Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Montage Gold (MAU) Halal?

FAIL

Montage Gold · TSX: MAU · Materials

The short answer

Montage Gold Corp. (TSX: MAU) is a FAIL. The income gate fails: the company is pre-revenue (net loss of US$39.531M for the six months ended June 30, 2026), so interest income of US$740K for the half year - earned on cash balances - is far above the ~5% ceiling. The business gate passes: gold mining and development (the Koné project in Côte d'Ivoire, which poured first gold on September 26, 2026) is a permissible business. The debt gate passes: interest-bearing debt of US$64.501M plus lease liabilities of US$0.31M at June 30, 2026 are about 1.2% of the ~US$5.5B market cap (~C$7.8B; C$19.45-C$19.60, September 2026) - under the ~33% ceiling. The cash gate passes: cash of US$154.377M plus marketable securities of US$4.384M are about 2.9% of market cap - under the ~33% ceiling. Musaffa independently rates MAUTF not halal (September 2026). As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.

Gate 1 — Business activity: PASS

Montage Gold Corp. is a gold mining company developing the Koné project in Côte d'Ivoire, which poured first gold on September 26, 2026, ahead of schedule (oxide circuit producing; hard-rock circuit expected mid-2027). It also holds exploration permits (Didiévi and Wendé in Côte d'Ivoire; Ramil and Jabel in Mauritania) and a strategic 19.9% stake in Sanu Gold, a gold explorer in Guinea. In April 2026 Montage completed its acquisition of African Gold Ltd (ASX: A1G) as the surviving acquirer. It graduated from the TSXV to the TSX on April 29, 2025 and trades as TSX: MAU. Gold mining is a permissible business activity, so the business gate passes. Facts only, no fatwa.

Gate 2 — Debt and cash: PASS

The debt component passes. Interest-bearing debt of US$64.501M at June 30, 2026 (AFG Bank working-capital loan of US$54.799M at 7% per annum; CAT Financial equipment financing of US$5.991M at 3-month SOFR + 3.45%; other US$3.711M) plus undiscounted lease liabilities of US$0.31M are about 1.2% of the ~US$5.5B market cap (~C$7.8B; C$19.45-C$19.60, September 2026) - under the ~33% ceiling. The cash component passes. Cash and cash equivalents of US$154.377M plus marketable securities of US$4.384M (residual Aurum Resources shares), a US$158.761M treasury, are about 2.9% of market cap - under the ~33% ceiling.

Gate 3 — Non-compliant income: FAIL

Montage is a pre-revenue developer: the consolidated income statement for the six months ended June 30, 2026 has no revenue line (net loss of US$39.531M). Note 18 of the Q2 2026 interim financial statements discloses interest income of US$740K for the half year - earned on cash balances (US$1.4M more was capitalized against borrowing costs; cash interest received was US$2.070M per Note 23). The income gate fails: as a pre-revenue developer holding cash in interest-bearing balances, Montage earns interest income far above the ~5% tolerance. This is the same kind of income-gate failure as this site's Solaris Resources, Fireweed Metals, Snowline Gold, Troilus Mining, New Found Gold and NGEx Minerals screens.

Key figures used

Frequently asked questions

Is Montage Gold (MAU) halal?

Our September 2026 screen gives Montage Gold Corp. (TSX: MAU) a FAIL. The income gate fails: the company is pre-revenue (net loss of US$39.531M for the six months ended June 30, 2026), so interest income of US$740K for the six months ended June 30, 2026 - earned on cash balances - is far above the ~5% ceiling. The business gate passes: gold mining and development (the Koné project in Côte d'Ivoire, which poured first gold on September 26, 2026; exploration permits in Côte d'Ivoire and Mauritania; a strategic 19.9% stake in Sanu Gold) is a permissible business. The debt gate passes: interest-bearing debt of US$64.501M plus lease liabilities of US$0.31M at June 30, 2026 are about 1.2% of the ~US$5.5B market cap (~C$7.8B; C$19.45-C$19.60, September 2026) - under the ~33% ceiling. The cash gate passes: cash of US$154.377M plus marketable securities of US$4.384M (US$158.761M treasury) are about 2.9% of market cap. Musaffa independently classifies MAUTF (the OTCQX ticker) as not halal as of September 2026; no Zoya or ShariaPortfolio coverage was found. This is a rules-based screening of published figures, not a religious ruling.

What business is Montage Gold in?

Montage Gold Corp. is a gold mining company developing the Koné project in Côte d'Ivoire, which poured first gold on September 26, 2026, ahead of schedule (oxide circuit producing; hard-rock circuit expected mid-2027). It also holds exploration permits (Didiévi and Wendé in Côte d'Ivoire; Ramil and Jabel in Mauritania) and a strategic 19.9% stake in Sanu Gold, a gold explorer in Guinea. In April 2026 Montage completed its acquisition of African Gold Ltd (ASX: A1G) as the surviving acquirer. It graduated from the TSXV to the TSX on April 29, 2025 and trades as TSX: MAU. Gold mining is a permissible business activity under AAOIFI-style screening, so the business gate passes.

Why does Montage Gold fail the income gate?

Montage is a pre-revenue developer: the consolidated income statement for the six months ended June 30, 2026 has no revenue line (net loss of US$39.531M). Note 18 of the Q2 2026 interim financial statements discloses interest income of US$740K for the half year, earned on cash balances (US$1.4M more was capitalized against borrowing costs; cash interest received was US$2.070M). Under AAOIFI-style screening, interest (riba) income above the ~5%-of-revenue tolerance fails the income gate; with revenue at nil, the US$740K half-year interest income is far above the tolerance. Facts only, no fatwa.

Which gates does Montage Gold pass?

Three gates pass. Business: gold mining and development is a permissible activity, so the business gate passes. Debt: interest-bearing debt of US$64.501M (AFG Bank working-capital loan, CAT Financial equipment financing) plus US$0.31M of lease liabilities at June 30, 2026 are about 1.2% of the ~US$5.5B market cap (~C$7.8B; C$19.45-C$19.60, September 2026) - under the ~33% ceiling. Cash: cash of US$154.377M plus marketable securities of US$4.384M (residual Aurum Resources shares) are about 2.9% of market cap - under the ~33% ceiling. Material context: US$744.5M of deferred revenue (gold streams) is advance payment for future gold delivery, not interest-bearing debt.

What do Zoya, Musaffa or ShariaPortfolio say about MAU?

Musaffa covers Montage Gold under its OTCQX ticker MAUTF and classifies it as not halal as of September 2026 (AAOIFI methodology; the public snippet does not disclose which specific gate failed). No Zoya rating for MAU or MAUTF was found - consistent with Zoya covering mainly US-listed equities. ShariaPortfolio publishes no per-stock screening tool, so no coverage exists there. The per-gate figures behind this screen's result come from the company's Q2 2026 interim financial statements filed on SEDAR+ on August 11, 2026 (six months ended June 30, 2026) and market data as of September 2026.

Sources

Screened 2026-09-30 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.