Is Collective Mining Ltd. (CNL) halal?
Collective Mining Ltd. (TSX: CNL) is a pre-revenue gold-silver-copper-tungsten explorer in Colombia — a permissible business — but its Q2 2026 income statement separately discloses interest income of US$852,476 against nil revenue, breaching the non-compliant-income gate. Debt (~3.6% of market cap) and cash (~8.2%) clear, so the FAIL comes from the income gate alone. Data from Q2 2026 results, screened September 30, 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 — mineral exploration, permissible
Collective Mining (TSX: CNL; also Nasdaq: CNL since August 11, 2026, when its U.S. listing transferred from NYSE American), based in Toronto, Ontario, is "principally engaged in the acquisition, exploration and development of mineral properties located in Colombia." Its two projects are the Guayabales Project (flagship; Apollo gold-silver-copper-tungsten system, maiden Apollo mineral resource announced September 2026) and the San Antonio Project. The business is mineral exploration only — no alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons, or cannabis business lines. The business gate passes.
Gate two: the ratios — income gate FAILS
- Interest-bearing debt: financial liabilities at amortized cost of US$40,857,548 at June 30, 2026 (Note 14): lease liabilities US$3,030,030 (US$1,504,148 current + US$1,525,882 non-current) plus US$37,827,518 of other long-term liabilities (discounted multi-year instalment obligations for land and mining-title acquisitions). Bank borrowings: US$0.
- Market cap: 92,742,707 shares outstanding (June 30, 2026) × US$12.32 (Nasdaq, September 30, 2026) = about US$1,142.6M (TSX: C$17.52 × 92,742,707 ≈ C$1.625B, consistent).
- Debt ÷ market cap: US$40,857,548 ÷ US$1,142.6M = about 3.6% — under the ~33% AAOIFI ceiling (passes).
- Interest income (Q2 2026 income statement): a separately disclosed "Interest income" line of US$852,476 (US$1,866,267 for the six months) under "Finance income (expense)" — against revenue of US$0. The income ratio is undefined; any positive interest income exceeds the ~5% AAOIFI ceiling on nil revenue. FAIL.
- Cash: US$93,726,809 of cash and cash equivalents at June 30, 2026 — about 8.2% of market cap, under the ~33% cash-plus-securities ceiling (passes).
The FAIL comes from the income gate alone.
What other screeners say
- Zoya: no public rating page found for CNL. Musaffa: no public rating page found for CNL. ShariaPortfolio: publishes no per-stock screening tool — no coverage found. None of the three verifiably covers the ticker as of September 30, 2026.
The bottom line
This screener gives Collective Mining Ltd. (TSX: CNL) a FAIL. A permissible exploration business, debt at about 3.6% of market cap and cash at about 8.2% — but interest income of US$852,476 in Q2 2026 against nil revenue breaches the income gate. Snapshot dated September 30, 2026; re-checked quarterly after earnings.
Sources
- Collective Mining Q2 2026 interim condensed consolidated financial statements (three and six months ended June 30, 2026; approved August 11, 2026; filed on SEDAR+/EDGAR via Form 6-K) — revenue nil (Note 1), interest income US$852,476 (Q2) / US$1,866,267 (6 months), financial liabilities at amortized cost US$40,857,548 (Note 14), cash US$93,726,809, 92,742,707 shares outstanding.
- Collective Mining Q2 2026 MD&A (dated August 11, 2026).
- Market data: TSX:CNL C$17.52 / Nasdaq:CNL US$12.32 on September 30, 2026.
Related screeners
Frequently asked questions
Is Collective Mining (CNL) halal?
Our screener gives Collective Mining Ltd. a FAIL screening result. Collective is a pre-revenue gold-silver-copper-tungsten explorer in Colombia with nil revenue; its Q2 2026 income statement separately discloses interest income of US$852,476 under "Finance income (expense)", which against zero revenue breaches the 5% non-compliant-income ceiling. The debt (~3.6% of market cap) and cash (~8.2%) gates clear.
Why does Collective Mining fail the income gate?
The company is in the exploration stage and has generated no revenue (Note 1 of the Q2 2026 interim statements). Its income statement separately discloses "Interest income" of US$852,476 in Q2 2026 (US$1,866,267 for the six months) under "Finance income (expense)". With revenue of US$0, the interest-income-to-revenue ratio is undefined — any positive interest income exceeds the 5% AAOIFI ceiling when revenue is nil.
How much debt does Collective Mining have?
Financial liabilities at amortized cost totalled US$40,857,548 at June 30, 2026 (Note 14): lease liabilities of US$3,030,030 plus US$37,827,518 of other long-term liabilities (discounted multi-year instalment obligations for land and mining-title acquisitions). Bank borrowings were US$0. Against a market cap of about US$1.143B, the debt ratio is about 3.6% — under the ~33% AAOIFI ceiling.
What do Zoya, Musaffa and ShariaPortfolio say about Collective Mining?
As of September 30, 2026 we found no public Zoya rating page, no Musaffa rating page, and no ShariaPortfolio coverage for CNL — none of the three verifiably covers the ticker. Our screener reports its own figure-by-figure analysis above.
Could Collective Mining become halal?
Yes — the business is clean (mineral exploration and development, no prohibited lines). Once the company generates revenue, the interest-income ratio becomes a finite number; if interest income stays under 5% of revenue and the debt ratio stays under 33% of market cap, a re-screen could give a PASS. Re-screen after the company reports production revenue or materially changes its financing mix.