Highlights

  • Apollo Minerals (ASX:AON) rose 10.53% to AUD 0.063, taking its one-year gain to about 950%.
  • Couflens in France now forms the core project focus, centred on the historic Salau tungsten mine.
  • Salau historically produced about 930,000 tonnes at 1.5% WO3 before closing in 1986.
  • Apollo ended the June quarter with AUD 7.7mn in cash and AUD 0.3mn in listed investments.

Apollo Minerals Limited (ASX:AON) rose 10.53% to AUD 0.063, extending an approximately 950% one-year gain. Turnover reached about AUD 82,000 and the company is valued near AUD 79.4mn. The scale of the rerating reflects a major shift in the Investment story, with Couflens in France and the historic Salau tungsten mine now sitting at the centre of Apollo's portfolio.

Couflens has reshaped the portfolio

Apollo's June-quarter work focused on historical data review, permitting, government engagement and planning around future access to Salau. The 42km2 Couflens permit includes a mine that historically produced about 930,000 tonnes at an average grade of 1.5% WO3, with higher grades recorded in later production years.

Tungsten is only part of the geological story

Surface work has identified tungsten mineralisation outside the historical mine area, while gold values have also been recorded across the broader permit. That gives Apollo two potential sources of value: re-assessing an old tungsten operation and testing a larger regional gold-tungsten system.

European listing broadens the Shareholder base

Apollo's shares were admitted to Euronext Growth Paris during the June quarter. The additional listing places the company closer to European Capital Markets and a policy environment increasingly focused on domestic sources of critical raw materials.

The growth case

The central opportunity is to determine whether Salau can support a modern restart and whether exploration around the historical mine materially extends the mineralised system. Existing underground development and historical production data can provide useful starting information, but modern technical work is still required.

The risks

Historical production does not guarantee a viable restart. Mine access, permitting, metallurgy, environmental requirements and development costs all need to be addressed. The 950% one-year share-price gain also means the market is already assigning materially more value to Couflens than it did a year ago.

What to watch next

Mine-access planning, permitting, drilling, regional gold targeting and any future resource work are the main milestones. Cash use will also matter as Apollo moves from historical review toward field execution.