0001279569-20-000721.txt : 20200508 0001279569-20-000721.hdr.sgml : 20200508 20200508115925 ACCESSION NUMBER: 0001279569-20-000721 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200508 DATE AS OF CHANGE: 20200508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREAT PANTHER MINING Ltd CENTRAL INDEX KEY: 0001300050 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35043 FILM NUMBER: 20859486 BUSINESS ADDRESS: STREET 1: 1330 200 GRANVILLE STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 1S4 BUSINESS PHONE: 604-608-1766 MAIL ADDRESS: STREET 1: 1330 200 GRANVILLE STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 1S4 FORMER COMPANY: FORMER CONFORMED NAME: Great Panther Silver Ltd DATE OF NAME CHANGE: 20120709 FORMER COMPANY: FORMER CONFORMED NAME: Great Panther Silver LTD DATE OF NAME CHANGE: 20100112 FORMER COMPANY: FORMER CONFORMED NAME: Great Panther Resources LTD DATE OF NAME CHANGE: 20040809 6-K 1 greatpanther6k.htm FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2020

Commission File Number: 001-35043

GREAT PANTHER MINING LIMITED

(Translation of registrant's name into English)

1330 – 200 Granville Street

Vancouver, British Columbia, V6C 1S4, Canada

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[ ] Form 20-F [X] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

INCORPORATION BY REFERENCE

Exhibit 99.1 to this report on Form 6-K furnished to the SEC is expressly incorporated by reference into the Registration Statement on Form F-10 of Great Panther Mining Limited (File No. 333-231830), as amended and supplemented.

SUBMITTED HEREWITH

Exhibits

99.1	Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2020
99.2	Management’s Discussion and Analysis for the Three Months Ended March 31, 2020
99.3	Form 52-109F2 Certification of Interim Filings - CEO
99.4	Form 52-109F2 Certification of Interim Filings - CFO
99.5	News Release dated May 7, 2020 - Great Panther Reports First Quarter 2020 Financial Results

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GREAT PANTHER MINING LIMITED


/s/ Jim A. Zadra
Jim A. Zadra
Chief Financial Officer

Date: May 7, 2020

EX-99.1 2 ex991.htm Q1 2020 FINANCIAL STATEMENTS

Exhibit 99.1

GREAT PANTHER MINING LIMITED

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED

MARCH 31, 2020 and 2019

Expressed in US Dollars

(Unaudited)

Great Panther MINING Limited

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in thousands of US dollars - Unaudited)


	March 31, 2020			December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	38,795		$	36,970
Restricted cash		103			115
Trade and other receivables (note 4)		14,787			21,756
Inventories (note 5)		29,296			35,120
Reimbursement rights		5,378			6,465
Derivative assets (note 9)		701			3,454
Other current assets		4,232			1,461
		93,292			105,341
Restricted cash		923			927
Other receivables (note 4)		8,559			10,155
Reimbursement rights		5,928			4,705
Mineral properties, plant and equipment (note 6)		114,746			133,810
Exploration and evaluation assets		14,898			15,659
Deferred tax assets		245			145
	$	238,591		$	270,742

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade payables and accrued liabilities (note 7)	$	46,628		$	49,533
Current portion of borrowings (note 8)		38,784			38,066
Reclamation and remediation provisions - current		3,635			4,927
Derivative liabilities (note 9)		20,489			—
		109,536			92,526
Other liabilities (note 7)		12,145			17,078
Borrowings (note 8)		11,635			4,627
Reclamation and remediation provisions		45,682			50,647
Deferred tax liabilities		4,408			5,365
		183,406			170,243
Shareholders’ equity:
Share capital		252,193			252,186
Reserves		12,563			17,420
Deficit		(209,571	)		(169,107	)
		55,185			100,499
	$	238,591		$	270,742

The accompanying notes are an integral part of these consolidated financial statements.

Nature of operations (note 1)

Commitments and contingencies (note 15)

Great Panther MINING Limited

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Expressed in thousands of US dollars - Unaudited)

For the three months ended March 31, 2020 and 2019 (Unaudited)

		Three months ended March 31,
	2020				2019
Revenue (note 12)	$	48,050		$	16,694

Cost of sales
Production costs		33,802			13,203
Amortization and depletion		8,231			1,905
Share-based compensation		47			69
		42,080			15,177

Mine operating earnings		5,970			1,517

General and administrative expenses
Administrative expenses		3,379			1,896
Amortization and depletion		112			93
Share-based compensation		103			516
		3,594			2,505

Exploration, evaluation, and development expenses
Exploration and evaluation expenses		2,881			2,355
Mine development costs		564			445
Change in reclamation and remediation provision		24			(19	)
Share-based compensation		26			(22	)
		3,495			2,759

Impairment of goodwill (note 13)		—			38,682

Business acquisition costs		—			2,620

Care and maintenance costs		229			148

Finance and other income (expense)
Interest income		105			414
Finance costs		(788	)		(434	)
Accretion expense		(837	)		(503	)
Gain (loss) on derivative instruments (note 9)		(26,045	)		—
Foreign exchange loss (note 14)		(10,768	)		(1,718	)
Other expense		(815	)		(346	)
		(39,148	)		(2,587	)

Loss before income taxes		(40,496	)		(47,784	)

Income tax expense (recovery)		(32	)		242

Net loss for the period	$	(40,464	)	$	(48,026	)

Loss per share - basic and diluted (note 11(a))	$	(0.13	)	$	(0.24	)

The accompanying notes are an integral part of these consolidated financial statements.

Great Panther MINING Limited

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Expressed in thousands of US dollars - Unaudited)

For the three months ended March 31, 2020 and 2019 (Unaudited)

		Three months ended March 31,
	2020				2019

Net loss for the period		$	(40,464	)	$	(48,026	)

Other comprehensive income (loss) (“OCI”), net of tax
Foreign currency translation			(5,032	)		(5,724	)
Change in fair value of financial assets designated as fair value through OCI, net of tax			1			1
			(5,031	)		(5,723	)

Total comprehensive loss for the period		$	(45,495	)	$	(53,749	)

The accompanying notes are an integral part of these consolidated financial statements.

Great Panther MINING Limited

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(Expressed in thousands of US dollars - Unaudited)

For the three months ended March 31, 2020 and 2019 (Unaudited)

	Share capital				Reserves
	Number of common shares (000's)		Amount		Share options and warrants			Foreign currency translation			Fair value			Total reserves			Retained earnings (deficit)			Total share- holder's equity
Balance, January 1, 2019		169,165	$	130,912	$	16,833		$	3,178		$	(182	)	$	19,829		$	(78,085	)	$	72,656
Shares and warrants issued pursuant to the acquisition of Beadell Resources Limited		103,593		93,235		2,646			—			—			2,646			—			95,881
Share options exercised		820		652		(194	)		—			—			(194	)		—			458
Restricted and deferred share units settled		120		115		—			—			—			—			—			115
Share-based compensation		—		—		563			—			—			563			—			563
Comprehensive income (loss)		—		—		—			(5,724	)		1			(5,723	)		(48,026	)		(53,749	)
Balance, March 31, 2019		273,698	$	224,914	$	19,848		$	(2,546	)	$	(181	)	$	17,121		$	(126,111	)	$	115,924

Balance, January 1, 2020		311,941	$	252,186	$	20,575		$	(2,972	)	$	(183	)	$	17,420		$	(169,107	)	$	100,499
Share options exercised		11		7		(2	)		—			—			(2	)		—			5
Share-based compensation		—		—		176			—			—			176			—			176
Comprehensive income (loss)		—		—		—			(5,032	)		1			(5,031	)		(40,464	)		(45,495	)
Balance, March 31, 2020		311,952	$	252,193	$	20,749		$	(8,004	)	$	(182	)	$	12,563		$	(209,571	)	$	55,185

The accompanying notes are an integral part of these consolidated financial statements.

Great Panther MINING Limited

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in thousands of US dollars - Unaudited)

For the three months ended March 31, 2020 and 2019 (Unaudited)

		Three months ended March 31,
	2020				2019
Cash flows from operating activities:
Net loss for the period	$	(40,464	)	$	(48,026	)
Items not involving cash:
Amortization and depletion		8,343			1,998
Impairment of goodwill		—			38,682
Change in reclamation and remediation provision		24			(19	)
Finance costs		788			434
Unrealized loss on derivative liabilities		23,611			—
Unrealized foreign exchange loss		9,129			1,187
Income tax expense (recovery)		(32	)		242
Share-based compensation		176			563
Other non-cash items (note 17(a))		732			93
Interest received		105			276
Interest paid		(781	)		(345	)
Income taxes paid		(737	)		(304	)
		894			(5,219	)
Changes in non-cash working capital:
Trade and other receivables		2,036			1,335
Inventories		(53	)		(2,828	)
Other current assets		(2,959	)		1,026
Trade payables and accrued liabilities		11,840			(2,796	)
Net cash provided by (used in) operating activities		11,758			(8,482	)

Cash flows from investing activities:
Cash restricted for Coricancha environmental bond		7			(863	)
Cash received on Acquisition of Beadell		—			1,441
Redemptions of (investments in) short-term deposits and restricted cash, net		—			19,307
Repayment received prior to Acquisition on loan advanced to Beadell		—			3,069
Advances to Beadell prior to Acquisition		—			(354	)
Additions to mineral properties, plant and equipment		(16,432	)		(4,154	)
Net cash provided by (used in) investing activities		(16,425	)		18,446

Cash flows from financing activities:
Payment of lease liabilities		(1,641	)		(458	)
Proceeds from borrowings		17,350			1,510
Repayment of borrowings		(7,642	)		(1,423	)
Proceeds from exercise of share options		5			458
Net cash from financing activities		8,072			87

Effect of foreign currency translation on cash and cash equivalents		(1,580	)		34

Increase in cash and cash equivalents		1,825			10,085
Cash and cash equivalents, beginning of period		36,970			24,524
Cash and cash equivalents, end of period	$	38,795		$	34,609

Supplemental cash flow information (note 17)

The accompanying notes are an integral part of these consolidated financial statements.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

1.	Nature of operations

Great Panther Mining Limited (the “Company” or “Great Panther”) is a public company which is listed on the Toronto Stock Exchange (“TSX”) trading under the symbol GPR, and on the NYSE American trading under the symbol GPL and is incorporated and domiciled in Canada. The Company’s registered and records office is located at 1330 - 200 Granville Street, Vancouver, BC.

On March 5, 2019, the Company changed its name from Great Panther Silver Limited to Great Panther Mining Limited following the completion of the acquisition of Beadell Resources Limited (“Beadell”) (the “Acquisition”), a gold mining company that was listed on the Australian Securities Exchange and operated the wholly-owned Tucano Gold Mine (“Tucano”) in Amapá state, northern Brazil.

Additionally, the Company has two wholly-owned mining operations in Mexico: the Topia mine (“Topia”), and the Guanajuato Mine Complex (“the GMC”) which comprises the Guanajuato Mine, the San Ignacio Mine (“San Ignacio”), and the Cata processing plant. Topia is located in the Sierra Madre Mountains in the state of Durango in northwestern Mexico, and produces concentrates containing silver, gold, lead and zinc. The GMC produces silver and gold concentrate and is located in central Mexico.

The Company also wholly-owns the Coricancha Mine Complex (“Coricancha”), a gold-silver-copper-lead-zinc mine and 600 tonnes per day processing facility, located in the central Andes of Peru, approximately 90 kilometres east of Lima. Coricancha was acquired by the Company in June 2017, having been placed on care and maintenance by its previous owner in August 2013. The Company filed a positive Preliminary Economic Assessment on Coricancha in May 2018, and in July 2018 commenced a trial stope and bulk sample program (the “BSP”) to further de-risk the project. The BSP was completed in June 2019.

The Company also owns several exploration properties: El Horcón, Santa Rosa, and Plomo in Mexico; and Argosy in Canada. The El Horcón property is located 100 kilometres by road northwest of Guanajuato, Santa Rosa is located 15 kilometres northeast of Guanajuato, and the Plomo property is located in Sonora, Mexico. The Argosy property is located in the Red Lake Mining District in northwestern Ontario, Canada.

These condensed interim consolidated financial statements (“consolidated financial statements”) have been prepared on a going concern basis, which contemplates the continuity of normal business activity and the realization of assets and the settlement of liabilities in the normal course of business.

The Company has been deferring certain discretionary spending and undertaking cost reduction measures to minimize cash outflow requirements anticipated under the current business plan. In particular, this includes the date of the expected restart of Coricancha. The Company has also taken certain steps to improve its liquidity and working capital position, including:

•

On July 9, 2019, the Company entered into an At-the-Market Offering Agreement with H.C. Wainwright & Co. and Eight Capital (the “ATM Agreement”) under which it can sell common shares equal to the lesser of i) 10% of the aggregate market value of the Company’s outstanding common shares as at the last trading day of the month before the month in which the first trade under the offering is made, and ii) aggregate gross proceeds of $25,000 (the “ATM Facility”). To date, the Company has not issued any shares under the ATM Facility.

•

On January 6, 2020, the Company entered into a $11,250 loan and gold doré prepayment agreement with Samsung C&T U.K. Ltd. (“Samsung”) (note 8(b)) which includes the requirement to deliver and sell approximately 3,000 ounces of gold contained in doré per month over a 2-year period from Tucano to Samsung. Samsung advanced the $11,250 prepayment to Great Panther on February 4, 2020.

•

On March 11, 2020, the Company received a loan from Banco Bradesco (“Bradesco”) in the amount of $10,000, with net loan proceeds of $2,500 as $7,500 is required to be retained as cash collateral. The loan matures on February 24, 2023, and is required to be repaid in nine quarterly repayments of $1,111 commencing March 5, 2021. The return of the cash collateral will be proportionate to the quarterly loan repayments, resulting in net quarterly repayments of $278 commencing March 5, 2021. The loan principal of $10,000 bears interest at 3.70% per annum, and the cash collateral of $7,500 bears interest from 1.97% to 2.40% per annum.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

The Company expects to generate positive cash flow from its mining operations in 2020. Based on the Company’s asset base and liquidity at the date of these consolidated financial statements and the funds it expects to generate from operations and financing activities, inclusive of the Samsung loan, Bradesco facility and the ATM Facility, the Company expects it will have adequate resources to meet scheduled debt repayment and other commitments and obligations over the next twelve months to April 1, 2021. The Company’s ability to continue as a going concern in the longer term is dependent on the successful execution of its business plan including extending the life of its mines and ultimately generating net income and positive cash flow from mining operations.

The Company is closely monitoring the developments of the coronavirus respiratory disease (“COVID-19”) with a focus on the jurisdictions in which the Company operates and its head office location in Canada.

The rapid worldwide spread of COVID-19 is prompting governments to incrementally implement measures in an attempt to curb the spread of COVID-19. During this period of uncertainty, Great Panther’s priority is to safeguard the health and safety of personnel and host communities, support and enforce government actions to slow the spread of COVID-19, and to assess and mitigate the risks to the business operations continually.

The Company has implemented a COVID-19 response plan that includes protocols to safeguard against the spread of the virus at its offices and sites. It is also maintaining regular communications with legal and government representatives, suppliers, customers and business partners to monitor any potential risks to its ongoing operations. Broader government measures to limit the spread of COVID-19 have not impacted Tucano in Brazil which continues to be operational. In Mexico, an orderly and safe suspension of mining and processing activities at the Guanajuato Mine Complex and the Topia mine began on April 2, 2020. The temporary suspension complies with the directive of the Mexican Federal Government announced on March 31, 2020, to mitigate the spread of COVID-19 suspending all non-essential activities until April 30, and subsequently to May 30, 2020. The latest directive provides for a potential re-start of operations following May 18, 2020, for operations located in municipalities exhibiting low, or no, cases of COVID-19. The Company will continue to comply with the directive and will evaluate and seek the opportunity to qualify for the noted exemption.

Although there have not been any significant impacts to the Company’s operations at Tucano to date, the Company cannot provide assurance that there will not be disruptions to these operations in the future. These disruptions may include disruptions resulting from (i) shortages of employees, (ii) unavailability of contractors and subcontractors, (iii) interruption of supplies and the provision of services from third parties upon which the Company relies, (iv) restrictions that governments impose to address the COVID-19 outbreak, (v) disruptions in transportation services that could impact the Company’s ability to deliver gold doré to refineries, and (vi) restrictions that the Company and its contractors and subcontractors impose to ensure the safety of employees and others. An escalation of government restrictions in response to COVID-19 Brazil could result in shutdowns or curtailment of operations with consequential impact to the Company’s cash flows, working capital and the ability of the Company to make scheduled debt repayments.

There is no assurance that mining activities at Tucano will not have to cease at some point during 2020 as a result of government orders directed at controlling the COVID-19 pandemic. Any cessation of operations resulting from government order could have a material adverse impact on 2020 revenues from Tucano. In addition, our ability to carry out our planned near mine and regional exploration plans at Tucano may be delayed which may in turn delay the expansion of our mineral resource base. There is no assurance that exploration and development activities relating to Urucum underground mine will not have to cease at some point during 2020 as a result of government orders directed at controlling the COVID-19 pandemic.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

2.	Basis of preparation

These consolidated financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. These should be read in conjunction with the Company’s last annual consolidated financial statements as at and for the year ended December 31, 2019 (“last annual financial statements”). The accounting policies and critical estimates applied by the Company in these consolidated financial statements are the same as those applied in the last annual financial statements, except for the accounting standards newly adopted on January 1, 2020, as described in note 3(a) below. These consolidated financial statements do not include all of the information required for full annual financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of changes in the Company’s financial position and performance since the last annual financial statements.

These consolidated financial statements were approved by the Company’s Board of Directors (“Board”) on
May 7, 2020.

(a)

Use of judgments and estimates

In preparing these consolidated financial statements, management has made judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

The significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2019.

Accounting standards issued and adopted on January 1, 2020

(a)

IFRS 3, Business Combinations

In October 2019, the IASB issued amendments to the definition of a business in IFRS 3 - Business Combinations (“IFRS 3”). The amendments to IFRS 3 are effective for annual reporting periods beginning on or after January 2020. The modifications are intended to assist entities in determining whether a transaction should be accounted for as a business combination or as an asset acquisition.

Effective January 1, 2020, the Company adopted the new IFRS 3 accounting standard and will apply it prospectively. Under this approach, there is no material impact on the Company’s consolidated financial statements and the comparatives remain as previously reported.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

4.	Trade and other receivables


	March 31, 2020		December 31, 2019
Current
Trade receivables	$	1,627	$	4,605
Value added tax receivable		3,546		4,894
PIS / COFINS - Brazil (a)		8,443		10,889
Judicial deposits - Brazil		302		389
Other		869		979
		14,787		21,756
Non-Current
PIS / COFINS - Brazil (a)		7,652		8,988
Income taxes recoverable - Brazil		893		1,152
Other		14		15
	$	8,559	$	10,155

(a)

PIS/ COFINS

The PIS (Program of Social Integration) and COFINS (Contribution for the Financing of Social Security) are Brazil federal input taxes that applies to all companies in the private sector. The PIS is a mandatory employer contribution to an employee savings initiative and COFINS is a contribution to finance the social security system. Companies are required to calculate and remit PIS and COFINS based on gross revenues monthly. The Company’s Brazilian gold sales are zero-rated for PIS/COFINS purposes, however the current legislation allows for input tax credits to offset the amounts due by applying rates of 1.65% for PIS and 7.65% for COFINS, respectively, to some of the purchases in Brazil. As such, the Company has PIS/COFINS credits recorded as receivables.

The Company continues to pursue the refund of its PIS/COFINS receivables. To the extent the Company is unable to receive refunds for all of its PIS/COFINS assets, the Company expects that PIS/COFINS assets will be recovered through the Company generating future Brazilian federal tax liabilities, which can be offset against the Company’s PIS/COFINS assets if the Company elects to do so.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

5.	Inventories


	March 31, 2020		December 31, 2019
Concentrate	$	713	$	968
Ore stockpiles		9,219		15,417
Materials and supplies		13,492		15,400
Gold in circuit		831		902
Gold bullion		5,039		2,430
Silver bullion		2		3
	$	29,296	$	35,120

During the three months ended March 31, 2020, the amount of inventory recognized as cost of sales was $32,885 (three months ended March 31, 2019 - $10,325), which includes production costs and amortization and depletion directly attributable to the inventory production process.

