Production at Guanajuato and a Strong Balance Sheet Bolster Great Panther's Q3 Numbers

Euro Pacific Capital Inc., Great Panther Silver Ltd., Oct. 13, 2016
Euro Pacific expects to receive or intends to seek compensation for investment banking services from all companies under research coverage within the next three months. Euro Pacific or its officers, employees or affiliates may execute transactions in securities mentioned in this report that may not be consistent with the report’s conclusions.

Euro Pacific Capital has managed or co-managed a public offering for Great Panther Silver within the last 12 months.

Within the last twelve months, Euro Pacific has received compensation for investment banking services from Great Panther Silver. This research contains forward looking statements made pursuant to the safe harbor provision of Private Securities Litigation Act of 1995.

The views expressed in this report (which include the actual rating assigned to the company as well as the analytical substance and tone of the report) accurately reflect the personal views of the analyst(s) covering the subject securities. An analyst's sector is the universe of companies for which the analyst provides research coverage. Accordingly, the rating assigned to a particular stock represents solely the analyst's view of how that stock will perform over the next 12 months relative to the analyst's sector average.

No part of the compensation of the analyst preparing this report was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such analyst in this report.

Rodman & Renshaw, Great Panther Silver Ltd., Oct. 13, 2016
I, Heiko F. Ihle, CFA and Jake Sekelsky, certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst’s household has a financial interest in the securities of (including, without limitation, any option, right, warrant, future, long or short position).

As of September 30, 2016 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Great Panther Silver Ltd.

Neither the research analyst nor the Firm has any material conflict of interest in of which the research analyst knows or has reason to know at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The Firm or its affiliates did receive compensation from Great Panther Silver Ltd. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.

The Firm does not make a market in Great Panther Silver Ltd. as of the date of this research report.