Apollo Minerals Secures Euronext Growth Paris Listing for Couflens Tungsten-Gold Project

Apollo Minerals Ltd Connects European Tungsten and Gold Exposure With Euronext Growth Paris Listing

Apollo Minerals Ltd (ASX: AON, Euronext Growth: ALAON) has commenced trading on Euronext Growth Paris following the lodgement of its Information Document with Euronext. The Apollo Minerals Euronext Growth Paris listing for the Couflens tungsten-gold project covers 1,254,232,823 existing ordinary shares under ISIN AU000000AON7, with no new shares issued.

Trading in Paris began at 9:00am CET on 30 June 2026 under ticker ALAON, aligning access to European capital markets with the company's flagship Couflens tungsten-gold project in France and secondary zinc-lead and gold exposure in Gabon.

The Information Document sets out the company's asset base, market context, financial position and planned work programmes that underpin the rationale for the dual listing.

In the Information Document, Managing Director Neil Inwood confirms he is responsible for its content and states that, to the best of his knowledge, it is fair, accurate and not subject to material omissions.

Why Euronext Growth Paris, and Why Now?

The listing rationale presented in the Information Document links the choice of Paris directly to the location of Apollo Minerals Ltd's primary asset.

The Couflens Tungsten-Gold Project, including the historic Salau mine in southern France, became the company's principal focus following the formal reinstatement of the Couflens exploration licence (PER) in January 2026 by the French authorities.

According to the Information Document, the dual listing seeks to:

• Increase local investor relevance and proximity to the France-based flagship project
• Improve visibility with institutional investors active across the Euronext network
• Diversify the shareholder base, adding continental European investors alongside the existing ASX register

The Paris admission, furthermore, provides a European trading venue for a company whose lead project is in France and whose main commodity, tungsten, has been classified in the EU as both a Critical Raw Material and a Strategic Raw Material.

Couflens and Salau: A High-Grade Historical Tungsten Mine in France

The Couflens Project covers a 42 km² exploration licence centred on the former Salau tungsten mine, approximately 130 km south of Toulouse near the Spanish border.

What Does the Historical Production Profile Show?

The Information Document summarises Salau's production history as follows:

Mining ceased in 1986 after a sharp fall in tungsten prices, despite documented remaining mineralisation and additional prospects in the permit area. No drilling has been recorded since that date.

The Information Document notes that the historical 1.5% WO₃ production grade is higher than the ~0.2% to 0.9% WO₃ range commonly reported by many listed junior tungsten projects outside China.

Recent Historical Data Review Around the Veronique Zone

In April 2026, Apollo Minerals Ltd reported that a first phase historical data review focused on drilling around the unmined Veronique Zone, below the 1,320 metre level.

The review compiled:

• 950 diamond drill holes (exploration and grade control)
• 2,700 underground face samples

Significant historical tungsten intercepts adjacent to the unmined Veronique Zone include:

• 20.0 m @ 1.4% WO₃
• 12.6 m @ 1.6% WO₃
• 9.2 m @ 2.1% WO₃
• 9.1 m @ 2.0% WO₃
• 9.5 m @ 1.7% WO₃
• 7.6 m @ 2.1% WO₃
• 5.4 m @ 2.9% WO₃
• 5.1 m @ 3.0% WO₃
• 10.7 m @ 1.4% WO₃
• 7.7 m @ 1.9% WO₃

The Information Document records that many historical drill intervals logged with visible scheelite (the tungsten-bearing mineral at Salau) were not sampled, as the former operator applied a visual cut-off aligned with a 0.7% WO₃ mining threshold.

These unsampled zones, including intervals within and adjacent to interpreted ore lenses, are described by the company as potential upside for future validation drilling. Consequently, further data validation is now being extended to other zones within the Salau mine, including Christine, Quer de l'Aigle and Bois d'Anglade, as well as areas of remnant mineralisation around previously mined zones.

