Canadian Halal Investor.

TSX Shariah screener · October 2026

Is Gunnison Copper Corp. (GCU) Halal?

PASS

Gunnison Copper Corp. · TSX: GCU · Materials

The short answer

Yes — Gunnison Copper Corp. (GCU) passes this Shariah stock screen. It is a pure-play Arizona copper producer — the Johnson Camp Mine declared commercial production in September 2026, and its flagship Gunnison open-pit project has a March 2026 PEA with a US$2 billion NPV8% — with no prohibited business lines. Interest-bearing debt is US$7.19M at June 30, 2026 (convertible debentures; the Nebari facility was fully settled in H1 2026), about C$10.23M or 4.4% of its ~C$232.5M market cap (505,517,892 shares × C$0.46, Oct 1, 2026) — well under the ~33% ceiling. Interest income of US$254k is 0.58% of US$43.72M H1 revenue, under the 5% limit. Musaffa also classifies GCU.TO as HALAL (Oct 2026); no Zoya or ShariaPortfolio rating was found — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Gunnison Copper Corp. (TSX: GCU, OTCQB: GCUMF; formerly Excelsior Mining Corp., renamed November 2024) is a pure-play copper developer and producer in the Cochise Mining District, southern Arizona. Its restarted Johnson Camp Mine — expanded and restarted with Nuton LLC (a Rio Tinto venture) to demonstrate proprietary sulfide heap-leaching technology — declared commercial production in September 2026 (1,304,448 lb of cathode in August 2026). Its flagship Gunnison Copper Project is a large-scale open-pit project designed to produce finished copper cathode on-site, with a March 2026 PEA showing an after-tax NPV8% of US$2 billion and a 23% IRR. None of the disclosed business lines — copper mining, development, and cathode production — are prohibited lines. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

Interest-bearing debt at June 30, 2026 was US$7.19M (convertible debentures, carrying value US$7,192k per Note 14; the legacy Nebari credit facility was fully settled in H1 2026). At the October 1, 2026 USD/CAD rate of ~1.42, that is about C$10.23M — about 4.4% of a market cap of roughly C$232.5M (505,517,892 shares outstanding at June 30, 2026 × C$0.46, Oct 1, 2026), well under the ~33% ceiling. Note: US$5.32M of those debentures were settled in cash on July 7, 2026 (after quarter-end), so pro-forma debt is lower still. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Interest income was US$254k for the six months ended June 30, 2026, per the condensed consolidated interim financial statements — about 0.58% of revenue of US$43.72M, below the 5% non-compliant income limit. Gunnison is a producing miner (Q2 2026: revenue US$23.6M, net income US$13.1M), so the standard income ratio applies, not the pre-revenue rule. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does Gunnison Copper do?

Gunnison Copper Corp. (TSX: GCU, OTCQB: GCUMF; formerly Excelsior Mining Corp., renamed November 2024) is a pure-play copper developer and producer in the Cochise Mining District of southern Arizona. Its restarted Johnson Camp Mine — expanded and restarted with Rio Tinto's Nuton LLC to demonstrate proprietary sulfide heap-leaching technology — declared commercial production in September 2026 (1,304,448 lb of cathode in August 2026, its best month since restart). Its flagship asset is the Gunnison Copper Project, a large-scale open-pit project designed to produce finished copper cathode on-site, with a March 2026 preliminary economic assessment showing an after-tax NPV8% of US$2 billion and a 23% IRR. Copper mining and cathode production are not prohibited lines, so the business gate passes.

Why does Gunnison Copper pass this Shariah stock screen?

It passes. In the six months ended June 30, 2026, Gunnison reported interest income of just US$254k (US$61k JCM segment + US$88k corporate in Q2; US$126k + US$128k H1) against revenue of US$43.72M — about 0.58% of revenue, well below the 5% non-compliant income limit. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Gunnison Copper's interest-bearing debt ratio?

Interest-bearing debt at June 30, 2026 was US$7.19M — the Greenstone convertible debentures (carrying value US$7,192k per Note 14; the Nebari credit facility was fully settled in H1 2026). At the October 1, 2026 USD/CAD rate of ~1.42, that's about C$10.23M. Against a market cap of roughly C$232.5M (505,517,892 shares outstanding at June 30, 2026, per the interim financial statements, × C$0.46 on Oct 1, 2026), debt ÷ market cap is about 4.4% — well under the ~33% ceiling. Note: US$5.32M of those debentures were settled in cash on July 7, 2026 (after quarter-end), so pro-forma debt is even lower.

What is Gunnison Copper's non-compliant income ratio?

Interest income was US$254k for the six months ended June 30, 2026, per the condensed consolidated interim financial statements, against revenue of US$43.72M — about 0.58% of revenue, below the 5% non-compliant income limit. The company is a producing copper miner (Q2 2026 revenue US$23.6M, net income US$13.1M), not a pre-revenue explorer, so the standard income ratio applies rather than the pre-revenue rule.

Do Zoya, Musaffa, or ShariaPortfolio cover Gunnison Copper?

Musaffa covers Gunnison Copper (GCU.TO) and classifies it as HALAL as of October 2026 under its AAOIFI methodology — honestly reported as found, not invented. No rating or coverage of GCU was found on Zoya or ShariaPortfolio; that is reported as absent, not invented. This page applies the screen directly from the company's filings: condensed consolidated interim financial statements and MD&A for the six months ended June 30, 2026.

Sources

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.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).