancouver, BC V6C 1S4 Submitted by: Golder Associates Inc. as Report Assembler of the work prepared by or under the supervision of the Qualified Persons Named as Authors July 13, 2018 NOTICE TO READERS: This report was assembled as a National Instrument 43-101 Technical Report for Great Panther Silver Limited (GPR) by Golder Associates Inc. (Golder) on behalf of the Authors named in and executing this Technical Report. This document contains the expressions of professional opinions of the Authors based on (i) information available at the time of preparation, (ii) data supplied by GPR and others, and (iii) the assumptions, conditions, and qualifications set forth in this report. The quality of information, conclusions, and estimates contained herein are consistent with the stated levels of accuracy as well as the circumstances and constraints under which the mandate was performed. This report is intended to be used solely by GPR, subject to the terms and conditions of its contract with Golder Associates Inc. This contract permits GPR to file this report as a Technical Report with Canadian Securities Regulatory Authorities pursuant to National Instrument 43-101, Standards of Disclosure for Mineral Projects. Except for the purposes legislated under provincial securities law, any use of this report by any third party is at that party’s sole risk. July 13, 2018 NI 43-101 Technical Report - Coricancha Mine Complex TITLE PAGE NI 43-101 TECHNICAL REPORT SUMMARIZING THE PRELIMINARY ECONOMIC ASSESSMENT OF THE CORICANCHA MINE COMPLEX Authors: Daniel Saint Don, P.Eng. Jeffrey Woods, SME MMSA QP Ronald Turner, MAusIMM CP(Geo) Effective Date of the Report. July 13, 2018 i July 13, 2018 NI 43-101 Technical Report - Coricancha Mine Complex DATE & SIGNATURE PAGE This Technical Report on Coricancha Mine Complex is submitted to Great Panther Silver Limited and is effective as of July 13, 2018. Qualified Person Responsible for Parts Signed By: Items 1.4, 1.7, 1.8, 1.9, 1.10, 1.11, 1.12, 1.13, 1.14, 2.0, 3.0, 4.0 (excluding 4.1), 14.7, 15.0, 16.0, 18.0, 19.0, 20.0, Daniel Saint Don, P.Eng. 21.0 (excluding 21.2.2 and 21.3.2), 22.0, 23.0, 24.0, 25.0, Golder Associates Inc. 26.0, and 27.0 Date: July 13, 2018 Signed By: Items 1.5, 13.0, 17.0, 21.2.2, and 21.3.2 Jeffrey Woods, SME MMSA QP Woods Process Services, LLC. Date: July 13, 2018 Signed By: Items 1.1, 1.2, 1.3, 1.6, 4.1, 5.0, 6.0, 7.0, 8.0, 9.0, 10.0, Ronald Turner, MAusIMM CP (Geo) 11.0, 12.0, and 14.0 (excluding Item 14.7) Golder Associates S.A. Date: July 13, 2018 ii July 13, 2018 NI 43-101 Technical Report - Coricancha Mine Complex As the Qualified Person responsible for preparing the Technical Report, titled “NI 43-101 TECHNICAL REPORT SUMMARIZING THE PRELIMINARY ECONOMIC ASSESSMENT OF THE CORICANCHA MINE COMPLEX”, dated July 13, 2018, with an effective date of July 13, 2018, and prepared for Great Panther Silver Limited., I, Daniel A. Saint Don, P. Eng., do hereby certify that: (a) I am the Underground Mining Practice Leader at: Golder Associates Inc. 44 Union Boulevard, Suite 300, Lakewood, Colorado USA 80228 (b) I am a member of the Association of Professional Engineers of Ontario (APEO). (c) I graduated with a Bachelor of Science in Mining Engineering from Michigan Technological University, Houghton, Michigan, in 1987. I was granted a Master’s of Business Administration (MBA), from Westminster College (the Gore School of Business), Salt Lake City, Utah, in 2007. I have worked as a Mining Engineer for 30 years. My experience has included mine operations, technical services, cost estimating, budgeting, cash flow modelling and project development of narrow vein mines. As a result of my education, professional qualifications, and experience, I am a Qualified Person, as defined in National Instrument 43-101. (d) I visited the Project Site from January 10, 2017, to January 12, 2017, to perform a Qualified Person current personal inspection site visit as required under NI 43-101. During the site visit I reviewed the general mine infrastructure, access roads, mine portals, underground development, underground production areas, camp facilities, offices, and shop. (e) I am the co-author of the Technical Report, titled “NI 43-101 TECHNICAL REPORT SUMMARIZING THE PRELIMINARY ECONOMIC ASSESSMENT OF THE CORICANCHA MINE COMPLEX”, dated July 13 2018. (f) I am responsible for the preparation of Items 1.4, 1.7, 1.8, 1.9, 1.10, 1.11, 1.12, 1.13, 1.14, 2.0, 3.0, 4.0 (excluding 4.1), 14.7, 15.0, 16.0, 18.0, 19.0, 20.0, 21.0 (excluding 21.2.2 and 21.3.2), 22.0, 23.0, 24.0, 25.0, 26.0, and 27.0 of the Technical Report, titled “NI 43- 101 TECHNICAL REPORT SUMMARIZING THE PRELIMINARY ECONOMIC