.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)

Table of Contents

This Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the significant factors that have affected Silvercorp Metals Inc. and its subsidiaries’ (“Silvercorp” or the “Company”) performance and such factors that may affect its future performance. This MD&A should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements for the three and nine months ended December 31, 2025 and the related notes contained therein. In addition, this MD&A should be read in conjunction with the Company's audited consolidated financial statements for the year ended March 31, 2025 and the related notes contained therein, the related MD&A, the Annual Information Form (available on SEDAR+ at www.sedarplus.ca), and the annual report on Form 40-F (available on EDGAR at www.sec.gov). The Company reports its financial position, financial performance and cash flows in accordance with the IFRS® Accounting Standards as issued by the International Accounting Standards Board (“IASB”). Silvercorp’s material accounting policy information is set out in Note 2 of the unaudited condensed consolidated interim financial statements for the three and nine months ended December 31, 2025, as well as Note 2 of the audited consolidated financial statements for the year ended March 31, 2025. This MD&A refers to various alternative performance (non-GAAP) measures, such as adjusted earnings and adjusted earnings per share, earnings before interest, income tax , depreciation and amortization ("EBITDA") and EBITDA per share, adjusted EBITDA and adjusted EBITDA per share, free cash flow, working capital, silver equivalent, cash cost per ounce of silver, net of by-product credits, all-in & all-in sustaining cost per ounce of silver, net of by-product credits, cash cost per tonne, and all-in sustaining cost per tonne. Non-GAAP measures do not have standardized meanings under IFRS Accounting Standards. Accordingly, non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. To facilitate a better understanding of these measures as calculated by the Company, additional information has been provided in this MD&A. Please refer to section 12, “Alternative Performance (Non-GAAP) Measures” of this MD&A for detailed descriptions and reconciliations. Figures may not add exactly due to rounding difference.

This MD&A is prepared as of February 9, 2026 and expressed in thousands of U.S. dollars, except share, per share, unit cost, and production data, or otherwise stated.

Silvercorp is a Canadian mining company producing silver, gold, lead, zinc, and other metals with a long history of profitability and growth potential. The Company’s strategy is to create shareholder value by focusing on generating free cash flow from long life mines; organic growth through extensive drilling for discovery; ongoing merger and acquisition efforts to unlock value; and long-term commitment to responsible mining and sound Environmental, Social and Governance (“ESG”) practices. Silvercorp operates several silver-lead-zinc and gold mines at the Ying Mining District in Henan Province, China and the GC silver-lead-zinc mine in Guangdong Province, China.

On July 31, 2024, the Company acquired Adventus Mining Corporation ("Adventus") to gain access to the El Domo project, a pre-construction stage copper-gold project (the "El Domo Project"), and the Condor project, a development stage gold project (the "Condor Project"), both located in Ecuador. This has diversified Silvercorp's mining assets, expanded its geographical market presence in Latin America and reduced regional concentration risk. The Company is currently focusing on the construction of the El Domo Project. Production is targeted to commence in July 2027, with an updated estimated capital cost of $283.6 million, positioning El Domo as a potential source of robust free cash flow through its mine life and cost structure. For the Condor Project, the Company has completed a Preliminary Economic Assessment (“PEA”) and is advancing the environmental permitting process for exploitation, with ongoing exploration and feasibility work to further de-risk and optimize the project for future development.

On January 20, 2026, the Company signed a Share Purchase Agreement with Chaarat Gold Holdings Limited ("Chaarat") and a Cooperation Agreement with the National Investment Agency under the President of the Kyrgyz Republic (the "NIA"). Pursuant to these agreements, the Company will acquire a 70% interest in Chaarat ZAAV CJSC ("ZAAV"), which holds a 100% interest in a mining license (approximately 7 km²) hosting the Tulkubash and Kyzyltash deposits and surrounding exploration licenses (27.42 km²) hosting the Karator and Ishakuld gold zones (the “Projects”), for a total cash consideration of $162 million. Upon completion, ZAAV will be converted into a joint venture company ("JVC") between the Company (70% interest and operator) and Kyrgyzaltyn, a state-owned entity, which will hold a 30% free-carried interest. The Company will use its cash and short-term investments currently on hand to make the payment for the acquisition. The consideration is structured as follows: $92 million to Chaarat, which was paid on January 23, 2026, following receipt of the Kyrgyz government's statutory pre-emptive right waiver; and $70 million to the NIA, which is payable in two stages: payment of $60 million upon the Kyrgyz Government issuing a waiver of its statutory pre-emptive right on the Projects and extension of the JVC’s mining license validity period to 2062, and payment of $10 million after achieving certain other milestones.

