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Apollo Minerals Limited (AU:AON)
ASX:AON

Apollo Minerals Limited (AON) AI Stock Analysis

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AU:AON

Apollo Minerals Limited

(Sydney:AON)

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Neutral 56 (OpenAI - 5.2)
Rating:56Neutral
Price Target:
AU$0.08
▲(680.00% Upside)
Action:ReiteratedDate:03/05/26
The score is constrained primarily by weak financial performance (small/volatile revenue, persistent losses, and negative operating/free cash flow), despite the benefit of a debt-free balance sheet. Technicals are a key offset, showing strong upward momentum and price above key moving averages. Valuation contributes only moderately because negative earnings make P/E less informative and no dividend yield is available.
Positive Factors
Debt-free balance sheet
A debt-free balance sheet materially lowers financing and interest burden risk, giving management flexibility to fund exploration or weather commodity cycles without immediate refinancing. This durable strength reduces bankruptcy risk and preserves strategic optionality over months.
Gross margin improvement
A positive gross margin indicates some project-level economics or cost recovery even with low revenue. If sustained and scaled via successful exploration or asset advancement, this underpins future operating leverage and a path toward structural profitability over the medium term.
Improving free cash flow trend
An improving free cash flow trend signals progress on cash efficiency and cost discipline. While still not consistently positive, this trend reduces immediate funding pressure if continued, enabling more durable project development planning and lowering reliance on ad-hoc capital raises.
Negative Factors
Persistent losses and cash burn
Ongoing negative operating and free cash flows reflect a cash-consuming business model that undermines sustainability without new capital. Persistent cash burn constrains the company's ability to advance projects, increases dilution risk, and limits strategic investments over the medium term.
Very small, volatile revenue
Extremely low and erratic revenue prevents achieving scale or reliable margins, leaving profitability and project economics highly binary on exploration outcomes. This structural volatility complicates multi-quarter planning and weakens the company's ability to self-fund development.
Reliance on external funding
Dependence on external capital exposes the company to dilution, funding availability cycles, and potential adverse terms. This structural reliance limits long-term planning, can delay project timelines, and raises execution risk if market access tightens over the coming months.

Apollo Minerals Limited (AON) vs. iShares MSCI Australia ETF (EWA)

Apollo Minerals Limited Business Overview & Revenue Model

Company DescriptionApollo Minerals Limited engages in the exploration and development of mineral resources. Its flagship project is the 100% owned Kroussou zinc-lead project consisting of one prospecting license covering 986.5 square kilometers located in the Ngounié Province of Western Gabon. The company was incorporated in 2007 and is based in Perth, Australia.
How the Company Makes MoneyApollo Minerals Limited generates revenue primarily through the exploration and development of mineral resource projects. The company's key revenue streams include the sale of mineral rights and interests, as well as potential income from the eventual production and sale of extracted minerals. Apollo Minerals may also enter into joint ventures or partnerships with other mining companies to share the costs and revenues associated with the development of its projects. Additionally, the company may raise funds through equity financing to support its exploration activities. Significant factors contributing to its earnings include the successful identification of mineral deposits, efficient project development, and favorable market conditions for the minerals it targets.