ASSESSMENT OF THE CORICANCHA MINE COMPLEX”, dated July 13, 2018. (g) I have read the definition of ‘Qualified Person’ set out in National Instrument 43-101 (‘the Instrument’) and certify that by reason of my education, professional qualifications, and past relevant experience, I fulfil the requirements of a ‘Qualified Person’ for the purposes of the Instrument. (h) I am independent of Great Panther Silver Limited (GPR; the “Issuer”) in accordance with the guidelines and requirements presented in Section 1.5 of the Instrument. (i) I have worked on mine planning and mine optimization studies at the Coricancha Mine Complex previous to this Technical Report (j) I have read the Instrument and Form 43-101F1 and the Companion Policy 43-101CP, and this technical report has been prepared in compliance with the guidelines presented in the Instrument, Form 43-101F1, and Form 43-101CP. (k) As of the date of this certificate, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. Dated at Denver, Colorado this 13 of July 2018. Signed By _________________________ Daniel A. Saint Don, P.Eng. Daniel A. Saint Don, P.Eng. Print name of Qualified Person iii July 13, 2018 NI 43-101 Technical Report - Coricancha Mine Complex As the Qualified Person responsible for preparing the Technical Report, titled “NI 43-101 TECHNICAL REPORT SUMMARIZING THE PRELIMINARY ECONOMIC ASSESSMENT OF THE CORICANCHA MINE COMPLEX”, dated July 13, 2018, with an effective date of July 13, 2018, and prepared for Great Panther Silver Limited., I, Jeffrey L. Woods, SME, MMSA, QP do hereby certify that: (a) I am the Principal Consulting Metallurgist at: Woods Process Services, LLC. PO Box 998, Fairplay, Colorado USA 80440 (b) I am a member of the Society for Mining, Metallurgy, and Exploration (SME) since 1983, and a Registered Member (#4018951) since September 2006. I am also a Registered Member of the Mining and Metallurgical Society of America. (c) I am a graduate of Mackay School of Mines, University of Nevada, Reno, Nevada, U.S.A., in 1988 with a B.S. degree in Metallurgical Engineering. I have worked as a metallurgical engineer for a total of 29 years since my graduation. My relevant experience includes international mine operations, technical services, project development and consulting for various commodities, metals, deposits and processes. As a result of my education, professional qualifications, and experience, I am a Qualified Person, as defined in National Instrument 43-101. (d) I performed a site visit to the Coricancha Project Site during October 2017. (e) I am responsible for the preparation of Items 1.5, 13.0, 17.0, 21.2.2, and 21.3.2 of the technical report, titled “NI 43-101 TECHNICAL REPORT SUMMARIZING THE PRELIMINARY ECONOMIC ASSESSMENT OF THE CORICANCHA MINE COMPLEX”, dated July 13, 2018. (f) I am the co-author of the Technical Report, titled “NI 43-101 TECHNICAL REPORT SUMMARIZING THE PRELIMINARY ECONOMIC ASSESSMENT OF THE CORICANCHA MINE COMPLEX”, dated July 13, 2018. (g) I am independent of the Great Panther Silver Limited (GPR; the “Issuer”) in accordance with the guidelines and requirements presented in Section 1.4 of the Instrument 43-101. (h) I have read the definition of ‘Qualified Person’ set out in National Instrument 43-101 (‘the Instrument’) and certify that by reason of my education, professional qualifications, and past relevant experience, I fulfil the requirements of a ‘Qualified Person’ for the purposes of the Nation Instrument 43-101. (i) I have not had prior involvement with the property that is the subject of the Technical Report. (j) I have read the Instrument and Form 43-101F1 and the Companion Policy 43-101CP, and this Technical Report has been prepared in compliance with the guidelines presented in the Instrument, Form 43-101F1, and Form 43-101CP. (k) As of the date of this certificate, to the best of my knowledge, information, and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. Dated at Denver, Colorado this 13 of July 2018. Signed and Sealed By _________________________ Jeffrey L. Woods, SME, MMSA, QP Jeffrey L. Woods, SME, MMSA, QP Print name of Qualified Person iv July 13, 2018 NI 43-101 Technical Report - Coricancha Mine Complex As the Qualified Person responsible for preparing the Technical Report, titled “NI 43-101 TECHNICAL REPORT SUMMARIZING THE PRELIMINARY ECONOMIC ASSESSMENT OF THE CORICANCHA MINE COMPLEX”, dated July 13, 2018, with an effective date of July 13, 2018, and prepared for Great Panther Silver Limited., I, Ronald Turner, MAusIMM CP (Geo), do hereby certify that: a) I am a Senior Resource Geologist at: Golder Associates S.A.
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