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Apollo Minerals – September 2018 Quarterly Report

Completed transaction to increase ownership of Couflens Project to 100% and commenced the re-installation of mine services

HIGHLIGHTS FROM THE SEPTEMBER 2018 QUARTER

• Completed the acquisition of the remaining 20% interest in the Couflens Project in France which includes the historical high grade Salau tungsten mine

• Commenced with a program to reinstall mine services at Salau. With the exception of ventilation, all work on the main level 1230 has now been completed

• Received firm bids from a shortlist of drilling contractors for the initial drilling campaign to test multiple high-grade tungsten and gold targets within the mine

• Commenced with geophysics programs to assist with the definition of exploration targets and to improve the Company’s understanding of regional geological structures

• Commenced baseline environmental impact assessment studies initially focused on water sampling • Strengthened local community relationships with a ceremony at site to commemorate the start of works, attended by former miners and senior local politicians

• Held introductory meetings with the newly appointed Prefect of Ariege

• The Couflens Project continues to deliver increasing economic and social benefits to the local region as the Company hired more local staff and contracted more local businesses for construction and study work

• Submitted plans in support of the final phase of health and safety risk assessments within the historical mine environment. The assessments will be conducted after the reinstallation of mine services and are subject to approvals

• Tungsten prices ended the quarter at US$284/mtu

LOOKING AHEAD

Salau Mine Area:

• Interpret geophysical data obtained from initial program and submit applications for further work • Review drilling proposals, select preferred bidder and submit drill program applications after the completion of health and safety risk assessments 2

• Complete the program to reinstall mine services after relevant approvals have been obtained • Continue with the final phase of health and safety risk assessments

• Advance applications for drilling at the Aurenere project in Spain as part of the ongoing Investigation Permit application CORPORATE:

• The Company held A$4.4 million in cash and no debt at the end of the quarter

For further information please contact:

Hugo Schumann Robert Behets

Tel: +44 207 478 3900

Tel: +61 8 9322 6322

Email: info@apollominerals.com

Apollo Minerals (AON) takes a significant step as it commences reinstallation of mine services at historical Salau mine

Highlights

  • Apollo Minerals has commenced a program to re-install mine services within the historical Salau tungsten mine at the Couflens Project in France
  • The work program includes the installation of modern ventilation systems, power and cabling in the proposed working levels of the mine for the exploration phase
  • The new mine services will support the exploration programs including sampling and drilling targeted at tungsten and gold, which are planned to commence after the final phase of health and safety risk assessments
  • The Company has procured its goods from local businesses where possible and is using local contractors to complete the installation works
  • A battery storage inverter and an electric vehicle have been purchased for mine access in order to reduce energy consumption as part of the Company’s commitment to responsible mining

Apollo Minerals Limited (“Apollo Minerals” or “Company”) is pleased to advise that it has commenced with the re-installation of mine services within the historical Salau tungsten mine following the receipt of approvals by the French authorities. The Salau tungsten mine, which was one of the world’s highest-grade tungsten mines before its closure in 1986, forms the central part of the Company’s 100% owned Couflens tungsten and gold project (“Couflens Project”).

The program of works includes the widening of the current mine portal to facilitate access into the mine by truck, the installation of ventilation and cabling, the construction of walls and gates within the mine, and the removal of piping, waste material and any hazards. Permission for the works was granted by way of a prefectural approval which followed an extensive initial phase of health and safety risk assessments including air quality monitoring and geotechnical stability.

The Company anticipates completing the installations within two months, using local contractors and having sourced goods and services locally as part of its commitment to bring
benefits to the local region.

Once the installations have been completed, a final phase of health and safety risk assessments will be conducted after which exploration inside the mine will formally commence.

The Company is currently reviewing final bids from a shortlist of drilling contractors for an initial drilling campaign to test numerous high grade tungsten and gold targets within the mine.

Hugo Schumann, Executive Director, commented:
“The re-installation of mine services at Salau represents a very significant moment for the Company and for the local population after more than 30 years of the mine’s closure. The program of installations, drawing on the goods and services of local service providers, will pave the way for major exploration campaigns to follow.”

Apollo Minerals (ASX:AON) – June 2018 Quarterly Report

Received government approval for 100% ownership of the Couflens Project whilst finalising drill programs and strengthening management team

HIGHLIGHTS FROM THE JUNE 2018 QUARTER

  • Received approval from the French Ministry of Economy and Finance of the proposed acquisition of the remaining 20% interest in the Couflens Project
  • Completed the initial phase of health and safety risk assessments within the historical Salau tungsten mine, focused on geotechnical stability, air quality monitoring, ventilation tests and water quality
  • Tests confirmed excellent infrastructure servicing the historical mine and excellent ground conditions within competent granite or marble host rock
  • Submitted a proposed program of works to the French authorities for the restoration of mine services including ventilation
  • Ranked and prioritised numerous drill targets for gold and tungsten based on historical drilling data and 3D modelling completed by Company geologists
  • Submitted applications for an extensive airborne geophysics survey at the Couflens Project
  • Submitted applications for a drill program at the Aurerene Project in Spain as part of the application for an Investigation Permit
  • Strengthened management team with the appointment of Mr Hugo Schumann, an experienced European mining executive, as Executive Director
  • Co-founded the Club de Mécènes Mines du Salat to support the cultural and historical heritage of the Couserans province of France
  • Completion of A$6 million placement leading European Institutional Investors
  • Completed the listing of the Company’s former subsidiary Constellation Resources Limited, which holds Fraser Range nickel-copper and gold assets, via an Initial Public Offering (IPO) on the Australian Securities Exchange (ASX) in July 2018
  • Tungsten prices continued to strengthen, rising 6% during the quarter and ending at US$347 per mtu, the highest level since 2014

LOOKING AHEAD                             

Salau Mine Area:

  • Finalise and submit applications for drill programs for gold and tungsten within the Salau mine area
  • Final round of health and safety risk assessments to be completed in the coming months
  • Planning geotechnical stability tests and additional sampling programs at the tailings disposal areas outside the Salau mine where gold grades of up to 8.94 g/t were recorded and tungsten grades averaged 0.49% WO3

Within the broader ground holding including the Couflens Project (France) and the adjacent Aurenere Project (Spain):

  • Extensive airborne geophysical surveys to refine regional targets and enhance understanding of regional geological structures
  • Based on the results of the airborne surveys, complete drill program applications to assess the identified tungsten and gold prospects

CORPORATE:

  • Appointment of Mr Dylan Browne as Chief Financial Officer and Company Secretary
  • The Company held A$5.5 million in cash and no debt at the end of the quarter

Executive Director Hugo Schumann commented:

“Our geological team has successfully digitised the assay results of more than 650 historical drill holes at the Couflens Project and constructed 3D geological models focused on the historical Salau mine. Using this 3D modelling, we have now developed multiple drill targets for gold and tungsten and will be advancing planning and applications for drilling in the coming quarter.

