Exhibit 99.1











GREAT PANTHER
SILVER LIMITED



ANNUAL INFORMATION
FORM

FOR THE YEAR
ENDED DECEMBER 31, 2014



MARCH 30,
2014











TABLE OF CONTENTS



|PRELIMINARY NOTES                                                             | 4 
|----------------------------------------------------------------------------- | --
|                                                                              |   
|DATE OF INFORMATION                                                           | 4 
|                                                                              |   
|NOMENCLATURE                                                                  | 4 
|                                                                              |   
|CAUTIONARY NOTE
    REGARDING FORWARD-LOOKING STATEMENTS                      | 4 
|                                                                              |   
|FINANCIAL INFORMATION                                                         | 5 
|                                                                              |   
|CURRENCY                                                                      | 6 
|                                                                              |   
|CAUTIONARY NOTES
    TO US INVESTORS REGARDING RESOURCE AND RESERVE ESTIMATES | 6 
|                                                                              |   
|GLOSSARY OF TERMS
    AND UNITS OF MEASURE                                    | 6 
|                                                                              |   
|CORPORATE STRUCTURE                                                           | 10
|                                                                              |   
|NAME, ADDRESS
    AND INCORPORATION                                           | 10
|                                                                              |   
|INTERCORPORATE
    RELATIONSHIPS                                              | 10
|                                                                              |   
|DESCRIPTION OF THE
    BUSINESS                                               | 10
|                                                                              |   
|GENERAL                                                                       | 10
|                                                                              |   
|GENERAL DEVELOPMENT OF THE BUSINESS                                           | 11
|                                                                              |   
|THREE-YEAR HISTORY                                                            | 12
|                                                                              |   
|RISK FACTORS                                                                  | 18
|                                                                              |   
|PRINCIPAL MARKETS                                                             | 31
|                                                                              |   
|PRODUCT MARKETING,
    SALES AND DISTRIBUTION                                 | 32
|                                                                              |   
|SPECIALIZED SKILL
    AND KNOWLEDGE                                           | 33
|                                                                              |   
|EMPLOYEES                                                                     | 33
|                                                                              |   
|COMPETITIVE CONDITIONS                                                        | 33
|                                                                              |   
|GOVERNMENT REGULATIONS                                                        | 33
|                                                                              |   
|ENVIRONMENTAL
    PROTECTION                                                  | 34
|                                                                              |   
|PRIMARY MINING
    PROPERTIES                                                 | 34
|                                                                              |   
|PRIMARY EXPLORATION
    PROPERTIES                                            | 57
|                                                                              |   
|DIVIDENDS                                                                     | 63
|                                                                              |   
|DESCRIPTION OF CAPITAL STRUCTURE                                              | 63
|                                                                              |   
|MARKET FOR SECURITIES                                                         | 64
|                                                                              |   
|TRADING PRICE
    AND VOLUME                                                  | 64





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 20142







|ESCROWED SECURITIES                                            | 65
|-------------------------------------------------------------- | --
|                                                               |   
|DIRECTORS AND OFFICERS                                         | 65
|                                                               |   
|CEASE TRADE ORDERS,
    BANKRUPTCIES, PENALTIES OR SANCTIONS   | 67
|                                                               |   
|CONFLICTS OF INTEREST                                          | 68
|                                                               |   
|AUDIT COMMITTEE INFORMATION                                    | 69
|                                                               |   
|AUDIT COMMITTEE
    CHARTER                                    | 69
|                                                               |   
|COMPOSITION OF
    THE AUDIT COMMITTEE                         | 69
|                                                               |   
|RELEVANT EDUCATION
    AND EXPERIENCE                          | 69
|                                                               |   
|RELIANCE ON CERTAIN
    EXEMPTIONS                             | 70
|                                                               |   
|PRE-APPROVAL POLICY                                            | 70
|                                                               |   
|EXTERNAL AUDITOR
    SERVICE FEES                              | 71
|                                                               |   
|LEGAL PROCEEDINGS
    AND REGULATORY ACTIONS                   | 71
|                                                               |   
|INTEREST OF MANAGEMENT AND OTHERS IN
    MATERIAL TRANSACTIONS | 71
|                                                               |   
|TRANSFER AGENTS AND REGISTRARS                                 | 73
|                                                               |   
|MATERIAL CONTRACTS                                             | 73
|                                                               |   
|INTERESTS OF EXPERTS                                           | 73
|                                                               |   
|ADDITIONAL INFORMATION                                         | 74
|                                                               |   
|SCHEDULE “A”                                                   | 75





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 20143







PRELIMINARY NOTES



DATE OF INFORMATION



Unless otherwise identified, all information
contained in this Annual Information Form (“AIF”) is as at December 31, 2014.



NOMENCLATURE



In this AIF, unless the context otherwise
dictates, “Great Panther” or the “Company” refers to Great Panther Silver Limited, and its subsidiaries,
Minera Mexicana el Rosario, S.A. de C.V. (“MMR”), Metálicos de Durango, S.A. de C.V. (“MDU”), Minera
de Villa Seca, S.A. de C.V. (“MVS”), Great Panther Silver Peru S.A.C., Great Panther Finance Canada Limited, and GP
Finance International S.a.r.l.



CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS



Certain of the statements and information
in this AIF constitute “forward-looking information” within the meaning of Canadian securities laws. 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 the Company’s
current expectations and assumptions, and are subject to a number of known and unknown risks, uncertainties and other factors which
may cause the Company’s 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 AIF includes forward-looking
statements as noted throughout the document. 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, progress 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; titles to claims; expansions 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. The assumptions made
by the Company in preparing the forward looking information contained in this AIF, 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 ability
to obtain adequate financing for planned activities and to complete further exploration programs; the possibility of project delays
and cost overruns, or unanticipated excessive operating cost and expenses, the Company’s ability to maintain adequate internal
control over financial reporting, and disclosure controls and procedures; the ability of contractors to perform their contractual
obligations; and operations not being disrupted by issues such as mechanical failures, labour disturbances, illegal occupations
or mining, seismic events, and adverse weather conditions.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 20144







This list is not exhaustive of the factors
that may affect any of the Company’s forward-looking statements or information. 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; uncertainty of Mineral Resource estimates and deterioration
of general economic conditions.



Readers are advised to carefully review
and consider the risk factors identified in this 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 this 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 AIF. The
Company will update forward-looking statements and information if and when, and to the extent, required by applicable securities
laws. Readers should not place undue reliance on forward-looking statements. The forward-looking statements and information contained
herein are expressly qualified by this cautionary statement.



FINANCIAL INFORMATION



The Company prepares its consolidated financial
statements in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International
Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee
(“IFRIC”), and they are subject to Canadian auditing and auditor independence standards. IFRS differs in some respects
from United States generally accepted accounting principles, (“US GAAP”) or (“United States GAAP”), and
thus the Company’s financial statements may not be comparable to financial statements of United States companies.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 20145







CURRENCY



The Company’s financial statements
are presented in Canadian dollars (the reporting currency). Financial and operating information presented in this AIF is presented
in Canadian dollars unless otherwise noted.



CAUTIONARY NOTES TO US INVESTORS REGARDING
RESOURCE AND RESERVE ESTIMATES



Certain terms contained in this AIF have
been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements
of United States securities laws. The terms “Mineral Reserve”, “Proven Mineral Reserve” and “Probable
Mineral Reserve” are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 – Standards
of Disclosure for Mineral Projects (“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. 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.



Accordingly, information contained in this
AIF and the documents incorporated by reference herein contain descriptions of the Company’s mineral deposits that 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.





GLOSSARY OF TERMS AND UNITS OF MEASURE



The following glossary, which is not exhaustive,
should be used only as an adjunct to a thorough reading of the entire document of which it forms a part.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 20146







AAS: Atomic absorption spectroscopy



adit: A horizontal or close-to-horizontal
tunnel, man-made for mining purposes.



Ag: The chemical symbol for silver
on the periodic table of elements.



Ag eq oz:Silver equivalent ounces,
reflecting the equivalent values of silver and all other products produced by the Company, relative to the prevailing silver price.



andesite: A fine-grained brown,
green or greyish intermediate volcanic rock.



Au: The chemical symbol for gold
on the periodic table of elements.



breccia: A course-grained rock,
composed of angular, broken rock fragments held together by a mineral cement or a fine-grained matrix.



chloritization: A form of alteration
of a rock involving the replacement by, conversion into, or introduction of chloride.



crosscuts: Mine openings or passageways
that intersect a vein or ore bearing structure at an angle.



Cu: The chemical symbol for copper
on the periodic table of elements.



EIA: Environmental Impact Assessment.



eq.: Equivalent values or quantities
of products, expressed relative to the prevailing silver price.



epithermal: Applied to hydrothermal
deposits formed at low temperature and pressure.



Feasibility Study: A detailed study
of a deposit in which geological, engineering, operating, economic and other relevant factors are engineered in sufficient detail
that it could reasonably serve as the basis for a final decision by a financial institution to finance the development of the deposit
for mineral production.



felsic: Applied to an igneous rock
having abundant light-coloured materials.



g/t: Grams per metric tonne.



hectare: A metric unit of land measure
equal to 10,000 square metres or 2.471 acres.



hydrothermal: Relating to hot fluids
circulating in the earth's crust.



Indicated Mineral Resource: As defined
by the Canadian Institute of Mining, Metallurgy, and Petroleum, an Indicated Mineral Resource is part of a Mineral Resource for
which quantity, grade or quality, densities, shape, and physical characteristics, can be estimated with a level of confidence sufficient
to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic
viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings, and drill holes that are spaced closely enough for geological
and grade continuity to be reasonably assumed. (Source: Canadian Institute of Mining, Metallurgy, and Petroleum, and was adopted
August 20, 2000.)





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 20147







Inferred Mineral Resource: As defined
by the Canadian Institute of Mining, Metallurgy, and Petroleum, an Inferred Mineral Resource is that part of a Mineral Resource
for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably
assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered
through appropriate techniques from locations such as outcrops, trenches, pits, workings, and drill holes. (Source: Canadian Institute
of Mining, Metallurgy, and Petroleum, and was adopted August 20, 2000.)



kOz: Thousand troy ounces.



LHD: Load-haul-dump trucks.



LOM: Life of Mine.



MASL: Metres above sea level.



Measured Mineral Resource: As defined
by the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves, a Measured
Mineral Resource is part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics
are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical
and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is
based on a detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings, and drill holes that are spaced closely enough to confirm both geological and grade
continuity.



mineral: An inorganic substance
usually having a definite chemical composition and, if formed under favourable conditions, having a certain characteristic atomic
structure which is expressed in its crystalline form and other physical properties.



Mineral Resource: As defined by
the Canadian Institute of Mining, Metallurgy, and Petroleum, a Mineral Resource is a concentration or occurrence of natural, solid,
inorganic, or fossilized organic material in or on the Earth’s crust in such form and quantity and of such a grade or quality
that it has reasonable prospects for economic extraction. The location, quantity, grade geological characteristics and continuity
of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.



Mineral Reserve: As defined by the
Canadian Institute of Mining, Metallurgy, and Petroleum, a Mineral Reserve is the economically mineable part of a Measured or Indicated
Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining,
processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction
can be justified. A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mined.



mineral claim: The portion of mining
ground held under law by a claimant.



mineralization: Implication that
the rocks contain metallic minerals and that these could be related to ore.



ore: That part of a mineral deposit
which could be economically and legally extracted.



oz: Troy ounces.



Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 20148









Pb: The chemical symbol for lead
on the periodic table of elements.



Preliminary Feasibility Study: A
comprehensive study of the viability of a mineral project that has advanced to a stage where the mining method, in the case of
underground mining, or the pit configuration, in the case of an open pit, has been established and an effective method of mineral
processing has been determined, and includes a financial analysis based on reasonable assumptions of technical, engineering, legal,
operating, economic, social, and environmental factors and the evaluation of other relevant factors which are sufficient for a
Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be classified as a Mineral Reserve.



Probable Mineral Reserve: As defined
by the Canadian Institute of Mining, Metallurgy, and Petroleum, a Probable Mineral Reserve is the economically mineable part of
an Indicated, and in some circumstances a Measured, Mineral Resource demonstrated by at least a Preliminary Feasibility Study.
This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate,
at the time of reporting, that economic extraction can be justified.



Proven Mineral Reserve: As defined
by the Canadian Institute of Mining, Metallurgy, and Petroleum, a Proven Mineral Reserve, is the economically mineable part of
a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information
on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic
extraction is justified.



QA/QC : Quality Assurance/Quality
Control.



quartz: A common rock forming mineral
consisting of silicon and oxygen.



rhyolite: A fine-grained volcanic
(extrusive) rock of granitic composition.



SEMARNAT: Secretaría de Medio
Ambiente y Recursos Naturales or Ministry of Environment and Natural Resources, the Mexican federal agency responsible for environmental
protection, including permitting of surface work programs.



sulfidation: The reaction of a metal
or alloy with a sulfur-containing species to produce a sulfur compound that forms on or beneath the surface of the metal or alloy.



stockwork: A metalliferous deposit
characterized by the impregnation of the mass of rock with many small veins or nests irregularly grouped.



tpd: Metric tonnes per day.



t/m3: Metric tonnes per cubic
metre



vein: A zone or belt of mineralized
rock lying within boundaries clearly distinguished from neighbouring rock. A mineralized zone has, more or less, a regular development
in length, width and depth to give it a tabular form and is commonly inclined at a considerable angle to the horizontal. The term
"lode" is commonly used synonymously for vein.



Yd3: Cubic yards.



Zn: The chemical symbol for zinc
on the periodic table of elements.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 20149







CORPORATE STRUCTURE

NAME, ADDRESS AND INCORPORATION



Great Panther Silver Limited was originally
incorporated under the Company Act (British Columbia) in 1965. On March 22, 1996, the Company was continued under the Business
Corporation Act (Yukon). On July 9, 2004, the Company was continued to British Columbia under the Business Corporations Act (British
Columbia). The articles of the Company were amended on June 28, 2012, to provide for and facilitate the electronic delivery and
receipt of notices, statements, reports or other records to shareholders.



Great Panther’s principal and registered
offices are located at 800-333 Seymour Street, Vancouver, British Columbia, V6B 5A6, Canada. The Company’s telephone number
is 604-608-1766, its facsimile number is 604-608-1768, and the Company’s website can be found at www.greatpanther.com.



INTERCORPORATE RELATIONSHIPS



The Company’s consolidated financial
statements include the results of all of its subsidiaries. Great Panther Finance Canada Limited and GP Finance International S.a.r.l.
were incorporated during 2014 and the Company’s subsidiaries as at the date of this AIF are listed below. All of the following
companies are 100% beneficially owned, directly or indirectly, by the Company.



|Company Name                             | Jurisdiction of
 Incorporation/Formation/Continuation
|---------------------------------------- | -----------------------------------------------------
|Minera Mexicana el Rosario, S.A. de C.V. | Mexico                                               
|Metálicos de Durango, S.A. de C.V.       | Mexico                                               
|Minera de Villa Seca, S.A. de C.V.       | Mexico                                               
|Great Panther Silver Peru S.A.C.         | Peru                                                 
|Great Panther Finance Canada Limited     | Canada                                               
|GP Finance International S.a.r.l.        | Luxembourg                                           





DESCRIPTION OF THE BUSINESS

GENERAL



Great Panther Silver Limited is a primary
silver mining and exploration company listed on the Toronto Stock Exchange (“TSX”) trading under the symbol GPR, and
on the NYSE MKT LLC (formerly the “NYSE Amex Equities Exchange”) trading under the symbol GPL. The Company’s
current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico: the Topia
Mine and the Guanajuato Mine Complex (the “GMC”). The GMC comprises the Company’s Guanajuato Mine and Cata processing
plant, and the San Ignacio satellite mine (the “San Ignacio Mine” or “San Ignacio”) commissioned in 2014,
and located approximately 22 kilometres by road from the Cata processing plant. The Company has two exploration projects in Mexico,
El Horcon and Santa Rosa, and is also pursuing additional mining opportunities in the Americas.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201410







All of Great Panther’s assets in
Mexico are held through MMR, a wholly-owned subsidiary acquired in February 2004. In 2005, the Company incorporated MDU and MVS.
These two operating subsidiaries of the Company are responsible for the day-to-day affairs and operations of the Topia Mine and
the GMC, respectively, through service agreements with MMR.



The GMC is located in the city of Guanajuato,
in central Mexico, approximately 380 kilometres north-west of Mexico City, and produces silver and gold. The Topia Mine is located
in the Sierra Madre Mountains in the state of Durango in northern Mexico and produces silver, gold, lead and zinc. The GMC and
Topia Mine each have their own processing facility with capacity to support future expansion.



The Company’s Santa Rosa Project
is located approximately 15 kilometres northeast of Guanajuato, and the El Horcon Project is located 100 kilometres by road northwest
of Guanajuato.



The method of production at the Topia Mine
and GMC consists of underground mining through cut and fill operations. Extracted ore is trucked to on-site conventional processing
plants which consist of zinc and lead-silver flotation circuits at Topia Mine, and a pyrite-silver-gold flotation circuit at GMC.





GENERAL DEVELOPMENT OF THE BUSINESS



General



Great Panther Silver Limited was originally
incorporated under the Company Act (British Columbia) in 1965 under the name Lodestar Mines Ltd. On June 18, 1980, the Company’s
common shares were listed on the TSX Venture Exchange and, on November 14, 2006, the Company’s common shares began trading
on the TSX under the symbol GPR. On February 8, 2011, the Company’s common shares were listed on the NYSE MKT under the trading
symbol “GPL”. The Company has retained its listing on the TSX in Canada.



Topia Mine



Effective February 18, 2004, the Company
entered into the Topia Option Agreement, which granted it the right and option, for a term of one year, to purchase 100% of the
ownership rights in and to all the fixed assets, machinery, equipment (including the mill, buildings, offices, houses and quarters
for the workers) and Topia Mining Concessions located in the Municipality of Topia, State of Durango, Mexico from Compañía
Minera de Canelas y Topia, as optionor, by making cash payments totalling US$1,737,084. In addition to the payments to the optionor,
the Company agreed to assume the debt encumbering the property totalling US$814,594 upon signing of the purchase agreement. The
debt owing was secured by the Topia Mine assets. The balance of the debt was repayable out of production from concentrate sales
as a 10% net smelter return (“NSR”). After the debt was repaid, there was no further NSR. The remaining debt balance
was fully paid and there are no outstanding conditions to retain title to the property. The Company has surface rights for the
land on which the plant sits and mineral rights for the rest of the property.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201411







GMC



On October 25, 2005, the Company signed
a formal purchase agreement with the Sociedad Cooperativa Minero Metalúrgica Santa Fe de Guanajuato (the “Cooperative”)
to purchase 100% of the ownership rights in a group of producing and non-producing silver-gold mines in the Guanajuato Mining District.
The total purchase price was US$7,250,000, which included 1,107 hectares in two main properties (the Guanajuato and San Ignacio
claims), the 1,200 tpd Cata processing plant, workshops and administration facilities, complete mining infrastructure, mining equipment,
and certain surface rights. At December 31, 2005 the Company paid US$3,625,000. In 2006, the Company paid the remaining balance
of US$3,625,000.



On May 15, 2006, the Company announced
the purchase of 3.88 hectares of real estate adjacent to the plant at the GMC for a total of US$690,425 from the Cooperative. The
decision to buy the extra land was made in order to facilitate any future expansion of the plant facilities and to buffer the plant
site from any possible development nearby.



On December 27, 2007, the Company purchased
an additional 0.2804 hectares of land immediately adjacent to the plant and below the tailings dam at the GMC from the Cooperative
for a total of US$320,530. The land was primarily purchased in order to buffer the area from any possible development.



In August 2012, the Company announced it
had signed a definitive agreement for the purchase of a 100% interest in certain surface rights to a total of 19.4 hectares at
the San Ignacio Mine, for the construction of a mine portal and ancillary surface facilities.



Santa Rosa



The Company purchased a 100% interest in
the Santa Rosa Silver-Gold Project in Guanajuato State, Mexico in 2011 for total consideration of US$1,459,000 in cash. Santa Rosa
includes a cluster of non-contiguous mineral claims 20 kilometres to the northeast of Guanajuato most covering segments of historically
known mineralized veins within the Sierra vein system, as well as two claims located further north staked from a regional conceptual
nature.



El Horcon



The Company purchased a 100% interest in
the El Horcon Silver-Gold Project in Jalisco State, Mexico in 2012 for total consideration of US$1,600,000 in cash. El Horcon covers
7,908 hectares in 17 contiguous mining concessions and is located 60 kilometres northwest of the GMC.





THREE-YEAR HISTORY



Events Subsequent to the year ended
December 31, 2014



On January 27, 2015, the Company announced
highlights from a 25 hole surface drill program at the San Ignacio Mine, which extended the deposit 300 metres to the south of
current mining activities and indicated thicker and higher grade mineralization. The drill results led to the modification to the
then existing mine plan, in order to focus on the immediate development of this new zone. These drill results are being used to
guide follow-up underground drilling and development in 2015, which is expected to improve the classification of the resource.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201412







On January 29, 2015, the Company
provided an update to the Mineral Resource at the GMC. The updated Measured and Indicated (“M&I”) Mineral
Resource estimate reflected a 2% decrease in M&I (-117,100 Ag eq oz), and a decrease in Inferred Mineral Resource of 35%
(-4,149,250 Ag eq oz). Both categories were impacted by the use of lower metal prices in the update. Included in this Mineral
Resource estimate for the GMC was 3,757,800 Ag eq oz and 1,800,200 Ag eq oz of M&I attributed to the Guanajuato Mine and
the San Ignacio Mines respectively. Inferred Mineral Resources of 3,774,300 Ag eq oz, 1,782,200 Ag eq oz and 2,081,200 Ag eq
oz were ascribed to Guanajuato Mine, San Ignacio Mine and El Horcon respectively. The M&I Mineral Resource estimate for
San Ignacio as at January 29, 2015 did not yet reflect the drill results announced on January 27, 2015.



On February 23, 2015, the Company provided
a further update to the Mineral Resource estimate for San Ignacio reflecting the results of the 2014 drill program. The updated
Indicated Mineral Resource estimate reflected a 31% increase (+550,700 Ag eq oz) and the Inferred Mineral Resource increased 162%
(+6,122,700 Ag eq oz). The updated Mineral Resource estimate included the most recent drill results at San Ignacio and the discovery
of high grade silver-gold mineralization to the south of the 2014 mining area. The Mineral Resource estimate for the San Ignacio
Mine totaled 2,351,000 Ag eq oz of M&I and 9,897,000 Ag eq oz of Inferred material at a cut-off grade of 246 g/t silver equivalent.



On February 26, 2015, Great Panther and
Cangold Limited (“Cangold”) announced that they had entered into a binding letter agreement (the “Letter Agreement”)
pursuant to which Great Panther will, subject to the terms and conditions of the Letter Agreement and execution of a definitive
agreement, acquire all of the issued and outstanding common shares of Cangold by way of a statutory plan of arrangement (the “Cangold
Arrangement”).



The transaction will result in Great Panther
adding an option to acquire more than 6,000 hectares of the Guadalupe de los Reyes gold-silver project (a development stage project)
in Sinaloa State, Mexico (the “GDLR Project”) to its existing silver and gold producing properties in Mexico. The completion
of the transaction will also add Cangold’s Plomo gold project in Mexico, and its Argosy Project in the Red Lake Mining Division
of northeastern Ontario, Canada.



The Letter Agreement contemplates completion
of the Cangold Arrangement on the following basis:



| | · | Cangold shareholders will receive 0.05
common shares of Great Panther (each a whole common share, a “Great Panther Share”) for each common share of Cangold
(a “Cangold Share”) held (such exchange ratio being hereinafter referred to as the “Exchange Ratio”) resulting
in, and assuming completion of the transaction, the issuance of approximately 2,139,000 Great Panther Shares in exchange for approximately
42,780,600 Cangold Shares.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | · | Each outstanding option and warrant to
acquire Cangold Shares will entitle the holder thereof to receive, upon the exercise thereof, 0.05 Great Panther Shares in lieu
of each Cangold Share, at a price adjusted in accordance with the Exchange Ratio, and otherwise on the same terms and conditions
as the original option or warrant.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | · | Completion of the transaction will be
subject to customary conditions, including support of the transaction by directors, officers and significant shareholders of Cangold,
and receipt of applicable regulatory, shareholder and third party approvals and consents by Cangold and Great Panther as may be
required to effect and complete the transaction. In particular, the Cangold Arrangement will be subject to approval of the TSX
and applicable filings with the NYSE MKT (in respect of Great Panther) and the TSX Venture Exchange (in respect of Cangold). Completion
of the transaction is also subject to Great Panther being satisfied with the results of its due diligence investigations, and receipt
by Great Panther of an opinion of Mexican legal counsel relating to the option Cangold holds in respect of the GDLR Project.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201413









| | · | Great Panther and Cangold have agreed
to negotiate in good faith and enter the Definitive Agreement incorporating the terms of the Letter Agreement together with additional
representations, warranties, covenants, conditions and agreements as are customary for a transaction of this nature on or before
April 25, 2015, or such later date as the parties mutually agree.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | · | Cangold has agreed to an exclusivity period
until April 25, 2015, during which time Cangold will work exclusively and in good faith with Great Panther toward the satisfactory
completion of confirmatory due diligence and negotiation of the Definitive Agreement. During the exclusivity period, Cangold will
not, among other things, solicit, initiate, facilitate, continue, respond to or encourage any third party proposal in respect of
an alternative transaction. Cangold is obligated to pay Great Panther a termination fee should Cangold terminate the exclusivity
period in certain circumstances or in the event that Great Panther terminates the Letter Agreement due to a breach of certain representations
and warranties.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Concurrent with the execution of the Letter
Agreement, Great Panther, Cangold and a Mexican subsidiary of Cangold, entered into a suite of loan documents pursuant to which
Great Panther has agreed (i) to continue to provide technical, administrative and management services to Cangold and (ii) to provide
discretionary credit advances (each an “Advance”), in the maximum aggregate amount of up to $1,500,000 (the “Loan”)
inclusive of a prior debt already owing from Cangold to Great Panther in the approximate amount of $155,000. Pursuant to the Loan,
the principal owing thereunder bears interest at the rate of 15% and is secured by a general security agreement and share pledge
agreement. On March 26, 2015, Great Panther received 2,897,680 bonus common shares in the capital of Cangold, equivalent to 20%
of an Advance of US$580,000 divided by the Market Price (as such term is defined in TSX Venture Exchange policies). The Company
is entitled to bonus common shares in the amount of 20% of any further Advances, divided by the Market Price.