The Company’s common shares are traded on the Toronto Stock Exchange ("TSX") and NYSE American under the symbol “SVM”.

¹Non-GAAP measures, please refer to section 12 for reconciliation.

The following table summarizes consolidated operational information for the three and nine months ended December 31, 2025 and 2024:

#Alternative performance (non-GAAP) measure. Please refer to section 12 for reconciliation.

For the three months ended December 31, 2025 (“Q3 Fiscal 2026”), the Company produced approximately 1.9 million ounces of silver, 2,096 ounces of gold, or approximately 2.0 million ounces of silver equivalent, 16.4 million pounds of lead and 7.0 million pounds of zinc, representing increases of 2% (gold) and 5% (zinc) and decreases of 4% (silver), 5% (silver equivalent) and 4% (lead) production over the three months ended December 31, 2024 ("Q3 Fiscal 2025").

For the nine months ended December 31, 2025, the Company produced approximately 5.3 million ounces of silver, 6,231 ounces of gold, or approximately 5.9 million ounces of silver equivalent, 46.4 million pounds of lead and 17.9 million pounds of zinc, representing increases of 1% (silver), 42% (gold), 3% (silver equivalent), and 1% (lead), and a decrease of 6% in zinc production over the same prior year period.

In Q3 Fiscal 2026, the consolidated production cost ("cash cost") per ounce of silver, net of by-product credits, was negative $3.02, compared to negative $1.88 in Q3 Fiscal 2025. The decrease was mainly due to an increase of 15% in ore production with a higher percentage of using the more cost-efficient and mechanized shrinkage mining method, and an increase of $4.1 million in by-product credits from revenue of non-silver metals. The consolidated AISC per ounce of silver, net of by-product credits, was $12.86, up 0.9% compared to $12.75 in Q3 Fiscal 2025, mainly due to a decrease of 4% in silver sold and an increase of $1.0 million in general administrative expenses.

For the nine months ended December 31, 2025, the consolidated cash cost per ounce of silver, net of by-product credits, was negative $0.68, up 53% compared to negative $1.46 in the same prior year period. The consolidated AISC per ounce of silver, net of by-product credits, was $13.41, up 17% compared to $11.46 in the same prior year period.

¹Non-GAAP measures, please refer to section 12 for reconciliation.

The following table summarizes the development work and capital expenditures in Q3 Fiscal 2026.

Total capital expenditures in Q3 Fiscal 2026 were $44.3 million, up 75% compared to $25.3 million in Q3 Fiscal 2025, mainly due to the El Domo and Kuanping mine construction.

For the Ying Mining District, capitalized expenditures for underground ramps, tunnels and drilling amounted to $17.7 million, plus $4.0 million for plant and equipment, compared to $20.1 million for underground tunnels and $7.0 million for plant and equipment in Q3 Fiscal 2025.

For the GC Mine, total capitalized expenditures amounted to $1.8 million, flat compared to $1.8 million in Q3 Fiscal 2025.

The El Domo and Kuanping mine construction continued to progress. Please refer to "Individual Mine Performance" below for further discussion.

For the nine months ended December 31, 2025, the development work and capital expenditures are summarized as follows:

Total capital expenditures for the nine months ended December 31, 2025 were $95.2 million, up 30% compared to $73.0 million during the same prior year period.

The following table summarizes the operational information at the Ying Mining District for the three and nine months ended December 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-HZG, HPG, TLP-LME-LMW, and DCG mines.

Q3 Fiscal 2026 vs. Q3 Fiscal 2025

In Q3 Fiscal 2026, the Ying Mining District produced approximately 1.7 million ounces of silver, 2,096 ounces of gold, or approximately 1.9 million ounces of silver equivalent, plus 14.7 million pounds of lead, and 1.9 million pounds of zinc, representing production an increase of 2% (gold) and decreases of 2% (silver), 4% (silver equivalent), 4% (lead), and 16% (zinc), over Q3 Fiscal 2025. Lower production was due to lower head grades, as a result of the XRT sorter undergoing maintenance in October 2025 and higher dilution associated with an increase in shrinkage mining.

