SILVERCORP METALS INC

SILVERCORP METALS INC.

Management’s Discussion and Analysis

For the Year ended March 31, 2025

(Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated)

4. Operating Performance

(a)Consolidated operating performance

The following table summarizes consolidated operational information for the years ended March 31, 2025 and 2024:

(i)Production

For the year ended March 31, 2025 (“Fiscal 2025”), on a consolidated basis, the Company processed 1,312,695 tonnes of ore, up 19% compared to 1,106,195 tonnes in the year ended March 31, 2024 ("Fiscal 2024"). A total of 86,488 tonnes of gold ore were processed in Fiscal 2025, up 48% compared to 58,262 tonnes in Fiscal 2024. Approximately 7,495 ounces ("oz") of gold, 6.948 million oz of silver, or approximately 7.589 million oz of silver equivalent, plus 62.170 million of pounds ("lb") of lead and 23.317 million lb of zinc were produced in Fiscal 2025, representing increases of 3%, 12% and 11%, respectively, in gold, silver and silver equivalent production, and decreases of 2%, and 0.3%, respectively, in lead and zinc production over Fiscal 2024.

For the three months ended March 31, 2025 (“Q4 Fiscal 2025”), on a consolidated basis, the Company processed 345,984 tonnes of ore, up 46% compared to 237,493 tonnes in the three months ended March 31, 2024 (“Q4 Fiscal 2024”). Approximately 3,110 oz of gold, 1.630 million oz of silver, or approximately 1.917 million oz of silver equivalent, plus 16.262 million lb of lead and 4.404 million lb of zinc were produced in Q4 Fiscal 2025, representing increases of 62%, 42%, 45% and 30% in gold, silver, silver equivalent, and lead, and a decrease of 3% in zinc over Q4 Fiscal 2024.

SILVERCORP METALS INC.

Management’s Discussion and Analysis

For the Year ended March 31, 2025

(Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated)

(ii)Costs 1

In Fiscal 2025, the consolidated production cost ("cash cost") was $80.86 per tonne of ore processed, up 3% compared to $78.86 per tonne in Fiscal 2024, while the AISC was $142.09 per tonne of ore processed, up 1% compared to $140.40 per tonne in Fiscal 2024. The slight increase was mainly due to more tunneling developments. The consolidated cash cost per oz of silver, net of by-product credits, was negative $0.54, compared to negative $0.38 in Fiscal 2024. The decrease was mainly due to an increase in by-product credits as revenue from other metals increased. The consolidated all-in sustaining cost per oz of silver, net of by-product credits, was $12.12, up 7% compared to $11.38 in Fiscal 2024. The increase was mainly due to i) an increase of $2.1 million in mineral resources tax; and ii) an increase of $4.5 million in mineral rights royalty due to the new regulation of 2.3% mineral rights royalty on unpaid mineral resources in China, and iii) an increase of $5.2 million in general and administrative expenses, mainly as a result of the acquisition of Adventus.

In Q4 Fiscal 2025, the consolidated cash cost was $83.36 per tonne of ore processed, effectively the same compared to $84.31 per tonne in Q4 Fiscal 2024, while the AISC was $132.50 per tonne, down 8% compared to $143.38 per tonne in Q4 Fiscal 2024. The decrease was mainly due to i) a decrease of $0.7 million in sustaining capital expenditures and ii) lower unit overhead cost allocation due to an increase of 46% in ore processed. The consolidated cash cost per oz of silver, net of by-product credits, was $2.49, compared to negative $1.22 in Q4 Fiscal 2024. The increase was mainly due toan increase of $14.2 million in cash cost, offset by an increase of$11.6 million in by-product credits asrevenue from other metals increased. The consolidated AISC per ounce of silver, netof by-product credits, was $14.31, down 0.3% compared to $14.36 in Q4 Fiscal 2024.

(iii)Exploration and Development

In Fiscal 2025, the development work and capital expenditures are summarized as follows:

Total capital expenditures in Fiscal 2025 were $86.6 million, up 35% compared to $64.0 million in Fiscal 2024 as the Company completed construction and commissioning of the No. 3 tailings storage facility (“TSF”) and a new 1,500 t/d flotation mill line at the Ying Mining District, plus the Company incurred additional $7.5 expenditures at the newly acquired El Domo Project and $1.3 million at the Condor Project.

