UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549



FORM 40-F



| ̈ | REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE
    ACT OF 1934
|- | ----------------------------------------------------------------------------------------
|  | OR                                                                                      
|x | ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 



|For the fiscal year ended:December 31, 2014 | Commission File Number: 001-35043
|------------------------------------------- | ---------------------------------



GREAT PANTHER
SILVER LIMITED

(Exact name of Registrant as specified in
its charter)



|British
    Columbia, Canada                                          |  | 1040                                                  |  | 98-1020854                         
|--------------------------------------------------------------------- |  | ----------------------------------------------------- |  | -----------------------------------
|(Province or
    Other Jurisdiction of Incorporation or Organization) |  | (Primary Standard
    Industrial Classification Code) |  | (I.R.S. EmployerIdentification No.)



800 – 333 Seymour StreetVancouver, British Columbia, Canada V6B 5A6Tel: 604-608-1766

(Address and telephone number of Registrant’s
principal executive offices)



National Registered Agents, Inc.875 Avenue of the Americas, Suite 501New York, New York 10001Tel: 1-800-550-6724

(Name, address (including zip code) and
telephone number (includingarea code) of agent for service in the United States)



Securities registered or to be registered pursuant to section 12(b)
of the Act:



|Title Of Each Class         |  | Name Of Each Exchange
    On Which Registered
|--------------------------- |  | ---------------------------------------------
|Common Shares, no par value |  | NYSE MKT Equities                            



Securities registered or to be registered pursuant to Section 12(g)
of the Act: None



Securities for which there is a reporting obligation pursuant to
Section 15(d) of the Act: None



For annual reports, indicate by check mark the information filed
with this Form:

|xAnnual Information Form | xAudited Annual Financial Statements
|------------------------ | ------------------------------------



Indicate the number of outstanding shares of each of the Company’s
classes of capital or common stock as of the close of the period covered by the annual report: 138,419,715 Common Shares as
at December 31, 2014



Indicate by check mark whether the Company by filing the information
contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934 (the “Exchange Act”). If “yes” is marked, indicate the file number assigned
to the Company in connection with such Rule.

|Yes |  ̈ |  | No | x
|--- | - |  | -- | -



Indicate by check mark whether the Company (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that
the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

|Yes | x |  | No |  ̈
|--- | - |  | -- | -



Indicate by check mark whether the Company has submitted electronically
and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Company
was required to submit and post such files).

|Yes |  ̈ |  | No |  ̈
|--- | - |  | -- | -











ANNUAL INFORMATION FORM, AUDITED FINANCIAL
STATEMENTS AND MD&A



Great Panther Silver Limited (the “Company”),
a Canadian public company whose common shares are listed on the Toronto Stock Exchange and the NYSE MKT Equities Exchange (the
“NYSE MKT”). It is a “foreign private issuer” as defined in Rule 3b-4 under Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and is eligible to file this annual report on Form 40-F pursuant
to the multi-jurisdictional disclosure system.



The following documents of the Company are
filed as exhibits to, and incorporated by reference into, this Annual Report:



|Document                                                                                                                                                      | Exhibit
    No.
|------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------
|Annual
    Information Form of the Company for the year ended December 31, 2014 (the “AIF”)                                                                   | 99.1
    (1)   
|Audited
    financial statements of the Company for the years ended December 31, 2014 and 2013, including the reports of the auditor with
    respect thereto | 99.2
    (1)   
|Management’s
    Discussion and Analysis of the Company for the year ended December 31, 2014 (the “MD&A”)                                                     | 99.3
    (1)   



(1) Filed as an exhibit hereto.



Pursuant to Rule 3a12-3 under the Exchange
Act, the Company’s equity securities are exempt from sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act.



CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS



This Annual Report includes or incorporates
by reference certain statements that constitute “forward-looking statements” within the meaning of the United States
Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, that address activities,
events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements.
Forward-looking statements are often, but not always, identified by the words “anticipates”, “believes”,
“expects”, “may”, “likely”, “plans” and similar words. Forward-looking statements
reflect our current expectations and assumptions, and are subject to a number of known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or achievements to be materially different from any anticipated future
results, performance or achievements expressed or implied by the forward-looking statements.



