With all of our shareholders' and all final court approvals received, we are set to close the acquisition next Tuesday on March 5. The existing Tucano operations, exploration and administration teams in Brazil will continue to run the operation. There's already been significant integration and coordination between the team in Brazil and our head office such that the closing, we believe, should be seamless. In addition, Beadell's Vice President of Exploration, Aoife McGrath, is expected to join Great Panther; and Dr. Nicole Adshead-Bell will join our Board of Directors on closing.

In Peru at our Coricancha Mine, we're nearing the completion of our bulk sample program and expect to be in a position to make a restart decision shortly after the bulk sample program has been processed through the concentrator next month in March.

Our Mexican operations saw a 5% increase in overall silver equivalent production compared to 2017, with production at our Topia Mine in Durango State up 42% over the previous year.

At our Guanajuato Mine Complex, or GMC, as we call it, we made up in Guanajuato and San Ignacio mines the decision to restructure and reduce costs and mitigate lower metal prices and the variability of the mineral resources specifically at the Guanajuato Mine.

We continue to maintain a strong balance sheet, ending the year with $51 million in cash and short-term deposits, $62 million in net working capital and no debt. This significant liquidity is necessary in order to properly manage the working capital requirements of Tucano operation and advance the Coricancha project should a positive production decision be made.

On to Beadell, the acquisition of Beadell is a transformational transaction for Great Panther that results in a creation of a new, emerging and growth-oriented precious metals producer focused on the Americas. We've now received approvals from both Great Panther and Beadell shareholders as well as final court approval. The transaction will close on March 5 in Australia.

As noted, the Tucano Mine has largely completed 2 significant optimization initiatives. They include a plant upgrade and a transition to a new Brazilian mining contractor, U&M, which is the leading mining contractor in Brazil. With U&M now fully mobilized, material movement is delivering to plan.

On the plant side, the Tucano plant was previously constrained to processing a maximum of 30% sulfides mix with oxides. With the plant upgrade, we now provided the ability to process up to 80% sulfides in the blend. The plant upgrade is also expected to increase gold recoveries from the current level of approximately 88% to approximately 93%.

The plant upgrade included a ball mill, fully commissioned; a thickener, fully commissioned; additional CIL tank capacity, fully commissioned; and an oxygen plant, fully commissioned. However, the oxygen plant required to handle appeared tight. It is not producing quite enough oxygen, so Beadell has come to the decision to install a supplemental liquid oxygen supply system, which should be completed in March.

Finally, the plant will be transitioning from generator power to grid power and is currently using 9 megawatts off the grid of its 12 megawatts demand.

On to Peru, at our Coricancha project in Peru, we're entering the final stage of the Bulk Sample Program, or the BSP. To date, we have fully advanced the decline to 160 meters, with 449 meters of gallery and stope development, representing 100% of the total plan for the BSP. All key development milestones are now complete, and we are now preparing the final processing of the bulk-sample ore that we have mined and stockpiled. This material is expected to be processed through the concentrator by the end of March.

We have the key personnel in place to finalize the BSP and also to support a transition to full-scale mining should we make a positive production decision upon the completion of the BSP at the end of March.

On to our producing operations. At Topia in Durango State, metal production was over 1.5 million silver equivalent ounces for 2018, which represents a 42% increase over the previous year. Admittedly, a large part of that increase was attributed to a higher throughput, improvement in average lead grades and silver and lead recoveries and a higher gold-to-silver ratio.

In Guanajuato, as previously mentioned, we implemented a restructuring plan at the Guanajuato Mine Complex, or GMC. Beginning in Q3 of 2018, we undertook a restructuring at GMC to reduce mining from the Guanajuato Mine and to increase output from the San Ignacio Mine in order to lower costs and mitigate the impact of lower metals prices.

The measures we've taken improved our costs in the fourth quarter and formed the basis for our lower-cost guidance in 2019.

