Apollo Minerals Revives Historic French Tungsten Mine with Permit Reinstatement

Reinstatement of Couflens Permit Revives Strategic Tungsten Project

Apollo Minerals Limited (ASX, AON) has announced the reinstatement of its Couflens exploration permit in France for a five-year term, a significant development for the company’s European portfolio. The permit covers the historic Salau mine, once one of the world’s highest-grade tungsten producers, which operated from 1971 to 1986. The French Ministry’s Directorate General for Energy and Climate formally notified Apollo Minerals of the permit’s reinstatement, following a protracted legal process involving multiple appeals and court rulings.

The Salau mine historically yielded approximately 930,000 tonnes of ore at an average grade of 1.5% tungsten trioxide (WO3), producing nearly 14,000 tonnes of concentrate. Notably, production grades increased to 2.5% WO3 in later years. Apollo’s recent exploration efforts have uncovered significant gold mineralisation associated with the tungsten system, including surface rock chip samples grading up to 24.5 grams per tonne (g/t) gold and tungsten assays reaching 8.25% WO3. These findings suggest a dual commodity opportunity that was previously underestimated, as gold was not historically recovered or modelled during mining operations.

Expanding Exploration Potential in Gabon and Serbia

Beyond France, Apollo Minerals continues to advance its African assets. In Gabon, the Salanie Gold Project has demonstrated encouraging gold mineralisation along a 12-kilometre greenstone belt, with quartz veining identified as a key host. Meanwhile, the Kroussou Zinc-Lead Project has defined an initial exploration target ranging from 140 to 300 million tonnes at grades between 2.0% and 3.4% zinc plus lead. The mineralisation is notably shallow, averaging just 15 metres depth, which could facilitate low-cost open-pit mining.

In Serbia, the company is progressing its Belgrade Copper Project, focusing on the Studena and Kopajska Reka prospects. Apollo has divested certain licences to Bindi Metals Limited, streamlining its portfolio to concentrate on priority copper assets. However, the Lisa Licence Application remains under appeal after being initially rejected, highlighting ongoing regulatory challenges in the region.

Capital Raising and Financial Position

To support its exploration and development activities, Apollo Minerals has secured commitments from investors to raise approximately A$5.75 million through the issue of around 213 million new shares. Additionally, company directors and officers have subscribed for approximately 29.3 million shares, raising a further A$0.8 million subject to shareholder approval. As of 31 December 2025, the company held cash and cash equivalents of A$234,000, with total available funding including unused finance facilities at approximately A$680,000. Operating cash outflows for the quarter were A$249,000, reflecting ongoing exploration expenditure.

Strategic Importance of Tungsten and Next Steps

Tungsten’s classification as a critical raw material by the European Union and its inclusion among the British Geological Survey’s top ten critical materials underscores the strategic value of Apollo’s Couflens project. The company is currently reassessing historical data and designing exploration programs to unlock value, with plans to engage key stakeholders in France imminently. Meanwhile, the potential to reprocess tailings for residual tungsten and gold adds another dimension to the project’s economics.

With exploration targets defined and legal uncertainties largely resolved, Apollo Minerals is positioned to advance drilling and resource definition activities across its portfolio. The company’s multi-commodity approach spanning tungsten, gold, zinc, lead, and copper offers diversified exposure to critical minerals essential for green technologies and industrial applications.