6.	Mineral properties, plant and equipment

	Mineral properties - depletable			Mineral properties - non depletable			Plant and equipment			Land and buildings			Furniture, fixtures and equipment			Right-of- use assets			Total
Cost
Balance, January 1, 2020	$	58,237		$	43,186		$	90,894		$	15,028		$	5,597		$	22,685		$	235,627
Additions		13,563			—			2,649			188			32			43			16,475
Change in remediation provision		620			—			579			—			—			—			1,199
Disposals		—			—			—			—			—			—			—
Foreign exchange translation difference		(6,820	)		(9,330	)		(12,161	)		(2,895	)		(139	)		(4,706	)		(36,051	)
Balance, March 31, 2020	$	65,600		$	33,856		$	81,961		$	12,321		$	5,490		$	18,022		$	217,250

Accumulated depreciation
Balance, January 1, 2020	$	38,964		$	—		$	44,769		$	5,726		$	4,549		$	7,809		$	101,817
Amortization and depletion		2,539			—			4,009			995			118			1,270			8,931
Disposals		—			—			—			—			—			—			—
Foreign exchange translation difference		(1,621	)		—			(3,666	)		(1,021	)		(67	)		(1,869	)		(8,244	)
Balance, March 31, 2020	$	39,882		$	—		$	45,112		$	5,700		$	4,600		$	7,210		$	102,504

Carrying value, March 31, 2020	$	25,718		$	33,856		$	36,849		$	6,621		$	890		$	10,812		$	114,746

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

	Mineral properties - depletable			Mineral properties - non depletable			Plant and equipment			Land and buildings			Furniture, fixtures and equipment			Right-of-use assets			Total
Cost
Balance, January 1, 2019	$	36,066		$	—		$	35,184		$	2,573		$	4,987		$	1,150		$	79,960
Acquisition of Beadell		3,676			46,608			50,061			12,810			500			18,397			132,052
Additions		16,346			—			8,922			458			184			4,498			30,408
Change in remediation provision		2,996			—			30			—			—			—			3,026
Disposals		—			—			(185	)		(3	)		(44	)		(33	)		(265	)
Foreign exchange translation difference		(847	)		(3,422	)		(3,118	)		(810	)		(30	)		(1,327	)		(9,554	)
Balance, December 31, 2019	$	58,237		$	43,186		$	90,894		$	15,028		$	5,597		$	22,685		$	235,627

Accumulated depreciation
Balance, January 1, 2019	$	32,051		$	—		$	27,593		$	1,653		$	4,121		$	—		$	65,418
Amortization and depletion		6,820			—			17,434			4,095			464			7,878			36,691
Disposals		—			—			(185	)		—			(41	)		(6	)		(232	)
Foreign exchange translation difference		93			—			(73	)		(22	)		5			(63	)		(60	)
Balance, December 31, 2019	$	38,964		$	—		$	44,769		$	5,726		$	4,549		$	7,809		$	101,817

Carrying value, December 31, 2019	$	19,273		$	43,186		$	46,125		$	9,302		$	1,048		$	14,876		$	133,810

(a)

Leases

Right-of-use assets

	Mining equipment			Power generators			Vehicles			Office space			Land easements			Total
Balance, January 1, 2020	$	7,376		$	5,035		$	1,095		$	658		$	712		$	14,876
Additions		—			—			—			43			—			43
Amortization and depletion		(719	)		(362	)		(87	)		(67	)		(34	)		(1,270	)
Foreign exchange translation difference		(1,550	)		(1,056	)		(230	)		(2	)		—			(2,837	)
Balance, March 31, 2020	$	5,107		$	3,617		$	778		$	632		$	678		$	10,812

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)


	Mining equipment			Power generators			Vehicles			Office space			Communication equipment			Land easements			Total
Balance, January 1, 2019	$	—		$	—		$	—		$	881		$	—		$	269		$	1,150
Acquisition of Beadell		8,402			7,732			1,923			65			275			—			18,397
Additions		3,853			57			—			—			—			588			4,498
Disposals		—			—			—			—			(27	)		—			(27	)
Amortization and depletion		(4,244	)		(2,264	)		(707	)		(284	)		(234	)		(145	)		(7,878	)
Foreign exchange translation difference		(635	)		(490	)		(121	)		(4	)		(14	)		—			(1,264	)
Balance, December 31, 2019	$	7,376		$	5,035		$	1,095		$	658		$	—		$	712		$	14,876

Lease liabilities

	March 31, 2020	December 31, 2019
Maturity analysis - contractual undiscounted cash flows
Less than one year	$ 5,407	$ 6,707
One to five years	9,044	12,558
More than five years	117	123
Total undiscounted lease liabilities	14,568	19,388
Lease liabilities in the Consolidated Statement of Financial Position	12,997	17,986
Current (included in Trade payables and accrued liabilities (note 7)	4,456	5,499
Non-current (included in Other liabilities)	$ 8,541	$ 12,487

Amount recognized in the Consolidated Statement of Comprehensive Income

	Three months ended March 31,
	2020		2019
Interest on lease liabilities	$	352	$	160
Variable lease payments not included in the measurement of lease liabilities		14,399		3,836
Expenses relating to short-term leases		4,588		2,809
Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets		4		2

The expenses relating to short-term leases include payments related to mining services contracts and haulage contracts that have terms less than one year of $3,139 (three months ended March 31, 2019 - $2,783), which represent the total payments made as the Company has determined that it is impractical to separate the lease component from the non-lease components in the total payments.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

Trade payables and accrued liabilities

	March 31, 2020		December 31, 2019
Current
Trade payables	$	30,525	$	27,311
Accrued liabilities		9,182		13,181
Taxes payable		248		499
Lease liabilities		4,456		5,499
Other payables		2,217		3,043
		46,628		49,533
Non-Current
Lease liabilities		8,541		12,487
Accrued liabilities		3,604		4,591
	$	12,145	$	17,078

Borrowings

	MACA Limited loan			Unsecured bank facilities			Bank overdraft			IXM Note		Banco Bradesco			Samsung			Total
Balance, January 1, 2020	$	16,060		$	16,034		$	589		$	10,010	$	—		$	—		$	42,693
Borrowings		—			3,600			—			—		2,500			11,250			17,350
Interest accrued		173			213			—			175		22			118			701
Principal repayments		(3,321	)		(3,700	)		(621	)		—		—			—			(7,642	)
Interest payments		(222	)		(200	)		—			—		—			(103	)		(525	)
Foreign exchange		(2,190	)		—			32			—		—			—			(2,158	)
Balance, March 31, 2020	$	10,500		$	15,947		$	—		$	10,185	$	2,522		$	11,265		$	50,419
Current	$	9,121		$	15,947		$	—		$	10,185	$	300		$	3,231		$	38,784
Non-current	$	1,379		$	—		$	—		$	—	$	2,222		$	8,034		$	11,635

Note													(a)			(b)
Currency		AUD			USD			USD			USD		USD			USD
Nominal interest rate		5.5	%		5.5	%		13.7	%		3-month LIBOR plus 5%		3.7	%		3-month LIBOR plus 5%
Year of maturity		2019 - 2021			2020			2020			2020		2023			2022

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

(a)

Banco Bradesco (“Bradesco”)

On March 11, 2020, the Company received a loan from Bradesco in the amount of $10,000, with net loan proceeds of $2,500 as $7,500 is required to be retained as cash collateral. The loan matures on February 24, 2023 and is required to be repaid in nine quarterly repayments of $1,111 commencing March 5, 2021. The return of the cash collateral will be proportionate to the quarterly loan repayments, resulting in net quarterly repayments of $278 commencing March 5, 2021. The loan principal of $10,000 bears interest at 3.70% per annum, and the cash collateral of $7,500 bears interest from 1.97% to 2.40% per annum. The cash collateral of $7,500 has been netted against the $10,000 borrowings at March 31, 2020.

(b)

Samsung

On January 6, 2020, the Company entered into a $11,250 gold doré prepayment agreement with Samsung. In consideration of delivery and sale of approximately 3,000 ounces of gold contained in doré per month over a two-year period commencing January 2020 from Tucano, Samsung has agreed to advance $11,250 (the "Advance") to Great Panther. Gold deliveries will be sold at a 0.65% discount to the benchmark price of gold at the time of delivery. The Advance will be repaid in equal instalments of $804 commencing December 2020 until January 2022 such that all amounts outstanding to Samsung will be repaid in full. The Advance bears interest at an annual rate of 3-month USD LIBOR plus 5% and is secured by a pledge of all equity interests in Great Panther's Brazilian subsidiary that owns Tucano. Great Panther has a full option for early re-payment of the Advance, subject to a 3% penalty applied to the outstanding balance. The Agreement also provides Samsung a right of offer for concentrates produced from Coricancha in certain circumstances. The transaction was completed on Feb 4, 2020 upon the funding of the Advance.

Derivative instruments

A significant portion of the Company’s capital, exploration, operating and administrative expenditures are incurred in Brazilian real (“BRL”) and Mexican peso (“MXN”), while revenues from the sale of refined gold and metal concentrates are denominated in USD. The fluctuation of the USD in relation to the BRL and MXN, consequently, impacts the reported financial performance of the Company. To manage the Company’s exposure to changes in the BRL and MXN exchange rate, the Company enters into forward contracts to purchase foreign currencies in exchange for USD at various rates and maturity dates.

As at March 31, 2020, non-deliverable forward foreign exchange contracts for BRL against USD totaling BRL 469,070 (December 31, 2019 - BRL 418,238) at various pre-determined rates ranging from BRL 4.11/USD to BRL 4.45/USD, at various maturity dates until February 2021, were outstanding. The fair value of these outstanding non-deliverable forward foreign exchange contracts resulted in a liability of $20,489 at March 31, 2020 (December 31, 2019 - asset of $3,454). A non-deliverable forward foreign exchange contract does not require physical delivery of the designated currencies at maturity.

The objective of the Company’s BRL/USD hedging strategy was to lock-in the exchange rate for a projected $120 million in BRL denominated operating and capital expenditures to February 2021 through forward exchange contracts at various pre-determined rates to reduce exposure to any appreciation in the BRL which was at or near record lows relative to the USD at the time the contracts were entered into, and gain better certainty with regard to the Company’s projected operating cash-flows for Tucano.

A weakening in the BRL such that spot rates were above the contract rates would result in a realized loss to the Company to close out the foreign exchange contracts or the recognition of an unrealized, mark-to-market loss on contracts that were still subject to settlement. This result would effectively offset the benefit to the Company of any decline in Tucano USD operating costs resulting from a weakened BRL in the amount of the notional value of the contracts. These contracts represent approximately 85% of the Company’s projected BRL expenditures for Tucano from April 2020 to February 2021 and, accordingly, approximately 15% of the Company’s BRL expenditures remain unhedged and the Company will realize a net benefit from a weaker BRL to the extent these unhedged expenditures are incurred.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

To the extent that the March 31, 2020 BRL/USD spot market exchange rate was greater than the contract exchange rates, the Company recorded a liability as of March 31, 2020. This liability represents the payment that Great Panther will have to pay out under these agreements through to February 2021 assuming a constant March 31 BRL/USD spot market exchange rate and is discounted to reflect the time-value-of-money.

The forward contracts are settled on each maturity date irrespective of the existence of BRL operating expenses and, accordingly, in the event that operations at Tucano are curtailed or shutdown during the period to February 2021, the counterparties to the contract will be entitled to receive or will have an obligation to pay the settlement amount. With respect to the unhedged portion of the Company’s BRL requirements for Tucano, these costs are fully exposed to fluctuations in the BRL/USD exchange rate, with a weakening in the BRL decreasing USD operating costs and strengthening in the BRL increasing USD operating costs.

To manage the Company’s exposure to decreases in the gold price, the Company purchased put options for gold at various cost per gold ounce and maturity dates.

As at March 31, 2020, put options for gold totaling 36,000 ounces at $1,500 per gold ounce (December 31, 2019 – nil) that mature from April 2020 to July 2020 were outstanding. The fair value of these gold put options resulted in an asset of $701 at March 31, 2020 (December 31, 2019 - $nil).

10.

Fair value measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions (an exit price) regardless of whether that price is directly observable or estimated using another valuation technique.

The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (interest rate, yield curves), or inputs that are derived principally from or corroborated observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.

The following sets up the methods and assumptions used to estimate the fair value of Level 2 and Level 3 financial instruments.

Financial asset or liability	Methods and assumptions used to estimate fair value
Trade receivables	Trade receivables arising from the sales of metal concentrates are subject to provisional pricing, and the final selling price is adjusted at the end of the quotational period. The Company marks these to market at each reporting date based on a quoted forward price. The Company’s trade receivables are valued using quoted market prices on the London Metal Exchange.
Derivative instruments	The Company's derivative assets and derivative liabilities are comprised of forward foreign exchange contracts and put options for gold. The fair value of the Company's forward exchange contracts and put options for gold are determined using forward exchange rates and forward gold prices, respectively, at each reporting date.
Borrowings	The Company’s borrowings are comprised of long-term loans, convertible debentures and debt facilities. Borrowings are initially recognized at fair value, net of transaction costs incurred. Subsequent to initial measurement, borrowings are recorded at amortized cost using the effective interest rate method.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

During the three months ended March 31, 2020 and 2019, there were no transfers of amounts between Level 1, Level 2, and Level 3 of the fair value hierarchy. The following tables show the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value information for financial assets and financial liabilities not measured at fair value is not presented if the carrying amount is a reasonable approximation of fair value.

The Company’s financial instruments include cash and cash equivalents, marketable securities, trade receivables, restricted cash, trade payables, borrowings and derivative instruments. The carrying values of the Company’s financial instruments approximate their fair values due to the short-term nature of the items or the inclusion of interest rates that approximate market rates.

In evaluating fair value information, considerable judgment is required to interpret the market data used to develop the estimates. The use of different market assumptions and valuation techniques may have a material effect on the estimated fair value amounts.

The following table summarizes the Company’s financial instruments as at March 31, 2020:

	Fair value through OCI		Fair value through P&L		Amortized cost		Total		Fair value hierarchy
Financial Assets
Cash and cash equivalents	$	—	$	—	$	38,795	$	38,795		n/a
Marketable securities		1		—		—		1		Level 1
Trade receivables		—		—		1,627		1,627		Level 2
Derivative assets		—		701		—		701		Level 2
Restricted cash		—		—		1,026		1,026		n/a

Financial Liabilities
Trade payables and accrued liabilities	$	—	$	—	$	43,311	$	43,311		n/a
Derivative liabilities		—		20,489		—		20,489		Level 2
Borrowings		—		—		50,419		50,419		Level 2

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

11.

Share capital

(a)

Loss per share

		Three months ended March 31
	2020			2019
Loss attributable to equity owners	$	(40,464	)	$	(48,026	)
Weighted average number of shares (000's)		311,948			200,690
Loss per share ‒ basic	$	(0.13	)	$	(0.24	)


		Three months ended March 31
		2020			2019
Adjusted loss attributable to equity owners	$	(40,464	)	$	(48,026	)

Weighted average number of shares (000's)		311,948			200,690
Incremental shares from options		—			—
Incremental shares from warrants		—			—
Incremental shares from RSUs and DSUs		—			—
Weighted average diluted number of shares (000's)		311,948			200,690

Loss per share ‒ diluted	$	(0.13	)	$	(0.24	)

Anti-dilutive share purchase options and warrants have not been included in the diluted earnings per share calculation.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

12.

Revenue

The Company generates revenue primarily from the sale of precious metals, consisting of metal concentrates and refined gold.

In the following table, revenue is disaggregated by primary geographical market and major products.

		Three months ended March 31
	2020									2019
	Brazil			Mexico			Total			Brazil			Mexico			Total
Gold	$	37,996		$	4,187		$	42,183		$	6,880		$	3,712		$	10,592
Silver		56			5,824			5,880			—			4,543			4,543
Lead		—			688			688			—			784			784
Zinc		—			1,059			1,059			—			1,468			1,468
Ore processing revenue		—			34			34			—			—			—
Smelting and refining charges		(18	)		(1,265	)		(1,283	)		(14	)		(706	)		(720	)
Revenue from contracts with customers	$	38,034		$	10,527		$	48,561		$	6,866		$	9,801		$	16,667
Changes in fair value from provisional pricing		—			(511	)		(511	)		—			27			27
Total revenue	$	38,034		$	10,016		$	48,050		$	6,866		$	9,828		$	16,694

The amount of revenue recognized in the three months ended March 31, 2020 from performance obligations satisfied (or partially satisfied) in the previous period, due to the current period settlement of metal concentrate revenue recognized in the prior periods was a reduction of revenue of $214. At March 31, 2020, the Company had $4,847 in revenue subject to provisional pricing in relation to the sale of concentrates.

13.

Impairment of goodwill

During the three months ended March 31, 2019, the Company recorded an impairment of goodwill of $38,682 that arose on the acquisition of Beadell Resources Limited on March 5, 2019.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

14.

Foreign exchange loss

The following foreign exchange losses arise as a result of balances and transactions in the Company's subsidiaries that are denominated in currencies other than the functional currency of the particular subsidiary.

		Three months ended March 31
	2020			2019
Unrealized foreign exchange loss on non-BRL denominated borrowings in Brazil	$	6,824		$	—
Unrealized foreign exchange on advances to Brazil by Great Panther not considered to be permanent capital		5,848			—
Unrealized foreign exchange gain on remediation and reclamation obligation		(3,278	)		—
Other unrealized foreign exchange losses		104			1,187
Realized foreign exchange losses		1,270			531
	$	10,768		$	1,718

15.

Commitments and contingencies

(a)

Commitments

As at March 31, 2020, the Company had the following commitments:

	Total		1 year		2-3 years		4-5 years		Thereafter
Operating lease payments	$	39	$	37	$	2	$	—	$	—
Drilling services		730		730		—		—		—
Equipment purchases		1,380		1,380		—		—		—
Total commitments	$	2,149	$	2,147	$	2	$	—	$	—

Pursuant to the acquisition of Coricancha on June 30, 2017, the vendor, Nyrstar N.V. (“Nyrstar”), agreed to maintain a remediation bond in the amount of $9,737 for Coricancha until at least June 30, 2020. Should the Company make a decision to permanently close Coricancha prior to June 30, 2020, the bond will be used to pay for remediation costs and obligations. If the Company has not made a decision to permanently close Coricancha by June 30, 2020, the Company will assume the obligation to maintain the required bond, and shall release Nyrstar from this bond obligation.

(b)

Contingencies

(i)

GMC

Tailings storage

In February 2016, the Mexican national water authority, Comisión Nacional del Agua ("CONAGUA"), required that the Company make formal applications for permits associated with the occupation and construction of the tailings storage facility ("TSF") at the GMC. The Company filed its applications, and the authorities conducted an inspection of the TSF and requested further technical information, which the Company submitted in December 2017. CONAGUA responded in February 2019 requesting additional technical information. From February to September 2019, the Company sought clarification from CONAGUA about their request for additional info. CONAGUA, due to organizational changes, was not able to meet with the Company and provide clarification until September 2019. The Company has compiled and prepared the detailed documentation requested by the authority and is ready to submit it as soon as the agencies re open after the COVID shutdown.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

Additional water use permits

Since the February 2016 correspondence with CONAGUA, the Company has also determined through its own undertakings, that additional CONAGUA permits may be needed in connection with water discharge and water use at the GMC’s TSF. The Company is assessing technical options and is confirming if additional water use permits are required. The Company believes that it will be able to address or mitigate the need for any necessary water discharge and use permits without any impact to its operations but cannot provide complete assurance that there is no risk in this regard. In the fourth quarter of 2019, the Company received the authorization to legally discharge wastewater from San Ignacio.

Amendment to Environmental Impact Statement related to expansion of existing tailings dam

In July 2017, the Company submitted to the Mexican environmental permitting authority, Secretaría del Medio Ambiente y Recursos Naturales ("SEMARNAT"), an amendment to the Environmental Impact Statement (“EIS”) requesting an expansion of the existing tailings dam, and subsequently provided further information to the SEMARNAT as requested. This is under review by the regulator, and if approved, will satisfy a requirement by CONAGUA for the processing of permits noted above.

The Company believes its current tailings footprint can be maintained and can support operations at the GMC until at least 2021. Based on its meetings and other communication with CONAGUA, the Company believes that it will be able to obtain all the above noted permits, with no suspension of operations at the GMC. However, the Company cannot assure that the tailings permits will be obtained or renewed on reasonable terms, or at all. Delays or a failure to obtain such required permits, or the issuance of permits on unfavourable terms or the expiry, revocation or failure by the Company to comply with the terms of any such permits, if obtained, could limit the ability of the Company to expand the tailings facility and could adversely affect the Company’s ability to continue operating at the GMC. In either case, the Company’s results of operations could be adversely affected.

(ii)

Topia

Reviews by the regulatory authorities dating back to 2015, coupled with permitting work undertaken by the Company in connection with the expansion of the Topia TSF, have led to a broader review by the Mexican environmental compliance authority, the Procuraduría Federal de Protección al Ambiente ("PROFEPA"), and by the Company of all of Topia operations’ permitting status and environmental compliance (including the historical tailings dating back to periods prior to Great Panther’s ownership) and a clarification of land titles. Devised as a cooperative management strategy, Topia has been accepted into a voluntary environmental audit program supported by PROFEPA. The audit commenced during the second quarter of 2017. The Company is working on a compliance program authorized by PROFEPA to address the audit findings and has until January 2021 to complete this after being approved for an extension request from the previous deadline of January 2020. This compliance program includes remediation and technical reviews as defined by the audit. Progress updates will be submitted to PROFEPA for further review. The Company anticipates that it will be able to achieve full compliance; however, the Company cannot provide complete assurance that upon completion of the compliance program further reviews will not lead to future suspensions of operations.

On March 9, 2020, the Company announced it had ceased depositing tailings on its Topia mine Phase II tailings storage facility ("TSF") following the recommendation from the Company's independent tailings management and geotechnical consultants. As noted in the Company's news release dated March 30, 2020, processing operations at Topia were scheduled to cease after April 2020, pending achievement of satisfactory mitigation measures for the Phase II TSF or completion of the permitting for the Phase III TSF. Phase III is above and adjacent to an existing TSF that has been closed for many years and will require remediation. The Phase III permit is expected to provide several years of capacity for tailings from Topia,

During the current suspension of non-essential activities due to the COVID-19 outbreak, the Company is maintaining discussions with geotechnical and tailings management consultants regarding ongoing observations and assessments, while continuing to monitor conditions at the Phase II TSF.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

(iii)

Coricancha

Coricancha has been on care and maintenance since August 2013 and is subject to oversight by the Organismo de Evaluación y Fiscalización Ambiental ("OEFA"), the Peruvian public agency responsible for environmental assessment and inspection, and by the Organismo Supervisor de la Inversión en Energía y Minería ("OSINERGMIN"), which is the Peruvian regulatory body with oversight responsibility over energy and mining companies.

Fines and sanctions

Nyrstar has agreed to reimburse the Company for all fines or sanctions that resulted from activities or ownership of Coricancha prior to June 30, 2017, up to a maximum of $4,000. Accordingly, a reimbursement right in the amount of $1,522 has been recorded in respect of the following fines or sanctions:

•

$1,345 for fines and sanctions which may be levied by OSINERGMIN. Also, there are open administrative and judicial proceedings by OSINERGMIN, the outcomes of which are not yet readily determinable.

•

$177 for fines and sanctions to be levied by OEFA. In addition, there are open administrative and judicial proceedings by OEFA, the outcomes of which are not yet readily determinable.

The Company has accrued for and recorded a further reimbursement right of $396 for certain civil lawsuits filed by individuals and former suppliers.

Legacy tailings facilities

The Company has undertaken the reclamation of certain legacy tailings facilities at Coricancha under a remediation plan approved by the Ministry of Energy and Mines (the “MEM”), the relevant regulatory body. In addition, as part of the purchase of Coricancha completed in June 2017, the Company has an agreement with Nyrstar for the reimbursement of the cost of these reclamation activities. The Company is seeking approval of a modification to a remediation plan from MEM in accordance with the recommendations of an independent consultant to preserve the stability of nearby areas. The Company has changed the scheduling of the reclamation work, pending a decision from the MEM regarding the proposal to modify the approved remediation plan. Concurrently, the Company has undertaken various legal measures to protect itself from any pending or future fines, penalties, regulatory action or charges from government authorities which may be initiated as a result of the change in timing of reclamation under the proposed plan. Although the Company has all necessary permits to restart Coricancha, if this matter is not resolved favourably, it may impact the Company’s stated plans and objectives for Coricancha.

