Great Panther Mining Limited (TSX: GPR) (NYSE: GPL) a growing gold and silver producer focused on the Americas, announces production results for the three months ended March 31, 2021, from its three wholly-owned mines: Tucano in Brazil, and Topia and the Guanajuato Mine Complex in Mexico.

First Quarter 2021 Production Highlights

• Consolidated metal production of 30,556 gold equivalent ounces, inclusive of 24,978 gold ounces and 360,070 silver ounces
• Total gold production at Tucano of 22,996 Au oz
• Total silver equivalent production at Topia of 363,318 silver equivalent ounces
• Total silver equivalent production at the GMC of 279,306 Ag eq oz
• Successful completion of annual maintenance at Tucano including replacement of the primary crusher and realignment of the SAG mill motor

“I am pleased to report that operations continue safely despite COVID-19 and we remain on track with our proposed guidance for the year,” commented Rob Henderson, Great Panther’s President & CEO. “Our safety protocols are being meticulously executed in order to protect our workforce and the communities that we operate in. As previously stated, the first quarter was planned to be a low production quarter due to heavy stripping. Production is expected to ramp up quarter-over-quarter for the remainder of the year as mining progresses into sectors with lower strip ratios.”

Consolidated Operating Results

The Company’s operations are on track to meet previously announced consolidated production guidance for 2021 of 135,000 to 150,000 Au eq oz. The mine plan for Tucano reflects higher stripping and lower production levels in the first half of 2021 with approximately 55% of annual guidance expected in the second half of the year.

Production guidance here and elsewhere in this news release is forward-looking information that should be read in conjunction with the Cautionary Statement on Forward-Looking Information section at the end of this news release and the Company’s most recently filed Management Discussion and Analysis for the year ended December 31, 2020. The Company may revise guidance during the year to reflect actual results to date and those anticipated for the remainder of the year.

COVID-19 continues to affect every corner of the globe, in Mexico, Brazil and Peru in particular. Great Panther’s established COVID-19 prevention, monitoring and response plans remain a top priority for the Company to ensure a safe work environment for its employees and communities in which it operates. Protocols include mandatory medical screening and testing on arrival at site, continuous training on health awareness and health and safety protocols, physical distancing and increased sanitation measures, and updated operating procedures. Specific areas have been prepared for the isolation, testing and care of employees showing COVID-19 symptoms. All confirmed cases of COVID-19 are in isolation and being monitored by Company health professionals with regular reports to health authorities.

Tucano

Tucano produced 22,996 Au oz in Q1 2021, a decrease of 12% compared to the first quarter of 2020, primarily due to lower ore production in the mine and reduced process plant availability and lower grades. Tucano processed a higher proportion of low-grade stockpile material this quarter due to the focus on stripping of the upper pit levels and position of mining activity relative to the ore in the lower benches.

Plant throughput in the first quarter was 2% lower compared to the same period in 2020, due mainly to longer plant stoppages required to replace the existing primary crusher, realignment of the SAG mill motor and higher number of hours lost due to power outages.

Compared to Q1 2020, Tucano had an additional 2,574 Au oz of production from fine carbon screening and then elution of the coarser fraction of the fine carbon from a pond located within the plant premises. Gold produced from this process is expected to be less than 5% of total gold production for 2021.

Lower production during the first quarter of 2021 was expected based on the reduction in ore mined and planned plant shutdown. Production guidance for 2021 remains between 110,000 and 120,000 Au oz, as announced in the Company’s news release dated January 14, 2021.

Towards the end of Q1 2021, Tucano experienced disruption in its purchased oxygen supply with scheduled deliveries shipped to Brazil’s hospitals to meet increased demand as a result of COVID-19. Shortages in purchased oxygen supply are expected to decrease recovery rates over the next few months. With the exception of oxygen supply chain issues, mining activities at Tucano continue uninterrupted due to COVID-19. While the reported infections in the state of Amapá are of concern, they are primarily concentrated in Macapá, the state capital. The Company is monitoring the situation closely and has implemented strong measures to protect against the spread of the virus and its new variants and is working closely with local health and labour authorities to protect its people and local communities.

Topia

Silver equivalent production in Q1 2021 from Topia was 363,318 Ag eq oz compared with 376,303 Ag eq oz for the same period in 2020 and 179,657 Ag eq oz in Q4 2020. Note that production in Q4 2020 was impacted by a voluntary five-week suspension to safeguard the health of the Company’s workforce and local community against the spread of COVID-19. Topia realized higher grades and recovery rates for gold and silver during Q1 2021, however, these increases were offset by a decrease in production attributed to the change in metal equivalency ratios for lead and zinc.

Guanajuato Mine Complex

Silver equivalent production at the GMC in Q1 2021 was 279,306 Ag eq oz, an increase of 4% over Q4 2020 as a result of higher grades and recovery rates for both gold and silver. Silver equivalent production was 29% lower than in Q1 2020 due primarily to workforce shortages related to COVID-19.

Technical Disclosure

The technical information contained in this news release has been reviewed and approved by Neil Hepworth, Chartered Engineer UK, MIMMM, Chief Operating Officer, a non-independent Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

ABOUT GREAT PANTHER

Great Panther is a growing gold and silver producer focused on the Americas. The Company owns a diversified portfolio of assets in Brazil, Mexico, and Peru, including three operating gold and silver mines, four exploration projects, and an advanced development project. Great Panther is actively exploring large land packages in highly prospective districts and is pursuing acquisition opportunities to complement its existing portfolio. Great Panther trades on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE American under the symbol GPL.