Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Snowline Gold (SGD) Halal?

FAIL

Snowline Gold Corp. · TSX: SGD / OTCQB: SNWGF · Materials

The short answer

Snowline Gold Corp. (TSX: SGD) is a FAIL. The income gate fails: the company is pre-revenue (total revenue nil in every reported quarter), so interest income of C$1.4M on cash and cash equivalents during the six months ended June 30, 2026 - earned on term deposits bearing interest up to 3.30% - is far above the ~5% ceiling. The business gate passes: gold exploration and development (the Valley gold deposit, Yukon) is a permissible business. The debt gate passes: no interest-bearing debt is outstanding at June 30, 2026 - about 0% of the ~C$3,256.1M market cap (C$17.20, September 30, 2026). The cash gate passes: cash and cash equivalents of C$85.3M at June 30, 2026 are about 2.6% of market cap - under the ~33% ceiling. No public Zoya, Musaffa or ShariaPortfolio coverage for SGD was found. 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

Snowline Gold Corp. is a Vancouver-based gold exploration and development company focused on the Yukon Territory, with a mineral claim portfolio covering roughly 360,000 ha (3,600 km2). It is advancing its Valley gold deposit - a large, low-strip, near-surface, >1 g/t Au bulk-tonnage gold system in the eastern Yukon - while exploring surrounding targets on the Rogue Project and the broader Selwyn Basin district. A 2025 preliminary economic assessment showed NPV5% of C$3.4B at US$2,150/oz gold (C$10.7B at US$4,300/oz), a 25% IRR and C$1.7B initial capital. The company signed a Memorandum of Understanding with the First Nation of Na-Cho Nyak Dun in January 2026 covering the Rogue Project. Gold exploration and development is a permissible business activity, so the business gate passes. The company graduated from the TSX Venture Exchange to the Toronto Stock Exchange on December 2, 2025, trading as TSX: SGD (also US OTCQB: SNWGF); the ticker was unchanged. Facts only, no fatwa.

Gate 2 — Debt and cash: PASS

The debt component passes. The Q2 2026 MD&A states the company had no debt instruments exposed to variable interest rates at June 30, 2026, so the debt-to-market-cap ratio is about 0%, under the ~33% ceiling. The cash component passes. Cash and cash equivalents of C$85.3M at June 30, 2026 are about 2.6% of the ~C$3,256.1M market cap (C$17.20, September 30, 2026) - under the ~33% ceiling. Of the cash, C$50.2M sits in term deposits cashable within 90 days.

Gate 3 — Non-compliant income: FAIL

The Q2 2026 MD&A reports interest income on cash and cash equivalents of C$1.4M for the six months ended June 30, 2026 (2025: C$0.9M) against nil total revenue - far above the ~5% ceiling. The income gate fails: as a pre-revenue explorer holding financing cash in interest-bearing term deposits, Snowline earns interest income that alone exceeds the tolerance. This is the same kind of income-gate failure as this site's Troilus Mining, Cronos Group (~16.6%) and New Found Gold (~13.8%) screens.

Key figures used

Frequently asked questions

Is Snowline Gold (SGD) halal?

Our September 2026 screen gives Snowline Gold Corp. (TSX: SGD) a FAIL. The income gate fails: the company is pre-revenue (total revenue nil in every reported quarter), so interest income of C$1.4M on cash and cash equivalents during the six months ended June 30, 2026 - earned on term deposits bearing interest up to 3.30% - is far above the ~5% ceiling. The business gate passes: gold exploration and development (the Valley gold deposit, Yukon) is a permissible business. The debt gate passes: no interest-bearing debt is outstanding at June 30, 2026, about 0% of the ~C$3,256.1M market cap (C$17.20, September 30, 2026). The cash gate passes: cash and cash equivalents of C$85.3M at June 30, 2026 are about 2.6% of market cap - under the ~33% ceiling. No public Zoya, Musaffa or ShariaPortfolio coverage for SGD was found. This is a rules-based screening of published figures, not a religious ruling.

What business is Snowline Gold in?

Snowline Gold Corp. is a Vancouver-based gold exploration and development company focused on the Yukon Territory, with a mineral claim portfolio covering roughly 360,000 ha (3,600 km2). It is advancing its Valley gold deposit - a large, low-strip, near-surface, >1 g/t Au bulk-tonnage gold system in the eastern Yukon - while exploring surrounding targets on the Rogue Project and the broader Selwyn Basin district. A 2025 preliminary economic assessment showed NPV5% of C$3.4B at US$2,150/oz gold (C$10.7B at US$4,300/oz), a 25% IRR, C$1.7B initial capital and a 96% increase in measured-and-indicated ounces at Valley. The company signed a Memorandum of Understanding with the First Nation of Na-Cho Nyak Dun in January 2026 covering the Rogue Project, and ongoing PFS and permitting work is planned for 2026. It graduated from the TSX Venture Exchange to the Toronto Stock Exchange on December 2, 2025, trading as TSX: SGD (also US OTCQB: SNWGF); the ticker was unchanged.

Why does Snowline Gold fail the income gate?

Snowline is a pre-revenue explorer: total revenue is nil in every reported quarter, and the Q2 2026 MD&A reports interest income on cash and cash equivalents of C$1.4M for the six months ended June 30, 2026 (2025: C$0.9M) - earned on C$50.2M of term deposits cashable within 90 days and bearing interest up to 3.30%. Under AAOIFI-style screening, interest (riba) income above the ~5%-of-revenue tolerance fails the income gate; with revenue at nil, the C$1.4M half-year interest income is far above the tolerance. This is the same kind of income-gate failure as this site's Troilus Mining, Cronos Group (~16.6%) and New Found Gold (~13.8%) screens. Facts only, no fatwa.

Which gates does Snowline Gold pass?

Three gates pass. Business: gold exploration and development is a permissible activity, so the business gate passes - the company has no revenue yet, but nothing in its operations is a prohibited activity. Debt: no interest-bearing debt is outstanding at June 30, 2026 (the MD&A states the company had no debt instruments exposed to variable interest rates), so the debt-to-market-cap ratio is about 0% - under the ~33% ceiling. Cash: cash and cash equivalents of C$85.3M at June 30, 2026 are about 2.6% of the ~C$3,256.1M market cap (C$17.20, September 30, 2026) - under the ~33% ceiling. Material context: the MD&A notes cash of about C$236.3M at its August 12, 2026 date following a subsequent financing, and discloses substantial doubt about going concern given the accumulated deficit of C$160.0M and the dependence on further financing.

What do Zoya, Musaffa or ShariaPortfolio say about SGD?

No public Zoya rating for Snowline Gold (SGD) was found, and no Musaffa stock page for SGD was found in September 2026. ShariaPortfolio publishes no per-stock screening tool, so no coverage exists there. The per-gate figures behind this screen's result come from the company's Q2 2026 MD&A filed August 12, 2026 (six months ended June 30, 2026) and market data as of September 30, 2026. Other gold and mining names on this site - Galiano Gold (PASS), Aris Mining (PASS), Endeavour Mining (PASS), New Found Gold (FAIL), Troilus Mining (FAIL) and Algoma Steel (FAIL) - are screened on the same business, debt, cash and income basis.

Sources

Screened 2026-09-30 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.