Further restructuring measures were taken at the beginning of 2019, which included an optimization strategy, under which the entire production for GMC for 2019 will be sourced from the lower-cost San Ignacio Mine. This will enable a focused exploration program for the Guanajuato Mine aimed at growing higher-margin, continuous resources, and as part of a multi-mine strategy for us in Mexico, that we'll also see increased output from an expansion of the Topia Mine.

Total metal production from the Guanajuato Mine Complex for 2019 was 2.6 million silver-equivalent ounces, which represented a 9% decrease over the previous year. This was attributed to lower average silver and gold grades, lower silver recoveries and the previously mentioned, restructuring measures on the source of production. These were partly offset by the impact of a higher gold-to-silver ratio going to 80:1 now.

That's it for the highlights and the operational update. I'll now hand the call over to Jim Zadra, our Chief Financial Officer, for a financial summary of 2018.

--------------------------------------------------------------------------------

Jim A. Zadra, Great Panther Mining Limited - CFO & Corporate Secretary [4]

--------------------------------------------------------------------------------

Thanks, Jim, and welcome, everyone, who've joined us today.

For the year ended December 31, 2018, we reported net loss of $0.06 per share. The most significant factor in the net loss was the expensing of our Coricancha project cost. This amounted to about $7.1 million in 2018 or about $0.04 per share, and we're continuing to expense this cost until such time as we make a positive decision to restart the mine. As Jim noted, we expect to make a final evaluation and make go/no-go decision after decision of the Bulk Sample Program later this month.

The other significant factors in the loss were lower metal prices, ore production and a higher cost at our Guanajuato Mine Complex, as Jim discussed. As Jim also discussed, we took steps to restructure and reduce our cost at the GMC in the second half of the year and began to see a reduction in our unit cost in the fourth quarter.

For 2018, consolidated cash costs were $8.93 per payable silver ounce, and all-in sustaining cost, excluding corporate G&A, was $11.94 per payable silver ounce. The higher unit production costs and lower production at the GMC accounted for about $3.50 per payable ounce increase in our cash cost in 2018.

As noted, we've already seen improvement in our cash costs over the levels from the third quarter that accounted for most of the increase in our 2018 cash cost. And our guidance for 2019 is for cash costs in the range of $5 to $6.50 and for all-in sustaining cost, before corporate G&A, of $10 to $12.

During the year, our expenditures also reflected a significant amount of corporate development expenditures in connection with the acquisition of Beadell Resources, and we continue to incur cost related to the acquisition as we work through the closing of the transaction.

Our balance sheet remains strong with $51 million of cash and short-term deposits and net working capital of $62 million. And we continue to remain debt-free.

We have sufficient cash and net working capital to fund the closing and integration of Beadell and the potential restart of Coricancha with no foreseeable need for external funding.

I will now turn the call back to our President and CEO, James Bannantine.

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [5]

--------------------------------------------------------------------------------

Thank you, Jim. In summary, I'd just like to restate that despite last year's challenging metal price environment, we were able to achieve our 2018 metal production guidance. With the changes at GMC and increased throughput at Topia, which expect to achieve production in 2019 of between 3.7 million and 4 million silver equivalent ounces.

Cash costs are expected to be between $5.650; all-in sustaining cost of $10 to $12 and AISC between $13 to $15 -- excuse me, $10 to $12, excluding corporate G&A; and AISC, $13 to $15.

I should also note that going forward with Tucano in our portfolio, the corporate G&A effect on the Mexican cost will be much lower, approximately 25% of its current level.

With the closing of the acquisition of Beadell occurring next week, we expect to issue consolidated guidance with the inclusion of the Tucano Gold Mine with our reporting for the first quarter of 2019. We're very excited about the future of the company and the acquisition of Tucano and look forward to a bright future with the combined teams at both the previous Great Panther team and the Beadell team, with the Beadell team staying in place in leadership roles in the Tucano Mine.

Thank you very much, and I'll now open the floor up for questions.

================================================================================

Questions and Answers

--------------------------------------------------------------------------------

Operator [1]

--------------------------------------------------------------------------------

(Operator Instructions) Our first question comes from Jake Sekelsky of Roth Capital Partners.

