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Cash runway calculator
Quarters of funding from an Appendix 5B, and the dilution if they raise at a discount.
If they raise
Quarters of funding
- quarters
A placement on these terms
How it works
Quarters of funding = (cash + undrawn facilities) / quarterly outgoings
That's exactly how item 8.7 of the Appendix 5B is worked out. When it falls below 2 quarters, the ASX requires the company to explain how it will fund its operations - and the usual answer is a placement at a discount. BDO counted 746 explorer cash flow reports in the June 2026 quarter, a continuing decline, with capital concentrating in larger, more advanced explorers.
The dilution maths: new shares = amount raised / (price x (1 - discount)). Your slice of the company shrinks by new shares / (old shares + new shares). Cash runway and raisings explained - every followed company's runway.
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