Is Silver Tiger Metals Inc. (SLVR) halal?
Silver Tiger Metals Inc. (TSX: SLVR) is a Canadian silver-gold developer constructing the El Tigre Stockwork Zone project in Sonora, Mexico. The business gate passes — precious-metal exploration and development contain no haram segments. Interest-bearing debt is nil, so debt is ~0% of a ~C$497M market cap (passes); cash of ~C$108.6M is ~21.9% of market cap (passes). But the company is pre-revenue — revenue is nil — and interest income of C$622,692 in Q2 2026 is ~99.5% of positive income items, far over the ~5% ceiling, so this is a FAIL. Data from Q2 2026 interim filings, screened October 1, 2026.
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
Silver Tiger Metals Inc. is a Canadian mineral exploration and development company constructing the El Tigre Stockwork Zone silver-gold heap leach project in Sonora, Mexico. The project is 100% owned by the company and covers over 37,000 hectares in a historic mining district (Q2 2026 interim financial statements, note 1; June 20, 2025 technical report). The board of directors approved the construction decision for El Tigre, with an EPCM contract awarded to Kappes, Cassidy & Associates and commissioning/first pour targeted for December 2027. The company graduated from the TSX Venture Exchange to the Toronto Stock Exchange on May 21, 2026, trading as SLVR (it also trades on the OTCQX as SLVTF). It has not generated any revenue to date and is considered to be in the exploration stage (Q2 2026 interim statements, note 1). No alcohol, gambling, weapons, pork, or conventional-finance segments are disclosed anywhere in the filings. Precious-metal exploration and development are permissible business activities — the business gate passes.
Gate two: the ratios — debt and cash pass; income gate fails
- Debt: the Q2 2026 balance sheet shows zero interest-bearing debt — the company's only liabilities are accounts payable and accrued liabilities of C$5,183,671. The interim notes state explicitly: "The Company has no interest-bearing debt and aside from the interest earned on its cash balances is not exposed to any significant interest rate risk" (note 11).
- Market cap: about C$497M (C$0.87 × ~558.6M shares outstanding, October 1, 2026 market data).
- Debt ÷ market cap: ~0% — well under the ~33% ceiling (passes).
- Cash ÷ market cap: cash of C$108,631,480 at June 30, 2026 — about 21.9% of market cap, under the ~33% ceiling (passes). Note: the company announced a C$87M bought deal financing on September 21, 2026 (87,000,000 units at C$1.00, expected to close around October 13, 2026) to fund El Tigre construction — an equity raise, so it does not add debt.
- Interest income vs revenue: the company is pre-revenue — revenue is nil. For the three months ended June 30, 2026 it reported interest income of C$622,692 (earned on its cash balances) and a foreign exchange gain of C$2,846 — total positive P&L income of C$625,538. Interest income ÷ positive income = ~99.5% — far over the ~5% non-compliant-income ceiling. Gate two fails on the income side.
The business is clean and the balance sheet carries no debt, but as a pre-revenue developer the company's interest income dominates its thin income base: ~99.5% vs a ~5% ceiling. This screener records a FAIL.
What other screeners say
- Zoya: screening data is app-gated; no public SLVR page found via web search, so coverage cannot be confirmed or denied. Musaffa: publishes per-stock pages for TSX tickers, but web search returns zero results for SLVR — not covered. ShariaPortfolio: a licensed portfolio-management firm with no public per-stock screener database — no coverage. Our screener reports its own figure-by-figure analysis above.
The bottom line
This screener gives Silver Tiger Metals Inc. (TSX: SLVR) a FAIL. The business (silver-gold development at El Tigre, Mexico) is halal and the balance sheet carries no interest-bearing debt (~0% of a ~C$497M market cap), with cash of ~C$108.6M at ~21.9% of market cap. But the company is pre-revenue, and interest income of C$622,692 in Q2 2026 is ~99.5% of positive P&L income items — roughly twenty times the ~5% non-compliant-income ceiling — so the income gate fails. Treat this as a flag to consult a qualified scholar; re-screen quarterly after earnings. Snapshot dated October 1, 2026.
Sources
- Silver Tiger Metals Inc. interim unaudited condensed consolidated financial statements for the three-month period ended June 30, 2026, approved by the Board August 13, 2026 (filed on SEDAR+; tabular amounts in Canadian dollars) — cash C$108,631,480; liabilities of C$5,183,671 (accounts payable and accrued liabilities only, no interest-bearing debt — note 11: "The Company has no interest-bearing debt"); interest income C$622,692 and foreign exchange gain C$2,846 in the three months ended June 30, 2026; note 1: the company has not generated any revenue and is in the exploration stage; 558,573,838 shares outstanding at June 30, 2026.