(iv)

Tucano

Various claims related to Brazil indirect taxes and labour matters

As a result of the Acquisition, the Company has various litigation claims for a number of governmental assessments related to indirect taxes, and labour disputes associated with former employees and contract labour in Brazil.

The indirect tax matter principally relates to claims for the state sales tax, Imposto Sobre Operações Relativas à Circulação de Mercadorias e Serviços de Transporte Interestadual de Intermunicipal e de Comunicações (“ICMS”), which are mostly related to rate differences. For these claims, the possibility of loss was not considered probable by the Company’s attorneys, and no provision has been recognized.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

The labour matters principally relate to claims made by former employees and contract labour for the equivalent payment of all social security and other related labour benefits, as well as consequential tax claims, as if they were regular employees. As of March 31, 2020, the items for which a loss was probable related to the labour disputes, inclusive of any related interest, amounted to approximately $2,403, for which a provision was recognized.

In connection with the above proceedings, a total of $302 (December 31, 2019 - $389) of escrow cash deposits were made as at March 31, 2020 (note 4). Generally, any escrowed amounts would be refundable to the extent the matters are resolved in the Company’s favour.

Environmental damages - William Creek

In May 2009, The State of Amapá Public Prosecutor (“MPAP”) filed a public civil action seeking payment for environmental damages caused to William Creek, as well as to other creeks located in the region of influence of the Zamin Amapá Mineração (“Zamin”) and Tucano. The alleged damage is related to the modification of the creek’s riverbed, soiling and sedimentation. In January 2018, the Amapá State Court ordered the Company to pay a fine of approximately $1,200 (BRL 6 million plus interest and inflation counted as from the date of the damage) to the State Environmental Fund. The updated value with interest and inflation is approximately $5,200 (BRL 27 million). The Company is in the process of appealing and the likelihood of total loss is not considered probable based on legal advice received. However, an adjusted lower fine is considered probable and the Company has accrued the amount payable considered more likely than not in long-term other liabilities, representing the Company’s best estimate of the cost to settle the claim. The Company does not expect to make any payments during the year ended December 31, 2020.

Archeological sites damage

Amapá-MMX Iron Ore Project

In May 2016, The Brazilian Federal Public Prosecutor (“MPF”) filed a public civil action seeking compensation to be paid by Zamin, the State of Amapá and Tucano for damages to 19 archaeological sites as a result of activities in 2006-2009 at the Amapá-MMX Iron Ore Project currently owned by Zamin. MPF also claimed that the State of Amapá failed to take proper action during the environmental licensing procedure. MPF claims (i) to hold Zamin and Tucano jointly and severally liable for all alleged damages, (ii) compensatory damages according to the following parameters: (a) compensation of BRL 167 million for damages based on parameters of a report issued by the Federal Police; or (b) compensation of BRL 23.4 million; corresponding to the cost of the rescue archaeology actions that should have been carried out; or (c) the equivalent to the operating income of the defendants regarding the impacted archeological sites, from 2006 to November 2009; and (iii) compensation of BRL 10 million of each defendant for collective nonpecuniary loss to Amapá’s citizens and Brazilians in general. In March 2019, the Lower Court added Anglo Ferrous Brazil Participações and Anglo American Investimentos - Minério de Ferro Ltda (together, the “Anglo Group”) as defendants (as predecessors of Zamin), as requested by the MPF.

Amapari Project

In June 2016, the MPF filed a public civil action seeking compensation from Zamin, the State of Amapá, and Tucano for damages to 15 archaeological sites, as a result of activities in 2004-2010 at the Amapari Project. MPF also claimed that the State of Amapá failed to take proper action during the environmental licensing procedure. MPF claims (i) to hold Zamin and Tucano jointly and severally liable for all alleged damages, (ii) compensatory damages to be determined at the stage of liquidation of the award; and (iii) compensation of BRL 10 million of each defendant for collective nonpecuniary loss to Amapá’s citizens and Brazilians in general.

These claims against Tucano are being defended on the basis that (i) Tucano has no involvement in the Amapá-MMX Iron Ore Project and, therefore, should not have any liability for archaeological damages; (ii) the environmental licenses for the operation of the Amapari Gold Project have been duly obtained and all obligations have been fulfilled by Tucano; (iii) measures to protect the archaeological heritage were duly implemented; and (iv) there is no evidence of the damage. The likelihood of total loss is not considered probable. However, the likelihood of a partial loss with the imposition of some compensation obligations is considered probable, and, accordingly, the Company has accrued the amount payable considered more likely than not representing the Company’s best estimate of the cost to settle these claims. The Company expects any settlement to be in the form of community works or services to be undertaken over a period of 3 to 4 years.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

Cyanide usage

In October 2018, the public prosecutor’s office of labour affairs for the State of Amapá filed a public civil action seeking payment for potential damages and medical costs in relation to the Company’s employees’ exposure to cyanide used in the processing of its gold. In August 2019, a regional labour court ordered Tucano to pay compensation of approximately BRL 4 million plus interest and inflation for these damages, in addition to surveillance and funding medical costs of any diseases to Tucano’s internal and outsourced employees and former employees, and to stop using cyanide in its production process within one year from the final non-appealable decision on the proceedings. Tucano is in the process of appealing to a federal court and is not aware of any circumstances of former or current employees who have suffered health consequences from exposure to cyanide at the Company’s operations. In addition, the Company notes that the use of cyanide in the processing of gold is common in the industry within Brazil and is not prohibited by any federal law in Brazil and that the Company complies with proper safety standards in the use and handling of cyanide in its operations. The Company believes the claims are without merit and that it is too early in the process to be able to determine the ultimate outcome. This assessment will be reviewed after a decision is reached on whether an appeal will be admitted to Superior Labour Court.

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

16.

Related party transactions

(a)

Compensation of key management personnel

Key management personnel include the Company’s Directors, President and Chief Executive Officer, Chief Financial Officer, and vice presidents. Amounts owing to key management personnel are included in trade and other payables. The Company is committed to making severance payments amounting to approximately $1,447 to certain officers and management in the event of a change in control of the Company. Compensation to key management personnel consisted of the following:

		Three months ended March 31
	2020		2019
Salaries and benefits	$	678	$	386
Directors’ fees		95		76
Termination benefits		—		40
Share-based compensation		104		345
	$	877	$	847

Directors fees during the three months ended March 31, 2020 include $1 for special committee fees (three months ended March 31, 2019 - $nil).

17.

Supplemental cash flow information

(a)

Other non-cash items

		Three months ended March 31,
	2020			2019
Accretion	$	837		$	503
Interest income		(105	)		(414	)
Loss on disposal of fixed assets		—			4
	$	732		$	93

(b)

Non-cash investing and financing activities

		Three months ended March 31,
	2020		2019
Change in reclamation and remediation provision included within mineral properties and plant and equipment, exploration and evaluation assets	$	502	$	1,659
Change in lease liability related to right-of-use assets		43		1,233

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

18.

Operating segments

The Company’s operations are all within the mining sector, consisting of three operating segments, two of which are located in Mexico, one of which is located in Brazil, plus one segment associated with Coricancha in Peru, one Exploration segment and one Corporate segment. Due to diversities in geography and production processes, the Company operates the Tucano, the GMC, and Topia mines separately, with separate budgeting and evaluation of results of operations and exploration activities. The Coricancha segment contains the net assets associated with Coricancha, and the cost of its exploration, evaluation and development activities are separately budgeted and reported. The Corporate segment provides financial, human resources and technical support to the three mining operations and Coricancha. The GMC operation produces silver and gold in concentrate, and the Topia operation produces silver, gold, lead and zinc in concentrate, for refining off-site. The Tucano operation produces gold doré. The Exploration segment includes the Company’s mineral exploration and evaluation assets at Santa Rosa, El Horcón, Plomo and Argosy.

	Operations
	Tucano			GMC			Topia			Coricancha			Exploration		Corporate			Total
Three months ended March 31, 2020
External revenue	$	—		$	6,064		$	3,951		$	—		$	—	$	38,035		$	48,050
Intersegment revenue		37,391			—			—			—			—		(37,391	)		—
Amortization and depletion		7,212			349			668			49			—		65			8,343
Exploration and evaluation expenses		361			461			97			1,801			97		64			2,881
Non-cash change in reclamation and remediation provision		—			24			—			—			—		—			24
Care and maintenance costs		—			229			—			—			—		—			229
Interest income		1			—			—			—			—		104			105
Finance costs		485			—			—			—			—		303			788
Loss before income taxes		(11,453	)		(280	)		(988	)		(1,804	)		241		(26,212	)		(40,496	)
Income tax expense (recovery)		—			(26	)		(14	)		—			—		8			(32	)
Net loss		(11,453	)		(254	)		(974	)		(1,804	)		241		(26,220	)		(40,464	)
Additions to non-current assets		16,031			621			936			(653	)		—		43			16,978

As at March 31, 2020
Total assets	$	145,399		$	6,126		$	13,782		$	27,938		$	2,127	$	43,219		$	238,591
Total liabilities	$	90,938		$	13,321		$	2,349		$	29,378		$	1	$	47,419		$	183,406

Great Panther MINING Limited

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in thousands of US dollars, except share data)

As at and for the three months ended March 31, 2020 and 2019 (Unaudited)

	Operations
	Tucano			GMC			Topia			Coricancha			Exploration			Corporate			Total
Three months ended March 31, 2019
External revenue	$	6,866		$	5,157		$	4,671		$	—		$	—		$	—		$	16,694
Amortization and depletion		1,070			299			540			27			1			61			1,998
Exploration and evaluation expenses		31			296			248			1,594			86			100			2,355
Non-cash change in reclamation and remediation provision		—			(19	)		—			—			—			—			(19	)
Care and maintenance costs		—			148			—			—			—			—			148
Impairment of goodwill		38,682			—			—			—			—			—			38,682
Interest income		1			—			—			—			—			413			414
Finance costs		433			—			—			1			—			—			434
Loss before income taxes		(41,297	)		(961	)		(132	)		(1,733	)		(305	)		(3,356	)		(47,784	)
Income tax expense		—			(64	)		(32	)		—			—			(146	)		(242	)
Net loss		(41,297	)		(1,025	)		(164	)		(1,733	)		(305	)		(3,502	)		(48,026	)
Additions to non-current assets		6,221			88			976			(2,480	)		—			820			5,625

As at March 31, 2019
Total assets	$	202,941		$	8,060		$	13,784		$	28,551		$	2,367		$	42,777		$	298,480
Total liabilities	$	142,575		$	5,297		$	2,386		$	27,059		$	1		$	5,238		$	182,556

EX-99.2 3 ex992.htm Q1 2020 MANAGEMENT'S DISCUSSION AND ANALYSIS

Exhibit 99.2

GREAT PANTHER MINING LIMITED

MANAGEMENT’S DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED MARCH 31, 2020

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 1

TABLE OF CONTENTS

PROFILE	3
SIGNIFICANT EVENTS	4
MINING OPERATIONS	7
ADVANCED PROJECTS	12
RESULTS OF OPERATIONS	13
SUMMARY OF SELECTED QUARTERLY INFORMATION	18
OUTLOOK	19
LIQUIDITY AND CAPITAL RESOURCES	21
TRANSACTIONS WITH RELATED PARTIES	23
CRITICAL ACCOUNTING ESTIMATES	24
CHANGES IN ACCOUNTING POLICIES	24
NEW ACCOUNTING STANDARDS	24
FINANCIAL INSTRUMENTS	24
SECURITIES OUTSTANDING	25
NON-GAAP MEASURES	25
INTERNAL CONTROLS OVER FINANCIAL REPORTING	32
DISCLOSURE CONTROLS AND PROCEDURES	32
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS	33

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 2

MANAGEMENT'S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with the unaudited condensed interim consolidated financial statements of Great Panther Mining Limited (“Great Panther” or the “Company”) for the three-month period ended March 31, 2020 and the notes related thereto, which are prepared in accordance with IAS 34 Interim Financial Reporting of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), as well as the annual audited consolidated financial statements for the year ended December 31, 2019, which are in accordance with IFRS, the related annual MD&A, and the annual Form 40-F/Annual Information Form (“AIF”) on file with the US Securities and Exchange Commission (“SEC”) and Canadian provincial securities regulatory authorities.

All information in this MD&A is current as at May 7, 2020, unless otherwise indicated. All dollar amounts are expressed in US dollars (“USD”) unless otherwise noted. References may be made to the Brazilian real (“BRL”), Mexican peso (“MXN”), Australian dollar (“AUD”) and Canadian dollar (“CAD”).

This MD&A contains forward-looking statements and should be read in conjunction with the Cautionary Statement on Forward-Looking Statements section at the end of this MD&A.

This MD&A contains references to non-GAAP measures. Refer to the section entitled Non-GAAP Measures for explanations of these measures and reconciliations to the Company’s reported financial results.

Some tables and summaries contained in this MD&A may not sum exactly, due to rounding.

PROFILE

Great Panther Mining Limited is an intermediate precious metals mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE American trading under the symbol GPL. The Company has three wholly-owned mining operations including the Tucano Gold Mine (“Tucano”), which produces gold doré and is located in Amapá State in northern Brazil. In Mexico, Great Panther operates the Topia Mine (“Topia”) in the state of Durango and the Guanajuato Mine Complex (“the GMC”) in the state of Guanajuato. The GMC comprises the Guanajuato Mine (“Guanajuato”), the San Ignacio Mine (“San Ignacio”), and the Cata processing plant, producing silver and gold concentrate. Topia produces concentrates containing silver, gold, lead and zinc.

On March 5, 2019, the Company acquired Beadell Resources Limited (“Beadell”) (the “Acquisition”), a gold mining company previously listed on the Australian Securities Exchange, which owned and operated Tucano. Tucano is part of an expansive set of exploration tenements, which are highly prospective and located in the under-explored ‘Birimian age’ greenstone terrane.

Great Panther also owns the Coricancha Mine Complex (“Coricancha”), a gold-silver-copper-lead-zinc mine and 600 tonnes per day processing facility. Coricancha is located in the central Andes of Peru, approximately 90 kilometres east of Lima. Coricancha is on care and maintenance, and the Company is establishing the conditions under which a restart of production can be implemented.

The Company also owns several exploration properties which include: El Horcón, Santa Rosa, and Plomo in Mexico, and Argosy in Canada. The El Horcón property is located 100 kilometres by road northwest of Guanajuato, Santa Rosa is located 15 kilometres northeast of Guanajuato, and the Plomo property is located in Sonora, Mexico. The Argosy property is located in the Red Lake Mining District in northwestern Ontario, Canada.

Additional information on the Company, including its AIF, can be found on SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.shtml or on the Company’s website at www.greatpanther.com.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 3

SIGNIFICANT EVENTS

Management and Board Member Changes

On April 21, 2020, the Company announced changes to the Board of Directors and senior management team. Rob Henderson was appointed President and CEO effective April 21, 2020. Mr. Henderson is a professional engineer and seasoned mining executive with 35 years of experience in operations, capital projects, and mining finance. Most recently, Mr. Henderson was President and CEO of Amerigo Resources Ltd., a copper producer with assets in Chile. He oversaw a successful $95.0 million debt financing to complete a major expansion project, safely increased production, lowered cash costs and extended the life of the operation to 2036. Prior to Amerigo, Mr. Henderson was SVP Technical Services with Kinross Gold Corporation. Board Chair and Interim President and CEO Jeffrey Mason stepped down from both roles and resigned from the Board of Directors; however, he will continue to provide consulting services to the Company to ensure a smooth transition of the executive duties to Mr. Henderson.

On April 21, 2020, the Company also appointed David Garofalo to the Board and as Board Chair. Mr. Garofalo was most recently President and CEO of Goldcorp Inc. until its sale to Newmont Corporation, creating the world's largest gold mining company. In addition to Mr. Garofalo, the Company also appointed Joseph Gallucci and Alan Hair to the Board. Mr. Gallucci has significant experience in mining investment banking and capital markets. He is currently a Managing Director and Head of Mining, Investment Banking at Laurentian Bank Securities Inc. Mr. Hair is a corporate director, and the former Chief Executive Officer of Hudbay Minerals Inc. and has extensive experience in leading mining companies.

The Board announced that Mr. Robert Archer will remain on the Board until the upcoming 2020 annual general meeting of shareholders to be held on June 24, 2020 (the “AGM”) and will not stand for re-election at the AGM. Mr. Archer will continue to serve the Company in an advisory capacity.

COVID-19 Response and Considerations

The Company has been closely monitoring the effects of the spread of the coronavirus respiratory disease (“COVID-19”) with a focus on the jurisdictions in which the Company operates and its head office location in Canada.

The rapid worldwide spread of COVID-19 has resulted in governments implementing restrictive measures to curb the spread of COVID-19. During this period of uncertainty, Great Panther’s priority is to safeguard the health and safety of personnel and host communities, support and enforce government actions to slow the spread of COVID-19 and to assess and mitigate the risks to our business continuity.

The Company has implemented a COVID-19 response plan that includes a number of measures to safeguard against the spread of the virus at its offices and sites. These include requirements to report infection or contact with those infected, restrictions on international travel and any non-essential domestic travel, alternative work arrangements, hygiene precautions and physical distancing practices among others.

Great Panther is also maintaining regular communications with its suppliers, customers and business partners to monitor any potential risks to its ongoing operations. Mining and processing operations at Tucano continue uninterrupted at this time. The Company has been in dialogue with the relevant government authorities, including communication regarding the enhanced safety protocols that have been implemented to mitigate the risk of COVID-19 cases at Tucano and surrounding communities. The Company has prepared contingency plans in the event that there is a full or partial shutdown and is prepared to act quickly to implement them. As of the date of this MD&A, the Company is aware that the State of Amapa in Brazil where Tucano is located is reporting increased rates of COVID-19 infection and the Company is aware of two employees who have tested positive for the COVID-19 virus. In a cautionary effort to both protect its employees and ensure continued operations, the Company implemented stronger segregation measures to protect plant and mine employees in a manner that will permit operations while ensuring safety. In the event authorities seek to restrict operations to mitigate the spread of COVID-19, the Company will endeavour to do so in a manner to satisfy authorities without a complete shutdown of operating activities. This may involve the curtailment of only mining operations and while continuing to process ore stockpile for which the Company has a reserve of three months. If authorities take measures to restrict activities, there is no guarantee that the Company can avoid a full shutdown of operations.

On April 2, 2020, the Company commenced an orderly suspension of mining and processing activities at the GMC and Topia in compliance with the directive of the Mexican Federal Government announced on March 31, 2020 to mitigate the spread of COVID-19. The first directive required suspension of activities until April 30, 2020 and was subsequently extended to May 30, 2020. The directive provides for a potential restart following May 18, 2020 for operations located in municipalities exhibiting low, or no, cases of COVID-19.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 4

The Company will continue to comply with the directive at both the GMC and Topia, with only essential personnel continuing to work during the suspension period. Essential personnel are following strict health and safety protocols while ensuring environmental monitoring and security of these operations. Some administrative and technical staff will continue to work from home.

Tucano Gold Mine

Mineral Resource and Mineral Reserve Update

On March 9, 2020. the Company announced its inaugural Mineral Resource and Mineral Reserve Estimate (the “MRMR”) for Tucano. The MRMR has an effective date of September 30, 2019 and uses a more rigorous approach to mineral resource and reserve estimation compared with the June 30, 2017 estimate of the previous operator. The MRMR reflects operational experience since acquiring the mine in 2019 and a better understanding of the mine’s geology and is therefore expected to improve mine forecasting reliability. Internationally recognized mining consultants Roscoe Postle & Associates acted as independent technical qualified persons for the MRMR.

At Tucano, after adjustments for mining depletion since June 30, 2017, Mineral Reserves are now estimated to be approximately 646,000 gold ounces, a decline of approximately 489,000 gold ounces relative to the June 30, 2017 estimate. Mineral Resources (excluding Mineral Reserves) declined by approximately 500,000 gold ounces. Refer to the Company’s press release dated March 9, 2020, for more details of the update.

2020 Exploration Program and Opportunities for Mineral Resource Increases and Mine Life Extension at Tucano

In February 2020, Great Panther announced plans for a $6.6 million (55,000 metre) 2020 exploration drill program for Tucano, comprised of both "near-mine" and "regional" targets. In connection with the announcement of the MRMR, the Company announced a refinement of the near-mine program and other opportunities to increase the mine life. A decision on whether to proceed with a Feasibility Study for an underground mine is anticipated in the fourth quarter of 2020, following an underground targeted drill program.

Guanajuato Mine Complex

Refer to the Company’s press release dated January 28, 2020 for details of the 2020 GMC exploration program.

On March 9, 2020, the Company released an updated NI 43-101 Mineral Resource estimate for the GMC, with effective dates of October 31, 2019 and July 31, 2019 for Guanajuato and San Ignacio, respectively. At the GMC, estimated Measured and Indicated (“M&I”) Mineral Resources for Guanajuato were approximately 3.7 million silver equivalent ounces (“Ag eq oz”), up by approximately 1.5 million Ag eq oz from the prior estimate dated August 31, 2017, reflecting the success of the 2019 exploration program. The Company believes that an increase in resources, together with ongoing drilling in 2020, is expected to be the basis for a re-start of operations later this year.

M&I Mineral Resources for San Ignacio were approximately 5.0 million Ag eq oz, a decline of roughly 6.4 million Ag eq oz from the prior estimate effective August 31, 2017. The reduction is due primarily to mining depletion of 3.8 million Ag eq oz, the use of narrower wireframes, and an increase in the Net Smelter Return (“NSR”) cut-off from a marginal ~US$71/tonne to a full cost ~US$100/tonne. The new Mineral Resource Estimates for Guanajuato and San Ignacio feature higher silver equivalent grades as a result of the application of higher NSR cut off values. Refer to the Company’s press release dated March 9, 2020 for more details of the update.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 5

Topia Mine

Phase II Tailings Storage Facility

As previously disclosed on March 9, 2020, during the first quarter the Company announced it had ceased depositing tailings on its Topia Phase II tailings storage facility ("TSF") following the recommendation from the Company's independent tailings management and geotechnical consultants. As noted in the Company's news release dated March 30, 2020, processing operations at Topia were scheduled to cease after April 2020, pending achievement of satisfactory mitigation measures for the Phase II TSF or completion of the permitting for the Phase III TSF. Phase III is above and adjacent to an existing TSF that has been closed for many years and will require remediation. The Phase III permit is expected to provide several years of capacity for tailings from Topia.

