Canadian Halal Investor.

TSX Shariah screener · October 2026

Is Mineros S.A. (MSA) Halal?

PASS

Mineros S.A. · TSX: MSA · Materials

The short answer

Yes — Mineros (MSA) passes this screen: it is a gold-and-silver mining business with no haram segments; total loans and other borrowings of US$55,635 thousand are about 2.80% of its market cap (vs a ~33% ceiling); and H1 2026 interest income of US$1,174 thousand is about 0.21% of revenue (vs a ~5% ceiling). No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Mineros S.A. (TSX:MSA; OTCQX:MNSAF; BVC:MINEROS) is a Latin American gold mining company. Per Note 6 of its Q2-2026 interim financial statements, the group operates the Nechí alluvial property in Colombia and the Hemco property in Nicaragua, and holds the La Pepa gold exploration project in Chile. Note 7 states the group derives its income primarily from the export of precious metals: H1 2026 revenue of $558,788 thousand comprised gold sales of $532,189 thousand, silver sales of $23,305 thousand, and electrical energy of $3,293 thousand — no alcohol, pork, gambling, conventional interest-based lending, tobacco, cannabis, weapons, or adult-entertainment lines were disclosed. The company keeps gold-backed receivables and physical gold in its treasury; these are working assets tied to its mining output, not interest-bearing loans. Facts only.

Gate 2 — Debt and cash: PASS

Total 'loans and other borrowings' at June 30, 2026 were US$55,635 thousand, comprising bank loans of US$44,125 thousand and lease liabilities of US$11,510 thousand — no notes, bonds, or convertible debentures are disclosed. With 292,793,666 shares outstanding at June 30, 2026 (295,780,517 at January 1, 2026 less 2,986,851 shares acquired and cancelled under the repurchase program, per Note 10) and a TSX close of C$9.65 on September 28, 2026 (Finnhub daily candle; the nearest daily close to September 30), market capitalization is roughly C$2,825.5 million. Debt ÷ market cap ≈ 2.80% (US$55.635 million × USD/CAD 1.4197 = about C$79.0 million), well under the ~33% ceiling. The company was in a net cash position of $110,106 thousand at June 30, 2026. Facts only.

Gate 3 — Non-compliant income: PASS

For the six months ended June 30, 2026, interest income was US$1,174 thousand (per the Q2-2026 MD&A EBITDA reconciliation; total finance income on the interim income statement was $1,198 thousand) and revenue was US$558,788 thousand. Interest income ÷ revenue ≈ 0.21%, under the ~5% ceiling. The interest comes from bank deposit balances (Note 11 discloses average effective rates of 3.39% on US-dollar bank deposits), incidental to its treasury cash — not a lending business. Facts only.

Key figures used

Frequently asked questions

Is Mineros (MSA) halal?

Yes — Mineros (MSA) passes this screening: it is a gold-and-silver mining business with no haram segments (no alcohol, pork, gambling, conventional interest-based lending, tobacco, cannabis, weapons, or adult-entertainment lines were disclosed; H1 2026 revenue of $558,788 thousand came primarily from gold sales of $532,189 thousand and silver sales of $23,305 thousand); total loans and other borrowings of US$55,635 thousand are about 2.80% of its market cap, well under the ~33% ceiling; and H1 2026 interest income of US$1,174 thousand is about 0.21% of revenue, under the ~5% ceiling. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Mineros' debt-to-market-cap ratio?

About 2.80%. Total 'loans and other borrowings' at June 30, 2026 were US$55,635 thousand — comprising bank loans of US$44,125 thousand and lease liabilities of US$11,510 thousand — against a market capitalization of roughly C$2,825.5 million (292,793,666 shares outstanding at June 30, 2026 × TSX close of C$9.65 on September 28, 2026, per Finnhub). At USD/CAD 1.4197 (September 30, 2026), debt equals about C$79.0 million, or 2.80% of market cap — well under the ~33% ceiling. The June 30, 2026 balance sheet shows no notes, bonds, or convertible debentures, and the company was in a net cash position of $110,106 thousand.

What does Mineros do?

Mineros S.A. (TSX:MSA; OTCQX:MNSAF; BVC:MINEROS) is a Latin American gold mining company. Per Note 6 of its Q2-2026 interim financial statements, the group operates the Nechí alluvial property in Colombia and the Hemco property in Nicaragua, and holds the La Pepa gold exploration project in Chile. Note 7 states the group derives its income primarily from the export of precious metals: H1 2026 revenue of $558,788 thousand comprised gold sales of $532,189 thousand, silver sales of $23,305 thousand, and electrical energy of $3,293 thousand.

How much interest income does Mineros earn relative to revenue?

For the six months ended June 30, 2026, interest income was US$1,174 thousand (per the Q2-2026 MD&A EBITDA reconciliation; total finance income on the interim income statement was $1,198 thousand) and revenue was US$558,788 thousand. Interest income ÷ revenue ≈ 0.21%, under the ~5% ceiling. The interest comes from bank deposit balances (Note 11 discloses average effective rates of 3.39% on US-dollar bank deposits), incidental to its treasury cash — not a lending business.

Where can I find more materials stock screeners?

See halal-stock-verdicts.html for the full list of stock screeners, including the other materials-sector entries.

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.