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Canadian Halal Investor.

Screened October 1, 2026 · TSX: MAI · Q2 2026 interim results (six months ended June 30, 2026)

PASS

Is Mining Americas Inc. (MAI) halal?

Mining Americas Inc. (TSX: MAI) — formerly Minera Alamos Inc., renamed June 30, 2026 and graduated from the TSXV to the TSX on July 3, 2026 — is a North American gold production and development company. It owns the producing Pan Operating Complex in Nevada, the permitted Copperstone underground project in Arizona, the Gold Rock project in Nevada, and development assets in Mexico (Cerro de Oro, Santana). The business is pure gold mining: no alcohol, gambling, weapons, pork, or interest-based segments are disclosed. Interest-bearing debt of US$45.0M is ~9.9% of a ~C$640M market cap (passes the ~33% ceiling); net interest income of ~US$0.26M is ~0.4% of ~US$71.8M revenue (passes the ~5% ceiling). Result: 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 — clean

Mining Americas describes itself as a gold mining and mine development company with operations in the United States and Mexico. The Pan Operating Complex in White Pine County, Nevada (the producing Pan heap-leach mine plus the permitted Gold Rock development project) produced 8,217 ounces of gold in Q2 2026, and the company sold 8,329 ounces at an average realized price of US$3,920 per ounce for revenue of US$32.6 million. The Copperstone project in La Paz County, Arizona is a permitted, advanced underground gold project with a positive May 2026 pre-feasibility study. Mexican assets include the Cerro de Oro open-pit heap-leach development project in Zacatecas and the Santana project in Sonora. No conventional lending, insurance, alcohol, gambling, weapons, or pork segments appear anywhere in the filings — the revenue line is gold sales.

Gate two: the ratios — both pass

The PASS is comfortable on every gate: halal business, debt at roughly one-third of the ceiling, and interest income at a small fraction of the ceiling.

What other screeners say

The bottom line

This screener gives Mining Americas Inc. (TSX: MAI) a PASS. It is a pure gold miner and developer — Pan in Nevada, Copperstone in Arizona, Gold Rock in Nevada, plus Mexican development assets — with no haram business lines. Interest-bearing debt of US$45.0M is ~9.9% of a ~C$640M market cap, and interest income is ~0.4% of revenue, both comfortably under their ceilings. The one thing to watch is the undrawn US$30M on the credit facility: drawing it down plus a falling share price could push the debt ratio up. Snapshot dated October 1, 2026; re-screened quarterly after earnings.

Sources

Related screeners

Frequently asked questions

Is Mining Americas (MAI) halal?

Our screener gives Mining Americas Inc. a PASS screening result. Mining Americas is a North American gold production and development company (the producing Pan mine in Nevada, the Copperstone project in Arizona, the Gold Rock project in Nevada, and Mexican development assets) — gold mining is a halal business with no disclosed alcohol, gambling, weapons, pork, or interest-based segments. The ratios also pass: interest-bearing debt of US$45.0M (the revolving credit facility) is ~9.9% of a ~C$640M market cap, under the ~33% ceiling; net interest income of ~US$0.26M is ~0.4% of ~US$71.8M revenue for the six months ended June 30, 2026, under the ~5% ceiling; cash of ~US$43.5M is ~9.6% of market cap.

Why does Mining Americas pass the screen?

Both gates pass. Gate one (the business): Mining Americas, formerly Minera Alamos Inc. (renamed June 30, 2026; graduated from the TSXV to the TSX on July 3, 2026, trading as MAI), earns its revenue from gold production and development — the Pan Operating Complex sold 8,329 ounces of gold in Q2 2026 alone — with no haram business lines disclosed. Gate two (the ratios): interest-bearing debt is ~9.9% of market cap vs the ~33% ceiling, and non-compliant interest income is ~0.4% of revenue vs the ~5% ceiling, both with wide margins.

What do Mining Americas' debt and cash ratios look like?

Interest-bearing debt is the US$75M revolving credit facility with Scotiabank and National Bank of Canada, of which US$45.0M was drawn at June 30, 2026 (the current portion of debt is nil; the facility repaid the prior gold loan and prepayment facilities). Converted at ~C$1.41, that is about C$63.6M — roughly 9.9% of a ~C$640M market cap (C$5.82 × 109.95M shares outstanding), well under the ~33% ceiling. Cash and cash equivalents of US$43.5M at June 30, 2026 are about C$61.4M, roughly 9.6% of market cap, also under the ~33% ceiling. Total available liquidity was US$73.5M including US$30M undrawn on the facility.

What do Zoya, Musaffa and ShariaPortfolio say about Mining Americas?

As of October 1, 2026: Zoya has no public coverage page for MAIFF/MAI, so it does not appear to cover it; Musaffa has no per-stock page for MAIFF/MAI, so it does not appear to cover it either; ShariaPortfolio has no public per-stock screener database. Our screener reports its own figure-by-figure analysis above.

Could Mining Americas become non-compliant?

It is possible. The company drew US$45M of a US$75M revolving credit facility in Q2 2026 to fund growth at Copperstone and the Pan mine; if it draws the full facility and the market cap fell, the debt ratio could move toward the ~33% ceiling (a material risk given ~9.9% today with US$30M still undrawn). Interest income is currently ~0.4% of revenue, so that gate has wide headroom. Re-screen quarterly after earnings — the next results are expected around November 17, 2026.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).