Cangold will hold a shareholder meeting
to consider and approve the Arrangement. The terms of the Cangold Arrangement will be described in further detail in a Management
Information Circular of Cangold to be filed with regulatory authorities and mailed to Cangold shareholders in accordance with applicable
securities laws.



Assuming all conditions to closing are
satisfied, the Company expects that the transaction will close prior to the end of May 2015.



A copy of the Letter Agreement has been
filed as a material contract on SEDAR at www.sedar.com.



The Letter Agreement is considered to be
a ‘related party transaction’ for Great Panther by virtue of the fact that each of Messrs. Robert Archer (Chief Executive
Officer and a director of Great Panther), Kenneth Major (a director of Great Panther) and Robert Brown (Vice President, Exploration
of Great Panther) is also a director (and in the case of Messrs. Archer and Brown, also an officer) of Cangold. Messrs. Archer,
Major and Brown declared an interest in, and abstained from voting on, the resolutions respecting the Letter Agreement and the
Loan. The Letter Agreement and the Loan were reviewed and approved by special committees consisting of independent directors of
both Great Panther and Cangold.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201414







Further information regarding the transaction
can be obtained from the Company’s February 26, 2015 news release, as well as the March 6, 2015 Material Change Report, both
filed on SEDAR.



2014



On March 5, 2014, the Company announced
that an altercation with illegal miners led to the death of an illegal miner at the GMC. Subsequently, a group of people attacked
and vandalized mine offices and vehicles. The Company’s personnel and local residents had been subjected to intimidation
and escalating violence from illegal miners which led the Company to increase security including the deployment of armed security
personnel. On March 9, 2014, approximately 60 people gained unauthorized and illegal entry to the Company’s main administration
building and plant facility in Guanajuato. On March 13, 2014, the Mexican authorities gained entry and removed the illegal occupants,
arresting several of them. By March 17, 2014, the Company announced that it had resumed full operation of the Guanajuato Mine and
plant facilities. Since the resolution of the illegal occupation, there have not been any further incidents of disruptions by illegal
miners, and the Company’s relationship and standing with the community in Guanajuato remains positive. The Company considers
those who were involved in illegal mining activities and in the occupation as a very small group in the community and are not in
any way representative of the views and disposition of the broader community which has been supportive of mining for generations.



The Company provided an update to the Mineral
Resource at the Company's Topia Mine on May 29, 2014. The updated Measured and Indicated (“M&I”) Mineral Resource
estimate reflected a 46% increase in M&I Ag eq oz, from 5.60 million (as previously stated) to 8.19 million.



The Company reported the death of an employee
on June 25 due to a rock fall at its Topia Mine. The accident occurred in the 1522 underground mine, one of the independent mines
comprising the Company's Topia Mine. The 1522 mine was closed immediately, authorities were notified and an internal investigation
was conducted. The Company implemented additional safety measures.



During the second quarter of 2014, the
San Ignacio Mine commenced commercial production and contributed 54,154 tonnes of ore in 2014 (including development ore prior
to reaching commercial production).



On October 15, 2014, the Company filed
a final short form base shelf prospectus with the securities commissions in each of the provinces and territories of Canada, except
Quebec, and a corresponding registration statement on Form F-10 with the U.S. Securities and Exchange Commission under the U.S.
Securities Act of 1933, as amended, and the U.S./Canada Multijurisdictional Disclosure System. These filings will allow Great Panther
to make offerings of common shares, warrants, subscription receipts, units, or any combination thereof, having an aggregate offering
amount of up to $80 million in Canada and the United States over a 25-month period from the date of filing. Great Panther filed
this final base shelf prospectus to maintain financial flexibility, and the maximum amount that can be offered under the base shelf
prospectus does not reflect an estimate of future financing requirements. Any amount of a future financing (if any) will depend
upon future developments.



On October 30, 2014, the Company announced
high grade gold and silver intercepts from the first six holes in the latest surface diamond drilling program at its San Ignacio
Mine. Results were highlighted by a 7.45 metre (5.26 metre true width) intersection of 1,133g/t silver and 6.86g/t gold in hole
ESI14-120. This zone contained a 0.5 metre section of mineralization that assayed 11,951g/t silver and 48.2g/t gold, the highest
assays ever received from San Ignacio.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201415







The Company reported the occurrence of
a fatal accident at its Topia Mine on the morning of November 1, 2014. A contract miner was struck by falling rock that came dislodged
while working in a raise at the Hormiguera underground mine, one of the independent mines comprising the Company’s Topia
Mine. All underground activities at Hormiguera were immediately suspended and secured. Appropriate governmental authorities were
contacted and a formal investigation was conducted. The Company reinforced safety measures to prevent such an accident from recurring.
Creating and maintaining high standards of safety are a top priority of the Company.



During
the year a total of 7,837 metres of underground mine development was completed at GMC and 10,004 metres at the Topia Mine. Rehabilitation
work on the Cata shaft (at GMC) was ongoing throughout 2014 and is expected to be completed in the third quarter of 2015. The Rayas
shaft was not operational for the months of August through November in order to address further maintenance. The Valenciana shaft
hoist crown was rehabilitated in October and installed at the Rayas shaft which returned to full operation in December.
The number of operating mines at Topia was reduced to nine, from eleven
at the beginning of the year, and production was increased at Argentina, Durangueno and Hormiguera. Mina Oliva and Mina 80 were
closed in June and July of 2014 respectively as they were determined uneconomic at prevailing metal prices.



During 2014, modifications and optimizations
were made to the crushing and flotation circuits at both the Cata plant and at Topia which improved recoveries and concentrate
grades. The GMC tailings dam went through a further dyke lift in 2014 to increase the storage capacity and the water recovery circuit
was upgraded with a more efficient pump system and pipeline extensions, which has the impact of improving water usage at the plant.



The geotechnical study of the Topia tailings
dam (which was initiated in 2013 and included geological, geophysical and soil mechanics surveys) progressed during 2014 to include
several months of monitoring station development, collection, and analyses of data. By the 2014 year-end, the study results were
finalized confirming the stability of the existing facility, and providing considerations for the future expansion alternatives.



Overall metal production for the year was
a record 3,187,832 Ag eq oz, representing an increase of 12% over the prior year. This was attributable to increases in throughput
at both sites, primarily at GMC due to the commissioning of San Ignacio in June of 2014. The increased throughput more than offset
the impact of lower silver grades realized at Topia and lower gold grades realized at the GMC during the same period. As a result
of the improved production, cash cost per ounce of silver decreased by 5% to US$12.78.



2013



At the Topia Mine, the number of operating
mines was reduced to eleven from fourteen by the end of 2013, but production was increased at the remaining mines in order to maintain
overall production levels in 2014. The metallurgical laboratory was reconditioned and upgraded equipment was installed. The processing
plant was upgraded by the installation of a new cone crusher to increase crushing capacity at the plant, reduce the ore feed size
to the mill, and reduce maintenance costs. Overhead cranes were installed at the processing plant to facilitate maintenance activities
and increase efficiencies.



At the GMC, the Guanajuatito main ramp
was redeveloped to support an exploration drilling program to upgrade the Mineral Resources between the 245 and 390 metre levels
and connect the Guanajuatito mine underground to all the other mines in the GMC. As a result, Guanajuatito ore production, which
was previously hauled to surface via the ramp and then by truck to the Cata plant, can be transported underground and up the Cata
shaft, thereby reducing haulage costs.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201416







Improvements were made to the crushing
section of the Cata processing plant by optimizing the double-deck screen installed in 2012. A new filter press was installed to
maximize filtration rates and produce a dryer final concentrate, thereby lowering transportation and freight costs, reducing concentrate
loss, and lowering electricity consumption. The Company commenced construction of rain water deviation channels at the Guanajuato
tailings dam to advance the drainage system with the aim of improving safety and reducing maintenance of access roads. An additional
dyke was added to the tailings dam to increase its storage.



The Rayas shaft at the Guanajuato Mine
resumed normal operations following a rehabilitation project, improving the transportation times of personnel to their work places,
thereby increasing operational efficiencies and overall safety conditions. Rehabilitation work commenced on the Cata shaft. This
project was undertaken in a manner to allow for the continuation of ore skipping operations and is expected to be completed in
the third quarter of 2015.



The Company acquired certain surface rights
at San Ignacio. It received the approval of the Land Use and the EIA permits which allow for the initiation of site preparation
and underground development, and an explosives permit. The Company completed Phase I construction of a two-kilometre road, completed
the access road to the mine portal, completed the waste dump, and established or re-established certain auxiliary infrastructure
in preparation for the commencement of mining activities.



The Phase III infill drilling campaign
at San Ignacio of approximately 1,125 metres further defined the Mineral Resource. The surface drilling comprised 13 holes totaling
1,144 metres. As at the end of 2013, development ore consisting of 1,082 tonnes grading 121g/t Ag and 2.11g/t Au had been mined
from the Intermediate and Melladito Veins in the upper levels of the mine, and was stockpiled until there was a sufficient amount
for a processing campaign to test the metallurgical characteristics of the ore.



Exploration activities at El Horcon continued
with detailed geological mapping of historical underground workings, surface geological mapping, and surface sampling of all veins
and mineralized structures.



2012



On August 21, 2012, the Company announced
it had signed a definitive agreement for the purchase of a 100% interest in certain surface rights on its wholly-owned San Ignacio
Mine in Guanajuato, Mexico. A total of 19.4 hectares was purchased, thereby allowing sufficient space for access to construct a
portal for the development of a ramp, for waste dumps, and for auxiliary infrastructure. With the acquisition of the surface rights,
the Company proceeded with the application for permits required for the underground development.



On September 5, 2012, the Company completed
the purchase of a 100% interest in the El Horcon Silver-Gold Project in Jalisco State, Mexico for total cash consideration of US$1.6
million. El Horcon is a past producing mine and covers 7,908 hectares in 17 contiguous mining concessions and is located 60 kilometres
northwest of the GMC. Its location allows for the potential for it to become a satellite mine for the GMC.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201417







RISK FACTORS



The operations of the Company are characterized
by a number of risks inherent to the nature of the mining industry and to the nature of the Company’s business in particular.
The following risk factors, as well as other risks discussed in this AIF, could materially affect the Company’s future operating
results and could cause actual events to differ materially from those described in forward-looking statements relating to the Company.
These risks and uncertainties are not the only ones faced by the Company. Additional risks and uncertainties not presently known
to management or that management currently consider immaterial may also impair the Company’s business operations. If any
of these events actually occur, the Company’s business, prospects, financial condition, cash flows and operating results
could be materially harmed. Before deciding to invest in securities of the Company, investors should carefully consider such risks
and uncertainties.



Metals and Mineral Prices Are Subject
to Dramatic and Unpredictable Fluctuations



The market prices of precious metals and
other minerals are volatile and cannot be controlled. If the prices of precious metals and other minerals should drop significantly,
the economic prospects of the Company’s operating mines and projects could be significantly reduced or rendered uneconomic.
There is no assurance that even if commercial quantities of ore are discovered, a profitable market may exist for the sale of same.
Mineral prices have fluctuated widely, particularly in recent years. The marketability of minerals is also affected by numerous
other factors beyond the control of the Company, including government regulations relating to royalties, allowable production and
importing and exporting of minerals, the effect of which cannot be accurately predicted.



The Company has not entered into any hedging
arrangements for any of its metal and mineral production.



Current Global Financial Conditions



In recent years, global financial markets
have experienced increased volatility and global financial conditions have been subject to increased instability. These have a
profound impact on the global economy. Many industries, including the mining sector, were impacted by these market conditions.
Some of the key impacts of financial market turmoil include contraction in credit markets resulting in a widening of credit risk,
devaluations and high volatility in global equity, commodity, foreign exchange and precious metal markets and a lack of market
liquidity. Access to financing for mining companies continues to be negatively impacted by liquidity constraints. These factors
may impact the ability of the Company to obtain equity or debt financing and, if available, to obtain such financing on terms favourable
to the Company. If these increased levels of volatility and market turmoil continue, the Company’s operations and planned
growth could be adversely impacted and the trading price of the securities of the Company may be adversely affected.



Inaccuracies in Production and Cost
Estimates



The Company prepares estimates of future
production and future production costs for its operations. No assurance can be given that these estimates will be achieved. Production
and cost estimates are based on, among other things, the following: the accuracy of Mineral Resource estimates; the accuracy of
assumptions regarding ground conditions and physical characteristics of mineralization, equipment and mechanical availability,
labour, and the accuracy of estimated rates and costs of mining and processing. Actual production and costs may vary from estimates
for a variety of reasons, including actual mineralization mined varying from estimates of grade, tonnage, dilution and metallurgical
and other characteristics, short-term operating factors relating to the Mineral Resources, such as the need for sequential development
of mineralized zones and the processing of new or different grades of mineralization; and the risks and hazards associated with
mining described below under “Mining and Mineral Exploration Have Substantial Operational Risks”. In addition, there
can be no assurance that silver recoveries or other metal recoveries in small scale laboratory tests will be duplicated in larger
scale tests under on-site conditions or during production, or that the existing known and experienced recoveries will continue.
Costs of production may also be affected by a variety of factors, including: variability in grade or dilution, metallurgy, labour
costs, costs of supplies and services (such as, fuel and power), general inflationary pressures and currency exchange rates. Failure
to achieve production or cost estimates, or increases in costs, could have an adverse impact on the Company’s future cash
flows, earnings, results of operations and financial condition.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201418







Uncertainty Regarding Resource Estimates



Only Mineral Resources have been determined
for certain of the Company’s properties, and no estimate of reserves on any property has been completed. Resource estimates
are based on interpretation and assumptions and may yield less mineral production under actual conditions than estimated. In making
determinations about whether to advance any projects to development, the Company must rely upon estimated calculations as to the
Mineral Resources and grades of mineralization on its properties. Until mineralized zones are actually mined and processed, Mineral
Resources and grades of mineralization must be considered as estimates only. These estimates are imprecise and depend upon geological
interpretation and statistical inferences drawn from drilling and sampling which may prove to be unreliable. The Company cannot
assure that:



| | · | Resource or other mineralization estimates
will be accurate; or
| | - | ---------------------------------------------------------------





| | · | Mineralization can be mined or processed
profitably.
| | - | ----------------------------------------------------



Any material changes in Mineral Resource
estimates and grades of mineralization will affect the economic viability of a mine or a project and its return on capital. The
Company’s resource estimates have been determined and valued based on assumed future prices, cut-off grades and operating
costs that may prove to be inaccurate. Extended declines in market prices for silver, gold, zinc and lead may render portions of
the Company’s mineralization uneconomic and result in reduced reported Mineral Resources.



Any material reductions in estimates of
Mineral Resources, or of the Company’s ability to extract such Mineral Resources, could have a material adverse effect on
the Company’s results of operations or financial condition. The Company cannot assure that mineral recovery rates achieved
in small scale tests will be duplicated in large scale tests under on-site conditions or in production scale.



No Reserves



There are no current estimates of Mineral
Reserves for any of the Company’s mines or projects. The Company made decisions to enter into production at the Topia Mine,
the Guanajuato Mine and the San Ignacio Mine without having completed final feasibility studies. Accordingly, the Company did not
base its production decisions on any feasibility studies of Mineral Reserves demonstrating economic and technical viability of
the mines.  As a result, there may be increased uncertainty and risks of achieving any particular level of recovery of minerals
from the Company’s mines or the costs of such recovery.  As the Company’s mines do not have established reserves,
the Company faces higher risks that anticipated rates of production and production costs will be achieved, and these risks could
have a material adverse impact on the Company’s ability to continue to generate anticipated revenues and cash flows to fund
operations from and ultimately achieve profitable operations.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201419







Sufficiency of Current Capital and Ability
to Obtain Financing



The further exploitation, development and
exploration of mineral properties in which the Company holds interests or which the Company acquires may depend upon its ability
to obtain equity financing and/or debt financing, to enter into joint ventures or to obtain other means of financing. There is
no assurance that the Company will be successful in obtaining required financing as and when needed. Volatile precious metals markets
may make it difficult or impossible for the Company to obtain financing on favourable terms, or at all.



As at December 31, 2014, the Company had
approximately $18.0 million of cash and cash equivalents and, for the year ended December 31, 2014, the Company generated positive
cash flow from operating activities. While the Company considers that it has sufficient capital to support its current operating
requirements based on its current capital resources and expected cash flows from ongoing operations, there is a risk that commodity
prices decline or other factors may cause the Company to be unable to continue generating sufficient cash flows to sustain operations
or to be unable to fund planned capital projects, including expansions and potential acquisitions. In addition, the Company may
require additional capital if the costs of its capital projects are materially greater than the Company’s projections. There
is no assurance that the Company will be able to obtain additional capital when required. Failure to obtain additional financing
on a timely basis may cause the Company to postpone acquisitions, expansion, development and exploration plans, or even suspend
operations.



Mining and Mineral Exploration Have
Substantial Operational Risks



Mining and mineral exploration involves
many risks, which even a combination of experience, knowledge and careful evaluation may not be able to overcome. These risks include
but are not limited to:





| | · | major or catastrophic equipment failures;
| | - | -----------------------------------------





| | · | mine failures and slope failures;
| | - | ---------------------------------





| | · | ground fall and cave-ins;
| | - | -------------------------





| | · | deleterious elements materializing in
the mined resources;
| | - | ----------------------------------------------------------





| | · | environmental hazards;
| | - | ----------------------





| | · | industrial accidents and explosions;
| | - | ------------------------------------





| | · | encountering unusual or unexpected geological
formations;
| | - | ---------------------------------------------------------





| | · | labour shortages or strikes;
| | - | ----------------------------





| | · | civil disobedience and protests; and
| | - | ------------------------------------





| | · | natural phenomena such as inclement weather
conditions, floods, droughts, rock slides and earthquakes.
| | - | ------------------------------------------------------------------------------------------------------



These occurrences could result in environmental
damage and liabilities, work stoppages and delayed production, increased production costs, damage to, or destruction of, mineral
properties or production facilities, personal injury or death, asset write-downs, monetary losses and other liabilities. The nature
of these risks is such that liabilities could exceed policy limits of the Company’s insurance coverage, in which case the
Company could incur significant costs that could prevent profitable operations.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201420







Political Risk and Government Regulations



The Company’s mining, exploration
and development activities are focussed in Mexico and are subject to national and local laws and regulations, governing prospects,
taxes, labour standards, occupational health, land use, environmental protection, mine safety and others which currently or in
the future may have a substantial adverse impact on the Company. In order to comply with applicable laws, the Company may be required
to incur significant capital or operating expenditures. Existing and possible future environmental legislation, regulation and
action could cause additional expense, capital expenditures, restriction and delays in the activities of the Company, the extent
of which cannot be reasonably predicted. Violators may be required to compensate those suffering loss or damage by reason of the
Company’s mining activities and may be fined if convicted of an offence under such legislation.



Mining and exploration activities in Mexico
may be affected in varying degrees by political instabilities and government regulations relating to the mining industry. Any changes
in regulations or shifts in political conditions are beyond the Company’s control and may adversely affect the business.
Operations may also be affected to varying degrees by government regulations with respect to restrictions on production, price
controls, export controls, income taxes, expropriation of property, environmental legislation and mine safety. The status of Mexico
as a developing country may make it more difficult for the Company to obtain any required financing for projects. The effect of
all these factors cannot be accurately predicted. Notwithstanding the progress achieved in restructuring Mexican political institutions
and revitalizing its economy, the present administration, or any successor government, may not be able to sustain the progress
achieved. The Company does not carry political risk insurance.



Mexican Foreign Investment and Income
Tax Laws



Under the Foreign Investment Law of Mexico,
there is no limitation on foreign capital participation in mining operations; however, the applicable laws may change in a way
which may adversely impact the Company and its ability to repatriate profits. Under Mexican Income Tax Law, dividends are subject
to a withholding tax. Corporations with their tax residence in Mexico are taxed on their worldwide income. Mexico levies a value
added tax, known as the IVA, which is an indirect tax levied on the value added to goods and services, and it is imposed on corporations
that carry out activities within Mexican territory.



During 2013, the Mexico Senate passed tax
reform legislation, which took effect on January 1, 2014. The tax reform includes an increase in the corporate tax rate from 28%
to 30%, the introduction of a special mining royalty of 7.5% on the profits derived from the sale of minerals, and, the introduction
of an extraordinary mining royalty of 0.5% on the gross income derived from the sale of gold, silver and platinum. These changes
are expected to have a material impact on the Company’s future earnings and cash flows, and possibly on future capital investment
decisions.



Factors beyond the Company’s Control



There are a number of factors beyond the
Company’s control. These factors include, but are not limited to, changes in government regulation, political changes, high
levels of volatility in market prices, availability of markets, availability of adequate transportation and smelting facilities,
availability of capital, environmental factors and catastrophic risks, and amendments to existing taxes and royalties. These factors
and their effects cannot be accurately predicted.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201421







Environmental and Health and Safety
Risks



The Company’s operations are subject
to environmental regulations promulgated by government agencies from time to time. There is no assurance that environmental regulations
will not change in a manner that could have an adverse effect on the Company’s financial condition, liquidity or results
of operations, and a breach of any such regulation may result in the imposition of fines and penalties.



Environmental legislation is constantly
expanding and evolving in ways that impose stricter standards and more rigorous enforcement, with higher fines and more severe
penalties for non-compliance, and increased scrutiny of proposed projects. There is an increased level of responsibility for companies,
and trends towards criminal liability for officers and directors for violations of environmental laws, whether inadvertent or not.
The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of the Company’s
operations.



The pursuit of commercial production of
the Company’s mineral claims may be subject to an environmental review process under environmental assessment legislation.
Compliance with an environmental review process may be costly and may delay commercial production. Furthermore, there is the possibility
that the Company would not be able to proceed with commercial production upon completion of the environmental review process if
government authorities do not approve the proposed mine, or if the costs of compliance with government regulation adversely affect
the commercial viability of the proposed mine.



The development and operation of a mine
involves significant risks to personnel from accidents or catastrophes such as rock-falls, fires, explosions or collapses. These
risks could result in damage or destruction of mineral properties, production facilities, casualties, personal injury, environmental
damage, mining delays, increased production costs, monetary losses and legal liability. The Company may not be able to obtain insurance
to cover these risks at economically feasible premiums. Insurance against certain environmental risks, including potential liability
for pollution and other hazards as a result of the disposal of waste products occurring from production, is not generally available
to companies within the mining industry. The Company may be materially adversely affected if it incurs losses related to any significant
events that are not covered by its insurance policies.



The Company has comprehensive safety programs
in place and continues to make further improvements. Safety meetings with employees and contractors are held on a regular basis
to reinforce standards and practices. Despite these programs, the Company experienced two fatalities at its Topia Mine in 2014.
While these fatalities did not materially affect operations, the Company considers health and safety of its workers, and others
in the communities in which it operates, to be a top priority. In this regard, the Company is continually seeking to minimize the
risk of safety incidents, but these risks can never be completely eliminated. The Company also reviews its insurance coverage on
an annual basis to maintain its adequacy and relevancy.



Risks Which Cannot Be Insured



The Company maintains appropriate insurance
for liability and property damage; however, the Company may be subject to liability for hazards that cannot be insured against,
which if such liabilities arise, could impact profitability and result in a decline in the value of the Company’s securities.
The Company’s operations may involve the use of dangerous and hazardous substances; however, extensive measures are taken
to prevent discharges of pollutants in the ground water and the environment. Although the Company will maintain appropriate insurance
for liability and property damage in connection with its business, the Company may become subject to liability for hazards that
cannot be insured against or which the Company may elect not to insure itself against due to high premium costs or other reasons.
In the course of mining and exploration of mineral properties, certain risks and, in particular, unexpected or unusual geological
operating conditions including rock bursts, cave-ins, fires, flooding and earthquakes, may occur. It is not always possible to
fully insure against such risks and the Company may decide not to take out insurance against such risks as a result of high premiums
or other reasons.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201422







Risk of Secure Title or Property Interest



There can be no assurance that title to
any property interest acquired by the Company or any of its subsidiaries is secured. Although the Company has taken reasonable
precautions to ensure that legal title to its properties is properly documented, there can be no assurance that its property interests
may not be challenged or impugned. Such property interests may be subject to prior unregistered agreements or transfers or other
land claims, and title may be affected by undetected defects and adverse laws and regulations.



