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Great Panther Silver Ltd.

TICKER: GPR:TSX; GPL:NYSE.MKT

Great Panther Silver Ltd. is a primary silver mining and exploration company. The company's current activities are focused on the mining of precious metals from its two wholly owned operating mines in Mexico, Topia and Guanajuato. Great Panther is also in the process of developing its San Ignacio project with a view to production in 2014, and has two exploration projects, El Horcon and Santa Rosa. The company is also pursuing additional mining opportunities within Latin America with the goal of adding to its portfolio of mineral properties.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Gold Report Interview with Sean Rakhimov (7/16/14) "In this cycle the best performers have not been the companies that made good discoveries but rather companies that have properly managed their resources and finances. Those companies have done well. Great Panther Silver Ltd. is on the list of companies that have done well. . .Great Panther is one in the group that hasn't accomplished a major push to get to the next level in terms of scale (not for lack of trying) and needs to do so. The company had its share of challenges at both operating mines and was able to overcome them." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (7/11/14) "At Topia, Great Panther Silver Ltd. reported an updated resource estimate that included 8.19 Moz Ag eq Measured and Indicated and 8.56 Moz Ag eq Inferred. At San Ignacio, the April, 2014 estimate included 1.25 Moz Ag eq Indicated and 5.65 Moz Ag eq Inferred. These estimates are a reminder that Great Panther still has a large inventory of silver and gold available to mine in the years ahead."

Ash Guglani, Salman Partners (7/10/14) "Great Panther Silver Ltd. reported its Q2/14 production results at its two Mexican silver mining operations, Guanajuato and Topia. Silver production for the quarter was ~420 Koz. . .the figure represents a QOQ increase as a result of increased mill throughput at both mines."

Ash Guglani, Salman Partners (7/3/14) "Great Panther Silver Ltd. released an updated NI 43-101 mineral resource estimate for its wholly owned San Ignacio silver-gold mine. . .the updated resource includes an initial ~1.25 Moz silver equivalent in the Indicated category and 5.645 Moz silver equivalent in the Inferred mineral resource category at a cutoff of 125 g/t silver equivalent. . .the company continues to develop San Ignacio and increase the confidence in the resource through the drill bit."

The Mining Report Interview with Rick Mills (7/1/14) "Bob Archer is CEO of Great Panther Silver Ltd. The company is producing from two mines in Mexico: Guanajuato and Topia. This gives it upside to a rising silver price, as well as lead and zinc. Great Panther has an advanced project, another production story, at San Ignacio and exploration projects at El Horcon and Santa Rosa. You've got pretty much the whole works with Great Panther. . .There is additional ore coming from San Ignacio; the company forecasts about 250 tonnes a day by the end of 2014. This increases through put at Guanajuato with no further capital expenditures. The updated San Ignacio resource estimate was 121 g/t silver and 2.28 g/t gold. Great Panther's leverage to a rising silver price is hard to beat." More >

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Brien Lundin, Gold Newsletter (Jefferson Financial) (5/30/14) "Great Panther Silver Ltd. reported revenue of $12.9M in Q1/14, a 2% improvement over Q1/13. That revenue boost came from a 10% increase in Ag eq oz from a jump in production from 607.5 Koz in Q1/13 to 667.3 Koz in Q1/14. . .the addition of ore from the San Ignacio mine to the mill feed at the firm's flagship Guanajuato mine helped offset lower prices. . .the company expects to produce 3.1–3.2 Moz Ag eq in 2014 with an average all-in sustaining costs of $17.50–19.50/oz. . .Great Panther Silver will offer significant leverage to rising Ag prices."

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/14) "Between the Guanajuato and Topia mines, Great Panther Silver Ltd. managed to eke out a 10% increase in metals production. . .the good news is, with any significant rebound in precious metal prices, the company is perfectly positioned to provide strong leverage on those gains."

