Is Seabridge Gold (SEA) halal?

Seabridge Gold (TSX: SEA) is a gold and copper exploration-and-development company — a permissible business — with secured note obligations of about C$561.1 million, about 12.9% of its ~C$4.34 billion market cap. The company is pre-revenue, so the non-compliant-income ratio is uncomputable and effectively all income is interest on cash — 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 — permissible mining exploration

Seabridge Gold acquires and explores gold, silver, copper, and molybdenum properties in North America. Its flagship is KSM (Kerr-Sulphurets-Mitchell) in British Columbia’s Golden Triangle — a 100%-owned project described as among the world’s largest development-stage gold-copper projects; other assets include the Bronson Corridor (BC), Snowstorm (Nevada), and 3 Aces (Yukon). On June 3, 2026, the Courageous Lake project was spun out into Valor Gold Corp., with Seabridge keeping a conditional gold-streaming right. No haram business segments were found, so the business gate passes.

Gate two: the ratios — debt clears; income ratio uncomputable (pre-revenue)

At June 30, 2026 (Q2 2026 interim statements, August 13, 2026): secured note obligations of C$561.1 million (notes issued 2022/2023, ~6.5% interest; put option extended to March 24, 2028), with cash of C$81.5 million. With a market cap of about C$4.34 billion (107.87 million shares at C$40.26 on September 29, 2026), debt is about 12.9% of market cap — under the ~33% ceiling. Cash is about 1.9% of market cap. Seabridge is pre-revenue (revenue C$nil — no commercial production), so interest income as a share of revenue is uncomputable; with about C$81.5 million of cash, effectively all of the company’s income is interest on cash balances — the Q1 2026 interest-income figure was C$0.878 million. That is why this screener is provisional rather than a full PASS: a pre-revenue company’s income screen can only be judged on disclosure, and the exact Q2 2026 interest-income figure was not separately retrievable. A US$100 million unsecured short-term loan (7%, capitalized) was arranged in July 2026 but nothing was drawn as of the August 13 report.

What other screeners say

No coverage pages for SEA were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches as of September 2026.

The bottom line

This screener gives Seabridge Gold (TSX: SEA) a provisional PASS*. A permissible gold-copper development business with debt at about 12.9% of market cap — but the company is pre-revenue, so effectively all income is interest on cash and the income ratio is uncomputable. Consult a qualified scholar. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

Frequently asked questions

Is Seabridge Gold halal?

This screener gives it a provisional PASS*. Seabridge Gold (TSX: SEA) is a gold and copper exploration-and-development company — a permissible business — with secured note obligations of about C$561.1 million, about 12.9% of its market cap of about C$4.34 billion (under the ~33% ceiling). The company is pre-revenue, so the non-compliant-income ratio is uncomputable and effectively all income is interest on cash balances — hence provisional. Consult a qualified scholar.

Why is Seabridge Gold’s screener provisional?

The ratio math on this site’s two-gate screen clears on debt: C$561.1 million of secured notes against a market cap of about C$4.34 billion is about 12.9%, under the ~33% ceiling. But Seabridge is pre-revenue — revenue was C$nil in Q2 2026 — so interest income as a share of revenue is uncomputable, and with about C$81.5 million of cash, effectively all of the company’s income is interest on cash (Q1 2026 interest income was C$0.878 million; the exact Q2 2026 figure was not separately retrievable). A pre-revenue company’s income screen can only be judged on disclosure, which is why this screener is provisional rather than a full PASS.

What are Seabridge Gold’s debt and market-cap figures?

At June 30, 2026 (Q2 2026 interim statements, August 13, 2026): secured note obligations of C$561.1 million (notes issued 2022/2023, ~6.5% interest; put option extended to March 24, 2028), with cash of C$81.5 million. Market cap is about C$4.34 billion (107.87 million shares at C$40.26 on September 29, 2026). Debt is about 12.9% of market cap; cash is about 1.9% of market cap. A US$100 million unsecured short-term loan arranged in July 2026 was undrawn as of the August 13 report.

What does Seabridge Gold do?

Seabridge Gold acquires and explores gold, silver, copper, and molybdenum properties in North America. Its flagship is KSM (Kerr-Sulphurets-Mitchell) in British Columbia’s Golden Triangle, 100%-owned and among the world’s largest development-stage gold-copper projects; other assets include the Bronson Corridor (BC), Snowstorm (Nevada), and 3 Aces (Yukon). On June 3, 2026, the Courageous Lake project was spun out into Valor Gold Corp., with Seabridge keeping a conditional gold-streaming right.

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

No coverage pages for SEA were found on Zoya, Musaffa, or ShariaPortfolio in targeted searches as of September 2026.