TSX Shariah screener · October 2026
Is Elemental Royalty Corp. (ELE) Halal?
Elemental Royalty Corp. · TSX: ELE · Materials
The short answer
Yes — Elemental Royalty (ELE) passes this Shariah stock screen. It is a precious/base metal royalty company with no haram segments; it has $0 borrowings (its US$150M revolving credit facility, upsized February 2026, was fully undrawn at June 30, 2026); and Q2 2026 interest income of US$444 thousand was about 1.87% of revenue (vs a ~5% ceiling). Graduated from TSX-Venture to TSX on April 7, 2026; also listed on Nasdaq since November 24, 2025. Note: the Vizsla Royalties acquisition (~US$82M cash + shares) closed September 16, 2026 — after the Q2 balance sheet — so future screens will reflect it. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.
Gate 1 — Business activity: PASS
Elemental Royalty Corp. (TSX:ELE; Nasdaq: ELE) is a precious/base metal royalty company formed by the Elemental Altus + EMX Royalty merger (closed November 13, 2025), with producing royalties including Karlawinda, Bonikro, Timok, Caserones, and Leeville. It graduated from TSX-Venture to TSX on April 7, 2026 and has been Nasdaq-listed since November 24, 2025. 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
The company has $0 borrowings — its US$150M revolving credit facility (upsized February 26, 2026 from $50M) was fully undrawn at June 30, 2026, and the balance sheet shows no loan payable — debt ÷ market cap is about 0%, well under the ~33% ceiling. Cash of US$74.221M is about 5.0% of the ~US$1,470.7M market cap (~C$2,022.16M at C$27.31, October 1, 2026). Gate 2 passes. Facts only.
Gate 3 — Non-compliant income: PASS
For Q2 2026 the financial statements disclose a separate interest-income line of US$444 thousand (H1: US$657K) against revenue of US$23,788K — about 1.87%, under the ~5% ceiling. Gate 3 passes. Facts only.
Key figures used
- Borrowings: $0 — US$150M revolving credit facility (upsized Feb 26, 2026) fully undrawn at Jun 30, 2026; debt ÷ market cap ≈ 0%
- Market cap: ~US$1,470.7M (~C$2,022.16M at C$27.31, Oct 1, 2026); cash US$74.221M ≈ 5.0%
- Q2 2026: revenue US$23,788K; interest income US$444K → ~1.87% (H1: US$657K)
- Formed by Elemental Altus + EMX Royalty merger (closed Nov 13, 2025); graduated TSXV → TSX Apr 7, 2026; Nasdaq-listed since Nov 24, 2025 — no haram segments
- Note: Vizsla Royalties acquisition (~US$82M cash + shares) closed Sep 16, 2026 — post-Q2 balance sheet; future screens will reflect it
Frequently asked questions
Is Elemental Royalty (ELE) halal?
Yes — Elemental Royalty passes this Shariah stock screen. It is a precious/base metal royalty company with no haram segments; it has $0 borrowings (its US$150M revolving credit facility, upsized February 2026, was fully undrawn at June 30, 2026); and Q2 2026 interest income of US$444 thousand was about 1.87% of revenue (vs a ~5% ceiling). Graduated from TSX-Venture to TSX on April 7, 2026; also listed on Nasdaq since November 24, 2025. Note: the Vizsla Royalties acquisition (~US$82M cash + shares) closed September 16, 2026 — after the Q2 balance sheet — so future screens will reflect it. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.
What is Elemental Royalty's debt-to-market-cap ratio?
About 0%. The company has $0 borrowings — its US$150M revolving credit facility (upsized February 26, 2026 from $50M) was fully undrawn at June 30, 2026, and the balance sheet shows no loan payable — well under the ~33% ceiling.
What does Elemental Royalty do?
Elemental Royalty Corp. (TSX:ELE; Nasdaq: ELE) is a precious/base metal royalty company formed by the Elemental Altus + EMX Royalty merger (closed November 13, 2025), with producing royalties including Karlawinda, Bonikro, Timok, Caserones, and Leeville.
How much interest income does Elemental Royalty earn relative to revenue?
For Q2 2026 the financial statements disclose a separate interest-income line of US$444 thousand (H1: US$657K) against revenue of US$23,788K — about 1.87%, under 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
- Elemental Royalty — Q2 2026 interim financial statements (filed Aug 11, 2026): US$444K Q2 interest income; $0 borrowings; US$150M revolver undrawn
- Finnhub — ELE.TO quote (C$27.31, 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.