On a consolidated basis, a total of 279,276 metres or $7.6 million worth of diamond drilling were completed (Fiscal 2024 – 296,020 metres or $9.0 million ), of which approximately 177,137 metres or $4.7 million worth of drilling were infill drilling and expensed as part of mining costs (Fiscal 2024 – 137,570 metres or $2.9 million ) and remaining 102,139 metres or $2.8 million worth of drilling were growth drilling and capitalized (Fiscal 2024 – 158,450 metres or $6.2 million). In addition, 71,821 metres or $27.3 million worth of preparation tunneling were completed and expensed as part of mining costs (Fiscal 2024 – 41,223 metres or $15.2 million), and 108,686 metres or $51.5 million worth of sustaining and growth tunnels, raises, ramps and declines were completed and capitalized (Fiscal 2024 – 99,664 metres or $45.0 million).

SILVERCORP METALS INC.

Management’s Discussion and Analysis

For the Year ended March 31, 2025

(Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated)

The following table summarizes the development work and capital expenditures in Q4 Fiscal 2025.

Total capital expenditures in Q4 Fiscal 2025 were $13.6 million, down 1% compared to $13.4 million in Q4 Fiscal 2024.

In Q4 Fiscal 2025, on a consolidated basis, a total of 50,446 metres or $1.3 million worth of diamond drilling were completed (Q4 Fiscal 2024 – 48,220 metres or $1.3 million), of which approximately 27,864 metres or $0.6 million worth of diamond drilling were in-fill drilling and expensed as part of mining costs (Q4 Fiscal 2024 – 27,168 metres or $0.5 million) and remaining 22,582 metres or $0.6 million worth of diamond drilling were growth drilling and capitalized (Q4 Fiscal 2024 – 21,052 metres or $0.8 million). In addition, 12,726 metres or $5.2 million worth of preparation tunneling were completed and expensed as part of mining costs (Q4 Fiscal 2024 – 6,702 metres or $2.7 million), and 16,843 metres or $8.1 million worth of sustaining and growth tunnels, raises, ramps and declines were completed and capitalized (Q4 Fiscal 2024 – 17,020 metres or $9.5 million).

SILVERCORP METALS INC.

Management’s Discussion and Analysis

For the Year ended March 31, 2025

(Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated)

(b)Individual Mine Performance

(i)Ying Mining District

The following table summarizes the operational information at the Ying Mining District for the three months and the years ended March 31, 2025 and 2024. The Ying Mining District is the Company’s primary source of production and revenue, and consists of four mining licenses, including the SGX, HPG, TLP-LME-LMW, and DCG mines.

Fiscal 2025 vs. Fiscal 2024

In Fiscal 2025, a total of 1,013,659 tonnes of ore with head grades of 212 g/t for silver, 2.8% for lead, and 0.6% for zinc were processed at the Ying Mining District, up 24% compared to 816,145 tonnes with head grades of 231 g/t for silver, 3.4% for lead, and 0.7% for zinc milled in Fiscal 2024.

Metals produced at the Ying Mining District were approximately 7,495 oz of gold, 6.431 million oz of silver, or approximately 7.072 million oz of silver equivalent, 56.847 million lb of lead and 8.552 million lb of zinc, representing increases of 3%, 13%, 12%, 1% and 4%, in gold, silver, silver equivalent, lead, and zinc, respectively, compared to 7,268 oz of gold, 5.677 million oz of silver, or approximately 6.317 million oz of silver equivalent, 56.269 million lb of lead, and 8.213 million lb of zinc in Fiscal 2024.

In Fiscal 2025, the cash cost was $88.46 per tonne of ore processed, up 3% compared to $85.66 in Fiscal 2024. The increase was mainly due to more tunneling and drilling expensed as part of mining costs. The AISC was $139.33, down 2%

SILVERCORP METALS INC.

