Apollo Minerals (ASX:AON) has secured $6.5 million in capital commitments to accelerate the development of its newly reinstated Couflens High Grade Tungsten Gold Project.
The capital raising, which saw strong participation from institutional investors alongside an $0.8 million subscription from company directors, follows the French government's recent decision to grant a five-year renewal for the project's exploration permit.
Located in the Pyrenees region, Couflens houses the historic Salau mine—formerly one of the highest-grade tungsten operations globally—which Apollo intends to reopen and expand into a strategic European supplier of critical minerals.
The funding comes at a pivotal time as tungsten prices have surged due to its classification as a critical raw material by both the European Commission and the UK government.