Screened September 29, 2026 · TSX: PMET (ASX: PMT) · Q1 FY2027 filings (quarter ended June 30, 2026) · Provisional (pre-revenue; income gate unverifiable)

PASS*

Is Patriot Battery Metals (PMET) halal?

PMET Resources Inc. (TSX: PMET, formerly Patriot Battery Metals Inc.) is a pre-production lithium explorer with effectively no interest-bearing debt (~0.03% of market cap) — but with nil revenue, its only disclosed income includes interest from cash, so the ~5% income gate cannot be computed. This screener is a provisional 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

PMET Resources Inc. (renamed from Patriot Battery Metals Inc. in September 2025) is a critical-mineral exploration and development company headquartered in Montréal, listed on the TSX (PMET) and the ASX (PMT, via CDIs at a 10:1 ratio). Its flagship is the 100%-owned Shaakichiuwaanaan Property (463 claims, 23,710 ha; formerly the Corvette project) in the Eeyou Istchee James Bay region of Québec, hosting lithium-caesium-tantalum (LCT) pegmatites, plus non-core gold, copper and silver prospects (Golden Trend, Maven Trend). The company reports one operating segment: the exploration and development of mineral properties. It is pre-production and funded by equity — it pursued financings of up to C$130M in early 2026. No haram business segments (alcohol, gambling, tobacco, conventional lending/insurance, entertainment) are disclosed. The business gate passes.

Gate two: the ratios — debt clears; the income gate is not computable

At June 30, 2026 (Q1 FY2027 unaudited interim financial statements; all CAD): there is no bank debt, no notes, and no credit facility — the only debt-like items are lease liabilities of ~C$239K (C$134K current + C$105K non-current). Other liabilities are not interest-bearing: accounts payable C$9.952M, flow-through premium liability C$23.684M, asset retirement obligation C$4.178M, and deferred income taxes C$25.012M. Cash and cash equivalents were C$176.192M plus listed shares of C$3.376M (C$179.568M combined — about 20.6% of market cap, also under the ~33% ceiling). With 185,942,801 shares outstanding at the TSX close of C$4.69 on September 22, 2026, the market cap is about C$872.1M — debt is about 0.03% of market cap, far under the ~33% ceiling. The income gate is the problem: the interim statements disclose no revenue line (sales are nil), with an explicit "Interest income" line of C$1.150M in Q1 FY2027 (C$696K in the prior-year quarter; FY2026 full year: C$2.548M). Other non-operating income was flow-through premium income of C$3.107M and change in fair value of listed shares of C$1.306M (gains on equity securities held, not interest); other finance expenses were C$114K. With nil operating revenue, the ~5% non-compliant-income ratio cannot be computed in its standard form — so the income criterion is marked provisional.

What other screeners say

No coverage pages for PMET/PMET.TO were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches as of September 2026. This screener is based on PMET's Q1 FY2027 financials.

The bottom line

This screener gives PMET Resources Inc. (TSX: PMET) a provisional PASS (PASS*). The verifiable ratio gate clears — essentially zero debt against an ~C$872M market cap, and a clean lithium exploration business — but the ~5% non-compliant-income ratio is unverifiable for a pre-revenue company whose disclosed income includes interest from cash, so this screener is provisional: treat it as a flag to consult a qualified scholar. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

Frequently asked questions

Is Patriot Battery Metals (PMET) stock halal?

Provisionally, yes — PMET Resources Inc. (TSX: PMET, formerly Patriot Battery Metals Inc.) passes the verifiable ratio gate: essentially no interest-bearing debt (~C$239K in lease liabilities, ~0.03% of market cap, far under the ~33% ceiling). But the company is pre-revenue, so the ~5% non-compliant-income ratio cannot be computed against nil revenue (its disclosed income lines include interest from cash of C$1.150M in Q1 FY2027), making this a provisional PASS*. No current Zoya, Musaffa, or ShariaPortfolio rating could be verified. Consult a qualified scholar.

What are PMET's debt and market-cap figures?

At June 30, 2026 (Q1 FY2027 unaudited interim financial statements, all CAD): no bank debt, no notes, no credit facility — the only debt-like items are lease liabilities of ~C$239K (C$134K current + C$105K non-current). Other liabilities are not interest-bearing: accounts payable C$9.952M, flow-through premium liability C$23.684M, asset retirement obligation C$4.178M, deferred income taxes C$25.012M. Cash and cash equivalents were C$176.192M plus listed shares of C$3.376M (C$179.568M combined — about 20.6% of market cap, under the ~33% ceiling). With 185,942,801 shares outstanding at the TSX close of C$4.69 on September 22, 2026, market cap is about C$872.1M — debt is about 0.03% of market cap, far under the ~33% ceiling.

How much interest income does PMET earn?

PMET is pre-revenue: the condensed interim statements disclose no revenue line (sales are nil), with an explicit 'Interest income' line of C$1.150 million in Q1 FY2027 (quarter ended June 30, 2026), versus C$696K in the prior-year quarter; FY2026 (year ended March 31, 2026) interest income was C$2.548M (FY2025: C$3.423M). Other non-operating income lines in Q1 FY2027 were flow-through premium income of C$3.107M and change in fair value of listed shares of C$1.306M (gains on equity securities held, not interest). Because revenue is nil, the ~5% non-compliant-income ratio cannot be computed in its standard form — so the income criterion is marked provisional. Other finance expenses were C$114K.

What does PMET Resources do?

PMET Resources Inc. (renamed from Patriot Battery Metals Inc. in September 2025) is a critical-mineral exploration and development company headquartered in Montréal, listed on the TSX (PMET) and the ASX (PMT, via CDIs). Its flagship is the 100%-owned Shaakichiuwaanaan Property (463 claims, 23,710 ha; formerly the Corvette project) in the Eeyou Istchee James Bay region of Québec, hosting lithium-caesium-tantalum (LCT) pegmatites, plus non-core gold, copper and silver prospects (Golden Trend, Maven Trend). The company reports one operating segment: the exploration and development of mineral properties. It is pre-production, funded by equity — a C$130M financing was pursued in early 2026. No haram business segments (alcohol, gambling, tobacco, conventional lending/insurance, entertainment) are disclosed.

What do Zoya, Musaffa, and ShariaPortfolio say about PMET?

No coverage pages for PMET/PMET.TO were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches as of September 2026: Zoya's screener is app-based with no verifiable public PMET page, a Musaffa stock-page lookup returned no result, and ShariaPortfolio publishes no public per-ticker screening for PMET. No third-party rating is claimed here — this screener is based on PMET's Q1 FY2027 financials.