Canadian Halal Investor.

TSX Shariah screener · October 2026

Is Avino Silver & Gold Mines Ltd. (ASM) Halal?

PASS

Avino Silver & Gold Mines Ltd. · TSX: ASM · Materials

The short answer

Avino Silver & Gold Mines Ltd. (TSX: ASM) is a PASS. The business gate passes: the company is a silver/gold/copper producer operating the Elena Tolosa (Avino) Mine near Durango, Mexico, with the 100%-owned La Preciosa development project — a permissible activity with no prohibited segments. The debt gate passes: total interest-bearing debt of US$8.3M (finance leases and equipment loans, March 31, 2026) is about 0.9% of the ~US$978M market cap (170.9M shares × C$7.90, October 1, 2026), far under the ~33% ceiling; cash of US$138.6M is about 14.2% of market cap. The income gate passes: “interest and other income” of US$926K is about 2.3% of Q1 2026 revenue of US$39.4M, under the ~5% ceiling. One caveat: Musaffa currently rates ASM not halal while ShariaPortfolio rates it Shariah compliant — third-party screeners disagree (see FAQ). This is a rules-based screen, not a religious ruling.

Gate 1 — Business activity: PASS

Avino Silver & Gold Mines Ltd. is a silver/gold/copper producer. It operates the Elena Tolosa (Avino) Mine near Durango, Mexico, and owns 100% of the La Preciosa development project (after the Deterra royalty repurchase, with an inaugural reserve of 127M silver-equivalent ounces). Revenue comes from mine operating income. There are no alcohol, gambling, weapons, tobacco, cannabis, conventional-lending/insurance, or pork segments. The company describes itself as “essentially debt-free” apart from equipment leases at its operating sites. The business gate passes.

Gate 2 — Debt and cash: PASS

Total interest-bearing debt at March 31, 2026 (Q1 2026 interim financial statements, the latest full statements publicly available) was US$8.344M: finance leases US$7.579M plus equipment loans US$0.765M (this site counts leases as debt). Against a market cap of ~US$978M (170.9M shares × C$7.90, October 1, 2026, TSX; C$1,350.35M converted at ~1.38 CAD/USD), that is about 0.9% — far under the ~33% ceiling. Even if the US$8.5M non-interest-bearing deferred consideration for the La Preciosa royalty repurchase were counted as debt, the ratio would still be only about 1.7%. Corroboration from the latest quarter: at June 30, 2026 the company reported revenue of US$26.8M, net income of US$10.9M, and cash of US$144.2M. Cash of US$138.6M at March 31, 2026 is about 14.2% of market cap — under the ~33% guideline. The debt gate passes.

Gate 3 — Non-compliant income: PASS

The Q1 2026 income statement separately discloses “interest and other income” of US$926K — about 2.3% of Q1 2026 revenue of US$39.433M, under the ~5% ceiling. Because the line bundles interest with unspecified other income, the pure interest component is at most US$926K, so 2.3% is a conservative ceiling for the interest portion. The Q1 2025 comparative for the same line was US$163K, cross-verified against the SEC-XBRL series. The income gate passes.

Key figures used

Frequently asked questions

Is Avino Silver & Gold Mines (ASM) halal?

Our October 2026 screen gives Avino Silver & Gold Mines Ltd. (TSX: ASM) a PASS. All three gates pass by wide margins: the silver/gold/copper mining business has no prohibited segments, total interest-bearing debt (about US$8.3M in finance leases and equipment loans) is about 0.9% of the ~US$978M market cap (under the ~33% ceiling), cash of US$138.6M is about 14.2% of market cap (under the ~33% guideline), and “interest and other income” of US$926K is about 2.3% of Q1 2026 revenue (under the ~5% ceiling). Note: Musaffa currently rates ASM not halal, while ShariaPortfolio rates it Shariah compliant — third-party screeners disagree. This is a rules-based screen, not a religious ruling.

What does Avino Silver & Gold Mines do?

Avino is a silver/gold/copper producer operating the Elena Tolosa (Avino) Mine near Durango, Mexico, and owns 100% of the La Preciosa development project (an inaugural 127M silver-equivalent-ounce reserve). Revenue comes from mine operating income — there are no alcohol, gambling, weapons, tobacco, cannabis, conventional-lending/insurance, or pork segments. The company describes itself as “essentially debt-free” apart from equipment leases at its operating sites.

How much debt does Avino Silver & Gold Mines have?

At March 31, 2026 (Q1 2026 interim financial statements, the latest full statements publicly available), interest-bearing debt was US$8.344M: finance leases US$7.579M plus equipment loans US$0.765M. That is about 0.9% of the ~US$978M market cap (170.9M shares × C$7.90, October 1, 2026, TSX; converted at ~1.38 CAD/USD) — far under the ~33% ceiling. Even counting the US$8.5M non-interest-bearing deferred consideration for the La Preciosa royalty repurchase as debt, the ratio would still be only about 1.7%. At June 30, 2026 the company reported cash of US$144.2M.

Does Avino earn interest income?

A small amount, and it is separately disclosed. The Q1 2026 income statement reports “interest and other income” of US$926K against revenue of US$39.433M — about 2.3%, under the ~5% ceiling. Because the line bundles interest with unspecified other income, the pure interest component is at most US$926K, so 2.3% is a conservative ceiling for the interest portion. The Q1 2025 comparative was US$163K (cross-verified against the SEC-XBRL series).

What do third-party Shariah screeners say about ASM?

They disagree. Musaffa currently classifies ASM as not halal under AAOIFI methodology (page current as of October 2026; no specific failing ratio is disclosed). ShariaPortfolio’s screener covers ASM and rates it “Shariah compliant — passes 3/5 Shariah standards.” No Zoya rating for ASM was found. Because the disagreement is material, treat this screen with extra care and consult a qualified scholar for a personal ruling.

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.