Exhibit 99.2 SILVERCORP METALS INC. MANAGEMENT’S DISCUSSION AND ANALYSIS For the Year Ended March 31, 2024 (Expressed in thousands of US dollars, except per share figures or otherwise stated) Table of Contents 1. Core Business and Strategy 2 2. Fourth Quarter of Fiscal Year 2024 Highlights 2 3. Fiscal 2024 Highlights 3 4. Operating Performance 4 5. Fiscal 2025 Operating Outlook 13 6. Investment in Associates 14 7. Overview of Financial Results 18 8. Liquidity, Capital Resources, and Contractual Obligations ...