Brien Lundin, Gold Newsletter (Jefferson Financial) (4/10/14) "Great Panther Silver Ltd. is looking ahead to the rest of 2014 as management plans to increase production by 10% to the 3.1–3.2 Moz Ag eq range. All-in sustaining costs should be between $17.50–19.50/oz, and a return to higher precious metals prices would have a significant impact on margins. . .marginally profitable producers like Great Panther will offer us the best leverage on rising prices."

Ash Guglani, Salman Partners (3/11/14) "During Q4/13, Great Panther Silver Ltd. produced 484,937 oz silver at a total cash cost of $8.85/oz net of byproducts, better than Q3/13 production of 459,924 oz silver at a total cash cost of $9.89/oz net of byproducts. The company's improved operating margins are attributable to cost cutting and grade control initiatives taken throughout the year."

The Gold Report Interview with Mike Kachanovsky (2/17/14) "Great Panther Silver Ltd.'s production increased 19% on a silver equivalent basis year-over-year and guidance for 2014 is for a further 10% increase in total metals output. Great Panther has $24M in cash on the books with no long-term debt. It has a very strong financial position and the market cap is a fraction of where it was a couple of years ago when there was a lot more risk in the story. . .Great Panther's president has done a very good job of underpromising and overachieving." More >

Ash Guglani, Salman Partners (1/15/14) "Yesterday, Great Panther Silver Ltd. reported its Q4/13 production results at its two Mexican silver mining operations, Guanajuato and Topia. Quarterly production of silver, metal and gold have all increased on a year-over-year basis, with silver production rising 7% to a record 484,936 ounces, higher than our estimate of ~440 Koz silver; the consolidated metal production from the two mines exceeded the internal guidance by 14%."

Christos Doulis, Stonecap Securities (1/15/14) "On Jan. 14, Great Panther Silver Ltd. reported its Q4/13 and annual production numbers for its 100%-owned Guanajuato and Topia mines. . .highlights include: Q4/13 production of 485 Koz Ag (a quarterly record). . .and total 2013 production of 1.7 Moz Ag and 15.7 Koz Au or 2.8 Moz Ag eq. Thus, 2013 production exceeded the company's 2013 guidance of 2.4–2.5 Moz Ag eq and our forecast of 2.62 Moz Ag eq (1.6 Moz Ag and 13 Koz Au)."

The Gold Report Interview with Heiko Ihle (1/15/14) "Great Panther Silver Ltd. CEO Bob Archer has seen silver cycles before, and I think the management team knows what it's doing. Its Topia plant is not making a whole lot of money at current prices, but even in the challenging environment of FY/13, there should be some cash flow from that site. Great Panther also is cost cutting wherever it can. Even if we were to hit only $24–25/oz silver, Great Panther should start making decent money again." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/19/13) "Like most junior miners this year, Great Panther Silver Ltd. has been hurt by the tough market for precious metals. Still, even years after adding it to our list, it remains one of the most attractive primary silver producers in the sector."

Canaccord Genuity (12/16/13) "Great Panther Silver Ltd. announced the completion of the updated mineral resource estimates at its Guanajuato mine complex. . .its updated Measured and Indicated resources comprise 504.7 Kt at a grade of 174 g/t Ag and 1.65 g/t Au, containing 4.43 Moz Ag eq (at 50 g/t Ag eq cutoff). Inferred resources are estimated to be 434 Kt at a grade of 140 g/t Ag and 2.32 g/t Au, containing 3.9 Moz Ag eq."

Ash Guglani, Salman Partners (12/16/13) "Great Panther Silver Ltd. announced surface drill results from its San Ignacio project in Guanajuato, Mexico. Infill drilling at the property consisted of 1,144m (13 holes) and focused on the upper 80m of the Intermediate Vein in order to define the top of the epithermal system and better guide development in the initial two years. . .the company plans to complete a follow-up drill program in 2014. . .development at the property is ongoing with the access ramp on schedule. . .production at San Ignacio is expected to commence in H1/14 at a rate of 100 tpd and ramp up to ~250 tpd by the end of 2014."