In the jurisdictions in which the Company
operates, legal rights applicable to mining concessions are different and separate from legal rights applicable to surface lands;
accordingly, title holders of mining concessions in such jurisdictions must agree with surface land owners on compensation in respect
of mining activities conducted on such land.



Unauthorized Mining



The mining industry in Mexico is subject
to incursions by illegal miners or “lupios” who gain unauthorized access to mines to steal ore mainly by manual mining
methods. The Company has experienced such incursions including an incident in the first quarter of 2014 which resulted in both
a significant financial loss to the Company and a material impact to the Company’s operations. In addition to the risk of
losses and disruptions, these illegal miners pose a safety and security risk. The Company has taken security measures at its sites
to address this issue and ensure the safety and security of its employees and contractors. These incursions and illegal mining
activities can potentially compromise underground structures, equipment and operations, which may lead to production stoppages
and impact the Company’s ability to meet production goals.



Commercialization Risk of Development
and Exploration Stage Properties and Ability to Acquire Additional Commercially Mineable Mineral Rights



The Company’s primary mineral properties,
the Topia Mine and Guanajuato Mine, have been in the production stage for more than eight years and have generated positive cash
flow from operations; however, the Company’s San Ignacio Mine recently commenced production and the commercial viability
of this mine was not established by a feasibility study or preliminary economic assessment.



Mineral exploration involves a high degree
of risk. There is no assurance that commercially viable quantities of ore will be discovered at the Company’s Santa Rosa
and El Horcon Projects (which are in the exploration stage), or that its exploration projects will be brought into commercial production.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201423







Most exploration projects do not result
in the discovery of commercially mineable ore deposits and no assurance can be given that any anticipated level of recovery of
ore reserves will be realized or that any identified mineral deposit will ever qualify as a commercially mineable (or viable) ore
body which can be legally and economically exploited. Estimates of reserves, resources, mineral deposits and production costs can
also be affected by such factors as environmental permitting regulations and requirements, weather, environmental factors, unforeseen
technical difficulties, unusual or unexpected geological formations and work interruptions.



Material changes in commodity prices,
Mineral Resources, grades, dilution or recovery rates may affect the economic viability of any project. The Company’s future
growth and productivity will depend, in part, on the ability to identify and acquire additional commercially mineable mineral
rights, and on the costs and results of continued exploration and potential development programs. Mineral exploration is highly
speculative in nature and is frequently non-productive. Substantial expenditures are required to:



| | · | Establish Mineral Resources through drilling
and metallurgical and other testing techniques;
| | - | --------------------------------------------------------------------------------------------





| | · | Determine metal content and metallurgical
recovery processes to extract metal from the ore; and
| | - | -----------------------------------------------------------------------------------------------





| | · | Construct, renovate, expand or modify
mining and processing facilities.
| | - | -----------------------------------------------------------------------



In addition, if potentially economic mineralization
is discovered, it could take several years from the initial phases of exploration until production is possible. During this time,
the economic feasibility of production may change. As a result of these uncertainties, there can be no assurance that the Company
will successfully acquire additional commercially mineable (or viable) mineral rights.



Development projects have no operating
history upon which to base estimates of future cash flow. Estimates of Proven and Probable Reserves, Measured and Indicated Resources,
and Inferred Resources are, to a large extent, based upon detailed geological and engineering analysis. Further, Mineral Resources
that are not Mineral Reserves have not demonstrated economic viability. At this time, none of the Company’s properties have
defined ore-bodies with Mineral Reserves. Due to the uncertainty of Inferred Mineral Resources, there is no assurance that Inferred
Mineral Resources will be upgraded to either Measured or Indicated Resources or to Proven or Probable Mineral Reserves as a result
of continued definition.



Because mines have limited lives, the Company
must continually replace and expand its Mineral Resources as the Company’s mines produce metals. The life-of-mine estimates
for the Company’s mines are estimates which may vary based on underlying assumptions and parameters. The ability of the Company
to maintain or increase its annual production of metals and the Company’s future growth and productivity will be dependent
in significant part on its ability to identify and acquire additional commercially mineable mineral rights, to bring new mines
into production, to expand Mineral Resources at existing mines. It is further impacted by the costs and results of continued exploration
and potential development programs.



Fluctuations in the Price of Consumed
Commodities



Prices and availability of commodities
or inputs consumed or used in connection with exploration, development and mining, such as diesel, oil, electricity, chemicals
and reagents fluctuate and affect the costs of production at the Company’s operations. These fluctuations can be unpredictable,
can occur over short periods of time and may have a materially adverse impact on operating costs or the timing and costs of various
projects.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201424







Fluctuation in Foreign Currency Exchange
Rates



The Company maintains bank accounts in
Canadian dollars, U.S. dollars and Mexican pesos. The Company earns revenue in U.S. dollars while its costs are incurred in Canadian
dollars, U.S. dollars and Mexican pesos. An appreciation in the Mexican peso and/or U.S. dollar against the Canadian dollar will
increase operating and capital expenditures as reported in Canadian dollars. A decrease in the U.S. dollar against the Canadian
dollar will reduce the Company’s revenues as reported in Canadian dollars and will also result in a loss to the Company to
the extent that the Company holds funds in U.S. dollars. Similarly, a decrease in the Mexican peso against the Canadian dollar
will result in a loss to the Company to the extent that the Company holds funds in Mexican pesos. The Company has not used hedging
instruments in managing its foreign exchange risk.



Dependency on Key Personnel



The Company’s success and viability
depends, in large part, on its ability to attract and maintain qualified key management personnel. Competition for such personnel
is intense, and may impact the ability to attract and retain such personnel in Canada and Mexico. The Company’s growth and
viability has depended, and will continue to depend, on the efforts of key management personnel including, but not limited to,
Robert A. (Bob) Archer, President, Chief Executive Officer and director; Jim Zadra, Chief Financial Officer; Ali Soltani, Chief
Operating Officer; and Robert F. Brown, Vice President, Exploration. The loss of any key management personnel may have a material
adverse effect on the Company, its business and its financial position. The Company has contracts with these employees but does
not have key-man life insurance.



Conflicts of Interest of Directors and
Officers



Certain of the Company’s directors
and officers may continue to be involved in a wide range of business activities through their direct and indirect participation
in corporations, partnerships or joint ventures, some of which are in the same business as the Company. Situations may arise in
connection with potential acquisitions and investments where the other interests of these directors and officers may conflict with
the interests of the Company. The directors and officers of the Company are required by law to act in the best interests of the
Company. They may have the same obligations to the other companies and entities for which they act as directors or officers. The
discharge by the directors and officers of their obligations to the Company may result in a breach of their obligations to these
other companies and entities and, in certain circumstances, this could expose the Company to liability to those companies and entities.
Similarly, the discharge by the directors and officers of their obligations to these other companies and entities could result
in a breach of their obligation to act in the best interests of the Company. Such conflicting legal obligations may expose the
Company to liability to others and impair its ability to achieve its business objectives.



Concentration of Customers



The Company produces concentrates containing
silver, gold, lead and zinc. Concentrates are the product of the processing of ore mined by the Company at its processing plants.
The Company sells its concentrates to metals traders and smelters. During the year ended December 31, 2014, three customers accounted
for 99.5% of the Company’s revenues. The Company believes that a small number of customers will continue to represent a significant
portion of its total revenue. The Company does not consider itself economically dependent upon any single customer or combination
of customers due to the existence of other potential metals traders or smelters capable of purchasing the Company’s production.
However, the Company could be subject to limited smelter availability and capacity, or it may not be able to maintain its current
significant customers or secure significant new customers on similar terms, any of which may have a material adverse effect on
the Company’s business, financial condition, operating results and cash flows.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201425







Risks associated with Transportation
of Concentrate



The concentrates produced by the Company
have significant value and are loaded onto road vehicles for transport to smelters in Mexico or to sea ports for export to smelters
in foreign markets, such as Europe and Asia, where the metals are extracted. The geographic location of the Company’s operating
mines in Mexico and trucking routes taken through the country to the smelters and ports for delivery, give rise to risks including
concentrate theft, road blocks and terrorist attacks, losses caused by adverse weather conditions, delays in delivery of shipments,
and environmental liabilities in the event of an accident or spill.



Theft of Concentrate



In addition, the Company may have significant
concentrate inventories at its facilities or on consignment at other warehouses awaiting shipment. Associated with the incursion
of the Company’s property by illegal miners in the first quarter of 2014, the Company experienced theft of concentrate and
has taken additional steps to secure its concentrate, whether in storage or in transit. The Company has insurance coverage; however,
recovery of the full market value may not always be possible. Despite these risk mitigation measures, there remains a continued
risk that theft of concentrate may have a material impact on the Company’s financial results.



Acquisition Strategy



As part of Great Panther’s business
strategy, the Company has made acquisitions in the past and continues to seek new acquisition opportunities in the Americas. The
opportunities sought by the Company include operating mines, and exploration and development opportunities, with a primary focus
on silver. As a result, the Company may from time to time acquire additional mineral properties or securities of issuers which
hold mineral properties. In pursuit of such opportunities, the Company may fail to select appropriate acquisition candidates or
negotiate acceptable arrangements, including arrangements to finance acquisitions or integrate the acquired businesses and their
personnel into the Company, and may fail to assess the value, strengths, weaknesses, contingent and other liabilities and potential
profitability of acquisition candidates, or to achieve identified and anticipated operating and financial results. Acquisitions
may result in unanticipated costs, diversion of management attention from existing businesses, and the potential loss of the Company’s
key employees or of those of the acquired business. The Company cannot assure that it can complete any acquisition or business
arrangement that it pursues, or is pursuing, on favourable terms, or that any acquisitions or business arrangements completed will
ultimately benefit the Company. Acquisitions may involve a number of special risks, circumstances or legal liabilities. These and
other risks related to acquiring and operating acquired properties and companies could have a material adverse effect on the Company’s
results of operations and financial condition. Further, to acquire properties and companies, the Company may be required to use
available cash, incur debt, issue additional securities or a combination of any of these. This could affect the Company’s
future flexibility and ability to raise capital, to operate, explore and develop its properties and could dilute existing shareholders
and decrease the price of the common shares of the Company. There may be no right for the Company’s shareholders to evaluate
the merits or risks of any future acquisition undertaken by the Company, except as required by applicable laws and regulations.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201426







Community Relations and Social License
to Operate



The Company’s relationship with the
communities in which it operates is critical to ensure the future success of its existing operations and the construction and development
of its projects. While the Company’s relationships with the communities in which it operates are believed to be strong, there
is an increasing level of public concern relating to the perceived effect of mining activities on the environment and on communities
impacted by such activities. Certain non-governmental organizations (“NGOs”), some of which oppose globalization and
resource development, are often vocal critics of the mining industry and its practices. Publicity generated by such NGOs or others
related to extractive industries generally, or its operations specifically, could have an adverse effect on the Company’s
reputation or financial condition and may impact its relationship with the communities in which it operates. While the Company
believes that it operates in a socially responsible manner, there is no guarantee that the Company’s efforts in this respect
will mitigate this potential risk.



Volatility of Share Price



Trading prices of Great Panther’s
shares may fluctuate in response to a number of factors, many of which are beyond the control of the Company. In addition, the
stock market in general, and the market for gold and silver mining companies in particular, has experienced extreme price and volume
fluctuations that have often been unrelated or disproportionate to the operating performance of such companies. These broad market
and industry factors may adversely affect the market price of the Company’s shares, regardless of operating performance.



In the past, securities class-action litigation
has often been instituted following periods of volatility in the market price of securities. Such litigation, if instituted, could
result in substantial costs and a diversion of management’s attention and resources.



Shareholder Activism



Shareholder activism is on the rise in
North America. Shareholder activism could result in substantial costs and a diversion of management’s attention and resources.
Shareholder activism can also taint a company’s reputation, which may have negative effects on the Company and all of its
stakeholders. There is no guarantee that the Company will not be the subject of shareholder activism in future, nor that the Company
would be successful in defending itself and shareholder interests against shareholder activists.



Substantial Decommissioning and Reclamation
Costs



The Company reviews and reassesses its
reclamation obligations at each of its mines based on updated mine life estimates, rehabilitation and closure plans. As at December
31, 2014, the Company had a liability of $3.4 million on its Statement of Financial Position for the estimated present value of
future reclamation and remediation associated with the expected retirement of its mineral properties, plant, and equipment. The
present value of these reclamation liabilities may be subject to change as a result of management’s estimates of ultimate
decommissioning and reclamation costs, changes in the remediation technology or changes to applicable laws, regulations and interest
rates. Such changes will be recorded in the accounts of the Company as they occur.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201427







The costs of performing the decommissioning
and reclamation must be funded by the Company’s operations. These costs can be significant and are subject to change. The
Company cannot predict what level of decommissioning and reclamation may be required in the future by regulators. If the Company
is required to comply with significant additional regulations or if the actual cost of future decommissioning and reclamation is
significantly higher than current estimates, this could have an adverse impact on the Company’s future cash flows, earnings,
results of operations and financial condition.



Officers and Directors Are Indemnified
Against All Costs, Charges and Expenses Incurred by Them



The Company’s articles contain provisions
limiting the liability of its officers and directors for all acts, receipts, neglects or defaults of themselves and all of the
other officers or directors for any other loss, damage or expense incurred by the Company which happen in the execution of the
duties of such officers or directors, as do indemnification agreements between the directors and officers and the Company. Such
limitations on liability may reduce the likelihood of derivative litigation against the Company’s officers and directors
and may discourage or deter shareholders from suing the officers and directors based upon breaches of their duties to the Company,
though such an action, if successful, might otherwise benefit the Company and its shareholders.



Enforcement of Legal Actions or Suits



It may be difficult to enforce suits against
the Company or its directors and officers. The Company is organized and governed under the laws of under the Business Corporations
Act of British Columbia, Canada and is headquartered in this jurisdiction. All of the Company’s directors and most officers
are residents of Canada, and all of the Company’s assets are located outside of the United States. Consequently, it may be
difficult for United States investors to realize in the United States upon judgments of United States courts predicated upon civil
liabilities under the United States Securities Exchange Act of 1934, as amended. There is substantial doubt whether an original
action could be brought successfully in Canada against any of such persons predicated solely upon such civil liabilities.



Dilution of Shareholders’ Interests
as a Result of Issuance of Incentive Stock Options to Employees, Directors, Officers and Consultants



The Company has granted, and in the future
may grant, to directors, officers, insiders, employees, and consultants, options to purchase common shares as non-cash incentives
to those persons. Such options have been, and may in future be, granted at exercise prices equal to market prices, or at prices
as allowable under the policies of the TSX. The issuance of additional shares will cause existing shareholders to experience dilution
of their ownership interests. As at December 31, 2014, there are outstanding share options exercisable into 8,492,757 common shares
which, if exercised, would represent approximately 6% of the Company’s issued and outstanding shares. If all of these share
options are exercised and issued, such issuance will also cause a reduction in the proportionate ownership and voting power of
all other shareholders. The dilution may result in a decline in the market price of the Company’s shares.



Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201428











Dilution of Shareholders’ Interests
as a Result of Issuances of Additional Shares



Depending on the outcome of the Company’s
exploration programs and mining operations, the Company may issue additional shares to finance additional programs and mining operations
or to acquire additional properties. In the event that the Company is required to issue additional shares or decides to enter into
joint arrangements with other parties in order to raise financing through the sale of equity securities, investors’ interests
in the Company will be diluted and investors may suffer dilution in their net book value per share depending on the price at which
such securities are sold.



Trading of the Company’s Shares
May Be Restricted by the SEC's “Penny Stock” Regulations Which May Limit a Stockholder’s Ability to Buy and Sell
the Shares



The U.S. Securities and Exchange Commission
has adopted regulations which generally define “Penny Stock” to be any equity security that has a market price (as
defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. The Company’s
securities are covered by the Penny Stock rules, which impose additional sales practice requirements on broker-dealers who sell
to persons other than established customers and “accredited investors” (as defined). The Penny Stock rules require
a broker-dealer to provide very specific disclosure to a customer who wishes to purchase a Penny Stock, prior to the purchase.
These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock
that is subject to these Penny Stock rules. Consequently, these Penny Stock rules may affect the ability of broker-dealers to trade
the Company’s securities.



The Company Does Not Expect to Declare
or Pay Any Dividends



The Company has not declared or paid any
dividends on its common stock since inception, and does not anticipate paying any such dividends for the foreseeable future.



Credit and Counterparty Risk



Credit risk is the risk of financial loss
if a customer or counterparty fails to meet its contractual obligations. The Company’s credit risk relates primarily to cash
and cash equivalents, trade receivables in the ordinary course of business, its related party loan to Cangold, and value added
tax refunds primarily due from the Mexican taxation authorities, and other receivables. The Company sells and receives payment
upon delivery of its concentrates primarily through international organizations. These are generally large and established organizations
with good credit ratings. Payments of receivables are scheduled, routine and received within the specific terms of the contract.
If a customer or counterparty does not meet its contractual obligations, or if they become insolvent, the Company may incur losses
for products already shipped and be forced to sell greater volumes of concentrate than intended in the spot market, or there may
be no market for the concentrates, and the Company’s future operating results may be materially adversely impacted as a result.



Liquidity Risk



Liquidity risk is the risk that the Company
will not be able to meet its financial obligations as they arise. The Company has a planning and budgeting process in place to
help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its expansion
plans. As at December 31, 2014, the Company had net working capital (current assets in excess of current liabilities) of approximately
$33.0 million, including approximately $18.0 million in cash and cash equivalents, and no long-term debt. The Company believes
it has sufficient net working capital to meet operating requirements as they arise for at least the next twelve months, but there
can be no assurance that a sudden significant decrease in silver prices, or unforeseen liability, or other matter affecting the
operations of the business might arise which will have a material impact on the Company’s sufficiency of cash reserves to
meet operating requirements. In addition, a large acquisition or significant change in capital plans could significantly change
the cash and working capital required by the Company.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201429







Internal Control over Financial Reporting



The Company documented and tested its internal
control procedures during its most recent fiscal year in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley
Act (“SOX”). Section 404 of SOX requires an annual assessment by management and an independent assessment by the Company’s
independent auditors of the effectiveness of the Company’s internal control over financial reporting. For the year ended
December 31, 2014, the Company qualified as an “emerging growth company” under the United States Securities Exchange
Act of 1934 and therefore is eligible to forego the requirements for independent assessment of its internal control procedures
under Section 404 of SOX. Notwithstanding, the Company has undergone an independent assessment of its internal control procedures
under Section 404 of SOX for the year ended December 31, 2014 by its independent auditors, but to the extent it retains its “emerging
growth company” status, may not do so in future periods.



The Company may fail to achieve and maintain
the adequacy of its internal control over financial reporting as such standards are modified, supplemented, or amended from time
to time, and the Company may not be able to ensure that it can conclude on an ongoing basis that it has effective internal controls
over financial reporting in accordance with Section 404 of SOX. The Company’s failure to satisfy the requirements of Section
404 of SOX on an ongoing, timely basis could result in the loss of investor confidence in the reliability of its financial statements,
which in turn could harm the Company’s business and negatively impact the trading price of its common shares. In addition,
any failure to implement required new or improved controls, or difficulties encountered in their implementation, could harm the
Company’s operating results or cause it to fail to meet its reporting obligations. There can be no assurance that the Company
will be able to remediate material weaknesses, if any, identified in future periods, or maintain all of the controls necessary
for continued compliance, and there can be no assurance that the Company will be able to retain sufficient skilled finance and
accounting personnel, especially in light of the increased demand for such personnel among publicly traded companies. Future acquisitions
of companies may present the Company with challenges in implementing the required processes, procedures and controls in its acquired
operations. Acquired companies may not have disclosure controls and procedures or internal control over financial reporting that
are as thorough or effective as those required by the securities laws currently applicable to the Company.



No evaluation can provide complete assurance
that the Company’s internal control over financial reporting will detect or uncover all failures of persons within the Company
to disclose material information otherwise required to be reported. The effectiveness of the Company’s controls and procedures
could also be limited by simple errors or faulty judgment. The challenges involved in implementing appropriate internal controls
over financial reporting will likely increase with the Company’s plans for ongoing development of its business and this will
require that the Company continues to improve its internal controls over financial reporting. Although the Company intends to devote
substantial time and incur costs, as necessary, to ensure ongoing compliance, the Company cannot be certain that it will be successful
in complying with Section 404 of SOX.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201430









Cangold Acquisition



On February 26, 2015, Great Panther announced
that it had entered into a Letter Agreement with Cangold pursuant to which Great Panther will, subject to the terms and conditions
of the Letter Agreement and execution of a definitive agreement, acquire all of the issued and outstanding common shares of Cangold
by way of a statutory plan of arrangement. The transaction is subject to Cangold shareholder approval and applicable regulatory
approvals as well as the satisfaction of certain other closing conditions customary in transactions of this nature. There can be
no assurance that the Company will obtain the necessary regulatory approvals or that the necessary closing conditions will be satisfied.



PRINCIPAL MARKETS



Silver is a precious metal and is traded
as a commodity primarily on the London Bullion Market Association (the “LBMA” or the “Association”) and
Comex in New York (the “CME”). The LBMA is an international trade association, representing the London market for gold
and silver bullion which has a global client base. This includes the majority of the gold-holding central banks, private sector
investors, mining companies, producers, refiners and fabricators. The on-going work of the Association covers a number of areas,
among them refining standards, trading documentation and the development of good trading practices. The maintenance of the “Good
Delivery List”, including the accreditation of new refiners and the regular retesting of listed refiners, is the most important
core activity of the LBMA.



The LBMA silver price auction is operated
by CME and administered by Thomson Reuters. The price is set daily in US dollars per ounce at 12:00 noon London time and is displayed
on the LBMA's website with a 15 minute delay. Reference prices are also available in British Pounds and in Euros. The silver business
is cyclical as smelting and refining charges rise and fall depending upon the demand for, and supply of, silver concentrate in
the market. In addition, the market prices of silver have historically fluctuated widely, and are affected by numerous global forces
beyond the Company’s control. A decline in such market prices may have an adverse effect on revenues from the sale of silver.



The end markets for silver comprise three
primary categories: industrial use, investment, and silver jewelry and silverware. Together, these three categories represent more
than 95% of annual silver demand. Silver has a number of key, and in some cases unique, properties such as durability, malleability,
ductility, reflectivity, electrical conductivity, and antibacterial properties, which makes it valuable in numerous industrial
applications. The applications include: circuit boards, electrical wiring, superconductors, brazing and soldering, mirror and window
coatings, electroplating, chemical catalysts, pharmaceuticals, filtration systems, solar panels, batteries, televisions, household
appliances and automobiles. The unique properties of silver also make it difficult to substitute the element in its industrial
applications.



Even though revenue will vary based on
the quantity of metal production, metal prices and terms of sales agreements, the Company’s business is not considered to
be seasonal. The climate in Mexico also allows exploration, mining and milling operations to be carried out year round. Therefore,
revenue and cost of sales generally do not exhibit variations due to seasonality. The exceptions are periods of excessive drought
which may limit or defer processing of ore and/or concentrate. The dry season in Mexico generally extends from October through
April.



While Great Panther is primarily a silver
producer, it mines ore which it processes in its plants to produce concentrates which contain silver, gold, lead and/or zinc. These
concentrates are then sold to metal traders or directly to smelters and refiners which extract the metals from the concentrates
(See “Product Marketing, Sales and Distribution”). The selling prices, end markets, and applications of gold, lead,
and zinc are determined independently to that of silver.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201431







PRODUCT MARKETING, SALES AND DISTRIBUTION



The Company produces metallic concentrates
which contain silver, gold, lead and zinc. The principal customers for the concentrates are smelters in Mexico, Asia and Europe,
and international traders. For the year ended December 31, 2014, three customers accounted for 99.5% of the Company’s revenues.



There is a global market for metallic concentrates
and the Company continues to seek new buyers for its products. Great Panther’s senior management in Vancouver negotiates
sales contracts for concentrate produced by the Company’s Mexican operations. Contracts with smelting and refining companies
as well as metals brokers and traders are entered into and re-negotiated as required. Contracts are typically for a one-year term
with provisions for renewal. The Company reviews and seeks to renegotiate the terms of its contracts each year so as to ensure
that it receives the most competitive pricing and terms possible, while not remaining completely dependent on any single smelter,
refiner or trader.



The smelters and international traders
pay the Company for metal contained in the Company’s concentrate, less charges associated with refining and smelting. Revenues
reported by the Company are net of these charges. The pricing for the contained metals in the concentrate is typically the average
of all the daily quoted market prices within a specific month or other agreed period of time.



The Company delivers its concentrates by
truck and ship. As concentrates can vary in terms of grade and quality from shipment to shipment, the sales are subject to a final
settlement process to adjust for any variances. The Company has the right to request up to a 90% advance on payment of the provisional
value of the shipment based on current spot prices for the contained metals, payable up to 75 days subsequent to sale. The Company
collects approximately 60% of the advance payment within 20 days of the date of sale, with the balance received within 75 days.
After the physical transfer of the metal concentrate, a final payment or adjustment is made on the date of final settlement. The
average credit period of sales is four months.



