Is Bunker Hill Mining Corp. (BNKR) halal?
Bunker Hill Mining Corp. (TSX: BNKR) is a zinc-lead-silver mine restarter in Idaho that graduated to the TSX on March 25, 2026. The business gate passes — mining contains no haram segments. But interest-bearing debt of about US$105.1M (~C$149.6M) — mainly the Silver Loan and convertible debentures — is ~79.6% of a ~C$187.9M market cap, well above the ~33% ceiling, so the financial gate fails. Cash of ~US$9.6M is ~7.3% of market cap (passes); revenue is nil, so the ~5% non-compliant-income ratio cannot be computed. Data from Q2 2026 interim filings, screened October 1, 2026.
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
Bunker Hill Mining Corp., a Nevada-incorporated company headquartered in Kellogg, Idaho and Vancouver, BC, is a mineral exploration and development company focused on restarting the Bunker Hill Mine in Idaho's prolific Silver Valley — a zinc, lead, and silver mine that produced 165 Moz of silver and 4.5 Mt of base metals before closing in 1981. The company received approval to graduate from the TSX Venture Exchange to the Toronto Stock Exchange effective at market open on March 25, 2026 (delisting from the TSXV the same day), continuing to trade under the BNKR ticker; it also trades on the OTCQB as BHLL. It produced its first concentrate on June 29, 2026 and is ramping toward commercial production expected by the end of 2026, with an 1,800 tpd processing plant. On August 21, 2026 the company announced a proposed merger with Silver47 to create a "Made in America" US silver and critical minerals company — the merger is not yet closed as of this screening, and the figures below reflect Bunker Hill on a standalone basis. No alcohol, gambling, weapons, pork, or conventional-finance segments are disclosed anywhere in the filings. Mining is a permissible business activity — the business gate passes.
Gate two: the ratios — debt fails
- Debt: interest-bearing debt at June 30, 2026 was about US$105.1M: the Silver Loan (~US$71.6M including the current portion), Series 1–3 convertible debentures (~US$16.6M), the Sprott debt facility (~US$14.8M), and lease liabilities (~US$2.0M). (Total liabilities were US$163.5M; the remainder is non-interest-bearing, including the derivative warrant liability of US$32.6M, EPA cost-recovery liabilities, and payables.) Converted at about 1.4236 USD/CAD (October 1, 2026), debt is ~C$149.6M.
- Market cap: about C$187.9M (C$3.625, October 1, 2026 market data).
- Debt ÷ market cap: ~79.6% — well above the ~33% ceiling (fails, decisively).
- Cash ÷ market cap: cash plus restricted cash of ~US$9.6M (~C$13.7M) at June 30, 2026 — about 7.3% of market cap, under the ~33% ceiling (passes).
- Interest income vs revenue: the company is pre-revenue — revenue is nil. In the first half of 2026 it reported interest income of ~US$0.27M against nil revenue, so the ~5% non-compliant-income ratio cannot be computed in its standard form. (The US$18.2M Q2 2026 net income was driven by non-cash fair-value gains on the Silver Loan and derivative liabilities, not operations.)
The debt gate is the decisive fail: debt at ~79.6% of market cap is more than double the ~33% ceiling. The cash gate passes and the income gate is unverifiable with nil revenue — but neither changes the result.
What other screeners say
- Zoya: no public BNKR stock page (zoya.finance/stocks/bnkr returns a 404) — Zoya does not cover BNKR. Musaffa: no BNKR stock page found in public coverage — Musaffa does not cover BNKR. ShariaPortfolio: a licensed portfolio-management firm with no public per-stock screener database — no coverage. Our screener reports its own figure-by-figure analysis above.
The bottom line
This screener gives Bunker Hill Mining Corp. (TSX: BNKR) a FAIL. The business (restarting a zinc-lead-silver mine in Idaho) is halal and the cash ratio passes (~7.3% of market cap), but interest-bearing debt of ~US$105.1M (~C$149.6M) is ~79.6% of a ~C$187.9M market cap — more than double the ~33% ceiling. Debt carried to fund the mine restart is what sinks this one. Consult a qualified scholar; re-screen quarterly after earnings. Snapshot dated October 1, 2026.
