TSX Shariah screener · October 2026
Is Orvana Minerals Corp. (ORV) Halal?
Orvana Minerals Corp. · TSX: ORV · Materials
The short answer
Orvana Minerals Corp. (TSX: ORV) is a FAIL in our October 2026 screen. The business gate passes: Orvana is a gold-copper-silver producer (Orovalle in Spain, Don Mario in Bolivia) - a permissible segment. But the debt gate fails: total debt of US$86.3M at June 30, 2026 converts to ~C$122.5M at ~1.42 USD/CAD — about 38.0% of the ~C$322.4M market cap, above the ~33% ceiling. The income gate passes: FY2025 other income was US$1.21M (~1.2% of revenue) with no disclosed interest income line, far below the 5% ceiling.
Gate 1 — Business activity: PASS
Orvana Minerals Corp., headquartered in Toronto, is a gold-copper-silver producer with three units: Orovalle (the El Valle and Carlés mines plus processing plant in Asturias, Spain), EMIPA (the Don Mario operation in southeastern Bolivia, including the Oxides Stockpile Project ramping up in 2026), and the Taguas exploration property in Argentina. Conventional gold, copper and silver mining is a permissible business segment. Gate 1 passes.
Gate 2 — Debt and cash: FAIL
Total debt was US$86.3M at June 30, 2026 (reported directly by the company; the capital-employed table breaks it into US$15.1M long-term + US$71.2M current) — comprising bank debt, EMIPA bonds, the Trafigura loan, promissory notes and preferred shares classified as debt, excluding lease liabilities. Converted at ~1.42 USD/CAD (September 30, 2026), that is ~C$122.5M — about 38.0% of the ~C$322.4M market cap (C$2.27, October 1, 2026) — above the ~33% ceiling. Gate 2 fails.
Gate 3 — Non-compliant income: PASS
Interest income is not separately disclosed — note 11 (finance costs) lists only interest expense (US$1.88M on credit facilities and debt) and related costs. Total ‘other income’ in FY2025 was US$1.21M (VAT provision reversal, ARO adjustment and miscellaneous, note 10) against revenue of US$98.9M — about 1.2%. Even if all of it were interest income, it is far below the 5% ceiling. Gate 3 passes.
Key figures used
- Gold-copper-silver producer: Orovalle (Spain), Don Mario/EMIPA (Bolivia), Taguas (Argentina).
- Q3 FY2026 net income US$18.5M; revenue US$45.7M (June quarter).
- Total debt US$86.3M at June 30, 2026 (US$15.1M long-term + US$71.2M current), excl. leases.
- Market cap ~C$322.4M (C$2.27, October 1, 2026, TSX).
- USD/CAD ~1.42 (September 30, 2026) → debt ~C$122.5M.
- Debt-to-market-cap ≈38.0% vs ~33% ceiling — FAIL.
- FY2025 other income US$1.21M (~1.2% of US$98.9M revenue); interest income not disclosed — income gate PASS.
Frequently asked questions
Is Orvana Minerals (ORV) halal?
Our October 2026 screen gives Orvana Minerals Corp. (ORV) a FAIL. The business gate passes: Orvana is a gold-copper-silver producer (Orovalle in Spain, Don Mario in Bolivia) - a permissible segment. But the debt gate fails: total debt of US$86.3M at June 30, 2026 converts to ~C$122.5M at the ~1.42 USD/CAD rate, about 38.0% of the ~C$322.4M market cap - above the ~33% ceiling. The income gate passes: FY2025 other income of US$1.21M (~1.2% of revenue) contains no disclosed interest income line, so even treating all of it as interest income stays far below the 5% ceiling. No Musaffa/Zoya/ShariaPortfolio rating was found.
What business is Orvana Minerals in?
Orvana Minerals Corp., headquartered in Toronto, is a gold-copper-silver producer with three units: Orovalle (the El Valle and Carles mines plus processing plant in Asturias, Spain), EMIPA (the Don Mario operation in southeastern Bolivia, including the Oxides Stockpile Project ramping up in 2026), and the Taguas exploration property in Argentina. Conventional gold, copper and silver mining is a permissible business segment.
Does Orvana Minerals pass the debt gate?
Total debt was US$86.3M at June 30, 2026 (the company reports it directly; the capital-employed table breaks it into US$15.1M long-term + US$71.2M current) - comprising bank debt, EMIPA bonds, the Trafigura loan, promissory notes and preferred shares classified as debt, excluding lease liabilities. Converted at ~1.42 USD/CAD (September 30, 2026), that is ~C$122.5M - about 38.0% of the ~C$322.4M market cap (C$2.27, October 1, 2026) - above the ~33% ceiling. The debt gate fails.
Is Orvana Minerals' income compliant?
Interest income is not separately disclosed - note 11 (finance costs) lists only interest expense (US$1.88M on credit facilities and debt) and related costs. Total 'other income' in FY2025 was US$1.21M (VAT provision reversal, ARO adjustment and miscellaneous, note 10) against revenue of US$98.9M - about 1.2%. Even if all of it were interest income, it is far below the 5% ceiling. The income gate passes.
What do Musaffa, Zoya or ShariaPortfolio say about Orvana Minerals?
No Zoya, Musaffa, or ShariaPortfolio rating was found for Orvana Minerals in public search - none of the three named providers surfaced coverage, so no rating is claimed here. This page's FAIL result is based on the company's own filings and market data.
Sources
- Orvana Q3 FY2026 MD&A (total debt US$86.3M, capital employed)
- Orvana FY2025 audited consolidated financial statements (other income note 10, finance costs note 11)
- Finnhub ORV.TO quote, October 1, 2026 (C$2.27, ~C$322.4M market cap)
- USD/CAD rate ~1.42, September 30, 2026
Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.