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El Horcon Silver-Gold Project ASSET

ASSET DESCRIPTION

ASSET NAME

El Horcon Silver-Gold Project

ASSET TYPE

Exploration

Exploration METALS & MINERALS

Gold, Lead, Silver

DEPOSIT TYPE

Silver-gold mineralized epithermal veins to those observed at Great Panther's existing operations.

SPECIFIC LOCATION

Jalisco, Mexico

NAME OF TREND

Guanajuato Trend

HISTORICAL OWNERSHIP

MINERAL RESOURCES AND RESERVES

Mineral Resources:

Metal	Measured				Indicated				Inferred			Attributable interests
Metal	Tonnage	Grade	Contained	CutOff	Tonnage	Grade	Contained	CutOff	Tonnage	Grade	Contained	Contained
Gold	0 k mt	0 g/t	0 k oz	0 g/t	0 k mt	0 g/t	0 k oz	0 g/t	149.2 k mt	3.51 g/t	16.83 k oz	0
Lead	0 k mt	0 %	0 m lbs	0 %	0 k mt	0 %	0 m lbs	0 %	149.2 k mt	2.82 %	0 m lbs	0
Silver	0 k mt	0 g/t	0 m oz	0 g/t	0 k mt	0 g/t	0 m oz	0 g/t	149.2 k mt	78 g/t	0.38 m oz	0

Mineral Reserves:

Metal	Proven				Probable				Attributable interests
Metal	Tonnage	Grade	Contained	CutOff	Tonnage	Grade	Contained	CutOff	Contained
Gold	0 k mt	0 g/t	0 k oz	0 g/t	0 k mt	0 g/t	0 k oz	0 g/t	0
Lead	0 k mt	0 %	0 m lbs	0 %	0 k mt	0 %	0 m lbs	0 %	0
Silver	0 k mt	0 g/t	0 m oz	0 g/t	0 k mt	0 g/t	0 m oz	0 g/t	0

TOTAL CASH COST PER GOLD OUNCE

Amount in millions	Mining	Processing	Admin	Royalties	Total	%
Fuel	0	0	0	0	0	0 %
Maintenance	0	0	0	0	0	0 %
Labour	0	0	0	0	0	0 %
Insurance	0	0	0	0	0	0 %
Royalities	0	0	0	0	0	0 %
Reagents	0	0	0	0	0	0 %
Explosives	0	0	0	0	0	0 %
Contractors/consultants	0	0	0	0	0	0 %
Other*	0	0	0	0	0	0 %
Total US$ millions	0	0	0	0	0	0 %

PRODUCTION

PRODUCTION CYCLE	Annual	2026 Experiences				Expectations
PRODUCTION CYCLE	2025	Q1	Q2	Q3	Q4	2026	5 Year Avg	Remaining LOM
	0	0	0	0	0	0	0	0	Capital Expenditures	1	3
	0	0	0	0	0	0	0	0	Ore Tons Mined	2	3
	0	0	0	0	0	0	0	0	Mill Feed - Ore Tons Processed	3	3
	0	0	0	0	0	0	0	0	Gold (k oz) Produced	79	2
	0	0	0	0	0	0	0	0	Lead (m lbs) Produced	82	2
	0	0	0	0	0	0	0	0	Silver (m oz) Produced	93	2
	0	0	0	0	0	0	0	0	Gold (k oz) Sold	79	1
	0	0	0	0	0	0	0	0	Lead (m lbs) Sold	82	1
	0	0	0	0	0	0	0	0	Silver (m oz) Sold	93	1
	0	0	0	0	0	0	0	0	Gold Recovery (%)	79	4
	0	0	0	0	0	0	0	0	Lead Recovery (%)	82	4
	0	0	0	0	0	0	0	0	Silver Recovery (%)	93	4
	0	0	0	0	0	0	0	0	Cash Operating Cost	4	3
	0	0	0	0	0	0	0	0	All - in Sustaining Costs	5	3
	0	0	0	0	0	0	0	0	Strip Ratio – Waste:Ore	6	3

ARTICULATED HAULERS

US METRIC

MINING TRUCKS

US METRIC

POWER DEMAND

POWER AND ENGINEERING

Power Usage: total MWh per year

Peak power demand MW

Environmental Impact Assessment, man hours

Engineering firms

Local firms

AFTER TAX & ROYALTY NET PRESENT VALUE

Date of Assessment

Jun 5, 2026