In Q3 Fiscal 2026, the cash cost was $75.80 per tonne of ore processed, down 11% compared to $84.92 in Q3 Fiscal 2025. The AISC was $134.06 per tonne of ore processed, down 11% compared to $150.87 in Q3 Fiscal 2025. The decreases were mainly due to i) a higher percentage of ore mined by the more mechanized and less expensive shrinkage mining method versus labour intensive re-suing mining, and ii) lower unit overhead cost allocations as a result of 18% more ore processed.

In Q3 Fiscal 2026, the cash cost per ounce of silver, net of by-product credits, was negative $1.22, compared to negative $0.30 in Q3 Fiscal 2025. The reduction is mainly attributable to the 18% increase in ore production with a higher percentage of using the more cost-efficient and mechanized shrinkage mining method, and an increase of $3.5 million in by-product credits from revenue of non-silver metals. The AISC per ounce of silver, net of by-product credits, was $11.32, compared to $11.05 in Q3 Fiscal 2025.

In Q3 Fiscal 2026, a total of 76,607 metres or $2.1 million worth of diamond drilling were completed (Q3 Fiscal 2025 – 55,547 metres or $1.8 million), of which 28,717 metres or $0.8 million worth of diamond drilling were in-fill drilling and expensed as part of mining costs (Q3 Fiscal 2025 – 39,568 metres or $1.3 million) and the remaining 47,890 metres or $1.3 million worth of drilling were growth drilling and capitalized (Q3 Fiscal 2025 – 15,979 metres or $0.5 million). In addition, 15,813 metres or $5.8 million worth of preparation tunneling were completed and expensed as part of mining costs (Q3 Fiscal 2025 – 15,755 metres or $3.7 million), and 35,450 metres or $16.3 million worth of sustaining or growth horizontal tunnels, raises, ramps, and declines were completed and capitalized (Q3 Fiscal 2025 – 28,689 metres or $13.5 million).

Nine months ended December 31, 2025 vs. Nine months ended December 31, 2024

For the nine months ended December 31, 2025, the Ying Mining District produced approximately 5.0 million ounces of silver, 6,231 ounces of gold, or approximately 5.5 million ounces of silver equivalent, plus 42.2 million pounds of lead, and 5.2 million of zinc, representing production increases of 2% (silver), 42% (gold), 5% (silver equivalent), and 2% (lead), and a decrease of 21% in zinc production, compared to the same prior year period.

For the nine months ended December 31, 2025, the cash cost was $80.18 per tonne of ore processed, down 10% compared to $89.21 in the same prior year period. The AISC was $134.13 per tonne of ore processed, down 8% compared to $146.58 in the same prior year period. The cash cost per ounce of silver, net of by-product credits, was $0.30, compared to negative $0.14 in the same prior year period. The AISC per ounce of silver, net of by-product credits, was $11.04, compared to $9.16 in the same prior year period.

For the nine months ended December 31, 2025, a total of 207,442 metres or $5.9 million worth of diamond drilling were completed (same prior year period – 182,385 metres or $5.3 million), of which 91,895 metres or $2.6 million worth of diamond drilling were in-fill drilling and expensed as part of mining costs (same prior year period – 136,527 metres or $3.8 million) and the remaining 115,547 metres or $3.2 million worth of drilling were growth drilling and capitalized (same prior year period – 45,858 metres or $1.5 million). In addition, 45,882 metres or $16.8 million worth of preparation tunneling were completed and expensed as part of mining costs (same prior year period – 50,593 metres or $22.1 million), and 86,880 metres or $42.3 million worth of sustaining or growth horizontal tunnels, raises, ramps, and declines were completed and capitalized (same prior year period – 80,874 metres or $38.8 million).

