Screened September 29, 2026 · TSX/NASDAQ: AYA · Q2 2026 (quarter ended June 30, 2026)

Is Aya Gold & Silver (AYA) halal?

Aya Gold & Silver (TSX/NASDAQ: AYA) is a pure silver producer with operations in Morocco and no haram business segment. Interest-bearing debt of ~US$86.344 million including leases is about 2.1% of the ~US$4.06 billion market cap (under the ~33% ceiling), and interest income of ~US$1.147 million is about 1.19% of Q2 2026 revenue of US$96.794 million (under the ~5% ceiling). This screener is a PASS.

The two-gate Shariah screen

Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).

Gate one: the business — passes

Aya Gold & Silver Inc. is a Canadian silver producer with operations in Morocco. Its flagship is the Zgounder silver mine, which delivered record operational performance in Q2 2026 (silver revenue was US$90.321M of US$96.794M total, plus pyrite sales of US$6.473M). Growth projects: the Boumadine exploration project (infill drilling ongoing; a 2025 preliminary economic assessment showed a post-tax NPV5% of US$1.5B, 47% IRR, 11-year life and 340 Moz AgEq; feasibility study expected in H2 2027) and the Tijirit Gold Project in Mauritania (to be developed via the Mx2 Mining spinout announced September 12, 2024). Revenue is silver/gold/pyrite mining and sale — no alcohol, gambling, finance, weapons, or other non-compliant segments were found. The business gate passes.

Gate two: the ratios — both pass

Q2 2026 (reported August 13, 2026, all USD): interest income of US$1.147 million (the pure "produits d'intérêts" line; the larger "net finance income" of US$3.599M is mostly a US$4.427M FX conversion gain, not interest) is about 1.19% of revenue of US$96.794 million (+151% y/y; H1 basis: ~1.07%) — under the ~5% ceiling. Debt: long-term debt of US$83.658 million (the EBRD US$100M long-term financing package for Zgounder) + lease liabilities of US$2.686 million = ~US$86.344 million. Cash and equivalents were US$182.808M plus restricted cash US$16.410M → net cash US$112.9M (the separate US$15M EBRD facility was fully repaid in Q2 2026, ahead of maturity). With ~143.9 million shares outstanding at ~C$38.51 (September 29, 2026), the market cap is about C$5.81 billion (~US$4.06B) — debt is about 2.1% of market cap, well under the ~33% ceiling. Both ratios pass.

What other screeners say

No AYA.TO-specific rating was found on Zoya, Musaffa, or ShariaPortfolio in targeted searches as of September 2026. This screener is based on Aya's Q2 2026 financials.

The bottom line

This screener gives Aya Gold & Silver Inc. (TSX/NASDAQ: AYA) a PASS. A pure silver mining business with debt at about 2.1% of market cap and interest income at about 1.19% of revenue — on a net-cash balance sheet. 2026 milestones: the Nasdaq listing began May 4, 2026, Aya joined the VanEck Gold Miners ETF (GDX) on June 16, 2026, 2026 guidance is 6.2–6.8 Moz AgEq, and ~139 km² of Cu-Ag ground was acquired near Zgounder for C$4M in September 2026. One item to watch: ongoing litigation with Duro Felguera (~US$5M of Q2 costs including the Nasdaq listing). Consult a qualified scholar. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

• Q2 2026 results (Aya Gold & Silver, GlobeNewswire, Aug 13, 2026)
• 2026 outlook & strategic priorities (Aya Gold & Silver, Jan 27, 2026)

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