AMC Mining Consultants (Canada) Ltd. BC0767129 200 Granville Street, Suite 202 Vancouver BC V6C 1S4 Canada T +1 604 669 0044 E [email protected] W amcconsultants.com Technical Report Mineral Resource and Reserve Update for the Tucano Gold Mine Great Panther Silver Limited Amapá (Brazil) In accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators Qualified Persons: B Wolfe, MAIG N Spicer, C.Eng. M Batelochi, MAusIMM (CP) R Lacourt, SME – RM J Moreno, MIEAust, CPEng. P O’Bryan, MAusIMM (CP) R. Walton, P.Eng. G Methven, P.Eng. AMC Project 718060 Effective date 11 May 2018 Report date 31 October 2018 Unearth a smarter way Mineral Resource and Reserve Update for the Tucano Gold Mine Great Panther Silver Limited 718060 1 Summary This report has been prepared for Great Panther Silver Limited (GPR) in connection with the proposed acquisition (the Acquisition) by GPR of Beadell Resources Limited (BDR) pursuant to a Scheme Implementation Deed entered into between GPR and BDR on September 23, 2018. AMC Mining Consultants (Canada) Ltd. (AMC) has been retained by GPR to provide this Technical Report in accordance with National Instrument 43-101 (NI 43-101) “Standards of Disclosure for Mineral Projects”, of the Canadian Securities Administrators, to support the disclosure to be made by GPR regarding BDR’s Tucano Property (Property) including the Tucano Gold Mine in the information circular for the meeting of the shareholders of GPR to be held to approve the Acquisition. 1.1 Project summary The Tucano Gold Mine is currently the 2nd largest gold producer in Brazil, producing around 145,000 oz per annum from several open pit mines in the northern state of Amapá, Brazil. Formerly a heap leaching operation, it ran from late 2005 until January 2009, producing approximately 292,000 troy ounces (oz) of gold from 8.8 million tonnes (Mt) of ore. The property was put under care and maintenance due to problems treating the increasing transitional material. BDR acquired the property in 2010 and the process plant was upgraded with the addition of a SAG mill and carbon-in- leach (CIL) infrastructure, capable of treating sulphide ore. From November 2012 to 30 June 2017, 17.0 Mt at 1.34 g/t Au containing 735,294 oz Au were processed, feed was made up of a blend of pit oxide ore, sulphide ore, spent ore, and historic stockpiles. GPR entered into a Scheme Implementation Deed dated 23 September 2018, that will result in the acquisition of all of the issued ordinary shares of BDR. Upon completion of the Acquisition, existing BDR and GPR shareholders are expected to own approximately 38% and 62%, respectively, of the combined company. 1.2 Location The Tucano Property is located at latitude 0.85°N and longitude 52.90°W in Amapá, the most north-eastern state of Brazil, approximately 15 km from the town of Serra do Navio. The mine is approximately 200 km from Macapá, the state capital, and is accessible by the Brazilian federal highway BR-210, or by chartered aircraft. 1.3 Ownership On completion of the Scheme Implementation Deed BDR will be wholly owned by GPR and through the wholly owned subsidiary, Beadell Brasil Limitada (Beadell Brasil), GPR will hold a 100% interest in the Tucano Property. 1.4 Geology The Tucano mineral deposits are located within the Guyana Craton, described by several authors as the Maroni – Itacaiunas mobile belt. This belt runs from Pará and Amapá States of northern Brazil through the Guyanas and into Venezuela. The regional structure is marked by a north-western trending foliation parallel to the main lithologic contacts. The western part of the Tucano property (about 25% of the area) is underlain by basement gneiss. The balance of the property area is underlain by ortho-amphibolite and meta-sedimentary rocks of the Vila Nova Group (1.75 to 1.9 billion years old), composed essentially of gneisses, granites, amphibolites, carbonates / calc-silicates, banded iron formations (BIF), schists, and quartzite. These units are intruded by granitic pegmatites, diabase dykes, and gabbro bodies. amcconsultants.com iii Mineral Resource and Reserve Update for the Tucano Gold Mine Great Panther Silver Limited 718060 1.5 Mineralization Mineralization at Tucano is controlled by a major north-south shear zone. The texture and mineralogy along the shear zone indicates high-temperature hydrothermal alteration. This zone exhibits intense hydrothermal alteration, particularly silicification and sulfidation, bearing auriferous pyrrhotite, and pyrite. The alteration is most intense in the proximity of reactive meta-sediments such as BIF and carbonate and, to a lesser extent in calc-silicates, schists, and amphibolites. Late cross cutting intrusions are typically barren. 