Mining Permit Expansion Applications at the Ying Mining District

Currently, the Company has four mining permits at the Ying Mining District, which are the SGX, TLP-LM, HPG, and DCG mining permits. Since 2024, the Company has applied to expand the specified mining production capacity for the mining permits. The SGX Mine permit has been renewed for another 11 years with an increased capacity of 500,000 tonnes per year, the HPG Mine permit has been renewed and expanded to 120,000 tonnes, the DCG Mine permit has been renewed and expanded to 100,000 tonnes, and the Company is in the process of applying for mining permit capacity expansions for TLP-LM to 600,000 tonnes per year with the approval expected in the fourth quarter of Fiscal 2026. Once all applications are approved, the total mining capacity allowed by the mining permits will be 1.32 million tonnes per year.

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

*Wet tonnes.

**Silver recovery includes silver recovered in lead concentrate and silver recovered in zinc concentrate.

 #Alternative performance (non-GAAP) measure. Please refer to section 12 for reconciliation.

Q3 Fiscal 2026 vs. Q3 Fiscal 2025

Approximately 0.1 million ounces of silver, 1.7 million pounds of lead, and 5.1 million pounds of zinc, representing an increase of 15% (zinc) and decreases of 28% (silver) and 6% (lead), compared to Q3 Fiscal 2025. The decreases were mainly due to lower head grades.

The cash cost was $53.37 per tonne of ore processed, down 1% compared to $53.69 in Q3 Fiscal 2025. The AISC was $68.53, down 9% compared to $75.55 in Q3 Fiscal 2025. The decreases were mainly due to a decrease of 8% in mining preparation tunnels completed and expensed as part of mining costs and a $0.5 million decrease in sustaining capital expenditures.

The cash cost per ounce of silver, net of by-product credits in Q3 Fiscal 2026, was negative $29.05, compared to negative $19.14 in Q3 Fiscal 2025. The AISC per ounce of silver, net of by-product credits, was negative $15.66, compared to negative $6.13 in Q3 Fiscal 2025. The decreases were mainly due to the decrease in the cost per tonne of ore processed as discussed above and an increase of $0.7 million in by-product credits from revenue of non-silver metals.

In Q3 Fiscal 2026, approximately 12,601 metres or $0.3 million worth of diamond drilling were completed (Q3 Fiscal 2025 – 10,683 metres or $0.2 million), of which approximately 5,585 metres or $0.1 million worth of drilling were in-fill drilling and expensed as part of mining costs (Q3 Fiscal 2025 – 2,554 metres or $0.1 million) and the remaining 7,016 metres or $0.2 million of drilling were growth drilling and capitalized (Q3 Fiscal 2025 – 8,129 metres or $0.2 million). In addition, 3,112 metres or $1.2 million of tunneling were completed and expensed as part of mining costs (Q3 Fiscal 2025 – 3,395 metres or $1.3 million), and 3,791 metres or $1.5 million of sustaining or growth horizontal tunnels, raises, and declines were completed and capitalized (Q3 Fiscal 2025 – 3,184 metres or $1.3 million).

Nine months ended December 31, 2025 vs. Nine months ended December 31, 2024

For the nine months ended December 31, 2025, approximately 0.4 million ounces of silver, 4.2 million pounds of lead, and 12.7 pounds of zinc, representing production of an increase of 2% in zinc, and decreases of 14% (silver) and 10% (lead), compared to the same prior year period.

For the nine months ended December 31, 2025, the cash cost was $57.79 per tonne of ore processed, up 12% compared to $51.40 in the same prior year period. The AISC was $82.91 per tonne of ore processed, up 6% compared to $77.85 in the same prior year period. The cash cost per ounce of silver, net of by-product credits, was negative $13.21, compared to negative $15.77 in the same prior year period. The AISC per ounce of silver, net of by-product credits, was $3.72, compared to $1.07 in the same prior year period.

For the nine months ended December 31, 2025, a total of 40,697 metres or $0.9 million worth of diamond drilling were completed (same prior year period – 46,445 metres or $1.0 million), of which 23,441 metres or $0.5 million worth of diamond drilling were in-fill drilling and expensed as part of mining costs (same prior year period – 12,746 metres or $0.3 million) and the remaining 17,256 metres or $0.4 million worth of drilling were growth drilling and capitalized (same prior year period – 33,699 metres or $0.7 million). In addition, 9,839 metres or $3.7 million worth of preparation tunneling were completed and expensed as part of mining costs (same prior year period – 8,502 metres or $3.3 million), and 9,639 metres or $3.9 million worth of sustaining or growth horizontal tunnels, raises, ramps, and declines were completed and capitalized (same prior year period – 10,969 metres or $4.6 million).