Christos Doulis, Stonecap Securities (12/4/13) "Great Panther Silver Ltd. announced the completion of an updated mineral resource estimate at its 100%-owned Guanajuato mine in Mexico. . .contained Inferred ounces increased 56% to 3.9 Moz Ag Eq from 2.50 Moz Ag Eq previously. . .with total Ag Eq ounces increasing from 8.1 Moz Ag Eq to 8.33 Moz Ag Eq, Great Panther has successfully replaced ore mined since the last resource update in May 2012. . .in 2014, Great Panther will be focusing on upgrading Inferred ounces to the M&I categories and underground drilling with three drill rigs devoted to delineating new resources."

Ash Guglani, Salman Partners (11/8/13) "We have increased the average grade at Great Panther Silver Ltd.'s Guanajuato mine through H1/14 to account for the increasing contribution by the gold-rich Santa Margarita vein; in addition we have slightly lifted average silver grades at Guanajuato through H1/14 as they continue to produce in areas with less mining dilution. As the company's cost-cutting initiatives are implemented, we have slightly reduced the general and administrative expenses through 2014 as cost-cutting measures continue with a focus on reducing site costs and improving overall grade control."

Christos Doulis, Stonecap Securities (11/8/13) "Great Panther Silver Ltd. reported its Q3/13 financial results for its Guanajuato and Topia mines in Mexico. . .at Guanajuato, costs dropped significantly from $17.26/oz in Q2/13 to $3.92/oz and at Topia cash costs were $17.95/oz versus $19.67/oz in Q2/13. . .total production in the first nine months of 2.1 Moz Ag eq puts Great Panther on pace to exceed its 2013 guidance of 2.4–2.5Moz Ag eq. . .we have increased our 2013 gold production forecast from 11.8 Koz Au to 13.7 Koz Au. . .Great Panther has delivered record quarterly results putting it on pace to exceed its 2013 guidance."

The Gold Report Interview with Leonard Melman (11/6/13) "Great Panther Silver Ltd. has a good combination of production and developing projects. . .Guanajuato is another project I've had the opportunity to visit. I was quite impressed with the management and with the geologists, both for current production and for exploration of expanding reserves. At least Great Panther is getting money in. It is financing its own exploration. The potential to increase production, I believe, is very real. Guanajuato is one of the most fascinating cities in all of Mexico. It sits at 6,600 feet above sea level. There are ancient roads that run under the downtown area. Great Panther's mine [is] right in the metropolitan area of Guanajuato. Great Panther gets enormous kudos from the community for the economic wealth it is bringing to the region." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (10/24/13) "A strategy that's paid handsomely for us has been investment in a select group of primary silver producers, which would include Great Panther Silver Ltd. . .when high silver prices draw large groups of investors into the silver space, the law of supply and demand kicks in for those few primary silver companies available. Great Panther Resources has followed this strategy to great effect for investors in recent years. . .the company processed 76,898 tonnes in Q3/13, the highest quarterly amount it has ever processed. Silver production rose 24% to 459,924 oz and gold production rose 56% to 4,695 oz. Both totals were quarterly records. . .I see no reason why Great Panther can't deliver solid share price appreciation."

Heiko Ihle, Euro Pacific Canada (10/11/13) "Great Panther Silver Ltd. produced a record 789,250 oz Ag eq during Q3/13. . .at Guanajuato, continued improvements of silver and gold grades lead to increased overall production. . .and development at San Ignacio is progressing quickly. . . we maintain our above-guidance estimate of 2.66 Moz Ag eq. . .and we continue to believe the firm should be able to cut costs at both mines while increasing long-term production through San Ignacio."

Christos Doulis, Stonecap Securities (10/11/13) "Great Panther Silver Ltd. has delivered record quarterly production, putting the company on pace to exceed its 2013 guidance. While we continue to believe that Great Panther's ability to generate free cash flow in the current silver price environment is limited, the record production should lead to substantially improved financial results. We are increasing our rating to Sector Perform, from Underperform and we are increasing our price target."

