Mr. Jeffrey Mason reports

GREAT PANTHER ANNOUNCES 2019 PRODUCTION OF 147,000 GOLD EQUIVALENT OUNCES AND CORPORATE UPDATE

Great Panther Mining Ltd. has released its fourth quarter and annual 2019 production results from its Tucano gold mine in Brazil and two Mexican mining operations: the Topia mine and the Guanajuato mine complex (GMC), which includes the San Ignacio mine. All currency amounts are in United States dollars unless otherwise indicated.

Fourth quarter and full year 2019 highlights:

• Nearly tripled annual production: produced approximately 147,000 consolidated gold equivalent ounces in 2019, a 182-per-cent increase compared with 2018, driven by the acquisition of Tucano;
• Stronger finish to the year at Tucano: exceeded the high end of the most recent quarterly guidance, producing over 34,000 gold ounces in the fourth quarter of 2019;
• Record annual production at Topia: delivered silver equivalent production of 1.8 million ounces, benefiting from an increase in mill capacity, grade and an advancement of mine development;
• Acquired the flagship Tucano mine: completed the acquisition of Tucano in March, 2019, transforming Great Panther into a growing, intermediate precious metals producer;
• Delivered operational improvements: increased mine productivities and metallurgical recoveries at Tucano, expanded Topia throughput, and advanced continuing key exploration programs;
• Strengthened senior management team: added key leadership positions across a number of operational, financial and other areas.

"We ended 2019 on a stronger note at Tucano, exceeding the high end of our most recent guidance range for the fourth quarter," stated Jeffrey Mason, interim president and chief executive officer. "Reflecting on 2019 as a whole, the acquisition of Tucano has transformed Great Panther, nearly tripling our gold equivalent production. As we begin 2020, we look forward to another year of production growth while continuing to execute on key operational initiatives in Brazil and Mexico, including expanded exploration programs. Together with our recent key management additions and $21-million in non-equity funding, we are well positioned to execute on our 2020 plans."

It is noted that operational results are preliminary and subject to final adjustment. Final operational and cost results for 2019 and operational and cost guidance for 2020 will be published with the company's financial results for the fourth quarter and the full year 2019.

Consolidated operational results

Great Panther's 2019 gold equivalent production of 146,853 ounces is above the midpoint of its most recent annual consolidated production guidance of 142,000 to 149,000 ounces. Q4 2019 production for Tucano exceeds the company's most recent Q4 guidance for the mine.

Consolidated operational results     Q4 2019  Q4 2018    FY 2019    FY 2018 

Ore processed (tonnes)               927,928   89,270  2,787,578    374,229   
Gold equivalent production (ounces)   44,697   11,897    146,853     52,137  
Gold production (ounces)              37,088    4,100    118,493     20,160 
Silver production (ounces)           423,230  438,152  1,529,362  1,096,757  

Tucano gold mine

  
Tucano operational results       Q4 2019    Q4 2018     FY 2019     FY 2018 

Total material mined (tonnes)  5,857,185  4,868,173  22,624,748  20,657,271   
Total waste mined (tonnes)     5,141,839  4,081,379  20,357,867   8,173,428    
Ore mined (tonnes)               715,346    768,996   2,266,881   2,440,542  
Ore processed (tonnes milled)    860,364    872,137   3,074,014   3,504,129    
Au grade (g/t)                      1.33       1.75        1.37        1.25     
Au recovery (%)                   92.80%     88.30%      91.74%      87.30%  
Gold production (ounces)          34,181     43,365     123,867     123,296    

Tucano produced 34,181 gold ounces in Q4 2019, exceeding the top end of the most recent Q4 2019 guidance of 31,000 to 33,000 gold ounces.

Tucano achieved key improvements in mine productivities, ore grade and metallurgical recoveries over 2018, reflecting plant improvements and upgrades completed following the acquisition by Great Panther.

Gold production in 2019 remained relatively consistent at approximately 124,000 gold ounces, as compared with 2018, notwithstanding lower-than-planned production in Q4 2019 as a result of removing the Urucum Central South open pit (UCS) from production (see further discussion in corporate update and outlook section).

Mexico mine operations

The company's Mexican operations combined to produce 41,292 gold equivalent ounces in 2019 or approximately 3.3 million silver equivalent ounces.