In terms of contained metals in its concentrates,
the Company is primarily a silver producer with silver accounting for approximately 58% of its revenues (before deducting treatment
and refining charges). Gold accounts for approximately 33% of revenues (before deducting treatment and refining charges), and the
balance is accounted for by sales of lead and zinc.



The following table sets out revenue by
product for each of the last two financial years:



|                                 | Year ended December 31, 2014 | Year ended December 31, 2013
|-------------------------------- | ---------------------------- | ----------------------------
|(in thousands)                   | GMC                          | Topia                       
|Silver revenue                   | $   22,327                   | $  12,534                   
|Gold revenue                     | 19,058                       | 493                         
|Lead revenue                     | -                            | 2,383                       
|Zinc revenue                     | -                            | 2,954                       
|Ore processing revenue and other | -                            | 645                         
|Smelting and refining charges    | (2,778)                      | (2,971)                     
|Mining duty on metal sales       | (163)                        | (92)                        
|Total revenue                    | $  38,444                    | $  15,946                   





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201432







SPECIALIZED SKILL AND KNOWLEDGE



The Company’s business requires specialized
skills and knowledge in the areas of geology, mining, metallurgy, social and environmental studies, permitting, claim management,
and finance.



EMPLOYEES



At December 31, 2014, the Company employed
21 people at its Vancouver head office, 318 people in Mexico and 1 person in Luxembourg. The Company also employed 859 contract
personnel in Mexico in mining and maintenance activities. The Company does not currently have a collective bargaining arrangement
with any labour union or association.



The following table sets out the Company’s
employees at December 31, 2014, 2013, and 2012, by legal entity.



|Company                            | 2014 | 2013 | 2012
|---------------------------------- | ---- | ---- | ----
|Great Panther Silver Limited       | 21   | 21   | 26  
|Metálicos de Durango, S.A. de C.V. | 162  | 152  | 175 
|Minera de Villa Seca, S.A. de C.V. | 156  | 177  | 135 
|GP Finance International S.a.r.l.  | 1    | N/A  | N/A 
|TOTAL                              | 340  | 350  | 336 



Minera Mexicana el Rosario, S.A. de C.V. and Great Panther Finance
Canada Limited do not have any employees.



COMPETITIVE CONDITIONS



The Company’s business is to mine
and process ore and sell metal and by-product concentrates. Prices for its products are determined by world markets over which
it has no influence or control. The Company also competes with other mining companies, some of which have greater financial resources
and technical facilities, for the acquisition of mineral interests, as well as for the recruitment and retention of qualified employees.



GOVERNMENT REGULATIONS



The mining industry in Mexico is controlled
by the Secretaría de Economía – Dirección General de Minas which is located and administered from Mexico
City. Mining concessions in Mexico may only be obtained by Mexican nationals or Mexican companies incorporated under Mexican laws.
The construction of processing plants requires further governmental approval.



The holder of a mining concession is granted
the exclusive right to explore and develop a designated area. Mining concessions are granted for 50 years from the date of their
registration with the Public Registry of Mining to the concession holder as a matter of law, if all regulations have been complied
with. During the final five years of this period, the concession holder may apply for one additional 50 year period, which is automatically
granted provided all other concession terms have been complied with.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201433







In accordance with the Federal Duties Law
(“LFD”) the holder of a mining concession is obligated to pay biannual duties in January and July of each year based
upon the number of hectares covered by the concession area.



Concessionaires must perform work each
year that must begin within ninety days of the concession being granted. Concessionaires must file proof of the work performed
each May. Non-compliance with these requirements is cause for cancellation only after the Ministry of Mines communicates in writing
to the concessionaire of any such default, granting the concessionaire a specified time frame in which to remedy the default.



The Mexican government reformed the surface
tax for mining concessions in 2013, effective January 1, 2014. If a concession holder does not carry out exploration and exploitation
activities for two continuous years within the first 11 years of its concession title, it will be required to pay an additional
charge equal to 50% of the two-year concession duty. The concession duty will be increased to 100% for continued inactivity after
the 12th year. Payment of the additional concession duty is due 30 days after the end of the two-year period.



There are no limitations on the total amount
of surface covered by mining concessions or on the amount of land held by an individual or a company. Excessive accumulation of
concessions is regulated indirectly through the duties levied on the property and the production requirements as outlined above.



Mexican mining law does not require royalties
to the Government, except for the discovery premium related to National Mineral Reserves, Concessions in Marine Zones and Allotments
to the Council of Mineral Resources.



During 2013, the Mexico Senate passed tax
reform legislation, effective January 1, 2014. The tax reform includes an increase in the corporate tax rate from 28% to 30%, the
introduction of a special mining royalty of 7.5% on the profits derived from the sale of minerals, and, the introduction of an
extraordinary mining royalty of 0.5% on the gross income derived from the sale of gold, silver and platinum. These changes are
expected to have a material impact on the Company’s future earnings and cash flows, and future capital investment decisions.



ENVIRONMENTAL PROTECTION



The Company has taken a proactive approach
to managing environmental risk. It participated in a voluntary audit of its Guanajuato operations and conducted a multi-year environmental
program completed in 2011, working in cooperation with SEMARNAT to ensure compliance with regulations governing the protection
of the environment in Mexico. As at December 31, 2014, the Company has a provision of $3.4 million on its Statement of Financial
Position for the estimated present value of future reclamation and remediation expenditures associated with the anticipated retirement
of its mineral properties, and plant and equipment, at the GMC and Topia Mine. The estimated expenditures are to commence at the
end of each mine’s useful life.



PRIMARY MINING PROPERTIES



Great Panther has two material mining properties:
the GMC and the Topia Mine. The Company holds a 100% interest in the properties through its wholly-owned Mexican subsidiary, MMR.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201434









A. GMC



The information on the GMC in
this section of the AIF is based on the technical report entitled “NI43-101 Technical Report on the Guanajuato Mine Complex
Claims and Mineral Resource Estimations for the Guanajuato Mine, San Ignacio Mine, and El Horcon Project”, dated February
25, 2015, (the “GMC Technical Report”), prepared by Robert F. Brown, P. Eng., a “Qualified Person” under
NI 43-101, and the Vice President, Exploration of the Company. The effective dates of the GMC Technical Report are July 31st, 2014
for the Guanajuato Mine, and December 31, 2014 for the San Ignacio Mine. Portions of the following information are based on assumptions,
qualifications and procedures which are not fully described herein. The information below is presented in summarized form and reference
should be made to the full text of the GMC Technical Report which is available for review under the Company’s profile on
SEDAR located at www.sedar.com.



Additional information since
the date of the GMC Technical Report has been prepared by Great Panther under the supervision of Robert Brown, Vice President Exploration.



As mentioned, the GMC includes
both the Guanajuato Mine and the San Ignacio Mine. Where applicable, discrete information for each of the properties has been disclosed
below:



Property Description and
Location



| | i) | Guanajuato Mine
| | -- | ---------------



The Guanajuato Mine is an underground
silver mine situated along the north eastern side of the city of Guanajuato, in Guanajuato State, Mexico. The mine consists of
a number of deposits along an approximately 4.2 kilometre strike length, which is being mined from two operating shafts and three
ramps. The location of the Guanajuato Mine falls within the second largest (historically) producing silver district in Mexico and
the deposits on the Veta Madre trend, the principal host structure, have been mined since the 16th century.



Claim boundaries have been legally
surveyed. The 19 mineral claims comprise 680 hectares in a contiguous claim block, and expire between 2024 and 2057. The tailings
disposal area and the waste rock dump are contained within the property boundaries in areas where the Company holds surface rights
at Guanajuato Mine. There are no known environmental liabilities associated with the mineral claims, other than the previously
mentioned liability recognized on the Company’s Statement of Financial Position for the estimated present value of future
reclamation and remediation associated with the future retirement of the Guanajuato Mine ($1.6 million).



| | ii) | San Ignacio Mine
| | --- | ----------------



The San Ignacio Mine lies within
La Luz mining camp of the Guanajuato Mining District, which is located in the southern part of the Mesa Central physiographic province.
The Mesa Central is an elevated plateau located in central Mexico. The mineralization on the property consists of epithermal silver-gold
veins.



Surface rights owned by the Company
are limited to blocks of ground around the old San Ignacio shaft and a newly acquired block over the present underground development
(new roads, mine rock dumps, and surface infrastructure). The nine (9) mineral claims comprise 398 hectares and expire between
2031 and 2041. The Company has negotiated surface rights sufficient for mining operations and is in the process of negotiating
further surface rights with various property owners as mine development expands in the area. There are no known environmental liabilities
associated with the mineral claims, other than the previously referenced liability recognized on the Company’s Statement
of Financial Position for the estimated present value of future reclamation and remediation associated with the future retirement
of the San Ignacio Mine ($0.5 million).





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201435







Accessibility, Climate,
Local Resources, Infrastructure, and Physiography



Central Mexico has a dry climate
with an annual precipitation of about 600 millimetres per year generally falling between June and October. The annual mean temperature
is 25°C, but winters can be cool with lows approaching 0°C. Exploration and mining work can be conducted year round, uninterrupted
by weather.



The GMC is located on the Central
Plateau of Mexico in the Sierra Guanajuato. The terrain is moderately rugged, with elevations on the property ranging from 1,600
MASL to 2,200 MASL. Hillsides are deeply incised by drainage and slopes are moderately to extremely steep. Vegetation consists
of grasses, small trees, shrubs, and cacti. Larger trees grow in the valley bottoms where there is more water.



| | i) | Guanajuato Mine
| | -- | ---------------



The property is accessible via
city streets. Guanajuato has a population of approximately 153,400 and is located within 50 kilometres, by road, of an international
airport at León, Mexico. The project is easily accessible from major population centres in central Mexico via a system of
modern roads.



Guanajuato has a long history
of mining so labour and supplies are readily available. Storage, waste disposal, and plant sites are well established.





| | ii) | San Ignacio Mine
| | --- | ----------------



The property is located approximately
8km northwest of the city of Guanajuato, in Guanajuato State, Mexico, and approximately 380km by road northwest of Mexico City.
Access to the property is via a 35-minute drive from the outskirts of the city of Guanajuato, mostly by paved road through the
towns of Santa Ana and Cristo Del Rey.



The Company has negotiated surface
rights sufficient for mining operations and is in the process of negotiating further surface rights with various property owners
as mine development expands in the area. Grid power is available to the property. Some buildings and storage sheds at the old San
Ignacio shaft have been rehabilitated to accommodate office space and a dry for the miners. Additional storage and equipment maintenance
facilities, and a power substation, were constructed to support the new mining operations.



Most of the supplies and labour
required for the exploration programs were sourced from the cities of Guanajuato or Leon. The area has a long history of mining,
and there is an ample supply of skilled personnel and the surface facilities sufficient for a mining operation.



The property area is characterized
by rolling hills with small-incised drainages, which generally provide windows through thin soil cover to good bedrock exposures.



Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201436









History



Exploration in the Guanajuato
area dates back to 1548 when silver mineralization was first discovered in the La Luz area by Spanish colonists. Two years later
an outcrop of the Veta Madre was found near the current site of the Rayas Mine. Mining took place on a relatively small scale until
the early 1700s when the application of explosives for tunneling resulted in a significant increase in productive capacity. In
the latter portion of the 18th century, Antonio Obregón y Alcocer financed the discovery and development of the Valenciana
Mine. This mine became one of the premier silver mines in the world, at the time accounting for a third of global annual silver
production. The Spanish controlled mining in the district until 1816 when mining ceased and all production facilities were destroyed
during the Mexican War of Independence. The Valenciana Mine was reopened in 1868 with British capital. The British interests ran
the mines for ten years but did not enjoy much success, losing a considerable amount of money. Operations at that time were hampered
by a lack of rail facilities and the necessity of hauling heavy equipment from the coast by mule. Mining production declined during
the early 1900s due to low prices. At that time, American interests acquired and reopened many of the mines. Old ore dumps and
tailings were reprocessed to extract gold and silver using the newly discovered cyanide process; however, the onset of the Civil
War in 1910 severely curtailed mining activity in the country, resulting in a decades-long slump in production.



By the mid-1930s, demands for
higher pay and better working conditions resulted in the mines being turned over to the newly-formed Cooperative in 1939. The Cooperative
operated several mines in the district throughout the latter half of the 20th century and into the early 2000s.



The Company acquired the GMC
from the Cooperative in 2005. At the time of the purchase, the operation suffered from lack of investment and working capital,
and had not run at full capacity since 1991. The Company resumed production in 2006 and production has run continuously since that
time.



Production Figures – GMC



|Year  | Tonnes Milled | Oz Silver | Oz Gold
|----- | ------------- | --------- | -------
|2006  | 86,111        | 105,480   | 988    
|2007  | 203,968       | 521,225   | 3,794  
|2008  | 155,079       | 848,083   | 5,488  
|2009  | 138,517       | 1,019,751 | 6,748  
|2010  | 144,112       | 1,019,856 | 6,619  
|2011  | 169,213       | 959,490   | 7,515  
|2012  | 174,022       | 1,004,331 | 10,350 
|2013  | 221,545       | 1,079,980 | 15,064 
|2014  | 267,812       | 1,239,009 | 15,906 
|Total | 1,560,379     | 7,797,205 | 72,472 



On San Ignacio there are twelve
known historical workings including major shafts at San Ignacio, Purísima, Pili, and San Jose de Gracia. No production figures
for these workings are available except for those relating to the mining by the Cooperative from the San Ignacio shaft. Cooperative
records from 1977 to 2001 indicate that 617,455 tonnes at a grade of 113g/t Ag and 1.01g/t Au were extracted from the San Ignacio
shaft along a parallel structure to those being mined today, at an average rate of 85t/d. Ore from the San Ignacio Mine was trucked
back to the Cata processing plant, approximately 22 kilometres by road.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201437







The Cooperative initiated diamond
drilling on San Ignacio in 1979 with drilling from underground workings at the San Ignacio shaft. Holes from surface were drilled
sporadically during the period from 1982 until 1990 and focused on a vein system parallel to those being min by Great Panther.
The drill core from these holes no longer exists, although the logs and assays from these holes are available in the Mine Geology
Department at the Cata mine site in Guanajuato and in electronic format. This data was not included in the resource estimate.



Great Panther previously recovered
material from low-grade surface stockpiles on San Ignacio and processed it in the Cata processing plant.



Geological Setting and Mineralization



The GMC is in the Guanajuato
Mining District, which is located in the southern part of the Mesa Central physiographic province. The Mesa Central is an elevated
plateau of Cenozoic volcanics and volcaniclastic rocks located in central Mexico. It is bounded to the north and east by the Sierra
Madre Oriental, to the west by the Sierra Madre Occidental, and to the south by the Trans-Mexican Volcanic Belt.



Rocks within the Mesa Central
consist of a Paleocene to Pliocene sequence of dacite-rhyolite, andesite, and basalt, with related intrusive bodies and intercalated
local basin fill deposits of coarse sandstones and conglomerates. This Cenozoic volcanic-sedimentary sequence overlies a package
of deformed and weakly metamorphosed Mesozoic submarine mafic volcanics and turbidites.



Within the Mesa Central, the
GMC is located in the Sierra de Guanajuato, a northwest-trending anticlinal structure approximately 100km long and 20km wide. The
strata within the belt are transected by northwest, north, east-to-west, and northeast-trending regional scale faults. It is predominantly
the northwest-trending structures, however, which control the position of mineralization. Normal fault movement along northeast-trending
faults resulted in the downward displacement of certain blocks and the preservation of strata that was eroded in other areas. The
northeast faults are therefore important locators of mineral camps within the belt.



Cretaceous volcanic rocks of
La Luz Basalt underlie San Ignacio. These rocks are part of a volcanic-sedimentary complex that has various tectonic interpretations,
but in general preserves a tectonic history probably related to northeastward tectonic thrust emplacement. By contrast, much of
the area to the south-east (e.g., in and around Guanajuato Mine) is underlain by a series of Tertiary volcanic rocks that lie unconformably
on La Luz Basalt. The lower Guanajuato conglomerate is widespread and is of mid-Eocene to early Oligocene. Later, volcanic rocks
were deposited unconformably on the Guanajuato conglomerate in a caldera setting at the intersection of regional northeast and
northwest trending mid-Oligocene extensional fracture systems.



Three main northwest-trending
precious metal-bearing vein systems occur in the district: the Sierra, Veta Madre, and La Luz systems.



| | i) | Guanajuato Mine
| | -- | ---------------



At the Guanajuato Mine, mineralization
occurs within fault zones along the Veta Madre vein system as discontinuous shoots and tabular bodies. It is apparent from mine
plans that stopes can be in the order of 700m long and extend for 400m vertically. Zone thickness ranges from centimetre-scale
to tens of metres. A series of mineralizing events is thought to have taken place during the Oligocene, a period of intense felsic
volcanic activity in the area, and comprised three stages termed pre-ore, ore, and post-ore. Pre-ore mineralization consists of
trace silver and gold with accessory quartz and adularia. Ore mineralization comprises an early silver-rich phase associated with
adularia, as well as a later low-silver variant, which is typified by calcite and quartz. The post-ore mineralization is also precious
metal-poor, with accessory calcite, dolomite, and fluorite.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201438







The primary economic components
are silver and gold, with silver the more important of the two. Base metals do not normally occur in economic concentrations. Average
silver grades of the ore are typically in the 100g/t Ag to 500g/t Ag range but locally can be over 1,000g/t Ag. Gold grades are
generally in the 0.5g/t Au to 2g/t Au range, with the exception of the Santa Margarita vein where average grades are in the range
of 5-7g/t Au. Relative gold and silver contents at Santa Margarita are quite different from Cata, Pozos and Guanajuatito. The average
silver to gold ratio in Cata is roughly 225:1, at Pozos 250:1, at Guanajuatito 275:1 while at Santa Margarita, it is 3.5:1. Within
the mine, drill core and channel samples are not normally analysed for base metals so an average grade for Cu, Pb or Zn is not
obtainable.



Mineralization at Guanajuato
is closely associated with the structural history. The “Veta Madre” quartz-adularia vein / breccia system is closely
associated with the Madre fault and an associated diorite dyke (thickness varying from discontinuous lenses at Guanajuatito to
a 50-100m thick body in the Cata, Los Pozos, and Santa Margarita areas), oriented 325 degrees azimuth with a 45 degree southwest
dip. The Veta Madre forms along the dyke contacts, and in the Esperanza Formation, the footwall rocks to the Madre fault. At the
Guanajuatito zone the main mineralization occurs just into the deformed siltstone and shale of the Esperanza Formation. Four zones
were modeled at Guanajuatito, with the Veta Madre and the closely associated footwall (FW) zone being dominant below the 80 level.
At the Cata zone, Veta Madre mineralization occurs along the base of the diorite dyke with the Esperanza Formation, and as seven
separately modelled zones within the diorite. A number of these zones are shallow dipping structural splays. The Los Pozos and
Los Pozos SE zones are vein stockwork to breccia systems (Veta Madre) at the base of the diorite dyke and into the Esperanza Formation.
The Santa Margarita zones form a complex structural set of four bodies within the diorite dyke and at its upper contact with the
Guanajuato Formation conglomerates or basal andesite. These are above the Veta Madre breccia which is at the diorite contact with
the footwall Esperanza Formation, but in this area is barren. The San Cayetano zone occurs deep in the Veta Madre south of the
Rayas shaft, and tends to be narrow and often in the upper portion of the Veta Madre. The Promontorio zone occurs in the hanging-wall
Guanajuato Formation conglomerates immediately above the Veta Madre structure at the contact of the Guanajuato Formation and the
diorite dyke. At Valenciana there are parallel mineralized structures (Veta Madre) at the Esperanza Formation – diorite contact
and into the Esperanza Formation.



The best mineralization is often
found related to bends in the Veta Madre orientation such as at San Vicente in the Rayas area, and at Cata and Santa Margarita.
These structural bends may be due to changes in rock type competencies, and varying thickness of the diorite dyke.



The vertical extent of the deposits
at Guanajuato spans over 700m (2,200m to 1,500m elevations and open to depth). Mineralization occurring above 2,100m elevation
was termed “upper ore”, between 2,100m and 1,700m “lower ore”, and below the 1,700m elevation “deep
ore”. Fluid inclusion microscope work from over 850 samples gather through the mine and in deep drilling from the Santa Margarita
area, indicated boiling zones from the 2,100m to 1500m (deepest drilling at the GMC) elevations. Structural observations of up
to eight stages of crosscutting brecciation, and the variable range of Ag:Au ratios indicate that the mineralization along the
Veta Madre is associated with multi-phase structural activity and fluid flow.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201439







| | ii) | San Ignacio Mine
| | --- | ----------------



San Ignacio is underlain by a
monotonous package of basalt and andesite volcanic rocks belonging to the lower Cretaceous La Luz andesite. The basalt generally
has subtle to well-developed pillow structures that are locally flattened. In a few localities, inter-pillow hyaloclastite is present
and is characterized by a fine breccia composed of devitrified glass shards in a fine groundmass. Primary layering and tops-up
indicators are generally difficult to determine from the small outcrops typical of the property, but the San Ignacio stratigraphy
is not overturned.



The San Ignacio Mine contains
structures of the La Luz vein system consisting of numerous mineralized fractures in a northwesterly-trending orientation, and
extending for a known strike length of approximately eight kilometres. Historically productive veins on the property include the
Veta Nombre de Dios, Veta Melladito, and Veta Plateros. Other veins identified in the recent Great Panther drilling are the Melladito
2, Melladito 3, Intermediate, and Nombre de Dios II. Mineralization is contained within tabular veins, vein stockworks, and breccias.
The six veins with structural continuity inferred from surface mapping and diamond drilling from surface have been defined for
up to 950m along strike and 350m down dip. Four of the veins are very steeply dipping, while two are shallowly dipping and are
likely off-shoots of the others. The veins are accompanied by hydrothermal alteration, consisting of argillic, phyllic, silicic,
and propylitic facies.



The primary economic components
are silver and gold with approximately equal contributions of each (based upon value). Base metals do not occur in significant
concentrations, and the mineralized material is lead-poor. Economic mineralization consists of fine-grained disseminations of acanthite
and pyrargyrite, with accessory pyrite, and relatively minor sphalerite, and chalcopyrite. Mineral textures in this zone are typically
fracture filling, drusy, and colloform masses.



Average silver grades of the
six veins range from 84g/t Ag to 250g/t, while average gold grades range from 2.71g/t Au to 3.98g/t.



Exploration



| | i) | Guanajuato Mine
| | -- | ---------------



Exploration work conducted by
the Company has consisted almost exclusively of diamond drilling, primarily from underground.

Exploration drilling is being
carried out with the use of five underground drills, three on contract and two in-house rigs. The drilling with the two in-house
rigs is focused on immediate development and mining areas, specifically at Cata Clavo, and to a lesser degree at Los Pozos. The
larger contract drills are focused on upgrading Mineral Resource definition, and, in new areas of the mine, targets generated from
historical data compilation.



| | ii) | San Ignacio Mine
| | --- | ----------------



Great Panther has conducted detailed
geological and structural mapping, including sampling of outcrops, 2,581m of underground development, and exposures of historical
underground workings. This work is ongoing.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201440







Drilling



| | i) | Guanajuato Mine
| | -- | ---------------



Diamond drilling at Guanajuato
is conducted under two general modes of operation: one by the exploration staff (exploration drilling) and the other by the mine
staff (production and exploration drilling). Production drilling is predominantly concerned with definition and extension of the
known zones, to guide development and mining and is generally done to provide localised knowledge of the vein position which regularly
pinches and swells.



Exploration drilling is conducted
further from the active mining areas with the goal of expanding the Mineral Resource base. Drilling results from both programs
are used in the estimation of Mineral Resources.



Exploration drilling, under the
control of the mine and exploration staff, is continuing at Cata Clavo, Santa Margarita, Rayas Deep, and Guanajuatito. The programs
are configured to explore down-dip extensions of the mineralised zones at 25 to 50m spacing.



The management, monitoring, surveying,
and logging of the current 2010 to 2014 series of UGG prefix exploration holes and production holes is carried out under the supervision
of the Company’s mine geological staff.



All sample and geological data
is entered into the DataShedTM database via the LogChiefTM software. The contents of the DataShedTM databases are
copied daily to a master DataShedTM database in the Company’s head office in Vancouver with a backup made every day.



Assay data files are sent directly
from the SGS Group laboratory located at the Cata processing plant (the “SGS-GTO laboratory”) into a specific site
on the Cata server. Database management personnel take the assays from this site and merge them with sampling information in the
DataShedTM database.



| | ii) | San Ignacio Mine
| | --- | ----------------



Great Panther has completed 143
diamond drill holes at San Ignacio. Drilling commenced in October 2010 and the most recent hole was completed in December 2014.
All holes were drilled from surface, except two from underground. Drill holes were usually oriented to intersect the veins at a
high angle.



