Canadian Halal Investor.

TSX Shariah screener · October 2026

Is Azimut Exploration Inc. (AZM) Halal?

FAIL

Azimut Exploration Inc. · TSXV: AZM · Materials

The short answer

No — Azimut Exploration (AZM) does not pass this Shariah stock screen. Its mineral-exploration business (acquiring and exploring mineral properties in Québec's James Bay region; flagship 100%-owned Elmer gold project) has no prohibited lines, and it carries almost no debt — lease liabilities of C$464k are about 0.69% of its ~C$67.3M market cap, far below the ~33% ceiling. But interest income of C$104,354 is about 130.5% of its reported six-month revenue (operator income C$79,951) — far above the 5% non-compliant income ceiling. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Azimut Exploration Inc. (TSXV: AZM; OTCQX: AZMTF), based in Longueuil, Québec, is in the business of acquiring and exploring mineral properties in Canada, per its Q2 2026 interim financial statements (Note 1). It explores for gold, copper, nickel, antimony and lithium; its flagship is the 100%-owned Elmer gold project (34,660 hectares) in the James Bay region. None of the disclosed lines — mineral exploration and evaluation — are prohibited lines (no alcohol, gambling, pork, conventional banking/insurance, tobacco, cannabis, weapons, or adult entertainment). Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

At February 28, 2026 the company's only interest-bearing obligations were C$238,099 of current lease liabilities plus C$226,046 of non-current lease liabilities — C$464,145 in total, with no bank loans or debentures, per the Q2 2026 interim statement of financial position. Against a market cap of about C$67.3M (110.31M shares at C$0.60, September 23, 2026 per stockanalysis.com), debt ÷ market cap is about 0.69%, far below the ~33% ceiling. Cash and cash equivalents of C$4.1M are about 6.1% of market cap, within the ~33% guideline. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: FAIL

For the six months ended February 28, 2026, Azimut reported interest income of C$104,354 as a separately disclosed line (under 'Financing cost (income), net'), against operator income of C$79,951 — its reported revenue line. That is about 130.5% of revenue, far above the 5% non-compliant income ceiling. Note 3 shows the cash (C$4.1M at period-end) sits in high-interest savings accounts bearing 2.69%, and the cash-flow statement confirms C$104,354 of interest received in the half. With effectively no operating revenue, interest earnings dominate income — on the reported income-statement basis used here, Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Azimut Exploration do?

Azimut Exploration Inc. (TSXV: AZM; OTCQX: AZMTF), based in Longueuil, Québec, is in the business of acquiring and exploring mineral properties in Canada, per its interim financial statements (Note 1). It explores for gold, copper, nickel, antimony and lithium; its flagship is the 100%-owned Elmer gold project (34,660 hectares) in the James Bay region. None of the disclosed lines — mineral exploration and evaluation — are prohibited lines (no alcohol, gambling, pork, conventional banking/insurance, tobacco, cannabis, weapons, or adult entertainment), so the business gate passes.

Why does Azimut Exploration fail this Shariah stock screen?

Azimut Exploration's mineral-exploration business has no prohibited lines and it carries almost no debt — the failure is on the income gate. For the six months ended February 28, 2026 it reported separately-disclosed interest income of C$104,354 against operator income (its revenue line) of C$79,951 — about 130.5% of revenue, far above the 5% non-compliant income ceiling used in this screen. The interest is earned on cash deposits (high-interest savings accounts at 2.69%, per Note 3), not from lending. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Azimut Exploration's interest-bearing debt ratio?

At February 28, 2026 Azimut's only interest-bearing obligations were C$238,099 of current lease liabilities plus C$226,046 of non-current lease liabilities — C$464,145 in total, with no bank loans or debentures. Against a market capitalization of about C$67.3M (110.31M shares at C$0.60, September 23, 2026 per stockanalysis.com), debt ÷ market cap is about 0.69%, far below the ~33% ceiling. Cash of C$4.1M is about 6.1% of market cap, within the ~33% guideline. The financial-structure gate passes; the failure is on the income gate.

What is Azimut Exploration's non-compliant income ratio?

For the six months ended February 28, 2026, Azimut reported interest income of C$104,354 (C$29,321 in Q2) against operator income of C$79,951 — about 130.52% of revenue, far above the 5% non-compliant income limit. The interest income is a separately disclosed line under 'Financing cost (income), net' in the Q2 2026 interim income statement, and the cash-flow statement confirms C$104,354 of interest received in the half. Note 3 shows the cash sits in high-interest savings accounts bearing 2.69%. With effectively no operating revenue, interest earnings dominate income — on the reported income-statement basis used here, the income gate fails.

Do Zoya, Musaffa, or ShariaPortfolio cover Azimut Exploration?

No rating or coverage of Azimut Exploration (TSXV: AZM) was found on Zoya, Musaffa, or ShariaPortfolio — honestly reported as absent, not invented. This page applies the screen directly from the company's filings: unaudited condensed interim financial statements for the six months ended February 28, 2026 (board-approved April 20, 2026; the most recent filing — the company adopted semi-annual reporting in May 2026).

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).