The historical Salau mine has been closed for more than 30 years and we have been working closely with the authorities on health and safety risk assessments to ensure safe working conditions for our exploration campaigns. These assessments have so far confirmed excellent infrastructure and ground conditions within the mine, with wide development drives and competent host rock as well as shown numerous visible areas of mineralisation prospective for gold and tungsten.

As we look ahead we plan to finalise the risk assessments, re-establish mine services, and then commence an extensive exploration program including underground drilling and channel sampling. In the wider region across our large licence holding we have planned an airborne geophysics program which will assist with drill targeting across where high-grade gold and tungsten have been identified from field campaigns.”

 

For further information please contact:

Hugo Schumann                                                         Robert Behets

Tel: +44 207 478 3900                                              Tel: +61 8 9322 6322  

Email: info@apollominerals.com.au

Top Countries for Tungsten Production – France to feature again? – Apollo Minerals (ASX:AON)

Top Countries for Tungsten Production

(Tungsten Investing News article first published by Amanda Kay on April 24th, 2018)

What countries account for the most tungsten production? China took the top spot last year, and eight other countries also put out significant amounts.Tungsten, also known as wolfram, has many uses. It is commonly used to produce electrical wires, heating and electrical contacts.

But it is also used in welding, heavy metal alloys, heat sinks, turbine blades and as a substitute for lead in bullets.

According to the most recent US Geological Survey report on the metal, world tungsten production came in at 95,000 MT in 2017, up from 2016’s 88,100 MT.

This increase came despite reduced output from Mongolia, Rwanda and Spain. A large boost in production came from the UK, where production increased around 50 percent.

The price of tungsten started to rise at the beginning of 2017, and has been booming since then. The bump in prices has been attributed to supply constraints, especially in China.

Tungsten’s importance in industrial applications, from smartphones to car batteries, means that demand won’t disappear anytime soon. With that in mind, it’s worth being aware of which countries produce the most tungsten.

Given its unique and valuable properties, the European Union ranked tungsten as one of Europe’s most critical raw materials, with the highest supply risk of all materials on the list.

Before we look at them in more detail, it is worth noting that France could re-enter the list of top producing nations in the next few years.

The Couflens Project is located in the Pyrenees region in Southern France, and comprises a 42km2license area. Owned and operated by ASX listed Apollo Minerals (ASX: AON), the area includes Salau, previously one of the world’s highest-grade historical tungsten mines, which in the 1970s and 80s produced approximately 930,000 tonnes at 1.5% tungsten for around 11,500 tonnes of high grade tungsten concentrate during its 15 years of operation.

If Salau reopened and produced that level of tungsten today, it would not only immediately put France onto the table as a top tungsten producer, but it would propel the nation to the forefront as a producer of some of the world’s highest grade tungsten, offering end users security of supply from its location in the heart of the European Union

Here’s a brief overview of the nations that produced the most of the metal last year.

 

  1. China

Mine production: 79,000 MT

China produced more tungsten in 2017 than it did in 2016, and was still the world’s largest producer of the metal by an incredibly wide margin. In total, it put out 79,000 MT of tungsten last year, up from 72,000 MT the year before. China has limited the quantity of tungsten-mining and export licenses it awards, and has imposed quotas on concentrate production. The country has also recently increased environmental inspections. Nonetheless, the Asian nation still came out on top.

In addition to being the world’s largest tungsten producer, China is also the world’s top consumer of the metal. China was also the main source of tungsten imported into the US in 2017.

  1. Vietnam

Mine production: 7,200 MT

Unlike China, Vietnam experienced another jump in tungsten production in 2017. It put out 7,200 MT of the metal compared to 6,500 MT the previous year. Privately owned Masan Resources runs the Vietnam-based Nui Phao mine, which it says is the largest tungsten-producing mine outside China. It is also one of the lowest-cost producers of tungsten in the world.

  1. Russia

Mine production: 3,100 MT

Russia’s tungsten production was flat from 2016 to 2017, coming in at 3,100 MT both years. This plateau came in spite of President Vladimir Putin’s order that production resume at the Tyrnyauz tungsten-molybdenum field. Putin would like to see a large-scale mining and processing complex established.

Wolfram Company is the country’s largest producer of tungsten products, according to its website, and the company claims that each year it produces up to 1,000 tons of metal tungsten powder, plus up to 6,000 tons of tungsten oxide and up to 800 tons of tungsten carbide.

  1. Bolivia

Mine production: 1,100 MT

Bolivia tied with the UK for tungsten production in 2017. Despite moves to promote the tungsten industry in the country, Bolivia’s output remained flat at 1,100 MT.

Bolivia’s mining industry is heavily influenced by Comibol, the country’s state-owned mining umbrella company. The company reported a profit of $53.6 million for the 2017 fiscal year.

  1. United Kingdom

Mine production: 1,100 MT

The UK saw a huge leap in tungsten production in 2017, with output rising to 1,100 MT compared to 736 MT the year before. Wolf Minerals (ASX:WLF, LSE:WLFE) is likely largely responsible for the increase; in the fall of 2015, the company opened the Hemerdon tungsten mine in Devon. As per its 2017 annual report, the company mined 2,266,958 tons of ore and produced 112,270 MTU of tungsten in the year.

According to the BBC, Hemerdon was the first tungsten mine to open in Britain in over 40 years.

  1. Austria

Mine production: 950 MT

Austria produced 950 MT of tungsten in 2017 compared to 954 MT the previous year. Much of that production can be attributed to the Mittersill mine, which is located in Salzburg and hosts the largest tungsten deposit in Europe. The mine is owned by Sandvik (STO:SAND).

  1. Portugal

Mine production: 680 MT

Portugal is one of the few countries on this list that saw an increase in tungsten production in 2017. It put out 680 MT of the metal, up from 549 MT the previous year.

The Panasqueira mine is Portugal’s largest tungsten-producing mine. The past-producing Borralha mine, once the second-largest tungsten mine in Portugal, is currently owned by Blackheath Resources (TSXV:BHR). Avrupa Minerals (TSXV:AVU) is another smaller company with a tungsten project in Portugal.