Gold Potential at Couflens

Historically, gold was not routinely assayed during Salau's operating life and was only recognised late in the mine history. Subsequent work by Apollo Minerals Ltd and earlier studies referenced in the Information Document outline several gold indications:

• Rock chip sampling around the Fourque granodiorite margins returned gold grades up to 24.5 g/t Au and tungsten grades up to 8.25% WO₃ from surface skarn outcrops
• Historical channel sampling in the lower Veronique Zone reported 5.8 m @ 11.0 g/t Au
• Tailings sampling produced gold grades up to 8.94 g/t Au and an average tungsten grade of 0.49% WO₃ from 34 samples (with individual tungsten assays up to 4.04% WO₃, excluding one outlier)

According to the Information Document, more recent geological work indicates that gold is associated with higher-temperature hydrothermal fluids focused along east–west fault structures within the La Fourque granodiorite. The key structures identified as priority gold targets are:

• Veronique Fault
• Christine Fault
• Bois de la Fourque Fault

Gold has been recorded both at surface and at depths around 600 m, suggesting vertical extent across the system.

Educational Focus: What WO₃ Grade Means for Tungsten Projects

For investors less familiar with tungsten, the Information Document provides useful context around how grade is measured and why it matters.

What Is WO₃ Grade?

• WO₃ stands for tungsten trioxide, the chemical form used to report tungsten content in ore.
• Grade is expressed as a percentage of WO₃ in the rock. For example, 1.5% WO₃ means 1.5 kg of tungsten trioxide per 100 kg of ore.
• At Salau, tungsten occurs mainly in scheelite (calcium tungstate, CaWO₄), a common tungsten mineral in skarn deposits.

Higher WO₃ percentages generally indicate that less rock must be mined and processed to obtain the same amount of contained tungsten, which can have a material effect on potential project economics.

The Information Document points out that historical Salau production averaged 1.5% WO₃, while many current junior tungsten projects outside China report mineralisation in the 0.2–0.9% WO₃ range. This comparison is presented purely on grade and does not substitute for full economic analysis, but it provides a simple benchmark for investors comparing tungsten projects.

What Is APT and How Is Tungsten Priced?

The main refined product used to price tungsten is Ammonium Paratungstate (APT).

• APT is quoted in USD per metric ton unit (MTU)
• 1 MTU = 10 kg of WO₃

APT prices have moved sharply in recent years, as summarised in the Information Document:

The Q1 2026 price is described as reflecting exceptional supply tightening, linked to Chinese export restrictions, lower mining quotas in China, and strong demand from defence and advanced manufacturing sectors. This pricing backdrop is particularly relevant context given that France currently has no domestic tungsten production.

Gabon Portfolio: Kroussou Zinc-Lead and Salanie Gold

While Couflens is now categorised as the primary strategic focus, Apollo Minerals Ltd retains two active exploration licences in western Gabon, together covering 2,363.5 km²:

• Kroussou Zinc-Lead Project (G4-569) – valid to March 2028
• Salanie Gold Project (G4-456) – valid to April 2029

Kroussou Zinc-Lead Exploration Target

At Kroussou, the Information Document references an initial JORC-compliant Exploration Target estimated by independent Competent Person Vannessa Clark-Mostert. The target spans six of 23 identified prospects where modern diamond drilling has been completed.

The Information Document stresses that this is an Exploration Target, conceptual in nature, and that there has been insufficient exploration to estimate a Mineral Resource. It is therefore uncertain whether further work will result in a Mineral Resource.

A 0.75% net smelter royalty over Kroussou is held by Havilah Consolidated Resources; however, Apollo Minerals Ltd has the right to acquire this royalty for US$250,000.

Salanie Gold Project

At Salanie, phase 2 diamond drilling in FY2025 comprised 14 holes for 1,695 m, targeting the A1, A2, A3 and P6 prospects. Key reported intercepts include:

• A1 prospect: 11.7 m @ 4.3 g/t Au from 9.6 m, including 5.8 m @ 8.2 g/t Au from 15.5 m (late 2024 programme)
• Phase 2 follow-up included 3.8 m @ 1.3 g/t Au from 17.5 m and 1.0 m @ 0.8 g/t Au from 75 m

The project covers a 12 km-long Archaean greenstone belt, with historical records citing recovered grades up to 12 g/t Au, and trench samples containing visible gold up to 429 g/t Au. In addition, over 3,000 soil samples have been collected regionally, with multiple gold-in-soil anomalies defined along the belt.

