TSX Shariah screener · September 2026
Is NGEx Minerals (NGEX) Halal?
NGEx Minerals Ltd. · TSX: NGEX / OTCQX: NGXXF · Materials
The short answer
NGEx Minerals Ltd. (TSX: NGEX; OTCQX: NGXXF) is a FAIL. The income gate fails: the company is pre-revenue (net loss of C$64.1M for the six months ended June 30, 2026), so interest income of C$4.0M for the six months ended June 30, 2026 (C$1.9M for Q2 2026 alone) - earned on cash and short-term investments - is far above the ~5% ceiling. The business gate passes: copper-gold exploration and development (the Lunahuasi project, Argentina; the Los Helados project, Chile) is a permissible business. The debt gate passes: no bank debt is outstanding - total financial liabilities of C$10.4M at June 30, 2026 are trade payables and amounts due to an exploration partner, about 0.2% of the ~C$5,339.1M market cap (C$25.11, September 30, 2026). The cash gate passes: cash of C$81.2M plus short-term investments of C$133.5M (C$214.7M treasury) at June 30, 2026 are about 4.0% of market cap - under the ~33% ceiling. No public Zoya, Musaffa or ShariaPortfolio coverage for NGEX 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
NGEx Minerals Ltd. is a Vancouver-based copper-gold exploration and development company in the Lundin Group, acquiring and advancing mineral properties in South America. Its flagship is the Lunahuasi high-grade copper-gold-silver project in San Juan Province, Argentina (Phase 4 drilling in 2026 delivered high grades and expanded the deposit; ahead are a Phase 5 drill program, a potential exploration adit and an application under Argentina's RIGI investment-incentive regime), alongside the Los Helados porphyry copper-gold-silver deposit in Chile's Atacama Region and the Valle Ancho, Interceptor and Potro Cliffs properties in Argentina. In October 2025 the company closed an upsized C$175M private placement at C$25.00 per share (7,000,000 shares, with participation from institutional investors and the Lundin Family Trusts), leaving it fully funded for its planned programs. Copper-gold mining exploration and development is a permissible business activity, so the business gate passes. It trades as TSX: NGEX (also OTCQX: NGXXF). Facts only, no fatwa.
Gate 2 — Debt and cash: PASS
The debt component passes. No bank debt is outstanding at June 30, 2026 - the MD&A discloses total financial liabilities of only C$10.4M (trade payables and accrued liabilities C$6.5M, non-current accrued liabilities C$0.4M, and C$3.5M due to an exploration partner for La Rioja properties), about 0.2% of the ~C$5,339.1M market cap (C$25.11, September 30, 2026) - under the ~33% ceiling. Finance costs for H1 2026 were only C$149,766. The cash component passes. Cash of C$81.2M plus short-term investments of C$133.5M (C$214.7M total treasury) at June 30, 2026 are about 4.0% of market cap - under the ~33% ceiling.
Gate 3 — Non-compliant income: FAIL
The MD&A reports interest income of C$1.9M for Q2 2026 and C$4.0M for the six months ended June 30, 2026 (2025: C$1.3M and C$2.8M) - earned on the significantly higher average cash and short-term investments after the C$175M October 2025 private placement - against nil revenue (net loss of C$64.1M for H1 2026). The income gate fails: as a pre-revenue explorer holding placement cash in interest-bearing investments, NGEx 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, Cronos Group (~16.6%) and New Found Gold (~13.8%) screens.
Key figures used
- Business: copper-gold exploration and development (Lunahuasi, Argentina; Los Helados, Chile); pre-revenue, net loss C$64.1M H1 2026 — PASS
- Interest-bearing debt: C$0 at June 30, 2026 (no bank debt; financial liabilities C$10.4M are trade payables and amounts due to an exploration partner)
- Cash and cash equivalents: C$81.2M at June 30, 2026; short-term investments: C$133.5M (treasury C$214.7M)
- Market cap: ~C$5,339.1M (C$25.11, September 30, 2026)
- Debt ÷ market cap: ~0.2% vs ~33% ceiling — PASS
- Cash & securities ÷ market cap: ~4.0% vs ~33% ceiling — PASS
- Interest income ÷ revenue: C$4.0M H1-2026 interest income (C$1.9M in Q2 2026) on nil revenue — far above ~5% ceiling — FAIL
- Material context: closed upsized C$175M private placement October 2025 (7M shares at C$25.00; Lundin Family Trusts participation); net working capital C$463.3M incl. C$252.7M of listed common shares of LunR Royalties Corp. (TSX: LUNR); no public Zoya or Musaffa coverage found
Frequently asked questions
Is NGEx Minerals (NGEX) halal?
