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Apollo Minerals Limited - Reopening the world's highest grade tungsten mine

Writen by Scott Finlay

Apollo Minerals Limited (ASX:AON) is an Australian Securities Exchange-listed tungsten-gold company with projects in the Pyrenees region of Southern Europe. In May 2016 the company was restructured with new management and capital that enabled it to acquire an 80% interest in the Couflens Project (July 2017) in southern France and a 75% interest in the Aurenere Project  (April 2018) in northern Spain.

Based on historical production figures, remaining resources, updated capital and operating costs it can be argued that Salau may be worth between US$60-90mln and that if Aurenere turned out to be of similar size, then a similar valuation would apply. In addition, the stand-alone gold potential would need to be included so any estimate of company value at this stage would be unhelpfully broad. In our opinion, the market seems to have placed about half the value on the tungsten assets at Salau and the rest on the track record of the management team. We look forward to an active field season in 2018 where we expect to see further results from the field.

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