In particular, this Annual Report and the
documents incorporated by reference herein include forward-looking statements as noted throughout this Annual Report and such
documents. These relate to estimates, forecasts, and statements as to management’s expectations with respect to the future
production of silver, gold, lead and zinc; profit, operating costs and cash flow; grade improvements, sales volume and selling
prices of products; capital and exploration expenditures; plans, timing and expectations for the development of the Company’s
mines and projects; progress in the development of mineral properties; the timing of production and the cash and total costs of
production; sensitivity of earnings to changes in commodity prices and exchange rates; the impact of foreign currency exchange
rates; expenditures to increase or determine reserves and resources; sufficiency of available capital resources; title to claims;
exploration and acquisition plans; and the future plans and expectations for the Company’s properties and operations.











These forward-looking
statements are necessarily based on a number of factors and assumptions that, while considered reasonable by the Company as of
the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies.
These assumptions made by the Company in preparing the forward looking statements contained
in this Annual Report and in the documents incorporated by reference herein which may prove to be incorrect, include, but are
not limited to, general business and economic conditions; the supply and demand for, deliveries of, and the level and volatility
of prices of, silver, gold, lead and zinc; expected Canadian dollar, Mexican peso and US dollar exchange rates; the timing of
the receipt of regulatory and governmental approvals for development projects and other operations; costs of production and production
and productivity levels; estimated future capital expenditures and cash flows; the continuing availability of water and power
resources for operations; the accuracy of the interpretation and assumptions used in calculating reserve and resource estimates
(including with respect to size, grade and recoverability); the accuracy of the information included or implied in the various
published technical reports; the geological, operational and price assumptions on which these technical reports are based; conditions
in the financial markets; the ability to attract and retain skilled staff; the ability to procure equipment and operating supplies
and that there are no material unanticipated variations in the cost of energy or supplies; the ability to secure contracts for
the sale of the Company’s products (metals concentrates); the execution and outcome of current or future exploration activities;
the possibility of project delays and cost overruns, or unanticipated excessive operating costs and expenses; the ability to obtain
adequate financing for planned activities and to complete further exploration programs; the Company’s ability to maintain
adequate internal control over financial reporting; the ability of contractors to perform their contractual obligations; and operations
not being disrupted by issues such as mechanical failures, labor disturbances, seismic events, and adverse weather conditions.



Forward-looking statements or information
are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or
conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks,
uncertainties and other factors, including, without limitation, changes in commodity prices; changes in foreign currency exchange
rates; acts of foreign governments; political risk and social unrest; uncertainties related to title to the Company’s mineral
properties and the surface rights thereon, including the Company’s ability to acquire, or economically acquire, the surface
rights to certain of the Company’s exploration and development projects; unanticipated operational difficulties due to adverse
weather conditions, failure of plant or mine equipment and unanticipated events related to health, safety, and environmental matters;
failure of counterparties to perform their contractual obligations; and deterioration of general economic conditions. This list
is not exhaustive of the factors that may affect any of the Company’s forward-looking statements.



Readers are advised to carefully review and
consider the risk factors identified in the Company’s AIF under the heading “Risk Factors” for a discussion
of the factors that could cause the Company’s actual results, performance and achievements to be materially different from
any anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Readers are
further cautioned that the foregoing list of assumptions and risk factors is not exhaustive and it is recommended that prospective
investors consult the more complete discussion of the Company’s business, financial condition and prospects that is included
in the AIF.



The Company’s forward-looking statements
and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this Annual Report.
The Company will update forward-looking statements and information if and when, and to the extent, required by applicable securities
laws. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained
in this Annual Report and in the documents incorporated by reference herein are expressly qualified by this cautionary statement.



CAUTIONARY NOTE TO UNITED STATES INVESTORS
CONCERNINGESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES



The disclosure in this Annual Report, including
the documents incorporated by reference herein, uses terms that comply with reporting standards in Canada and certain estimates
are made in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI
43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all
public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated,
all resource estimates contained in or incorporated by reference in this Annual Report have been prepared in accordance with NI
43-101. These standards differ significantly from the requirements of the SEC, and resource information contained herein and incorporated
by reference herein may not be comparable to similar information disclosed by U.S. companies.











The terms “Mineral Reserve”, “Proven
Mineral Reserve” and “Probable Mineral Reserve” are Canadian mining terms as defined in accordance with NI 43-101
and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM Definition Standards on
Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These definitions differ from the definitions
in SEC Industry Guide 7 under the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Under SEC Industry Guide 7 standards, mineralization may not be classified as a “reserve” unless the determination
has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination
is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized
material as reserves under the SEC standards. Under SEC Industry Guide 7 standards, a “final” or “bankable”
feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow
analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental
authority.



