TSX Shariah screener · October 2026
Is Blackrock Silver Corp. (BRC) Halal?
Blackrock Silver Corp. · TSXV: BRC · Materials
The short answer
Blackrock Silver Corp. (TSXV: BRC) is a FAIL in our October 2026 screen. The business gate passes (precious-metal exploration in Nevada, no haram lines) and the debt gate passes (C$28,875 of lease-liability debt is ~0.01% of its ~C$375.3M market cap — far under the ~33% ceiling). But the income gate fails: interest income of C$155,622 in the six months ended April 30, 2026 is ~66.4% of all positive P&L income items, far over the ~5% ceiling.
Gate 1 — Business activity: PASS
Blackrock Silver Corp. is a Canadian-based junior resource company engaged in the acquisition, exploration and development of gold and silver properties in Nevada, USA — its 100%-controlled flagship Tonopah West silver-gold project in the Walker Lane trend and the Silver Cloud gold-silver exploration project in north-central Nevada (it also acquired the Tonopah East project in 2026). Precious-metal exploration is a permissible business; no alcohol, pork, gambling, conventional finance, tobacco, cannabis or weapons lines. Gate 1 passes. Facts only.
Gate 2 — Debt and cash: PASS
At April 30, 2026, the company's only interest-bearing debt was the current portion of its lease liability: C$28,875 — no bank debt, notes, or convertible debentures appear anywhere on the balance sheet (the long-term lease liability was nil; share-based compensation liabilities are equity-related and excluded). Against a ~C$375.3M market cap (375,279,321 shares at the C$1.00 September 30, 2026 close), debt is about 0.01% — far under the ~33% ceiling. Gate 2 passes. Facts only.
Gate 3 — Non-compliant income: FAIL
For the six months ended April 30, 2026 (the most recent filed interim period; the company's fiscal year ends October 31), interest income was C$155,622. As a pre-revenue explorer, the company's only other positive P&L item was a foreign exchange gain of C$78,810, making total positive income C$234,432. Interest income is about 66.4% of that total — far over the ~5% ceiling. Gate 3 fails. Facts only.
Key figures used
- Interest-bearing debt of C$28,875 at Apr 30, 2026 (current lease liability only) ≈ 0.01% of ~C$375.3M market cap (C$1.00 close, Sep 30, 2026).
- Gate 3 FAIL: interest income C$155,622 ≈ 66.4% of C$234,432 in positive P&L income items (6 months ended Apr 30, 2026) - pre-revenue explorer, no mineral revenue.
- No bank debt, notes, or convertible debentures on the balance sheet.
- 100%-controlled Tonopah West silver-gold project (Nevada) plus Silver Cloud and Tonopah East projects; conditional approval (Sep 2026) to graduate listing from TSXV to the TSX.
- Going-concern material uncertainties disclosed; C$50M ATM program established Sep 2026.
- Musaffa rates BRC.V not halal (Oct 2026); Zoya and ShariaPortfolio do not cover the company.
Frequently asked questions
Is Blackrock Silver (BRC) halal?
Our October 2026 screen gives Blackrock Silver (BRC) a FAIL. The business gate passes (precious-metal exploration) and the debt gate passes (C$28,875 of debt is ~0.01% of its ~C$375.3M market cap), but the income gate fails: interest income of C$155,622 in the six months ended April 30, 2026 is ~66.4% of all positive P&L income items - far over the ~5% ceiling. Musaffa also screens BRC.V as not halal; no Zoya or ShariaPortfolio coverage was found.
Why did Blackrock Silver fail the income gate?
The six months ended April 30, 2026 are the company's most recent filed interim period (its fiscal year ends October 31). As a pre-revenue explorer, its only positive P&L income items were interest income of C$155,622 and a foreign exchange gain of C$78,810, totalling C$234,432. Interest income of C$155,622 divided by C$234,432 is ~66.4% - more than thirteen times the site's ~5% ceiling. Pre-revenue companies have thin income denominators, so any interest income dominates. Gate 3 fails.
What does Blackrock Silver do?
Blackrock Silver Corp. is a Canadian-based junior resource company acquiring, exploring and developing gold and silver properties in Nevada, USA. Its flagship is the 100%-controlled Tonopah West silver-gold project in the Walker Lane trend, plus a 100% interest in the Silver Cloud gold-silver exploration project in north-central Nevada. In September 2026 it received conditional approval to graduate its listing from the TSX Venture Exchange to the Toronto Stock Exchange, and it acquired the Tonopah East project, increasing its land holdings by ~45% in the Tonopah district. Precious-metal exploration is a permissible business.
What do Zoya, Musaffa, and ShariaPortfolio say about Blackrock Silver?
Musaffa screens Blackrock Silver (BRC.V) as not halal under its AAOIFI-based methodology, as of October 2026 - consistent with this screen's result. Zoya does not cover Blackrock Silver (its 'BRC' page is Brady Corporation, a different company), and ShariaPortfolio has no coverage either. Where available we report third-party ratings honestly; for Blackrock Silver, Musaffa is the only one of the three that covers it.
Where can I find more materials stock screeners?
See our full list of stock screeners at halal-stock-verdicts.html, which covers every company screened so far.
Sources
- Q2 2026 MD&A (3 & 6 months ended Apr 30, 2026; filed Jun 26, 2026)
- Q2 2026 Interim Financial Statements (Note 1, balance sheet, income statement)
- Newsfile: Conditional approval to list on TSX + ATM program (Sep 14, 2026)
- stockanalysis.com TSXV:BRC quote (C$1.00 close, Sep 30, 2026)
- Musaffa BRC.V screening page (NOT HALAL, Oct 2026)
- Zoya BRC page (Brady Corporation - different company; Blackrock Silver not covered)
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.