--------------------------------------------------------------------------------

Jacob G. Sekelsky, Roth Capital Partners, LLC, Research Division - Director & Research Analyst [2]

--------------------------------------------------------------------------------

Beadell's guidance for 2019 outlines all-in sustaining costs of $1,000 to $1,100 an ounce. Do you see any pockets of opportunity to improve on this once you guys are in there?

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [3]

--------------------------------------------------------------------------------

I do, Jake. Thanks for the question. First of all, if we're able to increase our throughput, that will obviously lower the unit costs. I do think that with Great Panther's balance sheet and cash added to the Beadell large asset, which we have talked about in the past as the basis -- the synergy between the 2 companies for the deal, I think with the financial strength of the new company, there will be greater purchasing power with the suppliers of Beadell are going to give us some measurable chance to reduce our costs going forward.

--------------------------------------------------------------------------------

Jacob G. Sekelsky, Roth Capital Partners, LLC, Research Division - Director & Research Analyst [4]

--------------------------------------------------------------------------------

Okay, that make sense. And just kind of dovetailing off of that. There's a large land package there that's relatively unexplored. Can you just kind of speak to some of the targets we expect to focus on for the remainder of this year and into next year, as far as exploration goes?

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [5]

--------------------------------------------------------------------------------

Yes. Sure, Jake. So this also goes a little bit back to financial strength and capacity. With the Great Panther cash and balance sheet, we'll be able to pursue the exploration programs that have not enable to be funded at Beadell for the last couple of years. The first priorities will be the near-term targets, both infill between the existing pits of Tap AB, Tap C and Urucum. There's 2 significant infill targets there. As well step-out targets to the -- just off of the pits, to the north and to the south and to the east of the Tap AB pit. You can see those targets outlined in our corporate presentation. But we feel like those are very near-end, high-probability, high-return targets on the exploration dollars that we expect to spend this year. So you should look for a significant increase in the resources, both reserves and resources at Tucano going forward. That effort will be led by Aoife McGrath, who's VPEx for Beadell and joining to be the VPEx for the new Great Panther mining.

--------------------------------------------------------------------------------

Jacob G. Sekelsky, Roth Capital Partners, LLC, Research Division - Director & Research Analyst [6]

--------------------------------------------------------------------------------

Okay. And should we expect to see an exploration budget with 2019 guidance after the Q1 results?

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [7]

--------------------------------------------------------------------------------

I think that's a good target, Jake. I can't say for sure, but I think that's probable.

--------------------------------------------------------------------------------

Jacob G. Sekelsky, Roth Capital Partners, LLC, Research Division - Director & Research Analyst [8]

--------------------------------------------------------------------------------

All right. And then just lastly, at Topia. Looking at the 25% increase in production year-over-year, which is pretty good to see. Can you just quantify the increase in throughput and maybe speak to the cost associated to the upgrades to the plant there?

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [9]

--------------------------------------------------------------------------------

Yes. The increase in throughput at Topia, you can see in our guidance, is about a 25% to 30% increase in throughput, which also is about the same increase that we have planned for the capacity expansion. That's a very high-return project for us with a something like a 1-year payback, so it's a very good project.

--------------------------------------------------------------------------------

Operator [10]

--------------------------------------------------------------------------------

Our next question comes from Heiko Ihle of H.C. Wainwright.

--------------------------------------------------------------------------------

Heiko Felix Ihle, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research and Senior Metals & Mining Analyst [11]

--------------------------------------------------------------------------------

So at Guanajuato, I was going through the MD&A last night. And the production costs, they were impacted by $1.6 million there due to mining costs related to mining narrow veins, and respectively, to mine -- incremental or additional waste material, rather. How is this looking in Q1 thus far? Is that something we should model out for 2019 as well? And on that same token, you also mentioned rate increases for your mining contractors. Is that something that we should also model out? Or has that been resolved?