In addition, the terms “Mineral Resource”,
“Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource”
are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide
7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned
not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. “Inferred
Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic
and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists
or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under
Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves”
by SEC Industry Guide 7 standards as in place tonnage and grade without reference to unit measures.



For the above reasons, information contained
in this Annual Report and the documents incorporated by reference herein containing descriptions of our mineral deposits may not
be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under
the United States federal securities laws and the rules and regulations thereunder.



NOTE TO UNITED STATES READERS REGARDING
DIFFERENCESBETWEEN UNITED STATES AND CANADIAN REPORTING PRACTICES



The Company is permitted to prepare this Annual
Report in accordance with Canadian disclosure requirements, which are different from those of the United States. The Company has
historically prepared its consolidated financial statements in accordance with Canadian generally accepted accounting principles
and, effective January 1, 2011, in accordance with International Financial Reporting Standards, as issued by the International
Accounting Standards Board, which differ in certain respects from United States generally accepted accounting principles (“US
GAAP”) and from practices prescribed by the SEC. Therefore, the Company’s financial statements incorporated by
reference in this Annual Report may not be comparable to financial statements prepared in accordance with US GAAP.



CURRENCY







Unless otherwise indicated, all dollar
amounts in this Annual Report are in Canadian dollars. The exchange rate of United States dollars into Canadian dollars on December
31, 2014, based upon the noon rate published by the Bank of Canada, was U.S.$1.00=CDN$1.1601. The exchange rate of United States
dollars into Canadian dollars, on March 30, 2015, based upon the noon rate as published by the Bank of Canada, was U.S.$1.00=CDN$1.2689















DISCLOSURE CONTROLS AND PROCEDURES



Disclosure Controls and Procedures



Disclosure controls and procedures are defined
in Rule 13a-15(e) and 15d-15(e) under the Exchange Act to mean controls and other procedures of an issuer that are designed to
ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act
is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure
controls and procedures include, without limitation, controls and procedures designed to ensure that such information is accumulated
and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure.



Management’s Evaluation of Disclosure Controls and Procedures



At the end of the period covered by this Annual
Report on Form 40-F, being the fiscal year ended December 31, 2014, an evaluation was carried out under the supervision of and
with the participation of the Company’s management, including the Chief Executive Officer (“CEO”) and
Chief Financial Officer (“CFO”), of the effectiveness of the design and operations of the Company’s disclosure
controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation the CEO
and the CFO have concluded that, as of the end of the period covered by this Annual Report, the Company’s disclosure controls
and procedures were effective to give reasonable assurance that the information required to be disclosed by the Company in reports
that it files or submits to the SEC under the Exchange Act is:



| | · | recorded,
                                         processed, summarized and reported within the time periods specified in the SEC’s
                                         rules and forms, and
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | accumulated
                                         and communicated to our management, including our CEO and CFO, as appropriate, to allow
                                         timely decisions regarding required disclosure.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



INTERNAL CONTROL OVER FINANCIAL REPORTING



Internal Control over Financial Reporting



Internal control over financial reporting
is defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act as a process designed by, or under the supervision of, the issuer’s
principal executive and principal financial officers and effected by the issuer’s board of directors, management and other
personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:



| | · | pertain
                                         to the maintenance of records that, in reasonable detail, accurately and fairly reflect
                                         the transactions and dispositions of the assets of the company;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | provide
                                         reasonable assurance that transactions are recorded as necessary to permit preparation
                                         of financial statements in accordance with generally accepted accounting principles,
                                         and that receipts and expenditures of the company are being made only in accordance with
                                         authorizations of management and directors of the company; and
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | provide
                                         reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
                                         use or disposition of the company’s assets that may have a material effect on the
                                         financial statements.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The Company’s internal control system
is designed to provide reasonable assurance to management and the board of directors regarding the preparation and fair presentation
of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore,
even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation
and presentation. Also, projections of any evaluation of effectiveness of internal control over financial reporting to future
periods are subject to risk that controls may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.











Management’s Assessment of Internal Control over Financial
Reporting



The Company’s management is responsible
for establishing and maintaining adequate internal control over financial reporting. Management conducted an evaluation of the
effectiveness of the Company’s internal control over financial reporting based on the framework in Internal Control –
Integrated Framework (1992) issued by The Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
Based on this evaluation, management concluded that the Company’s internal control over financial reporting was effective
as of December 31, 2014.



The Board of Directors is responsible for
ensuring that management fulfills its responsibilities. The Audit Committee fulfills its role of ensuring the integrity of the
reported information through its review of the interim and annual financial statements. Management reviewed the results of their
assessment with the Company’s Audit Committee.



