Canadian Halal Investor

TSX Shariah screener · September 2026

Is New Found Gold (NFGC) Halal?

FAIL

New Found Gold Corp. · TSX: NFGC / NYSE American: NFGC · Materials

The short answer

New Found Gold Corp. (TSX: NFGC) is a FAIL. The income gate fails: Q2 2026 interest income of US$1.53M is about 13.8% of US$11.07M quarterly revenue, above the ~5% ceiling. The business gate passes: gold and silver mining and exploration (Hammerdown Gold Project, Queensway Gold Project, Newfoundland & Labrador) is a permissible activity - all H1 2026 revenue of C$25.6M came from gold and silver sales. The debt gate passes: loans payable of C$67.1M at June 30, 2026 are about 7.4% of the ~C$916.8M market cap (C$2.36, September 30, 2026) - under the ~33% ceiling. The cash gate passes: cash and cash equivalents of C$193.8M are about 21.1% of market cap (~22.2% including short-term investments) - under the ~33% ceiling. No public Zoya, Musaffa or ShariaPortfolio coverage for NFGC was found. 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

New Found Gold Corp. is a Vancouver-based emerging Canadian gold producer with assets in Newfoundland & Labrador. It holds a 100% interest in the Queensway Gold Project (a district-scale land package covering more than 110 km of strike length across two prospective fault zones) and the Hammerdown Gold Project, which includes the Hammerdown deposit and the Pine Cove Mill. It is focused on bringing Hammerdown into commercial gold production in H2/26 while advancing Queensway toward Phase I production. For the first half of 2026 it reported C$25.6M of revenue from gold and silver sales at Hammerdown. Gold and silver mining and exploration is a permissible business activity, so the business gate passes. The company graduated from the TSX Venture Exchange to the Toronto Stock Exchange on August 26, 2026, trading as TSX: NFGC (previously TSXV: NFG); it is also listed on NYSE American as NFGC. Facts only, no fatwa.

Gate 2 — Debt and cash: PASS

The debt component passes. Loans payable of C$67.1M at June 30, 2026 (the C$70.0M initial draw under a C$105.0M senior secured credit facility with EdgePoint, reported net) represent about 7.4% of the ~C$916.8M market cap (C$2.36, September 30, 2026) - under the ~33% ceiling. The cash component passes. Cash and cash equivalents of C$193.8M at June 30, 2026 are about 21.1% of market cap (~22.2% including short-term investments) - under the ~33% ceiling. The cash pile follows a C$115.1M bought-deal equity financing at C$2.96 per share in 2026 plus the EdgePoint draw. Management nonetheless discloses material uncertainties that may cast significant doubt on going concern, given ongoing losses and the need to finance major project development.

Gate 3 — Non-compliant income: FAIL

The Q2 2026 financials disclose interest income of US$1.53M against quarterly revenue of US$11.07M - about 13.8%, above the ~5% ceiling. The income gate fails: the company's large cash balance generates interest income at a level that exceeds the tolerance, even though the underlying business is permissible. This is the same kind of income-gate failure as this site's Cronos Group screen (interest income ~16.6% of revenue).

Key figures used

Frequently asked questions

Is New Found Gold (NFGC) halal?

Our September 2026 screen gives New Found Gold Corp. (TSX: NFGC, NYSE American: NFGC) a FAIL. The income gate fails: Q2 2026 interest income of US$1.53M is about 13.8% of US$11.07M quarterly revenue, above the ~5% ceiling. The business gate passes: gold and silver mining and exploration (Hammerdown Gold Project production, Queensway Gold Project) is a permissible business. The debt gate passes: loans payable of C$67.1M at June 30, 2026 are about 7.4% of the ~C$916.8M market cap (C$2.36, September 30, 2026) - under the ~33% ceiling. The cash gate passes: cash and cash equivalents of C$193.8M are about 21.1% of market cap (~22.2% including short-term investments), under the ~33% ceiling. No public Zoya, Musaffa or ShariaPortfolio coverage for NFGC was found. This is a rules-based screening of published figures, not a religious ruling.

What business is New Found Gold in?

New Found Gold Corp. is a Vancouver-based emerging Canadian gold producer with assets in Newfoundland & Labrador. It holds a 100% interest in the Queensway Gold Project (a district-scale land package covering more than 110 km of strike length across two prospective fault zones) and the Hammerdown Gold Project, which includes the Hammerdown deposit and the Pine Cove Mill. It is focused on bringing Hammerdown into commercial gold production in H2/26 while advancing Queensway toward Phase I production. For the first half of 2026 it reported C$25.6M of revenue from gold and silver sales at Hammerdown. The company graduated from the TSX Venture Exchange to the Toronto Stock Exchange on August 26, 2026, trading as TSX: NFGC (previously TSXV: NFG); it is also listed on NYSE American as NFGC. Cornerstone shareholder Eric Sprott is a noted investor in the company.

Why does New Found Gold fail the income gate?

New Found Gold's balance sheet is cash-heavy: after a C$115.1M bought-deal equity financing at C$2.96 per share and a C$70.0M initial draw under a C$105.0M senior secured credit facility with EdgePoint in 2026, cash and cash equivalents reached C$193.8M at June 30, 2026. That cash balance generates meaningful interest income - Q2 2026 interest income of US$1.53M against quarterly revenue of US$11.07M, about 13.8%, above the ~5% non-compliant-income ceiling, so the income gate fails. Under AAOIFI-style screening, interest (riba) income above the tolerance is a failing ratio even when the underlying business is permissible. Facts only, no fatwa.

Which gates does New Found Gold pass?

Three gates pass. Business: gold and silver mining and exploration is a permissible activity, so the business gate passes - all reported H1 2026 revenue of C$25.6M came from gold and silver sales at Hammerdown. Debt: loans payable of C$67.1M at June 30, 2026 (the C$70.0M initial draw under the C$105.0M EdgePoint senior secured facility, reported net) are about 7.4% of the ~C$916.8M market cap (C$2.36, September 30, 2026) - under the ~33% ceiling. Cash: cash and cash equivalents of C$193.8M are about 21.1% of market cap (~22.2% including short-term investments, per stockanalysis) - under the ~33% ceiling. Management nonetheless discloses material uncertainties about going concern given ongoing losses and project financing needs.

What do Zoya, Musaffa or ShariaPortfolio say about NFGC?

No public Zoya rating for New Found Gold (NFGC) was found, and no Musaffa stock page for NFGC/NFG was found in September 2026. 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 financial statements filed August 12, 2026 (quarter ended June 30, 2026) and market data as of September 30, 2026. Other gold names on this site - Galiano Gold (PASS), Aris Mining (PASS), Endeavour Mining (PASS) and Eldorado Gold (PASS) - are screened on the same business, debt, cash and income basis.

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.