Canadian Halal Investor

TSX Venture Shariah screener · September 2026

Is Fireweed Metals (FWZ) Halal?

FAIL

Fireweed Metals Corp. · TSXV: FWZ / OTCQX: FWEDF · Materials

The short answer

Fireweed Metals Corp. (TSXV: FWZ) is a FAIL. The income gate fails: the company is pre-revenue (nil revenue), so interest income of C$602,711 for the six months ended June 30, 2026 (C$447,498 for Q2 2026 alone) is far above the ~5% ceiling. The business gate passes: critical-minerals exploration and development (the Macpass zinc-lead-silver project, the Mactung tungsten project and the Gayna zinc-gallium-germanium project) is a permissible business. The debt gate passes: no bank debt is outstanding - only camp-equipment leases totalling C$122,202 at June 30, 2026, about 0.02% of the ~C$676.7M market cap (C$3.00, September 30, 2026). The cash gate passes: cash and cash equivalents of C$74.7M at June 30, 2026 are about 11.0% of market cap - under the ~33% ceiling. No public Zoya, Musaffa or ShariaPortfolio coverage for FWZ was found. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.

Gate 1 — Business activity: PASS

Fireweed Metals Corp. is a Vancouver-based critical-minerals exploration and development company with 100% of the Macpass zinc-lead-silver project (described as potentially the largest undeveloped zinc resource in the world, with indicated resources of 11.2M tonnes grading 6.59% zinc, 2.48% lead and 21.33 g/t silver), the Mactung tungsten project (one of the world's largest and highest-grade tungsten deposits, purchased from the NWT government in February 2023) and the Gayna zinc-gallium-germanium project, all in Yukon and Northwest Territories, Canada. Zinc and tungsten are designated critical minerals by Canada, the US and the EU. In 2026 the company commenced a feasibility study at Mactung (March 2026), closed a C$61.5M private placement including a strategic investment from Japan's JX Advanced Metals Corporation (April 2, 2026), signed an exploration and collaboration agreement with the Ross River Dena Council (February 2026), and reported continued expansion of the mineralized zone at Tom South (August 10, 2026). Mining exploration and development is a permissible business activity, so the business gate passes. It trades as TSXV: FWZ (also OTCQX: FWEDF; Frankfurt: M0G). Facts only, no fatwa.

Gate 2 — Debt and cash: PASS

The debt component passes. No bank debt is outstanding at June 30, 2026 - the only interest-bearing obligations are camp-equipment leases (current C$66,690 plus non-current C$55,512) totalling C$122,202, about 0.02% of the ~C$676.7M market cap (C$3.00, September 30, 2026) - under the ~33% ceiling. The cash component passes. Cash and cash equivalents of C$74.7M at June 30, 2026 are about 11.0% of market cap - under the ~33% ceiling. Total assets are C$102.0M against total liabilities of C$10.3M.

Gate 3 — Non-compliant income: FAIL

The condensed interim financial statements report interest income of C$602,711 for the six months ended June 30, 2026 (C$447,498 for Q2 2026 alone, up from C$225,475 in H1 2025) - earned on cash balances after the C$61.5M April 2026 financing - against nil revenue. The income gate fails: as a pre-revenue explorer holding financing cash in interest-bearing accounts, Fireweed earns interest income far above the ~5% tolerance. This is the same kind of income-gate failure as this site's Snowline Gold, Troilus Mining, Cronos Group (~16.6%) and New Found Gold (~13.8%) screens.

Key figures used

Frequently asked questions

Is Fireweed Metals (FWZ) halal?