Attestation Report



KPMG LLP has audited the Company’s internal
control over financial reporting and has issued an attestation report on the Company’s internal control over financial reporting
which is included with the Company’s audited financial statements which are attached as Exhibit 99.2 to this annual report
on Form 40-F.



No Changes in Internal Control over Financial Reporting



During the year ended December 31, 2014, there
were no changes in the Company’s internal control over financial reporting during the period covered by the report that
have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.



NOTICES PURSUANT TO REGULATION BTR



The Company did not send any notices required
by Rule 104 of Regulation BTR during the year ended December 31, 2014 concerning any equity security subject to a blackout period
under Rule 101 of Regulation BTR.



CORPORATE GOVERNANCE



The Company is subject to corporate governance
requirements prescribed under applicable Canadian securities laws, rules and policies. The Company is also subject to corporate
governance requirements prescribed by the listing standards of the NYSE MKT, and the rules and regulations promulgated by the
SEC under the Exchange Act (including those applicable rules and regulations mandated by the Sarbanes-Oxley Act of 2002).



Section 110 of the NYSE MKT Company Guide
permits NYSE MKT to consider the laws, customs and practices of foreign issuers in relaxing certain NYSE MKT listing criteria,
and to grant exemptions from NYSE MKT listing criteria based on these considerations. A company seeking relief under these provisions
is required to provide written certification from independent local counsel that the non-complying practice is not prohibited
by home country law.



Section 123
of the NYSE MKT Company Guide recommends that the quorum for meetings of shareholders of a listed company be not less than 33-1/3%
of the issued and outstanding shares entitled to vote at a meeting of shareholders. Upon listing, the Company received an exemption
from this listing standard. The Company’s quorum requirement is specified in its corporate
charter as two persons who are, or who represent by proxy, shareholders.











Section 713 of the NYSE MKT Company Guide
requires that the Company obtain the approval of its shareholders for share issuances equal to 20 percent or more of presently
outstanding shares for a price which is less than the greater of book or market value of the shares. This requirement does not
apply to public offerings. There are no such requirements under British Columbia corporate law. However, under the rules of the
Toronto Stock Exchange (the “TSX”), the Company’s home stock exchange, shareholder approval is required for
certain issuances of shares that (i) materially affect control of the Company, or (ii) provide consideration to insiders
in aggregate of 10% or greater of the market capitalization of the Company in transactions that have not been negotiated
at arm’s length.  Shareholder approval is also required under TSX rules for private placements in circumstances where
(i) the aggregate number of listed securities issuable is greater than 25% of the number of securities of the listed issuer
which are outstanding, on a non-diluted basis, prior to the date of closing of the transaction if the price per security is less
than the market price, and (ii) there are issuances during any six month period to insiders for listed securities or options,
rights or other entitlements to listed securities greater than 10% of the number of securities of the listed issuer which are
outstanding, on a non-diluted basis, prior to the date of the closing of the first private placement to an insider during the
six month period. The Company intends to seek a waiver from NYSE MKT’s section 713 requirements should a dilutive private
placement financing trigger the NYSE MKT shareholders’ approval requirement in circumstances where the same financing does
not trigger such a requirement under British Columbia law or under TSX rules.



The Company believes that there are otherwise
no significant differences between its corporate governance policies and those required to be followed by United States domestic
issuers listed on the NYSE MKT. In particular, in addition to having a separate Audit Committee, the Company’s Board of
Directors has established a separately-designated Compensation Committee that materially meets the requirements for a compensation
committee under section 805 of the NYSE MKT Company Guide, as currently in force.



Copies of the Company’s corporate governance
materials are available on the Company’s website at www.greatpanther.com (under the Corporate/Governance/Governance
and Policies tab). In addition, the Company is required by National Instrument 58-101 of the Canadian Securities Administrators,
Disclosure of Corporate Governance Practices, to describe its practices and policies with regard to corporate governance
in management information circulars that are furnished to the Company’s shareholders in connection with annual meetings
of shareholders.