  1. Rwanda

Mine production: 650 MT

Tungsten is one of the most common conflict minerals in the world, meaning that at least some of it is produced in conflict zones and sold to perpetuate fighting. While Rwanda has promoted itself as a source of conflict-free minerals, concerns remain about tungsten output from the country. Fairphone, a company that promotes “fairer electronics,” is supporting conflict-free tungsten production in Rwanda.

Rwanda produced just 650 MT of tungsten in 2017, down a fair bit from 820 MT in 2016.

  1. Spain

Mine production: 570 MT

Spain’s tungsten production dropped in 2017, coming in at 570 MT. That’s down from 650 MT the previous year.

There are a number of companies engaged in the exploration, development and mining of tungsten assets in Spain. Examples include Almonty Industries (TSXV:AII), Ormonde Mining (LSE:ORM), aforementioned Apollo Minerals (ASX:AON) and W Resources (LSE:WRES).

Link to the original article here

Apollo Minerals #AON – Excellent Infrastructure and Ground Conditions Confirmed At Historical Salau Tungsten Mine

EXCELLENT INFRASTRUCTURE AND GROUND CONDITIONS CONFIRMED AT HISTORICAL SALAU TUNGSTEN MINE

Highlights
• Extensive first phase of health and safety assessments completed within the historical Salau tungsten mine
• Results confirm excellent ground conditions within competent granite host rock with limited deterioration of conditions evident since mine closure
• Wide mine development drives which extend for more than 24 kilometres underground
• Ventilation is good, supported by natural air flows between higher and lower mine levels
• Water access already confirmed from local sources
• Nearest power line approximately one kilometre from the mine portal
• Only minor works proposed for the re-establishment of mine services for exploration activities including the installation of one ventilation fan
• Proposed work program to secure working areas for exploration and drilling and to reestablish ventilation and other services submitted to authorities

Apollo Minerals Limited is pleased to advise that the Company has completed its initial phase of health and safety risk assessments within the historical Salau mine, confirming excellent infrastructure and ground conditions in the mine. The Salau mine is at the centre of the Company’s Couflens Project in the south of France and was one of the world’s highest-grade tungsten mines, operating between 1970 and 1986. The mine, which remains open at depth and with gold upside, closed when tungsten prices were significantly lower than today. Apollo Minerals is studying the potential reactivation of the Salau mine and exploring numerous gold and tungsten targets in the wider region. Prior to the commencement of exploration works within the Salau mine, the Company was required to complete a series of health and safety risk assessments aimed at ensuring safe conditions for workers during the exploration phase of the Project. An initial phase of risk assessments, focused on geotechnical stability, air quality monitoring, ventilation tests and water quality have been completed, and the results presented herein.

Executive Director Hugo Schumann commented: “The Salau tungsten mine is blessed with excellent infrastructure and ground conditions including wide development drives, good natural ventilation and ready access to water and power. The previous mine owners developed the majority of the mine within a hard and competent granite rock which remains in excellent condition today. These infrastructure advantages represent potential major time and cost savings and will greatly facilitate our planned work programs which include drilling to test multiple gold and tungsten targets.”

For further information contact:
Hugo Schumann Robert Behets
Tel: +44 207 478 3900 Tel: +61 8 9322 6322
Email: info@apollominerals.com.au

 

Background
Prior to the commencement of exploration works within the Salau mine, the Company was required to complete a series of health and safety risk assessments. The Salau mine has been closed for more than 30 years and the risk assessments were designed to ensure the working environment is safe for exploration activities to take place. The risk assessments focused predominantly on geotechnical stability, air quality monitoring, ventilation tests and water quality.

An initial phase of risk assessments was completed by SOGIMINES who has considerable experience in the establishment of mine services in France. The work culminated in the submission to the French authorities of a report outlining the results of the risk assessments and a proposed work program to re-establish services including ventilation, water and power. A summary of the risk assessments is presented below.

Ground Conditions
A review of ground conditions was conducted throughout the main access levels required for planned exploration programs within the historical mine. These include the main levels 1230, 1320 and 1430 and cover more than 4.5 kilometres of historical mine development. The development drives in these lower levels of the mine were designed with dimensions which facilitated the use of mobile mining equipment for ore and waste movement during the previous operations. The ground conditions were confirmed to be in excellent condition, with limited degradation having occurred in the 30 years since the mine’s closure. The excellent conditions are largely due to the nature and competence of the granodiorite or marble host rock into which historical mine developments were driven.

Figure 1: Mine access at level 1230 (Historical Photo)

Figure 2: Mine development drive at level 1230 (Modern Photo)

The mineralised areas of the main levels were also assessed to be in good condition which is expected to facilitate mapping, sampling and drilling during upcoming exploration programs.

Figure 3: Veronique fault showing in level 1230

Ventilation
A series of air monitoring tests were completed throughout the levels of the mine to be used for planned exploration work programs. Excellent in-mine ventilation is facilitated by the natural flow of air between the higher levels of the mine, where openings to the outside environment are present, and the lower level of the mine where the mine portal is located.

Minimal works are proposed for ventilation measures to support exploration activities, other than the installation of one fan at level 1430 and two ventilation doors.

Figure 3: Former location of a fan at the top of an air vent at level 1320

Water and Power
Water requirements for the exploration phase of work are expected to be modest. The Company has secured access to a local water supply sourced from a nearby spring which is considered sufficient for exploration activities. Power requirements for the exploration phase will be derived from a 100kVA on-site generator as well as using an electric vehicle to support early stage mapping and channel sampling activities. It is expected that 48kVA will be required for main ventilation at level 1430 and 36kVA for secondary ventilation.

A regional power line is located approximately one kilometre from the mine portal. Studies will be completed in due course to assess potential access links and costs for the exploitation phase.

Next Steps
Having completed the first phase of health and safety risk assessments, the Company has submitted a program of works to the French authorities regarding proposed installations to restore mine services including ventilation.

The proposed safety works are required to facilitate the safe access of staff and independent experts for the final phase of health and safety risk assessments, and ultimately for exploration activities to occur.

About Apollo Minerals
Apollo Minerals Limited is developing the Couflens Project and the Aurenere Project which, when combined, cover a 97km2 area in a highly prospective region of the Pyrenees. The Couflens Project in located in the Pyrenees region of southern France and comprises a 42km2 license area, within which lies the high grade historical Salau tungsten mine.