Sources
- Bunker Hill Mining Corp. Form 10-Q for the quarterly period ended June 30, 2026, filed with the SEC on July 31, 2026 (quarterly figures via stocktitan.net) — all amounts in US dollars: total liabilities US$163,495,119; interest-bearing debt ~US$105.1M (Silver Loan US$71,614,021 incl. current portion, Series 1–3 convertible debentures US$16,601,853, Sprott debt facility US$14,840,344, lease liabilities US$2,032,608); cash and restricted cash US$9,632,131; interest income US$265,257 (six months); revenue nil; 47,207,589 shares outstanding as of July 30, 2026.
- Bunker Hill Mining Corp. news release, March 23, 2026 (bunkerhillmining.com) — TSX listing approval; shares began trading on the TSX at market open on March 25, 2026 under BNKR; concurrently delisted from the TSX Venture Exchange.
- Bunker Hill Mining Corp. news release, June 29, 2026 (quotemedia) — production of first concentrate from the Bunker Hill Mine in Idaho; restart of operations; commercial production targeted by end of 2026.
- Stockwatch, August 21, 2026 — Bunker Hill and Silver47 announced a proposed merger to create a US silver and critical minerals company (not yet closed as of screening; figures above are Bunker Hill standalone).
- Market data: TSX:BNKR C$3.625 — market cap ~C$187.9M on October 1, 2026 (Finnhub); USD/CAD ~1.4236 (Finnhub, October 1, 2026).
- Third-party coverage checks (October 1, 2026): Zoya — no public BNKR page (404); Musaffa — no BNKR stock page found; ShariaPortfolio — no public per-stock screener database.
Related screeners
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Frequently asked questions
Is Bunker Hill Mining Corp. (BNKR) halal?
Our screener gives Bunker Hill Mining Corp. (TSX: BNKR) a FAIL screening result. The business - restarting the Bunker Hill zinc-lead-silver mine in Idaho - contains no haram segments, and cash of about US$9.6M (~C$13.7M, ~7.3% of market cap) passes. But interest-bearing debt of about US$105.1M (~C$149.6M, mainly the Silver Loan and convertible debentures) is about 79.6% of a ~C$187.9M market cap, well above the ~33% ceiling. Consult a qualified scholar.
Why does Bunker Hill Mining fail the screener?
Because of the debt gate. At June 30, 2026 the company carried about US$105.1M of interest-bearing debt: the Silver Loan (~US$71.6M including the current portion), Series 1-3 convertible debentures (~US$16.6M), the Sprott debt facility (~US$14.8M), and lease liabilities (~US$2.0M). Converted at about 1.4236 USD/CAD, that is ~C$149.6M of debt against a ~C$187.9M market cap (C$3.625, October 1, 2026 market data) - about 79.6%, more than double the ~33% ceiling. The fail is decisive, not provisional.
Do Bunker Hill Mining's debt and cash ratios pass?
Debt fails; cash passes. Interest-bearing debt at June 30, 2026 was about US$105.1M (~C$149.6M) - the Silver Loan, three series of convertible debentures, the Sprott debt facility, and lease liabilities - against a ~C$187.9M market cap, so debt is about 79.6%, above the ~33% ceiling. Cash plus restricted cash of ~US$9.6M (~C$13.7M) is about 7.3% of market cap, under the ~33% ceiling (passes). Revenue is nil, so the ~5% non-compliant-income ratio cannot be computed in its standard form (interest income was ~US$0.27M in the first half of 2026).
What does Bunker Hill Mining do, and is the business halal?
Bunker Hill Mining Corp. is a mineral exploration and development company focused on restarting the Bunker Hill Mine in Kellogg, Idaho's Silver Valley - a historic zinc, lead, and silver mine that closed in 1981. The company graduated from the TSX Venture Exchange to the TSX on March 25, 2026 under the BNKR ticker, produced its first concentrate on June 29, 2026, and is ramping toward commercial production expected by the end of 2026. On August 21, 2026 it announced a proposed merger with Silver47 to create a US silver and critical minerals company (not yet closed as of screening). No alcohol, gambling, weapons, pork, or conventional-finance segments are disclosed, so the business gate passes.
What do Zoya, Musaffa and ShariaPortfolio say about Bunker Hill Mining?
As of October 1, 2026: Zoya has no public BNKR stock page (zoya.finance/stocks/bnkr returns a 404), so Zoya does not cover it; a search of Musaffa's public coverage found no BNKR stock page, so Musaffa does not cover it; ShariaPortfolio has no public per-stock screener database. Our screener reports its own figure-by-figure analysis above.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).