Topia mine

Topia operational results              Q4 2019  Q4 2018    FY 2019    FY 2018  

Ore processed (tonnes)                  18,854   18,883     79,257     73,605     
Ag grade (g/t)                             424      326        392        344     
Au grade (g/t)                            0.81     0.83       0.94       0.79     
Ag recovery (%)                          94.4%    92.9%      93.9%      93.4%     
Au recovery (%)                          54.2%    53.4%      55.9%      58.1%   
Silver equivalent production (ounces)  449,621  390,701  1,785,483  1,548,336    
Silver production (ounces)             242,776  183,747    938,581    761,107     
Gold production (ounces)                   267      267      1,344      1,087   
Lead production (tonnes)                   487      474      1,960      1,958   
Zinc production (tonnes)                   650      661      2,576      2,361     

Topia achieved a new record for annual production at approximately 1.8 million silver equivalent ounces during 2019 as a result of an increase in mill capacity, grade and advancing development of various mines in the Topia area. The company also performed exploration drilling to better define existing mineral resources and to extend the mineral resources into new areas, along presently mined veins and along new veins.

Guanajuato mine complex (GMC)

GMC operational summary                Q4 2019  Q4 2018    FY 2019    FY 2018 

Ore processed (tonnes)                  48,710   70,387    187,610    300,624    
Ag grade (g/t)                             136      129        116        129   
Au grade (g/t)                            2.00     2.01       2.26       2.27   
Ag recovery (%)                          84.4%    87.2%      84.7%      87.9%    
Au recovery (%)                          84.1%    84.4%      85.2%      87.1%    
Silver equivalent production (ounces)  391,637  561,083  1,517,853  2,622,623    
Silver production (ounces)             180,454  254,405    590,781  1,096,757   
Gold production (ounces)                 2,640    3,833     11,588     19,073   

In Q4 2019, production for GMC was sourced from both the San Ignacio mine and limited areas of the Guanajuato mine for which mining had been suspended for the previous three quarters to allow for a focused exploration program. This explains the lower year-over-year production levels, as planned by the company. The exploration program at the Guanajuato mine advanced with three drill rigs in operation with the objective of outlining in situ blocks of higher-grade mineralization and increased mill feed from the Guanajuato mine in 2020. The company expects to release an updated National Instrument 43-101 Mineral Resource estimate before the end of March, 2020, for the San Ignacio and Guanajuato mines. The Topia mineral resource update is targeted to be completed in July, 2020.

Corporate update and outlook

Tucano gold mine -- UCS pit

As noted in October, 2019, company press releases, a geotechnical issue in the west wall of UCS was discovered on Oct. 6, 2019. As a result of this issue, UCS was removed from the fourth quarter 2019 production plan to secure and monitor the pit. Great Panther has carried out a structural review and identified a combination of structures that are somewhat unique to UCS in the zone of the failure. This combination of structures was not observed, or evident elsewhere in other Urucum pits or Tap pits. Prior to the restart of drilling and blasting operations at UCS in mid-2020, a more extensive geotechnical investigation is planned that includes core drilling and structural mapping to identify the critical structure in the UCS pit so that appropriate steps can be taken. To partly compensate for the loss of UCS production in the fourth quarter of 2019, production from the Urucum North and Urucum South pits was accelerated.

As previously reported in the Oct. 30, 2019, press release, the company has engaged consultants to advise on conventional measures required to bring UCS safely back into production. Unloading and prestripping of free-diggable failed material from the top of the open pit has currently commenced under strict geotechnical controls. Prestripping that requires drilling and blasting is scheduled to commence in mid-2020 following the rainy season, while ore mining is targeted for 2021, as originally planned.

Mineral resource and mineral reserve updates

The company has engaged Roscoe Postle & Associates Inc. (RPA) as its independent mining and geological consultants in connection with the preparation of an updated mineral resource and mineral reserve estimate for Tucano with an effective date of Sept. 30, 2019. The completion and announcement of the updated mineral resource and mineral reserve (MRMR) estimate are expected before the end of March, 2020, for Tucano, as are updates for the Guanajuato and San Ignacio mines. An update of the MRMR for Topia is planned for July, 2020.

Exploration outlook

Expanded exploration activity at Tucano and GMC is a strategic priority for the company in 2020. At Tucano, Great Panther has planned approximately 55,000 metres of drilling as an initial program to be completed during the year, with an emphasis on the first half of the year. Most of this drilling will be focused on targets contiguous to mining areas in the existing north-south trending mine corridor, designed to discover resources and reserves that can be added to the existing mine plan. Approximately 3,500 drilling metres are currently scheduled to target extensions from the open-pit resources to potential underground deposits.

