Is Fortuna Mining (FVI) halal?

Fortuna Mining (TSX: FVI) is a gold and silver miner — a permissible business — with interest-bearing debt of about US$138.9 million, about 4.1% of its ~US$3.35 billion market cap, and interest income of about 1.42% of revenue. But Musaffa rates FSM not Shariah-compliant as of September 2026 (reason undisclosed) — so this screener is a conditional PASS*.

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 — permissible precious-metals mining

Fortuna Mining, based in Vancouver, is a precious-metals miner with three operating mines: Lindero (open-pit gold, Argentina), Séguéla (open-pit gold, Côte d’Ivoire), and Caylloma (underground silver-lead-zinc, Peru); it is developing the Diamba Sud gold project in Senegal and holds exploration interests across South America and West Africa. Q2 2026 production was 72,217 gold-equivalent ounces. The company sold its San Jose mine (Mexico) in April 2025 and its Yaramoko mine (Burkina Faso) in May 2025. No haram business segments were found, so the business gate passes.

Gate two: the ratios — the math clears, with a disclosed divergence

At June 30, 2026 (Q2 2026 Form 6-K, filed August 6, 2026): interest-bearing debt of US$138.9 million (the 2024 Convertible Notes at amortized cost); lease obligations of US$95.3 million are reported separately and are not in the debt line. The $150 million revolving credit facility was undrawn. With a market cap of about US$3.35 billion (295.96 million shares at the NYSE price of US$11.334 on September 29, 2026), debt is about 4.1% of market cap — about 7.0% including the leases — both well under the ~33% ceiling. Interest income of US$4.516 million is about 1.42% of Q2 2026 sales of US$318.4 million — under the ~5% ceiling. Cash of US$606.7 million is about 18.1% of market cap (a net-cash position of about US$435 million per the company). Fortuna reports in US dollars and is an SEC filer.

What other screeners say

Musaffa covers Fortuna and rates FSM not Shariah-compliant as of September 2026 — its AAOIFI-based screen gives a not-halal classification without publishing a detailed reason. No coverage pages for FVI/FSM were found on Zoya or ShariaPortfolio in targeted searches. This site’s own ratio math clears (about 4.1% debt-to-market-cap, about 1.42% interest income), which is why this screener is a conditional PASS* rather than a full PASS: a qualified scholar should weigh the divergence.

The bottom line

This screener gives Fortuna Mining (TSX: FVI) a conditional PASS*. A permissible precious-metals business with debt at about 4.1% of market cap and interest income at about 1.42% of revenue — but Musaffa’s AAOIFI-based screen rates FSM not Shariah-compliant, with no detailed reason published. Consult a qualified scholar. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

Frequently asked questions

Is Fortuna Mining halal?

This screener gives it a conditional PASS*. Fortuna Mining (TSX: FVI) is a gold and silver miner — a permissible business — with interest-bearing debt of about US$138.9 million, about 4.1% of its market cap of about US$3.35 billion (under the ~33% ceiling), and interest income of about 1.42% of revenue (under the ~5% ceiling). It is conditional because Musaffa rates FSM not Shariah-compliant as of September 2026 — its AAOIFI-based screen gives a not-halal classification without publishing a detailed reason. Consult a qualified scholar.

Why is Fortuna Mining’s screener conditional?

The ratio math on this site’s two-gate screen clears: Q2 2026 interest-bearing debt of US$138.9 million against a market cap of about US$3.35 billion is about 4.1% (about 7.0% including lease obligations), under the ~33% ceiling, and interest income of US$4.516 million is about 1.42% of Q2 2026 sales of US$318.4 million, under the ~5% ceiling. But Musaffa rates FSM not Shariah-compliant as of September 2026 — its AAOIFI-based screen gives a not-halal classification without publishing a detailed reason. The divergence is disclosed here; a qualified scholar should weigh it.

What are Fortuna Mining’s debt and market-cap figures?

At June 30, 2026 (Q2 2026 Form 6-K, filed August 6, 2026): interest-bearing debt of US$138.9 million (the 2024 Convertible Notes at amortized cost); lease obligations of US$95.3 million are reported separately and are not in the debt line; the $150 million revolving credit facility was undrawn. Market cap is about US$3.35 billion (295.96 million shares at the NYSE price of US$11.334 on September 29, 2026). Debt is about 4.1% of market cap (about 7.0% including leases); cash of US$606.7 million is about 18.1% of market cap. Fortuna reports in US dollars and is an SEC filer.

What does Fortuna Mining do?

Fortuna Mining, based in Vancouver, is a precious-metals miner with three operating mines: Lindero (open-pit gold, Argentina), Séguéla (open-pit gold, Côte d’Ivoire), and Caylloma (underground silver-lead-zinc, Peru); it is developing the Diamba Sud gold project in Senegal and holds exploration interests across South America and West Africa. The company sold its San Jose mine (Mexico) in April 2025 and its Yaramoko mine (Burkina Faso) in May 2025.

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

Musaffa covers Fortuna and rates FSM not Shariah-compliant as of September 2026 — its AAOIFI-based screen gives a not-halal classification without publishing a detailed reason. No coverage pages for FVI/FSM were found on Zoya or ShariaPortfolio in targeted searches.