The drilling program successfully
delineated six veins in the northern portion of the property between grid line 150N and 1100N where 118 of the 143 holes were completed.
The six veins with structural continuity interpreted from diamond drill hole intersections, underground mapping and sampling, and
to some extent surface mapping, have been delineated up to 950m along strike and 350m down dip. Two of the veins are very steeply
dipping, and two are shallowly dipping and are likely off-shoots of the other veins. Infill drilling of 21 holes completed since
the previous estimate targeted the near surface mineralization in the Melladito vein, and four holes targeted the Nombre de Dios
vein.



Overall, the core recovery was
excellent with 96% of all samples having recoveries greater than 85%. There are no other drilling or sampling factors that could
materially influence the accuracy and reliability of the results.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201441







Procedures related to sample
and geological data integrity are consistent with those described for the Guanajuato Mine.



Sample Preparation, Analyses
and Security





| | i) | Guanajuato Mine
| | -- | ---------------



The drill core samples were prepared
by technicians working under the direction of the mine and exploration geologists. The exploration diamond drill core is of HQ
and NQ diameter while the production holes drilled prior to July 2011 generally have an AQ diameter. During July 2011 a BQ diameter
rig (Diamec) was added to the production drilling capacity.



Internal QAQC is conducted at
the SGS-GTO laboratory and analytical methods used are industry standard. The laboratory is equipped to perform Aqua Regia digestion,
fire assay, gravimetry, and atomic absorption spectroscopy (AAS). Although the laboratory is not yet certified, the process of
certification (ISO-17025) is underway.



Both the Geology Department core
shed and the SGS-GTO laboratory are located within the Cata Facility which is fenced and guarded around the clock. The site security
is of a reasonable standard, consistent with common practical industry standards.



| | ii) | San Ignacio Mine
| | --- | ----------------



All sampling and analytical work
was conducted by employees, contractors, or designates of Great Panther.



Sample preparation prior to dispatch
to the analytical laboratories consisted of splitting the sample in half by cutting the core using a rock saw. Quality control
measures included the insertion of quarter-core duplicates, standard reference materials, and blanks into the sample stream.



Chain of custody was established
upon sample collection with the use of unique sample ID, documentation of samples per shipment to the lab, and sign-off forms for
receipt of samples by the laboratory.



Prior to dispatch, the samples
were stored within the core storage and logging facility located at the Company’s Cata processing plant site.



Most of the analytical work was
completed by the SGS-GTO laboratory and the quality control measures and data verification procedures are consistent with those
described for the Guanajuato Mine.



Mineral Resource Estimates



| | i) | Guanajuato Mine
| | -- | ---------------



The resources were estimated
from six area-specific block models (with San Cayetano included in the Santa Margarita Model). A set of wireframes representing
the mineralised zones served to constrain both the block models and data subsequently used in Inverse Distance Cubed (ID3) Au and
Ag grade interpolation. Each block residing at least partly within one or more of the 26 wireframes received a grade estimate.
The effective date of the estimate is July 31, 2014.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201442







There are no known environmental,
permitting, legal, title, taxation, socio-economic, marketing, political or other factors that could materially affect these Mineral
Resource estimates.



|MEASURED JULY 31, 2014            
|----------------------------------
|Vein                              
|Totals Cata                       
|Totals Pozos                      
|Totals Guanajuatito               
|Totals Santa Margarita            
|Totals Valenciana                 
|Totals Promontorio                
|Totals San Cayetano               
|Totals Measured                   
|INDICATED JULY 31, 2014           
|Vein                              
|Totals Cata                       
|Totals Pozos                      
|Totals Guanajuatito               
|Totals Santa Margarita            
|Totals Valenciana                 
|Totals Promontorio                
|Totals San Cayetano               
|Totals Indicated                  
|MEASURED & INDICATED JULY 31, 2014
|Vein                              
|Totals Cata                       
|Totals Pozos                      
|Totals Guanajuatito               
|Totals Santa Margarita            
|Totals Valenciana                 
|Totals Promontorio                
|Totals San Cayetano               
|Totals M & I                      
|                                  

Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201443







|INFERRED JULY 31, 2014
|----------------------
|Vein                  
|Totals Cata           
|Totals Pozos          
|Totals Guanajuatito   
|Totals Santa Margarita
|Totals Valenciana     
|Totals Promontorio    
|Totals San Cayetano   
|Totals Inferred       



Notes:



| | 1. | Ag eq Cut-off for Cata 248g/t, Pozos 260g/t, Guanajuatito 352g/t,
Santa Margarita 274g/t, Valenciana 360g/t, Promontorio 260g/t, San Cayetano 274g/t.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Silver equivalent was calculated using a 70.6 to 1 ratio of silver
to gold value.
| | -- | ---------------------------------------------------------------------------------

| | 3. | Rock Density for all veins is 2.68t/m3.
| | -- | ---------------------------------------

| | 4. | Totals may not agree due to rounding.
| | -- | -------------------------------------

| | 5. | Grades in metric units
| | -- | ----------------------

| | 6. | Contained silver and gold in troy ounces.
| | -- | -----------------------------------------

| | 7. | Minimum true width 1.5m.
| | -- | ------------------------

| | 8. | Metal Prices: US$17.00/oz silver and US$1,200/oz gold.
| | -- | ------------------------------------------------------





| | ii) | San Ignacio Mine
| | --- | ----------------



San Ignacio contains estimated
Indicated Mineral Resources of 180,300 tonnes above a 246g/t silver equivalent (US$100 NSR) cut-off, at an average grade of 159g/t
silver and 3.49g/t gold, for a total of 2,351,000 Ag eq oz. In addition, estimated Inferred Mineral Resources are 787,800 tonnes
at an average grade of 160g/t silver and 3.26g/t gold, for 9,897,000 ounces Ag eq.



The cut-off values are based
on mine operating costs (mining, milling, G&A) and are stated in US$/tonne. They have been translated into silver equivalent
values (Ag eq) using a proprietary “calculator” which takes into effect metal prices (long term projected to be $17/oz
silver and $1,200/oz gold), mill metal recoveries (84% for silver, and 86% for gold), concentrate shipping charges, and proprietary
smelter terms.



The cut-off value was applied
to each block estimated in the resource block model. This will inadvertently overstate the grade, while understating the tonnes
and contained ounces in the Mineral Resource estimates. Realistically, mineral “blocks” are not mined individually
but as part of mining volume along with neighbouring blocks that may not be of “cut-off” grade. As such, as long as
the weighted average grade of all the mineral blocks in a mining volume is above cut-off, it will be considered for mining. The
former Mineral Resource estimate at San Ignacio used the same methodology.



There are no known environmental,
permitting, legal, title, taxation, socio-economic, marketing, political or other factors that could materially affect these Mineral
Resource estimates.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201444







|INDICATED        
|-----------------
|Vein             
|Intermediate     
|Melladito        
|Total Indicated  
|Indicated Rounded
|INFERRED         
|Vein             
|Intermediate     
|Melladito        
|Melladito 2      
|Melladito 3      
|Nombre de Dios   
|Nombre de Dios II
|Total Inferred   
|Inferred Rounded 



Notes:



| | 1. | Cut-off US$100 NSR (~246g/t Ag eq).
| | -- | -----------------------------------

| | 2. | Silver equivalent was calculated using a 70.6 to 1 ratio of silver
to gold value.
| | -- | ---------------------------------------------------------------------------------

| | 3. | Rock Density for Intermediate and Melladito is 2.63t/m3, and
for Melladito 2, Melladito 3, Nombre de Dios, and Nombre de Dios II is 2.62t/m3.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | Totals may not agree due to rounding.
| | -- | -------------------------------------

| | 5. | Grades in metric units.
| | -- | -----------------------

| | 6. | Contained silver and gold in troy ounces.
| | -- | -----------------------------------------

| | 7. | Minimum true width 1.0m.
| | -- | ------------------------

| | 8. | Metal Prices: US$17.00/oz silver and US$1,200/oz gold.
| | -- | ------------------------------------------------------

| | 9. | Mill recoveries: 84% silver and 86% gold.
| | -- | -----------------------------------------



Mineral Reserve Estimates



There are no Mineral Reserve
estimates for the GMC.



Mining Operations



| | i) | Guanajuato
| | -- | ----------



The mining method used in each
zone is as follows:



| | a) | Cata Clavo Zones
| | -- | ----------------



Mining of the Cata Clavo is
down to the 540 level where development and stoping are being carried out on the Veta Madre vein. Cata Clavo is a relatively steeply
dipping structure that has been identified for mining from the 1560 elevation (540 level) to the 1665 elevation (435 level). The
mining area is up to 100m long and up to 10m wide. The Veta Madre FW, Contact, Veta Madre HW, Alto 1 to Alto 4 zones are located
on the hanging wall side of the Veta Madre and the multiple zones are close to one another. In some areas, the combined Veta Madre
to Alto 4 generates an overall width exceeding 30m.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201445







The Cata Clavo ore zones are
being mined by a mechanized cut and fill method. An access ramp is located in the hanging-wall from which cross-cuts are driven
to access the ore at the various lift elevations.



The ramp is approximately 3.5
metres by 3.5 metres and is supported by a combination of grouted rebar, wire mesh and straps as required. There are as many as
six separate ore zones varying in widths from two to eight metres with strike lengths of 20 to 80 metres.



The sequence of mining commences
with the lateral development of the ore zones on sub- levels which are spaced 20 to 30 metres apart. Mining then progresses upwards
from one sub-level to the next in four metre lifts using breasting to mine the ore. As broken ore is removed, waste-rock fill is
placed in the void. Currently, lateral development has been completed on the 510 metre level and mining of the first lift has commenced.



There are 1-boom, electric hydraulic
jumbos for drilling, 3.5- and 4.0-yard LHDs for mucking, and 10- and 18-tonne trucks for ore haulage. Ground support in the stopes
is installed using scissor lift trucks.



For up to five metre roof spans,
grouted rebar, rock bolt support is required. For spans over five metres but less than nine metres, cable bolts are installed for
additional support. Four metre long cable bolts are installed in holes drilled with the jumbo. For zones requiring spans of greater
than nine metres, permanent rock or concrete pillars are left.



| | b) | Los Pozos Zone
| | -- | --------------



Development of Los Pozos NW
consisted of mining remnant blocks above the 410 level. The Los Pozos NW zone is up to 15m wide and up to 100m along strike. Access
has been provided from the 275 level to the 390 level by a footwall ramp. At the Los Pozos SE zone mining is underway above the
275 level, both on remnant mineralization as well as recovery of old pillars.



The Los Pozos deposits are relatively
steeply dipping structures that have been identified for mining from the 1825MASL elevation (275 level for Pozos NW & 250 level
for Pozos SE) to the 1690MASL elevation (410 level).



Los Pozos ore zones are being
mined by a mechanized cut and fill method. There is a ramp in the footwall which provides access to sublevels that are spaced approximately
35m apart.



The ramp is approximately 3.5
metres by 3.5 metres and is supported by grouted rebar and mesh as required. At each sublevel, a crosscut is driven across the
zone followed by development along strike to the extents of the vein. The vein is then opened to its full width or, if the zone
is too wide, to a maximum of 12m wide. In wider zones, it is necessary to either install cable bolts and/or to leave pillars.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201446







Mining then progresses upwards
in three metre lifts using breasting to mine the ore. As ore is removed, waste fill is placed in the void. There are electric hydraulic
jumbos for drilling, 3.5- and 4.0-yard LHDs for mucking, and 10t trucks for ore haulage. Ground support in the stopes is installed
using scissor lift trucks.



For five metre widths at Los
Pozos, only rock bolt support is required. For widths over five metres but less than 12m, cable bolts are required for support.
Four metre long cable bolts are installed in holes drilled with the jumbo. For zones over 12m wide, it is necessary to leave a
permanent pillar or to provide support which is longer than the four metre cable bolts.



| | c) | Santa Margarita Zones
| | -- | ---------------------



The Santa Margarita gold-rich
vein has been explored by ramp development from the 390 level to the 500 level. The ramp has been driven from the 1710MASL elevation
(390 level) and extended down to the 1600m elevation (500 level). Extractions are completed by cut and fill mining methods. In
2014 there was re-habilitation and development on the 345 and 360 levels.



Santa Margarita is a gold rich
deposit that is moderately dipping and narrow. Development of Santa Margarita has consisted of an exploration development driven
on the zone, with ramp access driven in the footwall rocks.



The Santa Margarita ore zones
are being mined by a mechanized cut and fill method. An access ramp is located in the hanging-wall from which cross-cuts are driven
to access the ore at the various lift elevations.



The ramp is approximately 3.5
metres by 3.5 metres and is supported by grouted rebar, as required. There is one main breccia ore zone plus vein stockwork ore
zones located in the footwall. Typical ore widths are 2.0 to 5.0 metres. The main zone is over 150 metres long while the footwall
stockwork zones are 20 to 50 metres long.



The sequence of mining commences
with the lateral development of the ore zones on sub-levels which are spaced 20 or 40 metres apart. Depending on the ore widths,
mining then progresses upwards from one sub-level to the next in 1.5 metre (narrow ore) or 3.0 metre lifts (wider ore) using uppers
or breasting respectively, to mine the ore. As broken ore is removed, waste-rock fill is placed in the void. Currently, lateral
development is being conducted on the 455 and 475 metre levels while stoping is well established between the 435 and 390 metre
levels.



Drilling is carried out with
hand-held jack-leg drills in the narrow sections and with 1-boom, electric hydraulic jumbos in the wider zones. Mucking is by 2.0-,
3.5- and 4.0-yard LHDs and broken ore is trucked to the Cata shaft by 10- and 18-tonne trucks. Ground support in the stopes is
installed using stoppers or jack-legs and / or scissor lift trucks.



| | d) | Guanajuatito Zones
| | -- | ------------------



Guanajuatito has been producing
ore since 2006. Production is dominantly from the 1980MASL elevation (120 level) with hanging-wall ramp completed to the 1855MASL
elevation (288 level) in 2014, and the plan is to continue the ramp to depth.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201447







The Guanajuatito ore zones are
being mined by a mechanized cut and fill method. An access ramp is located in the hanging-wall from which cross-cuts are driven
to access the ore at the various lift elevations.



The ramp is approximately 3.5
metres by 3.5 metres and is supported by grouted rebar, as required. There is one main ore zone which is typically 1.5 to 4.0 metres
wide and up to 100 metres long on strike.



The sequence of mining commences
with the lateral development of the ore zones on sub-levels which are spaced 40 metres apart. Mining then progresses upwards from
one sub-level to the next in 1.5 metre lifts using uppers, to mine the ore. As broken ore is removed, waste-rock fill is placed
in the void. Currently, ramp access is being established to the 288 metre level while stoping is well established between the 288
and 50 metre levels.



Drilling is carried out with
hand-held jack-leg drills in the narrow sections. Mucking is by 2.0-, 3.5- and 4.0-yard LHDs and broken ore is hauled from the
mine by 10-tonne highway trucks to the processing plant. Ground support in the stopes, grouted rebar, is installed using stopers
or jack-legs.



| | e) | San Cayetano Zone
| | -- | -----------------



Development has commenced on
the San Cayetano zone, consisting of drifting along the mineralization on the 475 level, minor raising to ascertain grade continuity,
and cross cutting in the hanging-wall to build out several drill stations.



| | f) | Valenciana Zone
| | -- | ---------------



No development has commenced
on the Valenciana zones although a minor amount of development was completed re-habilitating a footwall zone.



| | g) | Promontorio Zone
| | -- | ----------------



No development has commenced
on the Promontorio zone.



| | ii) | San Ignacio Mine
| | --- | ----------------



Mine pre-production at San Ignacio
started in the third quarter of 2013. A total of 55,236 tonnes of ore grading 120g/t Ag and 2.36g/t gold was processed from 2,581
metres of ramp and level advance up to the end of the December, 2014.



The main ramp (4.5 by 4.5 metres)
has a 12% decline. It was developed using a 6-cubic-yard scoop, a single-boom electric jumbo, and a combination of conventional
20-tonne trucks and an underground truck.



The mining method is standard
cut-and-fill with waste provided by the development. Jacklegs are used in stopes for vertical to 70 degree production holes, and
if necessary the hanging wall can be blasted for at least a 2.0 metre wide stope. Forced air ventilation uses electric fans, and
sump pumps operate at 50–60gpm removing mine water. The two air compressors are electrical with 1,000cfm and 100psi. The
mine’s electric power is supplied by the Mexican national grid.



Mineralized rock is trucked to
the GMC processing plant using conventional 20-tonne trucks.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201448







Recovery Methods



Mineral feed from both the Guanajuato
Mine and San Ignacio Mine are processed at the Cata processing plant. The mineral feed from the two mines is batched separately
due to slightly differing metallurgical characteristics, but the silver-gold concentrates are blended on site. Regarding potential
El Horcon mineral feed, it again would be separately batched and a lead-gold-silver concentrate produced to be sold separately.
No consideration has been given for mineralization in the Santa Rosa project area as it is a relatively early stage exploration
project.



The three-stage crushing plant
is designed to produce ball mill feed that is less than 3/8 inch in size. Run-of-mine ore is passed through a grizzly, into the
1,000 tonne coarse ore bin. Oversize is broken manually or with a backhoe-mounted rock-hammer. The coarse ore is minus 18 inches
material. From the bin the ore is taken by an apron feeder and over vibrating grizzly to the Pettibone (24” by 36”)
primary jaw crusher. The jaw crusher is set to four inches. There is also a second 500 tonne capacity coarse ore bin that feeds
a separate, smaller crusher so that materials can be kept separate if desired.



The flotation section has been
greatly improved with the installation of five new fully automated Outotec cells which replaced the old sections of rougher cells.



Now the flotation products of
these cells are sent according to their quality to cleaning cells or recirculated with scavenger products and cleaner tails for
regrinding, after the step of cleaning the concentrate is sent to the concentrate thickener section and filtered to remove excess
water, leaving finally an average humidity of 11% and so is sent to the point of sale according to existing contracts. These modifications
have been key to improvements in metallurgical recoveries.





In addition, the GMC has installed
a small mill for regrinding (April, 2012), the middling products, i.e. cleaning cell tails together with the scavenger products,
are reground to liberate the valuable sulfides before being recirculated to the head of the flotation circuit.



The plant made several improvements
seeking a better working environment, safer conditions, improvements to the environment, and of course more efficient operation,
including 1) installation of a new electrical substation, 2) total change of electrical cables that were in poor condition, and
3) new tailings pumping system to the tailings dam (fully instrumented), using a single pump station and replacing the old system
with five pumping stations. This helps prevent potential damage to the environment, and has led to significant savings of electric
energy.



The principal commodities at
the GMC are iron sulfide (pyrite) concentrates containing gold and silver. These products are freely traded, at prices that are
widely known, so that prospects for sale of any production are virtually assured. There are smelters in Mexico that can accept
these concentrates, as well as other smelters around the world, and traders who purchase such concentrates.



The Company plans to
increase production at the GMC from the 2.2 million Ag eq oz produced during 20141, to between 2.5 – 2.6
million silver equivalent ounces in 20152.














1For 2014, Aq eq oz have been established using prices of US$18.50 per oz, US$1,110 per
oz, US$0.90 per lb., and US$0.85 per lb. for silver, gold, lead and zinc, respectively, and applied to the recovered metal content
of the concentrates that were produced by the GMC and Topia operations.





2For 2015, Aq eq oz have been established using prices of US$17.00 per oz, US$1,200 per
oz , US$0.95 per lb., and US$0.95 per lb. for silver, gold, lead and zinc, respectively, and applied to the recovered metal content
of the concentrates that were produced by the GMC and Topia operations.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201449







The Company has established
a Life of Mine (LOM) estimate for the GMC of two years as at December 31, 2014 for the purposes of depleting the GMC assets. This
LOM estimate does not take into account any Inferred Mineral Resources of the GMC, or any additional resources which may be discovered
through ongoing exploration drilling. The Company re-evaluates its LOM estimate on an annual basis. Based on the established LOM
estimate as at December 31, 2014, reclamation and remediation at Guanajuato is expected to commence in 2017, and will continue
for a further 10 years, and at San Ignacio will commence in 2018, and also continue for a further 10 years. However, the timing
and amount of reclamation and remediation is subject to future changes in the LOM estimate. For example, the addition of resources
through ongoing exploration drilling could extend the LOM estimate.



Exploration and Development



The Company is planning approximately
19,000 metres of exploration drilling at the GMC in 2015 to further define resources, look for vein extensions and test new targets.
Planned drilling consists of 14,000 metres at the Guanajuato Mine and 5,000 metres at the San Ignacio Mine. Development plans for
the GMC are limited to the completion of rehabilitation work on the Cata shaft of the Guanajuato Mine (expected to be completed
in the third quarter of 2015) and ongoing underground mine development in the normal course of operations.



B. Topia Mine



The information on the Topia
Mine in this section of the AIF is based on the technical report entitled “NI43-101 Report on the Topia Mine Mineral Resource
Estimation, As Of November 30th, 2013” prepared by Robert F. Brown, P. Eng., a “Qualified Person” under NI 43-101,
and the Vice President, Exploration, of the Company and Linda Sprigg, RPGEO AIG, of Octree Consulting Pty Ltd, Qualified Person
and Mineral Resource Geologist, dated May 9, 2014 (in this section, the “Topia Technical Report”). Portions of the
following information are based on assumptions, qualifications and procedures which are not fully described herein. The information
below is presented in summarized form and reference should be made to the full text of the Topia Technical Report which is available
for review on SEDAR located at www.sedar.com.



Additional information since
the date of the Topia Technical Report has been prepared by Great Panther under the supervision of Robert Brown, Vice President,
Exploration.



Property Description and
Location



The Topia Mine is situated around
the town of Topia, Durango State, Mexico, approximately 235 kilometres northwest of Durango and 100 kilometres northeast of Culiacán.
The property encompasses 53 contiguous concessions that total approximately 6,258 hectares. The Topia mill and office complex is
located at approximately 25° 12' 54" N latitude and 106° 34' 20" W longitude.



Great Panther holds a 100% interest
in the Topia Mine through its wholly owned Mexican subsidiary, MMR.



Environmental protection regulations
in Mexico are described as similar to those in Canada and the USA. Permits are required for new mine operations, for operating
a concentration plant, for the hydraulic discharge of tailings and for changes to grandfathered projects. There are four government
departments that deal with and regulate such affairs. There are no known environmental liabilities associated with the mineral
claims, other than the before referenced liability recognized on the Company’s Statement of Financial Position for the estimated
present value of future reclamation and remediation associated with the future retirement of the Topia Mine ($1.3 million).





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201450







All permits are in place for
the Topia Mine operation.



Accessibility, Climate,
Local Resources, Infrastructure, and Physiography



Topia is situated in the Sierra
Madre in the State of Durango, Mexico. Ground access is provided via 350 kilometres of paved and gravel road, travelling north
from the city of Durango, via Highway 23 to Santiago Papasquiaro, and then west to Topia. Total travel time is reported to be eight
hours. Small aircraft flights from Culiacán and Durango service the town of Topia on a daily basis.



The climate is generally dry
for most of the year, with a wet season from June to September, during which time 200 millimetres to 500 millimetres of rain may
fall. The annual mean temperature is 16.8°C, but winters can be cool with frosts and light snow, particularly at higher elevations.
Exploration and mining work can be conducted year-round.



Topia is a relatively small
town of approximately 3,500 people, however, many have worked in the mines and there is a good local source of labour. The town
is serviced by road, air service, power grid, and telephone. There are restaurants, hotels, and medical services but no bank or
ATMs. Great Panther maintains a satellite telecommunication system for telephone and the Internet. Water is available from numerous
springs, streams, and adits.



The surface and underground
infrastructure at the Topia Mine includes the following:



| | · | Extensive underground workings;
| | - | -------------------------------



| | · | Multiple adits from surface as well as
raises, drifts, cross-cuts, sub-levels, and ramps;
| | - | -----------------------------------------------------------------------------------------



| | · | Mine ventilation, dewatering, and compressed
air facilities;
| | - | ------------------------------------------------------------



| | · | Conventional and mechanized underground
mining equipment;
| | - | ---------------------------------------------------------



| | · | Mine, geology, processing, and administrative
offices;
| | - | ------------------------------------------------------



| | · | A nominal 275 tpd flotation concentrator
with surface bins, crushing facilities, grinding mills, flotation cells, and concentrate dewatering circuit;
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | · | A tailings storage facility; and
| | - | --------------------------------



| | · | Connection to the national grid for the
supply of electric power.
| | - | -----------------------------------------------------------------



The Topia area lies within the
Sierra Madre Occidental, in a remote region of rugged terrain. Hillsides are quite steep with elevations ranging from 600MASL up
to over 2,000MASL.



Vegetation consists of thickly
intergrown bush, comprising mesquite, prickly pear, napal, and agave, giving way to pine and oak forest at higher elevations.



Land use in the area is predominantly
mining, forestry, and agriculture.



History



Mining in the region predates
European colonization, and was first reported in the Topia area in 1538. The first mineral concessions were granted at Topia in
the early 1600s.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201451







Production from Topia during
the period spanning the latter portion of the 19th century until the Mexican Revolution in 1910 was reportedly between $10 million
and $20 million. This is estimated to have been the equivalent of between 15 million and 30 million ounces of silver.



Peñoles acquired the
mines in the district in 1944 and completed the construction of a flotation plant in 1951. Peñoles operated at Topia from
1951 to 1990 when the operations were sold to Compania Minera de Canelas y Topia who carried on operations privately until 1999
when the mine was shut down due to low metal prices. Production for the period 1952 to 1999 totalled 15.4 million ounces of silver
and 18,500 ounces of gold.