The Kuanping Project has received all required permits and licenses, and mine construction commenced in Q1 Fiscal 2026.

In Q3 Fiscal 2026, Kuanping mine construction continued, with 3,297 metres of ramp development and 693 metres exploration tunneling completed for approximately $1.9 million. It is expected to start producing initial amounts of ores in June 2026, which will be shipped to Ying’s process plant for recovery of metals.

Total capital expenditures incurred at the Kuanping Project during the nine months ended December 31, 2025 were $4.1 million, including 4,389 metres of ramp development and 1,525 metres of exploration tunneling for $3.2 million.

The BYP Mine was placed on care and maintenance in August 2014 due to required capital upgrades to sustain its ongoing production and the market environment. The Company is in the process of applying for a new mining license. In Q1 Fiscal 2026, the Company engaged an independent firm to conduct studies, including a mineral resources estimate update as per the regulations in China which has been completed and under the filing process with Hunan Provincial Department of Natural Resources. In September 2025, an updated mineral resources development and utilization plan was submitted to the Department of Natural Resources, Hunan Province, for review and approval.

The Company acquired the El Domo Project through the acquisition of Adventus Mining Corporation ("Adventus") on July 31, 2024.

The El Domo Project's environmental license remains in good standing following the final resolution of a legal challenge initiated in June 2024. The challenge, which alleged defects in the environmental consultation process, was dismissed by the Las Naves Canton court in July 2024 and subsequently by the provincial court of Bolívar in November 2024. The plaintiffs' further attempts to overturn the license through an Extraordinary Protection Action ('EPA') were rejected by the Constitutional Court of Ecuador in February 2025. On July 24, 2025, the Constitutional Court unanimously rejected a final motion for clarification, effectively exhausting all legal avenues for the plaintiffs and affirming that the Ministry of Environment, Water and Ecological Transition ('MAATE') correctly discharged its obligations.

Despite disruptive activities from anti-mining groups, the El Domo Project has successfully defended all legal challenges at every level of the Ecuadorian judiciary, including the Constitutional Court. These actions have not materially impacted progress, and the Company remains committed to advancing the project in full compliance with local laws.

On February 4, 2026, the Company announced the updated construction plan and schedule at an estimated cost of $283.6 million.

Construction at the El Domo project continued to move forward in Q3 Fiscal 2026, maintaining steady progress despite the impact of weather. During the quarter, approximately 1.1 million cubic metres of material were moved. Cumulative earthmoving volumes have now reached 46% of the total design volume for Construction Package 1, with activities focused on haul road development, process plant site preparation, and the TSF starter dam. During the nine months ended December 31, 2025, approximately 2.4 million cubic metres of material were removed with $32.6 million of expenditures capitalized.

Construction contracts for four sections of the external power line were awarded to qualified Ecuadorian contractors this past September and recently received formal approval from the Corporación Nacional de Electricidad (“CNEL”).

The Company continues to prioritize international engineering and safety standards, highlighted by the engagement of Klohn Crippen Berger (KCB) as the Engineer of Record and Construction Quality Assurance provider. To support advancing site activities, the Company expanded its regional workforce to 469 personnel by December 31, 2025. Infrastructure development remains on schedule, with steel structures for the ore shed currently on-site and scheduled for completion by early February to provide critical storage capacity ahead of the rainy season. Simultaneously, earthworks and civil foundations for the process plant are progressing in line with the updated budget schedule, supported by active rock blasting and leveling operations. The Company is finalizing a definitive mining contract with China Railway 19th Bureau Group Co., Ltd. (“CRCC 19”). This fixed-unit-rate agreement consists of two key components: 1) a $35 million Construction Phase for pre-stripping and earthworks, and 2) a five-year Operations Phase valued at approximately $63 million for ongoing ore and waste mining.

The Company has a precious metals purchase agreement (“PMPA”) with Wheaton Precious Metals International Ltd. (“Wheaton”) to fund the construction of the El Domo project. Under the terms of the agreement, Wheaton will provide total cash consideration of $175.5 million, available in four installments subject to specific conditions. In exchange, the Company is committed to delivering 50% of gold production and 75% of silver production until cumulative deliveries reach 145,000 ounces of gold and 4,600,000 ounces of silver, respectively. At these thresholds, the delivery obligations decrease to 33% for gold and 50% for silver.

