Is LunR Royalties Corp. (LUNR) halal?
LunR Royalties Corp. (TSX: LUNR) is a Canadian silver-streaming and mining-royalty company that graduated to the TSX on June 8, 2026. The business gate passes — mining royalties and metal streaming contain no haram segments. Interest-bearing debt is nil (total long-term liabilities were US$nil at June 30, 2026), so debt is ~0% of a ~C$2.30B market cap (passes); cash and cash equivalents of US$3.3M are ~0.2% of market cap (passes). The company reported inaugural revenue of US$4.6M in Q2 2026, but the interim filings disclose no separate interest-income line — so the ~5% non-compliant-income ratio cannot be computed in its standard form, making this a provisional PASS (PASS*). Data from Q2 2026 interim filings, screened October 1, 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 — passes
LunR Royalties is a royalty and streaming company based in Vancouver, BC, focused on building a portfolio of mining royalty and metal-stream interests (Q2 2026 MD&A). Its assets: a 100% life-of-mine silver stream on Lundin Gold Inc.'s Fruta del Norte gold mine in Ecuador (the "FDN Stream"), acquired May 28, 2026 for upfront consideration of US$670.2 million paid in 50,505,051 LunR shares — under the stream LunR buys 100% of FDN's payable silver production at 10% of the spot price until 12.2 million ounces have been delivered; a 1.38% net smelter return (NSR) royalty on the mineral concessions underlying NGEx Minerals' Los Helados project in Chile; and a 1.00% NSR royalty on the concessions underlying NGEx's Lunahuasi project in Argentina. In Q2 2026 the company received its first 69,959 ounces of silver under the FDN Stream and recorded inaugural revenue of US$4.6 million. LunR was incorporated on July 14, 2025 as a wholly-owned subsidiary of NGEx Minerals, was spun out to NGEx shareholders via a plan of arrangement effective October 23, 2025, and its shares commenced trading on the TSX on June 8, 2026 (graduating from the TSXV). No alcohol, gambling, weapons, pork, or conventional-finance segments are disclosed anywhere in the filings. Mining royalties and metal streaming are permissible business activities — the business gate passes.
Gate two: the ratios — debt and cash pass; income gate unverifiable
- Interest income vs revenue: the Q2 2026 MD&A and quarterly summary report inaugural revenue of US$4.6M from silver-stream sales, but disclose no separate interest-income line. The net-loss components the MD&A enumerates — US$2.8M of depletion expense, US$1.5M of administrative and corporate development costs, US$0.5M of cost of sales, offset by the US$4.6M of revenue — contain no interest-income item, so the ~5% non-compliant-income ratio cannot be computed in its standard form. This is the provisional caveat.
- Debt: total long-term liabilities were US$nil at June 30, 2026 (quarterly summary table). Share capital was US$673.4M with 120,890,066 shares outstanding (August 6, 2026), and the MD&A states all financial liabilities have contractual maturities of less than 30 days and are subject to normal trade terms. No loans, notes, or borrowings of any kind — interest-bearing debt is ~0% of market cap.
- Market cap: about C$2.30B (C$19.04 × 120.89M shares outstanding, October 1, 2026) — roughly US$1.61B at 1.425 CAD per USD.
- Debt ÷ market cap: ~0% — well under the ~33% ceiling (passes).
- Cash ÷ market cap: cash and cash equivalents of US$3.3M at June 30, 2026 — about 0.2% of market cap, under the ~33% ceiling (passes).
The only caveat is the income gate: the interim filings disclose no separate interest-income line, so the ~5% non-compliant-income ratio cannot be verified, and the company has a very short filing history (incorporated July 2025). This is a provisional PASS* — treat it as a flag to consult a qualified scholar; re-screen quarterly after earnings.
What other screeners say
- Zoya: no page for LunR Royalties Corp. found via web search; Zoya's public LUNR ticker page covers the unrelated US company Intuitive Machines (NASDAQ: LUNR), not the TSX-listed LunR Royalties — no coverage. Musaffa: publishes per-stock pages, but its public /stock/LUNR/ page is likewise Intuitive Machines — no coverage of LunR Royalties. ShariaPortfolio: a licensed portfolio-management firm with no public per-stock screener database — no coverage. Our screener reports its own figure-by-figure analysis above.
The bottom line
This screener gives LunR Royalties Corp. (TSX: LUNR) a provisional PASS (PASS*). The business (silver streaming and mining royalties in Ecuador, Chile, and Argentina) is halal, interest-bearing debt is nil (~0% of a ~C$2.30B market cap), and cash (US$3.3M, ~0.2% of market cap) passes comfortably. The provisional marker exists because the interim filings disclose no separate interest-income line: with only US$4.6M of silver-stream revenue disclosed, the ~5% non-compliant-income ratio cannot be computed in its standard form. Snapshot dated October 1, 2026.
