Apollo Minerals ended 2026 with A$7.74 million in cash and no debt after raising A$9.3 million, but remains a loss-making explorer with no JORC Mineral Resources or production. The company is now concentrating its exploration story on the reinstated Couflens tungsten-gold project in France, while carrying a conceptual zinc-lead target in Gabon.
- A$9.3 million raised during the year, including A$2.8 million from Tribeca
- Cash increased to A$7.74 million with no debt at 30 June 2026
- Couflens exploration permit reinstated in France in January 2026
- A$5.74 million group loss included a A$1.29 million Serbian project impairment
- Kroussou Exploration Target spans 140-300 million tonnes at 2.0-3.4% Zn+Pb
Cash raised, but production remains a distant proposition
Apollo Minerals Limited (ASX:AON) has bought itself more room to explore, not yet a mining business. The company finished the year ended 30 June 2026 with A$7.74 million in cash, no debt and A$14.59 million in net assets after completing placements totalling A$9.3 million before costs.
The capital raising included A$6.5 million from the issue of approximately 242.3 million shares and a further A$2.8 million placement to Tribeca Investment Partners, which became a substantial shareholder with about 5.6%. Apollo also issued shares through option exercises, taking ordinary shares on issue to approximately 1.26 billion at year-end. The funding strengthened the balance sheet, but it also highlights the capital-intensive nature of the company’s strategy: Apollo states that further financing will be required for exploration and development.
Couflens permit reinstatement puts France first
The strategic centre of gravity is Couflens in southern France, where Apollo is pursuing the historical Salau tungsten mine and surrounding exploration ground. The Couflens exploration permit was reinstated in January 2026 following the French administrative process, with the company reporting an initial five-year term and a minimum financial commitment of €25 million based on the original work plan.
Salau operated from 1971 to 1986 and is reported to have produced about 930,000 tonnes of ore at an average grade of 1.5% WO3. Apollo’s review of historical data identified 950 diamond holes and 2,700 underground face samples, with the unmined Veronique Zone below the 1320 level a priority for follow-up work. Historical results cited in the report include surface rock-chip values of up to 8.25% WO3 and gold grades of up to 24.5 grams per tonne, although these are exploration results rather than a current Mineral Resource estimate.
European listing adds a financing ambition
Apollo’s shares were admitted to Euronext Growth Paris under the ticker ALAON during the year. The company describes the cross-listing as a way to improve its profile among European investors and align the project with Europe’s effort to secure domestic supplies of critical raw materials. Tungsten is classified by the European Union as both a Critical and Strategic Raw Material, with potential benefits for projects that secure strategic status under the Critical Raw Materials Act.
That policy backdrop may improve the relevance of a French tungsten project, but it does not remove the technical and permitting hurdles. Apollo’s stated next steps are surface exploration, metallurgical test work, targeted drilling and technical studies, including a conceptual mining study. The company has not yet reported a JORC Mineral Resource or Ore Reserve at Couflens.
Gabon target remains conceptual after Serbian impairment
Apollo’s Kroussou zinc-lead project in Gabon carries an initial JORC-compliant Exploration Target of 140 million to 300 million tonnes grading between 2.0% and 3.4% combined zinc and lead. The estimate covers only six of 23 target prospects and implies conceptual contained metal of 4.8 million to 5.8 million tonnes. The report is explicit that the target is conceptual, is not a Mineral Resource and may not result in one after further exploration.
Financially, the group remains firmly in the exploration phase. Apollo recorded a A$5.745 million loss for the year, including A$2.362 million of exploration and evaluation expense, A$892,873 of business development costs and a A$1.286 million impairment that reduced the Belgrade Copper Project in Serbia to nil. Operating cash outflow was A$3.45 million, while share-based payment expense rose to A$662,605. The immediate question is whether the new capital can convert geological potential into a defined resource before another funding cycle becomes necessary.
Bottom Line?
Apollo has funding and a reinstated French permit, but the investment case still depends on drilling, permitting and technical work producing a JORC resource before the cash balance is consumed.
Questions in the middle?
- How quickly will Apollo move from historical data review to drilling at the Veronique Zone?
- Can Couflens secure strategic project status or other European support under the Critical Raw Materials Act?
- Will the company convert either Couflens or Kroussou’s exploration potential into a JORC Mineral Resource before further capital is required?