The mine was one of the world’s highest-grade tungsten mines, producing approximately 930,000 tonnes at 1.5% WO3 for around 13,950 tonnes of WO3 in concentrate, prior to its closure in 1986 when tungsten prices were significantly lower than today.

Apollo Minerals is focussed on two parallel work programs at the Couflens Project:

  1. Brownfields activities within, and immediately adjacent to, the historical Salau tungsten mine.
    The deposit remains open at depth with previous drilling below the base of the existing
    underground development confirming continuation of the mineralised system. Both the
    underground development and infrastructure will be examined to determine the most efficient
    method to progress mine exploration, development activities and potential mine reactivation;
  2. Continuation of an aggressive regional exploration program, focused initially on gold. Recent
    field campaigns have returned grades of up to 24.5 g/t gold from rock chip samples. Exploration
    will be focused on the multiple fault structures recognised within the major granodiorite intrusion
    at Salau and the discovery of shear hosted gold mineralisation associated with large fault
    structures extending along a 5km corridor to the west of the Salau mine area.

Progress made with both work programs enhanced the Company’s understanding of the geology and regional scale exploration potential of the area. As a result, the Company signed an agreement to acquire the remaining 20% of the Couflens Project, which will increase its ownership to 100%, and acquired a 75% interest in the Aurenere tungsten-gold project in the Lleida province in northern Spain.

The Aurenere Project comprises an Investigation Permit under application which covers an area of 55km2, along strike from and adjacent to, the Company’s Couflens Project. The Aurenere Project hosts an extension of the highly prospective corridor for tungsten and gold which strikes east west through the Couflens Project and into the Aurenere Project area.

Apollo Minerals is developing its Projects in accordance with the highest standards of environmental, social, health and safety, and economic management. All work programs are carried out with a strong commitment to both sustainable development and proactive stakeholder engagement as the Company seeks to maintain and develop positive relationships with its host communities and stakeholders.

Competent Persons Statement
The information in this announcement that relates to Exploration Results is extracted from announcements on 29 November 2017 and 5 February 2018. These announcements are available to view on www.apollominerals.com. The information in the original announcements that related to Exploration Results were based on, and fairly represents information compiled by Mr Robert Behets, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Behets is a holder of shares and options in, and is a director of, Apollo Minerals Limited. Mr Behets has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Proactive Investors – Outlook for tungsten developers ‘promising’ amid tightening supply – Apollo Minerals $AON

Mark Seddon, tungsten market expert and senior manager consulting services at Argus Media is joined in the Proactive studio by Apollo Minerals‘ (ASX:AON) Hugo Schumann and Andrew Scott.

Seddon talks through the main uses for the metal as well as the outlook for European developers and producers.”The supply side is dominated by China accounting for around 85% of supply so there are issues around security of supply”.

Meanwhile Schumann updates on developments with their Couflens project following the announcement they’ve received approval from the French government to acquire the remaining 20% interest in the asset.

 

Brand Comms CEO Alan Green and Apollo Minerals (ASX: AON) Executive Director Hugo Schumann discuss the company’s flagship Tungsten project.

Brand Comms CEO Alan Green and Apollo Minerals (ASX: AON) Executive Director Hugo Schumann discuss the company’s flagship Tungsten project on Core Finance. Core Finance is part of Core London, a TV production company based in Belgravia, London. Core Finance aims to provide its viewers with insightful market commentary, helping investors navigate global financial markets. Making the content provided invaluable to viewers.

Hugo Schumann, Executive Director of Apollo Minerals #AON discusses their high grade tungsten-copper-gold project in Spain and their intention to list on a market near you.

Hugo Schumann, Executive Director of ASX listed Apollo Minerals #AON discusses their high grade tungsten-copper-gold project in Spain and their intention to list on a market near you.

(Interview starts at 8 minutes 11 seconds)

Apollo Minerals $AON – Appointment of Executive Director

   ASX RELEASE | 2 MAY 2018 | ASX:AON

Appointment of Executive Director

Apollo Minerals Limited (“Apollo Minerals” or “Company”) is pleased to announce that Mr Hugo
Schumann has been appointed as an Executive Director of the Company effective 2 May 2018.
Mr Schumann is an experienced mining executive and worked with Apollo Minerals on its
acquisition of the remaining 20% of the Couflens Project, the now-completed acquisition of
the Aurenere Project in Spain and the recent successful A$6.0 million equity financing for the
Company which delivered leading European Institutional Investors onto the register including
one of the world’s largest mining funds.

Mr Schumann was previously Chief Commercial Officer at Berkeley Energia Limited where he
led the US$120 million financing of the Salamanca uranium mine with the sovereign wealth
fund of Oman at the bottom of the uranium price cycle and managed the company’s off-take
marketing program.

He commenced his career as a management consultant before moving into the natural
resources sector and for the past decade has worked in corporate development functions in
London for a number of listed mining companies, predominantly focused on projects located
in Europe.

He has played a leading role in numerous financing transactions, stock exchange listings,
commercial offtake deals, infrastructure deals, investor relations programs and project
development programs across a range of commodities.

Mr Schumann holds an MBA from INSEAD in France, is a CFA Charterholder and holds a
Bachelor of Business Science (Finance CA) from the University of Cape Town

.
Mr Schumann commented: “I am pleased to be joining the Apollo Minerals Board and look
forward to playing a leadership role in the development of the Couflens Project in France. The
Project includes the historical Salau tungsten mine, one of the world’s highest grade tungsten
mines with potential gold upside. The recently announced acquisitions have transformed the
business in the past few months. We are now well funded to explore numerous high priority
tungsten and gold exploration targets across a very large area extending from France into
Spain where gold grades of up to 33.9 grams per tonne and tungsten grades up to 8.25%
WO3 have been recorded.”

For further information contact:
Hugo Schumann Robert Behets
Tel: +44 207 478 3900 Tel: +61 8 9322 6322
Email: info@apollominerals.com.au

Commercial Terms

Mr Schumann is be paid an annual fee of £24,000 per annum inclusive of any required
superannuation/pension for his role as a Director of the Company.

Mr Schumann is also engaged under a Consultancy Agreement with Nat Res Consulting Ltd (“NRCL”)
on a rolling 12 month term and either party may terminate with three months written notice. NRCL will
receive an annual consultancy fee of £156,000 per annum and may receive a discretionary cash
incentive payment of up to £75,000 per annum based on achieving project milestones to be agreed with
the Company. A fee of up to £150,000 will be paid to NRCL in the event of a change of control occurring
with the Company. NRCL shall also be entitled to participate in a performance rights plan.

