Guanajuato Silver Company

The Cata processing facility has a capacity of 36,000 tonnes/month.
High-grade, epithermal vein, underground silver-gold mine that has a strike length of over 4km.

Historical Mineral Resource Estimate
	Tonnes (t)	Ag (g/t)	Au (g/t)	AgEq (g/t)	AgEq (ounces)
Total Measured & Indicated	251,666	250	1.76	400	3.2M
Total Inferred	220,760	225	1.95	391	2.7M

_{Metal Prices USD$20.00/oz silver, and USD$1,650.00/oz gold. Ag eq oz were calculated using 85:1 Ag:Au ratio.}

_{The VMC mineral resource estimate is a historical estimate and the reader is cautioned not to treat them, or any part of them, as a current resource. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves. The mineral resource is taken from a Great Panther technical report dated July 31, 2021. However, based on the assumptions, parameters and methods in prior technical report, as well as literature and data review, and the recent site visit conducted for the 2022 Valenciana technical report, the authors consider Great Panther’s 2021 historical mineral resource estimate to be relevant and reliable and provides an indication of the extent of mineralization identified by previous operators at VMC. To verify such historical estimate as a current mineral resource, a qualified person would need to complete database validation, undertake a full review of estimation parameters and procedures, and complete an updated mineral resource estimate and NI 43-101 technical report incorporating additional production (mining depletion), drilling and underground sampling completed at VMC since July 31, 2021.”}

_{For additional details refer to the technical report dated July 8, 2022 (effective date April 30, 2022) titled “Technical Report on the Valenciana Mine Complex, Guanajuato and Jalisco, Mexico” available on SEDAR+.}