Is Cadillac Mines Corporation (CADY) halal?
Cadillac Mines Corporation (TSX: CADY) is a Canadian gold and critical-mineral explorer that listed on the TSX in August 2026 (formerly Gold Candle Ltd.). The business gate passes — mineral exploration contains no haram segments. Interest-bearing debt is nil (the company states it has "no debt", per its August 13, 2026 news release), so debt is ~0% of a ~C$1.73B market cap (passes); cash and marketable securities of ~C$72.6M are ~4.2% of market cap (passes). The company is pre-revenue — revenue is nil — so the ~5% non-compliant-income ratio cannot be computed in its standard form, making this a provisional PASS (PASS*). 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
Cadillac Mines is a Canadian mineral exploration company developing gold and critical mineral projects along the Cadillac-Larder Lake Break in Ontario and Québec, anchored by the historic Kerr-Addison Mine, focused on expanding its gold resource base and advancing the Geminid nickel deposit (per the TSX new-listings page). Its principal asset is the Kerr-Addison project — a 20,700-hectare land package in the Larder Lake Mining District of Ontario — exploring gold, sulfide, copper, nickel, and cobalt. Incorporated December 23, 2014 under the Ontario Business Corporations Act as Gold Candle Ltd., it legally changed its name to Cadillac Mines Corporation on May 15, 2026. The company has no producing properties and has not established any mineral reserves (Q2 2026 interim financial statements, note 1). It listed on the TSX on August 4, 2026 (trading on an "if, as and when issued" basis from July 24, 2026); the IPO raised gross proceeds of $190.0M to the company (18,845,000 common shares at $6.90 plus 6,303,000 special flow-through shares at $9.52), alongside a concurrent ~$60.0M private placement to Agnico Eagle Mines Limited (8,696,000 shares at $6.90). No alcohol, gambling, weapons, pork, or conventional-finance segments are disclosed anywhere in the filings. Mineral exploration is a permissible business activity — the business gate passes.
Gate two: the ratios — debt and cash pass; income gate unverifiable
- Interest income vs revenue: the company is pre-revenue — revenue is nil. For the six months ended June 30, 2026 it reported interest income, net of C$455k (C$307k in Q2 2026) against nil revenue, so the ~5% non-compliant-income ratio cannot be computed in its standard form. This is the provisional caveat: interest income from cash holdings is effectively the company's only investment-type income (total other income was C$7,515k, mostly the C$6,915k non-cash flow-through share premium renunciation).
- Debt: the company states it finished Q2 2026 with "no debt" (August 13, 2026 news release). The Q2 2026 balance sheet shows total liabilities of C$21,089k — accounts payable and accrued liabilities C$11,154k, flow-through share premium C$4,900k, closure cost provision C$4,908k, other long-term liabilities C$127k — with no loans, notes, or borrowings of any kind.
- Market cap: about C$1.73B (C$5.95 × 284.23M shares outstanding, October 1, 2026 market data).
- Debt ÷ market cap: ~0% — well under the ~33% ceiling (passes).
- Cash ÷ market cap: cash and cash equivalents of C$72,120k plus marketable securities of C$455k total ~C$72.6M at June 30, 2026 — about 4.2% of market cap, under the ~33% ceiling (passes). Note: subsequent to quarter-end, the IPO and Agnico Eagle private placement pushed working capital over $300M — still well under the ceiling on any reasonable market cap.
The only caveat is the pre-revenue income gate: with nil revenue, the ~5% non-compliant-income ratio cannot be verified, so this is a provisional PASS*. The debt and cash gates clear with wide margins.
What other screeners say
- Zoya: screening data is app-gated; no public CADY page found via web search, so coverage cannot be confirmed or denied. Musaffa: publishes per-stock pages for TSX tickers, but web search returns zero results for CADY — not covered. 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 Cadillac Mines Corporation (TSX: CADY) a provisional PASS (PASS*). The business (gold and critical-mineral exploration in Canada) is halal, interest-bearing debt is nil (~0% of a ~C$1.73B market cap), and cash plus marketable securities (~C$72.6M, ~4.2% of market cap) pass comfortably. The provisional marker exists because the company is pre-revenue: with nil revenue, the ~5% non-compliant-income ratio cannot be computed in its standard form (interest income, net was C$455k in H1 2026). Treat this as a flag to consult a qualified scholar; re-screen quarterly after earnings. Snapshot dated October 1, 2026.
