Canadian Halal Investor.

TSX Shariah screener · October 2026

Is Ecora Royalties PLC (ECOR) Halal?

PASS

Ecora Royalties PLC · TSX: ECOR · Materials

The short answer

Yes — Ecora Royalties (ECOR) passes this Shariah stock screen. The UK-domiciled critical-minerals royalty and streaming company (cobalt, copper, vanadium, uranium, steelmaking-coal royalties; dual-listed LSE/TSX) has no prohibited business lines; interest-bearing debt of US$83.25m is about 14.8% of its ~C$796.5M market cap (249,676,067 shares at C$3.19, TMX Money, Sep 23, 2026; debt converted at ~1.42 USD/CAD), under the ~33% ceiling; and finance income of US$104k is about 0.32% of H1 2026 revenue of US$32.0m, under the 5% limit. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Ecora Royalties PLC (formerly Anglo Pacific Group PLC, renamed in 2022) is a UK-domiciled critical-minerals royalty and streaming company, dual-listed on the LSE and TSX (ECOR) with an OTCQX ADR (ECRAF). Copper is at the core of the portfolio, which spans cobalt (Voisey's Bay, Newfoundland & Labrador), copper (Mantos Blancos in Chile, Mimbula, Carlota), vanadium (Maracás Menchen, Brazil), uranium (McClean Lake, Four Mile), a steelmaking-coal royalty (Kestrel, Australia), and gold (EVBC). All figures in the company's filings are in US dollars. None of the disclosed lines — mining royalties and metal streams — are prohibited lines. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

Total interest-bearing debt at June 30, 2026 was US$83.25m of non-current borrowings (revolving credit facility), per the H1 2026 condensed consolidated balance sheet — down from US$93.25m at December 31, 2025, with net debt of US$74.9m. Converted at about 1.42 USD/CAD (Finnhub forex, Oct 1, 2026), debt is roughly C$118.2m, or about 14.8% of a ~C$796.5m market cap (249,676,067 shares at C$3.19, TMX Money, Sep 23, 2026) — comfortably under the ~33% ceiling. Cash and cash equivalents of US$8.38m (≈C$11.9m, ~1.5% of market cap) are also within the ~33% guideline. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Finance income was US$104k for the six months ended June 30, 2026 (H1 2025: US$133k), per the H1 2026 condensed consolidated income statement — about 0.32% of royalty and metal stream related revenue of US$32.009m, far below the 5% non-compliant income limit. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does Ecora Royalties do?

Ecora Royalties PLC (formerly Anglo Pacific Group PLC, renamed in 2022) is a UK-domiciled, critical-minerals focused royalty and streaming company, dual-listed on the LSE and TSX (ECOR) with an OTCQX ADR (ECRAF). Copper is the core of the portfolio, which spans cobalt (Voisey's Bay, Newfoundland & Labrador), copper (Mantos Blancos, Chile; Mimbula; Carlota), vanadium (Maracás Menchen, Brazil), uranium (McClean Lake, Four Mile), a steelmaking-coal royalty (Kestrel, Australia), and gold (EVBC). None of the disclosed business lines — mining royalties and metal streams — are prohibited lines, so the business gate passes.

Why does Ecora Royalties pass this Shariah stock screen?

At June 30, 2026, Ecora reported borrowings of US$83.25m and cash and cash equivalents of US$8.38m (net debt US$74.9m) in its H1 2026 condensed consolidated financial statements. Converted at about 1.42 USD/CAD (Finnhub forex, Oct 1, 2026), debt is roughly C$118.2m. Against a market capitalization of about C$796.5m (249,676,067 shares at C$3.19, TMX Money, Sep 23, 2026), debt ÷ market cap is about 14.8% — comfortably under the ~33% ceiling. Cash of about C$11.9m (~1.5% of market cap) is also within the ~33% guideline. The financial-leverage gate passes. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Ecora Royalties' interest-bearing debt ratio?

Ecora's interest-bearing debt is its US$83.25m of non-current borrowings (revolving credit facility) at June 30, 2026, per the H1 2026 condensed consolidated balance sheet — down from US$93.25m at December 31, 2025. Converted at about 1.42 USD/CAD (Finnhub forex, Oct 1, 2026), that is roughly C$118.2m, or about 14.8% of its ~C$796.5m market cap (249,676,067 shares at C$3.19, TMX Money, Sep 23, 2026) — well under the ~33% ceiling.

What is Ecora Royalties' non-compliant income ratio?

Ecora reported finance income of US$104k for the six months ended June 30, 2026 (H1 2025: US$133k) against royalty and metal stream related revenue of US$32.009m — about 0.32% of revenue, far below the 5% non-compliant income limit. The income gate passes.

Do Zoya, Musaffa, or ShariaPortfolio cover Ecora Royalties?

No rating or coverage of Ecora Royalties (TSX: ECOR / LSE: ECOR) was found on Zoya, Musaffa, or ShariaPortfolio — honestly reported as absent, not invented. This page applies the screen directly from the company's filings: the H1 2026 half-year results RNS (Sep 2, 2026), including the condensed consolidated income statement and balance sheet.

Sources

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.

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