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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C.
20549

FORM 40-F/A(Amendment No. 1)

[   ] REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

OR

[X] ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

|For the fiscal year ended: December 31, 2012 | Commission File Number: 001-35043
|-------------------------------------------- | ---------------------------------

GREAT PANTHER SILVER
LIMITED(Exact name of Registrant as specified in its
charter)

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

800  333 Seymour Street Vancouver, British Columbia,
Canada V6B 5A6 Tel: 604-608-1766(Address and telephone
number of Registrants principal executive offices)

National Registered Agents, Inc. 875 Avenue of the
Americas, Suite 501 New York, New York 10001 Tel:
1-800-550-6724(Name, address (including zip code) and telephone
number (including area code) of agent for service in the United States)

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

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

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

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

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

|[X] Annual Information Form | [X] Audited Annual Financial
  Statements
|--------------------------- | -----------------------------------------

Indicate the number of outstanding shares of each of the
Companys classes of capital or common stock as of the close of the period
covered by the annual report: 137,860,052 Common Shares as at December 31,
2012

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

Yes [   ]          No[X]

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

Yes[X]          No[   ]

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

Yes[   ]          No[   ]

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EXPLANATORY NOTE

Great Panther Silver Limited (the Company) is filing this
Amendment No. 1 to the Companys Annual Report on Form 40-F for the year ended
December 31, 2012, as originally filed on March 13, 2013 (the Annual Report),
for the sole purpose of re-submitting the Companys audited financial statements
for the year ended December 31, 2012 to include the Managements Statement of
Responsibility for Financial Reporting and Managements Report on Internal
Control over Financial Reporting which were inadvertently omitted from the
originally filed financial statements included as Exhibit No. 99.2 of the Annual
Report. There are no other changes or amendments to either the audited financial
statements for the year ended December 31, 2012 or the Annual Report.

1

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SIGNATURES

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

|Date: March 14, 2013 | GREAT PANTHER SILVER LIMITED
|-------------------- | ----------------------------
|                     |                             
|                     |                             
|                     |                             
|                     | By:                         
|                     |                             
|                     |                             

2

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EXHIBIT INDEX

|Exhibit Number | Exhibit Description                                                                                                                                                                                     
|-------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|               |                                                                                                                                                                                                         
|Principal      |                                                                                                                                                                                                         
|Documents      |                                                                                                                                                                                                         
|99.1           | Annual Information Form of the Company for the year ended
      December 31, 2012 (1)                                                                                                                   
|99.2           | Audited financial statements of the Company and the notes
      thereto for the fiscal years ended December 31, 2012 and 2011 together
      with the reports of the auditors thereon (2)               
|99.3           | Managements Discussion and Analysis of the Company for
      the year ended December 31, 2012 (1)                                                                                                      
|Certifications |                                                                                                                                                                                                         
|99.4           | Certification of Chief Executive Officer pursuant to Rule
      13a-14(a) of the Exchange Act (2)                                                                                                       
|99.5           | Certification of Chief Financial Officer pursuant to Rule
      13a-14(a) of the Exchange Act (2)                                                                                                       
|99.6           | Certification of Chief Executive Officer pursuant to Rule
      13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (2)
|99.7           | Certification of Chief Financial Officer pursuant to Rule
      13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (2)
|Consents       |                                                                                                                                                                                                         
|99.8           | Consent of KPMG LLP, Independent Registered Public
      Accounting Firm, dated March 13, 2013 (1)                                                                                                      
|99.9           | Consent of David W. Rennie, P. Eng., dated March 12, 2013
      (1)                                                                                                                                     
|99.10          | Consent of Tudorel Ciuculescu, M.Sc., P.Geo., dated March
      12, 2013 (1)                                                                                                                            
|99.11          | Consent of Robert F. Brown, P.Eng., dated March 13, 2013
      (1)                                                                                                                                      
|99.12          | Consent of Michael F. Waldegger, P.Geo., dated March 12,
      2013 (1)                                                                                                                                 

|(1) | Filed as an exhibit to Form 40-F filed on March 13,
      2013.
|--- | ---------------------------------------------------------------
|(2) | Filed as an exhibit to this Amendment No. 1 to Form
      40-F.

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