Screened September 29, 2026 · TSX: DML (NYSE American: DNN) · Q2 2026 MD&A + FY2025 audited statements

FAIL

Is Denison Mines (DML) halal?

Denison Mines Corp. (TSX: DML) is a development-stage uranium miner whose interest income dwarfs its near-nil revenue — about 170.5% of FY2025 revenue — so it fails the income gate: FAIL.

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 — no haram lines identified

Denison is a uranium mining, exploration and development company focused on Saskatchewan's Athabasca Basin. Its assets: an effective 95% interest in the flagship Wheeler River uranium project (the Phoenix ISR mine under construction since March 2026; Gryphon deposit — the largest undeveloped uranium project in the eastern Athabasca Basin), 22.5% of the McClean Lake joint venture and mill (which toll-processes Cigar Lake ore), 25.17% of the Midwest joint ventures, 70.55% of the THT/Huskie deposits on Waterbury Lake, 50% of JCU (Canada) Exploration, and about 457,000 hectares of direct Athabasca interests. It holds about 1.1 million lbs of U3O8 and trades uranium commercially (750,000 lbs sold in Q2 2026 for US$91.6 million gross proceeds). Uranium mining/exploration and toll milling are permissible business activities; no haram segments were identified. Note: ShariaPortfolio's company description still mentions environmental services, but Denison's FY2025 audited statements say the environmental-services segment was previously discontinued.

Gate two: the ratios — the income gate fails badly

At June 30, 2026 (Q2 2026 MD&A): interest-bearing debt of US$345 million face value (about C$489.8 million) — 4.25% convertible senior unsecured notes maturing September 15, 2031. Cash and equivalents were C$465.3 million. With about 905.2 million shares at about C$3.67 (September 29, 2026), market cap is about C$3.32 billion, so debt-to-market-cap is about 14.7% — under the ~33% ceiling on the market-cap variant. (On the total-assets variant, C$489.8 million of debt against C$1.11 billion of total assets is about 44% — over the 33% mark — so the debt conclusion flips by methodology.) But the income gate fails badly: in FY2025 (audited statements, 6-K filed March 11, 2026), interest income of C$8.387 million against revenue from continuing operations of C$4.918 million is about 170.5% of revenue — far over the ~5% ceiling. Denison is development-stage: 2025 revenue was near-nil (toll-milling deferred revenue from one customer), so any income-based ratio is extreme by structure. Note: in Q2 2026, interest income was not separately disclosed — it was bundled into 'finance income' of C$43.0 million, which also includes fair-value gains/losses on embedded derivatives and capped calls.

What other screeners say

Zoya covers the DNN listing and says 'as of August 2026, DNN is not Shariah-compliant' (its page cites interest income at 170.54% of revenue). ShariaPortfolio covers DNN and says Denison 'is not Shariah Compliant because it fails the financial ratios.' No Musaffa rating for Denison could be found. Both agreeing third-party ratings fail it on financial ratios — consistent with this screener's FAIL.

The bottom line

This screener gives Denison Mines Corp. (TSX: DML) a FAIL. Interest income of about 170.5% of FY2025 revenue is far over the ~5% ceiling, and Zoya and ShariaPortfolio both rate it non-compliant for financial-ratio failures. Debt-to-market-cap of about 14.7% clears on the market-cap variant, but the debt conclusion flips to fail on the total-assets variant (about 44%) — and either way the income gate fails. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

Frequently asked questions

Is Denison Mines stock halal?

No — Denison Mines Corp. (TSX: DML) fails the income gate. In FY2025, interest income of C$8.387 million was about 170.5% of revenue of C$4.918 million, far over the ~5% ceiling. Zoya and ShariaPortfolio both rate it non-compliant for financial-ratio failures; Musaffa has no indexed rating. Consult a qualified scholar.

What are Denison's debt and market-cap figures?

At June 30, 2026 (Q2 2026 MD&A): interest-bearing debt of US$345 million face value (~C$489.8 million) — 4.25% convertible senior unsecured notes maturing September 15, 2031. Cash and equivalents were C$465.3 million. Market cap is about C$3.32 billion (~905.2 million shares at ~C$3.67, September 29, 2026). Debt-to-market-cap is about 14.7% — under the ~33% ceiling; but using the total-assets variant (SAC Malaysia-style), debt-to-total-assets is about 44% — over the 33% mark — so the debt conclusion flips by methodology.

How much interest income does Denison earn?

In FY2025 (audited statements, 6-K filed 2026-03-11, Note 19): interest income of C$8.387 million against revenue from continuing operations of C$4.918 million — about 170.5% of revenue, far over the ~5% ceiling. Denison is development-stage: 2025 revenue was near-nil (toll-milling deferred revenue from one customer), so any income-based ratio is extreme. In Q2 2026, interest income was not separately disclosed — it was bundled into 'finance income' of C$43.0 million, which also includes fair-value gains/losses on embedded derivatives and capped calls.

What does Denison Mines do?

Denison is a uranium mining, exploration and development company focused on Saskatchewan's Athabasca Basin: an effective 95% interest in the flagship Wheeler River uranium project (Phoenix ISR mine under construction since March 2026), 22.5% of the McClean Lake joint venture and mill (which toll-processes Cigar Lake ore), 25.17% of the Midwest joint ventures, and ~457,000 hectares of direct Athabasca interests. It holds ~1.1 million lbs of U3O8 and trades uranium commercially (750,000 lbs sold in Q2 2026 for US$91.6 million gross proceeds). Uranium mining/exploration and toll milling are permissible business activities; no haram segments were identified.

What do Zoya, Musaffa, and ShariaPortfolio say about DML?