About Apollo Minerals

Apollo Minerals Limited is developing the Couflens Project and the Aurenere Project which, when
combined, cover a 97km2 area in a highly prospective region of the Pyrenees.

The Couflens Project in located in the Pyrenees region of southern France and comprises a 42km2
license area, within which lies the high grade historical Salau tungsten mine.

The mine was one of the world’s highest grade tungsten mines, producing approximately 930,000
tonnes at 1.5% WO3 for around 11,500 tonnes of WO3 in concentrate over a 15 year period ending in
1986. The deposit remains open at depth, with potential gold upside.

Apollo Minerals is focussed on two parallel work programs at the Couflens Project:

(1) Brownfields activities within, and immediately adjacent to, the historical Salau tungsten mine.
The deposit remains open at depth with previous drilling below the base of the existing
underground development confirming continuation of the mineralised system. Both the
underground development and infrastructure will be examined to determine the most efficient
method to progress mine exploration, development activities and potential mine reactivation;

(2) Continuation of an aggressive regional exploration program, focused initially on gold. Recent
field campaigns have returned grades of up to 24.5 g/t gold from rock chip samples. Exploration
will be focused on the multiple fault structures recognised within the major granodiorite intrusion
at Salau and the discovery of shear hosted gold mineralisation associated with large fault
structures extending along a 5km corridor to the west of the Salau mine area.

Progress made with both work programs has enhanced the Company’s understanding of the geology
and regional scale exploration potential of the area.

As a result, the Company signed an agreement to acquire the remaining 20% of the Couflens Project,
which will increase its ownership to 100%, and completed the acquisition of a 75% interest in the
Aurenere tungsten-gold project in the Lleida province in northern Spain.

The Aurenere Project comprises an Investigation Permit under application which covers an area of
55km2, along strike from and adjacent to, the Company’s Couflens Project. The Aurenere Project hosts
an extension of the highly prospective corridor for tungsten and gold which strikes east-west through
the Couflens Project and into the Aurenere Project area. High grade gold (up to 33.90 g/t) and tungsten
(up to 5.49% WO3) results were returned from an initial reconnaissance field campaign at the Aurenere
Project.

Apollo Minerals is developing its Projects in accordance with the highest standards of environmental,
social, health and safety, and economic management.

All work programs are carried out with a strong commitment to both sustainable development and
proactive stakeholder engagement as the Company seeks to develop and maintain positive
relationships with its host communities and stakeholders.

Competent Persons Statement

The information in this report that relates to Exploration Results from the Couflens Project in France and
Aurenere Project in Spain is extracted from announcements on 29 November 2017, 5 February 2018
and 27 March 2018. These announcements are available to view on www.apollominerals.com.au. The
information in the original announcement that related to Exploration Results were based on, and fairly
represents, information compiled by Mr Robert Behets, a Competent Person who is a Fellow of The
Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists.
Mr Behets is a holder of shares and options in, and is a director of, Apollo Minerals Limited. Mr Behets
has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in
the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves’. The Company confirms that it is not aware of any new information or data that materially
affects the information included in the original market announcement. The Company confirms that the
form and context in which the Competent Person’s findings are presented have not been materially
modified from the original market announcement

Apollo Minerals $AON – March 2018 Quarterly Report

ASX RELEASE | 26 APRIL 2018 | ASX:AON 

MARCH 2018 QUARTERLY REPORT
Strengthened balance sheet whilst increasing ownership and footprint in
Pyrenees tungsten and gold projects following positive exploration results

HIGHLIGHTS FROM THE MARCH 2018 QUARTER
• Completed a placement in April 2018 to leading European Institutional Investors
including one of the world’s largest mining funds to raise A$6.0 million before costs
• Signed an agreement to increase ownership of the Couflens Project to 100% after
recent field campaigns returned promising results including gold grades of up to
24.5 g/t and tungsten grades of up to 8.25% WO3
• Agreed to acquire a 75% interest in the Aurenere Project along strike from Couflens
in neighbouring Spain where gold grades of up to 33.9 g/t and tungsten grades of
up to 5.49% WO3 were recorded
• Rock chip samples from the Couflens Project returned tungsten grades of up to
8.25% WO3. These results followed on from the previous announcement of highgrade
gold of up to 24.5g/t
• Completed the 3D geological model of the historical Salau mine area incorporating
all available historical data, including assays and drill logs from over 650 holes
• Progressed safety tests of the Salau mine area which highlighted the excellent
conditions of the historical underground workings
• Tungsten prices continued to strengthen, ending the quarter at US$324/mtu having
risen 54% in the past 12 months owing to tightening supply in China and increased
demand from the automotive and oil and gas sectors
• Announced plans to list the Company’s wholly owned subsidiary Constellation
Resources Limited, which holds Fraser Range nickel-copper and gold assets, via
an Initial Public Offering (IPO) on the Australian Securities Exchange (ASX)

LOOKING AHEAD

Salau Mine Area:
• Mapping and sampling of mineralisation and prospective fault structures exposed
within the Salau mine to occur after the completion of safety tests in order to verify
the historical data for resource estimation purposes and to generate additional
exploration targets
• Ranking and prioritising the numerous identified priority exploration targets based
on the available historical database and recent 3D geological modelling

•Drill programs are being designed to confirm known zones of mineralisation within
the Salau mine area and to test for extensions of these zones. Company will assay
for multi-elements including tungsten and gold
• Evaluating the use of underground geophysical surveys to facilitate the
identification of new drill targets and enhance the Company’s understanding of
geological structures within the Salau mine area
• Planning geotechnical stability tests and additional sampling programs at the
tailings disposal areas outside the Salau mine where gold grades of up to 8.94 g/t
were recorded and tungsten grades averaged 0.49% WO3 based on previous tailings
sampling programs
Within the broader ground holding including the Couflens Project (France) and the
adjacent Aurenere Project (Spain):
• Conduct further surface exploration programs to assess the identified tungsten and
gold prospects at Couflens and Aurenere and advance them to the drill ready stage
• Planning for airborne geophysical surveys to refine regional targets and improve
Company understanding of regional geological structures