2020 Exploration Program

The 2020 exploration drill program comprises 2,500 metres with a focus on building mineral resources along the San Juan, Madre, Hipolito, La Prieta, Cantarranas, La Dura, Union de Pueblo, Higuera, and Oliva veins. The 2019 drilling (5,344 metres in 25 holes) initially tested Hipolito, Cantarranas, Madre, Las Brisas, San Juan, and Oliva veins with success.

Coricancha

Coricancha has been on care and maintenance as the Company evaluates conditions for a restart of the mine. The evaluation has included a Preliminary Economic Assessment (“PEA”) completed in 2018 and a bulk sample program (“BSP”) completed in June 2019. In the fourth quarter of 2019, the Company initiated a limited mining and processing campaign of approximately 25,000 tonnes. These activities were temporarily suspended following the Peruvian government-mandated restrictions associated with the National State of Emergency announced on March 16, 2020 in response to the coronavirus respiratory disease, COVID-19, which was recently further extended until May 10, 2020. Once the restrictions are lifted, the Company plans to resume the processing campaign and continue with its evaluation activities.

The Company continues to evaluate the timeline and conditions for a potential re-start of Coricancha. If the conditions for restart are not satisfied, the Company may examine options for closure. Coricancha is not material to the Company’s operations and there is no assurance as to the timeframe (if any) for restart of Coricancha.

Gold Doré Prepayment Facility

On February 4, 2020, the Company completed a $11.25 million gold doré prepayment agreement (the "Agreement") with Samsung C&T U.K. Ltd. ("Samsung"), a wholly-owned subsidiary of Samsung C&T Corporation, headquartered in Seoul, South Korea and a part of the Samsung Group.

In consideration of delivery and sale of approximately 3,000 ounces of gold contained in doré per month over a 2-year period commencing January 2020 from Tucano, Samsung has advanced a $11.25 million prepayment (the "Advance") to Great Panther. Gold deliveries are sold at a 0.65% discount to the benchmark price of gold at the time of delivery. The Advance will be repaid in equal instalments of $0.8 million per month commencing December 2020 until January 2022, such that all amounts outstanding to Samsung will be repaid in full. The Advance bears interest at an annual rate of 3-month USD LIBOR plus 5% and is secured by a pledge of all equity interests in Great Panther's Brazilian subsidiary that owns Tucano. Great Panther has a full option for early repayment of the Advance, subject to a 3% penalty applied to the outstanding balance. The Agreement also provides Samsung with a right of offer for concentrates produced from Coricancha in certain circumstances. Samsung has the option to offset proceeds from gold doré purchases with amounts owing under the Advance in certain limited circumstances.

Gold put option arrangements

On February 4, 2020, to manage the Company’s exposure to fluctuations in the gold price, the Company established a limited gold floor price through the purchase of financial put options. As at March 31, 2020 the Company has purchased put options for gold totaling 36,000 ounces that mature from April 2020 to June 2020. The options ensure a minimum sale price of $1,500 per gold ounce for the majority of the estimated Tucano production, without limiting any upside from rising gold prices.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 6

MINING OPERATIONS

Consolidated operations

	Q1 2020		Q1 2019		Change			% Change		Q4 2019		Change			% Change
Total material mined – Tucano (tonnes)¹		7,115,135		1,568,682		5,546,453			N/A¹		5,857,185		1,257,950			21%
Ore mined – Tucano (tonnes)¹		392,483		103,860		288,623			N/A¹		717,901		(325,418	)		-45%
Ore mined – Mexico (tonnes)		67,846		66,898		948			1%		64,843		3,003			5%
Tonnes milled – Tucano¹		811,197		194,167		617,030			N/A¹		860,634		(49,437	)		-6%
Tonnes milled – Mexico (excluding custom milling)		68,965		69,654		(689	)		-1%		67,564		1,401			2%
Tonnes milled – Consolidated operations (excluding custom milling)¹		880,162		263,821		616,341			N/A¹		928,198		(48,036	)		-5%
Consolidated Production
Gold (ounces)¹		28,940		8,293		20,647			249%1		37,089		(8,149	)		-22%
Silver (ounces)		374,917		338,431		36,486			11%		423,231		(48,314	)		-11%
Lead (tonnes)		401		481		(80	)		-17%		487		(86	)		-18%
Zinc (tonnes)		632		662		(30	)		-5%		650		(18	)		-3%
Gold equivalent ounces (“Au eq oz”) produced²		34,725		14,860		19,865			134%		44,697		(9,972	)		-22%
Consolidated Sales
Gold ounces sold		26,807		8,189		18,618			227%		38,992		(12,185	)		-31%
Au eq oz sold²		32,225		14,244		17,981			126%		45,625		(13,400	)		-29%
Cost metrics
Cash cost per gold ounce sold³	$	1,045	$	868	$	177			20%	$	1,268	$	(223	)		-18%
AISC per gold ounce sold, excluding corporate G&A expenditures³	$	1,749	$	1,506	$	243			16%	$	1,615	$	134			8%
AISC per gold ounce sold³	$	1,886	$	1,816	$	70			4%	$	1,703	$	183			11%

The comparative consolidated operating results, cash cost and AISC for the first quarter of 2019 reflect Tucano operations from the date of the Acquisition on March 5, 2019, and a comparison to those of current periods on an overall basis is not meaningful. Refer to the discussion of operating and cost metrics for the individual mines in the following sections.

The comparative data presented for Q1 2019 is for the period from March 5, 2019 to March 31, 2019, the period for which the Company owned Tucano following the Acquisition.

Gold equivalent ounces are referred to throughout this document. For 2020, Au eq oz were calculated using a 1:90 Au:Ag ratio, and ratios of 1:0. 0006412 and 1:0. 0007554 for the price/ounce of gold to price/pound of lead and zinc, respectively, and applied to the relevant metal content of the concentrates produced, expected to be produced, or sold from operations. The ratios are reflective of average metal prices for 2020. Comparatively, Au eq oz for 2019 were calculated using a 1:80 Au:Ag ratio, and ratios of 1:0.000795 and 1:0.00102258 for the price/ounce of gold to price/pound of lead and zinc, respectively, and applied to the relevant metal content of the concentrates produced, expected to be produced, or sold from operations. The ratios are reflective of average metal prices for 2019.

The Company has included the non-GAAP performance measures cost per tonne milled, cash cost per gold ounce sold, cash cost per payable silver ounce, AISC per gold ounce sold excluding corporate G&A expenditures, AISC per gold ounce sold, AISC per payable silver ounce, mine operating earnings before non-cash items, cost of sales before non-cash items, adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted net working capital throughout this document. Refer to the Non-GAAP Measures section of this MD&A for an explanation of these measures and reconciliation to the Company’s financial results reported in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 7

Tucano Gold Mine

	Q1 2020		Q1 2019¹		Change			% Change		Q4 2019		Change			% Change
Mining and Processing
Ore mined (tonnes)¹		392,483		103,860		288,623			N/A¹		717,901		(325,418	)		-45%
Ore mined grade (g/t)		1.62		1.37		0.25			18%		1.36		0.26			19%
Marginal ore mined (tonnes)¹		458		13,160		(12,702	)		N/A¹		2,555		(2,097	)		-82%
Total waste mined (tonnes)¹		6,722,653		1,464,822		5,257,831			N/A¹		5,139,284		1,583,369			31%
Total material mined (tonnes)¹		7,115,135		1,568,682		5,546,453			N/A¹		5,857,185		1,257,950			21%
Strip ratio		17.2		16.2		1.0			6%		7.2		10.0			139%
Tonnes milled¹		811,197		194,167		617,030			N/A¹		860,634		(49,437	)		-6%
Plant head grade (g/t)		1.09		0.95		0.14			15%		1.33		(0.24	)		-18%
Plant gold recovery (%)		91.7%		87.1%		4.6%			5%		92.8%		-1.1%			-1%
Production
Gold ounces¹		26,176		5,164		21,012			N/A¹		34,181		(8,005	)		-23%
Sales
Gold ounces¹		24,163		5,314		18,849			N/A¹		36,213		(12,050	)		-33%
Cost metrics
Cost per tonne milled²	$	31	$	23	$	8			35%	$	56	$	(25	)		-45%
Cash cost per gold ounce sold²	$	1,032	$	825	$	207			25%	$	1,340	$	(308	)		-23%
AISC per gold ounce sold²	$	1,752	$	1,522	$	230			15%	$	1,681	$	71			4%

During the first quarter of 2020, Tucano produced 26,176 ounces of gold, compared to 5,164 ounces produced in the first quarter of 2019 from the March 5, 2019 date of the Acquisition. The Company expects production at Tucano for 2020 to be in the range of 120,000 to 130,000 gold ounces. During the first quarter of 2020 the focus at Tucano was pre-stripping activities in all producing pits (e.g. Urucum Central North, AB3 and starting of the pushback in Urucum North).

Cash cost per gold ounce sold for Tucano was $1,032 for the first quarter of 2020 compared with $1,340 for the fourth quarter of 2019, and slightly higher than the top end range of 2020 guidance of $900 - $1,000 per tonne. The decrease of $308 per ounce compared with the fourth quarter of 2019 was mainly due to higher quantities of ore coming from stockpiles in 2020 and a more favourable foreign exchange rate.

For the first quarter of 2020, Tucano AISC per gold ounce sold was $1,752 compared with $1,522 for the first quarter of 2019. The first quarter of 2020 AISC exceeds the 2020 guidance of between $1,150 - $1,250 per gold ounce sold primarily due to the high volume of stripping in all operating pits as previously discussed. Tucano moved 36% higher waste tonnage during the quarter, advancing some of the waste movement scheduled for upcoming quarters which is expected to benefit ore production for the remainder of 2020 and 2021.

The comparative data presented for Q1 2019 is for the period from March 5, 2019 to March 31, 2019, the period for which the Company owned Tucano following the Acquisition.

Refer to the Non-GAAP Measures section of this MD&A for an explanation of these measures and reconciliation to the Company’s financial results reported in accordance with IFRS.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 8

Exploration

Metres of exploration drilling	Q1 2020	Q1 2019
Total metres of exploration drilling	2,310	-

During the first quarter of 2020, Tucano drilled 2,310 metres of the 55,000 metres planned for 2020. The drilling programme for 2020 is focussed on the addition of new mineralized zones with the objective of extending the mine life.

Guanajuato Mine Complex

Although the Company’s primary metal produced by value is now gold as a result of the Acquisition, the Company continues to use and report cost metrics per payable silver ounce to manage and evaluate operating performance at the GMC, as silver continues to represent a significant portion of its production.

	Q1 2020		Q1 2019		Change			% Change		Q4 2019		Change			% Change
Tonnes mined		48,526		47,564		962			2%		47,460		1,066			2%
Tonnes milled		49,607		49,422		185			0%		48,710		897			2%
Production
Silver (ounces)		169,734		134,852		34,882			26%		180,454		(10,720	)		-6%
Gold (ounces)		2,482		2,749		(267	)		-10%		2,640		(158	)		-6%
Silver equivalent ounces (“Ag eq oz”) ¹		393,126		354,756		38,370			11%		391,637		1,489			0%
Sales
Payable silver ounces		164,974		130,829		34,145			26%		169,162		(4,188	)		-2%
Gold ounces sold		2,421		2,589		(168	)		-6%		2,544		(123	)		-5%
Ag eq oz sold¹		382,898		337,889		45,009			13%		372,681		10,217			3%
Average ore grades
Silver (g/t)		125		102		23			23%		136		(11	)		-8%
Gold (g/t)		1.85		2.07		(0.22	)		-11%		2.00		(0.15	)		-8%
Metal recoveries
Silver		85.4%		83.3%		2.1%			3%		84.4%		1.0%			1%
Gold		84.1%		83.7%		0.4%			0%		84.1%		0.0%			0%
Cost metrics
Cost per tonne milled²	$	92	$	96	$	(4	)		-4%	$	93	$	(1	)		-1%
Cash cost per payable silver ounce²	$	7.84	$	12.83	$	(4.99	)		-39%	$	6.75	$	1.09			16%
AISC per payable silver ounce²	$	14.21	$	19.93	$	(5.72	)		-29%	$	10.72	$	3.49			33%

Metal production for the first quarter of 2020 increased by 11% compared with the same period last year, mainly due to higher average silver grades and recoveries offset partially by lower average gold grades.

Cost per tonne milled for the first quarter of 2020 decreased by $4 per tonne milled compared with the same period last year primarily as a result of the weakening of the MXN to the USD ($4 per tonne effect).

Cash cost per payable silver ounce decreased by $4.99 per payable silver ounce primarily due to higher gold by-product credits ($3.19 per oz effect), higher payable silver ounces ($2.66 per oz effect) and the weakening of the MXN to the USD, which had the effect of decreasing production costs in USD terms by $1.07 per oz. These factors were partially offset by higher MXN production costs ($0.74 per oz effect), and higher smelting and refining charges ($1.19 per oz effect).

Silver equivalent ounces are referred to throughout this document. For 2020, Ag eq oz are calculated using a 90:1 Ag:Au ratio and ratios of 1:0.0577 and 1:0.0680 for the price/ounce of silver to lead and zinc price/pound, respectively, and applied to the relevant metal content of the concentrates produced, expected to be produced, or sold from operations. The ratios are reflective of average metal prices for 2020. Comparatively, Ag eq oz for 2019 are calculated using a 80:1 Ag:Au ratio and ratios of 1:0.0636 and 1:0.0818 for the price/ounce of silver to lead and zinc price/pound, respectively, and applied to the relevant metal content of the concentrates produced, expected to be produced, or sold from operations. The ratios are reflective of average metal prices for 2019.

Refer to the Non-GAAP Measures section of this MD&A for an explanation of these measures and reconciliation to the Company’s financial results reported in accordance with IFRS.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 9

All-in sustaining cost per payable silver ounce decreased by $5.72 per payable silver ounce primarily due to the decrease in cash cost ($4.99 per oz effect) as described above, and a higher number of payable silver ounces which decreased the sustaining capital and sustaining exploration, evaluation and development (“EE&D”) elements of AISC on a per ounce basis ($1.47 per oz effect). These factors were partially offset by the higher Guanajuato care and maintenance costs ($0.49 per oz effect), and higher sustaining EE&D expenses ($0.25 per oz effect).

Exploration

Metres of exploration drilling	Q1 2020	Q1 2019
Guanajuato Mine	1,889	-
San Ignacio Mine	399	1,008
Total metres of exploration drilling	2,288	1,008

For the quarter ended March 31, 2020, the number of metres of exploration drilling increased compared with the same period in 2019 mainly due to the focused exploration program for Guanajuato that commenced in the second quarter of 2019 intending to outline economic stopes to bring the GMC back into production in 2020. Refer to the Company’s press release dated January 28, 2020 for details of the findings.

Development and drilling costs for the GMC are expensed.

Permitting

There have been no changes to the status of the GMC permitting matters since those disclosed in the Company’s MD&A and notes to the consolidated financial statements as at and for the year ending December 31, 2019.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 10

Topia Mine

Although the Company’s primary metal produced by value is now gold as a result of the Acquisition, the Company continues to use and report cost metrics per payable silver ounce to manage and evaluate operating performance at Topia, as silver continues to represent the primary metal produced by value.

	Q1 2020		Q1 2019		Change			% Change		Q4 2019		Change			% Change
Tonnes mined		19,320		19,334		(14	)		0%		17,383		1,937			11%
Tonnes milled		19,359		20,232		(873	)		-4%		18,854		505			3%
Custom milling		–		–		–			0%		472		(472	)		-100%
Total tonnes milled		19,359		20,232		(873	)		-4%		19,326		33			0%
Production
Silver (ounces)		205,184		203,579		1,605			1%		242,776		(37,592	)		-15%
Gold (ounces)		282		380		(98	)		-26%		267		15			6%
Lead (tonnes)		401		481		(80	)		-17%		487		(86	)		-18%
Zinc (tonnes)		632		662		(30	)		-5%		650		(18	)		-3%
Silver equivalent ounces ¹		376,303		420,926		(44,623	)		-11%		449,621		(73,318	)		-16%
Sales
Payable silver ounces		191,747		172,247		19,500			11%		212,882		(21,135	)		-10%
Gold ounces sold		223		286		(63	)		-22%		235		(12	)		-5%
Ag eq oz sold¹		338,649		344,209		(5,560	)		-2%		375,001		(36,352	)		-10%
Average ore grades
Silver (g/t)		357		336		21			6%		424		(67	)		-16%
Gold (g/t)		0.82		1.09		(0.27	)		-25%		0.81		0.01			1%
Lead (%)		2.22		2.58		(0.36	)		-14%		2.74		(0.52	)		-19%
Zinc (%)		3.45		3.58		(0.13	)		-4%		3.64		(0.19	)		-5%
Metal recoveries
Silver		92.3%		93.3%		-1.0%			-1%		94.4%		-2.1%			-2%
Gold		55.2%		53.4%		1.8%			3%		54.2%		1.0%			2%
Lead		93.5%		92.3%		1.2%			1%		94.3%		-0.8%			-1%
Zinc		94.7%		94.6%		0.1%			0%		94.7%		0.0%			0%
Cost metrics
Cost per tonne milled²	$	192	$	206	$	(14	)		-7%	$	201	$	(9	)		-4%
Cash cost per payable silver ounce²	$	15.57	$	10.50	$	5.07			48%	$	11.31	$	4.26			38%
AISC per payable silver ounce²	$	17.73	$	13.94	$	3.79			27%	$	13.71	$	4.02			29%

Metal production for the first quarter of 2020 decreased by 11% compared with the same period in the prior year in part due to lower throughput and also lower average gold, lead and zinc grades. These factors were partially offset by the improvement in average silver grade and gold recoveries.

Cost per tonne milled for the first quarter of 2020 decreased by $14 per tonne milled compared with the first quarter of 2019 primarily due to lower MXN production costs ($15 per tonne effect) and the weakening of the MXN to the USD exchange rate ($8 per tonne effect). These factors were partially offset by lower mill throughput ($9 per tonne effect).

Cash cost per payable silver ounce increased by $5.07 per payable silver ounce primarily due to lower by-product credits ($4.17 per oz effect), higher smelting and refining charges ($1.89 per oz effect), and higher MXN production costs ($1.02 per oz effect). These factors were partially offset by higher payable silver ounces ($1.07 per oz effect), the weakening of the MXN to the USD ($0.76 per oz effect), and the ore processing revenue that contributed in the reduction in cash cost per payable silver ounce by $0.18 per oz.

Refer to the Non-GAAP Measures section of this MD&A for an explanation of these measures and reconciliation to the Company’s financial results reported in accordance with IFRS.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 11

All-in sustaining cost per payable silver ounce increased by $3.79 per payable silver ounce primarily due to the increase in cash cost ($5.07 per oz effect) as described above. These factors were partially offset by lower capital expenditures ($0.88 per oz effect), higher payable silver ounces ($0.35 per oz effect), and lower sustaining EE&D expenses ($0.05 per oz effect).

Exploration

Metres of exploration drilling	Q1 2020	Q1 2019
Total metres of exploration drilling	314	642

The decrease in metres of exploration drilling in the first quarter of 2020 compared with the same period in 2019 was mainly due to maintenance work on one of the drill rigs. The main purpose of this exploration program is to increase definition of existing mineral resources. The program is being conducted with three underground drill rigs performing infill drilling.

Permitting

There have been no changes to the status of the Topia permitting matters since those disclosed in the Company’s MD&A and notes to the consolidated financial statements as at and for the year ended December 31, 2019. Refer to the Significant Events section of this MD&A for further information on the Phase III TSF permitting.

ADVANCED PROJECTS

Coricancha

Great Panther acquired Coricancha in June 2017. In July 2018, the Company filed a PEA that outlined the potential for three million Ag eq oz of annual production. In June 2019, it completed the BSP which successfully confirmed the key operating assumptions for Coricancha contained in the PEA. The Company also identified the potential to increase the life of mine by developing a mine plan for the resources not incorporated into the PEA, which utilizes only approximately 28% of the overall resource. Under the BSP, a total of 5,089 tonnes of mineralized material was mined from the Constancia and Escondida veins and processed through the plant. The program produced 15,561 ounces of silver, 303 ounces of gold, 107,319 pounds of lead, and 99,889 pounds of zinc through the production of zinc and lead concentrates. In the third quarter of 2019, the Company sold the majority of the metal concentrate produced from the BSP.

The Company may initiate a restart of Coricancha without first establishing reserves due to (i) the existing processing plant facility, (ii) the low initial capital costs to re-establish underground workings, and (iii) the Company’s knowledge of the mine and resource base.

In the fourth quarter of 2019, the Company undertook a limited mining and processing campaign of approximately 25,000 tonnes. Refer to the Significant Events section of this MD&A for further information on this processing campaign and the current status of Coricancha.