Deborah Bacal, Proactive Investors (10/8/13) "Great Panther Silver Ltd. has moved one step closer to advancing its San Ignacio project in Mexico to production after getting its environmental impact permit, the final permit required for the property. . .shares of the silver producer jumped more than 4% on the news. . .the company has been undergoing a wide-ranging program focused intently on grade control at its two operating mines in Mexico and cost cuts, with nonessential budget items cut, and some capital expenses cut and deferred. . .Great Panther expects its cost-cutting measures and its strong Q2/13 production to be reflected in its Q3/13 results."

The Metals Report Interview with Rick Mills (10/1/13) "I've been following Great Panther Silver Ltd. for many years. I've watched it grow to be a significant producer. I like it for its exposure to rising silver and gold prices as a producer." More >

The Gold Report Interview with Brien Lundin (9/9/13) "Great Panther Silver Ltd. is a well-managed company with a number of projects under development. It is cutting costs and optimizing operations." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (9/1/13) "Great Panther Silver Ltd. has been a favorite company of mine. . .few companies have done a better job putting together a silver development story that continues to have upside potential, year after year. . .Great Panther is well positioned on both the production front and the resource front. . .the company boasts over 40 Moz of silver eq resources, so it can continue to generate cash flow for some years to come. . .with working capital of around $40M and steady cash flow from its two operating mines, Great Panther looks well positioned to continue offering silver bugs tremendous leverage to the metal's gains."

The Gold Report Interview with Ash Guglani (8/26/13) "Great Panther Silver Ltd. [is a] Buy. The company is a higher cost producer, but it showed some promise this past quarter." More >

Thom Calandra, The Calandra Report (8/25/13) "Great Panther Silver Ltd. has a lot of leverage, a lot of bang for the buck. . .it is one of the cheapest primary silver producers in global rankings."

Itinerant, Seeking Alpha (8/22/13) "Great Panther Silver Ltd. has emphasized on several occasions the goal to concentrate on high-grade ore at Topia to cut costs. These efforts seem to bear fruit with more, and higher quality, ounces being mined. . . if silver prices pick up, then this company should appreciate much faster than others due to its high leverage. . .Great Panther Silver rallied from $0.65 to $1.20 on rising silver prices, almost doubling value for investors lucky enough to pick the bottom. . . for more risk tolerant-types, going long on the company is a sensible strategy for the foreseeable future."

Heiko Ihle, Euro Pacific Canada (8/8/13) "Great Panther Silver Ltd. announced Q2/13 results. . .while production remained strong, high cash costs, especially at the Topia mine, continue to crimp profitability. . .we maintain our Buy recommendation on the company and our $1 price target. Although the near-term challenges, primarily related to Topia, remain, we believe that Great Panther's strong balance sheet, coupled with strength at Guanajuato, should aid the firm in challenging metal price environments. . .we note that at the current enterprise value and based on our NAV analysis of the company, investors are essentially getting Topia for free."

The Gold Report Interview with Mike Kachanovsky (7/17/13) "Great Panther Silver Ltd. has invested a lot in infrastructure. The company also has made significant discoveries. It improved the efficiency of its operations and can recover high percentages of the byproducts for every kind of ore that the company processes. Great Panther can use its strong cash position to continue investing in its operations and stay strong however long this correction continues. . .Bob Archer, who helped build the company over the last 10 years, will succeed Great Panther's [retiring] president, Martin Carsky, so the analysts and the institutions know that the same committed person will be running the company in the short term." More >

Christos Doulis, Stonecap Securities (7/12/13) "Great Panther Silver Ltd.'s Q2/13 silver production was 397 Koz and had record gold production of 4 Koz, up from 370 Koz Ag and 3 Koz Au in Q1/13 and ahead of our estimates. . .Ag eq production increased 12% over Q1/12 to a record 680 Koz. . .total production in H1/13 of 1.3 Moz Ag eq puts the company well on its way to meeting 2013 guidance."

Heiko Ihle, Euro Pacific Canada (7/11/13) "Overall, in Q2/13 Great Panther Silver Ltd. produced a total of 680,212 oz silver equivalents, compared with 607,501 oz in Q1/13. . .at Guanajuato, the company increased silver production by 6% to 236,454 ounces, while increasing gold production by 31% to 3,841 ounces. . .we maintain our Buy recommendation."

