Apollo now has funding to move towards gold development space

APOLLO Consolidated has bankrolled its gold exploration and development study efforts into next year with a A$10 million equity raising backed by undisclosed institutional investors.
Apollo now has funding to move towards gold development space Apollo now has funding to move towards gold development space Apollo now has funding to move towards gold development space Apollo now has funding to move towards gold development space Apollo now has funding to move towards gold development space

The road to Apollo Consolidated's Lake Rebecca project

The pricing of new shares is 21c, with the new funding adding to Apollo's cash holding at the start of 2020 of $7.5 million.

The funding follows Apollo estimating a resource of 1 million ounces at its Lake Rebecca exploration project, 150km east of Kalgoorlie in Western Australia.

Apollo said earlier this month that its planned exploration campaign would entail ongoing step-out and infill drilling, as well as "option analysis" to determine the best "mining pathway".

The closest operating mill of scale to Lake Rebecca is Saracen Minerals Holding's Carosue Dam.

Apollo is led by geologist Nick Castleden, with well-known mining engineer Tony James also on the board.

Shares in Apollo were up more than 6% to 25c in afternoon trade, capitalising the company at $55 million.

The stock is up 50% on levels 12 months ago.