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [12]

--------------------------------------------------------------------------------

So I'll take the first cut at it, and Jim can follow-up, if necessary. The adjustment to the narrow vein in waste and development costs at Guanajuato has already been accounted for in our restructuring plan. And the costs of the going-forward operations are in our guidance for 2019. So you can see we are returning back to kind of our previous cost structure by making those adjustments, specifically reducing the production down to 0 for the Guanajuato Mine this year, just focusing on San Ignacio and expanding Topia while we explore Guanajuato. So you can pretty much take our guidance for cost for your modeling.

--------------------------------------------------------------------------------

Heiko Felix Ihle, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research and Senior Metals & Mining Analyst [13]

--------------------------------------------------------------------------------

Okay. I'll ask the question differently.

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [14]

--------------------------------------------------------------------------------

It is much lower than the third quarter cost.

--------------------------------------------------------------------------------

Heiko Felix Ihle, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research and Senior Metals & Mining Analyst [15]

--------------------------------------------------------------------------------

Okay, fair enough. On that same token, given that you guys are shifting production from Guanajuato to San Ignacio, I know that there was some issues with the wastewater discharge permits. And so in the MD&A, it's stated that you have requested additional information from the authority last April, and you submitted it but you haven't gotten anything. At what point in time, if ever, does that become an issue?

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [16]

--------------------------------------------------------------------------------

We obviously -- and I'll try this first and Jim can chime in if necessary. As you can see, as we stated in the MD&A, we don't control the government agencies, so we can't say for sure that we'll get that permit. But all indications are that we should and it should not disrupt our operations. So it's not a high factor on our risk register. And Heiko, the last part of your last question, the contractor rates are already baked into our guidance for 2019.

--------------------------------------------------------------------------------

Heiko Felix Ihle, H.C. Wainwright & Co, LLC, Research Division - MD of Equity Research and Senior Metals & Mining Analyst [17]

--------------------------------------------------------------------------------

So in other words, they haven't ceded on those price increases?

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [18]

--------------------------------------------------------------------------------

It's not just prices; it's rates. So the contractor gets paid for delivering tonnes to -- per tonne to the plant. When there's more waste, the rate per tonne is higher and that's kind of implicit. It's not just the contractor's prices. It's how much waste he's moving and what he has to charge us for a tonne of ore at the plant.

--------------------------------------------------------------------------------

Operator [19]

--------------------------------------------------------------------------------

(Operator Instructions) Our next question comes from Bhakti Pavani of Alliance Global Partners.

--------------------------------------------------------------------------------

Bhakti Pavani, Alliance Global Partners, Research Division - Senior Research Analyst [20]

--------------------------------------------------------------------------------

I wanted to touch base on Coricancha. You mentioned you have results coming up by the end of next month. Once you have the results out, and let's say you have a positive production decision, what kind of the timeline should we expect to see when you already do break through the ground at Coricancha? And what sort of expenses are you budgeting for this year?

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [21]

--------------------------------------------------------------------------------

So maybe I'll answer the last part first and the second part -- and the first part second if you don't mind. The last part, you can see from our PEA and the previous publications on Coricancha that the CapEx, the restart CapEx is around $10 million. The timing of that restart will -- we expect it actually to be a function of the sequence of our new company, which includes Tucano, the mine in Brazil, going forward. You can also see that from the Tucano guidance that the Tucano production and hence, cash flow, is back-end-weighted in the year. So we expect to be judicious about our use of cash to get through the first half of the year with Tucano, which is a negative cash flow year, while we do some stripping and go through a low-grade sequence in the mine; get through that and get into the richer part of the Tucano mining operation and cash flow generation; then sequence the Coricancha project in the second half of the year if we take a positive restart decision. So we are still a small company. We are a bigger company going forward. But in the grand scheme of things, we're still a small company, which kind of dictates from a cash perspective one project at a time.

--------------------------------------------------------------------------------

Bhakti Pavani, Alliance Global Partners, Research Division - Senior Research Analyst [22]

--------------------------------------------------------------------------------

Fair enough. So assuming that the development decision or the expected CapEx start spending in second half, will the mine be continued to place on maintenance and care until the first half? Will that be fair to assume?