Management’s Discussion and Analysis

For the Year ended March 31, 2025

(Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated)

compared to $141.82 in Fiscal 2024. The decrease was mainly due to lower overhead unit cost allocation as a result of an increase of 24% in ore production.

In Fiscal 2025, the cash cost per oz of silver, net of by-product credits, at the Ying Mining District was $0.62, compared to $nil Fiscal 2024. The increase is mainly to due to an increase of $20.1 million in cash cost as a result of higher production offset by an increase of $16.2 million in by-product credits as revenue from non-silver metals increased. The AISC per oz of silver, net of by-product credits was $9.68, up 10% compared to $8.82 in Fiscal 2024. The increase was mainly due to increases of $0.7 million in general administrative expenses; $1.9 million in mineral resources tax; and $4.5 million in mineral rights royalty as well as the increase in cash cost per ounce of silver.

In Fiscal 2025, a total of 223,865 metres or $6.4 million worth of diamond drilling were completed (Fiscal 2024 – 221,161 metres or $6.6 million), of which approximately 163,061 metres or $4.4 million worth of drilling were in-fill drilling and expensed as part of mining costs (Fiscal 2024 – 90,868 metres or $2.0 million) and remaining 60,804 metres or $1.9 million worth of drilling were growth drilling and capitalized (Fiscal 2024 – 130,293 metres or $4.6 million). In addition, 61,466 metres or $23.1 million worth of preparation tunneling were completed and expensed as part of mining costs (Fiscal 2024 – 33,436 metres or $12.5 million), and 96,521 metres or $46.3 million worth of sustaining and growth horizontal tunnels, raises, ramps, and declines were completed and capitalized (Fiscal 2024 – 87,860 metres or $40.1 million).

The No. 3 tailings storage facility (TSF) and the 1,500 tonnes per day mill expansion at the Ying Mining District were completed in the third quarter of Fiscal 2025.

Q4 Fiscal 2025 vs. Q4 Fiscal 2024

In Q4 Fiscal 2025, a total of 304,224 tonnes of ore with head grades of 172 g/t for silver, 2.6% for lead, and 0.5% for zinc were processed at the Ying Mining District, up 69% compared to 180,267 tonnes with head grades of 197 g/t for silver, 3.1% for lead, and 0.6% for zinc in Q4 Fiscal 2024.

Metals produced at the Ying Mining District were approximately 3,110 oz of gold, 1.563 million oz of silver, or approximately 1.850 million oz of silver equivalent, plus 15.563 million lb of lead, and 2.039 million lb of zinc, representing production increases of 62%, 47%, 50%, 38%, and 17%, in gold, silver, silver equivalent, lead and zinc, respectively, compared to 1,916 oz of gold, 1.063 million oz of silver, or approximately 1.237 million oz silver equivalent, plus 11.317 million lb of lead, and 1.750 million lb of zinc in Q4 Fiscal 2024.

In Q4 Fiscal 2025, the cash cost was $84.90 per tonne of ore processed, down 7% compared to $91.09 in Q4 Fiscal 2024. The AISC was $120.62, down 19% compared to $148.24 in Q4 Fiscal 2024. The decrease is mainly due to lower unit overhead cost allocation as a result of the 69% increase in ore production offset by more tunneling and drilling expensed as part of mining cost.

In Q4 Fiscal 2025, the cash cost per oz of silver, net of by-product credits, was $3.05, compared to $1.71 in Q4 Fiscal 2024. The increase is mainly due to an increase of $14.0 million in cash cost as a result of higher production offset by an increase of $11.2 million in by-product credits as revenue from non-silver metals increased. The AISC per ounce of silver, net of by-product credits, were $11.35, compared to $12.28 in Q4 Fiscal 2024.

In Q4 Fiscal 2025, a total of 41,480 metres or $1.1 million worth of diamond drilling were completed (Q4 Fiscal 2024 – 34,785 metres or $0.9 million), of which 26,534 metres or $0.6 million worth of diamond drilling were in-fill drilling and expensed as part of mining costs (Q4 Fiscal 2024 – 17,270 metres or $0.3 million) and remaining 14,946 metres or $0.4 million worth of drilling were growth drilling and capitalized (Q4 Fiscal 2024 – 17,515 metres or $0.6 million). In addition, 10,873 metres or $4.3 million worth of preparation tunneling were completed and expensed as part of mining costs (Q4 Fiscal 2024 – 5,523 metres or $2.2 million), and 15,647 metres or $7.4 million worth of sustaining or growth horizontal tunnels, raises, ramps, and declines were completed and capitalized (Q4 Fiscal 2024 – 14,734 metres or $8.4 million).

