Highlights

  • Apollo closed unchanged at AUD 0.054 on 6 November 2026, with a 440% annual share-price gain.
  • An airborne magnetic and radiometric survey covered approximately 19 square kilometres at Couflens.
  • Quarter-end cash was AUD 6.4 million, with underground exploration dependent on access and preparatory approvals.

Apollo Minerals Limited (ASX:AON) explores and develops mineral projects, with its September 2026 activities focused on the Couflens tungsten-gold project in France. Its work combines geological data review, geophysical surveying and preparations for underground exploration. Shares closed at AUD 0.054 on 6 November 2026, unchanged for the session and up 440% over the year.

Annual appreciation turns attention to project delivery

The annual share-price gain places Apollo Minerals (ASX:AON) among the companies with substantial market appreciation. Its operational program, however, remains centred on preparing exploration rather than reporting current production. The next evidence will come from access arrangements, validated geological information and the proposed drilling program.

In its 22 October 2026 quarterly report, the company outlined continuing permitting, studies and engagement with government and local stakeholders. Discussions with prospective contracting partners were aimed at advancing mine access and preparing for underground work. Those activities represent steps towards exploration and do not establish a completed mine restart.

Geophysics and data review refine drilling priorities

During the September quarter, Apollo Minerals (ASX:AON) completed an airborne geophysical survey over key parts of Couflens through collaboration with the French Geological Survey. The program comprised 180 line-kilometres of helicopter-borne magnetic and radiometric surveying, covering approximately 19 square kilometres on 100-metre line spacing.

The company expected the results to support exploration targeting, geological models and structural interpretation once received and processed. Survey completion and interpretation are separate stages: the resulting targets will still need geological assessment and testing.

Apollo Minerals (ASX:AON) also continued its review of archived reports, sections and drilling records. More than 10,000 pages had been captured, with the identified dataset including 950 diamond holes and 2,700 underground face samples. The review directed attention to the Véronique and Véronique-Upper target areas for the first drilling phase.

Access, technical work and cash frame the next phase

The planned initial underground program would twin existing holes, test the broader mineralised width and examine extensions to known mineralisation. The company reported target trends exceeding 400 metres along strike and 600 metres along dip. These dimensions describe the target area and do not constitute a new mineral resource estimate.

Apollo Minerals (ASX:AON) was finalising environmental, safety and access reports. Completion and approval of that work were expected to precede mine access and refurbishment of underground workings for drilling. It also planned further review of processing information and metallurgical work.

Cash and cash equivalents stood at AUD 6.4 million at quarter-end, alongside listed investments of AUD 0.4 million. These balances provide context for the next exploration phase, while actual expenditure will depend on the program undertaken. Access timing, drilling results and technical interpretation remain material uncertainties.

Key Insights

Apollo Minerals (ASX:AON) combines a 440% annual share-price gain with a Couflens program still moving through preparation and targeting. The meaningful next milestones are approval of access-related work, commencement of the intended drilling and publication of validated results. Share appreciation does not establish the economic viability or timing of a future Mining operation.