Canadian Halal Investor.

TSX Shariah screener · October 2026

Is Arizona Metals Corp. (AMC) Halal?

FAIL

Arizona Metals Corp. · TSX: AMC · Materials

The short answer

No — Arizona Metals Corp. (AMC) does not pass this Shariah stock screen. Its business — 100%-owned Kay Mine copper-gold VMS project and Sugarloaf Peak gold project in Arizona — has no prohibited lines, and with zero interest-bearing debt (C$601,175 of total liabilities, all non-interest-bearing payables) against a ~C$25.49M market cap (137,756,815 shares at C$0.185, October 1, 2026), the debt gate passes at 0.0%. But the company is pre-revenue with only interest income (C$127,830 in H1 2026), so non-compliant income is effectively ~100% of its income — above the 5% limit. No Zoya, Musaffa, or ShariaPortfolio rating was found — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Arizona Metals Corp. (TSX: AMC) is a Toronto-based mineral exploration company focused on the exploration and development of mineral resource properties in Arizona, USA, per note 1 of its Q2 2026 interim financial statements. It holds 100% interests in the past-producing Kay Mine copper-gold-zinc-silver volcanogenic massive sulfide (VMS) project (~1,300 acres, Yavapai County) and the Sugarloaf Peak gold project (~4,400 acres of BLM claims, La Paz County). The company has no operating mines and has earned no income from production. Copper-gold exploration carries no prohibited (haram) business lines — alcohol, gambling, pork, conventional banking/insurance, tobacco, cannabis, or adult entertainment are absent. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

Total liabilities at June 30, 2026 were C$601,175 — entirely accounts payable and accrued liabilities, which the MD&A states are short-term and non-interest-bearing; the company has no variable interest rate debt. Interest-bearing debt is effectively C$0, so debt ÷ market cap is 0.0% against a market cap of roughly C$25.49M (137,756,815 shares at C$0.185, October 1, 2026), far under the ~33% ceiling. Cash plus investments of C$11.08M (≈43.5% of market cap) exceed the ~33% cash guideline — flagged here, but the debt gate passes. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: FAIL

The Q2 2026 interim financial statements (filed August 13, 2026) disclose a separate interest-income line of C$86,789 for Q2 2026 (C$127,830 for H1 2026), earned on cash and investments held with Canadian chartered banks. The company is pre-revenue: the MD&A states it has no operating revenues and has earned no income from production — total revenue is effectively nil. Interest income is therefore ~100% of the company's income, far above the 5% non-compliant income limit, consistent with this methodology's treatment of pre-revenue explorers (STLLR Gold and Faraday Copper precedents). Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Arizona Metals Corp. do?

Arizona Metals Corp. (TSX: AMC) is a Toronto-based mineral exploration company focused on Arizona, USA. It holds 100% interests in two projects: the Kay Mine, a past-producing high-grade copper-gold-zinc-silver volcanogenic massive sulfide (VMS) deposit on ~1,300 acres of patented and BLM claims in Yavapai County, and the Sugarloaf Peak gold project on ~4,400 acres of BLM claims in La Paz County. The company has no operating mines and has earned no income from production; it funds exploration from equity financings. None of these activities are prohibited lines under this screen.

Why does Arizona Metals Corp. fail this Shariah stock screen?

Arizona Metals passes the business and debt gates — copper-gold exploration has no prohibited lines, and interest-bearing debt is effectively zero (C$601,175 of total liabilities, all non-interest-bearing payables, vs a ~C$25.49M market cap). But the company is pre-revenue: the only income on its Q2 2026 statements is interest of C$127,830 for H1 2026 (C$86,789 in Q2), so non-compliant income is effectively ~100% of income — far above the 5% limit. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Arizona Metals Corp.'s interest-bearing debt ratio?

At June 30, 2026, total liabilities were C$601,175 — entirely accounts payable and accrued liabilities, which the MD&A states are short-term and non-interest-bearing; the company has no variable interest rate debt. Interest-bearing debt is effectively C$0, so debt ÷ market cap is about 0.0% against a ~C$25.49M market cap (137,756,815 shares at C$0.185, October 1, 2026) — far under the ~33% ceiling. Cash plus investments of C$11.08M are about 43.5% of market cap, above the ~33% cash guideline, which is flagged separately.

What is Arizona Metals Corp.'s non-compliant income ratio?

The Q2 2026 interim statements disclose interest income of C$86,789 for Q2 2026 (C$127,830 for the six months ended June 30, 2026), earned on cash and investments held with Canadian chartered banks. The company has no operating revenues and no production income — total revenue is effectively nil — so interest is ~100% of the company's income, far above the 5% non-compliant income limit. This matches this methodology's treatment of pre-revenue explorers (STLLR Gold and Faraday Copper precedents).

Do Zoya, Musaffa, or ShariaPortfolio cover Arizona Metals Corp.?

No rating or coverage of Arizona Metals Corp. (TSX: AMC) was found on Zoya, Musaffa, or ShariaPortfolio — honestly reported as absent, not invented. This page applies the screen directly from the company's filings: Q2 2026 condensed interim consolidated financial statements (filed August 13, 2026) and the Q2 MD&A.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).