SILVERCORP METALS INC.

Management’s Discussion and Analysis

For the Year ended March 31, 2025

(Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated)

(ii)GC Mine

The following table summarizes the operational information at the GC Mine for the three months and years ended March 31, 2025 and 2024:

Fiscal 2025 vs. Fiscal 2024

In Fiscal 2025, a total of 299,036 tonnes of ore with head grades of 67 g/t for silver, 0.9% for lead, and 2.5% for zinc were processed at the GC Mine, up 3% compared to 290,050 tonnes with head grades of 69 g/t for silver, 1.2% for lead, and 2.6% for zinc milled in Fiscal 2024.

Metals produced at the GC Mine were approximately 0.517 million oz of silver, 5.323 million lb of lead, and 14.765 million lb of zinc, compared to 0.527 million oz of silver, 6.902 million lb of lead, and 15.172 million lb of zinc in Fiscal 2024.

The cash cost was $54.97 per tonne of ore processed, down 7% compared to $59.35 in Fiscal 2024. The AISC was $83.36, down 2%, compared to $85.17 in Fiscal 2024.

In Fiscal 2025, the cash cost per oz of silver, net of by-product credits, at the GC Mine, was negative $14.71, compared to negative $4.70 in Fiscal 2024. The all-in sustaining cost per oz of silver, net of by-product credits, was $3.12, compared to $11.08 in Fiscal 2024.

In Fiscal 2025, approximately 55,411 metres or $1.2 million worth of diamond drilling were completed (Fiscal 2024 – 74,859 metres or $2.1 million), of which approximately 14,076 metres or $0.3 million worth of drilling were in-fill drilling and expensed as part of mining costs (Fiscal 2024 – 46,702 metres or $0.8 million) and remaining 41,335 metres or $0.9 million of drilling were growth drilling and capitalized (Fiscal 2024 – 28,157 metres or $1.3 million ). In addition, 10,355 metres or $4.2 million of tunneling were completed and expensed as part of mining costs (Fiscal 2024 – 7,787 metres or

SILVERCORP METALS INC.

Management’s Discussion and Analysis

For the Year ended March 31, 2025

(Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated)

$2.7 million), and 12,165 metres or $5.2 million of sustaining or growth horizontal tunnels, raises, and declines were completed and capitalized (Fiscal 2024 – 11,804 metres or $4.9 million).

Q4 Fiscal 2025 vs. Q4 Fiscal 2024

In Q4 Fiscal 2025, a total of 41,760 tonnes of ore with head grades 61 g/t for silver, 0.9% for lead, and 2.9% for zinc were processed at the GC Mine, down 27% compared to 57,226 tonnes with head grades of 57 g/t for silver, 1.1% for lead, and 2.5% for zinc milled in Q4 Fiscal 2024.

Metals produced at the GC Mine were approximately 67,000 oz of silver, 0.699 million lb of lead, and 2.365 million lb of zinc, representing decreases of 23%, 42%, and 16%, in silver, lead and zinc production, respectively, compared to 87,000 oz of silver, 1.210 million lb of lead, and 2.809 million lb of zinc in Q4 Fiscal 2024.

The cash cost was $77.46 per tonne of ore processed, up 23% compared to $63.12 in Q4 Fiscal 2024. The increase was mainly due to an increase of 57% in mining preparation tunnel completed and expensed as part of mining costs as well as higher per tonne fixed costs allocation resulting from the decrease of ore production. The AISC was $117.83, up 50%, compared to $78.32 in Q4 Fiscal 2024. The increase was primarily due to i) the 23% increase in cash cost per tonne as discussed above; ii) an increase of $0.8 million in sustaining expenditures; and iii) higher unit overhead cost allocation due to the 27% decrease in ore production.