Concurrently, the Company has successfully undertaken various legal measures to protect itself from any pending or new fines, penalties, regulatory action or charges from government authorities which may be initiated as a result of the change in timing of reclamation under the proposed plan. The Company believes this matter can be resolved favourably but cannot provide any assurance. Although the Company has all the necessary permits to restart Coricancha, if this matter is not resolved favourably, it may impact the Company’s stated plans and objectives for the project.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 12

RESULTS OF OPERATIONS

Three months ended March 31, 2020

	Q1 2020												Q1 2019												%
	Tucano			GMC			Topia			Total			Tucano¹			GMC			Topia			Total			Change
Sales quantities
Gold (ounces)		24,163			2,421			223			26,807			5,314			2,589			286			8,189			227%
Silver (ounces)		4,059			164,974			191,747			360,780			–			130,829			172,247			303,076			19%
Lead (tonnes)		–			–			385			385			–			–			393			393			-2%
Zinc (tonnes)		–			–			520			520			–			–			521			521			0%
Au eq oz sold		24,208			4,254			3,763			32,225			5,314			4,224			4,706			14,244			126%
Revenue (000’s)
Gold revenue	$	37,996		$	3,906		$	362		$	42,264		$	6,880		$	3,380		$	338		$	10,598			299%
Silver revenue		56			2,596			2,871			5,523			–			2,018			2,465			4,483			23%
Lead revenue		–			–			668			668			–			–			785			785			-15%
Zinc revenue		–			–			844			844			–			–			1,548			1,548			-45%
Ore processing revenue		–			–			34			34			–			–			–			–			100%
Smelting and refining charges		(18	)		(437	)		(828	)		(1,283	)		(14	)		(241	)		(465	)		(720	)		-78%
Total revenue	$	38,034		$	6,065		$	3,951		$	48,050		$	6,866		$	5,157		$	4,671		$	16,694			188%
Average realized metal prices and FX rates
Gold (per ounce)										$	1,577											$	1,294			22%
Silver (per ounce)										$	15.31											$	14.79			4%
Lead (per pound)										$	0.79											$	0.91			-13%
Zinc (per pound)										$	0.74											$	1.35			-45%
USD/CAD											1.340												1.330			1%
USD/BRL											4.458												3.766			18%
USD/MXN											19.934												19.208			4%

The comparative data presented for Q1 2019 is for the period from March 5, 2019 to March 31, 2019, the period for which the Company owned Tucano following the Acquisition.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 13

(000’s)		Q1 2020			Q1 2019			Change		% Change		Q4 2019			Change		% Change
Revenue	$	48,050		$	16,694		$	31,356		188%	$	65,679		$	(17,629	)	-27%
Production costs		33,802			13,203			20,599		156%		57,232			(23,430	)	-41%
Mine operating earnings before non-cash items¹		14,248			3,491			10,757		308%		8,447			5,801		69%
Amortization and depletion		8,231			1,905			6,326		332%		13,373			(5,142	)	-38%
Share-based compensation		47			69			(22	)	-32%		120			(73	)	-61%
Mine operating earnings (loss)		5,970			1,517			4,453		294%		(5,046	)		11,016		-218%
Mine operating earnings before non-cash items (% of revenue)		30%			21%							13%
Mine operating earnings (% of revenue)		12%			9%							-8%
G&A expenses		3,594			2,505			1,089		43%		8,983			(5,389	)	-60%
EE&D expenses		3,495			2,759			736		27%		13,878			(10,383	)	-75%
Impairment of goodwill		–			38,682			(38,682	)	-100%		–			Nil		nil%
Business acquisition costs		–			2,620			(2,620	)	-100%		60			(60	)	-100%
Care and maintenance costs		229			148			81		55%		197			32		16%
Finance and other expense		39,148			2,587			36,561		1,413%		51			39,097		nm
Tax expense (recovery)		(32	)		242			(274	)	-113%		(147	)		115		-78%
Net loss	$	(40,464	)	$	(48,026	)	$	7,562		16%	$	(28,068	)	$	(12,396	)	-44%
Adjusted net loss ¹	$	(7,548	)	$	(4,974	)	$	(2,574	)	-52%	$	(32,403	)	$	24,855		77%
Adjusted EBITDA¹	$	6,380		$	(1,698	)	$	8,078		N/A	$	(5,338	)	$	11,718		N/A

Net loss

For the first quarter of 2020, the Company recorded a net loss of $40.5 million compared with a net loss of $48.0 million for the first quarter of 2019 and a net loss of $28.1 million for the fourth quarter of 2019. The components of net loss are analyzed below by income statement caption.

Mine Operating Earnings

Mine operating earnings before non-cash items for the first quarter of 2020 was $14.2 million compared with $3.5 million for the first quarter of 2019 and 8.4 million for the fourth quarter of 2019. The components of mine operating earnings before non-cash items being revenue and production costs are analyzed below.

Mine operating earnings for the first quarter of 2020, including non-cash items, was $6.0 million compared with $1.5 million for the first quarter of 2019 and a loss of $5.0 million for the fourth quarter of 2019.

Revenue

Revenue generated in the first quarter of 2020 was $48.1 million compared with $16.7 million for the first quarter of 2019 and $65.7 million for the fourth quarter of 2019. The increase in revenue of $31.4 million over the same period last year is mainly attributed to the date of the Acquisition in March 2019, and higher gold prices; further details of the increase in revenue are provided in the table below. The components of the decrease in revenue of $17.6 million from the trailing quarter are also provided in the following table.

The Company has included non-GAAP performance measures such as mine operating earnings before non-cash items, adjusted net loss and adjusted EBITDA, throughout this document. Refer to the Non-GAAP Measures section of this MD&A for an explanation of these measures and reconciliation to the Company’s financial results reported in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 14

$ millions	Q1 2019 to Q1 2020			Q4 2019 to Q1 2020
Prior period total revenue	$	16.7		$	65.7
Increase (decrease) related to:
Gold sales volume		24.1			(19.2	)
Gold prices		7.6			3.6
Silver sales volume		0.9			(0.4	)
Silver prices		0.2			(0.9	)
Other product prices		(0.8	)		(0.4	)
Smelting and refining charges		(0.6	)		(0.3	)
Other		0.1			0.1
		31.4			(17.6	)
Total revenue Q1 2020	$	48.1		$	48.1

Production Costs

Production costs for the first quarter of 2020 increased by $20.6 million compared with the first quarter of 2019. The increase was due to the addition of Tucano to the Company’s assets ($20.6 million effect, which is comprised of $10.0 million in mining costs, and $10.6 million in processing costs), and higher sales volume from the Mexican operations ($0.6 million effect). These factors were partially offset by lower MXN production costs at the GMC due to cost reduction efforts initiated last year ($0.2 million effect), and the weakening of the MXN to the USD, which had the impact of reducing production costs in USD terms ($0.4 million effect).

Compared with the fourth quarter of 2019, production costs decreased by $23.4 million primarily due to lower production and sales volume ($16.4 million effect), lower BRL production costs at Tucano ($2.4 million effect), and the weakening of the BRL and MXN to the USD which had the impact of reducing production costs in USD terms by $5.0 million and $0.3 million, respectively. These were partially offset by higher MXN production costs at the GMC and Topia ($0.7 million effect).

Amortization and depletion

Amortization and depletion for the first quarter of 2020 increased compared with the first quarter of 2019, primarily due to the addition of Tucano amortization and depletion of $6.3 million. Amortization for the fourth quarter of 2019 was $13.4 million. The decrease in amortization and depletion for the first quarter of 2020 compared with the fourth quarter of 2019 relates to lower sales of gold for the quarter.

General and administrative expenses

G&A expenses for the first quarter of 2020 increased $1.1 million, or 43%, compared with the same period in 2019, primarily related to the addition of Tucano in March 2019. Approximately $0.6 million of the increase over 2019 relates to severance payments to former employees of its previous parent company which were primarily paid over the year following the Acquisition. In addition, insurance premiums increased by approximately $0.6 million and the first quarter of 2020 also reflected executive search fees for the recruitment of a new President and CEO. These increases were partially offset by a decrease in share-based compensation included in G&A of $0.4 million.

Compared with the fourth quarter of 2019, G&A expenses decreased $5.4 million, or 60%, as the comparative period included $5.6 million for Brazil legal claims accruals and a $0.6 million non-recurring severance charge in respect of a management change. These were partially offset by a $0.4 million increase in insurance premiums and severance payments of $0.4 million to former employees of Tucano’s previous parent company.

Exploration, evaluation and development expenses

EE&D expenses for the first quarter of 2020 increased $0.7 million, or 27%, compared with the same period in 2019, mainly due to a $0.4 million increase in the Guanajuato focused exploration program, a $0.3 million increase in Tucano expenditures, and a $0.2 million increase in Coricancha expenditures. These factors were partially offset by a $0.1 million decrease in Topia development, and a $0.1 million decrease in San Ignacio exploration drilling.

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Management’s Discussion & Analysis

Page 15

EE&D expenses decreased $10.4 million or 75% compared with the fourth quarter of 2019, as the comparative period reflected a $9.7 million change in Mexico reclamation estimates recorded in EE&D, a $0.9 million decrease in Coricancha expenditures. These factors were partly offset by a $0.1 million increase in Tucano EE&D expenses.

Impairment of goodwill

In the first quarter of 2019, the Company recorded an impairment of goodwill of $38.7 million related to Tucano. For accounting purposes, the Company re-evaluated its initial assessment of the purchase price allocation of Tucano following receipt of the MRMR. The Company’s updated assessment of the carrying value of Tucano assigned a value of $85.4 million to the Tucano depreciable mineral properties, plant and equipment on the Acquisition and $43.2 million to non-depreciable mineral properties reflecting the underground reserves and resources, open pit resources, and near mine and regional exploration potential. The assessment resulted in a reduction of the carrying value of Tucano’s mineral properties, plant and equipment from $167.3 million to $132.1 million and recognition of a $3.5 million deferred income tax liability. Goodwill of $38.7 million, being the difference between the fair value of net identifiable assets acquired and the original share exchange value plus assumed debt, was impaired at March 31, 2019.

Business acquisition costs

Business acquisition costs for the first quarter of 2019 of $2.6 million related to the Acquisition.

Finance and other income (expense)

Finance and other income (expense) primarily reflects interest income or expense, gain or loss on derivative instruments, and foreign exchange gains and losses. Finance and other income (expense) for the first quarter of 2020 was a loss of $39.1 million compared with a loss of $2.6 million for the first quarter of 2019. During the quarter ended March 31, 2020 the BRL experienced significant weakening against the USD and other currencies resulting in foreign exchange and derivative instrument losses of $36.8 million for the period compared with $1.7 million in losses for the first quarter of 2019. Included in the derivative contract and foreign exchange losses for the first quarter of 2020 were $23.9 million and $2.4 million of unrealized losses and realized losses, respectively, on the BRL/USD forward foreign exchange contracts, $9.5 million of unrealized foreign exchange losses and $0.3 million of unrealized gains on the gold put options. The unrealized losses on the forward foreign exchange contracts arises from a mark-to-market adjustment at the prevailing exchange rate at March 31, 2020 (5.19 BRL/USD). The foreign exchange losses related primarily to the translation of foreign currency denominated borrowings and net working capital into the BRL functional currency of our operations in Brazil.

As at March 31, 2020, non-deliverable forward foreign exchange contracts for BRL against USD totalling BRL 469.1 million (December 31, 2019 – BRL 418.2 million) at various pre-determined rates ranging from BRL 4.11/USD to BRL 4.45/USD, at various maturity dates until February 2021, were outstanding. The fair value of these outstanding non-deliverable forward foreign exchange contracts resulted in a liability of $20.5 million at March 31, 2020 (December 31, 2019 – asset of $3.5 million). A non-deliverable forward foreign exchange contract does not require physical delivery of the designated currencies at maturity. The objective of the Company’s BRL/USD hedging strategy was to lock-in the exchange rate for a projected $120 million in BRL denominated operating and capital expenditures to February 2021 through forward exchange contracts at various pre-determined rates to reduce exposure to any appreciation in the BRL which was at or near record lows relative to the USD at the time and gain better certainty with regard to the Company’s projected operating cash-flows for Tucano.

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Management’s Discussion & Analysis

Page 16

To the extent that the BRL strengthens against the USD during this period, the payouts required under these forward contracts will be reduced, but any reduction will be offset by increases in the hedged portion of operating costs in USD. To the extent that the BRL declines against the USD during this period, the payouts required under these forward contracts will be increased, but any increase will be offset by reductions in the hedged portion of Tucano operating costs in USD.

There were also other expenses in this category primarily consisting of interest expenses related to borrowings and past-due payables of $0.8 million, a $0.7 million write-off of Tucano’s Imposto de Circulação de Mercadorias e Serviços (“ICMS”) that was determined to be unrecoverable, a $0.5 million of accretion expense on reclamation and remediation provision and a $0.4 million of accretion expense on lease liabilities. In addition, interest income decreased by $0.3 million.

The increase in finance and other expenses from the fourth quarter of 2019 is primarily due to the aforementioned $36.8 million of net foreign exchange and derivative instruments losses in the first quarter of 2020 compared with $3.5 million of foreign exchange gains in the fourth quarter of 2019. Additionally, other expenses also increased by $0.1 million primarily due to the expensing of ICMS noted above. These were partially offset by a $1.2 million decrease in finance costs as a result of interest expense noted above.

Tax expense

Income tax recovery for the first quarter of 2020 was $0.3 million compared with an expense of $0.2 million for the same period in 2019.

Adjusted EBITDA

Adjusted EBITDA was $6.4 million in the first quarter of 2020 compared with negative $1.7 million in the first quarter of 2019. The increase reflects a $10.8 million increase in mine operating earnings before non-cash items. This factor was partially offset by a $1.5 million increase in G&A cash expenses, a $0.5 million increase in other costs, a $0.6 million increase in EE&D expenses before non-cash items (such as non-cash share-based compensation and changes in estimates of reclamation provisions), and a $0.1 million increase in Guanajuato care and maintenance costs.

Adjusted EBITDA increased by $11.7 million compared with the fourth quarter of 2019. The increase reflected a $5.8 million increase in mine operating earnings before non-cash items, a $5.4 million decrease in G&A cash expenses, and a $0.6 million decrease in EE&D expenses before non-cash items. These factors were partially offset by a $0.1 million increase in other expenses.

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Management’s Discussion & Analysis

Page 17

SUMMARY OF SELECTED QUARTERLY INFORMATION

(000’s, except per-share amounts)	Q1 2020			Q4 2019			Q3 2019³			Q2 2019³			Q1 2019³			Q4 2018			Q3 2018			Q2 2018
Revenue	$	48,050		$	65,679		$	71,002		$	45,278		$	16,694		$	13,647		$	11,691		$	17,077
Production costs		33,802			57,232			51,794			34,550			13,203			11,630			11,024			12,967
Mine operating earnings before non-cash items¹		14,248			8,447			19,208			10,728			3,491			2,017			667			4,110
Amortization and depletion and share-based compensation		8,278			13,493			11,736			7,826			1,974			811			610			1,207
Mine operating earnings (loss)		5,970			(5,046	)		7,472			2,902			1,517			1,206			57			2,903
G&A expenses		3,594			8,983			2,876			3,193			2,505			1,653			1,379			1,702
EE&D expenses		3,495			13,878			2,901			4,488			2,759			3,136			3,341			2,617
Impairment of goodwill		–			–			–			–			38,682			–			–			–
Finance and other income (expense)		(39,148	)		(51	)		(10,080	)		(422	)		(2,587	)		757			1,112			(912	)
Net loss for the period		(40,464	)		(28,068	)		(9,171	)		(5,758	)		(48,026	)		(3,559	)		(3,642	)		(2,765	)
Basic and diluted earnings (loss) per share		(0.13	)		(0.09	)		(0.03	)		(0.02	)		(0.24	)		(0.02	)		(0.02	)		(0.02	)
Adjusted net loss ¹		(7,548	)		(32,403	)		(920	)		(8,965	)		(4,974	)		(4,292	)		(3,188	)		(2,488	)
Adjusted net loss per share ¹		(0.02	)		(0.10	)		(0.00	)		(0.03	)		(0.02	)		(0.03	)		(0.02	)		(0.01	)
Adjusted EBITDA¹		6,380			(5,338	)		12,909			2,044			(1,698	)		(2,638	)		(2,968	)		137

	Q1 2020		Q4 2019		Q3 2019³		Q2 2019³		Q1 2019³		Q4 2018		Q3 2018		Q2 2018
Tonnes milled²		880,162		928,198		813,260		782,568		263,821		89,270		92,920		95,169
Production
Gold (ounces)		28,940		37,089		39,651		33,461		8,293		4,101		4,737		5,492
Silver (ounces)		374,917		423,231		418,032		349,668		338,431		438,152		448,840		479,809
Lead (tonnes)		401		487		539		453		481		474		572		480
Zinc (tonnes)		632		650		689		575		662		661		639		528
Au eq oz		34,725		44,697		47,374		39,922		14,860		11,897		12,789		13,522
Sales
Gold ounces sold		26,807		38,992		43,025		29,850		8,189		4,262		3,623		6,013
Au eq oz sold		32,225		45,625		50,118		35,759		14,244		11,807		10,592		13,634
Cost metrics
Cash cost per gold ounce sold¹	$	1,045	$	1,268	$	1,014	$	950	$	868	$	777	$	1,002	$	591
AISC per gold ounce sold excluding corporate G&A expenditures¹	$	1,749	$	1,615	$	1,310	$	1,153	$	1,506	$	992	$	1,367	$	860
AISC per gold ounce sold¹	$	1,886	$	1,703	$	1,377	$	1,260	$	1,816	$	1,385	$	1,773	$	1,165

The Company has included the non-GAAP performance measures cost per tonne milled, cash cost per gold ounce sold, cash cost per payable silver ounce, AISC per gold ounce sold excluding corporate G&A expenditures, AISC per gold ounce sold, AISC per payable silver ounce, mine operating earnings before non-cash items, cost of sales before non-cash items, adjusted EBITDA, adjusted net loss and adjusted net loss per share throughout this document. Refer to the Non-GAAP Measures section of this MD&A for an explanation of these measures and reconciliation to the Company’s financial results reported in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others.

Excludes purchased ore.

The quarterly information for 2019 was restated to reflect the adjustments related to the Tucano MRMR that impacted the period from March 5, 2019 to September 30, 2019. Refer to the December 31, 2019 MD&A for further details of the impact.

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Management’s Discussion & Analysis

Page 18

Trends in revenue over the last eight quarters

Revenue varies based on the metal production level, timing of the sales of refined gold and metal concentrates, metal prices and terms of sales agreements. The climate in Mexico allows mining and exploration activities to be conducted throughout the year, and therefore, there are no meaningful seasonal effects on metal production from the Company’s Mexican operations. In Brazil, the Tucano operation is affected by seasonal weather. During the wet season (normally from January through June), production rates are lower than the dry season (normally July until December). Prior to the Acquisition, the Company’s trend in revenue was mainly impacted by the fluctuation in prices for silver and gold.

Metal production for the quarters presented up to December 31, 2018 was in the 11,800 - 13,500 Au eq oz range until the first quarter of 2019 when the metal production increased due to the addition of Tucano. Metal production for the second and third quarters of 2019 also increased due to the successful commissioning of the supplemental oxygen system at Tucano. Metal production for the fourth quarter of 2019 decreased slightly from the previous two quarters due to the Urucum Central South (“UCS”) pit issue at Tucano, as noted in the Company’s news releases on October 7, 2019 and October 15, 2019, and lower metal production at Topia.

Trends in net income over the last eight quarters

The Company’s net income is mainly dependent on fluctuations in metal prices, rates of metal production, variability in the mineral resource, EE&D activities, and foreign exchange rates, and since the Acquisition, seasonality of production has become a significant factor as discussed above. The Company also incurred significant EE&D expenditures in relation to the Coricancha BSP from the third quarter of 2018 until its completion in the second quarter of 2019, and additional costs associated with the ore processing campaign which commenced in the fourth quarter of 2019. Production costs in Mexico have increased in more recent quarters as a result of higher variability in mineral resources at the GMC, significant one-time charges affecting Topia’s plant costs, personnel restructuring costs and mining contractor rate increases at both the GMC and Topia.

To mitigate its exposure to foreign exchange risk, the Company from time to time enters into forward currency contracts. To the end of the first quarter of 2019, these were primarily for MXN. Commencing the second quarter of 2019, the Company entered into contracts for BRL. Such contracts can result in foreign exchange gains and losses, as these contracts are marked to market at the end of each reporting period. Foreign exchange gains or losses are included in finance and other income. Foreign exchange gains and losses also arise from the translation of foreign currency denominated transactions and balances into the functional currencies of the Company and its subsidiaries.

The Company’s exploration, evaluation and development expenditures have been primarily incurred in relation to Coricancha care and maintenance and project expenditures after its acquisition in June 2017 with the exception of the fourth quarter of 2019 when adjustments to Mexican reclamation provisions were recorded in the amount of $9.7 million.

G&A expenditures were fairly consistent over the last eight quarters with the exception of non-recurring G&A charges related to management changes in the fourth quarter of 2019, accruals made for Brazil legal claims, and the inclusion of G&A expenditures of the parent company of Tucano since the Acquisition that are anticipated to be substantially eliminated following the first quarter of 2020.

GUIDANCE AND OUTLOOK

Outlook

Great Panther previously provided production and cost guidance for Tucano and the GMC which remains unchanged. These two operations combined represented approximately 85% of 2019 production on a gold equivalent ounce basis. The Company has not provided guidance for Topia due to the previous decision to suspend tailings deposition at the mine’s Phase II TSF and subsequent Mexican federal government restrictions on non-essential business activities in an effort to limit the spread of COVID 19. This outlook presumes continued operations for Tucano for the balance of 2020 without interruption due to the COVID-19 pandemic and that the GMC returns to production as expected following the lifting of the Mexican federal government restrictions in response to COVID-19 at the end of May.

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Management’s Discussion & Analysis

Page 19

Great Panther expects to provide Topia operating guidance and Company consolidated production and cost guidance by the end of the second quarter of 2020 subject to the Mexican federal government lifting the aforementioned restrictions as planned.

Great Panther’s 2020 operating guidance for Tucano and the GMC compared with actual 2019 results and first quarter of 2020 results is as follows:

Operating Guidance		Tucano (costs per Au payable oz)			GMC (costs per Ag payable oz) ⁽¹⁾
Operating Guidance		Q1 2020 Actual	2020 Guidance	2019 Results ⁽²⁾	Q1 2020 Actual	2020 Guidance	2019 Results
Gold production	koz	26	120 - 130	106	n/a	n/a	n/a
Gold Eq production	koz	n/a	n/a	n/a	4	14 - 16	19
Silver Eq production	Moz	n/a	n/a	n/a	0.4	1.2 - 1.4	1.5
Cash Cost	$/oz sold	1,032	900 - 1,000	1,118	7.84	9.00 - 10.00	6.74
AISC	$/oz sold	1,739	1,150 - 1,250	1,406	14.21	13.00 - 14.00	13.21
Capex (sustaining)	$M	2.6	6-8	6	-	0-1	0.2
Capex (non-sustaining)	$M	-	-	-	-	-	-
Stripping/Development	$M	12.6	23-27	13	0.6	1-2	1
Exploration (sustaining)	$M	-	-	0.2	0.2	1	1
Exploration (non-sustaining)	$M	6	7	3	0.4	3	1

(1)

Cash cost and AISC are calculated net of by-product credits.

(2)

2019 results for Tucano are reflective of the period under Great Panther ownership beginning March 5, 2019.