Ash Guglani, Salman Partners (5/31/13) Great Panther Silver Ltd. Announced its current president Martin Caskey is resigning for personal reasons and its CEO Robert Archer will also assume that role. . . Cost reduction and grade control efforts will continue at the company's two operating mines in Mexico, Guanajuato and Topia. . .progress is being seen and management continues to review all areas in order to reduce costs further."

Ash Guglani, Salman Partners (5/9/13) "Great Panther Silver Ltd.'s Q1/13 production totaled 369,624 oz silver and 3,144 oz gold, down substantially from 453,934 oz silver, but up from 2,826 oz gold in Q4/12. . .during the quarter, the company sold 339,874 oz silver and 2,144 oz gold. . .the company's principal objectives remain to improve grade control and lower costs, while maintaining production goals."

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/13) "Great Panther Silver Ltd. released Q1/13 operational results. . .those results included increases in metal production that were solid, if not spectacular. Overall silver-equivalent metal production grew 9% to 607,501 oz. . .the company also saw improved base metal production in the first quarter. . .Great Panther looks well positioned for when the precious metals markets find their sea legs."

Christos Doulis, Stonecap Securities (4/16/13) Great Panther Silver Ltd.'s Ag eq production was 608 Koz versus 673 Koz in Q4/12 and in-line with management's guidance of 2.4–2.5 Moz Ag equivalent in 2013. . .for investors seeking exposure to silver, we continue to recommend the company's shares as ~70% of the company's revenue is silver based. . .we are maintaining our Sector Perform rating."

Heiko Ihle, Euro Pacific Canada (4/16/13) "Great Panther Silver Ltd. announced Q1/13 production results. . .overall Q1/13 Ag eq production increased to 607,501 oz compared with 557,606 oz in Q1/12. . .we consider recent price action in the company's shares a buying opportunity and maintain a Buy recommendation. . .finally, we highlight that the company's strong balance sheet should allow the firm to participate in meaningful and opportunistic acquisitions."

The Gold Report Interview with Rick Mills (4/15/13) "Great Panther Silver Ltd. owns two silver mines in Guanajuato, Mexico, and has been increasing production. . .the company put in underground haulage to get Guanajuato ore to the Cata processing plant. When all that is consolidated, I expect this company to start rewarding investors with vastly increased production. . .San Ignacio has a 650m strike length out of a 4km potential on a vein system just 5km west of the Veta Madre structure that hosts the Guanajuato mine complex. Stepout drilling shows excellent silver and gold mineralization, 50–100m below surface. A shaft will not be needed; a ramp will do it. San Ignacio will be in production next year and can be monetized immediately to pay for its development. The ore can easily be trucked to the Guanajuato plant, and the two have similar metallurgy. In addition, the company discovered higher-grade gold mineralization at Guanajuato last year. That will increase silver equivalent ounces with the serious gold kicker.

"El Horcon is another Great Panther project. It is a silver-gold project in a past-producing underground mine with multiple veins. One vein, Diamantillo, is traceable on surface for more than 4km. The mineralization is compatible with the existing mill feed for Guanajuato. Both San Ignacio and El Horcon show awesome potential for satellite feed deposits. We should see lower production costs and more throughput." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (4/1/13) "Great Panther Silver Ltd. also released its full-year numbers. . .silver-equivalent material produced increased from 2.2 Moz in 2011 to 2.38 Moz in 2012, an 8% improvement. . .the company's ability to grow revenues and maintain some level of profitability is impressive. . .its treasury is enviably robust compared to the bare coffers of many of its peers. . .Great Panther remains one of the few primary silver producers out there, making it a 'go-to' investment when the silver market resumes its northward trend."

Deborah Bacal, Proactive Investors (3/15/13) "Great Panther Silver Ltd. ended the year with record full year sales as production grew. . .the company produced a record 672.69 Koz Ag eq in the latest quarter, up 23% from the year-ago period on the back of a 28% increase in pure silver output. . .it produced a record 2.38 Moz Ag eq in 2012, an increase of 8% from 2011. . .the company's focus in 2013 will be starting the development of its San Ignacio project in Mexico, in preparation for expected production next year."