Our September 2026 screen gives NGEx Minerals Ltd. (TSX: NGEX; OTCQX: NGXXF) a FAIL. The income gate fails: the company is pre-revenue (net loss of C$64.1M for the six months ended June 30, 2026), so interest income of C$4.0M for the six months ended June 30, 2026 (C$1.9M for Q2 2026 alone) - earned on cash and short-term investments - is far above the ~5% ceiling. The business gate passes: copper-gold exploration and development (the Lunahuasi project in San Juan Province, Argentina; the Los Helados project in Chile's Atacama Region; Valle Ancho, Interceptor and Potro Cliffs) is a permissible business. The debt gate passes: no bank debt is outstanding - total financial liabilities of C$10.4M at June 30, 2026 are trade payables and amounts due to an exploration partner, about 0.2% of the ~C$5,339.1M market cap (C$25.11, September 30, 2026). The cash gate passes: cash of C$81.2M plus short-term investments of C$133.5M (C$214.7M treasury) at June 30, 2026 are about 4.0% of market cap - under the ~33% ceiling. No public Zoya, Musaffa or ShariaPortfolio coverage for NGEX was found. This is a rules-based screening of published figures, not a religious ruling.
What business is NGEx Minerals in?
NGEx Minerals Ltd. is a Vancouver-based copper-gold exploration and development company in the Lundin Group, acquiring and advancing mineral properties in South America. Its flagship is the Lunahuasi high-grade copper-gold-silver project in San Juan Province, Argentina (Phase 4 drilling in 2026 delivered high grades and expanded the deposit; a Phase 5 program, a potential exploration adit and an application under Argentina's RIGI investment-incentive regime are ahead), alongside the Los Helados porphyry copper-gold-silver deposit in Chile's Atacama Region and the Valle Ancho, Interceptor and Potro Cliffs properties in Argentina. In October 2025 the company closed an upsized C$175M private placement at C$25.00 per share, leaving it fully funded for its programs. It trades as TSX: NGEX (also OTCQX: NGXXF). Copper-gold mining exploration and development is a permissible business activity under AAOIFI-style screening, so the business gate passes.
Why does NGEx Minerals fail the income gate?
NGEx is a pre-revenue explorer: it reported a net loss of C$64.1M for the six months ended June 30, 2026, and the MD&A reports interest income of C$1.9M for Q2 2026 and C$4.0M for the six months ended June 30, 2026 (2025: C$1.3M and C$2.8M) - earned on its significantly higher average cash and short-term investments after the C$175M October 2025 private placement. Under AAOIFI-style screening, interest (riba) income above the ~5%-of-revenue tolerance fails the income gate; with revenue at nil, the C$4.0M half-year interest income is far above the tolerance. This is the same kind of income-gate failure as this site's Solaris Resources, Fireweed Metals, Snowline Gold, Troilus Mining, Cronos Group (~16.6%) and New Found Gold (~13.8%) screens. Facts only, no fatwa.
Which gates does NGEx Minerals pass?
Three gates pass. Business: copper-gold exploration and development is a permissible activity, so the business gate passes. Debt: no bank debt is outstanding - the MD&A discloses total financial liabilities of only C$10.4M at June 30, 2026 (trade payables, non-current accrued liabilities and an amount due to an exploration partner), about 0.2% of the ~C$5,339.1M market cap (C$25.11, September 30, 2026) - under the ~33% ceiling. Cash: cash of C$81.2M plus short-term investments of C$133.5M (C$214.7M total treasury) at June 30, 2026 are about 4.0% of market cap - under the ~33% ceiling. Material context: the company also holds C$252.7M of listed common shares of LunR Royalties Corp. (TSX: LUNR) as part of C$463.3M net working capital; finance costs for H1 2026 were only C$149,766.
What do Zoya, Musaffa or ShariaPortfolio say about NGEX?
No public Zoya rating for NGEx Minerals (NGEX) was found, and no Musaffa stock page for NGEX 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 MD&A filed August 6, 2026 (six months ended June 30, 2026) and market data as of September 30, 2026. Other mining names on this site - Galiano Gold (PASS), Aris Mining (PASS), Endeavour Mining (PASS), Solaris Resources (FAIL), Fireweed Metals (FAIL), Snowline Gold (FAIL), New Found Gold (FAIL), Troilus Mining (FAIL) and Algoma Steel (FAIL) - are screened on the same business, debt, cash and income basis.
Sources
- NGEx Minerals Q2 2026 MD&A filed August 6, 2026 (interest income C$1.9M Q2 / C$4.0M H1 2026; cash C$81.2M; short-term investments C$133.5M; financial liabilities C$10.4M; finance costs C$149,766)
- NGEx Minerals news release, August 6, 2026 — Q2 2026 results (Phase 4 drilling at Lunahuasi; working capital C$463.3M; LunR investment C$252.7M)
- CNW/Newswire, October 2025 — NGEx closes upsized C$175M private placement (7M shares at C$25.00)
- Finnhub — NGEx Minerals NGEX.TO market data (TSX ~C$25.11, ~C$5,339.1M market cap, September 2026)
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.