CORPORATE:
• The Company held A$1.5 million in cash at the end of the quarter. Post completion
of the placement, the Company currently has A$6.7 million in cash, with no debt
• The Company will complete the listing of its Fraser Range nickel-copper and gold
assets via the IPO of its wholly owned subsidiary Constellation Resources
o It is expected that Constellation will offer up to 35 million new shares at an issue
price of A$0.20 each to raise up to A$7.0 million (before costs)
o Shareholders of Apollo Minerals with a registered address in Australia holding
at least 12,500 shares at the record date of 10 May 2018 will receive an
entitlement to subscribe for Constellation shares on a 1 for 5 basis
o Subscribers to the Constellation IPO will also receive one option with an
exercise price of A$0.20 expiring on 31 July 2021 (Constellation Options) for
every three shares subscribed
o Detailed information on Constellation and the offer of securities under the IPO
will be included in a prospectus that will be made available after lodgement with
ASIC. Applications for Constellation securities can only be made by completing
the application form which will accompany the prospectus. Constellation
expects to lodge a prospectus in the coming weeks

For further information contact:
Hugo Schumann Robert Behets
Tel: +44 207 478 3900 Tel: +61 8 9322 6322
Email: info@apollominerals.com.au

A$6.0 MILLION RAISED FROM INSTITUTIONAL PLACEMENT
Subsequent to the end of the quarter, the Company completed a placement of 26.1 million
shares to Institutional Investors to raise A$6.0 million before costs.
The placement was made to leading European institutions including one of the world’s largest
mining funds.
The funds raised will be used to accelerate planned exploration programs including drilling
and feasibility work at the Company’s Couflens Project in France and progressing the adjacent
Aurenere Project in neighbouring Spain.
Following issue of the shares, the Company has 167.5 million shares on issue.

APOLLO MINERALS TO INCREASE OWNERSHIP OF COUFLENS TO 100%
Apollo Minerals acquired an initial 80% interest in the Couflens Project in 2017. Following
initial exploration activities on site, which delivered promising results, the Company
announced on 7 March 2018 that it had entered into an agreement to acquire the remaining
20% interest in the Couflens Project.
Following the completion of the transaction the Company will own 100% of the Couflens
Project.
The acquisition ensures Apollo Minerals will have full upside to the Couflens Project, just as
the Company ramps up its major exploration campaigns and study programs. The transaction
clears the way for more streamlined decision making and increases optionality for future
funding of the Project.
In accordance with the terms of the Sale and Purchase Agreement, Apollo Minerals will
acquire the remaining 20% interest in the Couflens Project through the purchase of Variscan
Mines SAS (“Variscan France”), a wholly owned subsidiary of Variscan Mines Limited (ASX:
VAR).
Apollo Minerals is funding the transaction using a combination of cash and future share
payments based on the achievement of project milestones, as well as assuming the liabilities
of Variscan France. The majority of the consideration is deferred and is weighted towards
share based payments in the future, thereby limiting the upfront cash outlay.
The Company’s acquisition of the remaining 20% of the Couflens Project, which is subject to
certain conditions precedent including approval by the French authorities, highlights its
commitment to the project, which has the potential to once again become a major strategic
supplier of tungsten, one of Europe’s most critical metals, to French and European industries.

ACQUISITION OF AURENERE PROJECT ALONG STRIKE FROM COUFLENS
The Company entered into an agreement to acquire a 75% interest in the Aurenere tungstengold
project (“Aurenere Project”) in north east Spain along strike and consistent with the
geology from its Couflens Project in France.
The Project comprises an Investigation Permit (Permiso de Investigacion) application that
covers a 55km2 area directly adjacent to the Company’s Couflens Project, which includes the
historic Salau mine.

Under the Share Purchase and Shareholders Heads of Agreement (“HoA”), the Company will
acquire 75% of the share capital of NeoMetal Spania S.L (“NeoMetal”), which holds the rights
to the 100% interest in the Aurenere Project, through its wholly owned subsidiary Apollo
Minerals (UK) Limited.
The commercial terms of the acquisition of the upfront 75% interest in Neometal include
€100,000 cash upon completion and a further €150,000 upon the grant of the Investigation
Permit.

The presence of a thick package of carbonate-bearing sediments, locally intruded by small
granodioritic bodies with associated scheelite and/or pyrrhotite mineral occurrences,
highlights the potential for new tungsten-gold discoveries within the highly prospective corridor
extending for over 10km along strike to the west of the Salau deposit into the Aurenere Project
area (Figures 1).
Potential also exists for shear hosted gold mineralisation to be associated with large fault
structures extending to the west of the Salau mine area towards the Aurenere Project.
The Investigation Permit is still under application and there can be no assurance that it will be
granted, however the Company believes that there is a reasonable prospect that the
application will be granted.

HIGH GRADE GOLD AND TUNGSTEN SAMPLING RESULTS FROM AURENERE
Following the announcement of the agreement to acquire a 75% interest in the Aurenere
Project, the Company verified the results from an initial reconnaissance field program carried
out by NeoMetal to assess a previously identified skarn occurrence located in the northeast
of the Project area (“Aurenere Prospect”).
The reconnaissance field program, carried out in September 2017, included detailed
geological and structural mapping, rock chip sampling of outcrop, and input of the data into an
ArcGIS software package to facilitate data integration and interpretation.
An outcrop of pyrrhotite rich skarn located at the contact between a granodiorite and
carbonate-bearing sediments, measuring approximately 100m2
in area, was mapped and
systematically sampled.
A total of 68 select rock chip samples were collected on an approximately 1m by 1m grid over
the skarn outcrop and submitted for gold and multi-element (including tungsten and copper)
analysis. The assays were subsequently verified by the Company and reported during the
quarter.
Assay results returned for these rock chip samples confirmed the presence of high grade gold
(up to 33.90 g/t) and tungsten (up to 5.49% WO3) mineralisation associated with the pyrrhotite
rich skarn (Figures 2 and 3).