Christos Doulis, Stonecap Securities (3/15/13) "Great Panther Silver Ltd. hosted a conference call following the release of its 2012 financial results. . .the company provided 2013 cost guidance of $10–$11/oz Ag and reiterated its production guidance of 2.4–2.5 Moz Ag eq. . .for investors seeking exposure to silver, we continue to recommend Great Panther's shares as ~70% of the company's revenue is silver based. We are maintaining our Sector Perform rating."

Henk Krasenberg, European Gold Centre (3/11/13) "Great Panther Silver Ltd.'s strong Q4/12 finished a year with several quarterly and annual production records at both Guanajuato and Topia. Management has set its target to grow into the midtier level of primary silver producers by attaining a >5 Moz/year Ag eq production from a >40 Moz resource through organic growth of existing projects and some strategic acquisitions; I am confident that Robert Archer and his team will be taking another good step forward in 2013."

The Gold Report Interview with Leonard Melman (3/6/13) "Great Panther Silver Ltd. is a company that I have followed for some time. . .Its goal now is to continue to increase production and increase value through advancing other areas of exploration. . .its mining operations have not been without some problems, but it appears to have the reserves. It has production capacity. It's a worthwhile company for people to take a look at. . .it has both the reserves and production capacity and that combination could make it very attractive to any company, but especially to a major. The majors are looking to replace the reserves they are going through. Companies like Great Panther could be on the shopping list." More >

The Gold Report Interview with Jocelyn August (2/27/13) "Great Panther Silver Ltd. is a particularly interesting company. It has a couple of projects producing right now in silver and gold. Topia and Guanajuato are in production, but it is also working on the San Ignacio mine in Mexico, which is gold and silver. We're actually looking at a near-term, Q1/13 catalyst, which is another permit completion. We've seen that the permit completion or permit approval-type catalysts are pretty big movers on average." More >

The Gold Report Interview with Henk Krasenberg (2/22/13) "Great Panther Silver Ltd., which was struggling a little bit, had a great fourth quarter last year. . .I have great admiration for Great Panther. Bob Archer is a great entrepreneur and a very intelligent operator. He's the kind of CEO that investors like to see." More >

Dale Mah, Dundee Capital Markets (2/6/13) "Great Panther Silver Ltd. reported exploration results and development progress at its Guanajuato mine. Stepout drilling efforts returned significant intercepts of mineralization in the Valenciana and Guanajuatito areas, leading us to believe resource growth may be in order. . .at Guanajuatito, recent stepout drilling returned average grades which were ahead of existing resource grades for silver, with gold in line, plus the existence of some bonanza-grade intercepts. . .we are encouraged by the results, which show resource growth potential along with improvements to the mining process."

Christos Doulis, Stonecap Securities (2/6/13) "Great Panther Silver Ltd.'s drill results continue to demonstrate that the Guanajuato mine complex is a treasure box that can deliver spectacular bonanza-grade drill results. . .for investors seeking exposure to silver, we continue to recommend the company's shares."

Ash Guglani, Salman Partners (2/6/13) "Great Panther Silver Ltd. announced results from its underground drill program at the Guanajuato mine complex, in Guanajuato, Mexico. The program has intersected high-grade silver-gold mineralization at the Valenciana mine as well as at two new zones in the Guanajuatito mine area. . .we currently have a CA$2.50/share target price and a Buy recommendation on Great Panther."

Christos Doulis, Stonecap Securities (1/17/13) "Great Panther Silver Ltd. reported its Q4/12 production numbers for its Guanajuato and Topia mines. . .Q4 production of 454 Koz Ag and 3 Koz Au was up significantly from Q3/12 production of 371 Koz Ag and 3 Koz Au. . .for investors seeking exposure to silver, we continue to recommend Great Panther's shares as ~70% of the company's revenue is silver based."