The cash costs per oz of silver, net of by-product credits, at the GC Mine, in Q4 Fiscal 2025, was negative $8.53, compared to negative $4.79 in Q4 Fiscal 2024. The AISC per oz of silver, net of by-product credits, were $15.05, compared to $6.63 in Q4 Fiscal 2024. The increase was mainly the same as the increase in cash cost and AISC per tonne as discussed above.

In Q4 Fiscal 2025, approximately 8,966 metres or $0.2 million worth of diamond drilling were completed (Q4 Fiscal 2024 – 13,435 metres or $0.3 million), of which approximately 1,330 metresor $0.02 million worth of drilling were in-fill drilling and expensed as part of mining costs (Q4 Fiscal 2024 – 9,898 metres or $0.2 million) and remaining 7,636 metres or $0.2 million of drilling were growth drilling and capitalized (Q4 Fiscal 2024 – 3,537 metres or $0.1 million). In addition, 1,853 metres or $0.9 million of tunneling were completed and expensed as part of mining costs (Q4 Fiscal 2024 – 1,179 metres or $0.5 million), and 1,196 metres or $0.6 million of sustaining or growth horizontal tunnels, raises, and declines were completed and capitalized (Q4 Fiscal 2024 – 2,286 metres or $1.2 million).

(iii)Kuanping Project

In Fiscal 2025, the Kuanping Project focused on studies to obtain all necessary approvals to develop the project. The environmental impact assessment report and the mine safety facilities design report as required were approved in July and September 2024 respectively, and the final approval from the provincial authorities to construct the mine was obtained in November 2024. The Kuanping Project received all required permits and licenses and the Company was working on a construction plan in Q4 Fiscal 2025.

In Fiscal 2025, total capital expenditures at the Kuanping Project were $0.5 million, compared to $0.3 million in Fiscal 2024.

(iv)BYP Mine

The BYP Mine was placed on care and maintenance since August 2014 due to required capital upgrades to sustain its ongoing production and the market environment. The Company has been conducting activities to apply for a new mining license. Although the process has taken longer than expected, the Company expects that some developments on the application will be achieved in Fiscal 2026. There is no guarantee that the new mining license for the BYP Mine will be issued, or if it is issued, that it will be issued under reasonable operational and/or financial terms, or in a timely manner, or that the Company will be in a position to comply with all conditions that are imposed thereon.

(v)El Domo Project

The Company acquired the El Domo Project through the acquisition of Adventus Mining Corporation ("Adventus") on July 31, 2024. The El Domo Project is a permitted, pre-construction stage copper-gold project, 75% ownership by the Company. The El Domo Project is located in central Ecuador, approximately 150 km northeast of the major port city of Guayaquil - about a 3-hour drive. The El Domo Project spans low-lying hills and plains between 300 to 900 m above sea level.

The Company has a precious metals purchase agreement ("PMPA") with Wheaton Precious Metals International Ltd. ("Wheaton") for the El Domo Project, that provides access to an upfront cash consideration of $175.5 million and a $5.0

SILVERCORP METALS INC.

Management’s Discussion and Analysis

For the Year ended March 31, 2025

(Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated)

million equity commitment. Of this, $13.0 million was made available as an early deposit (the “Early Deposit”) for pre-construction activities, and $0.5 million for local community development initiatives (the “ESG Deposit”) prior to production. The remainder will be available in four installments during construction, subject to certain customary conditions precedent being satisfied.

Under the PMPA, Wheaton will purchase 50% of the payable gold production until 145,000 ounces have been delivered, thereafter dropping to 33% for the life of mine; and 75% of the payable silver production until 4,600,000 ounces have been delivered, thereafter dropping to 50% for the life of mine.

Wheaton will make ongoing payments for the gold and silver ounces delivered equal to 18% of the spot prices (“Production Payment”) until the value of gold and silver delivered less the Production Payment is equal to the upfront consideration of $175.5 million, at which point the Production Payment will increase to 22% of the spot prices.