Best gold results from the sampling program, with the associated tungsten assays, include:
• 33.90 g/t gold with 2.03% WO3 (Sample AUR21)
• 26.00 g/t gold with 1.48% WO3 (AUR113)
• 20.90 g/t gold with 1.38% WO3 (AUR117)
• 20.60 g/t gold with 0.10% WO3 (AUR118)
• 20.20 g/t gold with 0.60% WO3 (AUR13)
• 20.10 g/t gold with 0.08% WO3 (AUR07)
• 19.95 g/t gold with 1.18% WO3 (AUR09)
• 17.00 g/t gold with 0.30% WO3 (AUR14)
• 15.85 g/t gold with 0.79% WO3 (AUR16)
• 15.15 g/t gold with 2.54% WO3 (AUR18)
Best tungsten results recorded, with the associated gold assays, include:
• 5.49% WO3 with 1.22 g/t gold (AUR10)
• 3.27% WO3 with 7.33 g/t gold (AUR32)
• 3.24% WO3 with 12.05 g/t gold (AUR12)
• 2.54% WO3 with 15.15 g/t gold (AUR18, reported above)
• 2.30% WO3 with 13.95 g/t gold (AUR107)
• 2.03% WO3 with 33.90 g/t gold (AUR21, reported above)

HIGH GRADE TUNGSTEN SAMPLING RESULTS OF UP TO 8.25% WO3 FROM COUFLENS
In 2016 a surface exploration program resulted in the identification of gold occurrences
associated with three main east-west trending fault structures within the Couflens licence area.
In September 2017, a follow-up surface exploration program was completed which was
primarily focussed on identifying extensions to the gold occurrences along these fault
structures. The majority of samples were collected on the margins of the granodiorite intrusion
(Fourque granodiorite) near the historical Salau tungsten mine.
A total of 222 select rock chip samples were collected during the field campaign and
subsequently submitted for gold and multi-element (including tungsten and copper) analysis.
Assay results from the gold samples were received first and were reported to the market on
29 November 2017, demonstrating widespread gold occurrences with grades of up to 24.5 g/t.
Assay results from all other elements, including tungsten and copper, were subsequently
received and the results were reported during the quarter. The tungsten assay results
confirmed the presence of widespread, outcropping, high grade skarn mineralisation around
the margins of the Fourque granodiorite (Figure 4).
Where the skarns are observed to be intersected by east-west trending fault structures/shear
zones, the mineralisation is typically sulphide-rich (mainly massive pyrrhotite, chalcopyrite and
sphalerite) and contains substantially higher values of tungsten (up to 8.25% WO3), gold (up
to 24.5 g/t) and copper (up to 0.94%).

A number of quality targets were identified around the margins of the Fourque granodiorite in
addition to the surface exposure of the Bois d’Anglade and Veronique deposits mined during
the historical production (Figure 4)

.

Outcropping skarn mineralisation impregnated by massive sulphides, observed at the
northeastern margin of the Fourque granodiorite, returned high grade tungsten and gold
assays results including:
• 8.25% WO3 with 1.97 g/t gold
• 4.24% WO3 with 7.65 g/t gold
• 3.24% WO3 with 1.65 g/t gold
• 2.06% WO3 with 9.79 g/t gold
• 1.67% WO3 with 2.20 g/t gold

High grade tungsten-gold mineralisation was confirmed along the western margin of the
Fourque granodiorite in spatially close association with the Bois de la Fourque fault.
Best results from this target area included 1.29% WO3 with 11.05 g/t gold and 1.21% WO3
with 24.50 g/t gold. An area of identified skarn mineralisation along eastern margin of the
Fourque granodiorite returned high grade assay results including 2.27% WO3 with 1.81 g/t
gold and 1.12% WO3 with 1.11 g/t gold.
Widespread high grade skarn mineralisation impregnated by massive sulphides was identified
within the Bois d’Anglade embayment at the south-eastern margin of Fourque granodiorite,
spatially close to the extension of the Veronique fault, with numerous samples also recording
high gold values. Best results include:

• 4.62% WO3 with 0.12 g/t gold
• 3.46% WO3 with 1.86 g/t gold
• 3.32% WO3 with 0.02 g/t gold
• 3.15% WO3 with 3.33 g/t gold
• 3.15% WO3 with 0.15 g/t gold
• 2.64% WO3 with 0.70 g/t gold
• 2.46% WO3 with 0.08 g/t gold
• 1.93% WO3 with 1.53 g/t gold
• 1.85% WO3 with 15.65 g/t gold

PROGRESS WITH BROWNFIELDS ACTIVITIES AT THE HISTORICAL SALAU MINE
The development of a 3D geological model of the Salau mine area was completed during the
quarter and incorporated all the available historical data.
The database relating to the historical Salau mine is extensive and comprises a combination
of high quality geological and drilling data (over 650 holes for ~50,000m of drilling), as well as
underground mining and processing data, covering all exploration and production during the
mine’s 15 years in operation.
The historical database and 3D modelling is enabling the Company to readily define high
priority exploration targets and has the potential to accelerate the definition of a maiden
mineral resource estimate, subject to verification of the historical drill data by Company
geologists.
Health and safety tests within the Salau mine environment continued during the quarter and
highlighted the excellent conditions of the existing underground development in terms of
ground stability and natural ventilation flow.

PLANS TO LIST FRASER RANGE NICKEL-COPPER AND GOLD ASSETS
Following the recent successful capital raising by the Company and its increased focus on its
European tungsten and gold projects, the Company advised on 23 April 2018 that it would
seek to list its wholly owned subsidiary Constellation Resources Limited (“Constellation”),
which holds the Fraser Range nickel-copper and gold assets, via an initial public offering
(“IPO”) on the Australian Securities Exchange (“ASX”).
Shareholders of Apollo Minerals with a registered address in Australia and holding at least
12,500 shares as at 10 May 2018 (“Record Date”) will receive a priority entitlement to
subscribe for Constellation shares on a 1 for 5 basis. This date is indicative only and
Constellation reserves its right to vary this date.
It is expected that Constellation will offer 35 million new shares at an issue price of A$0.20
each to raise A$7.0 million (before costs). Subscribers will also receive one free attaching
listed option with an exercise price of A$0.20 expiring on 31 July 2021 (“Constellation
Option”) for every three shares subscribed under the IPO.
As Apollo Minerals is now principally focussed on developing the Couflens Project in France
and the adjacent Aurenere Project in Spain, it is taking steps to maximise the potential for its
portfolio of projects outside of Europe.

The separate listing of Constellation will allow Apollo Minerals’ management to focus on its
Couflens and Aurenere Projects. The listing will also ensure that Constellation will have a
dedicated management team and funding for exploration activities on the Fraser Range nickelcopper
and gold assets (which are also referred to as the Orpheus Project).
Detailed information on Constellation, the offer of securities under the IPO, the capital
structure and an indicative timetable will be included in a prospectus that will be made
available after lodgement with the Australian Securities and Investments Commission
(“ASIC”). Investors should consider the prospectus (when available) in deciding whether to
acquire Constellation securities. Applications for Constellation securities can only be made by
completing the application form which will accompany the prospectus. Constellation expects
to lodge a prospectus in the coming weeks.

