Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Orezone Gold (ORE) Halal?

PASS

Orezone Gold · TSX: ORE / ASX: ORE / OTCQX: ORZCF · Materials

The short answer

Orezone Gold Corporation (TSX: ORE; ASX: ORE; OTCQX: ORZCF) is a PASS. The business gate passes: gold mining (Bomboré in Burkina Faso; Casa Berardi in Quebec, acquired March 25, 2026) has no prohibited segments. The debt gate passes: total debt of US$99.75M at June 30, 2026 is about 6.5% of the ~C$2.10B market cap (C$3.165, September 30, 2026) at the ~1.37 USD/CAD rate - under the ~33% ceiling; cash of US$96.674M plus US$21.2M of bullion on hand are about 7.7% of market cap - under the ~33% guideline. The income gate passes: finance income of US$766K for the six months ended June 30, 2026 is about 0.17% of US$457.571M revenue - under the ~5% ceiling. Musaffa classifies Orezone Gold (ORE.TO) as halal as of September 2026, corroborating this result. 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

Orezone Gold Corporation is a gold producer with the 90%-owned Bomboré gold mine in Burkina Faso and, since March 25, 2026, the Casa Berardi gold mine in Quebec, Canada (acquired via Hecla Quebec Inc.). Q2 2026 was the company's first full quarter as a two-mine producer: record production of 58,566 ounces (38,063 oz Bomboré, 20,503 oz Casa Berardi) and gold sales of 60,654 ounces at an average realized price of US$4,401/oz. The company has no financial-services, alcohol, gambling, entertainment or interest-based business segments. Gold mining is a permissible activity, so the business gate passes. It trades as TSX: ORE (also ASX: ORE and OTCQX: ORZCF). Facts only, no fatwa.

Gate 2 — Debt and cash: PASS

Total debt was US$99.75M at June 30, 2026 (current portion US$68.744M plus non-current US$31.006M), per the Q2 2026 interim financial statements - roughly C$136.7M at the ~1.37 USD/CAD rate, or about 6.5% of the ~C$2.10B market cap (C$3.165, September 30, 2026) - well under the ~33% ceiling. Cash and bullion: cash of US$96.674M plus bullion on hand with a market value of US$21.2M (5,354 ounces) total about US$117.9M (~C$161.5M), or about 7.7% of market cap - under the ~33% guideline.

Gate 3 — Non-compliant income: PASS

Finance income of US$766K for the six months ended June 30, 2026 (US$177K for Q2 alone) against revenue of US$457.571M is about 0.17% - fully disclosed in the interim financial statements and well under the ~5% ceiling. The income gate passes. Material context: Q2 2026 figures reflect the first full quarter of contribution from Casa Berardi, acquired March 25, 2026; the acquisition was partly financed by a US$100M upfront deposit on a gold stream with Franco-Nevada (Orezone delivers 1,625 oz/quarter 2026-2030 at 20% of spot price). AISC was US$2,449/oz sold for the quarter.

Key figures used

Frequently asked questions

Is Orezone Gold (ORE) halal?

Our September 2026 screen gives Orezone Gold Corporation (TSX: ORE; ASX: ORE; OTCQX: ORZCF) a PASS. All three gates pass: the business gate passes because gold mining has no prohibited segments; the debt gate passes because total debt of US$99.75M at June 30, 2026 (current US$68.744M plus non-current US$31.006M) is about 6.5% of the ~C$2.10B market cap (C$3.165, September 30, 2026) at the ~1.37 USD/CAD rate - under the ~33% ceiling; the income gate passes because finance income of US$766K for the six months ended June 30, 2026 is about 0.17% of US$457.571M revenue - under the ~5% ceiling. Cash of US$96.674M plus US$21.2M of bullion on hand total about US$117.9M, about 7.7% of market cap - also under the ~33% guideline. Musaffa classifies Orezone Gold (ORE.TO) as halal as of September 2026, corroborating this screen. Material: Q2 2026 was the first full quarter as a two-mine gold producer after the Casa Berardi acquisition closed March 25, 2026. This is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.

What business is Orezone Gold in?

Orezone Gold Corporation is a West African and Canadian gold producer. Its flagship asset is the 90%-owned Bomboré gold mine in Burkina Faso, and since March 25, 2026 it has owned the Casa Berardi gold mine in Quebec, Canada, following the acquisition of Hecla Quebec Inc. Q2 2026 was the company's first full quarter as a two-mine producer: record production of 58,566 ounces (38,063 oz from Bomboré, 20,503 oz from Casa Berardi) and gold sales of 60,654 ounces. The company also holds the Heva-Hosco development project in Quebec. It has no financial-services, alcohol, gambling, entertainment or interest-based business segments. Gold mining is a permissible business activity under AAOIFI-style screening, so the business gate passes. It trades as TSX: ORE (also ASX: ORE and OTCQX: ORZCF).

Why does Orezone Gold pass the debt gate?

Total debt was US$99.75M at June 30, 2026 (current portion US$68.744M plus non-current US$31.006M), per the Q2 2026 interim financial statements. That is roughly C$136.7M at the ~1.37 USD/CAD rate, or about 6.5% of the ~C$2.10B market cap (C$3.165, September 30, 2026) - well under the ~33% ceiling. The cash component also passes: cash of US$96.674M plus bullion on hand with a market value of US$21.2M (5,354 ounces) total about US$117.9M, roughly C$161.5M, or about 7.7% of market cap - under the ~33% guideline. Facts only, no fatwa.

Which gates does Orezone Gold pass?

All three gates pass. Business: gold mining (Bomboré in Burkina Faso; Casa Berardi in Quebec) is a permissible activity with no prohibited segments - gate passes. Debt and cash: total debt US$99.75M is about 6.5% of the ~C$2.10B market cap (ceiling ~33%); cash and bullion of about US$117.9M are about 7.7% of market cap (guideline ~33%) - gate passes. Income: finance income of US$766K for the six months ended June 30, 2026 against revenue of US$457.571M is about 0.17% - fully disclosed in the interim financial statements and well under the ~5% ceiling - gate passes.

What do Zoya, Musaffa or ShariaPortfolio say about ORE?

Yes - Musaffa covers Orezone Gold and classifies ORE.TO as halal as of September 2026, based on its Shariah screening of the company's business activities and financial ratios, which corroborates this screen's PASS result. No publicly verifiable Zoya rating for Orezone Gold was found via web search. 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 condensed interim consolidated financial statements (approved August 12, 2026, quarter ended June 30, 2026), the Q2 2026 results release, and market data as of September 30, 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.