Apollo Minerals Limited Financial Statement Overview

Summary
Financials reflect a low-revenue, loss-making and cash-burning profile (weak income statement and cash flow scores), partially offset by a debt-free balance sheet that reduces financing risk.
Income Statement
12
Very Negative
Revenue remains very small and volatile (2025 revenue fell ~76% year-over-year after being zero in 2024), while losses are persistent and sizable. Profitability is weak with deeply negative operating and net margins in 2025, indicating the cost base is far above the current revenue level. A positive gross margin in 2025 is a modest bright spot, but overall earnings quality and scale are the key weaknesses.
Balance Sheet
58
Neutral
The balance sheet is conservatively positioned with no debt across the periods shown, reducing financial risk and interest burden. However, equity has fluctuated and returns on equity are consistently negative, reflecting ongoing losses that dilute shareholder value over time. Asset levels are relatively stable, but the company’s ability to generate returns from its asset/equity base remains the main concern.
Cash Flow
18
Very Negative
Cash generation is weak: operating cash flow and free cash flow are negative in most years, including 2025, consistent with a cash-consuming business model at this stage. While free cash flow improved versus 2024 (positive growth off a more negative base), operating cash flow still does not cover net losses, and the company likely relies on external funding or existing cash reserves to sustain operations. The one-off positive free cash flow in 2022 stands out but has not been sustained.
BreakdownJun 2025Jun 2024Jun 2023Jun 2022Jun 2021
Income Statement
Total Revenue61.37K0.000.000.0029.50K
Gross Profit61.37K-55.43K-35.45K-4.16K25.90K
EBITDA-4.44M-3.30M-4.02M-1.82M-1.18M
Net Income-4.34M-2.91M-4.04M-1.82M-1.17M
Balance Sheet
Total Assets10.51M11.61M9.76M11.82M5.70M
Cash, Cash Equivalents and Short-Term Investments1.26M2.25M1.71M3.69M3.04M
Total Debt0.000.000.000.000.00
Total Liabilities828.88K744.20K538.91K1.14M357.64K
Stockholders Equity9.75M10.93M9.27M10.73M5.39M
Cash Flow
Free Cash Flow-4.29M-2.61M-3.96M4.24M-685.57K
Operating Cash Flow-4.29M-2.61M-3.71M-962.93K-685.57K
Investing Cash Flow200.00K-76.55K-250.00K-5.21M-2.07M
Financing Cash Flow3.10M3.23M1.98M6.81M3.20M

Apollo Minerals Limited Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.01
Price Trends
50DMA
0.03
Positive
100DMA
0.02
Positive
200DMA
Market Momentum
MACD
0.01
Negative
RSI
67.56
Neutral
STOCH
82.50
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AON, the sentiment is Positive. The current price of 0.01 is below the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.03, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 67.56 is Neutral, neither overbought nor oversold. The STOCH value of 82.50 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:AON.

Apollo Minerals Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
56
Neutral
AU$86.74M-1.27-41.95%-17.02%
55
Neutral
AU$6.90M-4.05-4.79%-47.62%
50
Neutral
AU$5.57M>-0.01-126.15%24.09%
45
Neutral
AU$12.27M-0.52-71.65%
45
Neutral
AU$7.08M21.452.22%98.11%
44
Neutral
AU$7.23M-6.5850.00%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:AON
Apollo Minerals Limited
0.08
0.06
347.06%
AU:MTL
Caeneus Minerals Limited
AU:AKN
AuKing Mining Ltd
0.01
0.00
0.00%
AU:C29
C29 Metals Limited
0.03
-0.01
-27.27%
AU:JNO
Juno Minerals Ltd.
0.03
<0.01
32.00%
AU:AX8
Accelerate Resources Ltd.

Apollo Minerals Limited Corporate Events

Apollo Minerals Releases Interim Financial Report for Half-Year to 31 December 2025
Mar 5, 2026

Apollo Minerals Limited has released its interim financial report for the half-year ended 31 December 2025, detailing the company’s consolidated financial performance, position, and cash flows for the period. The report, which includes directors’ commentary, audited financial statements and an independent review, provides stakeholders with an updated view of the company’s financial health and governance framework, reinforcing transparency and regulatory compliance obligations for an ASX-listed resources issuer.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals Issues 13.6 Million New Shares Under Disclosure Exemption
Mar 5, 2026

Apollo Minerals Limited has issued 13.6 million fully paid ordinary shares, adding to its existing class of quoted securities on the Australian Securities Exchange and expanding its equity base. The shares were issued without a prospectus under the Corporations Act disclosure exemptions, with the company confirming compliance with ongoing reporting obligations and stating there is no excluded information that would affect investors, reinforcing transparency for shareholders.