Our September 2026 screen gives Fireweed Metals Corp. (TSXV: FWZ) a FAIL. The income gate fails: the company is pre-revenue (nil revenue), so interest income of C$602,711 for the six months ended June 30, 2026 (C$447,498 for Q2 2026 alone) is far above the ~5% ceiling. The business gate passes: critical-minerals exploration and development (the Macpass zinc-lead-silver project, the Mactung tungsten project and the Gayna zinc-gallium-germanium project, all in Yukon and Northwest Territories) is a permissible business. The debt gate passes: no bank debt is outstanding - only camp-equipment leases totalling C$122,202 at June 30, 2026, about 0.02% of the ~C$676.7M market cap (C$3.00, September 30, 2026). The cash gate passes: cash and cash equivalents of C$74.7M at June 30, 2026 are about 11.0% of market cap - under the ~33% ceiling. No public Zoya, Musaffa or ShariaPortfolio coverage for FWZ was found. This is a rules-based screening of published figures, not a religious ruling.

What business is Fireweed Metals in?

Fireweed Metals Corp. is a Vancouver-based critical-minerals exploration and development company with 100% of the Macpass zinc-lead-silver project (described as potentially the largest undeveloped zinc resource in the world), the Mactung tungsten project (one of the world's largest and highest-grade tungsten deposits) and the Gayna zinc-gallium-germanium project, all in Yukon and Northwest Territories, Canada. Zinc and tungsten are designated critical minerals by Canada, the US and the EU. In 2026 the company commenced a feasibility study at Mactung (March 2026), closed a C$61.5M private placement including a strategic investment from Japan's JX Advanced Metals Corporation (April 2, 2026), and reported continued expansion of the mineralized zone at Tom South (August 10, 2026). It trades as TSXV: FWZ (also OTCQX: FWEDF; Frankfurt: M0G). Mining exploration and development is a permissible business activity under AAOIFI-style screening, so the business gate passes.

Why does Fireweed Metals fail the income gate?

Fireweed is a pre-revenue explorer: revenue is nil, and its condensed interim financial statements report interest income of C$602,711 for the six months ended June 30, 2026 (C$447,498 for Q2 2026 alone, up from C$225,475 in H1 2025) - earned on its cash balances after the C$61.5M April 2026 financing. Under AAOIFI-style screening, interest (riba) income above the ~5%-of-revenue tolerance fails the income gate; with revenue at nil, the C$602,711 half-year interest income is far above the tolerance. This is the same kind of income-gate failure as this site's Snowline Gold, Troilus Mining, Cronos Group (~16.6%) and New Found Gold (~13.8%) screens. Facts only, no fatwa.

Which gates does Fireweed Metals pass?

Three gates pass. Business: critical-minerals exploration and development (zinc, tungsten, lead, silver) is a permissible activity, so the business gate passes. Debt: no bank debt is outstanding - the only interest-bearing obligations are camp-equipment leases (current C$66,690 plus non-current C$55,512) totalling C$122,202 at June 30, 2026, about 0.02% of the ~C$676.7M market cap (C$3.00, September 30, 2026) - under the ~33% ceiling. Cash: cash and cash equivalents of C$74.7M at June 30, 2026 are about 11.0% of market cap - under the ~33% ceiling. Material context: total assets C$102.0M against total liabilities C$10.3M; the C$61.5M April 2026 private placement brought in strategic partner JX Advanced Metals Corporation; the company also holds a C$12.9M funding agreement with the Government of Canada for North Canol road and power planning.

What do Zoya, Musaffa or ShariaPortfolio say about FWZ?

No public Zoya rating for Fireweed Metals (FWZ) was found, and no Musaffa stock page for FWZ was found in September 2026. ShariaPortfolio publishes no per-stock screening tool, so no coverage exists there. The per-gate figures behind this screen's result come from the company's condensed interim consolidated financial statements for the six months ended June 30, 2026 and market data as of September 30, 2026. Other mining names on this site - Galiano Gold (PASS), Aris Mining (PASS), Endeavour Mining (PASS), Snowline Gold (FAIL), New Found Gold (FAIL), Troilus Mining (FAIL) and Algoma Steel (FAIL) - are screened on the same business, debt, cash and income basis.

Sources

Screened 2026-09-30 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.