Ash Guglani, Salman Partners (1/16/13) "Great Panther Silver Ltd. provided exceptional Q4/12 production results. . .453,934 oz silver came in above our forecast of 380 Koz as well as the 371,857 ounces produced in Q3/12 on increased consolidated tonnage and a higher average silver head grade at Guanajuato. . .in regards to the company's byproducts, gold, lead, and zinc production were all within the higher end of its previously revised 2012 production guidance. . .we currently have a CA$2.50/share target price and a Buy recommendation on Great Panther."

Heiko Ihle, Euro Pacific Canada (1/16/13) "Great Panther Silver Ltd.'s FY12 production increased to 2.38 Moz silver equivalents, compared with 2.2 Moz in 2011. Given the challenges the firm faced at Topia throughout the year, we believe this 8.1% production increase is quite favorable. . .we maintain a Buy recommendation on the shares."

Henk Krasenberg, Goldview (1/15/13) "Great Panther Silver Ltd.'s target is to eventually reach the 5 Moz+ silver eq production level. . .the company deserves to be the proper example of the idea that silver producers should outperform the metal itself due to leverage."

Ash Guglani, Salman Partners (1/14/13) "Great Panther Silver Ltd. announced an updated NI 43-101 resource estimate for its Topia Mine, reflecting a more robust resource model. . .despite the decrease in resources from the 2011 resource estimate, the company noted it has greater confidence in the current model. . .we currently have a CA$2.50/share target price with a Buy recommendation on the shares of Great Panther."

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/22/12) "In spite of [a] hiccup in operational results, I remain confident in Great Panther Silver Ltd.'s prospects as a primary silver producer in the renewed bull market I see coming for silver in the months ahead. On the basis of that belief, the company remains a buy."

The Gold Report Interview with Heiko Ihle (12/14/12) "Great Panther Silver Ltd.'s revenues should grow nicely next year. . .in the longer term, it should hopefully be able to get those assets' value." More >

Ash Guglani, Salman Partners (11/16/12) "With 1.1 Moz of silver produced year-to-date and production in the past two quarters exceeding 370 Koz, Great Panther Silver Ltd. is on track to meet its recently revised silver production guidance for the year as it maintains production at elevated throughput levels with the continued processing of excess stockpiled ore at Topia. . .we maintain our Buy recommendation."

Ash Guglani, Salman Partners (11/15/12) "Great Panther Silver Ltd. reported Q3/12 headline earnings of CA$1.76M. . .the company continues to peruse opportunities to add production in jurisdictions it is currently operating in. . .as of Sept. 30, 2012, it held cash and cash equivalents of CA$26.8M and working capital of CA$45.9M with no long-term debt. . .we currently have a 12-month target price of CA$2.70/share with a Buy recommendation on the shares of Great Panther."

Pope & Company Morning Notes (10/11/12) "Great Panther Silver Ltd. reported Q3/12 production results from its two wholly-owned Mexican silver mining operations, Guanajuato and Topia. . .metal production for Q3/12 increased 7% over Q2/12 as several operating efficiencies, implemented earlier in the year, began to positively impact operations."

Dale Mah, Dundee Capital Markets (10/11/12) "Yesterday, Great Panther Silver Ltd. announced Q3/12 production from its Guanajuato and Topia mines in Mexico. . .gold exceeded expectations (+13%) due to lower-than-expected silver grades and higher-than-expected gold grades. . .on a gold equivalent basis, we estimate the company is right on track to meet our estimate."

Brien Lundin, Gold Newsletter (Jefferson Financial) (10/8/12) "Great Panther Silver Ltd. has added a potential satellite mine to help keep its Guanajuato project's mill operating at peak efficiency. . .the company's first round of exploration at El Horcon will focus on a shallow zone of mineralization contained within the Diamantillo vein. . .Great Panther is another of our silver plays that I think will continue to do very well in the months ahead. We'll keep it a Buy."