The notification to the ASX under section 708A signals a routine capital management step that may support the company’s funding needs and project development activities. By affirming adherence to statutory financial reporting and continuous disclosure rules, Apollo Minerals aims to maintain regulatory confidence and provide assurance to current and potential investors regarding the integrity of its market disclosures.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals seeks ASX quotation for 13.6m new shares
Mar 5, 2026

Apollo Minerals Limited has applied to the ASX for quotation of 13.6 million new fully paid ordinary shares, with an issue date of 5 March 2026. The securities arise from the exercise or conversion of existing options or other convertible instruments, modestly expanding the company’s quoted capital base and potentially providing additional funding flexibility.

The new share quotation may slightly dilute existing holdings but could support Apollo Minerals’ capacity to finance ongoing exploration or project development. While the announcement is largely administrative, it signals continued capital market activity by the company as it progresses its resource-focused strategy.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals updates corporate presentation on Salau project and global tungsten context
Feb 25, 2026

Apollo Minerals has issued an amended corporate presentation, updating materials initially released on 23 February 2026. The revised document reflects changes to how the Salau tungsten mine is presented and adds further context on global tungsten projects.

Key modifications include the removal of peer comparison information relating to the Salau tungsten mine on one slide, replaced with an additional disclaimer about visual estimates. The company has also expanded Appendix A with more data on other tungsten projects worldwide, potentially sharpening investor understanding of the broader competitive landscape and Apollo’s positioning within it.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals Positions French Tungsten-Gold Project for EU Critical Materials Push
Feb 23, 2026

Apollo Minerals Limited has highlighted the potential of its Couflens project in France, where historical mining and recent rock chip samples indicate high-grade tungsten and notable gold upside, with gold confirmed at depths of up to 600 metres. The project benefits from strong board and management experience and is supported by a solid funding position following a recent A$6.5 million placement and a A$2.8 million strategic investment by Tribeca Investment Partners.

The company sees significant exploration upside in reactivating the high-grade Salau tungsten mine alongside wider regional targets, aiming to unlock further value from both tungsten and gold. Its strategy is underpinned by the EU Critical Raw Materials Act 2024, which classifies tungsten as a high-priority critical and strategic raw material and encourages sourcing more than 10% of such materials from within the European Union, potentially enhancing regulatory and market support for the project.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals Issues Over 212 Million New Shares, Confirms Regulatory Compliance
Feb 6, 2026

Apollo Minerals Limited has issued 212,907,407 fully paid ordinary shares, expanding its quoted share capital on the Australian Securities Exchange. The company confirmed that the shares were issued without a prospectus under the relevant provisions of the Corporations Act and that it remains compliant with its financial reporting and continuous disclosure obligations, with no excluded information to disclose, underscoring its adherence to regulatory requirements while executing this capital issuance.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals Seeks ASX Quotation for Over 212 Million New Shares
Feb 6, 2026

Apollo Minerals Limited has applied to the Australian Securities Exchange for the quotation of 212,907,407 new ordinary fully paid shares under its ticker AON, with an issue date of 6 February 2026. The substantial new share issuance, tied to previously announced transactions, will expand the company’s quoted capital base and may influence its capital structure, liquidity, and ownership dynamics once the securities begin trading.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals Plans 70 Million-Share Placement
Feb 4, 2026

Apollo Minerals has lodged an Appendix 3B outlining plans to issue up to 70 million new ordinary shares via a placement scheduled for 13 March 2026, enlarging its capital base to fund ongoing exploration and development initiatives. The sizable equity raise underscores management’s drive to secure funding for project advancement, potentially diluting existing holdings but positioning the company to accelerate its strategic programs in a competitive minerals market.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals Secures A$2.8m Tribeca Investment to Advance French Tungsten-Gold Project
Feb 4, 2026

Apollo Minerals has secured a A$2.8 million equity investment from Tribeca Investment Partners, which will subscribe for 70 million new shares at A$0.04 each, becoming a substantial shareholder with approximately 5.6% of the company, subject to shareholder approval. Together with its recent A$6.5 million capital raising, the funding strengthens Apollo Minerals’ balance sheet and underpins further exploration and development work at its Couflens High Grade Tungsten Gold Project in southern France, signalling growing institutional confidence in the scale and potential of the historical Salau mine and the broader project.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals Secures Couflens Permit Reinstatement and Raises Capital to Advance Tungsten, Gold and Base Metals Portfolio
Jan 30, 2026

