Key Highlights

  • Apollo Minerals’ ordinary shares were admitted to Euronext Growth Paris under ticker ALAON on 26 June 2026.
  • The historic Salau mine contains approximately 930,000 tonnes at 1.5% tungsten trioxide with 24 kilometres of underground development.
  • The Couflens permit covers 42 square kilometres, reinstated with a five-year term and a minimum €25 million financial commitment.
  • Historical data review identified unmined zones including Veronique-Upper, with intercepts up to 4.3 metres at 1.3% tungsten trioxide.

Apollo Minerals (ASX:AON) is now best understood as a European tungsten explorer, because its main asset is the Couflens project in the French Pyrenees, built around the historic Salau mine, and its shares have been cross-listed in Paris to match.

 

A change of centre of gravity

Apollo Minerals Limited has been listed on the ASX since October 2007 and its securities are ordinary shares. The ASX sector classification is Materials. The ASX profile still describes Kroussou in Gabon as its focus, which is outdated.

On 26 June 2026 the company announced that Euronext had approved admission of its ordinary shares to Euronext Growth Paris, under the ticker ALAON. No new shares were issued, and the ASX Code remains AON.

 

Why Salau matters

Tungsten is classed as a critical and strategic raw material under the European Union Critical Raw Materials Act. The Salau mine operated from 1971 to 1986, and the company cites about 930,000 tonnes of ore at 1.5 per cent tungsten trioxide, with roughly 24 kilometres of underground development.

Apollo owns the 42 square kilometre Couflens licence through a French subsidiary. The permit was reinstated after a Conseil d'Etat decision, with a five-year initial term and a minimum financial commitment of €25 million.

 

The evidence so far

The work to date is mostly a review of historical data. Apollo scanned more than 10,000 pages of archive material, compiling 950 diamond holes and 2,700 underground face samples.

On 24 August 2026 it identified further unmined zones, including Veronique-Upper, with historical intercepts of up to 4.3 metres at 1.3 per cent tungsten trioxide. Historical Mining used a cut-off near 0.7 per cent, so some mineralised intervals were never sampled.

The main Véronique zone has a historical intercept of 20 metres at 1.4 per cent, and was mined at about 2.5 per cent in Salau's final year. The company sees trends of over 400 metres along strike and 600 metres down dip.

These are historical, exploration-stage results rather than a Mineral Resource, and the company has not yet estimated one. Widths are down-hole, with true widths estimated at 60 to 100 per cent of them.

Gold is a secondary theme: rock chips have returned up to 24.5 grams per tonne, and the company says historical drilling confirmed gold to 600 metres depth.

In September 2026 the company reported a helicopter-borne magnetic and radiometric survey, with the French Geological Survey, over about 19 square kilometres. Processing is expected over coming months.

 

Funding and other assets

Cash at 30 September 2026 was A$6.4 million, down from A$7.7 million at 30 June, with no borrowings. Operating outflows were A$1.26 million, including A$405,000 of exploration and A$516,000 of Business development, which included Euronext listing fees.

Including about A$390,000 of listed shareholdings, the company estimates 5.4 quarters of funding at the current outflow.

Kroussou, a zinc-lead project in Gabon, carries a conceptual exploration target of 140 to 300 million tonnes at 2.0 to 3.4 per cent combined zinc and lead. No Mineral Resource has been estimated there, and only six of 23 identified prospects have been drill-tested. The licences are valid to March 2028 and April 2029. In Serbia, an application for the Lisa licence was not granted and is under appeal.

 

Risks and milestones

The main risks are permitting, since underground access requires approval; the cost of a long programme against a modest cash balance; and the possibility that drilling does not confirm historical results. Further Equity raisings are possible, and could dilute existing holders.

Next steps include Phase 1 drilling at Véronique and Véronique-Upper, followed by a low-impact underground programme, but no start dates are given. The Annual General Meeting notice was lodged on 14 October 2026.