Mexico and Silver
Corporate Social Responsibility
Environment and Safety
Management’s Discussion and Analysis
Management’s Statement of Responsibility
Auditors’ Report to the Shareholders
Officers and Management
Great Panther Silver Limited, headquartered in Vancouver, Canada, is one of the fastest growing primary silver
producers in Mexico with strong leverage to future rises in the price of silver. The Company owns two operating
mines in Mexico, and employs almost 800 people.
Great Panther’s mission is to become a leading primary silver producer by acquiring, developing and profitably
mining precious and base metals in Mexico. We are committed to conducting ourselves with fairness and
integrity, and managing all business activities in an environmentally responsible and cost-effective manner, while
contributing to the well-being of the communities in which we live and work.
Our primary goal is that of profitable growth, as we feel this is the key to maximizing long-term shareholder value.
Our specific objectives are to grow production and earnings from mining operations and maintain positive cash
flow while continuing to actively pursue exploration and development opportunities in Mexico.
Great Panther had an exceptional year in 2009, exceeding its key objectives. The Company is pleased to report
the achievement of four consecutive quarters of positive cash flows from operations, as well as net profitability for
the first time during the fourth quarter.
MEXICO AND SILVER
In 2009, Mexico retained its position as the second largest silver producer in the world and, in 2010, is
anticipated to take over the number one spot. The country is remarkably well endowed with minerals, especially
silver, and the pot