Apollo Minerals has had its Couflens exploration permit in France formally reinstated for a five-year term, reopening the path to potentially reactivate the historical high-grade Salau tungsten mine and advance regional exploration targeting both tungsten and gold along a 5km structural corridor. Recent work confirms high-grade tungsten and significant gold at surface, in historical core, tailings and underground channel samples, with the deposit remaining open at depth and tungsten’s status as a critical raw material enhancing the project’s strategic importance for European supply security. The company is reassessing historical data, planning new programs, engaging French stakeholders, and has strengthened its balance sheet by securing commitments to raise approximately A$6.55 million, while in Gabon it continues to demonstrate the gold potential of the 12km-long Salanie greenstone system and has outlined an initial exploration target at the shallow Kroussou zinc-lead project, indicating potential for a globally significant base metal resource amenable to open-pit mining.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals Plans Major Share Placement of Over 242 Million Shares
Jan 30, 2026

Apollo Minerals Limited has lodged an Appendix 3B with the ASX outlining a proposed capital raising via the issue of up to 242,175,925 new fully paid ordinary shares under its ticker AON. The placement, scheduled for issue on 6 February 2026, signals a significant equity issuance that will expand the company’s share base and potentially provide funding flexibility for its ongoing activities, with implications for existing shareholders through dilution and for the company’s capacity to advance its strategic and operational objectives.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals Secures A$6.5m to Advance High-Grade Tungsten-Gold Project in France
Jan 30, 2026

Apollo Minerals has raised approximately A$6.5 million through a share placement, comprising A$5.75 million from investors and around A$0.8 million from directors and officers, to fund exploration and development at its Couflens High Grade Tungsten Gold Project in southern France and to support working capital. The placement, priced at A$0.027 per share at a discount to the last close but at a premium to recent VWAPs, attracted strong backing from existing shareholders and will be executed in two tranches, strengthening the company’s balance sheet as it works to unlock the scale and regional exploration potential of the historically high-grade Salau tungsten mine and associated gold prospects.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals Requests Trading Halt Ahead of Proposed Capital Raising
Jan 28, 2026

Apollo Minerals Limited has requested and been granted a voluntary trading halt in its securities on the ASX as it prepares an announcement regarding a proposed capital raising. Trading in the company’s shares will be paused until either the capital-raising announcement is released or normal trading resumes on 30 January 2026, signalling that a potentially significant funding initiative is imminent and may influence the company’s capital structure and future development plans.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals Wins Five-Year Reinstatement of High-Grade French Tungsten-Gold Permit
Jan 27, 2026

Apollo Minerals has secured the reinstatement of its Couflens exploration permit in southern France for a five-year term, reopening access to the 42km² project area that hosts the historic high-grade Salau tungsten mine and significant associated gold mineralisation. The company highlighted the mine’s strong production history, high-grade tungsten and gold results from historical drilling, channel sampling and rock chips, and the presence of open mineralisation at depth and along a 5km structural corridor, positioning Couflens as a potential strategic European supplier of tungsten amid heightened critical raw materials concerns and supporting Apollo Minerals’ efforts to reassess data and design new exploration programs to unlock project and shareholder value.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Apollo Minerals Halts Trading Pending Couflens Permit Update
Jan 22, 2026

Apollo Minerals Limited has requested a voluntary trading halt of its securities on the ASX pending an announcement regarding an update on the status of its Couflens exploration permit. Trading in the company’s shares will be paused until either the announcement is released or the market opens on 28 January 2026, providing time for the company to clarify the position of a key exploration asset that could influence its project pipeline and investor sentiment.

The most recent analyst rating on (AU:AON) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Apollo Minerals Limited stock, see the AU:AON Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Mar 05, 2026