Screened October 1, 2026 · TSX: CLCH · Q2 2026 interim filings

Is Clinch Resources Ltd. (CLCH) halal?

Clinch Resources Ltd. (TSX: CLCH) is a metallurgical coal producer that listed on the TSX on March 20, 2026 following a reverse takeover. The business gate passes — metallurgical coal mining, processing and sale contains no haram segments. Interest-bearing debt is about US$35.0M (~13.1% of a ~C$380.2M market cap) (passes); cash of ~US$9.7M is ~3.6% of market cap (passes); no interest income is reported, so the non-compliant-income ratio is ~0% (passes). 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

Clinch Resources Ltd. describes itself as a coal mining and exploration and development company, with its business focused on the production, development and exploration of metallurgical coal assets in North America (TSX new-listing notice, March 20, 2026). Through its wholly owned indirect subsidiary Active Resources, Inc., it operates the ARI Project — the Hampden and Lanes Branch properties in West Virginia — with an estimated measured and indicated mineral resource of approximately 111 million tons of metallurgical coal over about 54,000 acres (roughly 64 million tons measured and 47 million tons indicated). It also holds a 38.8% indirect interest in JJ Resources Inc., owner of the fully permitted 24,000-acre Sewell Mountain mid-vol metallurgical coal mine in West Virginia. The company was incorporated under the Business Corporations Act (British Columbia) on February 23, 2021 (as 1290439 B.C. Ltd.), completed a reverse takeover of Arrow Resources Ltd. on March 17, 2026, and commenced trading on the TSX under the symbol CLCH on March 20, 2026 alongside a concurrent US$46.0 million financing. Its Lanes Branch surface mine has commenced commercial-grade production and the company is ramping toward higher shipment levels. The company sells its coal to steelmakers, energy trading firms, producers and marketers of coal, and industrial companies (Q1 2026 MD&A, May 8, 2026). It does not intend to pay dividends for the foreseeable future. No alcohol, gambling, weapons, pork, or conventional-finance segments are disclosed anywhere in the filings. Metallurgical coal mining and sale is not among the industries excluded under AAOIFI-style business screening — the business gate passes.

Gate two: the ratios — all pass

• Interest income vs revenue: the company reported no interest income in its Q2 2026 interim statements — the income statement shows revenue of ~US$84K for the six months ended June 30, 2026 (nil in the second quarter alone) and no interest income line. Its finance items are costs, not income (finance costs of ~US$2.69M for the half year). So interest income ÷ revenue is ~0%, under the ~5% ceiling (passes).
• Debt: total interest-bearing debt at June 30, 2026 was about US$35.0M — US$7.76M of convertible notes with the founder, US$4.20M of convertible notes with investors, and US$23.07M of lease liabilities (current plus non-current) — with no bank debt or credit facility. Total liabilities were US$50.27M (the rest is mostly accounts payable and accrued expenses).
• Market cap: about C$380.2M (355,317,908 shares outstanding × C$1.07, October 1, 2026 market data).
• Debt ÷ market cap: US$35.0M converts to about C$49.8M at C$1.4210 per US$1 (June 30, 2026), or ~13.1% of market cap — well under the ~33% ceiling (passes).
• Cash ÷ market cap: cash of ~US$9.69M at June 30, 2026 (about C$13.8M) — about 3.6% of market cap, under the ~33% ceiling (passes).

All three gates clear with wide margins. The company is still ramping production and ran a net loss of ~US$10.5M for the half year — an operational fact worth knowing, but not a Shariah-screening gate.

What other screeners say

• Zoya: we found no public CLCH or CLCH.TO stock page on Zoya's public site — no Zoya coverage as of October 1, 2026. Musaffa: we found no CLCH or CLCH.TO stock page on Musaffa's public site — no Musaffa coverage as of October 1, 2026. 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 Clinch Resources Ltd. (TSX: CLCH) a PASS. The business (metallurgical coal mining, processing and sale in West Virginia) is halal, interest-bearing debt is about US$35.0M (~13.1% of a ~C$380.2M market cap), and cash (~US$9.7M, ~3.6% of market cap) passes comfortably. With no interest income reported, the non-compliant-income ratio is ~0% of ~US$84K H1 2026 revenue. This is educational information, not a fatwa — consult a qualified scholar for a personal ruling. Snapshot dated October 1, 2026.

Sources

• Clinch Resources Limited condensed interim consolidated financial statements (unaudited) as of and for the three and six months ended June 30, 2026 — balance sheet: cash US$9,692,652, total assets US$140,209,337; convertible notes with founder US$7,758,795; convertible notes with investors US$4,204,554; lease liabilities US$5,118,947 (current) + US$17,953,671 (non-current); total liabilities US$50,268,284; 355,317,908 common shares outstanding. Income statement (six months): revenue US$84,266, no interest income reported, finance costs US$2,686,822, net loss US$10,476,287. Nature of operations: mining, processing, and selling metallurgical coal; mining operations principally in southern West Virginia.
• Clinch Resources Limited MD&A for the three months ended March 31, 2026 (May 8, 2026) — "Clinch is a United States producer of metallurgical coal with mineral reserves, mining operations and coal properties in the Central Appalachian region of West Virginia. We sell our coal to steelmakers, energy trading firms, producers and marketers of coal and industrial companies." RTO with Arrow completed March 17, 2026; trading commenced on the TSX under CLCH.
• TSX new company listing notice, March 20, 2026 (tsx.com) — Clinch Resources Ltd. (CLCH), common shares, 355,317,909 securities issued and outstanding, listing category Mining, nature of business: coal mining and exploration and development focused on metallurgical coal via wholly owned indirect subsidiary Active Resources, Inc. (ARI Project: Hampden and Lanes Branch properties, West Virginia).
• Clinch Resources Ltd. listing news release, March 20, 2026 (Newsfile) — TSX listing under CLCH; RTO and concurrent US$46.0 million financing; 38.8% indirect acquisition of JJ Resources Inc., owner of the fully permitted 24,000-acre Sewell Mountain mid-vol met coal mine; ARI project ~111 million tons measured and indicated met coal resources (~64M measured + ~47M indicated); CEO Jon Nix; does not intend to pay dividends for the foreseeable future.
• Exchange rate: C$1.4210 per US$1 on June 30, 2026 (Bank of Canada noon data via the Sauder Pacific Exchange Rate Service) — used to convert US$-denominated debt and cash to Canadian dollars.
• Market data: TSX: CLCH at C$1.07 on October 1, 2026 (Finnhub) — ~C$380.2M market cap on 355,317,908 shares outstanding.
• Third-party coverage checks (October 1, 2026): searches found no public CLCH or CLCH.TO page on Zoya or Musaffa; ShariaPortfolio publishes no public per-stock screener database — no coverage found on any of the three.

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Frequently asked questions

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).