Is Energy Fuels (EFR) halal?
Energy Fuels (TSX: EFR / NYSE American: UUUU) mines uranium and produces rare earths, vanadium, and mineral sands — the mining business passes the business gate, with defense-market exposure in rare-earth magnets disclosed as a gray area. But interest income of US$15.148 million is about 24.9% of H1 2026 revenue of US$60.946 million (over the ~5% ceiling; the Q2-only figure is ~44.1%). Debt of ~US$677.7 million is about 24.7% of the ~US$2.75 billion market cap (under the ~33% ceiling). This screener is a 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 — passes, with a disclosed gray area
Energy Fuels Inc., headquartered in Lakewood, Colorado, is a US critical-materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium, and developing medical isotopes. It owns the White Mesa Mill in Utah — described as the only fully licensed conventional uranium mill operating in the US — plus uranium mines including Pinyon Plain, La Sal, and Pandora, and projects in Madagascar, Brazil, and Australia. On August 28, 2026, it completed the acquisition of Australian Strategic Materials, adding the Korean Metals Plant in South Korea and the Dubbo Project in Australia. Uranium mining itself is not a classically haram activity, and no weapons manufacturing was found. Gray area: the Q2 2026 materials state planned rare-earth metals, alloys, and magnets are intended for automotive, robotics, data center, energy, and defense industries, and its pending VAC (Vacuumschmelze) acquisition target's Sumter, South Carolina magnet facility holds a US Defense Logistics Agency contract starting 2026. The business gate passes with this exposure disclosed.
Gate two: the ratios — interest income fails
All figures USD, from the Q2 2026 10-Q. Interest income of US$15.148 million (six months) is about 24.9% of H1 2026 revenue of US$60.946 million — far over the ~5% ceiling (the Q2-only figure is ~44.1%: US$11.078 million on revenue of US$25.108 million). Debt: 0.75% convertible senior notes due 2031 — carrying value US$677.684 million (face US$700.0 million), with no interest-bearing lease liabilities identified. With ~249.965 million shares outstanding (July 31, 2026) at ~US$10.99 (September 29, 2026), the market cap is about US$2,747 million — debt is about 24.7% of market cap on carrying value (~25.5% on face), under the ~33% ceiling. The debt gate passes, but the interest-income gate fails decisively, so this screener is a FAIL.
What other screeners say
Zoya covers UUUU: its live page states UUUU is Shariah-compliant under AAOIFI guidelines — but that assessment rests on stale FY2025 data (revenue US$65.922 million, interest income US$2.007 million ≈ 3.04%), predating the Q2 2026 interest-income spike, so it conflicts with the current quarterly figures used in this screener. No public Musaffa page for UUUU was found via search, and no ShariaPortfolio page for Energy Fuels/UUUU was found. This screener is based on the Q2 2026 10-Q figures.
The bottom line
This screener gives Energy Fuels Inc. (TSX: EFR / NYSE American: UUUU) a FAIL. A critical-minerals business with a defensible business gate and debt under the ceiling, but interest income at about 24.9% of H1 2026 revenue is far above the ~5% ceiling — and Zoya's compliant label is based on older FY2025 data. Consult a qualified scholar. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Sources
- Q2 2026 10-Q (Energy Fuels, filed Aug 5, 2026)
- Q2 2026 results release (Energy Fuels)
- Zoya — UUUU (compliant, FY2025 data)
- Energy Fuels–VAC / DLA contract analysis (SMM)
Frequently asked questions
Is Energy Fuels halal?
This screener gives it a FAIL. Energy Fuels Inc. (TSX: EFR / NYSE American: UUUU) mines uranium and produces rare earth elements, vanadium, and heavy mineral sands — the mining business itself passes the business gate, with defense-market exposure in rare-earth magnets disclosed as a gray area. But interest income of US$15.148 million is about 24.9% of H1 2026 revenue of US$60.946 million (over the ~5% ceiling; the Q2-only figure is ~44.1%). Debt of ~US$677.7 million is about 24.7% of the ~US$2.75 billion market cap (under the ~33% ceiling). Zoya's live page rates UUUU compliant, but on stale FY2025 data that predates the interest-income spike. Consult a qualified scholar.
What does Energy Fuels do?
Energy Fuels Inc., headquartered in Lakewood, Colorado, is a US critical-materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium, and developing medical isotopes. It owns the White Mesa Mill in Utah — described as the only fully licensed conventional uranium mill operating in the US — plus uranium mines including Pinyon Plain, La Sal, and Pandora, and projects in Madagascar, Brazil, and Australia. On August 28, 2026, it completed the acquisition of Australian Strategic Materials (ASM), adding the Korean Metals Plant in South Korea and the Dubbo Project in Australia. It manufactures no weapons; the Q2 2026 materials state planned rare-earth metals, alloys, and magnets are intended for automotive, robotics, data center, energy, and defense industries, and its pending VAC (Vacuumschmelze) acquisition target's Sumter, South Carolina magnet facility holds a US Defense Logistics Agency contract starting 2026.
What are Energy Fuels' debt and market-cap figures?
All figures USD, from the Q2 2026 10-Q (all filings report in USD). Debt: 0.75% convertible senior notes due 2031 — carrying value US$677.684 million (face US$700.0 million); no interest-bearing lease liabilities were identified. Market cap: ~249.965 million shares outstanding (July 31, 2026) at ~US$10.99 on September 29, 2026 ≈ ~US$2,747 million. Debt ÷ market cap ≈ 24.7% on carrying value (~25.5% on face) — under the ~33% ceiling. Cash plus marketable securities were ~US$961.7 million (~35.0% of market cap), informational only. The Q2 10-Q also references a conditional US$725 million loan commitment from the US Office of Strategic Capital.
What do Zoya, Musaffa, and ShariaPortfolio say about EFR?
Zoya covers UUUU: its live page states UUUU is Shariah-compliant under AAOIFI guidelines — but that assessment rests on stale FY2025 data (revenue US$65.922 million, interest income US$2.007 million ≈ 3.04%), predating the Q2 2026 interest-income spike, so it conflicts with the current quarterly figures used in this screener. No public Musaffa page for UUUU was found via search, and no ShariaPortfolio page for Energy Fuels/UUUU was found. This screener is based on the Q2 2026 10-Q figures, not on any third-party rating.
What is the purification amount for Energy Fuels' dividend?
Energy Fuels did not declare a dividend in the Q2 2026 materials, so there is no dividend to purify. Use the purification calculator only if a distribution is announced. Note that this stock fails the Shariah screen on the interest-income ratio, so purification arithmetic does not apply in the usual sense.