TSX Shariah screener · October 2026
Is Defiance Silver Corp. (DEF) Halal?
Defiance Silver Corp. · TSXV: DEF · Materials
The short answer
No — Defiance Silver (DEF) fails this Shariah stock screen. Its silver exploration business (San Acacio and Tepal projects, Mexico) is permissible and it carries no debt, but interest income of C$47,582 for the 3 months ended March 31, 2026 (C$189,858 for 9 months) was the company's only income — it is pre-revenue — far above the 5% non-compliant income limit. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.
Gate 1 — Business activity: PASS
Defiance Silver Corp. (TSXV:DEF) is a silver exploration company (San Acacio and Tepal projects, Mexico); its financial statements state it has not earned revenues. September 2026 drilling reported high-grade silver. No alcohol, pork, gambling, conventional interest-based lending, tobacco, cannabis, weapons, or adult-entertainment lines were disclosed. Gate 1 passes. Facts only.
Gate 2 — Debt and cash: PASS
Total liabilities were C$1,126,280 (accounts payable + deferred tax only; zero debt) — debt ÷ market cap is about 0% against a market cap of roughly C$61.31M (C$0.165, October 1, 2026), well under the ~33% ceiling. Cash of C$9.85M is about 16.1% of market cap. Gate 2 passes. Facts only.
Gate 3 — Non-compliant income: FAIL
The Q3 FY2026 interim financial statements (3 & 9 months ended March 31, 2026) disclose a separate interest-income line of C$47,582 for 3 months (C$189,858 for 9 months), while the company is pre-revenue with nil sales. Interest is effectively 100% of the company's income, far above the 5% non-compliant income limit. Gate 3 fails. Facts only.
Key figures used
- Interest income: C$47,582 (3 mo) / C$189,858 (9 mo) ended Mar 31, 2026 (Q3 FY2026 interim FS) — separately disclosed; revenue nil (pre-revenue)
- Debt: zero (total liabilities C$1,126,280 = AP + deferred tax only) ≈ 0% of market cap
- Market cap: ~C$61.31M (C$0.165, Oct 1, 2026); cash C$9.85M ≈ 16.1%
- Business: silver exploration (San Acacio and Tepal projects, Mexico) — no haram segments
Frequently asked questions
Is Defiance Silver (DEF) halal?
No. Defiance Silver fails this Shariah stock screen. Its silver exploration business (San Acacio and Tepal projects, Mexico) is permissible and it carries no debt, but interest income of C$47,582 for the 3 months ended March 31, 2026 (C$189,858 for 9 months) was the company's only income — it is pre-revenue — far above the 5% limit for non-compliant income. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.
What is Defiance Silver's debt-to-market-cap ratio?
About 0%. Total liabilities were C$1,126,280 (accounts payable + deferred tax only; zero debt), against a market cap of roughly C$61.31M (C$0.165, October 1, 2026) — well under the ~33% ceiling.
What does Defiance Silver do?
Defiance Silver Corp. (TSXV:DEF) is a silver exploration company (San Acacio and Tepal projects, Mexico); its financial statements state it has not earned revenues. September 2026 drilling reported high-grade silver.
How much interest income does Defiance Silver earn relative to revenue?
The Q3 FY2026 interim financial statements (3 & 9 months ended March 31, 2026) disclose a separate interest-income line of C$47,582 for 3 months (C$189,858 for 9 months), while the company is pre-revenue with nil sales. Interest is effectively 100% of the company's income, far above the 5% ceiling.
Where can I find more materials stock screeners?
See halal-stock-verdicts.html for the full list of stock screeners, including the other materials-sector entries.
Sources
- Defiance Silver — Q3 FY2026 interim financial statements (3 & 9 months ended Mar 31, 2026): C$47,582 / C$189,858 interest income; nil revenue
- Finnhub — DEF.V quote (C$0.165, Oct 1, 2026)
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.