Money
Cash runway: who can follow up their drilling?
A great hit from a company with two quarters of cash usually means a placement at a discount is coming. BDO counted 746 explorer cash flow reports in the June 2026 quarter, a continuing decline, with capital concentrating in larger, more advanced explorers.
| Code | Company | Stage | Quarter | Cash | Operating CF | Outgoings / qtr | Runway | Shares |
|---|---|---|---|---|---|---|---|---|
| CMM | Capricorn Metals | producer | Sep 2026 | $508m | $84.5m | $58.6m | Self-funding | - |
| SFR | Sandfire Resources | producer | Sep 2026 | $487m | - | - | - | - |
| GMD | Genesis Minerals | producer | Sep 2026 | $598m | - | - | - | 1,175m |
| WGX | Westgold Resources | producer | Sep 2026 | $730m | - | - | - | 940m |
| RMS | Ramelius Resources | producer | Sep 2026 | $740m | $186m | - | - | - |
| NST | Northern Star Resources | producer | Sep 2026 | $968m | $809m | - | - | 1,425m |
| PRU | Perseus Mining | producer | Sep 2026 | $1.2bn | $266m | - | - | 1,326m |
| RRL | Regis Resources | producer | Sep 2026 | $1.3bn | $265m | - | - | - |
| GGP | Greatland Resources | producer | Sep 2026 | $1.3bn | $289m | - | - | 675m |
| EVN | Evolution Mining | producer | Sep 2026 | $1.5bn | - | - | - | 2,045m |
How the runway is worked out
Each quarter, ASX explorers file an Appendix 5B cash flow report. Item 8.7 states the estimated quarters of funding available: cash plus undrawn facilities, divided by the quarter's relevant outgoings. Below 2 quarters, the ASX requires the company to explain how it will fund its operations. Producers with positive operating cash flow are shown as self-funding.
Appendix 5B explained - Cash runway and capital raisings - Runway calculator
General information only - not financial advice. DrillScore's analyses are produced automatically by an AI model (Claude, by Anthropic) from the company's own ASX announcement and public market data, and scored by a fixed formula (how it works). They can be wrong or incomplete, don't consider your objectives or circumstances, and are not a recommendation to buy, sell or hold anything. Always read the original announcement and consider advice from a licensed adviser.
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