Great Panther Mining Limited reports Mineral Resource Estimates (MRE) for the company's 100%-owned Topia Mine (Topia) and Guanajuato Mine Complex (GMC) in Mexico. The estimates were prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101). Measured and Indicated ("M&I") Mineral Resource grade increased 8% to 1,041 silver equivalent grams per ton ("Ag eq g/t"), when compared with the 2018 MRE for Topia.

M&I Mineral Resources decreased 25% to 11.1 million silver equivalent ounces ("Ag eq oz"), when compared with the 2018 MRE. M&I Mineral Resource grade increased 2% to 391 grams Ag eq g/t when compared with the 2020 MRE for GMC. M&I Mineral Resources decreased 36% to 7.7 million Ag eq oz when compared with the 2020 MRE.

Topia lies northwest of Durango and is a silver ("Ag"), gold ("Au"), lead ("Pb"), zinc ("Zn") district with a central concentrator plant capable of processing 260 tonnes per day ("tpd"), supporting multiple mine headings on precious and base metal veins. Topia has been in the Great Panther portfolio since 2005 and has cumulatively produced 9.5 million silver equivalent ounces (comprised of silver and gold) plus 17,574 tonnes of lead and 23,592 tonnes of zinc. The MRE for Topia has an effective date of March 31, 2021. Compared to the previous MRE with an effective date of July 31, 2018, grades have significantly increased with M&I grades increasing 32% for silver, 37% for gold, 14% for lead and 11% for zinc. The higher-grade ore, however, is associated with an overall decrease of 30% in tonnes and 25% in silver equivalent ounces.

Key factors that varied during the three-year period since the last MRE were the increase in mining costs, metal price variations and mine depletion, which totalled 3.7 million Ag eq oz. Measured and Indicated Mineral Resources are estimated to contain 331,800 tonnes at 609 g/t Ag, 1.84 g/t Au, 4.40% Pb, and 4.50% Zn and Inferred Mineral Resources are estimated to contain 274,600 tonnes at 592 g/t Ag, 1.44 g/t Au, 3.35% Pb, and 3.63% Zn. GMC is comprised of the Guanajuato and San Ignacio silver and gold underground mines and the 1,000 tpd Cata processing plant, located in the prolific Guanajuato mining district.

GMC has been in the Great Panther portfolio since 2005 and has cumulatively produced 30 million silver equivalent ounces. In the fourth quarter of 2021, the Guanajuato mine and Cata processing plant were placed on care and maintenance and mining operations were suspended at the San Ignacio mine while the Company continues to await the permits necessary to extend the tailings dam or finds other alternatives to maximize value from the GMC. The MRE for the GMC has an effective date of July 31, 2021.

GMC contains estimated M&I Mineral Resources of 519,493 tonnes above varying USD Net Smelter Return ("USD NSR") cut-off values equivalent to full operational cost, at an average grade of 196 g/t Ag and 2.30 g/t Au, for a total of 6,537,755 Ag eq oz or 76,915 Au eq oz. This includes Measured Mineral Resources of 368,944 tonnes at an average grade of 196 g/t Ag and 2.36 g/t Au, for a total of 4,708,345 Ag eq oz or 55,392 Au eq oz and Indicated Mineral Resources of 150,550 tonnes at an average grade of 194 g/t Ag and 2.16 g/t Au, for a total of 1,829,410 Ag eq oz or 21,522 Au eq oz. In addition, estimated Inferred Mineral Resources are 665,977 tonnes at an average grade of 194 g/t Ag and 2.42 g/t Au, for 8,558,540 Ag eq oz or 100,689 Au eq oz.

Table 2 provides a summary of the MRE for GMC.