Further information on the Company’s 2020 guidance can be obtained by referring to the Outlook section of the Company’s 2019 MD&A dated March 30, 2020.

Topia

Topia accounted for approximately 15% of the Company's 2019 consolidated production on a gold equivalent ounce basis. Great Panther has operated Topia continuously since 2006, except for brief stoppages for upgrades and permitting.

A new Mineral Resource Estimate for Topia is being developed, which the Company expects to announce by the end of 2020. This estimate will supersede a prior estimate, which was effective July 31, 2018. As announced in the news release dated March 9, 2020, the Company previously expected to announce an updated Mineral Resource Estimate for Topia by June 30, 2020; the postponed expected target date reflects the Company's prioritization of exploration programs at the GMC during the first half of 2020.

Coricancha

Coricancha has been on care and maintenance as the Company evaluates conditions for a restart of the mine. The evaluation has included a PEA completed in 2018 and the BSP completed in June 2019. In the fourth quarter of 2019, the Company initiated a limited mining and processing campaign of approximately 25,000 tonnes. These activities were temporarily suspended in accordance with the Peruvian government-mandated restrictions associated with the 15-day National State of Emergency announced on March 16, 2020 in response to the coronavirus respiratory disease, COVID-19, and the effective period was subsequently extended to April 12, 2020 and recently was further extended until May 10, 2020. Once the restrictions are lifted, the Company plans to resume the processing campaign and continue with its evaluation activities.

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Management’s Discussion & Analysis

Page 20

LIQUIDITY AND CAPITAL RESOURCES

Net working capital including cash and cash equivalents

(000’s)		March 31, 2020			December 31, 2019		Change
Cash and cash equivalents	$	38,795		$	36,970	$	1,825
Net working capital	$	(16,244	)	$	12,815	$	(29,059	)
Adjusted net working capital¹	$	3,544		$	9,361	$	(5,817	)

Cash and short-term deposits increased by $1.8 million in the first three months of 2020, primarily due to $11.3 million of gross proceeds from the gold doré prepayment facility with Samsung, and $11.8 million of cash provided by operating activities. These contributions to cash were partially offset by capital investments of $16.4 million, including $12.6 million of capitalized stripping costs at Tucano, $1.6 million in principal payments on borrowings, $1.6 million in lease liability payments, and $1.6 million in reductions in cash as a result of foreign currency translation.

Net working capital was negative $16.2 million as at March 31, 2020, a decrease of $29.0 million from the start of the year. The negative net working capital is attributed to the mark-to-market adjustment on the Company’s non-deliverable BRL forward contracts at March 31, 2020. Excluding the effect of the mark-to-market adjustments on the Company’s derivative instruments results in adjusted net working capital of $3.5 million.

Operating activities

For the quarter ended March 31, 2020, cash flows provided by operating activities amounted to $11.8 million, compared with outflows of $8.5 million for the first quarter of 2019. The $20.3 million increase in cash flows was primarily due to an increase in mine operating earnings before non-cash items of $10.8 million, an increase in net working capital of $14.1 million, and a decrease in Beadell acquisition costs as the comparative period reflected $2.6 million of acquisition costs during the due diligence process. These factors were partially offset by an increase in G&A cash expenses of $1.5 million, an increase in interest paid of $0.4 million, an increase in other expenses of $0.5 million, an increase in EE&D cash expenses of $0.6 million, an increase in net realized losses on derivative instruments of $2.4 million, an increase in net realized foreign exchange losses of $1.1 million, an increase in income taxes paid of $0.4 million, an increase in Guanajuato care and maintenance costs of $0.1 million, and a decrease in interest received of $0.2 million.

Investing activities

The Company invests excess cash in short term deposits and similar instruments as part of its routine cash management procedures. As these instruments are acquired or mature at various times and periods, cash flows provided by or used in investing activities vary significantly from quarter to quarter.

Excluding movements in short terms deposits, for the quarter ended March 31, 2020, the Company’s cash outflows during the current quarter included $16.4 million for additions to mineral properties, plant and equipment (including $12.6 million of capitalized stripping costs at Tucano). The Company’s cash inflows for the first quarter of 2019 included $2.7 million of partial repayment on the loan advanced to Beadell before the Acquisition and the $1.4 million cash received upon the Acquisition, partially offset by cash outflows of $4.1 million for additions to plant and equipment (including $3.0 million of capitalized stripping costs at Tucano) and $0.9 million concerning the environmental bond at Coricancha.

The Company has included the non-GAAP performance measure Adjusted Net Working Capital which is calculated as Net Working Capital, less the fair value of derivative assets and liabilities.

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Management’s Discussion & Analysis

Page 21

Financing activities

Cash flows from financing activities for the first quarter of 2020 were $8.1 million compared with $0.1 million for the first quarter of 2019. For the first quarter of 2020, the Company received $11.3 million of gross proceeds from the gold doré prepayment facility with Samsung and repaid $1.6 million of borrowings and incurred lease payments of $1.6 million. Cash flows from financing activities in the first quarter of 2019 include $0.5 million in proceeds received from the exercise of stock options offset by the payment of lease liabilities of $0.5 million.

Trends in liquidity and capital resources

As at March 31, 2020, cash and cash equivalents were $38.8 million and non-cash working capital totalled negative $16.2 million. In addition to its cash and other net working capital at December 31, 2019, the Company completed an $11.3 million gold doré prepayment facility with Samsung in February 2020, and completed an increase in its credit facilities with Banco Bradesco in Brazil in March 2020 which consists of a $10.0 million term loan at a 3.7% interest rate and a requirement to retain cash collateral of $7.5 million, which are presented net in the financial statements within Borrowings. The Company expects to generate positive cash flows from its mining operations in 2020 prior to capital investments, exploration and evaluation and development costs, and debt repayment obligations, at current metal prices and at current exchange rates for the BRL and MXN to the US dollar. This also assumes no further significant disruptions to production related to government measures to reduce the spread of COVID-19, such as the temporary measures affecting Mexico and Peru and possible measures affecting the Tucano mine discussed in this MD&A. The Company may raise additional debt or equity over the next twelve months to improve working capital, fund planned capital investments and exploration programs for its operating mines and meet scheduled debt repayment obligations.

As previously discussed under Results of Operations, the Company has entered into forward currency contracts to reduce its exposure to the fluctuation in BRL to USD exchange rates. These contracts are settled in cash at each maturity date for an amount equal to the difference between the spot market exchange rate on the settlement date and the contract rate multiplied by the contractual notional amount. As at March 31, 2020 the fair value of these contracts is negative $20.5 million. Further weakening of the BRL from March 31, 2020 will increase the amount ultimately paid by the Company on the maturity of each contract to February 2021. Likewise, a strengthening of the BRL would decrease the obligation.

Additional capital may be needed in the event the Company determines it will undertake other projects that are currently not part of its plans and guidance. Sources of capital include the At-The-Market Facility entered into by the Company in July 2019 (“ATM Facility”) and accessing the private and public capital markets for debt and equity over the next twelve months. Adverse movement in metal prices, unforeseen impacts to the Company’s operation, and/or the inability to renew or extend existing credit facilities that become due may increase the need to raise new external sources of capital, and the inability to access sources of capital could adversely impact the Company’s liquidity and require the Company to curtail capital and exploration program, and other discretionary expenditures.

To date, the Company has not issued any shares under the ATM Facility. In the third quarter of 2019, the Company completed a bought deal financing for gross proceeds of $17.3 million, and entered into an ATM Agreement under which it can sell common shares equal to the lesser of i) 10% of the aggregate market value of the Company’s outstanding common shares as at the last trading day of the month before the month in which the first trade under the offering is made, and ii) aggregate gross proceeds of $25.0 million. Additionally, in the fourth quarter of 2019, the Company entered into a $10.0 million promissory note agreement with IXM.

The Company has also been actively pursuing refunds on its Brazil Program of Social Integration (“PIS”) and Contribution for the Financing of Social Security (“COFINS”) federal input tax receivables and has been successful in decreasing these receivables.

Of the $38.8 million of current borrowings at March 31, 2020, $1.9 million was repaid subsequent to the end of the quarter, and there are approximately $29.0 million of remaining repayments due in 2020.

The Company completed the acquisition of Tucano in March 2019, which resulted in significant growth in the business. Over the next twelve months, the Company expects to focus on continued Tucano optimization and exploration. In Mexico, a key focus will be the evaluation of the Topia Phase II TSF, other alternatives to store tailings, the permitting of Topia Phase III TSF, the exploration program at Guanajuato, and overall improvement of the performance of the Mexican operations. In Peru, the Company will be further evaluating the potential for a restart of Coricancha. Although the Company does not have any immediate plans to pursue further acquisitions, this may change and result in the need for additional capital.

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Management’s Discussion & Analysis

Page 22

The Company’s operating cash flows are very sensitive to the prices of gold and silver, and foreign exchange rate fluctuations, as well as fluctuations in ore grades and other operating factors. Consequently, any cash flow outlook the Company provides may vary significantly. Spending and capital investment plans may also be adjusted in response to changes in operating cash flow expectations. An increase in average gold and silver prices from current levels may result in an increase in planned expenditures and, conversely, weaker average silver prices and gold prices could result in a reduction of planned expenditures.

Contractual Obligations

(000’s)		Total		1 year		2-3 years		4-5 years		Thereafter
Operating lease payments	$	39	$	37	$	2	$	–	$	–
Drilling services		730		730		–		–		–
Equipment purchases		1,380		1,380		–		–		–
Debt obligations		50,419		38,784		11,635		–		–
Capital lease obligations		12,997		4,456		8,541		–		–
Other financial obligations		43,311		39,707		3,604		–		–
Reclamation and remediation (undiscounted)		64,380		2,491		7,974		21,535		32,380
Total	$	173,256	$	87,585	$	31,756	$	21,535	$	32,380

Under the terms of the acquisition agreement for Coricancha (the “Coricancha Acquisition Agreement”), Nyrstar N.V. (the “Vendor”) agreed to indemnify the Company for up to $20.0 million on account of certain reclamation and remediation expenses incurred in connection with Coricancha, including certain reclamation and remediation obligations noted in the table above. As at March 31, 2020, the Company’s consolidated financial statements reflected a reimbursement right in the amount of $9.4 million in respect of these reclamation and remediation obligations that will be recoverable from the Vendor when these expenditures are incurred. Since closing the acquisition on June 30, 2017, the Company has received $1.8 million in reimbursements from the Vendor in respect of reclamation and remediation costs incurred by the Company at Coricancha.

Under the Coricancha Acquisition Agreement, the Vendor also agreed to indemnify the Company for up to $4.0 million in respect of legal claims and fines and sanctions that the Company may be required to pay in connection with Coricancha. As at March 31, 2020, the Company had recorded a reimbursement right in the amount of $1.9 million in respect of certain fines and sanctions, and legal claims that will be recoverable from the Vendor upon the conclusion of these claims.

Pursuant to the acquisition of Coricancha on June 30, 2017, the Vendor agreed to maintain a remediation bond in the amount of $9.7 million for Coricancha until at least June 30, 2020. Should the Company make a decision to permanently close Coricancha prior to June 30, 2020, the bond will be used to pay for remediation costs and obligations. If the Company has not made a decision to permanently close Coricancha by June 30, 2020, the Company will assume the obligation to maintain the required bond in the amount $9.7 million and shall release Nyrstar from these obligations. The funding of the required bond is not included in Contractual Obligations table and would require the Company to source funding to meet this additional obligation.

Off-Balance sheet arrangements

Other than as disclosed, the Company had no material off-balance sheet arrangements as at the date of this MD&A, that have, or are reasonably likely to have, a current or future effect on the financial performance or financial condition of the Company.

TRANSACTIONS WITH RELATED PARTIES

The Company had no material transactions with related parties.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 23

CRITICAL ACCOUNTING ESTIMATES

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions which affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are based on historical experience and other factors considered to be reasonable and are reviewed on an ongoing basis. Actual results may differ from these estimates.

Refer to note 4 of the 2019 annual audited consolidated financial statements for a detailed discussion of the areas in which critical accounting estimates are made and where actual results may differ from the estimates under different assumptions and conditions and may materially affect financial results of its statement of financial position reported in future periods.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

CHANGES IN ACCOUNTING POLICIES

The Company adopted the new IFRS 3 - Business Combinations accounting standard effective January 1, 2020. The adoption of this standard did not have a material impact on the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2020.

NEW ACCOUNTING STANDARDS

There are no new accounting standards that had a material impact on the Company’s consolidated financial statements for the three months ending March 31, 2020.

FINANCIAL INSTRUMENTS

(000’s)		Fair value¹	Basis of measurement	Associated risks
Cash and cash equivalents	$	38,795	Amortized cost	Credit, currency, interest rate
Marketable securities	$	1	Fair value through other comprehensive income (loss)	Exchange
Trade receivables	$	1,627	Amortized cost	Credit, commodity price
Derivative assets	$	701	Fair value through profit or loss	Credit, currency, interest rate
Restricted cash	$	1,026	Amortized cost	Credit, currency, interest rate
Trade payables and accrued liabilities	$	39,707	Amortized cost	Currency, liquidity
Derivative liabilities	$	20,489	Fair value through profit or loss	Credit, currency, interest rate
Borrowings	$	50,419	Amortized cost	Currency, liquidity, interest rate

The Company may be exposed to risks of varying degrees of significance from financial instruments. Management’s close involvement in the operations allows for the identification of risks and variances from expectations. A discussion of the types of risks the Company is exposed to, and how such risks are managed by the Company, is provided in note 20 of the annual audited consolidated financial statements for the year ended December 31, 2019.

As at March 31, 2020.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 24

SECURITIES OUTSTANDING

As of the date of this MD&A, the Company had 312,392,364 common shares issued and outstanding. There were 13,955,531 options, 2,573,117 restricted share units, 1,738,100 performance-based restricted share units, 2,879,550 deferred share units and 9,749,727 share purchase warrants outstanding.

NON-GAAP MEASURES

The Company has included certain non-GAAP performance measures throughout this MD&A, including cost per tonne milled, cash cost per gold ounce sold, cash cost per payable silver ounce, AISC per gold ounce sold excluding corporate G&A expenditures, AISC per gold ounce sold, AISC per payable silver ounce, mine operating earnings before non- cash items, EBITDA, adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted net working capital each as defined in this section. The Company employs these measures internally to measure its operating and financial performance and to assist in business decision making. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and other stakeholders also use these non-GAAP measures as information to evaluate the Company’s operating and financial performance. As there are no standardized methods of calculating these non-GAAP measures, the Company’s procedures may differ from those used by others and, therefore, the use of these measures may not be directly comparable to similarly titled measures used by others. Accordingly, these non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

EBITDA and Adjusted EBITDA

EBITDA provides an indication of the Company’s continuing capacity to generate income from operations before taking into account the Company’s financing decisions and costs of amortizing capital assets. Accordingly, EBITDA comprises net income (loss) excluding interest expense, interest income, amortization and depletion, and income taxes.

Adjusted EBITDA adjusts EBITDA to exclude share-based compensation expense, foreign exchange gains and losses, impairment charges, changes in reclamation estimates recorded in EE&D, and non-recurring items. Under IFRS, entities must reflect within compensation expense the cost of share-based compensation. In the Company’s circumstances, share-based compensation can involve significant amounts that will not be settled in cash but are settled by the issuance of shares in exchange. The Company discloses adjusted EBITDA to aid in understanding the results of the Company.

(000’s)		Q1 2020			Q1 2019
Net loss for the period	$	(40,464	)	$	(48,026	)
Income tax expense (recovery)		(32	)		242
Interest income		(105	)		(414	)
Finance costs		1,625			937
Amortization of mineral properties, plant and equipment		8,343			1,998
EBITDA	$	(30,633	)	$	(45,263	)
Business acquisition costs		–			2,620
Foreign exchange and derivative instruments losses		36,813			1,718
Share-based compensation		176			563
Impairment of goodwill		–			38,682
Change in reclamation and remediation provision recorded in EE&D		24			(18	)
Adjusted EBITDA	$	6,380		$	(1,698	)

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 25

Adjusted Net Loss and Adjusted Net Loss Per Share

The Company uses adjusted net loss and adjusted net loss per share to supplement information in its consolidated financial statements. The Company excludes the following from net earnings to provide a measure which allows the Company to evaluate the operating results of the underlying core operations: i) share-based compensation, ii) unrealized loss on derivative instruments, iii) unrealized foreign exchange loss, iv) business acquisition costs and v) impairment of goodwill.

(000’s)		Q1 2020			Q1 2019
Net loss for the period	$	(40,464	)	$	(48,026	)
Adjusted for the following items:
Impairment of goodwill		–			38,682
Business acquisition costs		–			2,620
Unrealized loss on derivative instruments		23,611			–
Unrealized foreign exchange loss		9,129			1,187
Share-based compensation		176			563
Adjusted net loss	$	(7,548	)	$	(4,974	)
Weighted average number of shares (000’s)		311,948			200,690
Adjusted net loss per share	$	(0.02	)	$	(0.02	)

Adjusted net working capital

Adjusted net working capital provides a measure of financial condition to supplement information in its consolidated financial statements. The Company excludes unrealized gain/losses on derivative instruments from adjusted net working capital.

(000’s)		Q1 2020			Q4 2019
Current assets	$	93,292		$	105,341
Current liabilities		(109,536	)		(92,526	)
Net working capital		(16,244	)		12,815
Adjusted for the following items:
Derivative assets		(701	)		(3,454	)
Derivative liabilities		20,489			–
Adjusted net working capital	$	3,544		$	9,361

Mine operating earnings before non-cash items

Mine operating earnings before non-cash items provides a measure of the Company’s mine operating earnings on a cash basis. This measure is provided to better assess the cash generation ability of the Company’s operations, before G&A expenses, EE&D expenses, share based compensation, and amortization. A reconciliation of mine operating earnings is provided in the Results of Operations section.

Cost per tonne milled

The Company uses cost per tonne milled to manage and evaluate operating performance at each of its mines. Cost per tonne milled is calculated based on total production costs on a sales basis, adjusted for changes in inventory and selling costs, to arrive at total production costs that relate to metal production during the period. These total production costs are then divided by the number of tonnes milled during the period.

Management believes that the Company’s ability to control cost per tonne milled is one of its key performance indicators of its operations. The Company believes this measure provides investors and analysts with useful information about its underlying cost of operations and how management controls those costs.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 26

The following table reconciles cost per tonne milled to production costs, a component of cost of sales, for the three months ended March 31, 2020, and 2019:

	Tucano				GMC						Topia
(000’s, unless otherwise noted)	Q1 2020		Q1 2019		Q1 2020			Q1 2019			Q1 2020			Q1 2019
Production costs (sales basis)	$	24,974	$	4,370	$	4,763		$	4,817		$	4,065		$	4,016
Change in concentrate inventory		–		–		(124	)		(23	)		(159	)		348
Selling costs		–		–		(58	)		(63	)		(192	)		(201	)
Production costs (production basis)	$	24,974	$	4,370	$	4,581			4,731		$	3,714			4,163
Tonnes milled, including custom milling		811,197		194,167		49,607			49,422			19,359			20,232
Cost per tonne milled	$	31	$	23	$	92		$	96		$	192		$	206

Cash cost per gold ounce sold

The Company uses cash cost to manage and evaluate operating performance at each of its mines. It is a widely- reported measure in the precious metals mining industry as a benchmark for performance but does not have a standardized meaning. Cash cost is calculated based on the total cash operating costs with the deduction of revenues attributable to sales of by-product metals net of the respective smelting and refining charges.

Management believes that the Company’s ability to control cash cost is one of the key performance indicators for its operations. Having low cash cost facilitates profitability, even during times of declining commodity prices, and provides more flexibility in responding to changing market conditions. In addition, a profitable operation results in the generation of positive cash flows, which then improves the Company’s financial condition. The Company believes this measure provides investors and analysts with useful information about the Company's underlying cash cost of operations and the impact of by-product revenue on the Company’s cost structure. Consequently, it is a relevant metric to use to understand the Company’s operating profitability and its ability to generate positive cash flow.

Great Panther’s primary business is gold and silver production. The Company’s focus is on maximizing returns from gold production at Tucano, and silver production at the GMC and Topia, and other metal production associated with the silver production process. As gold is the primary metal produced by value since the addition of Tucano, silver, zinc and lead produced from operations are considered by-products. As a result, the Company’s non-GAAP cost performance measures are disclosed on a per payable gold ounce basis. When deriving the production costs associated with an ounce of gold, the Company includes by-product credits from silver, zinc and lead sales that are associated with the gold production process, thereby allowing management and other stakeholders to assess the net costs of gold production.

Cash cost and the associated by-product credits are computed based on sales during the period as opposed to a production basis. As such, the amount of the by-product credit may not directly correlate to the production reported for the period. Similarly, the cost per tonne milled during the period may not directly correlate to the cash cost reported for the same period due to differences between production and sales volumes.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 27

The following table reconciles cash cost per gold ounce sold to production costs for the three months ended March 31, 2020, and 2019:

(000’s, unless otherwise noted)	Tucano					Mexico						Consolidated
	Q1 2020			Q1 2019		Q1 2020			Q1 2019			Q1 2020			Q1 2019
Production costs (sales basis)	$	24,974		$	4,370	$	8,828		$	8,833		$	33,802		$	13,203
Smelting and refining charges		18			14		1,265			706			1,283			720
Revenue from custom milling		–			–		(34	)		–			(34	)		–
Cash operating costs		24,992			4,384		10,059			9,539			35,051		$	13,923
Gross by-product revenue
Silver by-product revenue		(56	)		–		(5,467	)		(4,483	)		(5,523	)		(4,483	)
Lead by-product revenue		–			–		(668	)		(785	)		(668	)		(785	)
Zinc by-product revenue		–			–		(844	)		(1,548	)		(844	)		(1,548	)
Cash operating costs, net of by-product revenue	$	24,936		$	4,384	$	3,080		$	2,723		$	28,016		$	7,107
Gold ounces sold		24,163			5,314		2,644			2,875			26,807			8,189
Cash cost per gold ounce sold	$	1,032		$	825	$	1,165		$	947		$	1,045		$	868

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 28

Cash cost per payable silver ounce

Although the Company’s primary metal produced by value is now gold subsequent to the Acquisition, the Company still uses cash cost per payable silver ounce to manage and evaluate operating performance at its Mexican operating mines, the GMC and Topia, as silver continues to represent a significant portion of the production at these two mines. The Company is therefore continuing to provide the following table that reconciles cash cost per payable silver ounce to production costs for the three months ended March 31, 2020, and 2019:

(000’s, unless otherwise noted)	GMC						Topia
	Q1 2020			Q1 2019			Q1 2020			Q1 2019
Production costs (sales basis)	$	4,763		$	4,817		$	4,065		$	4,016
Smelting and refining charges		437			241			828			465
Revenue from custom milling		–			–			(34	)		–
Cash operating costs		5,200			5,058			4,859			4,481
Gross by-product revenue
Gold by-product revenue		(3,906	)		(3,380	)		(362	)		(338	)
Lead by-product revenue		–			–			(668	)		(785	)
Zinc by-product revenue		–			–			(844	)		(1,549	)
Cash operating costs, net of by-product revenue	$	1,294		$	1,678		$	2,985		$	1,809
Payable silver ounces sold		164,974			130,829			191,747			172,247
Cash cost per payable silver ounce	$	7.84		$	12.83		$	15.57		$	10.50

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 29

All-in sustaining cost (AISC) per gold ounce sold

AISC has been calculated based on World Gold Council (“WGC”) guidance released in 2013 and updated in 2018. The WGC is not a regulatory organization and does not have the authority to develop accounting standards for disclosure requirements. The Company believes that the disclosure of this measure provides a broader measure of the cost of producing an ounce of gold at its operations as this measure includes sustaining capital and EE&D expenditures, G&A costs, and other costs not commonly included in the cost of production and therefore not included in cash cost.

