Screened October 1, 2026 · TSX: SXGC · FY2026 audited (year ended May 31, 2026) + FY2026 MD&A + market data October 2026

Is Southern Cross Gold Consolidated (SXGC) halal?

Southern Cross Gold Consolidated (TSX: SXGC), the gold-antimony explorer advancing the Sunday Creek project in Victoria, Australia, gets a provisional PASS: about C$750K of lease liabilities against a market cap of about C$3.1B - about 0.02%, far under the ~33% debt ceiling. The asterisk matters: with nil revenue, the income ratio cannot be computed, so this screener is provisional.

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 — PASSED

Southern Cross Gold Consolidated Ltd. (TSX: SXGC; also ASX: SX2, OTCQX: SXGCF) is a resource company engaged in the acquisition and exploration of unproven mineral interests. Its flagship is the 100%-owned Sunday Creek Gold-Antimony Project in Victoria, Australia, where it has drilled a cumulative 278 holes for 134,534 metres and, in August 2026, updated its exploration target to 3.0–4.6 million ounces of gold equivalent; it joined the S&P/TSX Composite Index effective June 22, 2026. Note 1 of the audited FY2026 financial statements states the company "has not earned any production revenue" and has found no proved reserves on any of its properties. No non-permissible segments are disclosed anywhere in the filings reviewed - no alcohol, cannabis, gambling, conventional banking or insurance, weapons manufacturing, pork, tobacco, or adult-entertainment activities. Mineral exploration is not a flagged activity under standard AAOIFI-style screens. The business gate passes. Facts only, no fatwa.

Gate two: the ratios — PASSED (provisional on income)

The verifiable ratio gate clears decisively. At May 31, 2026 (audited, all CAD), the company had cash and cash equivalents of C$119,129,501 plus investments of C$577,410 - about C$119.7M, about 3.9% of market cap, also under the ~33% ceiling. The FY2026 MD&A states plainly: "The Company does not have debt obligations" - the only debt-like items are lease liabilities of C$197,701 (current) plus C$551,949 (non-current), about C$750K total. With 269,346,976 shares outstanding at a TSX price of C$11.50 (Finnhub, October 1, 2026), the market cap is about C$3.10B - debt is about 0.02% of market cap, far under the ~33% ceiling (cross-check: Finnhub quotes a C$3.11B market cap). The income gate is the problem: FY2026 interest income was C$4,674,154, but revenue is nil - the MD&A quarterly summary shows nil revenue in all eight quarters through May 2026, with interest income as effectively the company's only income. With nil operating revenue, the ~5% non-compliant-income ratio cannot be computed in its standard form, so the income criterion is marked provisional - the same treatment given to other pre-revenue explorers. All figures recomputed from the cited sources; the company reports in Canadian dollars.

What other screeners say

No public Zoya, Musaffa or ShariaPortfolio coverage was found for Southern Cross Gold Consolidated (SXGC) as of October 2026: no public Zoya page is indexed for the ticker, site-scoped Musaffa searches returned nothing, and ShariaPortfolio publishes no public per-stock screening pages for it. The provisional PASS recorded here rests on the company own audited disclosures.

The bottom line

Southern Cross Gold Consolidated (SXGC) is a provisional PASS (PASS*). The verifiable ratio gate clears decisively: lease liabilities of about C$750K (the company states it has no debt obligations) against a market capitalization of about C$3.1B is about 0.02% - far under the ~33% ceiling. The business gate passes: a pre-production gold-antimony explorer with no non-permissible segments disclosed. The asterisk: FY2026 interest income was C$4,674,154 while revenue was nil across all eight quarters, so the ~5% non-compliant-income ratio cannot be computed in its standard form - the income criterion is provisional, as with other pre-revenue explorers. Cash plus investments of about C$119.7M are about 3.9% of market cap, also under the ceiling. No public Zoya, Musaffa or ShariaPortfolio rating was found for this ticker as of October 2026. 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.

Sources

• Southern Cross Gold Consolidated audited consolidated financial statements, year ended May 31, 2026 (SEDAR+/quotemedia; cash, lease liabilities, interest income, nil production revenue)
• Southern Cross Gold Consolidated FY2026 MD&A (filed Aug 26, 2026; no debt obligations, C$119.1M cash, Sunday Creek update, S&P/TSX Composite inclusion)
• Sunday Creek deep drilling results, August 2026 (Mining Hub; 134,534 m drilled, 96 intercepts over 100 g/t gold)
• SXGC market cap (~C$3.11B) and price, October 1, 2026 (finnhub)

Frequently asked questions

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).