For each ounce delivered during the deposit reduction period, the Company receives a cash production payment equal to 18% of the prevailing spot market price. The remaining balance (82%) of the market value is applied as a non-cash credit to reduce the outstanding upfront deposit. Once the deposit balance is fully credited, the cash production payment increases to 22% of the spot market price for all subsequent deliveries.

The Company accounts for the PMPA under IFRS 15. The upfront deposit is recorded as a contract liability. Management has determined the deposit contains a significant financing component due to the significant timing difference between receiving the deposit and the commencement of metal deliveries. Accordingly, the liability is accreted over time, with the accretion recorded as finance costs. Revenue, equivalent to the Production Payment, is recognized when control of the metal transfers to Wheaton upon delivery, at which point a corresponding portion of the contract liability is derecognized. As the amounts received under the PMPA represent a contract liability (deferred revenue) and not a financial liability or borrowing, the related proceeds are presented within cash flows from operating activities in the statement of cash flows. The only way in which the contract liability / deferred revenue will be released in the future is through the revenue account (which forms part of operating activities in the cash flow statement).

In October 2025, the Company received the first installment of $43.9 million under the PMPA. For the three months ended December 31, 2025, the Company recorded interest expense of $0.3 million related to the accretion of the significant financing component. As of December 31, 2025, the carrying amount of the contract liability related to the Wheaton PMPA was $44.1 million.

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.

On May 12, 2025, the Company reported an updated independent mineral resources estimate, focused on the higher-grade material that would be accessible though underground mining and prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Project ("NI 43-101").

During the nine months ended December 31, 2025, a total of 2,268 metres of diamond drilling was completed for the purpose to define and upgrade the mineral resources to support potential underground mining. A preliminary economic assessment ("PEA") study for an underground mining operation was initiated in Q2 Fiscal 2026, and was completed in Q3 Fiscal 2026. The PEA underscores significant potential for the project. The water permits have been approved by the relevant government authorities. Technical reports for the environmental license were also completed and submitted to the related government authorities for review. The Environmental Impact Study (EIS) for the Condor Project has been approved by the Ministry of Environment, Water and Ecological Transition (MAATE). The Company is now actively engaged in the Citizen Participation Process (PPC), a formal consultation with directly impacted communities surrounding the project. This represents the final stage in obtaining the environmental license for exploitation. Once this license is secured, the Company will commence the development of underground access tunnels into the Camp and Los Cuyes deposits to facilitate advanced exploration and resource definition.

Total expenditures incurred and capitalized for the nine months ended December 31, 2025 at the Condor Project were $1.9 million.

Unless otherwise stated, all reference to Fiscal 2026 Guidance in the MD&A refer to the “Fiscal 2026 Production, Cash Costs, and Capital Expenditure Guidance” section in the Company’s Fiscal 2025 Annual MD&A dated May 21, 2025 (“Fiscal 2026 Guidance”) filed under the Company’s SEDAR+ profile at www.sedarplus.ca.

The following table summarizes the production and production costs achieved for the nine months ended December 31, 2025 compared to the respective Fiscal 2026 Guidance:

Production costs per tonne for the nine months ended December 31, 2025 came in below the Fiscal 2026 Guidance. The mines in the Ying Mining District are expected to be closed for three weeks during the Chinese New Year period in February, but the process plant will continue to operate during the holiday to process the 61,105 tonnes stockpiled at the end of this quarter together with ore stockpiled in January 2026.

The following table summarizes the development work and capitalized expenditures for the nine months ended December 31, 2025 compared to the respective Fiscal 2026 Guidance:

Development and exploration at the Ying Mining District will continue as planned to optimize mine operations to increase ore production, to upgrade and increase mineral resources, and to strengthen on-site management.

Mine construction and development at the El Domo Project and the Kuanping project will continue to advance.

New Pacific Metals Corp. (“NUAG”) is a Canadian public company listed on the Toronto Stock Exchange (symbol: NUAG) and NYSE American (symbol: NEWP). The Company accounts for its investment in NUAG using the equity method as it is able to exercise significant influence over the financial and operating policies of NUAG.