LOOKING AHEAD – PLANNED WORK PROGRAMS
Within the Couflens Project area lies the historical Salau tungsten mine which is open at depth,
and with gold upside. Apollo Minerals is focused on brownfields exploration activities aimed
at confirming known zones of mineralisation within the Salau mine area and testing for
extensions of these zones.

Salau Mine Area
Mapping and sampling of mineralisation and prospective fault structures exposed within the
Salau mine will occur after the completion of safety tests in order to verify the historical data
for resource estimation purposes and generate additional exploration targets.
Drill planning has commenced for the Salau mine area, and the numerous identified priority
exploration targets are being ranked and prioritised based on the historical database and
recent 3D geological modelling.
The Company is also evaluating the applicability of underground geophysical surveys to
facilitate the identification of new drill targets and enhance the Company’s understanding of
geological structures within the Salau mine environment.
Tailings Area
The Company is planning geotechnical stability tests and sampling programs at the two
historical tailings disposal areas at the Salau mine. These sampling programs may ultimately
target the definition of tungsten and gold resources within the tailings, where gold grades of
up to 8.94 g/t were recorded and tungsten grades averaged 0.49% WO3 based on recent
tailings sampling programs.
Whilst very early stage in nature, the Company plans to study the potential to reprocess the
tailings to extract the gold and tungsten whilst at the same time restoring the natural habitat
and improving soil conditions left over from the historical tungsten operations
Broader Ground Holding (France and Spain)
Within the Company’s broader ground holding, which includes both the Couflens and
Aurenere Project areas covering a total of 97km2
, a number of regional exploration targets
have been identified from historical and recent field campaigns.
Further surface exploration programs and airborne geophysical surveys are planned to be
undertaken in order to refine these targets and advance them to the drill ready stage.

Applications with respect to the airborne geophysical surveys and regional drill programs will
be prepared and submitted the relevant authorities once planning is sufficiently advanced.

CORPORATE
Following completion of the placement in April 2018 to leading European Institutional
Investors, Apollo Minerals is in a strong financial position with current cash at bank of
approximately A$6.7 million and no debt.
COMPETENT PERSONS STATEMENT
The information in this report that relates to Exploration Results from the Couflens Project in France and
Aurenere Project in Spain is extracted from announcements on 29 November 2017, 5 February 2018
and 27 March 2018. These announcements are available to view on www.apollominerals.com.au. The
information in the original announcement that related to Exploration Results were based on, and fairly
represents, information compiled by Mr Robert Behets, a Competent Person who is a Fellow of The
Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists.
Mr Behets is a holder of shares and options in, and is a director of, Apollo Minerals Limited. Mr Behets
has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in
the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves’. The Company confirms that it is not aware of any new information or data that materially
affects the information included in the original market announcement. The Company confirms that the
form and context in which the Competent Person’s findings are presented have not been materially
modified from the original market announcement.

Appendix 1: Summary of Mining Tenements
As at 31 March 2018, the Company has an interest in the following projects:

Notes:
1. The Company entered an agreement in March 2018 to acquire the remaining 20% interest in the Couflens
Project. Completion is subject to a number of conditions precedent.
2. Exploration licence E63/1695 is in application pending grant by the Western Australian DMP.
3. Exploration licence E28/2738 is in application pending grant by the Western Australian DMP.
4. Exploration licence G1-340 expired during the quarter and was not renewed.

Appendix 2: Summary of Performance Shares on Issue

In accordance with ASX Waiver dated 4 May 2017, the Company provides the following information in respect of
the Performance Shares on issue:
a) The number of Performance Shares on issue as at 31 March 2018:
a. 10,000,000 Class A Convertible Performance Shares;
b. 10,000,000 Class B Convertible Performance Shares;
c. 10,000,000 Class C Convertible Performance Shares;
d. 15,000,000 Class D Convertible Performance Shares; and
e. 20,000,000 Class E Convertible Performance Shares.

b) Each Performance Share will convert into one Share upon the earlier of the satisfaction of the relevant milestone
or an Asset Sale, on or prior to the Expiry Date:
a. Class A Milestone means the announcement by the Company to ASX of the delineation of at least an
Inferred and Indicated Mineral Resource of at least 25,000 tonne WO3 at an average grade of not less
than 1.0% WO3 using a cut-off grade of not less than 0.3% WO3 on the Project Licences and which is
prepared and reported in accordance with the provisions of the JORC Code. For the avoidance of doubt,
the referenced tonnes and grade are WO3 values, not WO3 equivalent values incorporating by-products
credits.
b. Class B Milestone means the announcement by the Company to ASX of the delineation of at least an
Inferred and Indicated Mineral Resource of at least 500,000 troy ounces of gold at an average grade of
not less than 0.8 grams per tonne on the Project Licences and which is prepared and reported in
accordance with the provisions of the JORC Code.
c. Class C Milestone means the release of a comprehensive announcement by the Company to ASX of
the results of a positive Scoping Study on all or part of the Project Licences.
d. Class D Milestone means the release of a comprehensive announcement by the Company to ASX of
the results of a positive Pre-Feasibility Study on all or part of the Project Licences.
e. Class E Milestone means the release of a comprehensive announcement by the Company to ASX of
the results of a positive Definitive Feasibility Study on all or part of the Project Licences.
f. Asset Sale means the announcement by the Company of any completed direct or indirect sale, lease,
exchange, or other transfer (in one transaction or a series of related transactions) of all or part of the
Exploration Permit, other than to an entity controlled by the Company, provided that the total amount of
consideration received by the Company is at least A$21 million.
g. Expiry Date means 5.00pm (Perth time) on the date which is 5 years after the date of issue of the
Performance Shares (ie. 30 June 2022).

c) No Performance Shares were converted or cancelled during the quarter.

d) No vesting conditions were met during the quarter.

Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report

Name of entity: APOLLO MINERALS LIMITED
ABN: 96 125 222 924 31

Quarter ended (“current quarter”): MARCH 2018

Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which
comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Sign here: …………………………………………………… Date: 26 April 2018
(Director/Company secretary)
Print name: Clint McGhie.

Notes
1. The quarterly report provides a basis for informing the market how the entity’s activities have
been financed for the past quarter and the effect on its cash position. An entity that wishes to
disclose additional information is encouraged to do so, in a note or notes included in or attached
to this report.
2. If this quarterly report has been prepared in accordance with Australian Accounting Standards,
the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral
Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report
has been prepared in accordance with other accounting standards agreed by ASX pursuant to
Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows
from investing activities, depending on the accounting policy of the entity

 

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