Cash Runway Tracker

How long can each company keep its lights on? · All figures in CAD · Data from each company's latest quarterly filing (PDF) · Prototype: 5 of 179 companies

< 6 months — critical

6–12 months — watch

> 12 months — comfortable

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Company	As at	Cash	Op Burn /qtr	Total Burn /qtr	Runway (op only)	Runway (total)	Mktg / IR spend /qtr
Kingfisher Metals KFR TSXV	Jun 30, 2026	$29.43M	$689K	$1,861K	128 mo	47 mo	$147K corporate relations
ℹ Barrick raised $20.9M post-quarter (Jul 28, 2026 private placement at $1.35/unit). True cash ≈ $50M. ~$18.4M of flow-through proceeds earmarked for HWY37 exploration.
Kobrea Exploration STALE KBX CSE	Apr 30, 2025	$3.29M	$887K	$1,182K	11 mo	8 mo	$135K advertising & promotion
⚠ Data is 15 months old — latest filing available on company site as of Sep 2026. CSE companies disclose less regularly. Filing includes a going-concern note.
Aldebaran Resources ALDE TSXV	Dec 31, 2025	$6.39M	$1,427K	$6,452K	13 mo	3 mo	$182K investor relations
ℹ Heavy exploration spend (Rio Tinto JV at Altar) — $9.8M capitalized in H1. Op-only runway looks comfortable; total burn reveals the real picture.
Mogotes Metals MOG TSXV	May 31, 2026	$43.76M	$8,765K	$6,054K	15 mo	22 mo	not disclosed
ℹ Raised $37.7M during the period (private placement). Total burn is lower than op burn because $5.4M came from selling marketable securities (investing inflow). Filing carries a going-concern note.
Independence Gold IGD TSXV	Jun 30, 2026	$3.96M	$1,516K	$1,543K	8 mo	8 mo	$47K shareholder comms
ℹ Raised $750K (Mar 2026 flow-through) + $3.5M (Dec 2025). Op and total burn are nearly identical — minimal exploration spend in H1 2026.

What's in "Op Burn"

Salaries, management fees, professional fees
Rent, office, insurance, travel
Marketing & IR spend — included here
Regulatory fees, bank charges, audit

        Marketing/IR is already inside the op burn number. It is not added on top — the column on the right is shown for visibility, not as a separate cost.
      

= "Cash used in operating activities" from the cash flow statement

What's in "Total Burn"

Everything in op burn
+ Exploration spend (drilling, geology, surveys)
+ Property & equipment purchases
= "Cash used in operating + investing activities"

        Total burn is the honest number — it's what actually leaves the bank account. Op burn alone can be misleading for exploration-stage companies.
      

Not in either: share-based comp (non-cash), interest income

How to read this — what's not in the numbers

Backward-looking. Burn is the most recently reported period. If a company ramps up drilling, next quarter's burn could be 2–3× higher.
Post-quarter deals don't appear until the next filing. A raise announced after quarter-end (e.g. Barrick's $20.9M into Kingfisher, Jul 28) extends runway, but "cash" here is as at quarter-end — filings lag 45–60 days. Major announced raises are flagged in the notes.
Warrants & options don't affect cash or runway math — they're potential future inflows and dilution. They change what your shares are worth, not the runway number.
Flow-through cash is earmarked. Proceeds from flow-through raises must be spent on qualifying exploration — it's not free working capital, so "cash on hand" overstates usable funds.
Stock-based compensation is a real cost but non-cash — excluded from burn. It shows up as dilution, not as a bank charge.
Single-quarter noise. Drill programs are lumpy and payables timing can flatter a quarter. Treat runway as a snapshot, not a forecast.

How runway is calculated

Runway (op) = Cash ÷ (Op burn per quarter ÷ 3)
Runway (total) = Cash ÷ (Total burn per quarter ÷ 3)
Burn is annualized from the most recent reported period (1 or 2 quarters)
Does not account for future raises — a company with 3 months runway may raise next week
Filing dates lag reality by 40–60 days; "as at" date is the quarter-end, not today