Description of Almonty Industries Inc's Business Segments

The Company operates in a single commodity segment focused on the exploration and mining of tungsten across two regions: the Iberian Peninsula (Spain and Portugal) and the Republic of Korea. For management reporting, it is organized into five operating segments: (1) the Los Santos Mine in Spain, currently in care and maintenance, involved in exploration and prior tungsten mining sold as tungsten concentrate; (2) the Panasqueira Mine in Covilha Castelo Branco, Portugal, engaged in exploration and mining of tungsten sold as tungsten concentrate, along with production of copper and tin concentrate by-products; (3) the Valtreixal Mine in Spain, focused on exploration and evaluation of the Valtreixal tin/tungsten project; (4) Woulfe in Gangwon Province, Republic of Korea, primarily developing the Sangdong Mine; and (5) the Gentung Mine in Montana, United States, engaged in exploration and evaluation of the Gentung Tungsten Project. The Company monitors these segments separately for resource allocation and performance assessment, evaluating segment performance based on income or losses from mining operations in line with consolidated financial statements.

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Annual Report on Almonty Industries Inc Divisions, Sales by Country


Woulfe	0.15 %	of total Revenue
Panasquiera mine	99.85 %	of total Revenue
Corporate segment	4.73 %	of total Revenue
Portugal country	99.85 %	of total Revenue
South korea country	0.15 %	of total Revenue

Twelve months ended 2025
ALM s Annual Revenue by Geography and Business Segments	Sales (in millions $)	% (of total Sales)
Woulfe	0.04	0.15 %
Panasquiera mine	24.87	99.85 %
Corporate segment	1.18	4.73 %
Portugal country	24.87	99.85 %
South korea country	0.04	0.15 %
Total	24.91	100 %

Twelve months ended 2025
ALM s Annual Income by Country and Business Segments	Income (in millions $)	% (Profit Margin)
Total	-124.03	-

Twelve months ended 2025
Annual Revenue and Income Growth by Country and Business Segments	% Y/Y Sales Growth	% Y/Y Income Growth
Woulfe	84.62 %	-
Panasquiera mine	12.69 %	-
Corporate segment	76800 %	-
Portugal country	12.69 %	-
South korea country	84.62 %	-

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