1.6 History Anglo American discovered a mineralized shear zone in 1994 and undertook extensive exploration between 1995 and 2002. AngloGold completed the initial feasibility study of the oxide resources in October 2002 and from this time until the acquisition of the project by BDR in 2010, regional exploration outside of the Tucano mining concession involved ground IP surveys, mapping, stream, soil, and auger sampling. In 2008 – 2009 a campaign of diamond drilling was undertaken in some of the regional exploration targets using a man-portable modular diamond drill rig. 1.7 Drilling and exploration After acquisition of the Property, BDR undertook an extensive resource delineation diamond drilling within the mining concession to improve and expand the resource base as part of the Feasibility Study (FS) for the CIL plant expansion. In 2012 BDR acquired a new T60 Schramm Reverse Circulation (RC) rig from Australia which was later sold to McKay drilling and continued operating on site under contract. The T60 Schramm is the main tool used for grade control drilling and resource extension holes, up to 400 m deep, and until now, has only been used to a limited extent to test regional exploration targets. Shallow testing of regional targets is currently done using motor driven auger drills and a track mounted blasthole rig that is very effective in penetrating the laterite profiles. BDR has undertaken an extensive review of geophysical, geochemical, and mapping datasets to generate a list of ranked targets which are the focus of the 2018 near mine and regional exploration program. GPR is expected to benefit from near-term resource growth opportunities with multiple in-mine lease discoveries at Tucano and longer-term exploration optionality from BDR’s 2,500 square kilometre highly prospective land package, which is the property reported in this report (Property). 1.8 Sample preparation and analysis All sample preparation is done on site using separated sample preparation areas (one for mine grade control samples and one for resource infill and exploration samples). Grade control samples are analysed at the mine laboratory by 30 g fire assay with an atomic absorption spectrometer (AAS) finish. Exploration and resource holes were analysed at SGS Geosol Laborator’s in Belo Horizonte using 30 g fire assay with an AAS finish. An auditable chain of custody was established for the sample handling, data reporting, and data capturing using a Datashed SQL database. The reliability of the gold assay results was based on a well designed and implemented quality assurance and quality control protocol that includes the analysis of blanks, duplicates, and certified reference materials. Pulps from the mine laboratory are routinely sent to SGS Geosol to monitor its performance. Overall the laboratories returned acceptable results for the certified reference materials and blanks. Based on this review work, the Qualified Person (QP) is of the opinion that the dataset provided by BDR is of an appropriate standard to use for resource estimation work. In the opinion of the QP the sample preparation, security and analytical procedures are adequate, and the data is fit for purpose. amcconsultants.com iv Mineral Resource and Reserve Update for the Tucano Gold Mine Great Panther Silver Limited 718060 1.9 Mineral Resources The Property contains an estimated Measured and Indicated Resource of 40.7 Mt at 1.71 g/t Au containing 2.24 Moz Au and an Inferred Resource of 16.4 Mt at 2.19 g/t Au containing 1.15 Moz Au (Table 1.1). The Mineral Resources for the Property have been estimated by the following Qualified Persons (QPs) Mr Brian Wolfe, Principal Resource Geologist of International Resource Solutions Pty Ltd, takes responsibility for the Tap AB and Urucum estimates of the open pit MIK models and Mr Marcelo Batelochi, Principal Resource Geologist of Soluções em Geologia e Mineração Ltda, takes responsibility for the remaining estimates. The Mineral Resources were estimated by a combination of Multiple Indicator Kriging (MIK) and Ordinary Kriging (OK). For the purpose of reporting open pit Mineral Resources, the QPs tabulated the Mineral Resources within pit shells optimized using a gold price of US$1,500 per ounce of gold for the Tap AB and Urucum deposits. The Mineral Resources have been reported in accordance with NI 43-101, and Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on May 2014. Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Mineral Reserves. A summary of the Mineral Resources as of 30 June 2017 are reported in Table 1.1. It should be noted that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Table 1.1 Summary of Mineral Resources as of 30 June 2017 Classification Tonnes (kt) Au grade (g/t) Contained Au metal (koz) Measured 18,448 1.41 835 Indicated 22,293 1.96 1,405 Measured and Indicated 40,742 1.71 2,240 Inferred 16,351 2.19 1,150 Notes: • The June 2017 Tap AB UG Resource includes 173 kt at 4.68 g/t Au of Inferred Oxide within the Inferred Primary Category.