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [23]

--------------------------------------------------------------------------------

Yes. Yes, Bhakti. But remember, the expenses for Coricancha for 2018 were more than care and maintenance expenses. They were the Bulk Sample Program expenses, which we expensed 100% of. We've got the ore that we're going to produce from the Bulk Sample Program. It's actually going to generate revenue this year when we process it. And if we go back to care and maintenance, it won't include the higher expense ratio of the Bulk Sample Program. That will be just a low level while we wait for the restart.

--------------------------------------------------------------------------------

Bhakti Pavani, Alliance Global Partners, Research Division - Senior Research Analyst [24]

--------------------------------------------------------------------------------

Got it. Moving to Beadell. There have been several plant improvements made at the project. Just kind of wondering, what's your initial take on the production given there is an improvement in gold recovery? Do you expect to see the production guidance provided by Beadell changing, increasing or maybe decreasing going forward? What's your take?

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [25]

--------------------------------------------------------------------------------

So we're just actually closing, as we said, next Tuesday on March 5. We will review in more detail Beadell's budget for 2019 and their guidance and consolidate that all into Great Panther guidance whenever we publish the first quarter results at the beginning of May. So if you can just hang tight on that and give us a few weeks on that, I think you'll have a better picture. But at this point in time, I don't have any bias, positive or negative, on whether we would -- if we needed to adjust that up or down, so I don't think you should -- I think you should just take what you're given from them right now for your modeling purposes.

--------------------------------------------------------------------------------

Bhakti Pavani, Alliance Global Partners, Research Division - Senior Research Analyst [26]

--------------------------------------------------------------------------------

Got it. And last one for the housekeeping. What sort of the smelting charges should we be modeling for 2019? Is it going to be similar to 2018?

--------------------------------------------------------------------------------

Jim A. Zadra, Great Panther Mining Limited - CFO & Corporate Secretary [27]

--------------------------------------------------------------------------------

You're going to see some increase.

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [28]

--------------------------------------------------------------------------------

Yes, go ahead, Jim.

--------------------------------------------------------------------------------

Jim A. Zadra, Great Panther Mining Limited - CFO & Corporate Secretary [29]

--------------------------------------------------------------------------------

Go ahead. Go ahead, Jim.

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [30]

--------------------------------------------------------------------------------

I'd say, the market for treatment and refining charges, from a producer like us perspective, has deteriorated in 2019. We had a great year in 2018. The market was very much in our favor. We expect those -- the treatment charges, refining charges to go back up to more of a normal level in 2019, which is going to be an increase from 2018. Those charges are in our guidance, Bhakti, the new charges. Jim, did I catch that right?

--------------------------------------------------------------------------------

Jim A. Zadra, Great Panther Mining Limited - CFO & Corporate Secretary [31]

--------------------------------------------------------------------------------

Yes. Thanks, Jim.

--------------------------------------------------------------------------------

Operator [32]

--------------------------------------------------------------------------------

This concludes the question-and-answer session. I'd like to turn the conference back over to James Bannantine for any closing remarks.

--------------------------------------------------------------------------------

James M. Bannantine, Great Panther Mining Limited - President, CEO & Non-Independent Director [33]

--------------------------------------------------------------------------------

Thanks, Arielle. And just in closing, I'd like to say, as you can probably tell, that we are very excited about our acquisition of Beadell, and we welcome of the Tucano Mine and team to our portfolio, to our team. Really excited about the team members that we're inheriting. They've done a great job in optimizing the Tucano Mine to the point which we are taking it over, so we're really getting something that's running quite well now with the change in the contractor and the plant upgrade. I'm also encouraged with the progress of our Bulk Sample Program at Coricancha. And I believe that with our team, we're well positioned to grow the company and to add shareholder value for all of our shareholders. Obviously, Coricancha would come in next year, but you really are looking at an intermediate-growth company which is transformational for Great Panther.

Thank you for your participation today, and on behalf of everyone here at Great Panther, I look forward to sharing our progress with you next quarter on or about the 1st of May. That's it, Arielle.

--------------------------------------------------------------------------------

Operator [34]

--------------------------------------------------------------------------------

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.