TSX Shariah screener · September 2026

Is Imperial Metals (III) Halal?

PASS

Imperial Metals · TSX: III / OTC: IPMLF · Materials

The short answer

Imperial Metals Corporation (TSX: III; OTC: IPMLF) is a PASS. The business gate passes: copper and gold mining (Mount Polley, 30% of Red Chris, Huckleberry on care and maintenance) has no prohibited segments. The debt gate passes: total debt of C$197.503M at June 30, 2026 is about 12.7% of the ~C$1.55B market cap (C$8.64, September 29, 2026) - under the ~33% ceiling; cash and securities of about C$101.1M are about 6.5% of market cap - under the ~33% guideline. The income gate passes: interest income of C$402K for the six months ended June 30, 2026 is about 0.13% of C$321.088M revenue - under the ~5% ceiling. No public Zoya rating or Musaffa coverage for III 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

Imperial Metals Corporation is a Vancouver-based mining company active in the acquisition, exploration, development, mining and production of base and precious metals, per its Q2 2026 MD&A. Principal properties: the wholly owned Mount Polley copper mine, the Huckleberry copper mine (on care and maintenance since August 2016), a 30% interest in the Red Chris copper/gold mine (Newmont operates the 70% majority), plus greenfield exploration properties. Consolidated Q2 2026 production was 8,759,242 pounds of copper and 11,226 ounces of gold. The company has no financial-services, alcohol, gambling, entertainment or interest-based business segments. Mining is a permissible activity, so the business gate passes. It trades as TSX: III (also OTC: IPMLF). Facts only, no fatwa.

Gate 2 — Debt and cash: PASS

Total debt including the current portion was C$197.503M at June 30, 2026 (short-term debt C$136.506M plus long-term debt C$60.997M, per the Q2 2026 MD&A) - about 12.7% of the ~C$1.55B market cap (C$8.64, September 29, 2026; 178.18M shares outstanding) - well under the ~33% ceiling. Cash and securities: cash and cash equivalents of C$86.941M plus equity investments (AndeX Gold Inc.) of C$14.173M total about C$101.1M, or about 6.5% of market cap - under the ~33% guideline.

Gate 3 — Non-compliant income: PASS

Interest income of C$402K for the six months ended June 30, 2026 (C$250K for Q2 alone) against total revenue of C$321.088M is about 0.13% - fully disclosed in the Q2 2026 MD&A and well under the ~5% ceiling. The income gate passes. Material context: Q2 2026 production was lower on lower grades at both mines; during the quarter Mount Polley received key authorizations extending permitted mine life (tailings dam raise) and Red Chris received permits for the transition to block cave mining. The company hedged no copper, gold or US/CAD exchange at June 30, 2026.

Key figures used

Business: copper/gold mining (Mount Polley 100%, 30% of Red Chris, Huckleberry care & maintenance) — PASS
Interest-bearing debt: C$197.503M total including current portion at June 30, 2026 (short-term C$136.506M + long-term C$60.997M)
Cash and securities: C$86.941M cash & equivalents + C$14.173M equity investments (AndeX Gold Inc.) ≈ C$101.1M
Market cap: ~C$1.55B (C$8.64, September 29, 2026; 178.18M shares)
Debt ÷ market cap: ~12.7% vs ~33% ceiling — PASS
Cash & securities ÷ market cap: ~6.5% vs ~33% guideline — PASS
Interest income ÷ revenue: ~0.13% (C$402K on C$321.088M, 6 months ended June 30, 2026) vs ~5% ceiling — PASS
Material: Q2 2026 production lower on grades (8.76M lbs copper, 11,226 oz gold); mine-life extension permits received at Mount Polley; Red Chris block cave permits in hand; no public Zoya rating or Musaffa coverage found

Frequently asked questions

Is Imperial Metals (III) halal?

Our September 2026 screen gives Imperial Metals Corporation (TSX: III; OTC: IPMLF) a PASS. All three gates pass: the business gate passes because copper and gold mining has no prohibited segments; the debt gate passes because total debt of C$197.503M at June 30, 2026 is about 12.7% of the ~C$1.55B market cap (C$8.64, September 29, 2026) - under the ~33% ceiling; the income gate passes because interest income of C$402K for the six months ended June 30, 2026 is about 0.13% of C$321.088M revenue - under the ~5% ceiling. Cash and securities of about C$101.1M are about 6.5% of market cap, also under the ~33% guideline. No public Zoya rating or Musaffa coverage for III was found; ShariaPortfolio publishes no per-stock screening tool. Material: Q2 2026 production was lower on lower grades at both mines, and Mount Polley received a tailings dam raise permit while Red Chris received block cave transition permits in the quarter. This is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.

What business is Imperial Metals in?

Imperial Metals Corporation is a Vancouver-based mining company active in the acquisition, exploration, development, mining and production of base and precious metals, per its Q2 2026 MD&A. Its principal properties in British Columbia include the wholly owned Mount Polley copper mine, the Huckleberry copper mine (on care and maintenance since August 2016), a 30% interest in the Red Chris copper/gold mine (Newmont operates the 70% majority), plus a large portfolio of greenfield exploration properties. Consolidated production for Q2 2026 was 8,759,242 pounds of copper and 11,226 ounces of gold. The company has no financial-services, alcohol, gambling, entertainment or interest-based business segments. Base and precious metals mining is a permissible business activity under AAOIFI-style screening, so the business gate passes. It trades as TSX: III (also OTC: IPMLF).

Why does Imperial Metals pass the debt gate?

Total debt including the current portion was C$197.503M at June 30, 2026, per the company's Q2 2026 results release - short-term debt C$136.506M plus long-term debt C$60.997M per the Q2 2026 MD&A. Against a market cap of about C$1.55B (C$8.64, September 29, 2026; 178.18M shares outstanding), that is about 12.7% - well under the ~33% ceiling. The cash component also passes: cash and cash equivalents of C$86.941M plus equity investments (AndeX Gold Inc.) of C$14.173M total about C$101.1M, or about 6.5% of market cap - under the ~33% guideline. Facts only, no fatwa.

Which gates does Imperial Metals pass?

All three gates pass. Business: copper and gold mining (Mount Polley 100%, Red Chris 30% joint venture, Huckleberry on care and maintenance) is a permissible activity with no prohibited segments - gate passes. Debt and cash: total debt C$197.503M is about 12.7% of the ~C$1.55B market cap (ceiling ~33%); cash and securities of about C$101.1M are about 6.5% of market cap (guideline ~33%) - gate passes. Income: interest income of C$402K for the six months ended June 30, 2026 against total revenue of C$321.088M is about 0.13% - fully disclosed in the Q2 2026 MD&A and well under the ~5% ceiling - gate passes.

What do Zoya, Musaffa or ShariaPortfolio say about III?

No publicly verifiable Zoya rating for Imperial Metals (III) was found via web search. No Musaffa stock page for III.CA exists (the URL returns a 404). 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 Q2 2026 financial results release (August 2026, quarter ended June 30, 2026), the Management's Discussion & Analysis for the three and six months ended June 30, 2026 (filed August 6, 2026), and market data as of September 29, 2026.

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.