AISC starts with cash cost net of by-product revenues and adds G&A expenditures inclusive of share-based compensation, lease liability payments, accretion of reclamation provisions, sustaining EE&D expenses, and sustaining capital expenditures. Sustaining expenditures are those costs incurred to sustain and maintain existing assets at current productive capacity and constant planned levels of productive output. Excluded are non-sustaining capital expenditures, which result in a material increase in the life of assets, materially increase resources or reserves, productive capacity, or future earning potential, or which result in significant improvements in recovery or grade. Management believes that AISC represents the total sustainable costs of producing silver from current operations and provides additional information on the Company’s operational performance and ability to generate cash flows.

The following table reconciles cash operating costs, net of by-product revenue, to AISC per gold ounce sold for the three months ended March 31, 2020, and 2019:

	Tucano				Mexico				Corporate				Consolidated
(000’s, unless otherwise noted)	Q1 2020		Q1 2019		Q1 2020		Q1 2019		Q1 2020		Q1 2019		Q1 2020		Q1 2019
Cash operating costs, net of by-product revenue¹	$	24,936	$	4,384	$	3,080	$	2,723	$	–	$	–	$	28,016	$	7,107
G&A costs		–		–		–		–		3,379		1,896		3,379		1,896
Lease liability payments		1,564		380		11		10		58		59		1,633		449
Share-based compensation		–		–		–		–		176		563		176		563
Accretion		299		139		61		34		–		9		360		182
Sustaining EE&D costs		327		–		805		801		63		9		1,195		810
Stripping costs		12,605		2,982		–		–		–		–		12,605		2,982
Sustaining capital expenditures		2,613		204		358		528		–		–		2,971		732
Care and maintenance costs		–		–		229		148		–		–		229		148
All-in sustaining costs	$	42,344	$	8,089	$	4,544	$	4,244	$	3,676	$	2,536	$	50,564	$	14,869
Gold ounces sold		24,163		5,314		2,644		2,875		n/a		n/a		26,807		8,189
AISC per gold ounce sold	$	1,752	$	1,522	$	1,719	$	1,476		n/a		n/a	$	1,886	$	1,816

Cash operating costs, net of by-product revenue, are reconciled to the Company’s consolidated financial statements in the cash cost table.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 30

AISC per payable silver ounce

As noted above, although the Company’s primary metal produced by value is now gold subsequent to the Acquisition, the Company still believes metrics on a silver basis is meaningful to manage and evaluate operating performance at its Mexican operating mines, the GMC and Topia, as silver continues to represent a significant portion of the production at these two mines. The Company is, therefore, continuing to provide the following table that reconciles cash operating costs, net of by-product revenue, to AISC per payable silver ounce for the three months ended March 31, 2020, and 2019:

(000’s, unless otherwise noted)	GMC				Topia
	Q1 2020		Q1 2019		Q1 2020		Q1 2019
Cash operating costs, net of by-product revenue¹	$	1,294	$	1,678	$	2,985	$	1,809
Lease liability payments		–		–		11		10
Accretion		38		16		23		18
Sustaining EE&D costs		741		722		64		79
Sustaining capital expenditures		42		43		316		485
Care and maintenance costs		229		148		–		–
All-in sustaining costs	$	2,344	$	2,607	$	3,399	$	2,401
Payable silver ounces sold		164,974		130,829		191,747		172,247
AISC per payable silver ounce	$	14.21	$	19.93	$	17.73	$	13.94

AISC per gold ounce sold, excluding corporate G&A expenditures

AISC excluding corporate G&A expenditures reflects the AISC at the Company’s operating mines. The calculation starts with cash cost net of by-product revenues and adds accretion of reclamation provisions, lease liability payments, sustaining EE&D expenses, and sustaining capital expenditures for the operating mines. Sustaining expenditures are those costs incurred to sustain and maintain existing assets at current productive capacity and constant planned levels of productive output.

The following table reconciles cash operating costs, net of by-product revenue, to AISC per gold ounce sold, excluding corporate G&A expenditures for the three months ended March 31, 2020 and 2019:

Cash operating costs, net of by-product revenue, are reconciled to the Company’s consolidated financial statements in the cash cost table.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 31

	Tucano				Mexico				Consolidated
(000’s, unless otherwise noted)	Q1 2020		Q1 2019		Q1 2020		Q1 2019		Q1 2020		Q1 2019
Cash operating costs, net of by-product revenue¹	$	24,936	$	4,384	$	3,080	$	2,723	$	28,016	$	7,107
Lease liability payments		1,564		380		11		10		1,575		390
Accretion		299		139		61		34		360		173
Sustaining EE&D costs		327		–		805		801		1,132		801
Stripping costs		12,605		2,982		–		–		12,605		2,982
Sustaining capital expenditures		2,613		204		358		528		2,971		732
Care and maintenance costs		–		–		229		148		229		148
All-in sustaining costs	$	42,344	$	8,089	$	4,544	$	4,244	$	46,888	$	12,333
Gold ounces sold		24,163		5,314		2,644		2,875		26,807		8,189
AISC per gold ounce sold, excluding corporate G&A expenditures	$	1,752	$	1,522	$	1,719	$	1,476	$	1,749	$	1,506

INTERNAL CONTROLS OVER FINANCIAL REPORTING

The Company’s management is responsible for establishing and maintaining internal controls over financial reporting to provide reasonable assurance in respect of the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with IFRS. There have been no changes that occurred during the three months ended March 31, 2020, that have materially affected, or are reasonably likely to materially affect, internal controls over financial reporting. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial preparation and presentation.

DISCLOSURE CONTROLS AND PROCEDURES

The Company’s management is also responsible for the design and effectiveness of disclosure controls and procedures that are designed to provide reasonable assurance that material information related to the Company, including its consolidated subsidiaries, are made known to the Company’s certifying officers. There have been no changes that occurred during the three months ended March 31, 2020 that have materially affected or are reasonably likely to affect the Company’s disclosure controls and procedures.

TECHNICAL INFORMATION

Scientific and technical information contained in this MD&A has been reviewed and approved by Robert Brown, P. Eng. (consultant to the Company), Neil Hepworth, M.Sc., C. Eng., the Company’s Chief Operating Officer and Fernando Cornejo, M. Eng., P. Eng., the Company’s Vice President of Operations, Brazil, each of whom is a Qualified Person, as the term is defined in Canadian National Instrument 43-101 - Standards of Disclosure of Mineral Projects ("NI 43-101").

For more detailed information regarding the Company’s material mineral properties as at December 31, 2019 and technical information related thereto, including a complete list of current technical reports applicable to such properties, please refer to the Company’s Annual Information Form dated March 30, 2020, filed at www.sedar.com or the Company’s most recent Form 40-F filed with the SEC.

Cash operating costs, net of by-product revenue, are reconciled to the Company’s consolidated financial statements in the cash cost table.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 32

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

Certain of the statements and information in this document constitute “forward-looking statements” within the meaning of the United States "Private Securities Litigation Reform Act" of 1995 and “forward-looking information” within Canadian securities laws (collectively, “forward-looking statements”). All statements, other than statements of historical fact, addressing activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the words “anticipates”, “believes”, “expects”, “may”, “likely”, “plans”, “intends”, “expects”, “may”, “forecast”, “project”, “budgets”, “potential”, and “outlook”, or similar words, or statements that certain events or conditions “may”, “might”, “could”, “can”, “would”, or “will” occur. 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 MD&A includes forward-looking statements, principally under the section titled Guidance and Outlook, but also elsewhere in this document relating to estimates, forecasts, and statements as to management’s expectations, opinions and assumptions with respect to the future production of gold, silver, lead and zinc; profit, operating costs and cash flows; 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; the timing of production and the cash and total costs of production; sensitivity of earnings to changes in commodity prices and exchange rates; the impact of foreign currency exchange rates; expenditures to increase or determine reserves and resources; sufficiency of available capital resources; title to claims; expansion and acquisition plans; and the future plans and expectations for the Company’s properties and operations. Examples of specific information in this MD&A and or incorporated by reference to the annual audited consolidated financial statements for the year ended December 31, 2019, that may constitute forward-looking statements are:

Regarding Tucano:

•

Expectations regarding the results of the geotechnical review of UCS and the Company’s plans for continued mining at UCS;

•

Expectations regarding the production profile for Tucano and its ability to meet the production guidance for 2020;

•

Expectations regarding Tucano’s exploration potential;

•

Expectations regarding Tucano’s near-mine and regional exploration programs and ability to discover new resources, and or convert resources to reserves;

•

Expectations of significant exploration potential, including regional, and multiple in-mine and near-mine opportunities with the potential to extend the mine life;

•

Expectations regarding the potential for an underground mine and possible plans to complete a feasibility study; and

•

Expectations regarding cost reductions that may be achieved in 2020.

Regarding the GMC:

•

Expectations that the Company will maintain operations while it continues to compile and submit technical information to the Comisión Nacional del Agua (“CONAGUA”), and while the Company awaits CONAGUA’s review of such information;

•

Expectations that the current tailings footprint at the GMC can be maintained and can support operations at the GMC for at least 1.5 years from January 1, 2020;

•

Expectations that permits associated with the use and expansion of the TSF at the GMC will be granted in due course and on favourable terms, with no suspension of the GMC operations;

•

Expectations that additional economic resources are identified at the GMC; and

•

Expectations that the Company will receive any additional water use and discharge permits required to maintain operations at the GMC.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 33

Regarding Topia:

•

Expectations regarding the receipt of a permit for the Topia Phase III tailings facility and the Company’s ability to find alternatives to store tailings until Phase III is permitted (or recommencement of tailings deposition at Phase II) and to continue operations at Topia; and

•

Expectations that the Company will be able to achieve compliance with the voluntary environmental audit program authorized by the Procuraduría Federal de Protección al Ambiente (“PROFEPA”) by January 2021, and that upon completion of the compliance program, further reviews will not lead to future suspensions of operations.

Regarding Coricancha:

•

The expectation that pending proposals for modification of an approved closure plan will conclude with the approval of the Ministry of Energy and Mines (“MEM”), which may also resolve any related fines or penalties;

•

Expectations regarding the availability of funds to restart production and the ability to restart a commercially viable mine;

•

Expectations regarding the costs to restart Coricancha;

•

Expectations that Coricancha can be restarted and operated on the operating assumptions confirmed by the BSP;

•

Expectations regarding recoveries from Nyrstar in relation to its Coricancha indemnification obligations;

•

Opportunities relating to optimization of mining, future exploration and the expansion of the mine life indicated under the PEA; and

•

Expectations regarding the reclamation process.

Regarding general corporate matters:

•

Guidance provided in the Guidance and Outlook section of this MD&A, such as production, cash cost, AISC, capital expenditures and other expenditures for 2020 in respect of the individual mines;

•

Expectations that along with its cash flows generated from mining activities, and its current cash and other net working capital, including cash raised from equity and debt financing and the ATM Facility, that it will have sufficient capital resources in the next twelve months to fund capital investments and projects and to repay indebtedness;

•

Expectations that the Company’s operations will not be impacted materially by government or industry measures to control the spread of COVID-19, including the impact of the Mexican federal government order to cease mining operations in Mexico as a result of the COVID-19 pandemic;

•

Estimates made by management in the preparation of the Company’s financial statements relating to the assessments of provisions for loss and contingent liabilities relating to legal proceedings and the estimation of the carrying value of the Company’s mineral properties;

•

Expectations that metallurgical, environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues will not materially affect the Company’s estimates or mineral reserves and mineral resources or its future mining plans;

•

Expectations regarding future debt or equity financings, including any sales under the Company’s existing ATM Facility;

•

Expectations regarding access to additional capital to fund additional expansion or development plans and general working capital needs;

•

Expectations in respect of permitting and development activities; and

•

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 34

These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the assumptions underlying the Company’s Guidance and Outlook continuing to be accurate; the accuracy of the Company’s mineral reserve and mineral resource estimates and the assumptions upon which they are based; ore grades and recoveries; prices for silver, gold, and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); all necessary permits, licenses and regulatory approvals for the Company’s operations are received in a timely manner, including the permit for the Phase III Topia TSF; the Topia Phase II TSF can be remediated as planned; the Company’s ability to comply with environmental, health and safety laws; management’s estimates in connection with the assessment of provisions for loss and contingent liabilities relating to legal proceedings may differ materially from the ultimate loss or damages incurred by the Company; the Company’s inability to meet its production forecasts or to generate the anticipated cash flows from operations in 2020 could result in the Company’s inability to meet its scheduled debt payments when due; management’s estimates regarding the carrying value of the its mineral properties may be subject to change in future financial periods, which may result in further write-downs and consequential impairment loss; 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 and gold doré); 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.

•

the impact of the COVID-19 pandemic on the Company’s ability to operate as anticipated;

•

the Company’s inability to meet its production forecasts or to generate the anticipated cash flows from operations in 2020 could result in the Company’s inability to meet its scheduled debt payments when due or to meet financial covenants to which the Company is subject;

•

the inherent risk that estimates of mineral reserves and resources may not be accurate and accordingly that mine production will not be as estimated or predicted;

•

gold, silver and base metal prices may decline or may be less than forecasted;

•

fluctuations in currency exchange rates (including the U.S. dollar to Brazilian real exchange rate) may increase costs of operations;

•

operational and physical risks inherent in mining operations (including pit wall collapses, tailings storage facility failures, environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather) may result in unforeseen costs, shut downs, delays in production and exposure to liability;

•

planned exploration activities may not result in conversion of existing mineral resources into mineral reserves or discovery of new mineral resources;

•

potential political and social risks involving Great Panther’s operations in a foreign jurisdiction;

•

the potential for unexpected costs and expenses;

•

employee relations;

•

relationships with, and claims by, local communities and indigenous populations;

•

the Company’s ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner;

•

changes in laws, regulations and government practices in the jurisdictions in which the Company operates; legal restrictions related to mining;

•

the inability to remediate the UCS pit at Tucano and to resume deposition of tailings at the Topia Phase II TSF as planned;

•

diminishing quantities or grades of mineral reserves as properties are mined operating or technical difficulties in mineral exploration, changes in project parameters as plans continue to be refined;

•

acts of foreign governments;

•

political risk;

•

labour or social unrest;

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 35

•

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;

•

the Company’s operating expenses for the Tucano will reflect the costs of its BRL/USD foreign exchange contracts;

•

deterioration of general economic conditions;

•

the Company’s ability to operate as anticipated; and

•

the Company’s ability to appropriately capitalize and finance its operations,

and other risks and uncertainties, including those described in respect of Great Panther in its Annual Information Form (“AIF”) for the year ended December 31, 2019 and material change reports filed with the Canadian Securities Administrators available at www.sedar.com and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov.

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.

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 MD&A. 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 contained herein are expressly qualified by this cautionary statement.

Further information can be found in the section entitled "Description of the Business - Risk Factors" in the most recent Form 40-F/AIF for the Company’s year ended December 31, 2019 on file with the SEC and Canadian provincial securities regulatory authorities. Readers are advised to carefully review and consider the risk factors identified in the Form 40-F/AIF 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. It is recommended that prospective investors consult the more complete discussion of the Company’s business, financial condition and prospects that is included in the Form 40-F/AIF.

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

As a British Columbia corporation and a “reporting issuer” under Canadian securities laws, the Company is required to provide disclosure regarding its mineral properties in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. In accordance with NI 43-101, the Company uses the terms Mineral Reserves and Resources as they are defined in accordance with the CIM Definition Standards on Mineral Reserves and Resources (the “CIM Definition Standards”) adopted by the Canadian Institute of Mining, Metallurgy and Petroleum.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 36

The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the United States Securities and Exchange Commission (the “SEC”) under the U.S. Exchange Act. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”). The SEC Modernization Rules will replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7 (“Guide 7”) following a transition period. The Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules as the Company is presently a “foreign issuer” under the U.S. Exchange Act and entitled to file continuous disclosure reports with the SEC under the MJDS Disclosure System between Canada and the United States.

The SEC Modernization Rules include the adoption of terms describing Mineral Reserves and Mineral Resources that are substantially similar to the corresponding terms under the CIM Definition Standards. As a result of the adoption of the SEC Modernization Rules, SEC will now recognize estimates of Measured Mineral Resources, Indicated Mineral Resources and Inferred Mineral Resources. In addition, the SEC has amended its definitions of Proven Mineral Reserves and Probable Mineral Reserves to be substantially similar to the corresponding CIM Definitions.

GREAT PANTHER MINING LIMITED

Management’s Discussion & Analysis

Page 37

EX-99.3 4 ex993.htm FORM 52-109F2 CERTIFICATION OF INTERIM FILINGS - CEO

Exhibit 99.3

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Rob Henderson, Chief Executive Officer of Great Panther Mining Limited, certify the following:

Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Great Panther Mining Limited (the “Issuer”) for the interim period ended March 31, 2021.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the Issuer, as of the date of and for the periods presented in the interim filings.

Responsibility: The Issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the Issuer.

Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the Issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the Issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)

information required to be disclosed by the Issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)

designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the Issuer’s GAAP.

5.1

Control framework: The control framework the Issuer’s other certifying officer(s) and I used to design the Issuer’s ICFR is Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2

N/A

5.3 N/A

Reporting changes in ICFR: The Issuer has disclosed in its interim MD&A any change in the Issuer’s ICFR that occurred during the period beginning on January 1, 2020 and ended on March 31, 2020 that has materially affected, or is reasonably likely to materially affect, the Issuer’s ICFR.

Date: May 7, 2020

/s/ Rob Henderson

Rob Henderson

Chief Executive Officer

EX-99.4 5 ex994.htm FORM 52-109F2 CERTIFICATION OF INTERIM FILINGS - CFO

Exhibit 99.4

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Jim A. Zadra, Chief Financial Officer of Great Panther Mining Limited, certify the following:

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the Issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)

(b)

5.1

5.2

N/A

5.3 N/A

Date: May 7, 2020

/s/ Jim A. Zadra

Jim A. Zadra

Chief Financial Officer & Corporate Secretary

EX-99.5 6 ex995.htm NEWS RELEASE DATED MAY 7, 2020

Exhibit 99.5

NYSE American: GPL | TSX: GPR

NEWS RELEASE

(All dollar amounts expressed in US dollars unless otherwise noted)

Great Panther Reports First Quarter 2020 Financial Results

Vancouver - May 7, 2020 - Great Panther Mining Limited (TSX:GPR; NYSE-A:GPL) (“Great Panther” or “the Company”) reports it consolidated financial results for the first quarter (“Q1”) of 2020 reflecting the operations of its three wholly owned mines: the Tucano Gold Mine (“Tucano”) in Brazil, and the Topia Mine and Guanajuato Mine Complex (the “GMC”) in Mexico. The Company will host a conference call and live webcast to discuss the results at 7.30am PDT/10.30am EDT on May 8, 2020. Dial-in and login details are provided at the end of this news release.

Q1 2020 Financial and Operating Highlights

•

Revenue of $48.1 million, representing a 188% growth over Q1 2019;

•

Mine operating earnings before non-cash items¹ of $14.2 million ($0.05 per share);

•

Adjusted EBITDA¹of $6.4 million;

•

Cash flow from operating activities of $11.8 million ($0.04 per share);

•

Production of 34,725 gold equivalent ounces (“Au eq oz”);

•

Cash costs of $1,045 per payable gold ounce¹; and,

•

Cash and cash equivalents at March 31, 2020 of $38.8 million.

“We delivered significant growth in revenue, mine operating earnings and operating cash flow in the first quarter of 2020 as a result of the acquisition of Tucano last year. The team achieved a significant advance in stripping at Tucano completing a 36% increase in waste movement over the prior quarter which is strongly supportive of our guidance for 2020 and positions us well for 2021,” stated Rob Henderson, President and CEO. “In addition, we launched a $6.6 million, 55,000 metre exploration drill program at Tucano focused on the addition of new near-mine mineralized zones and extension of the mine life.”

“While our Mexican operations are temporarily suspended due to federal COVID-19 restrictions, Tucano in Brazil has not been impacted by any government restrictions and we continue to proactively and collaboratively work with authorities to ensure we have the appropriate protocols and safeguards to manage the risks of COVID-19 for our employees and communities.”