Financial Position, Capital Structure and Funding Runway

Apollo Minerals Ltd remains an exploration-stage company with no mining revenue. Its recent financial performance reflects exploration expenditure and corporate overhead.

Summary Financial Performance

Key points noted in the Information Document include the following:

• The FY2025 net loss increase was mainly due to a 58% rise in exploration expenditure, reflecting higher drilling and field activity, particularly at Salanie
• Corporate and administration costs remained stable at ~$0.67 million in both FY2024 and FY2025
• H1 FY2026 included a $1.29 million impairment relating to Serbian exploration assets, which were subsequently written down to nil

Post-Period Capital Raisings

After 31 December 2025, Apollo Minerals Ltd raised gross proceeds of $9.34 million before costs:

As at 31 March 2026, the company reported cash of approximately $8.9 million and an estimated funding runway of around 9 quarters, based on recent operating cash outflow rates.

Apollo Minerals Ltd also held listed investments valued at approximately $0.4 million (2.3 million shares in Constellation Resources and 0.8 million shares in Bindi Metals).

The Couflens PER carries a minimum financial commitment of €25 million over an initial five-year work programme, based on the original 2016 application. The Information Document states that discussions are underway with relevant French authorities regarding a possible adjustment of this commitment.

For calendar 2026, Couflens expenditure priorities are estimated at ~€1 million, mainly for restoration works, environmental and safety studies, and permitting required for re-access to historic underground workings.

Tungsten Market Concentration and Policy Context

The Information Document highlights the concentrated nature of global tungsten supply:

• Around 90% of global tungsten ore production originates from China
• Approximately 80% of processing capacity is Chinese-controlled
• Global tungsten demand is estimated at 100–140 ktpa WO₃

Policy developments relevant to tungsten include the EU Critical Raw Materials Act (CRMA), which classifies tungsten as both a Critical and a Strategic Raw Material. CRMA targets include at least 10% of annual consumption of strategic raw materials supplied from EU extraction, at least 40% from EU processing, and no more than 65% of annual consumption at any processing stage from a single third-country supplier.

In the United States, furthermore, DFARS rules will restrict the use of Chinese tungsten in defence supply chains from January 2027. These measures are presented in the Information Document as market context rather than as project-specific support.

Competitive Positioning of Apollo Minerals Ltd's Tungsten Exposure

The Information Document identifies several listed companies with tungsten projects as comparators:

Within this peer set, Apollo Minerals Ltd considers Couflens differentiated on several features:

• Location in France within the EU
• Presence of substantial historical underground workings (~24 km)
• Historical production grade of 1.5% WO₃
• Documented gold mineralisation associated with key structural corridors

These elements frame Couflens as a tungsten-gold exploration and potential redevelopment story in a European jurisdiction where historical production data and existing infrastructure could, subject to further work and permitting, shorten the path to modern evaluation.

Planned Work Programmes in France and Gabon

The Information Document outlines clear near-term and medium-term work plans for both the French and Gabonese assets.

Near-Term Priorities at Couflens (2026)

For calendar 2026, the planned programme includes:

• Restoration and safety works to prepare for safe underground access
• Environmental and safety studies in line with French regulatory requirements
• Permitting activities to re-open access to historic workings at Salau
• Continued digitisation and validation of historical drilling and sampling data for Veronique, Christine, Quer de l

Want to Learn More About Apollo Minerals' Couflens Tungsten-Gold Project and Euronext Growth Paris Listing?

Apollo Minerals Ltd (ASX: AON, Euronext Growth: ALAON) is advancing one of Europe's most historically significant tungsten-gold projects in France, now with dual-market access for investors across both the ASX and Euronext Growth Paris. From high-grade historical production data at the Salau mine to a diversified exploration portfolio spanning France and Gabon, the company offers a compelling European critical minerals investment case. To explore the full details of the Couflens project, the company's capital structure, and its planned work programmes, visit the Apollo Minerals investor announcements page.