- Silver Tiger Metals Inc. news release, May 19, 2026 ("Silver Tiger Metals Announces Graduation to the Toronto Stock Exchange") — TSX listing approved, trading as SLVR commenced at market open May 21, 2026; voluntarily delisted from the TSX Venture Exchange effective close of market May 20, 2026. Company description: constructing the El Tigre Stockwork Zone Project, a silver and gold heap leach project located in Sonora, Mexico, 100% owned, covering over 37,000 hectares; technical report (Stockwork Zone Pre-Feasibility Study and Underground Preliminary Economic Assessment) dated June 20, 2025 available on SEDAR+.
- Silver Tiger Metals Inc. news release, September 21, 2026 ("Silver Tiger Metals Inc. Announces $87 Million Bought Deal Financing and El Tigre Project Capital Cost Update") — bought deal of 87,000,000 units at C$1.00 per unit for gross proceeds of C$87M (each unit: one common share plus one-half warrant exercisable at C$1.35 for 24 months); net proceeds to fund exploration and development at El Tigre plus working capital; expected to close on or about October 13, 2026, subject to TSX and securities regulatory approval.
- Market data: TSX:SLVR C$0.87 — market cap ~C$497M on October 1, 2026 (Finnhub).
- Third-party coverage checks (October 1, 2026): no public Zoya SLVR page; Musaffa search returns zero SLVR results; ShariaPortfolio has no public screener database.
Related screeners
Frequently asked questions
Is Silver Tiger Metals Inc. (SLVR) halal?
Our screener gives Silver Tiger Metals Inc. (TSX: SLVR) a FAIL screening result. The company is a Canadian silver-gold developer building the El Tigre heap leach project in Sonora, Mexico: its business activities contain no haram segments, it carries no interest-bearing debt (about 0% of a ~C$497M market cap), and cash of about C$108.6M at June 30, 2026 is about 21.9% of market cap (passes). But the company is pre-revenue - revenue is nil - and interest income of C$622,692 in Q2 2026 is about 99.5% of positive P&L income items, far over the ~5% non-compliant-income ceiling, so the income gate fails. Consult a qualified scholar.
Why did Silver Tiger Metals fail the income gate?
The three months ended June 30, 2026 are the company's most recent filed interim period. As a pre-revenue developer, its only positive P&L income items were interest income of C$622,692 (earned on its cash balances) and a foreign exchange gain of C$2,846, totalling C$625,538. Interest income of C$622,692 divided by C$625,538 is about 99.5% - roughly twenty times the site's ~5% ceiling. Pre-revenue companies have thin income denominators, so any interest income dominates. Gate three fails.
What does Silver Tiger Metals do, and is the business halal?
Silver Tiger Metals Inc. is a Canadian mineral exploration and development company constructing the El Tigre Stockwork Zone silver-gold heap leach project in Sonora, Mexico. The project is 100% owned and covers over 37,000 hectares; the board approved construction in 2026 and first pour is targeted for December 2027. The company graduated from the TSX Venture Exchange to the Toronto Stock Exchange on May 21, 2026, trading as SLVR (also on the OTCQX as SLVTF). Precious-metal exploration and development are permissible business activities with no alcohol, gambling, weapons, pork, or conventional-finance segments disclosed, so the business gate passes.
Do Silver Tiger Metals' debt and cash ratios pass?
Yes, both. The Q2 2026 balance sheet shows no interest-bearing debt of any kind - the only liabilities are accounts payable and accrued liabilities of C$5,183,671 - so debt is about 0% of a ~C$497M market cap (C$0.87 x ~558.6M shares, October 1, 2026), well under the ~33% ceiling. Cash of C$108,631,480 at June 30, 2026 is about 21.9% of market cap, also under the ~33% ceiling. The company disclosed a C$87M bought deal financing on September 21, 2026 (87M units at C$1.00, expected to close around October 13, 2026) to fund El Tigre construction, which post-close keeps equity-funded cash ratios comfortably under the ceiling.
What do Zoya, Musaffa and ShariaPortfolio say about Silver Tiger Metals?
As of October 1, 2026: Zoya's screening data is app-gated and we found no public SLVR page, so Zoya coverage cannot be confirmed or denied; Musaffa publishes per-stock pages for TSX tickers but web search returns zero results for SLVR, so Musaffa does not appear to cover it; ShariaPortfolio has no public per-stock screener database. Our screener reports its own figure-by-figure analysis above.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).