Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Solaris Resources (SLS) Halal?

FAIL

Solaris Resources Inc. · TSX: SLS / NYSE American: SLSR · Materials

The short answer

Solaris Resources Inc. (TSX: SLS; NYSE American: SLSR) is a FAIL. The income gate fails: the company is pre-revenue - its 6-K states it has not generated any income to date other than interest income and a gain on the sale of a royalty interest - so interest and other income of US$567K for the six months ended June 30, 2026 (US$425K for Q2 2026 alone) is far above the ~5% ceiling. The business gate passes: copper-gold exploration and development (the Warintza project, Ecuador) is a permissible business. The debt gate passes: no bank debt is outstanding at June 30, 2026 - the OMF senior loan was fully repaid on May 21, 2025 - and only lease liabilities of US$388K remain, about 0.03% of the ~US$1.18B market cap (US$7.08, September 30, 2026). The cash gate passes: cash and cash equivalents of US$54.0M at June 30, 2026 are about 4.6% of market cap - under the ~33% ceiling. No public Zoya, Musaffa or ShariaPortfolio coverage for SLS 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

Solaris Resources Inc. is advancing a portfolio of copper and gold assets in the Americas, led by the high-grade Warintza copper-gold project in southeastern Ecuador (a strategic land position in the emerging Andean copper belt, nearing permitting and potential full-scale construction, with the pre-feasibility study completed in 2026), with the Tamarugo project in Chile, the Capricho and Paco Orco projects in Peru, a farm-out agreement with Freeport-McMoRan on the Ricardo Project in Chile, and a 60% interest in the La Verde copper joint venture with Teck Resources in Mexico. In 2026 the company hired Glencore's former head of copper, Matthew Rowlinson, as CEO (joining January 1, 2026), refreshed its board, announced plans to move its office to Switzerland and to spin out non-core assets (La Verde, Capricho, Paco Orco) into a new company, Solaris Exploration. Copper-gold mining exploration and development is a permissible business activity, so the business gate passes. The company lists on the TSX as SLS and the NYSE American as SLSR (figures below in USD, matching the company's reporting currency). Facts only, no fatwa.

Gate 2 — Debt and cash: PASS

The debt component passes. No bank debt is outstanding at June 30, 2026: the Orion/OMF senior loan was fully repaid (US$67.3M) on May 21, 2025 through the Royal Gold financing, and interest expense on loans and borrowings is nil in 2026. The remaining US$141.3M of deferred revenue is non-interest-bearing Royal Gold streaming/offtake funding - a metal-delivery obligation, not bank debt (its US$2.7M of finance cost is recorded as interest expense on deferred revenue). Only lease liabilities of US$388K remain, about 0.03% of the ~US$1.18B market cap (167.1M shares at US$7.08, September 30, 2026) - under the ~33% ceiling. The cash component passes. Cash and cash equivalents of US$54.0M at June 30, 2026 are about 4.6% of market cap - under the ~33% ceiling.

Gate 3 — Non-compliant income: FAIL

The condensed interim financial statements report interest and other income of US$567K for the six months ended June 30, 2026 (US$425K for Q2 2026 alone) - earned on cash balances after the Royal Gold streaming funding - against nil revenue. The income gate fails: as a pre-revenue developer holding streaming-financing cash in interest-bearing accounts, Solaris earns interest income far above the ~5% tolerance. This is the same kind of income-gate failure as this site's Fireweed Metals, Snowline Gold, Troilus Mining, Cronos Group (~16.6%) and New Found Gold (~13.8%) screens.

Key figures used

Frequently asked questions

Is Solaris Resources (SLS) halal?