Prior to July 31, 2024, Wheaton advanced a total of $13.25 million, being the $13.0 million as Early Deposit and $0.25 million as ESG Deposit to support the training programs for members of the communities. In November 2024, the Company repaid this $13.25 million to Wheaton, and as a result, the liability of $1.8 million accrued for gold delivery was derecognized and a gain of $1.8 million was recorded as other income in the audited Consolidated Statement of Income.

In June 2024, an action seeking to void the environmental license of the El Domo Project was brought in the local court in Las Naves Canton, Bolívar Province, Ecuador (the "Court") by a group of plaintiffs alleging defects in the environmental consultation process for the El Domo Project. The Court rejected the litigation on July 24, 2024 ruling that the Ecuadorean government correctly discharged its environmental consultation obligations prior to issuing an environmental license for the El Domo Project. The plaintiffs filed an appeal (the “Appeal”) to the provincial court, and the Appeal was heard by the provincial court of Bolívar Province on October 17, 2024, and the Appeal was dismissed by the provincial court on November 12, 2024, affirming the lower court decision that the Ministry of Environment, Water, and Ecological Transition of Ecuador "MAATE") correctly discharged its environmental consultation obligations prior to issuing an environmental licenses of the El Domo Project. The plaintiffs subsequently filed an Extraordinary Protection Action (EPA) before the Constitutional Court of Ecuador. On February 26, 2025, the Constitutional Court issued a decision declining to admit the EPA. On March 3, 2025, the plaintiffs filed a motion for clarification. A clarification motion may proceed where disputed issues have not been fully resolved. As of the date hereof, the Constitutional Court has not ruled on the clarification motion. Even if the Court issues a clarification order, it will not change the substance of the original inadmissibility decision or reverse it.

Since the Adventus acquisition, the Company has made substantial progress in advancing the El Domo Project, highlights include:

•Streamlined the Ecuadorian Operations: Optimized the organization chart by moving the management team and personnel to the El Domo and Condor project sites from the Quito office, and by initiating the winding down or transfer of most of the non-core regional projects.

•Continued Community Engagement: Maintained open lines of communication with local communities and government representatives, keeping them informed of changes in the Project ownership and leadership, as well as on construction plans.

•Advanced Detailed Engineering:

▪Reviewed the previous technical work, including interviewing all consulting firms to confirm all previous studies and detailed engineering designs for optimization;

▪Optimized design with Klohn Crippen Berger (KCB) for the Tailing Storage Facilities (TSF), starter dam and impound area, Saprolite Waste Dump (SWD), and non-contact water channels;

▪Selected a new site for the process plant so that its preparation will provide the required non-acid generating rocks for the construction of the starter dam of the TSF, while minimizing trucking distances;

▪Optimized open pit mine design for mining, stripping, and scheduling, and coordinated the mining schedule with ongoing tailings dam raises using stripped waste rock;

▪Commenced metallurgical test work on selective flotation – potentially leading to higher recoveries and improved payabilities; and

▪Started Detailed Engineering Design (EP) for the process plant, including engaging a consulting engineer, equipment selection, purchasing and detailed engineering drawings.

SILVERCORP METALS INC.

Management’s Discussion and Analysis

For the Year ended March 31, 2025

(Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated)

•Advanced Project Infrastructure:

▪Optimized designs for a new public bypass road and internal operational haul roads;

▪Executed a power line contract with the Ecuadorian state-owned power company (CNEL EP). The construction contractor will be selected once the updated engineering design is completed; and

▪Commenced permitting for standby diesel power generation for the dry season, as climate change has impacted the power supply situation in Ecuador.

•Produced Project Materials Balance: including total cubic metres of cutting, filling, cement, and amount of high-density polyethylene material, and bill of quantities for the major construction projects of the mine and process plant, which are divided into three bidding packages:

▪Bid Package 1: Construction of temporary camp, TSF to starter dam phase, SWD, non-contact water channels, internal haul roads, and preparation of the process plant site and permanent camp site;

▪Bid Package 2: Mining, stripping and ongoing tailings dam raises using stripped waste rocks; and

▪Bid Package 3: Construction of the process plant, tailings discharge and back water systems, water treatment plants, permanent camp, and other site infrastructure.

