Is OR Royalties / OR Halal?
OR Royalties Inc. (TSX: OR) — formerly Osisko Gold Royalties — is a Canadian precious-metals royalty and streaming company with a portfolio of over 200 royalties, streams and similar interests, anchored by a 3-5% royalty on Agnico Eagle's Canadian Malartic Complex. The business has no verified haram lines, debt of US$215.0 million is about 3.3% of the ~C$9.09 billion market cap, and interest income is just ~1.62% of revenue. 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 — passes
OR Royalties is a precious-metals royalty and streaming company focused on Tier-1 mining jurisdictions (Canada, the US, Australia) — not a mine operator. Commenced in June 2014 with a single producing asset, it now holds over 200 royalties, streams and similar interests, earning revenue from mines operated by others. No verified involvement in weapons/defence, gambling, alcohol, tobacco, pork or adult entertainment was found. Gate one: passes.
Gate two: the ratios — pass comfortably
The debt gate passes. As at June 30, 2026: US$215.0 million drawn on the revolving credit facility (US$435.0 million undrawn; US$18.0 million repaid during the quarter), with US$75.6 million in cash. Market cap is about C$9.09 billion (C$48.52 TSX close on September 29, 2026 × about 187.3 million shares) — converting debt at ~C$1.38/US$ puts debt at ~3.3% of market cap, far below the ~33% ceiling. The income gate passes. The Q2 2026 income statement reports standalone interest income of US$1.589 million against revenue of US$97.82 million — ~1.62% of revenue, below the ~5% ceiling. (Finance costs of US$3.215 million is a separate line and is not counted as income.) Gate two: passes.
What other screeners say
No publicly verifiable rating for OR was found on Zoya, Musaffa, or ShariaPortfolio — their assessments, if any, sit behind apps or APIs and could not be confirmed. No rating is reported here.
The bottom line
This screener gives OR Royalties Inc. (TSX: OR) a PASS. Precious-metals royalty/streaming has no verified haram lines, debt is ~3.3% of market cap, and interest income is ~1.62% of revenue — both well below the ceilings. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
The purification angle: even on a PASS, interest income of ~1.62% of revenue means a small non-compliant share — run the purification calculator to estimate it on any dividends or gains.
Frequently asked questions
Is OR Royalties stock halal?
This screener gives OR Royalties Inc. (TSX: OR), formerly Osisko Gold Royalties, a PASS. The precious-metals royalty and streaming company (over 200 royalties and streams, anchored by a 3-5% royalty on Agnico Eagle's Canadian Malartic Complex) has no verified haram business lines, debt of US$215.0 million is about 3.3% of the ~C$9.09 billion market cap, and interest income of US$1.589 million is about 1.62% of quarterly revenue.
What does OR Royalties do — does it operate mines?
OR Royalties is a precious-metals royalty and streaming company, not a mine operator. It commenced activities in June 2014 with a single producing asset and today holds a portfolio of over 200 royalties, streams and similar interests across Canada, the US and Australia, earning revenue from mines operated by others — anchored by its cornerstone 3-5% net smelter return royalty on Agnico Eagle Mines' Canadian Malartic Complex.
What are OR Royalties' debt and market-cap figures?
As at June 30, 2026 (Q2 2026): US$215.0 million drawn on the revolving credit facility (US$435.0 million undrawn, US$18.0 million repaid during the quarter), with US$75.6 million in cash. Market cap is about C$9.09 billion (C$48.52 TSX close on September 29, 2026 × about 187.3 million shares). Converting debt at ~C$1.38/US$ puts the debt-to-market-cap ratio at about 3.3% — far below the ~33% ceiling.
Does OR Royalties earn interest income?
A small amount, explicitly disclosed. The Q2 2026 income statement reports standalone interest income of US$1.589 million against revenue of US$97.82 million — about 1.62% of revenue, below the ~5% ceiling. Finance costs of US$3.215 million is a separate line and is not counted as income.
What could change OR Royalties' halal screener?
Heavier borrowing — for example, drawing the full US$435 million undrawn facility plus the US$200 million accordion for a large acquisition — could push debt-to-market-cap toward the ~33% ceiling; it sits at about 3.3% today. Interest income rising above roughly 5% of revenue would also change the screen. This screener is a snapshot dated September 29, 2026 and is re-checked quarterly after earnings.