AUDIT COMMITTEE



Composition of the Audit Committee



The Company's Board of Directors has a separately
designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act and Section 803(B)(2)
of the NYSE MKT Company Guide. As of January 1, 2015, the Company's Audit Committee comprises three directors that the Board of
Directors have determined are independent as determined under each of Rule 10A-3 under the Exchange Act and Section 803(A) of
the NYSE MKT Company Guide:



| | · | R.
                                         W. (Bob) Garnett (Chairman during the year ended December 31, 2014),
| | - | ----------------------------------------------------------------------------------------------------------------



| | · | John
                                         Jennings, and
| | - | -----------------------------------------------------------



| | · | Jeffrey
                                         R. Mason (appointed Chairman of the Audit Committee effective January 1, 2015).
| | - | --------------------------------------------------------------------------------------------------------------------------------



All three members of the Audit Committee are
financially literate, meaning they are able to read and understand the Company's financial statements and to understand the breadth
and level of complexity of the issues that can reasonably be expected to be raised by the Company's financial statements. The
Audit Committee meets the composition requirements set forth by Section 803(B)(2) of NYSE MKT Company Guide.



Audit Committee Charter



The full text of the Charter of the Audit
Committee is attached as Schedule A to the Company's AIF, which is filed as Exhibit 99.1 to this Annual Report. The Charter of
the Audit Committee is also available on the Company’s website at www.greatpanther.com (under the Corporate/Governance/Governance
and Policies tab).



Audit Committee Financial Expert



The Company’s Board of Directors has
determined that both Messrs. R. W. (Bob) Garnett and Jeffrey R. Mason, are audit committee financial experts (as that term is
defined in General Instruction B(8) of Form 40-F).











CODE OF BUSINESS CONDUCT AND ETHICS



Adoption of Code of Ethics



The Company has adopted a Code of Business
Conduct and Ethics (the “Code of Ethics”) for all its directors, executive officers and employees. The Code
of Ethics materially complies with Section 807 of the NYSE MKT Company Guide. The Code of Ethics meets the requirements for a
“code of ethics” within the meaning of that term in Form 40-F. The text of the Code of Ethics is posted on the Company's
website at www.greatpanther.com (under the Corporate/Governance/Governance and Policies tab).



Amendments or Waivers



During the fiscal year ended December 31,
2014, the Company did not substantively amend, waive or implicitly waive any provision of the Code of Ethics with respect to any
of the directors, executive officers or employees subject to it.



To the extent that the Company's board or
a board committee determines to grant any waiver of the Code of Ethics for an executive officer or director, the commentary to
Section 807 of the NYSE MKT Company Guide requires that the waiver must be disclosed to shareholders within four business days
of such determination.



All amendments to the Code of Ethics, and
all waivers of the Code of Ethics with respect to the Company’s principal executive officer, principal financial officer
or other persons performing similar functions, will be posted on the Company’s website, submitted to the SEC on Form 6-K
and provided in print to any shareholder that provides the Company with a written request addressed to the Company’s Corporate
Secretary.



PRINCIPAL ACCOUNTANT FEES AND SERVICES



Principal Accountant Fees



The following table shows the aggregate fees
billed to the Company during the years ended December 31, 2014 and 2013 by KPMG LLP as the Company’s independent registered
public accounting firm:



|                   |  | Year Ended December 31 |        
|------------------ |  | ---------------------- | -------
|                   |  | 2014                   |        
|                   |  |                        |        
|Audit Fees (1)     |  | $                      | 443,428
|                   |  |                        |        
|Audit-Related Fees |  | $                      | -      
|                   |  |                        |        
|Tax Fees (2)       |  | $                      | 10,000 
|                   |  |                        |        
|All Other Fees     |  | $                      | -      



| | (1) | “Audit Fees” includes
                                         fees billed by the Company’s auditor related to the audits of the Company’s
                                         consolidated financial statements and internal control over financial reporting, and
                                         the reviews of the Company’s condensed interim consolidated financial statements.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (2) | “Tax Fees” includes fees for the preparation
of the Company’s corporation income tax return and related tax filings.
| | --- | --------------------------------------------------------------------------------------------------------------------



Pre-Approval of Audit and Non-Audit Services Provided by Independent
Auditors



The Audit Committee pre-approves all audit
services to be provided to the Company by its independent auditors. Non-audit services that are prohibited to be provided to the
Company by its independent auditors may not be pre-approved. In addition, prior to the granting of any pre-approval, the Audit
Committee must be satisfied that the performance of the services in question will not compromise the independence of the independent
auditors. All non-audit services performed by the Company’s auditor for the fiscal year ended December 31, 2014 were pre-approved
by the Audit Committee of the Company. No non-audit services were approved pursuant to the de minimis exemption to the
pre-approval requirement.











