Exhibit 99.2 SILVERCORP METALS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS For the three and nine months ended December 31, 2025 (Expressed in thousands of U.S. dollars, except per share figures or otherwise stated) Ta b l e o f C o n t e n t s | 1 | C | o | r | e | B | u | s | i | n | e | s | s | a | n | d | S | t | r | a | t | e | g | y | 2 | 2 | T | h | i | r | d | Q | u | a | r | t | e | r | o | f | F | i | s | c | a | l | Ye | a | r | 2 | 0 | 2 | 6 | H | i | g | h | l | i | g | h | t | s | 3 | | | | | | ...