About Great Panther Mining

Great Panther Mining Limited operates as an intermediate precious metals mining and exploration company. The company has three wholly owned mining operations, including the Tucano gold mine (Tucano) in Brazil and Topia mine (Topia) and the Guanajuato Mine Complex (GMC) in Mexico. Tucano is an open pit gold mine approximately 200 km from Macapá, the state capital of Amapá in Brazil. It produces gold dore with ore processed through a primary crusher, SAG mill, ball mill and carbon-in-leach (CIL) infrastructure, capable of treating both oxide and sulphide ore. Tucano has initiated a regional exploration strategy to evaluate the underexplored greenstone belt in which the mine sits and there remains potential to increase Mineral Reserves in both quantity and quality with additional surface and underground exploration within the mining license. Topia is located in the Sierra Madre Mountains in the state of Durango in northwestern Mexico and produces metallic concentrates containing silver, gold, lead and zinc at its own processing facility. The GMC produces silver and gold concentrate and is located in central Mexico, approximately 380 km northwest of Mexico City, and approximately 30 km from the Guanajuato International Airport. The GMC comprises the Guanajuato mine, the San Ignacio mine and the Cata processing plant. The Guanajuato mine and the Cata processing plant were placed on care and maintenance in November 2021 and mining activity at the San Ignacio mine was suspended in December 2021 while Great Panther continues to proactively engage with Comisión Nacional del Agua (CONAGUA) in regards of the tailings dam permit and to explore other alternatives to maximize value from the GMC. Topia and the GMC are underground mines and the production process consists of conventional mining incorporating cut and fill and resue methods. Extracted mineralized material is trucked to on-site conventional processing plants, which consist of zinc and lead-silver flotation circuits at Topia, and a pyrite-silver-gold flotation circuit at the GMC. Great Panther also owns Coricancha, a gold-silver-copper-lead-zinc underground mine, located in the Peruvian province of Huarochirí, approximately 90 km east of Lima. Coricancha has been on care and maintenance since August 2013 and the company continues to evaluate options for this asset. The company’s exploration properties include multiple near mine infill and step out targets around the existing mining corridor at Tucano and regional targets across the approximately 2,000 km2 land package in which Tucano is located. Additional exploration properties include: El Horcón, Santa Rosa and Plomo in Mexico, all of which are wholly owned. El Horcón is located 100 km by road northwest of Guanajuato city, Santa Rosa is located approximately 15 Kilometre (km) northeast of Guanajuato city, and the Plomo property is located in the state of Sonora, Mexico. Principal Markets The company produces gold dore at Tucano in Brazil. The gold dore is refined and sold directly to refiners or metal traders. The company also continued to produce metallic concentrates containing silver, gold, lead and zinc at its Mexican operations. These concentrates are then sold to metal traders or directly to smelters and refiners that extract the metals from the concentrates. In 2021, gold accounted for 81% of the company’s revenues, and silver accounted for 15%. The remaining 4% of the company’s revenues are from the production of lead and zinc at Topia. Product Marketing, Sales and Distribution The principal customers for the company’s gold and metallic concentrates are international traders, smelters and refineries in Europe, Mexico, and Asia. For the year ended December 31, 2021, six customers accounted for all of the company’s revenues. Topia produces a lead concentrate and a zinc concentrate, and the GMC produces a silver-gold concentrate. The company’s gold is typically sold once it has been refined to LBMA Good Delivery form. For the company’s sale of refined gold, the delivery of gold dore is made via land and air to a single refinery and is then refined to LBMA Good Delivery form. Typically, the refinery then allocates the refined gold to the company’s end customer. Under the Dore Agreement, Asahi has exclusive offtake rights for 100% of the gold produced from the Tucano mine. For the company’s sale of metallic concentrates, the smelters and international traders pay it for an agreed upon percentage of the contained gold and other metals contained in the company’s concentrates, net of refining, smelting and other applicable charges. After the physical transfer of the metal concentrate, the company has the right to request advance payments based on the provisional value of shipments calculated at spot prices for the contained metals. Seasonality The company’s Tucano operation is subject to seasonal fluctuations as a result of weather conditions. Specifically, Tucano’s production is typically stronger in the second half of a calendar year (normally August until January) as the dry season enables higher rates of mining productivity and the mine plan is characterized by lower strip ratios and access to higher grades in the open pits. Accordingly, Tucano typically has more favourable operating results in the second half of the year (year ended December 31, 2021). The climate in Mexico allows exploration, mining and milling operations to be carried out year-round. The dry season in Mexico generally extends from October through April. There is a rainy season from January to March that has in the past caused flooding and disruptions to operations in the area where Coricancha is located. History The company was incorporated in 1996. It was formerly known as Lodestar Mines Ltd. and changed its name to Lodestar Energy Inc. in 1980; to Controlled Environmental Farming International Ltd. in 1985; to International Controlled Investments Inc. in 1987; to New Age Ventures Inc. in 1991; to Great Panther Inc. in 1998; to Great Panther Resources Limited in 2003; to Great Panther Silver Limited in 2010; and then to Great Panther Mining Limited in 2019.