Canadian Halal Investor

TSX Shariah screener · September 2026

Is Paladin Energy (PDN) Halal?

PASS

Paladin Energy Ltd · TSX: PDN · Energy

The short answer

Paladin Energy (PDN) is a PASS. The business gate passes: it produces uranium at the Langer Heinrich Mine in Namibia (75% owned) and is developing the Patterson Lake South project in Saskatchewan, with no disclosed prohibited lines. The debt gate passes: US$32.0M of drawn debt at June 30, 2026 is roughly 1% of the ~C$4.2B September 2026 market cap, against a ~33% ceiling (net cash of US$233M). The income gate passes: interest income of US$8.247M in fiscal 2026 is about 2.7% of US$304.3M revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating was found for PDN as of September 2026. 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

Paladin Energy Ltd is an Australia-based independent uranium producer with a 75% stake in the Langer Heinrich Mine in Namibia, a long-life uranium operation whose ramp-up completed in fiscal 2026 with 4.82Mlb of U3O8 produced (FY2026 sales of 4.35Mlb at an average realised price of US$70.0/lb). Its principal growth asset is the Patterson Lake South (PLS) project in Saskatchewan, home to the high-grade Triple R deposit, advancing toward a construction-licence decision targeted for the end of 2027, plus exploration assets in Canada and Australia. There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines. The business-activity gate passes. Facts only, no fatwa.

Gate 2 — Debt: PASS

The FY2026 financial results show a drawn debt facility of US$32.0M at June 30, 2026, down from US$86.5M a year earlier, against total unrestricted cash and investments of US$265M - net cash of US$233M - plus an undrawn US$70M revolving credit facility. Against a market capitalization of about C$4.2B (C$9.37, the September 30, 2026 market price), the debt-to-market-cap ratio is roughly 1% - against a ~33% ceiling.

Gate 3 — Non-compliant income: PASS

Note 7 of the FY2026 annual report separately discloses interest income of US$8.247M for the year ended June 30, 2026 (US$3.493M in FY2025). Against FY2026 sales revenue of US$304.3M, interest income is about 2.7% of revenue - under the ~5% ceiling.

Key figures used

Frequently asked questions

Is Paladin Energy (PDN) halal?

Our September 2026 screen gives Paladin Energy Ltd (TSX: PDN) a PASS. The business gate passes: it produces uranium at the Langer Heinrich Mine in Namibia (75% owned) and is developing the Patterson Lake South project in Saskatchewan, with no disclosed prohibited lines. The debt gate passes: US$32.0M of drawn debt facility at June 30, 2026 is roughly 1% of the ~C$4.2B September 2026 market cap, against a ~33% ceiling (net cash of US$233M). The income gate passes: interest income of US$8.247M in fiscal 2026 is about 2.7% of US$304.3M revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating was found for PDN as of September 2026. This is a rules-based screening of published figures, not a religious ruling.

What business is Paladin Energy in?

Paladin Energy Ltd is an Australia-based independent uranium producer with a 75% stake in the Langer Heinrich Mine in Namibia, a long-life uranium operation whose ramp-up completed in fiscal 2026 with 4.82Mlb of U3O8 produced. Its principal growth asset is the Patterson Lake South (PLS) project in Saskatchewan, home to the high-grade Triple R deposit, which is advancing toward a construction-licence decision targeted for the end of 2027. It also holds exploration assets in Canada and Australia. Its shares trade on the Toronto Stock Exchange under the symbol PDN (as well as ASX and OTCQX). There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines, so the business gate passes under this screen's AAOIFI-style criteria.

How leveraged is Paladin Energy on the debt gate?

The FY2026 financial results show a drawn debt facility of US$32.0M at June 30, 2026, down from US$86.5M a year earlier, against total unrestricted cash and investments of US$265M - net cash of US$233M - plus an undrawn US$70M revolving credit facility. Against a market capitalization of about C$4.2B (C$9.37 on September 30, 2026), the debt-to-market-cap ratio is roughly 1% versus a ~33% ceiling.

How much interest income does Paladin Energy earn?

Note 7 of the FY2026 annual report separately discloses interest income of US$8.247M for the year ended June 30, 2026 (US$3.493M in FY2025). Against FY2026 sales revenue of US$304.3M, interest income is about 2.7% of revenue - under the ~5% ceiling - so the non-compliant income gate passes.

What do Zoya, Musaffa or ShariaPortfolio say about PDN?

No public Zoya, Musaffa or ShariaPortfolio rating for PDN (TSX) was found as of September 2026, so this screen relies entirely on the company's published figures. Other uranium names on this site - Cameco, NexGen Energy, Energy Fuels and Denison Mines - are screened on the same business, debt and income basis.

Sources

Screened September 30, 2026 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.