The regional exploration program at Tucano is focused on three of the most prospective regional targets in Tucano's expansive land package.

Continuing progress and results of the Tucano exploration will be evaluated at midyear, with the potential to further expand and refine exploration activities in the second half of 2020.

At GMC, the 2020 drilling program calls for 8,500 metres at the San Ignacio mine and approximately 14,400 metres at the Guanajuato mine. The 2019 drilling program has already delivered returns in terms of resource blocks that are being engineered into the short-term mine plan. The 2020 GMC program is similarly focused on adding resources that can augment the existing near- and medium-term mine plan, and further increase the output from the Guanajuato mine to complement San Ignacio planned ore feed for 2020.

Coricancha

In July, 2019, Great Panther reported completion of a bulk sample program wherein the company had milled 5,100 tonnes of newly mined ore from the Constancia and Escondida veins, confirming key operating assumptions, including productivities, grades and mill operation, contained in its preliminary economic assessment announced in May, 2018. In October, 2019, an ore processing campaign commenced to mill approximately 28,000 tonnes of additional old ore stockpiles that were determined to be economically viable. This milling campaign to generate incremental net revenue is expected to be completed in the first quarter of 2020, after which time the mine will return to care and maintenance while the company conducts additional engineering and operational planning to further optimize and de-risk the project.

Management changes

On Oct. 30, 2019, board chair Mr. Mason assumed the additional role of interim president and CEO. Mr. Mason was actively involved in overseeing the company's operations since his appointment as board chair in July, 2019. Mr. Mason first joined Great Panther's board in May, 2014, and has played an active role on various committees developing the strategic direction of the company along with assisting in financings. A formal CEO search process has commenced.

On Oct. 31, 2019, Neil Hepworth, a chartered engineer, United Kingdom, was appointed as chief operating officer. Mr. Hepworth is a mining engineer with over 30 years of experience in underground mining operations and technical and operational experience in open-pit mines. He has strong technical knowledge of geology and geotechnics. Mr. Hepworth has operational experience throughout Latin America, Africa and Europe, with extensive experience in Brazil and Mexico. He holds an MSc, engineering (mining), and a BSc, honours (geology), from the University of Witwatersrand, South Africa, and speaks Portuguese and some Spanish.

On Nov. 4, 2019, Alan Hitchborn was appointed as vice-president, exploration. He is a professional geologist with over 40 years of global mineral exploration and mine operations experience, including 18 years with major mining companies and 20 years in senior management positions. He has successfully assembled and led exploration teams and campaigns in the development and expansion of mineral resources throughout the Americas, including Mexico and Brazil. Mr. Hitchborn holds a bachelor of science in geology from the University of Nevada-Reno and is a registered professional geologist with Engineers and Geoscientists British Columbia. He also has a strong working knowledge of Spanish.

On Sept. 9, 2019, David Wiens was appointed as vice-president, corporate finance and treasury. He is a versatile financial professional with over 16 years of experience in progressive investment banking and corporate roles in Canada and the U.K., focusing on the metals and mining sector. He has a depth of leadership and experience in corporate finance, treasury, business development, financial planning and analysis, investor relations, and marketing. Mr. Wiens holds a bachelor of commerce from the University of British Columbia and is a CFA charter holder.

On Nov. 4, 2019, Lucie Gagnon was appointed as vice-president, people and culture. She joined Great Panther in April, 2019, as director of human resources and brings over 15 years of human resources experience focused in the finance and mining industry. Ms. Gagnon is responsible for the company's people strategy and providing leadership in the areas of organizational design, talent acquisition and management, learning and development, and work force planning. Ms. Gagnon holds a bachelor of arts (honours) in psychology from York University in Toronto.

The technical information contained in this news release has been reviewed and approved by Mr. Hepworth, chief operating officer, a qualified person for the purposes of National Instrument 43-101.

About Great Panther Mining Ltd.

Great Panther Mining is an intermediate gold and silver mining and exploration company. Great Panther operates three mines including the Tucano gold mine in Amapa state, Brazil, and two primary silver mines in Mexico: the Guanajuato mine complex and the Topia mine. Great Panther also owns the Coricancha mine complex in Peru and has executed a successful 2019 bulk sample mining program in accordance with the May, 2018, PEA.

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