Apollo makes $20m gold sale

Apollo Consolidated is selling its entire royalty over a goldmine in Cote d’Ivoire to fund further exploration at the company’s Lake Rebecca project in Western Australia.

The royalty is held over the Seguela project, operated by Canadian goldminer Roxgold. 

It will be sold to New York-listed Gold Royalty Corp for $20 million in cash.

The proceeds will add to Apollo’s existing cash reserves of $18.7 million, as at December 31.

Managing director Nick Castleden said the deal was an excellent outcome for the West Perth business and would allow Apollo to progress its 1-million-ounce Lake Rebecca gold project, east of Kalgoorlie.

The project contains three advanced-stage deposits – Rebecca, Duke and Duchess. 

Apollo is testing a number of new exploration targets, as well as working through ongoing resource delineation and step-out drilling.

Its share price closed up 2.8 per cent to trade at 36 cents.