Key Highlights

  • Apollo Minerals shares were up 7.69% at $0.042 at 11:55 am during the 22 October 2026 session, while the S&P/ASX 200 was down 0.64%.
  • The September 2026 quarterly report, dated 22 October 2026, covered a BRGM airborne survey and a historical data review at the Couflens tungsten-gold project in France.
  • Cash and cash equivalents were $6.4 million at 30 September 2026, with listed investments of $0.4 million.

During the Trading session on 22 October 2026, shares in Apollo Minerals Limited (ASX:AON) were up 7.69% at $0.042 at 11:55 am. In the same session the S&P/ASX 200 stood at 8,774.90, down 0.64% (56.40 points), while the All Ordinaries stood at 8,897.80, down 0.66%. Apollo Minerals is a Perth-based explorer focused on the Couflens Tungsten-Gold Project in France, and it also holds zinc-lead ground in Gabon.

About the Company

Apollo Minerals Limited trades on the ASX under the code AON and has its head office at Level 9, 28 The Esplanade, Perth. In its report dated 22 October 2026, the company said it has also completed an admission ceremony for its listing on the Euronext Growth Paris Exchange.

Its projects are in France, where Couflens sits in the Ariège department 130 kilometres south of Toulouse near the Spanish border, and in western Gabon, where the Kroussou Zinc-Lead Project lies about 220 kilometres south-southeast of Libreville.

Business Overview

Couflens is held 100% through the Couflens exploration licence, which covers 42 square kilometres centred on the historical Salau mine. Salau operated from 1971 to 1986 and is reported to have produced about 930,000 tonnes at an average 1.5% WO3, yielding roughly 13,950 tonnes of WO3 in concentrate. Surface rock chips have returned up to 8.25% WO3 and up to 24.5 g/t gold.

Kroussou covers 2,363.5 square kilometres. The company has identified 23 zinc-lead target prospects, six of which have been drill tested, and reports a conceptual Exploration Target of 140 to 300 million tonnes at 2.0% to 3.4% zinc plus lead. It also holds the Salanie Project in Gabon, and the company reports 100% interests in all three licences.

Airborne Survey With the French Geological Survey

In its Quarterly Report dated 22 October 2026, Apollo said it partnered with the French Geological Survey (BRGM) and its Subsidiary BRGM Explore on a detailed airborne geophysical survey over key areas of Couflens. The work formed part of the national mineral resources inventory project carried out for the French State.

The survey covered 180 line kilometres, or about 19 square kilometres, of helicopter-borne magnetic and radiometric data on 100-metre line spacing, within a broader 500-metre-spaced regional Pyrenees survey. The company said results are expected to be received and processed in the coming months.

Historical Data Review at Salau

The report also outlined progress on a review of historical records. More than 10,000 pages have been captured, and the current data set includes 950 diamond holes and 2,700 underground face samples. The review defined a new Véronique-Upper Zone, with intercepts of up to 4.3 metres at 1.3% WO3, adjoining the Véronique Zone, which has returned up to 20 metres at 1.4% WO3.

The company said the Véronique and Véronique-Upper target area, with trends of over 400 metres along strike and 600 metres along dip, will be the immediate focus of Phase 1 drilling.

Permit Position and Cash

The report reviewed the legal history of the Couflens permit, granted by ministerial decree in October 2016. It stated that the Conseil d'Etat annulled the earlier annulment of the permit, reinstating the decree, and that the company withdrew its compensation claim during the quarter.

At 30 September 2026 Apollo held cash and cash equivalents of $6.4 million, plus shares in Constellation Resources and Bindi Metals valued at about $0.4 million.

Related Sector Context

Tungsten is used in defence, advanced Manufacturing and green and digital technologies, and the report notes that the European Union's Critical Raw Materials Act of 2024 classified it as both critical and strategic. Explorers in this segment generally advance through data review, drilling and permitting.

At 11:55 am on 22 October 2026, both the S&P/ASX 200 and the All Ordinaries were lower, while Apollo was trading higher.

Risks to Weigh In

Apollo remains an explorer without a defined Mineral Resource at either project, and the Kroussou Exploration Target is described by the company as conceptual. Underground drilling at Salau depends on finalising environmental, safety and access reports and on approvals before refurbishment of the workings can begin.

The permit has also been the subject of lengthy litigation, and the survey results are still to be processed.

Catalysts on Watch

The report lists upcoming items including receipt and processing of the BRGM survey results in the coming months, continued review of historical drilling below the 1320 level, planning for an initial low-impact underground drill program at the Véronique zone, and finalisation of environmental, safety and access reports. Once approved, mine access is expected to be granted for refurbishment of the underground workings.

Putting It Together

Apollo Minerals traded higher during the 22 October 2026 session while both benchmarks were lower. Its September 2026 quarterly report describes survey work, historical data validation and permitting steps at Couflens, with drilling plans still contingent on access approvals.