Screened September 29, 2026 · TSX: NXE (NYSE: NXE) · Q2 2026 filings · Provisional (pre-revenue; income gate unverifiable)

Is NexGen Energy (NXE) halal?

NexGen Energy Ltd. (TSX: NXE) is a pre-production uranium explorer whose debt clears the ~33% ceiling comfortably — but with nil revenue, the ~5% non-compliant-income gate cannot be computed, making this a provisional PASS*.

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 — no haram lines identified

NexGen is a pre-production uranium exploration and development company headquartered in Vancouver. Per the Q2 2026 MD&A: 'The Company operates in one reportable segment, being the acquisition, exploration and development of uranium properties,' all in Canada. Its flagship is the Rook I project in Saskatchewan's Athabasca Basin — one of the largest undeveloped uranium deposits in the world, in licensed construction as of 2026. It also holds a portfolio of Athabasca Basin exploration assets, about 2.7 million lbs of U3O8 strategic inventory (cost C$341.2 million), and an equity investment in IsoEnergy (C$180.7 million carrying value). No alcohol, gambling, tobacco, conventional-lending/insurance, or entertainment lines are disclosed. Uranium is factually a dual-use commodity (nuclear fuel vs. weapons), but no weapons-related activity is disclosed — and this screener records only facts, not scholarly judgments.

Gate two: the ratios — debt clears; the income gate is not computable

At June 30, 2026 (unaudited Q2 2026 MD&A; figures in C$ thousands): interest-bearing debt of C$612.4 million — convertible debentures (US$110 million 2023 debentures + US$250 million 2024 debentures, both 9% coupon: 6% cash + 3% shares, maturing September 2028 and May 2029). Cash and equivalents were C$756.2 million plus C$214.1 million of short-term investments (C$970.3 million combined — about 11.1% of market cap, also under the ceiling). With 670.5 million shares at the September 25, 2026 close of C$13.02, market cap is about C$8.73 billion, so debt-to-market-cap is about 7.0% — well under the ~33% ceiling (using the US$360 million debenture principal instead gives about 5.8% — it clears either way). The income gate is the problem: the MD&A states NexGen 'does not derive any revenue from its operations except for interest income from its cash,' recorded as finance income of C$6.862 million in Q2 2026 (C$14.520 million in H1 2026). With nil operating revenue, the ~5% non-compliant-income ratio cannot be computed in its standard form — so the income criterion is marked provisional. Note the company also pays interest: C$19.2 million of interest expense on the debentures in Q2 2026.

What other screeners say

No current Zoya, Musaffa, or ShariaPortfolio rating for NexGen Energy (NXE) could be verified from public sources: Zoya's screener is app-based with no verifiable public NXE page, a Musaffa stock-page lookup returned a 404, and ShariaPortfolio publishes no public per-ticker screening for NXE. No third-party rating is claimed here.

The bottom line

This screener gives NexGen Energy Ltd. (TSX: NXE) a provisional PASS (PASS*). The verifiable ratio gate clears — about 7.0% debt-to-market-cap — but the ~5% non-compliant-income ratio is unverifiable for a pre-revenue company whose only income is interest from cash, so this screener is provisional: treat it as a flag to consult a qualified scholar. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

• Q2 2026 MD&A and interim financial statements (NexGen Energy, Aug 4, 2026)
• NXE.TO price history (StockInvest, September 25, 2026 close)

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