Following the Company’s
acquisition of the Topia Mine in 2004, the mine was put back into production after a six-year hiatus. During the second half of
2005, Great Panther refurbished and recommissioned the mill and gradually increased the throughput at the plant. Since 2005, the
Company has undertaken the rehabilitation of many of the mines in order to re-access the Argentina, La Dura, El Rosario, San Gregorio,
San Miguel, San Jorge, Veta Madre, Cantarranas, Animas, Oliva, and Recompensa veins and resample parts of the veins as part of
a due diligence on sampling carried out by Peñoles. This resampling, combined with the sampling carried out by Peñoles,
forms a partial basis for the current Mineral Resource estimate.



Since 2006, underground exploration
and production channel samples have been collected by Great Panther from all stopes and development drifts. This work included
much new development along the San Gregorio, El Rosario, Cantarranas, Don Benito, Las Higueras, San Pablo, Oxi, Oxidada, La Prieta,
and Recompensa veins. Exploration diamond drilling programs have targeted the various vein structures.



Production figures –
Topia Mine





|Year  | Tonnes  | Silver Oz | Gold Oz | Lead Tonnes | Zinc Tonnes
|----- | ------- | --------- | ------- | ----------- | -----------
|2006  | 22,445  | 208,004   | 406     | 627         | 742        
|2007  | 33,605  | 279,441   | 643     | 735         | 847        
|2008  | 35,318  | 366,199   | 812     | 876         | 1,074      
|2009  | 30,045  | 437,079   | 403     | 871         | 1,057      
|2010  | 38,281  | 515,101   | 597     | 1,092       | 1,358      
|2011  | 46,968  | 535,881   | 500     | 941         | 1,315      
|2012  | 56,098  | 555,710   | 573     | 962         | 1,477      
|2013  | 62,063  | 631,235   | 651     | 1,116       | 1,673      
|2014  | 67,387  | 667,636   | 555     | 1,154       | 1,675      
|Total | 392,210 | 4,196,286 | 5,140   | 8,374       | 11,218     



Geological Setting and
Mineralization



The Topia district lies within
the Sierra Madre Occidental (SMO), a north-northwest-trending belt of Cenozoic-age rocks extending from the US border southwards
to approximately 21° N latitude. The belt measures roughly 1,200km long by 200km to 300km wide. Rocks within the SMO comprise
Eocene to Miocene age flows and tuffs of basaltic to rhyolitic composition with related intrusive bodies. The property is underlain
by a kilometre-thick package of Cretaceous and Tertiary andesite lavas and pyroclastic rocks which are, in turn, overlain by younger
rhyolitic flows and pyroclastics. The volcanic sequence is transected by numerous faults, some of which host the mineralized veins
in the district. There are two sets of faults: one striking 320° to 340° and dipping northeast and the other striking 50°
to 70° and dipping steeply southeast to vertically. The northeast-trending faults are the principal host structures for precious
and base metal mineralization.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201452







The mineral deposits at Topia
are adularia-sericite-type, silver-rich, polymetallic epithermal veins. Silver-gold-lead-zinc mineralization is found in fissure-filling
veins along sub-parallel faults. Mineralization within the veins consists mainly of massive galena, sphalerite, and tetrahedrite
in a gangue of quartz, barite, and calcite. The vein constituents often include adularia and sericite, and the wider fault zones
contain significant proportions of clay as both gouge and alteration products.



Ore minerals occur as cavity-filling
masses, comprising millimetre-scaled crystals of galena and sphalerite. No definitive metal zoning has been discerned, but the
lower parts of the mines are reported to contain higher gold content than at higher elevations.



The veins range in thickness
from a few centimetres to three metres. They are very continuous along strike, with the main veins extending more than four kilometres.
The Madre vein has been mined for 3.5 kilometres and the Cantarranas vein for 2.4 kilometres. Many of the other veins have been
mined intermittently over similar strike lengths. Vertically, the veins grade downward to barren coarse-grained quartz-rich filling
and upwards to barren cherty quartz-calcite-barite vein filling. The main host rock is andesite of the Lower Volcanic Series, which
is usually competent, making for generally good ground conditions within the mine. In wider sections, with greater clay content
and/or zones of structural complexity, ground conditions are less favourable.



Exploration



Exploration work carried out
at the Topia Mine by Great Panther has comprised diamond drilling, chip sampling, mapping, and underground development. The Company’s
2014 underground drill program totalled 1,903 metres on the various veins located at the Recompensa, Argentina, El Rosario, Durangueno,
and 1522 mines. Work on an updated Mineral Resource estimate for Topia commenced in the fourth quarter of 2014 and an update is
expected in the first half of 2015.



Drilling



Great Panther has been diamond
drilling at the Topia Mine since 2004. Drill programs were planned and supervised by personnel employed by the Company, its subsidiaries,
and/or contractors. The surface drilling programs conducted from 2004 to 2009 were carried out under contract by BDW Drilling of
Guadalajara, Mexico. The 2010 surface drilling was carried out by HD Drilling of San Luis de Potosi, Mexico. Underground drill
programs were carried out by Topia Mine drillers. Core logging and collar surveys were carried out by Great Panther personnel.
All surface holes are NQ-size, although some surface holes were collared as HQ (6.35 cm dia.) and reduced to NQ. Underground drill
holes are A core size. In 2013 one underground HQ drainage hole was completed at the Argentina Mine by Servicios Drilling of Mexico.



Logs, sample intervals, and
surveys were entered into a DataShedTM database using a LogChiefTM logger. The database is managed and validated by Great
Panther mine staff, with the assistance of exploration personnel based in Vancouver.



The core logging and sampling
is carried out within a fenced compound at the mill site. Access to the core is restricted to Great Panther employees or contractors.
The core shack and sampling facility are considered to be adequately equipped and reasonably secure. Core recovery in those sections
reviewed by the Qualified Person appeared to be good, and the sampling looked to have been done correctly.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201453







Sampling and Analysis
and Security of Samples



Sampling comprises both diamond
drill and channel samples. Drill holes provide a reliable indication of the vein locations, but drifting and raising on vein is
required to fully evaluate the quantity and grade of the Mineral Resources.



The channel sampling was done
either across the back or at waist height across the drift face using a hammer and moil. The protocol for sample lengths was that
they were to be no longer than two metres. Sample spacing was in the order of 1.5 metres to 2.5 metres in the more densely sampled
areas. The veins tend to be very steeply dipping to vertical, and so these samples are reasonably close to representing the true
width of the structure.



The channel samples were processed
and assayed at the Topia Mine laboratory. Samples were dried, crushed in two stages, riffle split, and pulverized. A sample was
taken from the pulp and weighed, while the rest was kept in storage. Samples were analyzed for gold and silver by fire assay (FA)
and gravimetric finish, or for base metals by atomic absorption (AA).



Diamond drill core samples were
marked on the core by geologists. Samples did not cross lithological limits and their lengths were constrained to within a minimum
of 10 cm and a maximum of two metres. Mineralized structures and the material adjacent to them were always sampled. For sets of
veins with less than five metres separation, the material between veins was sampled entirely. Samples were taken using a diamond
saw to split the core. The samples were prepared at the Topia Mine laboratory.



The total database encompasses
three components: diamond drilling, production channel sampling, and the historical development channel sampling completed by the
former owner (Peñoles). All three datasets were variably (Peñoles data in certain mines were minimal) used in the
modeling of the various veins and vein splays.



In the opinion of the Qualified
Person, the sampling at Topia is being conducted in an appropriate fashion using techniques that are commonly used in the industry.
The samples are properly located and oriented and are representative of the mineralization.



Samples are collected and handled
by Topia personnel and kept in reasonably secure premises on the mine property.



The core logging and sampling
is carried out within a fenced compound at the mill site. Access to the core is restricted to Great Panther employees or contractors.
The core shack and sampling facility are considered to be adequately equipped and reasonably secure. Core recovery in those sections
reviewed appeared to be good, and the sampling looked to have been done correctly.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201454







Mineral Resource Estimates



An updated estimate of Mineral
Resources has been completed for the Topia Project for an effective date of 30 November 2013 (refer to the corresponding Topia
Technical Report dated May 9, 2014 filed on SEDAR on May 29, 2014).



|Class                                           | Tonnage | Grade
|----------------------------------------------- | ------- | -----
|                                                |         | Ag   
|                                                |         | (g/t)
|Measured                                        | 71,000  | 911  
|Indicated                                       | 127,000 | 807  
|Total Measured and Indicated and Average Grades | 198,000 | 844  
|Inferred                                        | 209,500 | 863  



Notes:



| | 1. | CIM Definitions were followed for Mineral Resources.
| | -- | ----------------------------------------------------

| | 2. | Mineral Resources are reported at a cut-off Net Smelter Return (NSR) of USD $180/t
| | -- | ----------------------------------------------------------------------------------

| | 3. | Area-Specific Bulk Densities as follows: Argentina - 3.06t/m3; Don Benito - 3.26t/m3; Durangueno - 3.12t/m3; El Rosario - 3.00t/m3;
Hormiguera - 2.56t/m3; La Prieta - 2.85t/m3; Recompensa - 3.30t/m3.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | A minimum mining width of 0.30 metres was used.
| | -- | -----------------------------------------------

| | 5. | Mineral Resources are estimated using metal prices of: USD $1,260/oz Au, USD $21.00/oz Ag, USD $0.95/lb Pb, and USD $0.95/lb
Zn.
| | -- | --------------------------------------------------------------------------------------------------------------------------------

| | 6. | Totals may not agree due to rounding.
| | -- | -------------------------------------



The resources were estimated
from 7 area-specific block models. A set of 31 wireframes representing the mineralised zones (veins) served to constrain both the
block models and data subsequently used in Inverse Distance Cubed (ID3) gold, silver, lead and zinc grade interpolations. Each
block residing at least partly within one or more of the 31 wireframes received a grade estimate.



Mining Operations



For the narrower veins at Topia,
mining is conducted by conventional cut and fill stoping with resuing to selectively mine the ore and leave the waste for backfill.
Drilling is done with jackleg drills and ore is typically hand mucked in the stope and dropped down timber crib muck passes which
are carried upwards as the stoping advances. Ore is hand sorted at the face so that only the higher grade ore is removed from the
stope. Access and ventilation are provided in timber crib man-ways adjacent to the muck passes. The level interval for the stopes
is typically 40 m.



The use of ground support in
the small tunnels and narrow stopes is infrequent as the small headings require little support.



From the muck passes the ore
is pulled via manual chutes, loaded into small rail cars and hand trammed to a dump at the portal. At the surface ore dump the
ore may again be hand sorted to remove waste material. Waste from the hand sorting or from excess development is generally dumped
over the bank at these smaller mines. Ore is then picked up by front end loader and loaded into highway-style 10t- to 20t-capacity
dump trucks to be hauled to the mill.



Along the Argentina and Don
Benito veins, in the Argentina and 1522 Mines respectively, there are significant areas with vein widths of 0.5 to one metre. In
these wider areas, mining is planned on the basis of mechanized cut and fill with resuing to selectively mine the ore and leave
the waste for backfill. Equipment used includes small 2 yd3 LHD’s for development and 1 yd3 and 0.5 yd3 LHD’s for mucking
in the stopes. Development access is provided via decline. Ground support consists of rock bolts and mesh as required, as well
as a combination of cement-grouted rebar and split set which gives initial support from the split set bolt and then longer term
support from the cement grouted portion of the bolt.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201455







Sublevels are 40 metres apart
in the mechanized cut and fill areas. Waste is generated from material beside the vein which is blasted separately from the ore
and then left as fill, or from the waste development in the mine.



Lifts in the cut and fill stope
are taken with horizontal holes (breasting) as the use of uppers drilling (to increase productivity and production) generated a
ragged back in the stope and led to problems with ground support.



Ore is hauled from the stope
by LHD and then loaded into a truck for haulage to the mill.



The mill employs conventional
crushing, grinding, and flotation to produce lead and zinc sulfide concentrates. The operation runs seven days a week, 24 hours
per day, with Sunday day-shift reserved for maintenance.



The Company has established
a LOM estimate for the Topia Mine of seven years as at December 31, 2014 for the purposes of depleting the mineral property. This
LOM estimate does not take into account any additional resources which may be discovered through recent and future exploration
drilling. The Company re-evaluates its LOM estimate on an annual basis. At the end of its life, the Company will commence reclamation
and remediation at Topia and carries a provision of $1.3 million to cover these costs. The provision is based on a report produced
for the Company by an independent third party, discounted to present value. Based on the established LOM estimate as at December
31, 2014, reclamation and remediation at Topia would be expected to commence in 2022, and continue for a further 10 years. However,
the timing and amount of reclamation and remediation is subject to future changes in the LOM estimate. For example, the addition
of resources through recent and future exploration drilling could extend the LOM estimate.



During 20143,
1.0 million Ag eq oz were produced at Topia. During 20154, the Company plans to keep production at Topia at
approximately the same level as in 2014.



Exploration and Development



No exploration drilling is currently
planned at Topia in 2015. The Company expects to complete its work on an updated Mineral Resource estimate and release an updated
technical report in 2015. Development plans for the Topia Mine during 2015 are limited to ongoing underground mine development
in the normal course of operations.



During 2014, two additional
flotation cells were installed and are projected to be operational in 2015. This is expected to improve recoveries and concentrate
grades of both lead and zinc.










3For 2014, Aq eq oz have been established using prices of US$18.50 per oz, US$1,110 per oz, US$0.90 per lb., and US$0.85
per lb. for silver, gold, lead and zinc, respectively, and applied to the recovered metal content of the concentrates that were
produced by the GMC and Topia operations.



4For 2015, Aq eq oz have been established using prices of US$17.00 per oz, US$1,200 per
oz, US$0.95 per lb., and US$0.95 per lb. for silver, gold, lead and zinc, respectively, and applied to the recovered metal content
of the concentrates that were produced by the GMC and Topia operations.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201456







PRIMARY EXPLORATION PROPERTIES



As mentioned, the Company has two exploration
projects in Mexico, El Horcon and Santa Rosa, the information for which (as disclosed in this section of the AIF) is also contained
in the GMC Technical Report. The effective date of the GMC Technical Report is July 31st, 2014 for the El Horcon and Santa Rosa
Projects.



The GMC Technical Report introduces the
concept that mineralization from both the El Horcon and Santa Rosa Projects could be trucked to and processed at the Cata processing
plant, in light of the projects’ proximity to the GMC. Considering that El Horcon and Santa Rosa could in future form part
of the GMC operations, these properties were included in the GMC Technical Report.



Portions of the following information are
based on assumptions, qualifications and procedures which are not fully described herein. The information below is presented in
summarized form and reference should be made to the full text of the GMC Technical Report which is available for review under the
Company’s profile on SEDAR located at www.sedar.com.



Additional information since the date of
the GMC Technical Report has been prepared by Great Panther under the supervision of Robert Brown, Vice President Exploration.



Where applicable, discrete information
for each of the properties has been disclosed below:



Property Description and Location



| | i) | El Horcon Project
| | -- | -----------------



The El Horcon Project is situated
north of the city of Leon (Guanajuato State), in the state of Jalisco, Mexico, approximately 470km northwest of Mexico City. The
claim group is located at approximately 21° 22' N latitude and 101° 45' W longitude (NAD 27 UTM 220,000mE & 2,365,000mN).
The 17 claims expire between 2052 and 2056. There are no known environmental liabilities associated with the mineral claims.



The principal metals of interest
are gold, silver, lead, and zinc. Mineralization occurs along structures, the largest of which is the Veta Madre with a strike
length of 5km.



As of the date of this AIF, the
Company had not fully secured mineral property titles (“concessions”) for approximately 1,222 of 7,909 hectares related
to the El Horcon Project. Three of the Company’s mineral property title claims were cancelled due to what the Company believes
was an administrative error on the part of the government agency which manages mineral property titles in Mexico. The Company is
in the process of having the concessions reinstated and has successfully reinstated two concession. As it is believed that all
three were cancelled due to the same error, the Company anticipates that the remaining concession will be reinstated in 2015. Neither
the status of the mineral property claims, or the process to reinstate the claims has affected the Company’s exploration
work to date as it has not involved the claims in question.



| | ii) | Santa Rosa Project
| | --- | ------------------



The Santa Rosa Project includes
a cluster of non-contiguous mineral claims to the northeast of Guanajuato. Most cover segments of historically known veins within
the Sierra vein system, as well as two claims located further north staked more from a regional conceptual nature.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201457







The seven mineral claims comprise
an area of 13,800 hectares and expire between 2015 and 2064. With regards to the single claim expiring in 2015, the Company has
submitted the requisite applications in order to roll over the claim for another 50 years. There are no known environmental liabilities
associated with the mineral claims.



The southern claims of the Santa
Rosa Project are situated along the eastern side of the Sierra Guanajuato mountain range, northeast of Guanajuato, Guanajuato.
The more northerly claims in the Santa Rosa Project are located nearer the town of San Felipe, an 80km drive north of Guanajuato.



Accessibility, Climate, Local Resources,
Infrastructure, and Physiography





Central Mexico has a dry climate with an
annual precipitation of about 600 millimetres per year generally falling between June and October. The annual mean temperature
is 25°C, but winters can be cool with lows approaching 0°C. Exploration and mining work can be conducted year-round, uninterrupted
by weather.



The terrain on which the Company’s
exploration properties are located is moderately rugged, with elevations on the mineral claims ranging from 1,600MASL to 2,400MASL.
Hillsides are deeply incised by drainage and slopes are moderately to extremely steep. Vegetation consists of grasses, small trees,
shrubs, and cacti. Larger trees grow in the valley bottoms where there is more water.



| | i) | El Horcon Project
| | -- | -----------------



The El Horcon Project is situated
along the eastern side of the Sierra Guanajuato mountain range and is accessible via a rough access road 10km north of Comanja,
Jalisco. Comanja is a small village and has a population of approximately 500 people and is located within 40km, by road, of an
international airport at León, Mexico.



Access to local resources is
within the city of Leon (approximately 1 million inhabitants), 50km south of the El Horcon Project.



| | ii) | Santa Rosa Project
| | --- | ------------------



The southern claims of the Santa
Rosa Project are accessible via road access 20km northeast of Guanajuato, Guanajuato. The city of Guanajuato is serviced by an
international airport located on the outskirts of Silao, a 30-minute drive on a toll road from Guanajuato. The more northerly claims
in the Santa Rosa Project are located nearer the town of San Felipe, an 80km drive north of Guanajuato by paved road.



Access to local resources is
provided within the city of Guanajuato and the town of San Felipe.



History



| | i) | El Horcon Project
| | -- | -----------------



The earliest known exploitation
of veins on the El Horcon Project area was conducted by the Jesuits, during the Spanish reign, from the late 1500’s to their
expulsion from Mexico in 1767. No production records are available, and various shallow southwest dipping veins were mined all
to the immediate northeast of Great Panther’s drilling. Minor amounts of exploitation have been conducted, both by drifting
along the veins and by stoping, on the Diamantillo and San Guillermo veins (including but not limited to the El Horcon, La Luz
and Diamantillo underground access tunnels).





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201458







In 1932 a mining engineer Charles
E. Pouliot completed a mining study and evaluation of pillars, fill and remaining portions of the Diamantillo, San Guillermo and
veins exploited by the Jesuits. It is not known if exploitation ensued. During the latter part of the 20th century several bulk
samples were shipped to various mills for metallurgical evaluation of these sulfide rich veins.



A number of academic geological
studies were completed in the late 20th century by the Mexican Geological Survey. In 2004 and 2005, Mauricio Hochschild Mexico
(MHM) conducted significant geological, structural, and geochemical studies on the veins of the Comanja area, followed by drilling
of 12 core holes totalling 3,570.3m. In 2008 and 2009 EXMIN conducted further geological and geochemical studies, including underground
mapping and sampling, and core drilling (5 holes totaling 1,052m) in an effort to move the project to exploitation, without success.



The Company purchased 100% of
the El Horcon Project in 2012 which included most of the exploited veins mentioned above, with the exception of certain internal
claims covering portions of the veins.



| | ii) | Santa Rosa Project
| | --- | ------------------



The core of the Santa Rosa Project
claims (other than Prometida and Romeo y Julieta claims) covers vein exposures along the Sierra vein system, along the eastern
flank of the central Veta Madre. Minor amounts of pitting, short adits, and shallow vertical shafts have been completed with minor
amount of vein exploitation. No records are available as to these activities, which could have occurred from the late 1500’s
to relatively recently. The Company completed due diligence sampling during 2011 and purchased the Santa Rosa claims during the
same year. The Canada de Virgin claim was part of the Cooperative claim block (Guanajuato Mine) purchased by the Company in 2005.
The Prometida and Romeo y Julieta mineral claims were staked by the Company in 2012 as part of a regional geological evaluation.



Geological Setting and Mineralization



| | i) | El Horcon Project
| | -- | -----------------



The El Horcon Project area is
underlain by Mesozoic marine sediments and predominantly mafic submarine lava flows, of the La Luz and Esperanza Formations; these
are weakly metamorphosed and intensely deformed. This basal sequence is cut by a variety of intrusive bodies ranging in composition
from pyroxenite to granite with tonalitic and dioritic intrusive being the most volumetrically significant.



Cenozoic volcanic and volcanogenic
sediments unconformably overlie the Mesozoic basement rocks. In the area the oldest Cenozoic unit is the Paleocene Comanja granite.
This was followed by the Eocene extrusion of andesite which was sporadically deposited and contemporaneous with the deposition
of the Guanajuato conglomerate in localized grabens. The Guanajuato conglomerate underlies an unconformity beneath a sequence of
felsic to mafic volcanic rocks that consists of Oligocene ignimbrites, lava flows and domes.



Within the El Horcon Project
area quartz-dominated veins follow fractures and faults and are hosted within the Comanja granite, as well the surrounding Mesozoic
meta-volcanic and meta-sedimentary rocks.



The vein system at El Horcon
is a quartz-chalcedony-dominated, structurally-controlled, epithermal system hosted by Paleocene Comanja granitic rocks and Mesozoic
low-grade metamorphic metasedimentary / metavolcanic basement, and consists of three principal vein sets that formed in faults
and extension fractures.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201459









1. NW-striking, SW-dipping veins
with dips generally ranging from 45°-70°+,



2. NW-striking, SW-dipping low-dip
veins (20°-30°), and



3. NE-striking generally steep
transverse veins.



Gangue minerals associated with
the quartz veining include minor fluorite, hematite, chlorite, calcite, and pyrite, while minerals of economic interest include
galena (lead), sphalerite (zinc), and minor chalcopyrite (copper). Petrographic work by MHM indicates that silver is present as
acanthite. This undated (likely 2005) MHM report (un-acknowledged author) also indicated four stages of Phase 1, and three stages
of Phase 2 vein mineralization. Phase 1 includes base metal and precious metal introduction into the vein structures (gold minerals
unknown), while Phase 2 stages include calcite and further barren quartz. Beside silicified cataclastic quartz breccia (sealed
fault structures), the quartz-chalcedony shows typical epithermal coliform textures.



The primary vein structures
on the El Horcon Project include the Diamantillo, San Guillermo, El Ratones, Madre, Crucero, Del Alto, and Alaska veins. Based
upon assay results from the channel samples across the surface expressions of these veins, vein widths, and underground exposures
by EXMIN, MHM, and the Company, it was decided to focus the initial core drill-hole program on the Diamantillo and San Guillermo
veins. The narrow Natividad and Diamantillo HW veins were found both from drill site preparation and core drilling. The veins extend
in a NW-SE orientation for ~7km in strike and across ~2.5km in width.



| | ii) | Santa Rosa Project
| | --- | ------------------



The stratigraphy of the area
presents to the Company basement rocks of the older units including Mesozoic age La Luz and La Esperanza Formations. These formations
consist of meta-sedimentary sequences, including shale, andesite and felsic dykes deformed and folded by regional metamorphism.
Upper volcanic package rocks in concordant contact include a sequence of the lithic tuff, ignimbrites, and also in some places
rhyolite dykes and jasperoids. The area generally presents a strong NW structural orientation, with normal faults and a dextral
component.



In the second phase of exploration
(July 2014), detailed mapping was completed in the Cañada de la Virgen claim and in the Virgin vein development tunnel.
The Virgin vein structure with minor quartz is oriented around 320-330° with a dip of 35-45°NE, and an average width of
0.50m. The vein, inside the tunnel, occurs at the contact of a diorite dike. On surface there are two separate structures enveloping
a quartz stockwork hosted in the meta-sedimentary rocks. The tunnel is 60m long and there are several inclined shafts where mineralization
has been extracted. The average grade of samples is 457g/t Ag eq. The wallrock of the the Virgin vein, which outcrops for 400m,
shows propylitic alteration along its length. Host rocks include lithic tuffs, ignimbrites, and associated dykes.