The Company has included the non-GAAP performance measures cost per tonne milled, cash cost per gold ounce sold, cash cost per payable silver ounce, AISC per gold ounce sold excluding corporate G&A expenditures, AISC per gold ounce sold, AISC per payable silver ounce, mine operating earnings before non-cash items, cost of sales before non-cash items, adjusted EBITDA, adjusted net loss and adjusted net loss per share throughout this document. Refer to the Non-GAAP Measures section of the Company’s MD&A for an explanation of these measures and reconciliation to the Company’s financial results reported in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

	Q1 2020		Q1 2019		Change		Q4 2019		Change
OPERATING RESULTS
Total material mined - Tucano (tonnes)¹		7,115,135		1,568,682		N/A¹		5,857,185		21%
Ore mined - Tucano (tonnes)¹		392,483		103,860		N/A¹		717,901		-45%
Ore mined - Mexico (tonnes)		67,846		66,898		1%		64,843		5%
Tonnes milled - Tucano¹		811,197		194,167		N/A¹		860,634		-6%
Tonnes milled - Mexico (excluding custom milling)		68,965		69,654		-1%		67,564		2%
Tonnes milled - Consolidated operations (excluding custom milling)		880,162		263,821		N/A¹		928,198		-5%
Plant gold head grade (g/t) - Tucano¹		1.09		0.95		N/A¹		1.33		-18%
Plant head grade (g/t Ag eq) - Mexico		318		313		2%		350		-9%
Gold ounces produced - Tucano¹		26,176		5,164		N/A¹		34,181		-23%
Gold ounces produced - Consolidated operations		28,940		8,293		249%		37,089		-22%
Gold equivalent ounces (“Au eq oz”) produced²		34,725		14,860		134%		44,697		-22%
Gold ounces sold		26,807		8,189		227%		38,992		-31%
Au eq oz sold²		32,225		14,244		126%		45,625		-29%
Cash cost per gold ounce sold - Tucano³	$	1,032	$	825		N/A¹	$	1,340		N/A¹
AISC per gold ounce sold - Tucano³	$	1,752	$	1,522		N/A¹	$	1,681		N/A¹
Cash cost per gold ounce sold³	$	1,045	$	868		20%	$	1,268		-18%
All-in sustaining cost (“AISC”) per gold ounce sold, excluding corporate G&A expenditures ³	$	1,749	$	1,506		16%	$	1,615		8%
AISC per gold ounce sold³	$	1,886	$	1,816		4%	$	1,703		11%

The comparative data presented for Q1 2019 is for the period from March 5, 2019 to March 31, 2019, the period for which the Company owned Tucano following the acquisition of Beadell.

The Company has included the non-GAAP performance measures cost per tonne milled, cash cost per gold ounce sold, cash cost per payable silver ounce, AISC per gold ounce sold excluding corporate G&A expenditures, AISC per gold ounce sold, AISC per payable silver ounce, mine operating earnings before non-cash items, cost of sales before non-cash items adjusted EBITDA, adjusted net loss and adjusted net loss per share throughout this document. Refer to the Non-GAAP Measures section of the Company’s MD&A for an explanation of these measures and reconciliation to the Company’s financial results reported in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others.

1330 - 200 Granville Street | Vancouver, Canada V6C 1S4 | greatpanther.com

(in thousands, except per ounce, per share and exchange rate figures)	Q1 2020			Q1 2019			Change		Q4 2019			Change
FINANCIAL RESULTS
Revenue	$	48,050		$	16,694			188%	$	65,679			-27%
Mine operating earnings before non-cash items¹	$	14,248		$	3,491			308%	$	8,447			69%
Mine operating earnings (loss)	$	5,970		$	1,517			294%	$	(5,046	)		218%
Net loss	$	(40,464	)	$	(48,026	)		16%	$	(28,068	)		-44%
Adjusted net loss	$	(7,548	)	$	(4,974	)		-52%	$	(32,403	)		□77%
Adjusted EBITDA¹	$	6,380		$	(1,698	)		N/A	$	(5,338	)		N/A
Cash flows from operating activities	$	11,758		$	(8,482	)		N/A	$	7,785			51%
Cash and short-term deposits at end of period	$	38,795		$	41,359			-6%	$	36,970			5%
Net working capital at end of period	$	(16,244	)	$	1,718			N/A	$	12,815			N/A
Loss per share – basic and diluted	$	(0.13	)		(0.24	)		46%	$	(0.09	)		-44%
Average realized gold price per oz²	$	1,577		$	1,294			22%	$	1,485			6%
Average realized silver price per oz²	$	15.31		$	14.79			4%	$	17.71			-14%
Brazilian real (“BRL”)/USD	$	4.46		$	3.77			18%	$	4.12			8%
Mexican peso (“MXN”)/USD	$	19.93		$	19.21			4%	$	19.27			3%

SUMMARY REVIEW OF FINANCIAL RESULTS OF THE FIRST QUARTER OF 2020

Revenue for the first quarter of 2020 was $48.1 million, an increase of 188% over Q1 2019, reflecting primarily the acquisition of Tucano. Tucano accounted for $38.0 million of revenue for the first quarter of 2020. Higher sales volume from the Mexican operations and higher realized gold and silver prices also contributed to the increase in revenue.

Mine operating earnings before non-cash items increased to $14.2 million ($0.05 per share) from $3.5 million ($0.02 per share) in the first quarter of 2019. The increase was also primarily attributed to the contribution of Tucano, which accounted for $13.1 million of mine operating earnings before non-cash items. Mine operating earnings (inclusive of amortization and other non-cash charges) increased to $6.0 million compared with $1.5 million in the same period in the prior year and includes amortization and depletion for Tucano since its acquisition.

Adjusted EBITDA for the first quarter of 2020 was $6.4 million ($0.02 per share). This compares to a negative Adjusted EBITDA of $1.7 million (-$0.01 per share) for Q1 2019.

Net loss for the quarter was $40.5 million ($0.13 per share). The net loss includes $26 million in mark-to-market adjustments on the Company’s derivative instruments, of which $23.6 million was unrealized, and a foreign exchange loss of $10.8 million, of which $9.5 million was unrealized. The mark-to-market adjustments primarily relate to the Company’s BRL/USD forward currency contracts, resulting from the significant weakening of the BRL against the USD and adjustments to the fair value of the Company’s gold put option contracts. The forward currency contracts mature over the period to February 2021 and reduce the Company’s exposure to foreign currency risk on a portion of the BRL costs at Tucano.

The Company has included the non-GAAP performance measures cost per tonne milled, cash cost per gold ounce sold, cash cost per payable silver ounce, AISC per gold ounce sold excluding corporate G&A expenditures, AISC per gold ounce sold, AISC per payable silver ounce, mine operating earnings before non-cash items, cost of sales before non-cash items, adjusted EBITDA, adjusted net loss and adjusted net loss per share throughout this document. Refer to the Non-GAAP Measures section of the Company’s MD&A for an explanation of these measures and reconciliation to the Company’s financial results reported in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others.

Average realized gold and silver prices are prior to smelting and refining charges.

1330 - 200 Granville Street | Vancouver, Canada V6C 1S4 | greatpanther.com

Adjusted net loss was $7.5 million, which excludes the unrealized losses on derivative instruments and foreign exchange, compared with a loss of $5.0 million for the first quarter of 2019.

Cash flow from operating activities increased to $11.8 million primarily reflecting the increase in mine operating earnings before non-cash items of $10.8 million.

Refer to the MD&A for the three months ended March 31, 2020 for more details of the financial results and for reconciliations of the Company’s non-GAAP performance measures to the nearest GAAP measure. The full version of the Company’s consolidated financial statements and MD&A can be viewed on the Company's website at www.greatpanther.com or on SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS, except as noted in the Non-GAAP Measures section of the MD&A.

CASH COST AND ALL-IN SUSTAINING COSTS

The comparative consolidated operating results, cash cost and AISC for the three months ended March 31, 2019 reflect Tucano operations from the March 5, 2019 date of the completion of the acquisition, and a comparison to those of prior periods on an overall basis is not meaningful. Refer to the discussion of operating and cost metrics for the individual mines in the MD&A for the three months ended March 31, 2020.

For the first quarter of 2020, Tucano AISC per gold ounce sold was $1,752 compared with $1,522 for the first quarter of 2019 and exceeds the 2020 guidance of between $1,150 and $1,250 per gold ounce sold primarily due to the high volume of stripping. Tucano completed a significantly higher proportion of planned stripping for the operation in the first quarter of 2020 which is expected to benefit production for the remainder of 2020 and 2021. The lower stripping in subsequent quarters will also translate to a reduction in AISC.

Q1 2020 AISC for the GMC was $14.21 per payable silver ounce which compares to 2020 guidance of between $13.00 and $14.00 and represents a decrease of $5.72 per payable silver ounce compared with the first quarter of 2019. The decrease was primarily due to a decrease in cash cost ($4.99 per oz effect) and higher number of payable silver ounces which decreased the sustaining capital and sustaining exploration, evaluation and development (“EE&D”) elements of AISC on a per ounce basis ($1.47 per oz effect).

Further discussion of the Company’s cash cost and AISC can be found in the MD&A for the three months ended March 31, 2020. For the purposes of consolidated cash cost and AISC, the GMC and Topia are incorporated on the basis of Au payable sales, and other metals produced are treated as by-products. See the Non-GAAP Measures section of the MD&A for detailed reconciliations and computation of these measures.

CASH, SHORT-TERM DEPOSITS AND WORKING CAPITAL AT MARCH 31, 2020

At March 31, 2020, the Company had cash and short-term deposits of $38.8 million, compared with $37.0 million at December 31, 2019.

During the quarter ended March 31, 2020, cash flows from operating activities (after changes in non-cash working capital) contributed $11.8 million to cash and net financing activities contributed $8.1 million, which included $11.3 million proceeds from the gold doré prepayment facility with Samsung and $3.2 million in debt and lease payments were made. These cash inflows were partially offset by capital investments of $16.4 million in additions to plant and equipment, including $12.6 million of capitalized stripping costs at Tucano.

1330 - 200 Granville Street | Vancouver, Canada V6C 1S4 | greatpanther.com

2020 GUIDANCE AND OUTLOOK

Great Panther expects to provide Topia operating guidance and Company consolidated production and cost guidance by the end of the second quarter of 2020.

Great Panther’s 2020 operating guidance for Tucano and the GMC compared with actual 2019 results and first quarter of 2020 results is as follows:

Operating Guidance		Tucano (costs per Au payable oz) ⁽¹⁾			GMC (costs per Ag payable oz) ⁽¹⁾
Operating Guidance		Q1 2020 Actual	2020 Guidance	2019 Results⁽²⁾	Q1 2020 Actual	2020 Guidance	2019 Results
Gold production	koz	26	120 - 130	106	n/a	n/a	n/a
Gold Eq production	koz	n/a	n/a	n/a	4	14 - 16	19
Silver Eq production	Moz	n/a	n/a	n/a	0.4	1.2 - 1.4	1.5
Cash Cost	$/oz	1,032	900 - 1,000	1,118	7.84	9.00 - 10.00	6.74
AISC	$/oz	1,739	1,150 - 1,250	1,406	14.21	13.00 - 14.00	13.21
Capex (sustaining)	$M	2.6	6-8	6	-	0-1	0.2
Capex (non-sustaining)	$M	-	-	-	-	-	-
Stripping/Development	$M	12.6	23-27	13	0.6	1-2	1
Exploration (sustaining)	$M	-	-	0.2	0.2	1	1
Exploration (non-sustaining)	$M	6	7	3	0.4	3	1

(1)

Cash costs and AISC are calculated net of by-product credits.

(2)

2019 results for Tucano are reflective of the period under Great Panther ownership beginning March 5, 2019

(3)

Topia 2020 operating guidance is to be provided by the end of the second quarter of 2020, as further detailed under the Topia section below.

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Further information on the Company’s 2020 guidance can be obtained by referring to the Outlook section of the Company’s 2019 MD&A dated March 31, 2020.

Coricancha

Coricancha has been on care and maintenance as the Company evaluates conditions for a restart of the mine. The evaluation has included a preliminary Economic Assessment (“PEA”) completed in 2018 and a bulk sample program completed in June 2019. In the fourth quarter of 2019, the Company initiated a limited mining and processing campaign of approximately 25,000 tonnes. These activities were temporarily suspended in accordance with the Peruvian government-mandated restrictions associated with the 15-day National State of Emergency announced on March 16, 2020 in response to the coronavirus respiratory disease, COVID-19, and the effective period was subsequently extended to April 12, 2020 and recently was further extended until May 10, 2020. Once the restrictions are lifted, the Company plans to resume the processing campaign and continue with its evaluation activities.

General Uncertainty due to COVID 19 Measures

Great Panther is also maintaining regular communications with its suppliers, customers and business partners to monitor any potential risks to its ongoing operations. Mining and processing operations at Tucano continue uninterrupted at this time. The Company has been in dialogue with the relevant government authorities, including communication regarding the enhanced safety protocols that have been implemented to mitigate the risk of COVID-19 cases at Tucano and surrounding communities. The Company has prepared contingency plans in the event that there is a full or partial shutdown and is prepared to act quickly to implement them. As of the date of this MD&A, the Company is aware that the State of Amapa in Brazil where Tucano mine is located is reporting increased rates of COVID-19 infection and the Company is aware of two employees who have tested positive for the COVID-19 virus. In a cautionary effort to both protect its employees and ensure continued operations, the Company implemented stronger segregation measures to protect plant and mine employees in a manner that will permit operations while ensuring safety. In the event authorities seek to restrict operations to mitigate the spread of COVID-19, the Company will endeavour to do so in a manner to satisfy authorities without a complete shutdown of operating activities. This may involve the curtailment of only mining operations and while continuing to process ore stockpile for which the Company has a reserve of three months. If authorities take measures to restrict activities, there is no guarantee that the Company can avoid a full shutdown of operation

1330 - 200 Granville Street | Vancouver, Canada V6C 1S4 | greatpanther.com

WEBCAST AND CONFERENCE CALL TO DISCUSS THE FIRST QUARTER 2020 FINANCIAL RESULTS

A webcast and conference call will be held on Friday, May 8, 2020 at 7.30am PDT/10.30am EDT. Shareholders, analysts, investors and media are invited to join by logging in or calling in five minutes prior to the start time.

Live webcast and registration: www.greatpanther.com

Vancouver: 604 638 5340

U.S. and Canada toll-free: 1 800 319 4610

International toll: +1 604 638 5340

A replay of the webcast will be available on the Webcasts section of Great Panther’s website approximately one hour after the conference call. Audio replay will be available for four weeks by calling the numbers below using the replay access code 4525.

Vancouver: 604 638 9010

U.S. and Canada toll-free: 1 800 319 6413

International: +1 604 638 9010

For more information, please contact:

Meghan Brown

Vice President, Investor Relations

tel: + 778 899 0518

mobile + 236 558 4485

email mbrown@greatpanther.com

ABOUT GREAT PANTHER

Great Panther Mining Limited is an intermediate gold and silver mining and exploration company trading on the Toronto Stock Exchange under the symbol GPR, and on the NYSE American under the symbol GPL. Great Panther’s operations include the Tucano Gold Mine in Brazil, and the Topia Mine and Guanajuato Mine Complex, comprising the San Ignacio and Guanajuato mines, in Mexico. It also owns the Coricancha Mine in Peru which is currently on care and maintenance.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws (together, “forward-looking statements”). Such forward-looking statements may include, but are not limited to, statements regarding (i) the Company’s production guidance and ability to meet its production guidance, (ii) expectations of cash cost, AISC, capital expenditures, and other expenditures (iii) the exploration potential of Tucano, Topia, the GMC and Coricancha, (iv) the results of the geotechnical review of UCS and the Company’s plans for continued mining at UCS, (v) the Company’s plans to convert existing resources to reserves and its future mining plans, including the expected life of the Company’s mines, (vi) the accuracy of the Company’s mineral reserve and resource estimates; (vii) the Company’s near-mine and regional exploration programs and ability to discover new resources at Tucano; (viii) the Company’s expectations that metallurgical, environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues will not materially affect the estimates or mineral reserves and mineral resources or its future mining plans, and (ix) expectations regarding the receipt of a permit for the Topia Phase III TSF and the Company’s ability to find alternatives to store tailings until Phase III is permitted (or recommencement of tailings deposition at Phase II) and to continue operations at Topia.

1330 - 200 Granville Street | Vancouver, Canada V6C 1S4 | greatpanther.com

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to: the inherent risk that estimates of mineral reserves and resources may not be accurate and accordingly that mine production will not be as estimated or predicted; gold, silver and base metal prices may decline or may be less than forecasted; fluctuations in currency exchange rates (including the U.S. dollar to Brazilian real exchange rate) may increase costs of operations; operational and physical risks inherent in mining operations (including pit wall collapses, tailings storage facility failures, environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather) may result in unforeseen costs, shut downs, delays in production and exposure to liability; planned exploration activities may not result in conversion of existing mineral resources into mineral reserves or discovery of new mineral resources; potential political and social risks involving Great Panther’s operations in a foreign jurisdiction; the potential for unexpected costs and expenses; employee relations; relationships with, and claims by, local communities and indigenous populations; the Company’s ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions in which the Company operates; legal restrictions related to mining; the inability to remediate the UCS pit at Tucano and the Topia TSF as planned; diminishing quantities or grades of mineral reserves as properties are mined operating or technical difficulties in mineral exploration, changes in project parameters as plans continue to be refined, and other risks and uncertainties, including those described in respect of Great Panther, in its annual information form for the year ended December 31, 2019 and material change reports filed with the Canadian Securities Administrators available at www.sedar.com and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov.

1330 - 200 Granville Street | Vancouver, Canada V6C 1S4 | greatpanther.com

There is no assurance that these forward-looking statements will prove accurate or that actual results will not vary materially from these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward-looking statements and information are designed to help readers understand management's current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.

1330 - 200 Granville Street | Vancouver, Canada V6C 1S4 | greatpanther.com

GREAT PANTHER MINING LIMITED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in thousands of US dollars - Unaudited)


	March 31, 2020			December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	38,795		$	36,970
Restricted Cash		103			115
Trade and other receivables		14,787			21,756
Inventories		29,296			35,120
Reimbursement rights		5,378			6,465
Derivative assets		701			3,454
Other current assets		4,232			1,461
		93,292			105,341
Restricted cash		923			927
Other receivables		8,559			10,155
Reimbursement rights		5,928			4,705
Mineral properties, plant and equipment		114,746			133,810
Exploration and evaluation assets		14,898			15,659
Deferred tax assets		245			145
	$	238,591		$	270,742

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade payables and accrued liabilities	$	46,628		$	49,533
Current portion of borrowings		38,784			38,066
Reclamation and remediation provisions - current		3,635			4,927
Derivative liabilities		20,489			–
		109,536			92,526
Other liabilities		12,145			17,078
Borrowings		11,635			4,627
Reclamation and remediation provisions		45,682			50,647
Deferred tax liabilities		4,408			5,365
		183,406			170,243
Shareholders’ equity:
Share capital		252,193			252,186
Reserves		12,563			17,420
Deficit		(209,571	)		(169,107	)
		55,185			100,499
	$	238,591		$	270,742

1330 - 200 Granville Street | Vancouver, Canada V6C 1S4 | greatpanther.com

GREAT PANTHER MINING LIMITED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Expressed in thousands of US dollars - Unaudited)

For the three months ended March 31, 2020 and 2019 (Unaudited)

	Three months ended March 31,
	2020			2019

Revenue	$	48,050		$	16,694

Cost of sales
Production costs		33,802			13,203
Amortization and depletion		8,231			1,905
Share-based compensation		47			69
		42,080			15,177

Mine operating earnings		5,970			1,517

General and administrative expenses
Administrative expenses		3,379			1,896
Amortization and depletion		112			93
Share-based compensation		103			516
		3,594			2,505

Exploration, evaluation, and development expenses
Exploration and evaluation expenses		2,881			2,355
Mine development costs		564			445
Change in reclamation and remediation provision		24			(19	)
Share-based compensation		26			(22	)
		3,495			2,759

Impairment of goodwill		–			38,682

Business acquisition costs		–			2,620

Care and maintenance costs		229			148

Finance and other income (expense)
Interest income		105			414
Finance costs		(788	)		(434	)
Accretion expense		(837	)		(503	)
Loss on derivative instruments		(26,045	)		–
Foreign exchange loss		(10,768	)		(1,718	)
Other expense		(815	)		(346	)
		(39,148	)		(2,587	)

Loss before income taxes		(40,496	)		(47,784	)

Income tax expense		(32	)		242

Net loss for the period	$	(40,464	)	$	(48,026	)

Loss per share - basic and diluted	$	(0.13	)	$	(0.24	)

1330 - 200 Granville Street | Vancouver, Canada V6C 1S4 | greatpanther.com

GREAT PANTHER MINING LIMITED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in thousands of US dollars - Unaudited)

For the three months ended March 31, 2020 and 2019 (Unaudited)

	Three months ended March 31,
	2020			2019
Cash flows from operating activities:
Net loss for the period	$	(40,464	)	$	(48,026	)
Items not involving cash:
Amortization and depletion		8,343			1,998
Impairment of goodwill		–			38,682
Change in reclamation and remediation provision		24			(19	)
Finance costs		788			434
Unrealized loss on derivative instruments		23,611			–
Unrealized foreign exchange loss		9,129			1,187
Income tax expense		(32	)		242
Share-based compensation		176			563
Other non-cash items		732			93
Interest received		105			276
Interest paid		(781	)		(345	)
Income taxes paid		(737	)		(304	)
		894			(5,219	)
Changes in non-cash working capital:
Trade and other receivables		2,036			1,335
Inventories		(53	)		(2,828	)
Other current assets		(2,959	)		1,026
Trade payables and accrued liabilities		11,840			(2,796	)
Net cash provided by (used in) operating activities		11,758			(8,482	)

Cash flows from investing activities:
Cash restricted for Coricancha environmental bond		7			(863	)
Cash received on Acquisition of Beadell		–			1,441
Redemptions of (investments in) short-term deposits and restricted cash, net		–			19,307
Repayment received prior to Acquisition on loan advanced to Beadell		–			3,069
Advances to Beadell prior to Acquisition		–			(354	)
Additions to mineral properties, plant and equipment		(16,432	)		(4,154	)
Net cash provided by (used in) investing activities		(16,425	)		18,446

Cash flows from financing activities:
Proceeds from financings, net of expenses		–			–
Payment of lease liabilities		(1,641	)		(458	)
Proceeds from borrowings		17,350			1,508
Repayment of borrowings		(7,642	)		(1,423	)
Proceeds from exercise of share options		5			458
Net cash from financing activities		8,072			87

Effect of foreign currency translation on cash and cash equivalents		(1,580	)		34

Increase in cash and cash equivalents		1,825			10,085
Cash and cash equivalents, beginning of period		36,970			24,524
Cash and cash equivalents, end of period	$	38,795		$	34,609

1330 - 200 Granville Street | Vancouver, Canada V6C 1S4 | greatpanther.com

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