Apollo Minerals Limited (ASX: AON), Perth-based, is a multi-project explorer with four current assets. FLAGSHIP: the Couflens Tungsten-Gold Project, a 42km2 exploration licence in Ariège, southern France, centred on the historic Salau mine -- one of the world's highest-grade tungsten mines when it operated 1971-1986. Apollo has digitised and validated 950 historical diamond drill holes and 2,700 underground face samples, revealing outstanding historical tungsten intercepts (up to 5.3% WO3) at the unmined Veronique Zone, plus significant gold values at surface (rock chips up to 24.5 g/t Au) -- the project is explicitly named for both metals, not tungsten alone. Apollo secured a dual listing on Euronext Growth Paris (ticker ALAON, trading from 30 June 2026) specifically to support Couflens' European profile. A JORC resource estimate for Couflens is in development (per the company's own 2026 disclosures) but not yet published. Secondary: the Salanie Gold Project in Gabon (Phase 2 drilling completed across the A1/A3/P6 prospects in 2026, assay results pending at last report) and the Belgrade Copper Project in Serbia are both pure early-stage exploration with no resource estimate. Apollo also holds 100% of the Kroussou Zinc-Lead Project in Gabon (2,363.5 km2 across two licences); some data providers still describe Kroussou as the flagship, but the company's own site and news flow present Couflens as the flagship. In Jan/Feb 2026 Apollo raised A$9.3M across two placements, with institutional resource fund Tribeca Investment Partners taking a 5.6% substantial holding.
Lifecycle Milestones
Jurisdiction (40%)8/10
Flagship project (Couflens) sits in Ariège, France -- an EU/OECD member state with a top-tier legal system and no expropriation risk, but real, non-trivial permitting friction specific to reopening a historic underground mine after 40 years dormant: French mining-permit (concession/PER) processes are slow and have a documented recent history of local/environmental opposition to new extractive projects (e.g. the Imerys lithium project in the same Ariège department drew organized local resistance). Scored below Australia/Canada (9) but above typical West/Central African jurisdictions on that basis -- real Tier-1 rule of law, real permitting-speed and social-license risk.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Couflens Tungsten-Gold Project (historic Salau mine), Ariège, France (checked Sep 26, 2026; recheck due Mar 25, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:1/10
Stage: Grassroots Exploration
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:8/10
France: jurisdiction score 8/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Non-Executive Director of Apollo Minerals Limited (ASX: AON). BSc (Economics), ACA. Over 25 years in finance and commerce; currently a consultant to Juniper Capital. Source: apollominerals.com/about-us/board-and-management/.
Chief Financial Officer & Company Secretary of Apollo Minerals Limited (ASX: AON). B.Com, CA. Company Secretary for several other ASX-listed resource companies; career began at a major international accounting firm specialising in mining exploration and development. Source: apollominerals.com/about-us/board-and-management/.
Chairman of GreenX Metals Limited; also Chairman of Berkeley Energia Limited and Apollo Minerals Limited and Non-Executive Chairman of Constellation Resources Limited. Chartered Accountant with a Bachelor of Commerce degree. Worked for a large international chartered-accounting firm before joining the Normandy Mining Group, where he was a senior group executive for approximately 10 years. Currently a director of multiple publicly listed resources companies.
Managing Director of Apollo Minerals Limited (ASX: AON). Geologist (M.Sc, B.Sc, FAusIMM) with 30+ years international experience in exploration and mining, particularly base metals, gold and specialty metals. Led the geological team for the Panda Hill Niobium Project in Tanzania and recently assisted Odyssey Gold Limited with Western Australian project acquisitions. Source: apollominerals.com/about-us/board-and-management/.
Acting Managing Director of Berkeley Energia Limited and a non-executive director of Apollo Minerals Limited and Constellation Resources Limited. Geologist with 30+ years in international mining; former MD of Mantra Resources and Papillon Resources; Fellow of the Australian Institute of Mining and Metallurgy.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Apollo Minerals' flagship is the Couflens tungsten-gold project, a 42 km2 exploration licence in Ariège, southern France, centred on the historic Salau mine, one of the world's highest-grade tungsten mines when it operated from 1971 to 1986. The company has digitised and validated 950 historical diamond drill holes and 2,700 underground face samples, which show tungsten grades of up to 5.3% WO3 at the unmined Veronique zone, and surface rock chips have returned up to 24.5 g/t gold. A JORC resource estimate for Couflens is in development, and no resource has yet been published on any of Apollo's projects. Apollo began trading on Euronext Growth Paris on 30 June 2026 in a dual listing intended to support Couflens' European profile. It also holds the Salanie gold project in Gabon, where Phase 2 drilling was completed in 2026, the Belgrade copper project in Serbia and 100% of the Kroussou zinc-lead project in Gabon.