Another structure identified
during the mapping extends for more than 600m and is exposed in the Salaverna North tunnel. It is a structure of 0.40m width, with
strong silicification and hosted in the meta-sedimentary package. The structure, when it reaches the upper rhyolite volcanic rocks
becomes a stockwork with hematite, limonite, clays, and fine disseminated pyrite.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201460







Exploration



| | i) | El Horcon Project
| | -- | -----------------



Exploration work conducted by
the Company has been an initial thorough re-evaluation of the project by geological mapping, vein re-sampling both on surface and
of all accessible underground openings (1,623 samples), followed by a surface core diamond drilling program of 24 drill holes totalling
2,160m (1,177 samples).



| | ii) | Santa Rosa Project
| | --- | ------------------



In the first stage of the Company’s
exploration (2012) on the Cañada de la Virgen claim a total of 168 rock samples from surface, and 537 core samples from
the five diamond drill holes were collected.



During the second stage of the
Company’s exploration (2014) a total of 140 samples were taken from surface and underground.



Drilling



| | i) | El Horcon Project
| | -- | -----------------



Diamond drilling at El Horcon
was conducted by the Company’s exploration staff. The exploration drilling was conducted on 50-100m spaced sections, with
1 to 3 holes drilled per section, as well as at ~50m spacing vertically between holes. The Company’s 2013 drilling was focused
from surface to ~100m below surface along a strike length of 650m.



The Company’s Phase 1
drill-holes completed from mid-April to mid-June 2013 are prefixed by EH13 and include holes 1-24. Only the relevant MHM drilling
was used in the Mineral Resource estimation (no records for the EXMIN drilling). The drill contractor for the Company was G4 Drilling
based in Hermosillo, Sonora.



The management, monitoring,
surveying, and logging of the current 2013 series of EH13- prefix exploration holes was carried out under the supervision of the
Company’s exploration geological staff.



Procedures related to sample
and geological data integrity are consistent with those described for the Guanajuato Mine.



| | ii) | Santa Rosa Project
| | --- | ------------------



During 2012, five core holes
(NQ) were completed on the Santa Rosa Project, specifically on the Canada de Virgin claim. No results of economic significance
were encountered.



Sample Preparation, Analyses and
Security





| | i) | El Horcon Project
| | -- | -----------------



The drill core samples were
prepared by technicians working under the direction of the Exploration Department geologists. The exploration diamond drill core
is of HQ diameter.



All of the analytical work was
completed by the SGS GTO laboratory and the quality control measures and data verification procedures are consistent with those
described for the Guanajuato Mine.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201461







| | ii) | Santa Rosa Project
| | --- | ------------------



The drill core samples were
prepared by technicians working under the direction of the Exploration Department geologists. The exploration diamond drill core
from Santa Rosa was of NQ diameter.



All of the analytical work was
completed by the SGS GTO laboratory and the quality control measures and data verification procedures are consistent with those
described for the Guanajuato Mine.



Mineral Resource Estimates



| | i) | El Horcon Project
| | -- | -----------------



Mineral Resources were estimated
from four area-specific block models. A set of wireframes representing the mineralised zones served to constrain both the block
models and data subsequently used in Inverse Distance Cubed (ID3) Au, Ag, Pb, and Zn grade interpolation. The effective date of
the estimate is July 31, 2014.



There are no known environmental,
permitting, legal, title, taxation, socio-economic, marketing, political or other factors that could materially affect the Mineral
Resource estimates detailed in this report.



|Vein            | Tonnes  | Ag (g/t) | Ag(oz)  | Au (g/t) | Au (oz) | Pb (%) | Pb (lb)   | Zn (%) | Zn (lb)   
|--------------- | ------- | -------- | ------- | -------- | ------- | ------ | --------- | ------ | ----------
|Diamantillo     | 102,413 | 91       | 299,415 | 3.07     | 10,109  | 3.23   | 7,299,035 | 4.78   | 10,803,180
|Diamantillo HW  | 4,580   | 55       | 8,048   | 4.68     | 689     | 2.69   | 271,419   | 0.48   | 48,045    
|Natividad       | 5,069   | 149      | 24,237  | 3.11     | 507     | 1.88   | 209,791   | 0.12   | 13,603    
|San Guillermo   | 37,167  | 37       | 43,631  | 4.63     | 5,528   | 1.82   | 1,489,581 | 2.64   | 2,166,572 
|Totals Inferred | 149,229 | 78       | 375,331 | 3.51     | 16,832  | 2.82   | 9,269,825 | 3.96   | 13,031,399



Notes:



| | 1. | US$110 NSR Cut-off.
| | -- | -------------------

| | 2. | Silver equivalent was calculated using a 70.6 to 1 ratio of silver
to gold value.
| | -- | ---------------------------------------------------------------------------------

| | 3. | Rock Density for all veins for Diamantillo is 2.77t/m3, San Guillermo
2.78t/m3, Diamantillo HW is 2.62t/m3, Natividad 2.57t/m3.
| | -- | -------------------------------------------------------------------------------------------------------------------------------

| | 4. | Totals may not agree due to rounding.
| | -- | -------------------------------------

| | 5. | Grades in metric units.
| | -- | -----------------------

| | 6. | Contained silver and gold in troy ounces.
| | -- | -----------------------------------------

| | 7. | Minimum true width 1.5m.
| | -- | ------------------------

| | 8. | Metal Prices: US$17.00/oz silver and US$1,200/oz gold.
| | -- | ------------------------------------------------------

| | 9. | Silver equivalent was calculated using an in-house calculator considering
estimated recoveries, metal prices, and smelter terms.
| | -- | --------------------------------------------------------------------------------------------------------------------------------



| | ii) | Santa Rosa Project
| | --- | ------------------



There is no Mineral
Resource estimate for the Santa Rosa Project.



Mining Operations



| | i) | El Horcon Project
| | -- | -----------------



The mining method considered
when estimating the Mineral Resource is standard cut and fill with waste provided by the development.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201462







| | ii) | Santa Rosa Project
| | --- | ------------------



The Santa Rosa Project is exploration
in nature and no mining methods are considered.



Exploration and Development



No exploration drilling is currently planned
at either the El Horcon Project or the Santa Rosa Project for 2015.





DIVIDENDS



Holders of the Company’s common shares
are entitled to receive such dividends as may be declared from time to time by the board of directors, in its discretion, out of
funds legally available for that purpose. The Company intends to retain future earnings, if any, for use in the operation and expansion
of its business and does not intend to pay any cash dividends in the foreseeable future.





DESCRIPTION OF CAPITAL STRUCTURE



The Company’s authorized share capital
consists of an unlimited number of common shares without par value, an unlimited number of Class A preferred shares without par
value issuable in series, and an unlimited number of Class B preferred shares without par value issuable in series. As at December
31, 2014, the issued share capital consisted of 139,562,040 common shares (December 31, 2013 – 138,419,715 common shares).
No Class A preferred shares or Class B preferred shares are issued or outstanding.



Common Shares



Subject to the rights of the holders of
the Class A preferred shares and the Class B preferred shares of the Company, holders of common shares of the Company are entitled
to dividends if, as and when declared by the directors. Holders of common shares of the Company are entitled to one vote per common
share at meetings of shareholders except at meetings at which only holders of a specified class of shares are entitled to vote.
Upon liquidation, dissolution or winding-up of the Company, subject to the rights of holders of the Class A preferred shares and
the Class B preferred shares, holders of common shares of the Company are to share ratably in the remaining assets of the Company
as are distributable to holders of common shares. The common shares are not subject to redemption or retraction rights, rights
regarding purchase for cancellation or surrender, or any exchange or conversion rights.



Class A Preferred Shares



Class A preferred shares may be issued
from time to time in one or more series, and the directors may fix from time to time before such issue the number of Class A preferred
shares of each series and the designation, rights and privileges attached thereto including any voting rights, dividend rights,
redemption, purchase or conversion rights, sinking fund or other provisions. The Class A preferred shares rank in priority over
common shares and any other shares ranking by their terms junior to the Class A preferred shares as to dividends and return of
capital upon liquidation, dissolution or winding up of the Company or any other return of capital or distribution of the assets
of the Company.



Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201463









Class B Preferred Shares



Class B preferred shares may be issued
from time to time in one or more series, and the directors may fix from time to time before such issue the number of Class B preferred
shares of each series and the designation, rights and privileges attached thereto including any voting rights, dividend rights,
redemption, purchase or conversion rights, sinking fund or other provisions. The Class B preferred shares rank in priority over
common shares and any other shares ranking by their terms junior to the Class B preferred shares as to dividends and return of
capital upon liquidation, dissolution or winding up of the Company or any other return of capital or distribution of the assets
of the Company.





MARKET FOR SECURITIES



The Company’s common shares trade
on the Toronto Stock Exchange (TSX) and the NYSE MKT, trading under the symbols “GPR” and “GPL” respectively.
The Company’s CUSIP number is 39115V 101.



TRADING PRICE AND VOLUME



The following table sets forth the price
ranges in Canadian dollars and trading volume of the common shares of the Company as reported by the Toronto Stock Exchange for
the periods indicated:



|Period         | Open | High | Low  | Close | Volume 
|-------------- | ---- | ---- | ---- | ----- | -------
|               | $    | $    | $    | $     |        
|December 2014  | 0.94 | 0.95 | 0.65 | 0.70  | 115,300
|November 2014  | 0.79 | 1.05 | 0.75 | 0.89  | 104,200
|October 2014   | 1.15 | 1.16 | 0.78 | 0.79  | 82,800 
|September 2014 | 1.30 | 1.39 | 0.99 | 1.14  | 84,300 
|August 2014    | 1.45 | 1.48 | 1.26 | 1.33  | 68,300 
|July 2014      | 1.32 | 1.60 | 1.24 | 1.44  | 144,800
|June 2014      | 1.01 | 1.43 | 1.01 | 1.35  | 106,900
|May 2014       | 1.15 | 1.22 | 0.96 | 1.01  | 38,000 
|April 2014     | 1.11 | 1.24 | 1.00 | 1.20  | 63,700 
|March 2014     | 1.40 | 1.48 | 1.10 | 1.11  | 128,400
|February 2014  | 0.89 | 1.50 | 0.87 | 1.31  | 212,400
|January 2014   | 0.80 | 1.02 | 0.75 | 0.91  | 85,900 





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201464











The following table sets forth the price
ranges in US dollars and trading volume of the common shares of the Company as reported by the NYSE MKT for the periods indicated:



|Period         | Open | High | Low  | Close | Volume   
|-------------- | ---- | ---- | ---- | ----- | ---------
|               | US$  | US$  | US$  | US$   |          
|December 2014  | 0.82 | 0.84 | 0.55 | 0.62  | 1,217,100
|November 2014  | 0.70 | 0.91 | 0.65 | 0.76  | 592,700  
|October 2014   | 1.00 | 1.04 | 0.68 | 0.70  | 607,500  
|September 2014 | 1.19 | 1.27 | 0.89 | 1.02  | 785,900  
|August 2014    | 1.32 | 1.37 | 1.14 | 1.20  | 372,400  
|July 2014      | 1.26 | 1.49 | 1.16 | 1.32  | 962,900  
|June 2014      | 0.98 | 1.33 | 0.92 | 1.26  | 783,400  
|May 2014       | 1.07 | 1.12 | 0.88 | 0.95  | 351,500  
|April 2014     | 1.01 | 1.13 | 0.90 | 1.09  | 525,400  
|March 2014     | 1.26 | 1.35 | 0.99 | 1.01  | 1,068,700
|February 2014  | 0.82 | 1.38 | 0.77 | 1.21  | 1,305,600
|January 2014   | 0.75 | 0.93 | 0.70 | 0.82  | 617,300  





ESCROWED SECURITIES



As at December 31, 2014, there were no
escrowed securities or securities subject to contractual restriction on transfer.





DIRECTORS AND OFFICERS



The information below sets forth the names,
positions or offices held with the Company, province/state and country of residence, and principal occupation of the directors
and executive officers of the Company as at the date of the AIF. In addition, the principal occupations of each of the Company’s
directors and executive officers within the past five years are disclosed in their brief biographies.



|Name, Position and City, Province and Country
        of Residence                                                                                                                                | Principal Occupation or Employment for
        Past 5 years5                                                                                                                                                                                                                                                     | Period as a Director of the Company | No. and Class of Securities6                                                   | Percentage of Class7
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------- | ------------------------------------------------------------------------------ | --------------------
|ROBERT A. (BOB) ARCHER, P.Geo.
        
        President & Chief Executive Officer; Director
        Okanagan Falls, BC, Canada
        
        Non-Independent; Member of Disclosure Committee | Chief Executive Officer of the Company from
        2004 to present; President of the Company from 2004 to 2012, and from May 30, 2013 to present; Non-Executive Director of Altair
        Ventures Incorporated from 2006 to 2014; President, Chief Executive Officer of Cangold Limited from 2003 to present. | April 27, 2004 to present           | Common Shares
        1,441,000
        
        Stock Options
        680,000 | 1%                  








5The information as to
principal occupation has been furnished by the respective individuals.

6The information as to shares beneficially owned has been furnished by the respective individuals, and the security
holdings are current as of December 31, 2014.







7
Based upon 139,562,040 common shares of the Company issued and outstanding as of December 31, 2014.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201465









|Name, Position and City, Province and Country
        of Residence                                                                                                                                                                                                                                                                                   | Principal Occupation or Employment for
        Past 5 years5                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Period as a Director of the Company | No. and Class of Securities6                                         | Percentage of Class7
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------- | -------------------------------------------------------------------- | --------------------
|R.W. (BOB) GARNETT, CPA, CA, ICD.D
        
        Richmond, BC, Canada
        
        Chairman and Director
        
        Independent; Chairman of Audit Committee (until December 31,
        2014), continuing as a Member of Audit Committee from January 1, 2015; Member of Human Resource & Compensation Committee                       | Commissioner, Financial Institutions Commission May 2012 to
        current; Director of Media Valet Inc. (formerly “VRX Worldwide Inc.”) since 2009; President of Sagebrush Golf and Sporting
        Club September 2012 to current and CFO 2006 to 2012; Director of the South Coast British Columbia Transportation Authority (TransLink)
        from January 2008 to December 2011; President of PDG Management Partners, Inc. from April 1998 to October 2010; Director of Central
        1 Credit Union from 2009 to 2010. | May 3, 2011 to present              | Common Shares
        50,000
        
        Stock Options 514,000  | Less than 1%        
|KENNETH W. MAJOR, P.Eng.
        
        Maple Ridge, BC, Canada
        
        
        Director
        
        Independent; Chairman of Safety, Health & Environment Committee;
        Member of Nominating & Corporate Governance Committee                                                                                                 | Director of Cangold Limited from December 2011 to present; Independent
        mineral processing consultant for precious and base metals mining, KWM Consulting Inc. from 2006 to present.                                                                                                                                                                                                                                                                                                                                         | March 17, 2011 to present           | Common Shares
        Nil
        
        Stock Options 363,000     | 0%                  
|JOHN JENNINGS, CFA
        
        North Vancouver, BC, Canada
        
        Director
        
        Independent; Chairman of Human Resource & Compensation
        Committee; Member of Audit Committee                                                                                                                                       | Senior Client Partner, Korn/Ferry
        International since 2012; Chief Operating Officer of Anthem Properties Group from 2010 to 2012; Senior Director and Head
        of Mid-Market Investment Banking, Western Canada for CIBC from 2003 to 2010.                                                                                                                                                                                                                                                                             | June 28, 2012 to present            | Common Shares
        Nil
        
        Stock Options 363,000     | 0%                  
|JEFFREY R. MASON, CA, ICD.D
        
        
        Vancouver, BC, Canada
        
        
        Director
        
        Independent; Member and Chairman (effective January 1, 2015)
        of the Audit Committee; Member of the Safety, Health & Environment Committee; Member of the Nominating & Corporate Governance
        Committee | Director and Chief Financial Officer of Wellgreen Platinum Ltd.
        since 2012; Chief Financial Officer, Corporate Secretary and Director of Hunter Dickinson Inc. from 1994 to 2008; Director of Amarc
        Resources Ltd. since 1995; Director and Audit Committee chair of Red Eagle Mining Corporation since 2011; Director and Audit Committee
        chair of Slater Mining Corporation since 2008; Director and Audit Committee chair of Coastal Contacts Inc. from 2006 to April 2014.                              | May 6, 2014 to present              | Common Shares
        524,948
        
        Stock Options 176,000 | Less than 1%        





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201466







|Name, Position and City, Province and Country
        of Residence                                                                                                                                                                                                                                                | Principal Occupation or Employment for
        Past 5 years5                                                                                                                                                                                                                                                                                                                        | Period as a Director of the Company | No. and Class of Securities6                                        | Percentage of Class7
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------- | ------------------------------------------------------------------- | --------------------
|W.J. (JAMES) MULLIN, P. Eng
        
        Tullameen, BC, Canada
        
        
        Director
        
        Independent; Chairman of the Nominating & Corporate Governance
        Committee; Member of the Human Resources & Compensation Committee; Member of Safety, Health & Environment Committee | Retired Professional Engineer in the province of British Columbia.
        Served as Senior Vice President of North American Operations for Newmont Mining Corporation until his retirement in 2001. During
        5 years prior to the date of this AIF he has acted as an independent consultant in the mining industry and owned and operated a
        mid-sized cattle ranch. | August 6, 2013 to present           | Common Shares
        Nil
        
        Stock Options 163,000    | 0%                  
|JIM A. ZADRA, CA
        
        Vancouver, BC, Canada
        
        
        Chief Financial Officer and Corporate Secretary
        
        
        Member of Disclosure Committee                                                                                                                        | Chief Financial Officer and Corporate Secretary of the Company
        from July 2012 to present; Vice President, Finance of the Company from September 2011 to July 2012; Chief Financial Officer and
        Corporate Secretary of DDS Wireless International Inc. from 2008 to 2011.                                                                                            | N/A                                 | Common Shares
        Nil
        
        Stock Options 856,000    | 0%                  
|ALI SOLTANI
        
        Texas, USA
        
        Chief Operating Officer
        
        Member of Disclosure Committee                                                                                                                                                                                  | Chief Operating Officer of the Company from
        September 2014 to present; Served as Vice President Technical Services and other senior roles for Newmont Mining from January 1989
        to December 2010; Retired from January 2011 to September 2014.                                                                                                                       | N/A                                 | Common Shares
        Nil
        
        Stock Options 250,000    | 0%                  
|ROBERT F. BROWN, P.Eng.
        
        West Vancouver, BC, Canada
        
        
        Vice President, Exploration
        
        Member of Disclosure Committee                                                                                                                                         | Vice President, Exploration of the Company
        from 2004 to present; Director of Cangold Limited from 2007 to present, President and director of Finlay Minerals Limited from
        1999 to present.                                                                                                                                                                          | N/A                                 | Common Shares
        50,000
        
        Stock Options 254,000 | Less than 1%        



CEASE TRADE ORDERS, BANKRUPTCIES,
PENALTIES OR SANCTIONS



Other than as
disclosed herein, no director or executive officer of the Company nor a personal holding company of any of them is, at the date
of this AIF or has been within the 10 years before the date of the AIF, a director, chief executive officer or chief financial
officer of any company (including the Company), that while that person was acting in that capacity,





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201467







| | i) | was the subject of a cease trade order or similar order or an order that denied the relevant company
access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days; or
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ii) | was subject to a cease trade order or similar order or an order that denied the relevant company
access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was
issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and
which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer of
chief financial officer.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Other than as
disclosed herein, no director or executive officer of the Company, nor a shareholder holding a sufficient number of common shares
of the Company to materially affect the control of the Company, nor a personal holding company of any of them:



| | i) | is, at the date of this AIF or has been within the 10 years before the date of the AIF, a director,
or executive officer of any company (including the Company), that while that person was acting in that capacity, or within a year
of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or
insolvency or was subject to or instituted any proceedings, arrangement, or compromise with creditors, or had a receiver, receiver
manager, or trustee appointed to hold its assets; or
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ii) | has, within the 10 years before the date of this AIF, become bankrupt, made a proposal under any
legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or comprise with
creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, officer or shareholder.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



No director or
executive officer of the Company, nor a shareholder holding a sufficient number of common shares of the Company to affect materially
the control of the Company, nor a personal holding company of any of them, has been subject to:



| | i) | any penalties or sanctions imposed by the court relating to securities legislation or by a securities
regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ii) | any other penalties or sanctions imposed by a court or regulatory body that would likely be considered
important to a reasonable investor in making an investment decision.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



CONFLICTS OF INTEREST



To the best of
the Company’s knowledge, and other than as disclosed herein, there are no known existing or potential material conflicts
of interest between the Company (or a subsidiary of the Company) and any director or officer of the Company (or a subsidiary of
the Company), except that certain of the directors and officers serve as directors, officers or members of management of other
public companies and therefore it is possible that a conflict may arise between their duties as a director or officer of the Company
and their duties as a director, officer, promoter or member of management of such other companies.



The directors
and officers of the Company are aware of the existence of laws governing accountability of directors and officers for corporate
opportunity and requiring disclosure by directors of conflicts of interest and the Company relies upon such laws in respect of
any directors’ and officers’ conflicts of interest or in respect of any breaches of duty by any of its directors and
officers. All such conflicts have been disclosed by such directors and officers in accordance with the Canada Business Corporations
Act and they have governed themselves in respect thereof to the best of their ability in accordance with the obligations imposed
upon them by law.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201468







AUDIT COMMITTEE INFORMATION



AUDIT COMMITTEE CHARTER



The Audit Committee
is ultimately responsible for the policies and practices relating to integrity of financial and regulatory reporting, as well as
internal controls to achieve the objectives of safeguarding of corporate assets, reliability of information, and compliance with
policies and laws.



The Audit Committee’s
charter sets out its mandate and responsibilities, and is attached as Schedule A to this AIF.



COMPOSITION OF THE AUDIT COMMITTEE



The members of
the Company’s audit committee are R.W. (Bob) Garnett, John Jennings and Jeffrey Mason. Each of Messrs. Garnett, Jennings
and Mason are independent and financially literate within the meaning of National Instrument 52-110 Audit Committees. Mr.
Garnett served as Chairman of the audit committee during 2014. Effective January 1, 2015, Mr. Mason was appointed as the Chairman
of the Audit Committee.



RELEVANT EDUCATION AND EXPERIENCE



For a description
of the education and experience of each Audit Committee member that is relevant to the performance of his responsibilities as an
audit committee member, see “Directors and Officers” as well as the biographies of each member below. Such education
and experience provides each member with:





| | · | an understanding of the accounting principles
used by the Company to prepare its financial statements, and the ability to assess the general application of those principles
in connection with estimates, accruals and reserves;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | · | experience preparing, auditing, analyzing
or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable
to the breadth and complexity of issues that can reasonably be expected to be raised by the Company’s financial statements;
and
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | · | an understanding of internal controls
and procedures for financial reporting.
| | - | -----------------------------------------------------------------------------



R.W. (Bob)
Garnett



Mr. R.W. (Bob)
Garnett is a Chartered Accountant and was an owner for ten years of US and Canadian based companies in the same-day courier business.
Previous to this, he was an owner and president of Eaglequest Golf Centers Inc., Chief Financial Officer of The Loewen Group Inc.
and held senior financial roles in the residential and commercial real estate industry. He has served as Vice-chair of the board
of the South Coast British Columbia Transportation Authority (TransLink) and is currently a Commissioner of the Financial Institutions
Commission and serves as President of Sagebrush Golf and Sporting Club. Mr. Garnett received a BA (Commerce) from Simon Fraser
University and is a certified corporate director through the Institute of Corporate Directors (ICD.D).





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201469







John Jennings



Mr. Jennings is
a Chartered Financial Analyst who has almost three decades of experience in the Canadian and international financial services sectors,
as Chief Executive Officer of a Canadian investment dealer and, thereafter, a senior investment banker providing strategic advice,
raising capital and executing mergers and acquisitions, primarily for middle-market companies. He is currently a Senior Client
Partner at Korn/Ferry and prior to that, he was the Chief Operating Officer with a privately held real estate development, management
and investment firm. He earned a MBA from London Business School in London, England and a bachelor’s degree in chemistry
from the University of Western Ontario in London, Ontario.



Jeffrey Mason



Mr. Mason is a
Chartered Accountant. He is Director and Chief Financial Officer of Wellgreen Platinum Ltd. since 2012, Director of Amarc Resources
Ltd. since 1995, Director and Audit Committee chair of Red Eagle Mining Corporation since 2011, Director and Audit Committee chair
of Slater Mining Corporation since 2008. Previous to this, he was Chief Financial Officer, Corporate Secretary and Director of
Hunter Dickinson Inc. from 1994 to 2008, and Director and Audit Committee chair of Coastal Contacts Inc. from 2006 to April 2014.



