Is McEwen Inc. (MUX) halal?

McEwen Inc. (TSX/NYSE: MUX — renamed from McEwen Mining Inc. in June 2025, ticker unchanged) is a gold/silver/copper miner: the Gold Bar mine in Nevada, the Fox Complex in Ontario, a 49% interest in the San José mine in Argentina, and the Los Azules copper project via 46.3%-owned McEwen Copper. The business is clean — no prohibited segments. Interest-bearing debt of ~US$128.4M incl. leases is ~12.0% of its ~US$1.07B market cap (under the ~33% ceiling), and interest-like income of ~US$1.37M is ~2.3% of Q2 revenue (under the ~5% ceiling). Verdict: conditional PASS — Musaffa rates MUX not halal (AAOIFI, reason undisclosed), a conflict this page discloses honestly. 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 — mining, passes

McEwen's revenue is entirely “Revenue from gold and silver sales” (Q2 2026 10-Q). Operations:

Gold Bar (Nevada, USA) and the Fox Complex (Timmins, Ontario) — producing gold mines.
San José (Argentina) — 49% equity-method interest in the silver/gold mine; McEwen received US$58.2M in San José dividends year-to-date through Q2 2026.
Los Azules (Argentina) — large copper development project held through 46.3%-owned subsidiary McEwen Copper Inc. (feasibility study completed; RIGI approval received).
Growth pipeline: the Fenix project (Mexico) and the Tartan project (Manitoba, acquired via Canadian Gold Corp. in January 2026).

No alcohol, gambling, conventional finance or insurance, pork, weapons or defense, adult entertainment, or tobacco. The business gate passes.

Gate two: the ratios — all pass

Interest-bearing debt: about US$128.4M incl. leases at June 30, 2026 — long-term debt US$6M (current portion) + US$120.572M (net of issuance costs), plus lease liabilities US$0.831M + US$0.995M (Q2 2026 10-Q). Ex-leases: ~US$126.6M. (Cross-check: the Q2 press release states debt principal of US$130.0M — US$110.0M convertible notes due 2030 plus a US$20.0M term loan facility.)
Market cap: about US$1.07B (59,744,000 shares × US$17.85, NYSE, September 30, 2026).
Debt ÷ market cap: US$128.4M ÷ US$1,066M = ~12.0% incl. leases (~11.9% excluding leases) — under the ~33% AAOIFI ceiling (passes).
Interest income (Q2 2026 income statement): the line is “Interest and other finance income” — US$1.365M against revenue of US$59.234M = ~2.30% — under the ~5% AAOIFI ceiling (passes). The line is bundled (interest on cash balances plus interest on a US$13.6M loan to McEwen Copper), so 2.30% is an upper bound; six months: US$2.504M vs US$133.283M = ~1.88%.
Cash: cash and cash equivalents US$78.883M plus marketable securities US$12.825M = US$91.7M — about 8.6% of market cap, under the ~33% cash-plus-securities ceiling (passes).

All ratios pass. (Context: the 46.3%-owned McEwen Copper subsidiary closed a US$240M senior secured term loan on August 27, 2026 (12% p.a., 4-year) to advance Los Azules — it sits off McEwen's consolidated balance sheet; project-debt financing with a financial investment decision expected mid-2027 could change the consolidated picture. Q2 2026 net income was US$9.6M; no going-concern note.)

What other screeners say

Musaffa: covers MUX and rates it not halal (AAOIFI methodology, September 2026) — without disclosing which ratio or business line fails in its published text. This conflicts with the figure-by-figure analysis above, which is why this screener's PASS is conditional. Zoya: no public rating page found for MUX. ShariaPortfolio: no coverage found. As of September 30, 2026. Our screener reports its own figure-by-figure analysis above.

The bottom line

This screener gives McEwen Inc. (TSX: MUX) a conditional PASS. The mining business is clean and the ratios pass on our verified Q2 2026 figures (debt ~12.0%, interest-like income ~2.3% upper bound, cash ~8.6%) — but Musaffa independently rates MUX not halal (reason undisclosed), so the PASS is conditional and disclosed as such. Re-screen quarterly; watch McEwen Copper's project-debt financing. Snapshot dated September 30, 2026.