Sources
- Cadillac Mines condensed consolidated interim financial statements (unaudited) for the three and six months ended June 30, 2026, approved by the Board August 13, 2026 (filed on SEDAR+; tabular amounts in thousands of Canadian dollars) — cash and cash equivalents C$72,120k, marketable securities C$455k, total liabilities C$21,089k (accounts payable C$11,154k; flow-through share premium C$4,900k; closure cost provision C$4,908k; other long-term liabilities C$127k); interest income, net C$455k (six months) / C$307k (Q2); no producing properties and no mineral reserves (note 1); Fokus Mining asset acquisition C$61,904k total consideration (note 3); IPO details as subsequent event (note 12).
- Cadillac Mines news release, August 13, 2026 ("Cadillac Mines Announces Filing of Second Quarter Financial Results with Over $300M of Working Capital") — "Cadillac Mines finished the second quarter with cash and equivalents of $72.1 million and no debt"; treasury IPO of 18,845,000 common shares at $6.90 plus 6,303,000 special flow-through shares at $9.52 for gross proceeds of $190.0M; concurrent Agnico Eagle private placement of 8,696,000 shares at $6.90 (~$60.0M); working capital over $300M.
- TMX new company listings page for Cadillac Mines Corporation (CADY) — common shares listed August 4, 2026; trading on an "if, as and when issued" basis from July 24, 2026; offering price $6.90 per share / $9.52 per special flow-through share; nature of business: Canadian mineral exploration company developing gold and critical mineral projects along the Cadillac-Larder Lake Break in Ontario and Québec, advancing the Geminid nickel deposit.
- Market data: TSX:CADY C$5.95 — market cap ~C$1.73B on October 1, 2026 (stockanalysis.com; 284.23M shares outstanding).
- Third-party coverage checks (October 1, 2026): no public Zoya CADY page; Musaffa search returns zero CADY results; ShariaPortfolio has no public screener database.
Related screeners
Frequently asked questions
Is Cadillac Mines Corporation (CADY) halal?
Our screener gives Cadillac Mines Corporation (TSX: CADY) a provisional PASS* screening result. The company is a Canadian gold and critical-mineral explorer: its business activities contain no haram segments, it carries no interest-bearing debt (the company states it has no debt, per the August 13, 2026 news release), and cash plus marketable securities of about C$72.6M at June 30, 2026 are about 4.2% of a ~C$1.73B market cap (passes). The provisional marker is there because the company is pre-revenue - revenue is nil - so the ~5% non-compliant-income ratio cannot be computed in its standard form. Consult a qualified scholar.
Why is the Cadillac Mines result provisional?
CADY has no producing properties and no revenue. In the six months ended June 30, 2026 the company reported interest income, net of C$455k against nil revenue, so the ~5% non-compliant-income gate cannot be computed in its standard form. The income gate is therefore unverifiable and the PASS is provisional (PASS*). The debt and cash gates both clear with wide margins: zero interest-bearing debt, and cash plus marketable securities of ~C$72.6M are ~4.2% of a ~C$1.73B market cap.
Do Cadillac Mines' debt and cash ratios pass?
Yes, both. The company states it finished Q2 2026 with cash and equivalents of $72.1 million and no debt (August 13, 2026 news release); the Q2 2026 financial statements show total liabilities of C$21,089k made up of accounts payable, the flow-through share premium, and a closure cost provision - no loans or notes. So debt is about 0% of market cap, well under the ~33% ceiling. Cash and cash equivalents of C$72,120k plus marketable securities of C$455k total ~C$72.6M, about 4.2% of a ~C$1.73B market cap (C$5.95 x 284.23M shares, October 1, 2026), also under the ~33% ceiling. After the July 2026 IPO (gross proceeds of $190.0M to the company plus an ~$60.0M Agnico Eagle private placement), working capital exceeded $300M - still comfortably under the ceiling.
What does Cadillac Mines do, and is the business halal?
Cadillac Mines is a Canadian mineral exploration company developing gold and critical mineral projects along the Cadillac-Larder Lake Break in Ontario and Quebec, anchored by the historic Kerr-Addison Mine (TSX new-listings page). Its principal asset is the Kerr-Addison project: a 20,700-hectare land package in the Larder Lake Mining District of Ontario, exploring gold, sulfide, copper, nickel, and cobalt. Formerly Gold Candle Ltd. (renamed May 15, 2026), it listed on the TSX on August 4, 2026. Mineral exploration and mining are permissible business activities with no alcohol, gambling, weapons, pork, or conventional-finance segments disclosed, so the business gate passes.
What do Zoya, Musaffa and ShariaPortfolio say about Cadillac Mines?
As of October 1, 2026: Zoya's screening data is app-gated and we found no public CADY page, so Zoya coverage cannot be confirmed or denied; Musaffa publishes per-stock pages for TSX tickers but web search returns zero results for CADY, so Musaffa does not appear to 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).