OFF-BALANCE SHEET ARRANGEMENTS





The Company has not entered into any “off-balance
sheet arrangements”, as defined in General Instruction B(11) to Form 40-F, that have or are reasonably likely to have a
current or future effect on the Company’s financial condition, changes in financial condition, revenues, expenses, results
of operations, liquidity, capital expenditures or capital resources that are material to investors.



CONTRACTUAL OBLIGATIONS



The following table presents information with
respect to the Company’s known contractual obligations as at December 31, 2014:

|                            | Total   | Less thanone year | 1 - 3years | 3 - 5years | More than5 years
|--------------------------- | ------- | ----------------- | ---------- | ---------- | ----------------
|                            | ($000s) | ($000s)           | ($000s)    | ($000s)    | ($000s)         
|Operating Lease Obligations | 430     | 383               | 36         | 11         | -               
|Purchase Obligations (1)    | 4,352   | 569               | 1,208      | 621        | 1,954           
|Total                       | 4,782   | 952               | 1,244      | 632        | 1,954           



Note:

|1. | Purchase obligations include commitments for equipment purchases, drilling, and implementation
    of an environmental program.  The cost associated with the implementation of an environmental program represents
    the undiscounted estimated cash flows.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



MINE SAFETY DISCLOSURE



Pursuant to Section 1503(a) of the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”), issuers that are operators, or that
have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic
reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments
and legal actions, and mining-related fatalities under the regulation of the Federal Mine Safety and Health Act of 1977.



The Company did not have any mines in the United States during
the fiscal year ended December 31, 2014.



UNDERTAKING AND CONSENT TO SERVICE OF PROCESS



Undertaking



The Company undertakes to make available,
in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when
requested to do so by the Commission staff, information relating to:



| | · | the
                                         securities registered pursuant to Form 40-F;
| | - | -----------------------------------------------------------------------------------------



| | · | the
                                         securities in relation to which the obligation to file an annual report on Form 40-F
                                         arises; or
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | transactions
                                         in said securities.
| | - | -------------------------------------------------------------------------











Consent to Service of Process



Concurrently with the filing of its Annual
Report on Form 40-F with the SEC on March 14, 2013, the Company filed an Appointment of Agent for Service of Process and Undertaking
on Form F-X signed by the Company and its agent for service of process with respect to the class of securities in relation to
which the obligation to file this annual report arises.



Any change to the name or address of the Company’s
agent for service shall be communicated promptly to the Commission by amendment to Form F-X referencing the file number of the
Company.



SIGNATURES



Pursuant to the requirements of the Exchange
Act, the Company certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report
to be signed on its behalf by the undersigned, thereto duly authorized.



|Date:  March 30, 2015 | GREAT PANTHER SILVER LIMITED
|--------------------- | ----------------------------
|                      |                             
|                      | By:                         
|                      |                             
|                      |                             











EXHIBIT INDEX



|Exhibit Number      |  | Exhibit Description                                                                                                                                                                     
|------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                    |  |                                                                                                                                                                                         
|Principal Documents |  |                                                                                                                                                                                         
|                    |  |                                                                                                                                                                                         
|99.1                |  | Annual Information Form of the Company for the year ended December 31, 2014                                                                                                             
|                    |  |                                                                                                                                                                                         
|99.2                |  | Audited financial statements of the Company and the notes thereto for the fiscal years ended December 31, 2014 and 2013 together with the reports of the auditors thereon               
|                    |  |                                                                                                                                                                                         
|99.3                |  | Management’s Discussion and Analysis of the Company for the year ended December 31, 2014                                                                                                
|                    |  |                                                                                                                                                                                         
|Certifications      |  |                                                                                                                                                                                         
|                    |  |                                                                                                                                                                                         
|99.4                |  | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act                                                                                                 
|                    |  |                                                                                                                                                                                         
|99.5                |  | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act                                                                                                 
|                    |  |                                                                                                                                                                                         
|99.6                |  | Certification of Chief Executive Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|                    |  |                                                                                                                                                                                         
|99.7                |  | Certification of Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|                    |  |                                                                                                                                                                                         
|Consents            |  |                                                                                                                                                                                         
|                    |  |                                                                                                                                                                                         
|99.8                |  | Consent of KPMG LLP, Independent Registered Public Accounting Firm, dated March 30, 2015                                                                                                
|                    |  |                                                                                                                                                                                         
|99.9                |  | Consent of Robert F. Brown, P. Eng., dated March 30, 2015                                                                                                                               
|                    |  |                                                                                                                                                                                         
|99.10               |  | Consent of Linda Sprigg, RPGeo AIG, dated March 30, 2015