Screened September 29, 2026 · TSX/NYSE American: SVM · Q1 FY2027 (quarter ended June 30, 2026)

Is Silvercorp Metals (SVM) halal?

Silvercorp Metals (TSX/NYSE American: SVM) is a Vancouver-based silver miner with no haram business segment. Interest-bearing obligations of ~US$164.0 million (including the Traxys stream-financing deposit; ~US$118.4M excluding it) are about 4.6% of the ~US$3.54 billion market cap (under the ~33% ceiling), and finance income of ~US$2.090 million is about 1.51% of Q1 FY2027 revenue of US$138.665 million (under the ~5% ceiling). This screener is a 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

Silvercorp Metals Inc., based in Vancouver, is a silver-focused miner producing silver, gold, lead and zinc from the Ying Mining District and the GC mine in China (GC was reclassified as a silver mine in August 2026), plus BYP and other China assets. Note: its Tanzanian Nyanzaga project was sold to Perseus Mining in early 2024 — Silvercorp has no Tanzania asset; Perseus took a positive final investment decision in April 2025 and expects first gold in Q1 2027. Silvercorp's Traxys streaming financing of US$175.5M covers the El Domo project in Ecuador (the second US$43.9M installment was received after the quarter), which is being advanced toward commissioning in July 2027. Revenue is 77% silver (Q1 FY2027 average realized price $69.38/oz). No haram segments were found. The business gate passes.

Gate two: the ratios — both pass

Q1 FY2027 (quarter ended June 30, 2026, reported August 10/11, 2026, all USD): finance income of US$2.090 million is about 1.51% of revenue of US$138.665 million (+70% y/y) — under the ~5% ceiling. Obligations: convertible notes of US$117.357 million (US$150M notes issued November 2024; conversion right reclassified to equity March 18, 2026) + lease obligation of US$1.089 million + long-term deposit of US$45.517 million (the Traxys stream-financing liability, which accretes ~US$0.124M/quarter and is interest-like) = ~US$164.0 million including the deposit (~US$118.4M excluding it). No bank loans are drawn (US$220M RMB facilities undrawn). Cash and equivalents were US$386.757M — a net-cash balance sheet. With 221,206,309 shares outstanding at ~C$15.35 (September 29, 2026), the market cap is about C$3.40 billion (~US$3.54B) — obligations are about 4.6% of market cap (about 3.3% excluding the deposit), well under the ~33% ceiling. Both ratios pass.

What other screeners say

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

The bottom line

This screener gives Silvercorp Metals Inc. (TSX/NYSE American: SVM) a PASS. A pure silver mining business with obligations at about 4.6% of market cap and interest income at about 1.51% of revenue — on a net-cash balance sheet with US$386.757M cash. 2026 events to watch: the Chaarat ZAAV closing (US$60M payment to the Kyrgyz government, new 20-year license to June 2062), mid-June voluntary safety shutdowns in China under new regulations (Q2 production expected down 40–50%), and El Domo advancing toward July 2027 commissioning. The quarterly dividend is US$0.0125/share. Consult a qualified scholar. Snapshot dated September 29, 2026; re-checked quarterly after earnings.

Sources

• Q1 FY2027 interim financial statements (Silvercorp, filed Aug 10, 2026)
• Q1 FY2027 results (Silvercorp, Aug 10, 2026)

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