Sources
- LunR Royalties Corp. Management's Discussion and Analysis for the three and six months ended June 30, 2026, dated August 6, 2026 (filed on SEDAR+; amounts in US dollars) — inaugural revenue of $4.6M from the FDN Stream; cash and cash equivalents of $3.3M at June 30, 2026; all financial liabilities mature in less than 30 days on normal trade terms; 120,890,066 shares outstanding at August 6, 2026; business description (FDN Stream terms: US$670.2M upfront in 50,505,051 shares; 100% of payable silver at 10% of spot until 12.2M oz delivered); spin-out from NGEx Minerals effective October 23, 2025; no off-balance-sheet arrangements.
- LunR Royalties news release, August 6, 2026 ("LunR Reports Q2 2026 Results Including Inaugural Cash Flow") — quarterly summary table: revenue $4,607k, net loss $(147)k, operating cash flow $2,858k, total assets $673,369k, total long-term liabilities $nil (in 000s, USD); first silver delivery of 69,959 oz under the FDN Stream; TSX listing commenced June 8, 2026 (graduation from the TSXV).
- LunR Royalties 2026 credit agreement (execution version, per Cassels comments August 20) filed on SEDAR+ August 21, 2026 — post-quarter-end disclosure; no drawdowns disclosed in the Q2 filings.
- Market data: TSX:LUNR C$19.04 — market cap ~C$2.30B on October 1, 2026 (stockanalysis.com; 120.89M shares outstanding). USD/CAD 1.425 (XE mid-market, October 1, 2026).
- Third-party coverage checks (October 1, 2026): Zoya's LUNR page is Intuitive Machines (US) — no LunR Royalties coverage; Musaffa's /stock/LUNR/ page is Intuitive Machines (US) — no LunR Royalties coverage; ShariaPortfolio has no public per-stock screener database.
Related screeners
Frequently asked questions
Is LunR Royalties Corp. (LUNR) halal?
Our screener gives LunR Royalties Corp. (TSX: LUNR) a provisional PASS* screening result. The company is a Canadian silver-streaming and mining-royalty company: its business activities contain no haram segments, it carries no interest-bearing debt (total long-term liabilities were nil at June 30, 2026), so debt is about 0% of a ~C$2.30B market cap (passes), and cash and cash equivalents of US$3.3M are about 0.2% of market cap (passes). The provisional marker is there because the interim filings disclose no separate interest-income line - the only revenue reported is the US$4.6M of inaugural silver-stream revenue - so the ~5% non-compliant-income ratio cannot be computed in its standard form. Consult a qualified scholar.
Why is the LunR Royalties result provisional?
LUNR is a new company with a very short filing history: it was incorporated in July 2025, spun out of NGEx Minerals in October 2025, and only began trading on the TSX on June 8, 2026. Its Q2 2026 MD&A and quarterly summary report inaugural revenue of US$4.6M from silver-stream sales but disclose no separate interest-income line, so the ~5% non-compliant-income gate cannot be computed in its standard form. The debt and cash gates both clear with wide margins: zero interest-bearing debt (0% of market cap) and US$3.3M of cash (~0.2% of market cap). The income gate is therefore unverifiable and the PASS is provisional (PASS*).
Do LunR Royalties' debt and cash ratios pass?
Yes, both. The Q2 2026 interim filings show total long-term liabilities of nil and share capital of US$673.4M funded by issuing 50,505,051 shares to Lundin Gold for the Fruta del Norte silver stream; the MD&A states all financial liabilities mature in under 30 days on normal trade terms. So interest-bearing debt is about 0% of market cap, well under the ~33% ceiling. Cash and cash equivalents of US$3.3M at June 30, 2026 are about 0.2% of a ~US$1.61B market cap (about C$2.30B: C$19.04 x 120.89M shares, October 1, 2026, at 1.425 CAD per USD), also under the ceiling. Note: a credit agreement was filed on SEDAR+ in August 2026, after quarter-end; no drawdowns are disclosed in the Q2 filings.
What does LunR Royalties do, and is the business halal?
LunR Royalties is a Canadian royalty and streaming company based in Vancouver, BC, that acquires and manages mining royalty and metal-stream interests. Its assets are a 100% life-of-mine silver stream on Lundin Gold's Fruta del Norte gold mine in Ecuador (acquired May 28, 2026 for US$670.2M in shares; LunR buys the silver at 10% of the spot price), a 1.38% NSR royalty on NGEx Minerals' Los Helados project in Chile, and a 1.00% NSR royalty on NGEx's Lunahuasi project in Argentina. In Q2 2026 it received its first 69,959 ounces of silver and recorded inaugural revenue of US$4.6M. Mining royalties and metal streaming are permissible business activities with no alcohol, gambling, weapons, pork, or conventional-finance segments disclosed - the business gate passes.
What do Zoya, Musaffa and ShariaPortfolio say about LunR Royalties?
As of October 1, 2026: neither Zoya nor Musaffa covers LunR Royalties Corp. Both sites' public LUNR ticker pages refer to the unrelated US-listed company Intuitive Machines (NASDAQ: LUNR), which shares the ticker symbol - not the TSX-listed LunR Royalties. ShariaPortfolio has no public per-stock screener database. Our screener reports its own figure-by-figure analysis above.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).