TSX Shariah screener · October 2026

Is Mega Uranium Ltd. (MGA) Halal?

PASS

Mega Uranium Ltd. · TSX: MGA · Energy

The short answer

Mega Uranium Ltd. (TSX: MGA) is a PASS in our October 2026 screen — all three gates pass. The business gate passes (uranium exploration and equity investments in uranium companies, principally NexGen Energy). The debt gate passes: C$21.084M of margin borrowings at June 30, 2026 is ~11.1% of the ~C$190.5M market cap (384,900,639 shares at C$0.495, the September 30, 2026 close) — well under the ~33% ceiling. The income gate passes: the statements disclose no interest income (cash was only C$587k), effectively 0% of income.

Gate 1 — Business activity: PASS

Mega Uranium is an exploration-stage uranium company: the Maureen uranium-molybdenum project in Queensland, Australia, exploration properties in Canada and Australia, plus a large portfolio of equity investments in uranium companies — principally NexGen Energy (long-term investment of C$259.0M), Toro Energy, IsoEnergy, Atha Energy and Premier American Uranium. Uranium exploration and mining investment is a permissible business; no alcohol, pork, gambling, conventional finance, tobacco, cannabis or weapons lines. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

At June 30, 2026 the company reported C$21.084M 'due to broker' — margin borrowings collateralized by its investments, bearing interest at 5.45%-5.70% (note 10 of the Q3 2026 interim statements). Against a market cap of ~C$190.5M (384,900,639 shares at C$0.495, the September 30, 2026 close), debt is about 11.1% of market cap — well under the ~33% ceiling. Gate 2 passes. Context: total liabilities C$34.2M vs equity C$258.5M. Facts only.

Gate 3 — Non-compliant income: PASS

The Q3 2026 interim statements (nine months ended June 30, 2026) disclose no interest-income line — only finance expenses of C$833k — and cash was just C$587k, so interest income is effectively C$0, ~0% of income. Other income of C$189k (note 12) is not disclosed as interest. Gate 3 passes. Facts only.

Key figures used

Debt C$21.084M 'due to broker' (margin borrowings, 5.45%-5.70% interest) at Jun 30, 2026 → ≈ 11.1% of ~C$190.5M market cap.
384,900,639 shares outstanding; Sep 30, 2026 close C$0.495.
Interest income effectively C$0 (no interest-income line; cash C$587k).
Long-term investment C$259.0M (principally NexGen Energy); marketable securities C$32.7M.
Nine months ended Jun 30, 2026: net income C$443k (incl. C$8.0M gain on equity investment disposition).
No Zoya, Musaffa or ShariaPortfolio rating found for MGA.

Frequently asked questions

Is Mega Uranium (MGA) halal?

Our October 2026 screen gives Mega Uranium (MGA) a PASS. All three gates pass: the business is uranium exploration and uranium equity investments (permissible), debt of C$21.1M is ~11.1% of its ~C$190.5M market cap (under the ~33% ceiling), and the statements disclose no interest income (cash was only C$587k) - effectively 0% of income. No Musaffa/Zoya/ShariaPortfolio rating was found.

Why did Mega Uranium pass the debt gate?

At June 30, 2026 the company reported C$21.084M 'due to broker' - margin borrowings collateralized by its investments, bearing interest at 5.45%-5.70% (note 10 of the Q3 2026 interim statements). Against a market cap of ~C$190.5M (384,900,639 shares at C$0.495, the September 30, 2026 close), that is ~11.1% - well under the ~33% ceiling.

What does Mega Uranium do?

Mega Uranium is an exploration-stage uranium company: it holds the Maureen uranium-molybdenum project in Queensland, Australia, exploration properties in Canada and Australia, and a large portfolio of equity investments in uranium companies - principally NexGen Energy, plus Toro Energy, IsoEnergy, Atha Energy and Premier American Uranium. Uranium exploration and mining investment is a permissible business.

Does Mega Uranium earn interest income?

The Q3 2026 interim statements (nine months ended June 30, 2026) contain no interest-income line - only finance expenses of C$833k - and cash was just C$587k, so interest income is effectively C$0, ~0% of income. Other income of C$189k (note 12) is not disclosed as interest. Gate 3 passes.

Where can I find more uranium stock screeners?

See our full list of stock screeners at halal-stock-verdicts.html, which covers every company screened so far.

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.