Apollo Minerals raises $6.5m to accelerate Couflens tungsten-gold project
Last updated: 18:40 29 Jan 2026 EST, First published: 18:29 29 Jan 2026 EST
Apollo Minerals Ltd (ASX:AON, FRA:4AP) has secured $6.5 million in fresh funding to advance exploration and development at its Couflens High-Grade Tungsten Gold Project in southern France, following strong investor support for the recently reinstated project.
The company raised $5.75 million through a placement to institutional and sophisticated investors, alongside a further $800,000 commitment from directors and officers, subject to shareholder approval. In total, Apollo will issue about 242 million new shares at an issue price of $0.027 per share.
Placement builds on Couflens permit reinstatement
The capital raise comes shortly after Apollo regained its exploration permit at Couflens, restoring a five-year runway to progress the project after a prolonged regulatory process.
Couflens hosts the historic Salau mine, which was one of the world’s highest-grade tungsten operations during its production life from 1971 to 1986. The project is widely regarded as one of Europe’s most significant undeveloped tungsten assets, with strategic importance given the metal’s role in defence, energy and advanced manufacturing.
In addition to tungsten, Couflens also carries meaningful gold potential. Apollo has reported surface rock chip results of up to 24.5 g/t gold, with gold mineralisation confirmed at depths of up to 600 metres, highlighting scope well beyond the historical mine footprint.
Strong support from existing shareholders
Apollo said the placement received significant backing from existing investors, reflecting confidence in the company’s strategy and the renewed development pathway for Couflens following the permit outcome.
The placement will be completed in two tranches. Around 212.9 million shares will be issued under the company’s existing placement capacity in early February, while the issue of about 29.3 million shares to directors and officers will be subject to shareholder approval at a meeting scheduled for mid-March.
Funds to advance exploration and development
Proceeds from the placement will be used to progress exploration and development activities at Couflens, alongside general working capital.
The issue price represents a 10% discount to Apollo’s last close of $0.03 on January 27, but was struck at a premium to recent trading levels — a 14.9% premium to the five-day volume-weighted average price (VWAP) and a 17.5% premium to the 15-day VWAP.
“We are delighted with the extremely positive and overwhelming response received by the company for the placement and wish to particularly thank existing shareholders for their continued show of support,” Apollo managing director Neil Inwood said.
“The strengthening of the balance sheet provides a solid platform for the company to unlock the significant scale opportunity and untapped regional exploration potential of the Couflens High-Grade Tungsten Gold Project in southern France.”
New shares issued under the placement are expected to settle and commence trading in early February, with director participation to follow in mid-March, subject to shareholder approval.
