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.
Beyond its tungsten pedigree, Couflens has demonstrated gold potential, with surface rock chips returning grades as high as 24.5g/t gold.
Apollo’s geological team has confirmed that this mineralisation extends to depths of at least 600m, offering substantial scale for a multi-metal operation.
Managing Director Neil Inwood noted that the "overwhelming response" from investors provides a solid platform to unlock the untapped regional potential of the 42km2 license area.
At the time of reporting, Apollo Minerals’ share price was $0.041.