Christos Doulis, Stonecap Securities (10/1/12) "Great Panther Silver Ltd. remains Sector Perform rated and we have increased out target to $2.40 from $2. . .the company offers investors strong leverage to silver (and to a lesser degree gold). . .for investors that remain bullish on the silver space we continue to recommend Great Panther, as ~70% of its revenues are silver based."

Ash Guglani, Salman Partners (9/6/12) "This morning, Great Panther Silver Ltd. announced it has wholly acquired the El Horcon silver-gold project, located ~60km northwest of its Guanajuato mine. . .chip channel sampling by the previous operator has encountered average grades of 1.97 g/t Au and 99 g/t Ag in the Diamantillo Tunnel over an 80m strike length and 3.7 g/t Au and 56 g/t Ag over a 55m strike length at the San Guillermo vein. . .we currently have a 12-month target price of CA$2.70/share with a Buy recommendation."

Christos Doulis, Stonecap Securities (9/6/12) "Great Panther Silver Ltd. announced that it has acquired the El Horcon silver-gold project in Jalisco state, Mexico, from a private Mexican company. . .a shallow zone of silver-gold mineralization on the Diamantillo vein will be the focus of a six-month, phase 1 exploration program. . .while possible production from the El Horcon project is a long way off, the company has secured a potential satellite deposit for its Guanajuato mine complex at a cheap price."

Dale Mah, Dundee Capital Markets (9/6/12) "Great Panther Silver Ltd. announced the acquisition of the El Horcon silver-gold project in Jalisco state, Mexico; the project is located 60 km northwest of the company's Guanajuato mine complex. . .the property hosts nine silver-gold mineralized epithermal veins. . .the acquisition comes with a land package of 7,908 ha in 17 contiguous mining concessions. Consideration for the 100% interest is a $1.6M cash payment, which can be amply covered by Great Panther's existing cash balance."

Christos Doulis, Stonecap Securities (8/23/12) "Great Panther Silver Ltd. announced that it had acquired the surface rights for the San Ignacio project located close to its Guanajuato mine complex. . .initial ore is expected to be pulled during Q4/13 and production should ramp up in early 2014. . .development of the San Ignacio project should allow the company to get back on track in terms of production growth."

Ash Guglani, Salman Partners (8/21/12) "Great Panther Silver Ltd. announced that is has acquired a 100% interest in certain surface rights for its 100%-owned San Ignacio project. . .we currently have a 12-month target price of CA$2.70/share with a Buy recommendation on the company."

Ash Guglani, Salman Partners (8/15/12) "In Q2/12, metallurgy at Great Panther Silver Ltd.'s Guanajuato reached record levels, posting recoveries of 91.1% for silver (from 90.1% in Q1/12) and 92.3% for gold (from 91.2% in Q1/12). . .silver production at Topia increased to 148,439 oz (from 120,221 oz in Q1/12) on much higher grades of 424 g/t Ag (from 326 g/t Ag in Q1/12). . .with the more than 68% potential upside remaining, we maintain our Buy recommendation."

Dale Mah, Dundee Capital Markets (8/15/12) "Great Panther Silver Ltd. announced its Q2/12 financial results. . .the company reported earnings per share of $0, which was generally in line with our expectations of $0.01, while cash flow per share of $0.03 is also in line with our $0.04 estimate. . .Great Panther reiterated its production guidance of 2.50–2.75 Moz Ag eq. . .it hopes to see additional tonnage coming from Guanajuato during H2/12."

Ash Guglani, Salman Partners (8/14/12) "Great Panther Silver Ltd. reported Q2/12 headline earnings of CA$0.4M or an adjusted earnings per share of CA$0.01/share, in line with our estimate. . .quarterly production totaled 374,723 oz silver and 2,353 oz gold. . .we currently have a 12-month target price of CA$2.80/share with a Buy recommendation on the shares of Great Panther."

The Gold Report Interview with Louis James (8/10/12) "Great Panther Silver Ltd. has a new mine it's trying to build. That one, by the way, has more of a gold credit to it as well. We like that a lot. It has permits. We don't see any showstoppers there. We think it will achieve its goals. But it's more likely to be bought by another company than to be an acquirer." More >

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