On October 21, 2025, NUAG completed a bought deal financing, issuing a total of 11,385,000 common shares. The Company participated in this bought deal and acquired an additional 3,083,536 common shares of NUAG for a cost of approximately $7.8 million. As a result, the Company’s ownership in NUAG increased to 27.99%, and has recognized a dilution loss of $0.3 million in the unaudited condensed consolidated interim statements of (loss) income.

The summary of the investment in NUAG common shares and its market value as at the respective reporting dates are as follows:

As at December 31, 2025, the Company owned 51,426,988 common shares of NUAG (March 31, 2025 – 46,907,701), representing an ownership interest of 27.96% (March 31, 2025 – 27.31%).

Tincorp Metals Inc. (“TIN”), formerly Whitehorse Gold Corp., is a Canadian public company listed on the TSX Venture Exchange (symbol: TIN). The Company accounts for its investment in TIN using the equity method as it is able to exercise significant influence over the financial and operating policies of TIN.

In January 2024, the Company and TIN entered into an interest-free unsecured credit facility agreement with no conversion features (the “Facility”) to allow TIN to advance up to $1.0 million from the Company. Upon signing the Facility, the Company advanced $0.5 million to TIN and received 350,000 common shares of TIN as the Bonus Shares for granting the Facility. In April 2024, the Company provided the remaining $0.5 million to TIN. The Facility has a maturity date of January 31, 2026. The Facility’s maturity was extended in January 2025 to January 31, 2026, and subsequently extended again in January 2026 to January 31, 2027.

As at December 31, 2025, the Company owned 20,738,698 common shares of TIN (March 31, 2025 – 19,864,285), representing an ownership interest of 29.1% (March 31, 2025 – 29.15%).

The summary of the investment in TIN common shares and its market value as at the respective reporting dates are as follows:

The following tables set out selected quarterly results for the past eleven quarters as well as selected annual results for the past two years. The dominant factors affecting results presented below are the volatility of the realized selling metal prices and the timing of sales.

Net loss attributable to equity shareholders of the Company in Q3 Fiscal 2026 was $15.8 million or $0.07 per share, compared to net income of $26.1 million or $0.12 per share in Q3 Fiscal 2025. The loss was mainly due to the impact of a $60.2 million non-cash charge on the mark-to-market of the fair value of derivative liabilities.

The adjusted net income attributable to equity shareholders of the Company¹ was $47.9 million or $0.22 per share, after excluding the $60.2 million non-cash charge on the fair value of derivative liabilities, $6.3 million of non-cash or one-time expenses, and the $1.1 million gain on mark-to-market of investments, compared to $22.0 million or $0.10 per share in Q3 Fiscal 2025.

The adjusted EBITDA attributable to equity shareholders of the Company¹ was $66.7 million or $0.30 per share, compared to $40.1 million or $0.18 per share in Q3 Fiscal 2025.

Revenue in Q3 Fiscal 2026 was $126.1 million, up 51% compared to $83.6 million in Q3 Fiscal 2025. The increase is mainly attributable to the increases of 80% and 58% in the selling prices of silver and gold, respectively.

The following table summarizes the metals sold, net realized selling price and revenue achieved for each metal.

The following table is a comparison among the Company’s average net realized selling prices, prices quoted on the SME, and prices quoted on the London Metal Exchange (“LME”) in Q3 Fiscal 2026 and Q3 Fiscal 2025:

Compared to Q3 Fiscal 2025, the average realized selling prices of silver and gold in Q3 Fiscal 2026 increased by 80% and 58%, respectively, while the average silver and gold prices quoted on the SME increased by 70% and 56%, and the average silver and gold prices quoted on the LME increased by 76% and 56%, respectively.

¹ Non GAAP measures, please refer to section 12 for reconciliation.

Costs of mine operations in Q3 Fiscal 2026 were $49.0 million, down 10% compared to $54.4 million in Q3 Fiscal 2025. Items included in costs of mine operations are as follows:

Production costs expensed in Q3 Fiscal 2026 were $29.0 million, up $2.2 million compared to $26.9 million in Q3 Fiscal 2025. The increase was mainly due to a 15% increase in ore processed to produce the metals sold, partially offset by the decrease in per tonne production cost at the Ying Mining District.

The increase in the mineral resource taxes was mainly due to higher revenue achieved.

Items included in government fees and other taxes are as follows: