Is Galiano Gold Inc. (GAU) halal?
Galiano Gold Inc. (TSX: GAU) is a Ghana-focused gold miner — a permissible business — with interest-bearing debt (leases) of about US$74.6 million (14.5% of market cap) and recognized finance income of about 0.42% of revenue. Both ratio gates clear, so this screener gives GAU a PASS. Data from Q2 2026 results, screened September 30, 2026.
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
Galiano Gold Inc., based in Vancouver, British Columbia, is a gold mining company. It owns a 90% interest in the Asanko Gold Mine in the Amansie West District of Ghana, West Africa (four open-pit areas plus satellite deposits and exploration projects); the Government of Ghana holds a 10% free-carried interest. Galiano acquired the other 45% of Asanko from Gold Fields on March 4, 2024. Its revenue comes from gold sales — no alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons, or cannabis business lines. One nuance: Galiano uses gold price hedge collars (puts and calls), whose realized and unrealized gains and losses flow through income (Q2 2026: US$27.177M in gains on hedges). Gold mining is a permissible activity, so the business gate passes.
Gate two: the ratios — both gates clear
- Interest-bearing debt: the company reported "no debt" drawn as of June 30, 2026 — no bank or credit facility balance. Interest-bearing obligations consist solely of lease liabilities: US$18.284M current + US$56.295M non-current = US$74.579M (6-K, Note 10).
- Market cap: 261,408,764 shares outstanding (June 30, 2026) × C$2.80 (TSX close, September 29, 2026; zolmax.com reported market cap C$732.46M).
- Debt ÷ market cap: US$74.579M ÷ ≈ C$732.46M (≈ US$515.8M at 1.42) = 14.5% — under the ~33% AAOIFI ceiling.
- Recognized finance income (Q2 2026 income statement): US$0.659M ÷ Q2 2026 revenue of US$156.568M = 0.42% — under the ~5% AAOIFI ceiling (cash-flow "interest received" was US$0.459M, consistent).
Both ratio gates clear with margin.
What other screeners say
- Musaffa: rates GAU not halal (AAOIFI methodology, September 2026; no ratio breakdown published).
- Muslim Xchange (AAOIFI-certified screener): shows GAU as Shariah compliant (updated September 10, 2026) — a competing third-party view we disclose without endorsing.
- Zoya: no public rating page found for GAU. ShariaPortfolio: no public rating found for GAU.
The bottom line
This screener gives Galiano Gold Inc. (TSX: GAU) a PASS. A permissible gold-mining business, debt (leases) at about 14.5% of market cap, and recognized finance income at about 0.42% of revenue — both ratio gates clear. Snapshot dated September 30, 2026; re-checked quarterly after earnings.
Sources
- Q2 2026 news release and 6-K Exhibit 99.1 (Note 1, Note 10, Note 11, Note 16; quarter published August 6, 2026).
- Market data: TSE:GAU traded up C$0.07 to C$2.80 on September 29, 2026; market cap C$732.46M (zolmax.com).
- Musaffa GAU rating page (September 2026); Muslim Xchange GAU screen (September 10, 2026).
Related screeners
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Frequently asked questions
Is Galiano Gold (GAU) halal?
Our screener gives Galiano Gold Inc. a PASS screening result. Galiano is a pure gold mining company with no prohibited business lines, interest-bearing debt of US$74.579M (leases only — the company reported no drawn bank debt) equal to about 14.5% of market cap (under the 33% AAOIFI threshold), and recognized finance income of US$0.659M equal to 0.42% of Q2 2026 revenue (under the 5% threshold).
How much debt does Galiano Gold have?
Galiano reported "no debt" as of June 30, 2026 — no bank or credit facility drawn. Its only interest-bearing obligations are lease liabilities of US$18.284M current and US$56.295M non-current, totalling US$74.579M. Deferred and contingent consideration of about US$58.6M relates to the 2024 Gold Fields acquisition.
Does Galiano Gold earn interest income?
Its Q2 2026 income statement discloses finance income of US$0.659M (cash-flow "interest received" was US$0.459M — consistent). That is 0.42% of US$156.568M Q2 revenue — under the 5% AAOIFI threshold.
What does Musaffa say about Galiano Gold?
Musaffa rates GAU not halal as of September 2026 (AAOIFI methodology; no ratio breakdown published), while Muslim Xchange, an AAOIFI-certified screener, shows GAU as Shariah compliant (updated September 10, 2026). We found no public Zoya or ShariaPortfolio rating pages for GAU. Third-party screens can disagree; our screener reports its own figure-by-figure analysis above.
Is Galiano Gold being acquired or delisted?
No takeover bid or delisting announcement. Notable: Gold Fields sold its entire 19.5% Galiano shareholding (50,471,657 shares at C$3.00) in September 2025. Next earnings are expected around November 5–11, 2026.