Sources

McEwen Inc. Form 10-Q, quarter ended June 30, 2026 (filed August 5, 2026) — balance sheet: long-term debt current portion US$6,000K, long-term debt net US$120,572K, lease liabilities US$831K + US$995K; statements of operations: “Revenue from gold and silver sales” US$59,234K, “Interest and other finance income” US$1,365K; 59,744,000 shares outstanding; cash US$78,883K, marketable securities US$12,825K.
McEwen Inc. Q2 2026 results press release (GlobeNewswire, August 6, 2026) — debt principal US$130.0M (US$110.0M convertible notes due 2030 + US$20.0M term loan); Q2 net income US$9.6M; US$58.2M San José dividends YTD; revenue +27% YoY.
McEwen Copper US$240M term loan press release (GlobeNewswire, August 27, 2026) — 4-year, 12% p.a., bullet; subsidiary-level financing for Los Azules.
Canadian Gold business-combination press release (January 5, 2026) — Tartan project acquisition; ~4.2M shares issued; Canadian Gold delisted from TSX-V January 7, 2026.
Musaffa (musaffa.com/stock/MUX/) — MUX classified “not halal” (AAOIFI, September 2026), no disclosed reason.
Market data: NYSE:MUX ~US$17.85, 59,744,000 shares — market cap ~US$1.07B on September 30, 2026 (Finnhub).

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Frequently asked questions

Is McEwen (MUX) halal?

Our screener gives McEwen Inc. a conditional PASS screening result. The business — gold/silver/copper mining (Gold Bar in Nevada, Fox Complex in Ontario, a 49% interest in the San José mine in Argentina, the Los Azules copper project via 46.3%-owned McEwen Copper) — is clean, debt of ~US$128.4M is ~12.0% of its ~US$1.07B market cap (under the ~33% ceiling), and interest-like income of ~US$1.37M is ~2.3% of Q2 revenue (under the ~5% ceiling). The PASS is conditional: Musaffa rates MUX not halal (AAOIFI, September 2026, reason undisclosed), a conflict we disclose below. Note: the company was renamed from McEwen Mining Inc. to McEwen Inc. in June 2025; the ticker is unchanged.

Why is McEwen's PASS conditional?

Musaffa covers MUX and classifies it “not halal” (AAOIFI methodology, September 2026) without disclosing which ratio or business line fails in its fetched text — while our own figure-by-figure analysis of the Q2 2026 10-Q passes all gates (debt ~12.0%, interest-like income ~2.3% upper bound, business clean). Possible drivers on Musaffa's side include a multi-year-average market cap (which would raise its debt ratio), counting the McEwen Copper subsidiary's US$240M term loan, or a stricter non-compliant-income computation. Rather than hide the disagreement, this page reports both: our verified math and Musaffa's conflicting rating.

Do McEwen's financial ratios pass?

Yes, all pass at June 30, 2026. Interest-bearing debt of ~US$128.4M incl. leases (US$6M current long-term debt + US$120.572M long-term debt + US$1.826M lease liabilities) against a ~US$1.07B market cap is ~12.0% (~11.9% excluding leases) — under the ~33% AAOIFI ceiling. “Interest and other finance income” of US$1.365M against Q2 revenue of US$59.234M is ~2.30% — under the ~5% ceiling (the line is bundled, so this is an upper bound; six months: US$2.504M vs US$133.283M = ~1.88%). Cash plus marketable securities of US$91.7M are ~8.6% of market cap — under the ~33% ceiling.

What do Zoya, Musaffa and ShariaPortfolio say about McEwen?

Musaffa covers MUX and rates it not halal (AAOIFI, September 2026) without a disclosed reason — the conflict behind this page's conditional PASS. We found no public Zoya rating page and no ShariaPortfolio coverage for MUX as of September 30, 2026. Our screener reports its own figure-by-figure analysis above.

Could McEwen become non-compliant?

Yes, if leverage rises or non-compliant income grows. Watch the 46.3%-owned McEwen Copper subsidiary: its US$240M term loan (August 2026, 12% p.a.) sits off McEwen's consolidated balance sheet today, but project-debt financing for Los Azules (financial investment decision expected mid-2027) and the ongoing McEwen Copper IPO process could change the consolidated picture. Re-screen quarterly after earnings.