TSX Shariah screener · October 2026
Is FPX Nickel Corp. (FPX) Halal?
FPX Nickel Corp. · TSXV: FPX · Materials
The short answer
No — FPX Nickel (FPX) fails this Shariah stock screen. Its Baptiste nickel project exploration and development business is permissible and its debt is tiny (~0.1% of market cap) — but interest income of C$182,976 in the first half of 2026 was about 348% of the company's only other income (C$52,498 of management fee income), far above the 5% non-compliant income limit. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.
Gate 1 — Business activity: PASS
FPX Nickel Corp. (TSX-V:FPX) is a nickel exploration and development company focused on the Baptiste deposit in the Decar Nickel District of central British Columbia (awaruite nickel; 2023 preliminary feasibility study). Its MD&A states the company has 'no producing properties, and no sales or revenues.' It also holds CO2 Lock, a carbon-mineralization subsidiary — a clean activity. 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
At June 30, 2026 the company reported lease obligations of C$92,000 and no term debt, with no off-balance-sheet arrangements — total interest-bearing debt of about C$0.1M. Against a market capitalization of roughly C$86.9 million (315,832,103 shares at C$0.275, October 1, 2026), debt ÷ market cap ≈ 0.1%, far under the ~33% ceiling. Gate 2 passes. Facts only.
Gate 3 — Non-compliant income: FAIL
For the six months ended June 30, 2026, the MD&A reports a separate 'Interest income' line of C$182,976 (C$91,097 in Q2). The company's only other income was C$52,498 of management fee income (CO2 Lock JV management services, classified under other items). Interest income ÷ other income ≈ 348%, far above the 5% non-compliant income limit. Gate 3 fails. Facts only.
Key figures used
- Interest-bearing debt at June 30, 2026: lease obligations C$92,000; no term debt; no off-balance-sheet arrangements
- Market cap: ~C$86.9M (315,832,103 shares × C$0.275, Oct 1, 2026); debt ÷ market cap ≈ 0.1%
- Cash & equivalents: C$11,361,000 (Jun 30, 2026) ≈ 13.1% of market cap
- H1 2026: no sales or revenues; interest income C$182,976; management fee income C$52,498 — interest ≈ 348% of other income
- Listed: TSX-Venture (CVE:FPX); also OTCQX (FPOCF)
- Material: Baptiste deposit, Decar Nickel District, BC (awaruite nickel; 2023 PFS: after-tax NPV8% US$2.01B, IRR 18.6%); CO2 Lock carbon-mineralization subsidiary
Frequently asked questions
Is FPX Nickel (FPX) halal?
No. FPX Nickel fails this Shariah stock screen. Its nickel exploration and development business is permissible — the Baptiste deposit in British Columbia's Decar Nickel District — and its debt is tiny, but interest income of C$182,976 in the first half of 2026 was about 348% of the company's only other income (C$52,498 of management fee income), far above the 5% limit for non-compliant income. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.
What is FPX Nickel's debt-to-market-cap ratio?
About 0.1%. At June 30, 2026 the company reported lease obligations of C$92,000 and no term debt, with no off-balance-sheet arrangements — about C$0.1M total — against a market cap of roughly C$86.9 million (315,832,103 shares at C$0.275, October 1, 2026), far under the ~33% ceiling.
What does FPX Nickel do?
FPX Nickel Corp. (TSX-V:FPX) is a nickel exploration and development company focused on the Baptiste deposit in the Decar Nickel District of central British Columbia (awaruite nickel; 2023 preliminary feasibility study). Its MD&A states the company has 'no producing properties, and no sales or revenues.' It also holds CO2 Lock, a carbon-mineralization subsidiary.
How much interest income does FPX Nickel earn relative to revenue?
For the six months ended June 30, 2026, the MD&A reports a separate 'Interest income' line of C$182,976 (C$91,097 in Q2). The company's only other income was C$52,498 of management fee income — so interest income was about 348% of its other income, far above 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
- FPX Nickel — MD&A, 3 & 6 months ended Jun 30, 2026 (C$182,976 H1 interest income; C$92K leases; 'no sales or revenues'; 315,832,103 shares)
- Finnhub — CVE:FPX quote (C$0.275, 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.