RELIANCE ON CERTAIN EXEMPTIONS



Since the commencement of the Company’s
most recently completed financial year, the Company has not relied on:



| | a) | the exemption in section 2.4 (De Minimis Non-Audit Services) of NI 52-110;
| | -- | --------------------------------------------------------------------------

| | b) | the exemption is section 3.2 (Initial Public Offerings) of NI 52-110
| | -- | --------------------------------------------------------------------

| | c) | the exemption is section 3.4 (Events Outside the Control of the Member) of NI 52-110;
| | -- | -------------------------------------------------------------------------------------

| | d) | the exemption in section 3.5 (Death, Disability or Resignation of Audit Committee Member) of NI
52-110; or
| | -- | ----------------------------------------------------------------------------------------------------------

| | e) | an exemption from the Instrument in whole or in part, granted under Part 8 of NI 52-110.
| | -- | ----------------------------------------------------------------------------------------



PRE-APPROVAL POLICY



The Audit Committee
has adopted specific policies for the engagement of non-audit services to be provided to the Company by the external auditor. On
an annual basis, the Audit Committee may pre-approve a budget for specified non-audit services within which limits the CFO may
contract the services of the Company’s external auditor.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201470







EXTERNAL AUDITOR SERVICE FEES



The following
table sets out the aggregate fees billed to the Company by its external auditor, KPMG LLP, in each of the last two fiscal years:



|Category           | Year
Ended December 31, 20148 | Year
    Ended December 31, 20138
|------------------ | ----------------------------- | ---------------------------------
|Audit Fees         | $443,428                      | $442,129                         
|Audit-Related Fees | Nil                           | Nil                              
|Tax Fees           | 10,000                        | 10,000                           
|All Other Fees     | Nil                           | Nil                              



“Audit Fees”
include 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. “Tax Fees” include fees for the preparation of the Company’s corporation income tax return and related
tax filings.





LEGAL PROCEEDINGS AND REGULATORY ACTIONS





During the financial
year ended December 31, 2014, the Company was not and is not currently a party to, nor is any of its property the subject of, any
legal proceedings for which the outcome is expected by management to have a material adverse effect on the Company, nor, to the
Company’s knowledge, is the Company to be a party to any contemplated legal proceedings, the outcome of which could have
a material adverse effect on the Company.



There have been
no penalties or sanctions imposed against the Company by a court relating to securities legislation or by a securities regulatory
authority during the financial year ended December 31, 2014, or any other penalties or sanctions imposed by a court or regulatory
body against the Company that would likely be considered important to a reasonable investor making an investment decision in the
Company, and the Company has not entered into any settlement agreements before a court relating to securities legislation or with
a securities regulatory authority during the financial year ended December 31, 2014.





INTEREST OF MANAGEMENT AND OTHERS IN
MATERIAL TRANSACTIONS



Other than as
stated elsewhere in this AIF and in the consolidated financial statements for the year ended December 31, 2014, to the best of
the Company’s knowledge, there have been no material transactions or loans from the commencement of the 2014 fiscal year
to the date of this AIF between the Company and: (a) enterprises that directly or indirectly through one or more intermediaries,
control or are controlled by, or are under common control with, the Company; (b) associates; (c) individuals owning, directly or
indirectly, an interest in the voting power of the Company that gives them significant influence over the Company, and close members
of any such individual's family; (d) key management personnel of the Company, including directors and senior management of the
Company and close members of such individuals’ families; and (e) enterprises in which a substantial interest in the voting
power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant
influence.










8Fees billed for audit services are presented based on the fiscal period to which the
audit services relate. Audit-related, Tax and Other fees are presented based on the period during which the services were rendered.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201471







Cangold Arrangement



The Cangold Arrangement
is a ‘related party transaction’ for Great Panther under Multilateral Instrument 61-101 – Protection of Minority
Security Holders in Special Transactions (“MI 61-101”) by virtue of the fact that each of Messrs. Robert Archer (Chief
Executive Officer and a director of Great Panther), Kenneth Major (a director of Great Panther) and Robert Brown (Vice President,
Exploration of Great Panther) is also a director (and in the case of Messrs. Archer and Brown, also an officer) of Cangold and
has agreed to participate in the Cangold Arrangement.



Messrs. Archer,
Major and Brown hold an aggregate of 3,315,100 Cangold Shares, 400,000 options to acquire Cangold Shares (“Cangold Options”)
and 493,000 warrants to acquire Cangold Shares (“Cangold Warrants”). The Cangold Arrangement is expected to increase
their Great Panther shareholdings as follows, if the transaction is completed:





|Name and Position with Great Panther                        | Cangold Shares | Cangold Shares underlying Cangold Options | Cangold Shares underlying Cangold Warrants | Total Cangold Shares(1) | Total Great Panther Shares Issuable under the Arrangement(2) | 
|----------------------------------------------------------- | -------------- | ----------------------------------------- | ------------------------------------------ | ----------------------- | ------------------------------------------------------------ | 
|                                                           
|Robert A. Archer
        Director & Chief Executive Officer | 3,045,100      | Nil                                       | 378,000                                    | 3,423,100               | 171,155                                                      | 
|Kenneth W. Major
        Director                           | 40,000         | 150,000                                   | 20,000                                     | 210,000                 | 10,500                                                       | 
|Robert Brown
        Vice President, Exploration            | 230,000        | 250,000                                   | 95,000                                     | 575,000                 | 28,750                                                       | 
|                                                            |                |                                           |                                            | 4,208,100               | 210,405                                                      | 









Notes:



| | (1) | The number of total Cangold Shares held by each named
individual is on a fully-diluted basis.
| | --- | ---------------------------------------------------------------------------------------------



| | (2) | The number of Great Panther Shares that each named individual is entitled to receive under the
Arrangement is based on the Exchange Ratio on a fully-diluted basis.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201472









Approval Procedures



Messrs. Archer,
Major and Brown declared an interest in, and abstained from voting on, the resolutions respecting the Letter Agreement and the
Loan Documents. The Letter Agreement and the Loan documents were reviewed and approved by special committees consisting of independent
directors of both Great Panther and Cangold.





TRANSFER AGENTS AND REGISTRARS





The transfer of
the Company’s common shares is managed by Computershare Investor Services (“Computershare”). Computershare’s
register of transfers for the common shares of the Company is located at 510 Burrard Street, 3rd Floor, Vancouver, British Columbia,
Canada, V6C 3B9.





MATERIAL CONTRACTS





Other than as
disclosed in this AIF, the Company is not at present party to any material contracts, other than material contracts entered into
in the ordinary course of business and upon which the Company’s business is not substantially dependent.





INTERESTS OF EXPERTS





The following
is a list of the persons or companies named as having prepared or certified a report, valuation, statement or opinion described
or included in a filing, or referred to in a filing, made under National Instrument 51-102 Continuous Disclosure Obligations by
the Company during, or relating to, Company’s most recently completed financial year, and whose profession or business gives
authority to the report, valuation, statement or opinion made by the person or company:



| | 1. | KPMG LLP
| | -- | --------



KPMG
LLP is the external auditor of the Company and reported on the Company’s audited financial statements for the years ended
December 31, 2014 and 2013 filed on SEDAR.



| | 2. | Robert F. Brown, P. Eng.
| | -- | ------------------------



Robert
Brown authored the February 25, 2015 technical report under NI 43-101 on the Guanajuato Mine Complex Claims and Mineral Resource
Estimations for the Guanajuato Mine, San Ignacio Mine, and El Horcon Project, and supervised the preparation of certain technical
information set forth herein relating to the Company’s mineral properties. Mr. Brown is Vice President, Exploration of the
Company and holds securities of the Company as set forth under the heading “Directors and Officers” above.



Robert
Brown also co-authored the May 9, 2014 technical report under NI 43-101 on the Topia Mine Complex and supervised the preparation
of certain technical information set forth herein relating to the Company’s mineral properties.





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201473









| | 3. | Octree Consulting Pty Ltd
| | -- | -------------------------



Linda
Sprigg, RPGeo AIG, of Octree Consulting Pty Ltd co-authored the May 9, 2014 technical report under NI 43-101 on the Topia Mine
Complex.



To the Company’s
knowledge, each of the aforementioned firms or persons did not hold more than 1% of the outstanding securities of the Company or
of any associate or affiliate of the Company when they prepared the reports referred to above or following the preparation of such
reports. None of the aforementioned firms or persons received any direct or indirect interest in any securities of the Company
or of any associate or affiliate of the Company in connection with the preparation of such reports.



Based on information
provided by the relevant persons, none of the aforementioned firms or persons, nor any directors, officers or employees of such
firms, other than Robert F. Brown, are currently expected to be elected, appointed or employed as a director, officer or employee
of the Company or of any associate or affiliate of the Company.



The Company’s
auditors, KPMG LLP, are independent within the meaning of the Rules of Professional Conduct of the Institute of Chartered Accountants
of British Columbia and within the meaning of the United States Securities Exchange Act of 1934 and the applicable rules and regulations
thereunder adopted by the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board (United States).





ADDITIONAL INFORMATION





Additional information
relating to the Company may be found on SEDAR at www.sedar.com.



Additional information
including directors’ and officers’ remuneration and indebtedness, principal holders of the Company’s securities,
and securities authorized for issuance under equity compensation plans, as applicable, is contained in the Company’s information
circular for its most recent annual general meeting.



Additional financial
information is provided in the Company’s audited financial statements and MD&A for the year ended December 31, 2014 which
may be obtained upon request from Great Panther’s head office, or may be viewed on the Company’s website (www.greatpanther.com)
or on the SEDAR website (www.sedar.com).





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201474









SCHEDULE “A”



Charter of the Audit Committee



(Approved by the Board on October 1, 2014)

Article 1. Mandate



The mandate of the Audit Committee (the
"Committee") of the board of directors (the "Board") of the Company is to:



| | a) | assist the Board in fulfilling its oversight responsibilities in respect of:
| | -- | ----------------------------------------------------------------------------



| | i) | the quality and integrity of the Company's financial statements, financial reporting processes
and systems of internal controls and disclosure controls regarding risk management, finance, accounting, and legal and regulatory
compliance;
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ii) | the independence and qualifications of the Company's external auditors;
| | --- | -----------------------------------------------------------------------



| | iii) | the Audit Committee shall require the rotation of the audit partner every five years as required
under Section 203 of the Sarbanes-Oxley Act of 2002 and require that the External Auditor provide a plan for the orderly transition
of audit engagement team members;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | iv) | the review of the periodic audits performed by the Company's external auditors and the Company's
internal accounting department; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | v) | the development and implementation of policies and processes in respect of corporate governance
matters;
| | -- | --------------------------------------------------------------------------------------------------------



| | b) | provide and establish open channels of communication between the Company's management, internal
accounting department, external auditor and directors;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | c) | prepare all filings and disclosure documents required to be prepared by the Committee and/or the
Board pursuant to all applicable federal, provincial and state securities legislation and the rules and regulations of all securities
commissions having jurisdiction over the Company;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | d) | review and confirm the adequacy of procedures for the review of all public disclosure of financial
information extracted or derived from the Company's financial statements, and to periodically assess the adequacy of those procedures;
and
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | e) | establish procedures for:
| | -- | -------------------------



| | i) | the receipt, retention and treatment of complaints or concerns received by the Company regarding
accounting, internal accounting controls or auditing matters, including, but not limited to, concerns about questionable accounting
or auditing practices; and
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ii) | the confidential, anonymous submission by employees of the Company of such complaints or concerns.
| | --- | --------------------------------------------------------------------------------------------------





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201475







The Committee will primarily fulfil its
mandate by performing the duties set out in Article 7 hereof.



The Board and management of the Company
will ensure that the Committee has adequate funding to fulfil its mandate.



While the Committee has the responsibilities
and powers set forth in this Charter, it is not the duty of the Committee to plan or conduct audits, or to determine that the Company's
financial statements are complete and accurate or are in accordance with generally accepted accounting principles, accounting standards
or applicable laws and regulations. This is the responsibility of Company's management, internal accounting department and external
auditors. Because the primary function of the Committee is oversight, the Committee will be entitled to rely on the expertise,
skills and knowledge of the Company's management, internal accounting department, external auditors and other external advisors
and the integrity and accuracy of information provided to the Committee by such persons in carrying out its oversight responsibilities.
Nothing in this Charter is intended to change or in any way limit the responsibilities and duties of Company's management, internal
accounting department or external auditors.



Article 2. Composition



The Committee will be comprised of members
of the Board, the number of which will be determined from time to time by resolution of the Board. The composition of the Committee
will be determined by the Board such that the membership and independence requirements set out in the rules and regulations, in
effect from time to time, of any securities commissions (including, but not limited to, the Securities and Exchange Commission
and the British Columbia Securities Commission) and any exchanges upon which the Company's securities are listed (including, but
not limited to, the Toronto Stock Exchange and the New York Stock Exchange MKT ) are satisfied (the said securities commissions
and exchanges are hereinafter collectively referred to as the "Regulators").



Article 3. Term of Office



The members of the Committee will be appointed
or re-appointed by the Board on an annual basis. Each member of the Committee will continue to be a member thereof until such member's
successor is appointed, or until such member resigns or is removed by the Board. The Board may remove or replace any member of
the Committee at any time. However, a member of the Committee will automatically cease to be a member of the Committee upon either
ceasing to be a director of the Board or ceasing to meet the requirements established, from time to time, by any Regulators. Vacancies
on the Committee will be filled by the Board.



Article 4. Chairman



The Board, or if it fails to do so, the
members of the Committee, will appoint a chairman from the members of the Committee. If the chairman of the Committee is not present
at any meeting of the Committee, an acting chairman for the meeting will be chosen by majority vote of the Committee from among
the members present. In the case of a deadlock in respect of any matter or vote, the chairman will refer the matter to the Board
for resolution. The Committee may appoint a secretary who need not be a member of the Board or Committee.



Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201476









Article 5. Meetings



The time and place of meetings of the Committee
and the procedures at such meetings will be determined, from time to time, by the members thereof, provided that:



| | a) | a quorum for meetings will be two members, present in person or by telephone or other telecommunication
device that permits all persons participating in the meeting to speak to and hear each other. The Committee will act on the affirmative
vote of a majority of members present at a meeting at which a quorum is present. The Committee may also act by unanimous written
consent in lieu of meeting;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b) | the Committee may meet as often as it deems necessary, but will not meet less than once quarterly;
| | -- | --------------------------------------------------------------------------------------------------



| | c) | notice of the time and place of every meeting will be given in writing and delivered in pursuing
or by facsimile or other means of electronic transmission to each member of the Committee at least 72 hours prior to the time of
such meeting; and
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | d) | the Committee will maintain written minutes of its meetings, which minutes will be filed with the
minutes of the meetings of the Board. The Committee will make regular reports of its meetings to the Board, directly or through
its chairman, accompanied by any recommendations to the Board approved by the Committee.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Article 6. Authority



The Committee will have the authority to:



| | a) | retain (at the Company’s expense) its own legal counsel, accountants and other consultants
that the Committee believes, in its sole discretion, are needed to carry out its duties and responsibilities;
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b) | conduct investigations that it believes, in its sole discretion, are necessary to carry out its
responsibilities;
| | -- | -----------------------------------------------------------------------------------------------------------------



| | c) | take whatever actions it deems appropriate, in its sole discretion, to foster an internal culture
within the Company that results in the development and maintenance of a superior level of financial reporting standards, sound
business risk practices and ethical behaviour; and
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | d) | request that any director, officer or employee of the Company, or other persons whose advice and
counsel are sought by the Committee (including, but not limited to, the Company’s legal counsel and the external auditors)
meet with the Committee and any of its advisors and respond to their inquiries.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Article 7. Specific Duties



In fulfilling its mandate, the Committee will, among other things:



| | a) | (i) select the external auditors, based upon criteria developed by the Committee; (ii) approve
all audit and non-audit services in advance of the provision of such services and the fees and other compensation to be paid to
the external auditors; (iii) oversee the services provided by the external auditors for the purpose of preparing or issuing an
audit report or related work; and (iv) review the performance of the external auditors, including, but not limited to, the partner
of the external auditors in charge of the audit, and, in its discretion, approve any proposed discharge of the external auditors
when circumstances warrant, and appoint any new external auditors. Notwithstanding any other provision of this Charter, the external
auditor will be ultimately accountable to the Board and the Committee, as representatives of the shareholders of the Company, and
those representatives will have the ultimate authority and responsibility to select, evaluate and, where appropriate, replace the
external auditor (or to nominate the external auditor to be proposed for shareholder approval);
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201477









| | b) | periodically review and discuss with the external auditors all significant relationships that the
external auditors have with the Company to determine the independence of the external auditors. Without limiting the generality
of the foregoing, the Committee will ensure that it receives, on an annual basis, a formal written statement from the external
auditors that sets out all relationships between the external auditor and the Company, consistent with all professional standards
that are applicable to the external auditors (including, but not limited to, those established by any securities legislation and
regulations, the Canadian Institute of Chartered Accounts and the American Institute of Certified Public Accountants, and those
set out in the "Handbook of the Canadian Institute of Chartered Accountants" and "Independence Standards Board Standard
No. 1");
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c) | evaluate, in consultation with the Company's management, internal accounting department and external
auditors, the effectiveness of the Company’s processes for assessing significant risks or exposures and the steps taken by
management to monitor, control and minimize such risks; and obtain, annually, a letter from the external auditors as to the adequacy
of such controls;
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | d) | consider, in consultation with the Company's external auditors and internal accounting department,
the audit scope and plan of the external auditors and the internal accounting department;
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | e) | coordinate with the Company's external auditors the conduct of any audits to ensure completeness
of coverage and the effective use of audit resources;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | f) | assist in the resolution of disagreements between the Company's management and the external auditors
regarding the preparation of financial statements; and in consultation with the external auditors, review any significant disagreement
between management and the external auditors in connection with the preparation of the financial statements, including management’s
responses thereto;
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | g) | after the completion of the annual audit, review separately with each of the Company's management,
external auditors and internal accounting department the following:
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | i) | the Company’s annual financial statements and related footnotes;
| | -- | ----------------------------------------------------------------



| | ii) | the external auditors’ audit of the financial statements and their report thereon;
| | --- | ----------------------------------------------------------------------------------



| | iii) | any significant changes required in the external auditors’ audit plan;
| | ---- | ----------------------------------------------------------------------



| | iv) | any significant difficulties encountered during the course of the audit, including, but not limited to, any restrictions on
the scope of work or access to required information;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | v) | the Company’s guidelines and policies governing the process of risk assessment and risk management; and
| | -- | -------------------------------------------------------------------------------------------------------



| | vi) | other matters related to the conduct of the audit that must be communicated to the Committee in accordance with the standards
of any regulatory body (including, but not limited to, the Canadian Institute of Chartered Accountants and the Public Company Accounting
Oversight Board (United States));
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | h) | consider and review with the Company's external auditors (without the involvement of the Company's
management and internal accounting department):
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201478







| | i) | the adequacy of the Company’s internal controls and disclosure controls, including, but not limited to, the adequacy
of computerized information systems and security;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ii) | the truthfulness and accuracy of the Company’s financial statements; and
| | --- | ------------------------------------------------------------------------



| | iii) | any related significant findings and recommendations of the external auditors and internal accounting department, together
with management’s responses thereto;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | i) | consider and review with the Company's management and internal accounting department:
| | -- | -------------------------------------------------------------------------------------



| | i) | significant findings during the year and management’s responses thereto;
| | -- | ------------------------------------------------------------------------



| | ii) | any changes required in the planned scope of their audit plan;
| | --- | --------------------------------------------------------------



| | iii) | the internal accounting department's budget and staffing; and
| | ---- | -------------------------------------------------------------



| | iv) | the internal auditor department’s compliance with the appropriate internal auditing standards;
| | --- | ----------------------------------------------------------------------------------------------



| | j) | establish systems for the regular reporting to the Committee by each of the Company's management,
external auditors and internal accounting department of any significant judgments made by management in the preparation of the
financial statements and the opinions of each as to appropriateness of such judgments;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | k) | review (for compliance with the information set out in the Company's financial statements and in
consultation with the Company's management, external auditors and internal accounting department, as applicable) all filings made
with Regulators and government agencies, and other published documents that contain the Company’s financial statements before
such filings are made or documents published (including, but not limited to: (i) any certification, report, opinion or review rendered
by the external auditors; (ii) any press release announcing earnings (especially those that use the terms "pro forma",
"adjusted information" and "not prepared in compliance with generally accepted accounting principles"); and
(iii) all financial information and earnings guidance intended to be provided to analysts, the public or to rating agencies);
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | l) | prepare and include in the Company’s annual proxy statement or other filings made with Regulators
any report from the Committee or other disclosures required by all applicable federal, provincial and state securities legislation
and the rules and regulations of Regulators having jurisdiction over the Company;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | m) | review with the Company's management: (i) the adequacy of the Company's insurance and fidelity
bond coverage, reported contingent liabilities and management’s assessment of contingency planning; (ii) management’s
plans in respect of any changes in accounting practices or policies and the financial impact of such changes; (iii) any major areas
in that, in management’s opinion, have or may have a significant effect upon the financial statements of the Company; and
(iv) any litigation or claim (including, but not limited to, tax assessments) that could have a material effect upon the financial
position or operating results of the Company;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | n) | at least annually, review with the Company’s legal counsel and accountants all legal, tax
or regulatory matters that may have a material impact on the Company’s financial statements, operations and compliance with
applicable laws and regulations;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | o) | review and update periodically a Code of Ethics and Business Conduct for the directors, officers
and employees of the Company; and review management’s monitoring of compliance with the Code of Ethics and the Business Conduct;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | p) | review and update periodically the procedures for the receipt, retention and treatment of complaints
and concerns by employees received by the Company regarding accounting, internal accounting controls or auditing matters, including,
but not limited to, concerns regarding questionable accounting or auditing practices, as set out in the Schedule attached to this
Charter;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201479







| | q) | consider possible conflicts of interest between the Company's directors and officers and the Company;
and approve in advance all related party transactions;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | r) | review policies and procedures in respect of the expense accounts of the Company's directors and
officers, including, but not limited to, the use of corporate assets;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | s) | review annually and update this Charter and recommend any proposed changes to the Board for approval,
in accordance with the requirements of all applicable federal, provincial and state securities legislation and the rules and regulations
of Regulators having jurisdiction over the Company; and
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | t) | perform such other functions, consistent with this Charter, the Company’s constating documents
and governing laws, as the Committee deems necessary or appropriate.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------





WHISTLE BLOWER
POLICY

(Schedule to
Charter of the Audit Committee)



Procedures for
the Submission of Complaints or Concerns regarding Accounting, Internal Accounting Controls and Auditing Matters



| | 1. | The Company has designated the Business Ethics Officer (“The Officer”) to be responsible
for administering these procedures for the receipt, retention and treatment of complaints or concerns received by the Company regarding
accounting, internal accounting controls or auditing matters in respect of the Company, including, but not limited to, concerns
regarding questionable accounting or auditing practices on behalf of the Audit Committee of its board of directors.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Any person including employee of the Company or third party may on a confidential and anonymous
basis submit complaints or concerns regarding accounting, internal accounting controls or auditing matters in respect of the Company
by setting out such complaints or concerns in an e-mail or a letter addressed to the Business Ethics Officer with a legend on the
envelope that indicates that the contents of the envelope are confidential (for example, “Confidential” or “To
be Opened by the Business Ethics Officer Only”). If the complainant would like to discuss the matter directly with a member
of the Committee, the complainant should include a telephone number at which he or she can be contacted in his or her submission
to the Officer.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



All
submissions to the Business Ethics Officer should be addressed as follows:



Great
Panther Silver Limited

c/o
Business Ethics Officer

Attn:
Mr. R.W. (Bob) Garnett, CPA, CA, ICD.D

Suite
800, 333 Seymour Street

Vancouver,
British Columbia V6B 5A6

Canada

CONFIDENTIAL

Or

E-mail:
ethics@greatpanther.com





Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201480







| | 3. | Any communications regarding complaints or concerns about accounting, internal accounting controls
or auditing matters in respect of the Company submitted by employees to the Committee will be treated as confidential.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | Any complaints or concerns that are made directly to management, whether openly, confidentially
or anonymously, shall be promptly reported to the Business Ethics Officer. The complaints will be investigated under the direction
of the Audit Committee.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | If the complaint or concern is a serious matter with material impact on, or involving the Company’s
Senior Management, the Officer will report the issue to the Audit Committee of Great Panther within 24 hours from the time it is
received.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6. | The Officer shall determine what internal resources or professional assistance, if any, is required
in order to conduct a full investigation with the Audit Committee’s approval.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7. | The Officer shall promptly investigate the complaint and shall report the result of the investigation
in writing, to the Audit Committee at the end of each quarter.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8. | All whistleblower complaints or concerns must be retained by the Audit Committee for a period of
seven (7) years.
| | -- | -----------------------------------------------------------------------------------------------------------------



| | 9. | The Company will not tolerate any termination or retaliation by any person or group, directly or
indirectly, against anyone who, in good faith, makes a complaint, raises a concern or provides assistance to the investigation.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10. | The investigation shall not reveal the identity of any person who makes a good faith complaint
or concern and who asks that his or her identity remain confidential.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11. | Nothing herein shall be construed to protect a person
from the consequences of their own wrongdoing however a person’s self disclosure or wrongdoing that is not independently
discovered through investigation shall be taken into account when considering the consequences to such person.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12. | If an employee, officer or director of the Company legitimately
and in good faith submits a complaint, the Company will not discharge, demote, suspend, threaten, harass or otherwise discriminate
or retaliate against him or her in the terms or conditions of employment because of that activity. However, since such allegation
of impropriety may result in serious personal repercussions for the target person or entity, the employee, officer, or director
making the allegations of impropriety should have reasonable and probable grounds before reporting such impropriety and should
undertake such reporting in good faith, for the best interests of the Company and not for personal gain or motivation.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13. | In the event that the investigation reveals that the complaint was frivolously made or undertaken
for improper motives or made in bad faith or without a reasonable and probable basis, appropriate disciplinary action may be taken.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------









Great Panther Silver LimitedAnnual Information Form for the year ended December 31, 201481