GREAT PANTHER SILVER LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2010
This Management’s Discussion and Analysis (“MD&A”) prepared as of August 16, 2010, reviews the financial
condition and results of operations of Great Panther Silver Limited (“Great Panther” or the “Company”) for the
six month financial period ended June 30, 2010, and other material events up to the date of this report. The
following discussion should be read in conjunction with the Company’s December 31, 2009 annual audited
consolidated financial statements and related notes together with Management’s Discussion and Analysis and the
unaudited interim consolidated financial statements and related notes for the period ended June 30, 2010.
The financial data included in the discussion provided in this report has been prepared in accordance with
Canadian generally accepted accounting principles. All dollar amounts are in Canadian dollars, unless otherwise
SECOND QUARTER HIGHLIGHTS
l 15% increase in overall metal production to 574,740 silver equivalent ounces (“Ag eq oz”) in the second
quarter 2010 from 499,845 Ag eq oz in the second quarter 2009.
l 23% increase in silver production from 333,358 oz Ag in the second quarter 2009 to a record 410,583 oz
Ag in the second quarter 2010.
l 31% increase in silver production from Guanajuato to a record 288,825 oz from 220,742 oz in the second
l 19% increase in metal production from Topia to 205,350 Ag eq oz compared to 172,550 Ag eq oz in the
second quarter 2009.
l Record metallurgical silver and gold recoveries at Guanajuato and record metallurgical silver, lead and zinc
recoveries at Topia.
l 39% increase in revenue for the three months ended June 30, 2010 to $9.3 million compared to $6.7
million for the three months ended June 30, 2009 due to higher metal prices and an increase in payable
l 43% increase in earnings from mining operations (1) to $4.3 million in the second quarter 2010 f