Our September 2026 screen gives Solaris Resources Inc. (TSX: SLS; NYSE American: SLSR) a FAIL. The income gate fails: the company is pre-revenue (the 6-K states it has not generated any income to date other than interest income and a gain on the sale of a royalty interest), so interest and other income of US$567K for the six months ended June 30, 2026 (US$425K for Q2 2026 alone) is far above the ~5% ceiling. The business gate passes: copper-gold exploration and development (the Warintza project, Ecuador) is a permissible business. The debt gate passes: no bank debt is outstanding at June 30, 2026 - the OMF senior loan was fully repaid May 21, 2025 and the remaining US$141.3M deferred revenue is non-interest-bearing Royal Gold streaming funding; only lease liabilities of US$388K remain, about 0.03% of the ~US$1.18B market cap (US$7.08, September 30, 2026). The cash gate passes: cash and cash equivalents of US$54.0M at June 30, 2026 are about 4.6% of market cap - under the ~33% ceiling. No public Zoya, Musaffa or ShariaPortfolio coverage for SLS was found. This is a rules-based screening of published figures, not a religious ruling.

What business is Solaris Resources in?

Solaris Resources Inc. is advancing a portfolio of copper and gold assets in the Americas, led by the high-grade Warintza copper-gold project in southeastern Ecuador (a strategic land position in the emerging Andean copper belt), with the Tamarugo project in Chile, the Capricho and Paco Orco projects in Peru, a farm-out agreement with Freeport-McMoRan on the Ricardo Project in Chile, and a 60% interest in the La Verde copper joint venture with Teck Resources in Mexico. Warintza is approaching permitting and potential full-scale construction, and the company completed the Warintza pre-feasibility study in 2026. Copper-gold mining exploration and development is a permissible business activity under AAOIFI-style screening, so the business gate passes. The company lists on the TSX as SLS and the NYSE American as SLSR.

Why does Solaris Resources fail the income gate?

Solaris is a pre-revenue developer: its 6-K states it has not generated any income to date other than interest income and a gain on the sale of a royalty interest (US$9.8M in Q2 2025). The condensed interim financial statements report interest and other income of US$567K for the six months ended June 30, 2026 (US$425K for Q2 2026 alone) - earned on cash balances after the Royal Gold streaming funding. Under AAOIFI-style screening, interest (riba) income above the ~5%-of-revenue tolerance fails the income gate; with revenue at nil, the US$567K half-year interest and other income is far above the tolerance. This is the same kind of income-gate failure as this site's Fireweed Metals, Snowline Gold, Troilus Mining, Cronos Group (~16.6%) and New Found Gold (~13.8%) screens. Facts only, no fatwa.

Which gates does Solaris Resources pass?

Three gates pass. Business: copper-gold exploration and development (Warintza, Ecuador) is a permissible activity, so the business gate passes. Debt: no bank debt is outstanding at June 30, 2026 - the Orion/OMF senior loan was fully repaid (US$67.3M) on May 21, 2025 via the Royal Gold financing; only lease liabilities of US$388K remain, about 0.03% of the ~US$1.18B market cap (US$7.08, September 30, 2026) - under the ~33% ceiling. Cash: cash and cash equivalents of US$54.0M at June 30, 2026 are about 4.6% of market cap - under the ~33% ceiling. Material context: total liabilities of US$153.2M at June 30, 2026 are dominated by US$141.3M of deferred revenue (non-interest-bearing Royal Gold streaming funding, with US$2.7M of finance cost recorded as interest expense on deferred revenue), and shareholders' equity is a US$50.3M deficit after a US$333.3M accumulated deficit.

What do Zoya, Musaffa or ShariaPortfolio say about SLS?

No public Zoya rating for Solaris Resources (SLS) was found, and no Musaffa stock page for SLS 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 Form 6-K filed August 5, 2026 (condensed interim financial statements for the six months ended June 30, 2026, expressed in US dollars) and market data as of September 30, 2026. Other mining names on this site - Galiano Gold (PASS), Aris Mining (PASS), Endeavour Mining (PASS), Fireweed Metals (FAIL), Snowline Gold (FAIL), 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.