•Adopted “Unit Cost” Criteria (as compared to “Open Book”) for potential contractors to bid on the three construction packages outlined above. For example, “Unit Cost” for blasting or cutting one cubic metre of rock or saprolite, then loaded and trucked to, within two kilometres, shall include all personnel and management costs, plus any profit contractor intends to have for the work. Monthly total payments will be based on measured cubic metres of cutting.

•Awarded the Bid Package 1 commercial contract to CRCC 14 Bureau Group Co. Ltd. ("CRCC 14") after a bidding process from three mining contractors with operation at Ecuadorian mining or construction sites.

CRCC 14 has a regional headquarter in Quito and over ten years operating experience in Ecuador building infrastructure in open pit mines and in the heavy civil construction sectors. CRCC 14 is currently at the El Domo Project to work on the access road and site preparation for the temporary camp construction.

The Company announced the construction plan and schedule for the development of the El Domo Project on April 23, 2025. The Company is targeting bringing the El Domo Project into production by the end of 2026 at an estimated cost of $240.5 million.

Total expenditures incurred and capitalized since the Adventus acquisition at the El Domo Project were $7.2 million.

(vi)Condor Project

The Condor Project in southern Ecuador is 98.7% owned by the Company and was acquired through the purchase of Adventus on July 31, 2024. The Condor Project is located within one of the most mineralized trends in Ecuador, near large-scale operations such as the Fruta del Norte gold mine (33 km north) and the Mirador copper mine (55 km north).

Since the acquisition, the Company has been diligently working to reorganize the Condor operational structure, conduct a mineral resource review to assess future development plans, and initiate site control activities. Please refer to the Company's news release dated May 12, 2025 for the updated mineral resource for the Condor Project. Total expenditures incurred and capitalized since the acquisition at the Condor Project were $1.3 million.

(c)Comparison of Fiscal 2025 Results and Fiscal 2025 Guidance

Unless otherwise stated, all reference to Fiscal 2025 Guidance in the MD&A refer to the “Fiscal 2025 Operating Outlook” section in the Company’s Fiscal 2024 Annual MD&A dated May 22, 2024 (“Fiscal 2025 Guidance”) filed under the Company’s SEDAR+ profile at www.sedarplus.ca.

SILVERCORP METALS INC.

Management’s Discussion and Analysis

For the Year ended March 31, 2025

(Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated)

(i)Production and Production Costs

The following table summarizes the production and production costs achieved in Fiscal 2025 compared to the respective Fiscal 2025 Guidance:

In Fiscal 2025, the Company processed a total of 1,312,695 tonnes of ore and produced approximately 7,495 ounces of gold, 6.9 million ounces of silver, 62.2 million pounds of lead, and 23.3 million pounds of zinc. Ore processed surpassed the guidance and silver production was within the guidance while gold, lead and zinc production were below the guidance due to lower head grade achieved. Ore production at the Ying Mining District exceeded the guidance. Ore production at the GC Mine was within the guidance while metal production was below the guidance, and the shortfall can be attributed to the lower head grades achieved.

The consolidated AISC per tonne was below the guidance, while the per tonne cash cost was slightly over the annual guidance as more tunneling and drilling were expensed as part of mining costs at the Ying Mining District. Development and Capital Expenditures

The following table summarizes the development work and capitalized expenditures for the years ended March 31, 2025 compared to the respective Fiscal 2025 Guidance.

Total capital expenditures incurred in Fiscal 2025 was $86.6 million, compared to the capital expenditures guidance of $90.8 million. Capitalized mine development expenditures were $34.4 million, up 8% compared to the guidance of $31.8 million. Capital expenditures incurred for equipment replacement, and mill and tailing storage facility (the “TSF”)

SILVERCORP METALS INC.

Management’s Discussion and Analysis

For the Year ended March 31, 2025

(Expressed in thousands of U.S. dollars, except per share data and unit cost data or otherwise stated)

construction was $23.2 million, down 27% compared to the guidance. The decrease was mainly due to only $9.6 million capital expenditures incurred for the construction of TSF in Fiscal 2025 compared to the guidance of $15.9 million.